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finanrlal
ranirb
INCLUDING
Bank
& Quotation
Railway
Section
Railway Earnings Section
VOL.
SATURDAY, JANUARY
%ht dxronicle
Wetk ending January
Clearings
1921.
— Payable in Advance
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European Subscription six months (lucludlng postage)
Oaoadlan Subscription (Including postage)
JIO 00
6 00
13 50
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.
of the fluctuatloaa la the rate* of exchange, remit-
tances for European subscriptions and adTertUements must be made In
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Subscription includM following Supplements
Bank and Qt;oTATiON (monthly) Railway Sc In ddstbial (semi-annually)
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New York
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I
I
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On request
Contract and Card rates
Obicaoo OrncB 19 South La Salle Street, Telephone State 5594.
London Orricn Edwards Sc Smith, 1 Drapers' Gardens, E. C.
——
WILLIAM
B.
DANA COMPANY,
Front, Pine and Depeyster Streets,
Publishers,
New
York.
Cleveland
Detroit.
92,0(K) ,000
Milwaukee
35.291 ,268,
18.852 ,000,
17.996 ,800
13,808 ,501
Indlana|)<)lls
Columbus
Toledo
Peoria
5, .525 0121
Grand Rapids. _
Dayton
7.233 4I6|
5.598 ,272
5.052 295]
Kvansvlllo
.\kron
8 000 000
2.381 908
3.171 384'
1,800 000
8.505 ,0001
Rockford
Canton
2.506 ,849l
5.215 ,.302
CJuiney
1.673 .234'
1,500 000
2.303 3.52|
Fort
Wayne
Springfield, 111...
Lexington
Springfield, Ohio.
.427 093
1.724 380
Mansfield
DANA COMPANY,
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $7,916,562,333. against $9,657,221,861
the corresponding week last year.
Cleariigs
— Returns
last
week and $9,838,469,942
Per
by Teleoraph.
Week ending January
1921.
15.
1920.
Cent.
$4,550,546,610
604,663,182
445,221,647
378,983,021
225.229,880
167.972.439
148.889.164
133.018,806
—21.8
—19.5
1.385 ,268'
800 ,000
D((eatur
83,559,386,643
486,792,385
361,712,801
255.053.247
Boston
-
Kansas City
. _
.
-
156.006,.S83
_.
_
121,5S7,749
125,800.000
131,545,333
74,491,401
72,691,809
51,987,860
St. Louis
San Francisco
PiTTfiburffh
Detroit
~
'.
Baltimore New Orleans
.
.
-
Eleven cities, five days
Other cities, five days
Total
all cities,
All cities, one
Total
five
days
week
—32.7
—30.7
—27.6
— 15.5
+ 1.1
101,7.59,811
—26.8
81,168.666
93.996,090
—44.7
— 10.4
Clearings
at
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
Trenton
York
Erie..
Chester.
Greensburg
Binghamton
Altoona
Lancaster
Montclair
Huntington
%
5,571,205,369 5,-557,962, 191
+ 0.2
532,913,711
496.422.540
+ 7.4
202,711,066
1.57.815,791
+ 2S.5
106,959.078
91,776,037 + 16.5
12.5
44.093.7.54
50.404,786
19.0
0,170,468
5,000,000
21,498,907
18.888,590 + 13.8
12.465,572 + 36.1
16,974.861
—9.3
6. .589. 749
7,263,744
6,5.56,2.54
7.0S0.816
+ 8.0
10.6
3.943,088
3. 524. .504
4.168.604
3,990,267
+ 4.5
3,.591.]74
14.0
3,089,678
6,066,189
5,371.861 + 12.9
3,842,164 + 14.4
4,397,332
—5.9
1,699,616
1.600,000
-.
3,399.120
2,634.772 + 29.0
1.272.401
1.605.021 —20.7
1.2.50.000
+ 20.0
1.500.000
1.250.200
1.428.200 —12.5
994.985 + 21.8
.,
1.271.145
2.500,000
2.400.000
+ 4.2
.5,38.972
556,353
+ 4.0
2,083 886
+4 5
1 ,995 205
4. .504 .279 Not included tn total
—
—
—
—
Bethlehem
Total Middle.
Boston
Providence
Hartford
6,551.646.723 6,441.011.298
405.733,370
15,9.53.400
15.199.770
7.806,230
Xew Haven
410.623.218
15,614,700
10.871,441
7,094,142
5.242.697
3.100.000
5,046.722
Springfield
6. .54 1.7.55
Portland
Worcester
Fall River
3.200,000
5,657,246
1.829.684
3.480,0.52
1.662.774
2,436. .372
1.560.167
1..527.240
1.250.000
1,100.000
1.212,562
942.392
1.730.420 Not included
New
Bedford
Lowell
.
Holyoke
Bangor
Stamford
Tot.
Oakland
Sacramento
San Diego
New Eng.
467.606.967
467..578.P85
+
2,204. .553
2.028. .580
1.535,673
1.538.056
1.0.50.123
950.000
990.100
700.000
2.472.022
621.320
849.200
871.017
1.913.
1
13
400.470
—1.2
+ 2.2
+ 39.8
+ 3.2
+ 24.8
+3 2
+ 12.1
—47.4
—31.8
+ 2.2
+ 136
+ 29.3
304.236.980
10.686,800
7,484.911
4.874.601
3.836.036
2. 703,,504
3.639,085
1.762.8R1
2,064,901
267.479.959
11.854.200
7.925.557
5.1.38,584
708,073
3.767.557
2.760,000
3.375.129
2.392.440
1,966.435
1.318.513
766.067
795.435
344.092.675
309.5.39.376
1,262. .594
772. .329
In total
+ 0.1
i
3.998, 570
3.871, 598'
4.138, 290
6,40S. 300
2.609, 999
P.'isadena
Fresno
Stockton
San Jose
Yakima
Reno
568 640
I
Long Beach
Barbara
Total Pacific.
.Santa
74.053.000
38,2.50.515
35,073.357,
12, .500.000
19,161.6651
4.510,7831
10,572.470
7.688.460
3,182.747,
2.409.435;
6, 549,7001
6.187,900
2,916.0761
2.021,9.50
1.140.297,
3.573.927,
1.200. 000
4,786, 946
942, 513
No: Included
419,084,887
5,991.000
2.000.000
3.000.000
1.643.013
1.246.914
I..524 .291
1 .050.000
1.951.255
— 16.0
6.71
—+
— 16.7
19. 7'
—2 .81
—26
—11.6
— 16.8
3.4.50.000
1.282.662
1,146,253
1,388.455
970.207
1.004.424
1.216. .549
9.50.251
500,000
442,912
825.000
530,449
1.064.647
S5.000
798,216
—47.8
— 13.2
— 10.8
37.346. .521
—11.3
-3
4, 891, .584
2!
+ 16.6!
—5.9:
+ 25.61
<
+ 60.71
—36 .81
+ 3.6
— 10.5
—22 4
+ 5.2
+ .33.9
7,846,346:
5.9.57.744
4,874.649
2.200.000
1.188.608
2.4.55.632
3.927,763!
2.042.705'
1.284.927,
1.048.264
2.316.6.57
1.399. .583
631.483
•
1..358.7061
4.376.683
1.151.982
2,601,185
697,723
525.000
1.038.335
in total
397,886,813
I
184.213 91
83.133 ,062
45.22 118
40.859 035
26.690 ,6.541
Minneapolis
Paul
St.
Denver
Duliith
St
.
7.3.54 ,41.5,
10.863 .101'
12.270 784
6.200 000
10,637 031
4,581 910
2.743 730
3.014 291
2.500 .000
Joseph
Des Moines
Sioux City
Wichita
Lincoln
Cedar Rapids
Fargo
1 .756 808
2,425 914
Helena
Colorado Springs
Pueblo
1.328 7.50
1.107 995
514 385
449 057
1.500 000
1 ,250 558
Fremont
Hastings
Blll!n'?s
Aberrleen
Total oth. West
St.
Louis
Orleans
New
Houston
Richmond
Memphis
64.279.490
20.939 3,54
24,620,319
7.359,072
22.928.049
14.633.771
12.866.474
19.476.396
6.264.925
5.S06.309
2.959.476
3.100.000
2.1:;2.1S'>
2.493.150
1.302.217
1,009.812
971.789
875..545
1.639.771
1.973.404
175, 853.307
175.591 280
83.407 606
27 .,547. .586
8 049.298
52 ,196,167
Galveston
52. .522.256
543.0.32.76;
52, ,830.553
29 ,777. .583
I.<)ul.svllle
272.798.399
450.621.979
896
29.634 233
7.686 683
75.647 315
21.0.54
Atlanta..
Fort Worth
S^ivannih
17 ,000,000
.58 .239,665
13 ,757.519
6 ,402.229
41.884 051
93.9S9 361
26.099 .5'i-
N'.ashvllle
20 ooo.ono
33.283 004
15.742 239
22.486 701
6.199 .542
12.89' 695
8 ,92S.873
Vorfolk
Birmingham
22 ,216.056
.^iicusta
Little Rock
J.aeksiinvllle
3 ,009.141
10 .551 676
12 ,776.101
.
Knowllle.
1.7 4,691,018,724 3.976.809.939
168.094. .531'
7.2.32, 002
W.iterloo
S
S
3.977.910.947 3,436.340,122
410.370.828
343,949,442
127.719.646
71. .3.58,263
82.469.737
43,3.58,503
22.268,8.59
29.139.208
5,217,839
4.964.125
13,203,132
15. .568.290
6.900,904
8.493.227
4,0.50,936
4.866.839
4.906,.569
5,036,851
2,695,322
2,.505,764
2,945,343
3,413,323
2.214,805
2,948,428
3,684,645
3,370,660
2,895,273
2,282.970
1.299,622
1,264,014
•
2,50
12.903, .5,53
17.000, 000!
4, .364, 538]
12. .330, 893,
Topeka
S
2,143,4.54
3,901,237^
+ 3.2
96,289 000
33,212 8.57
31,269, 701
Tacoma
Kansas City
$
1.4'
18.6'
—3.0
825 000
647 .503 —35.7
1.349 093
+ 0.6!
6.50 000
+ 2.9
1.690 0511
175,900, 000
Spokane
S.ilt UakeClty...
Omaha
1918.
+
—
—36.4'
3. 625. .548
4,288,745
1.289.345
2,212.148
1.716.533
5.008.000
1.736.304
25.593.935
9.044.640
15,194,563
Seattle
—19.5
1919.
4,542,989
7,225.243
I, .373, 594
+ 4.6;
+ 8.2
93.377.891
30.279.000
27.200.277
18.901,018
8.143.866
16.467.766
4.070.316
882 .251
265 .031
2.103 .468
S.m Francisco
Los Angeles
.89.838.469,942
1920.
.664 171
—
— 19.9
15.2.53.000
10.632.100
9,652.136
4.534.312
4,695.324
4.133.378
727.249.652
87.916. ,562. 333
1921.
1
11.978.554'
6.5.54,125
5,305,884
5,415,0911
122.030.236
36.308.000
—20.0
—17.1
8.
1
—18.7
—8.4
11
—24.7
16.41
7.11
—+ 0.7|
453.583.512
40.164.042
76.004.180
48.721.834
25.560.726
901.634.487|
$8,241,820,564
1.596.649.378
Inc. or
Dec.
33
+ 17.9
103,627,140
66.925.639
31.878.816
16.952.000
10,918.200
+ 4.6
+ 30.0
1,324.016,294
Week ending January
—
1
.9.50 ,017i
I
.58,701,173
—2.8
S6,592..546.039
We
.800 000
2.369, 763
1
4.2:
s
538.549,1311
Tot.Mld.Wcst. 1,143.868.203 1,177,089,3411
—21.1
—9.0
full details of
4,879 191|
2.083 126
—O.ll
+
—4.4'
—
1918.
I9I9.
I
+ 6.0
+ 1.4
1.356 .8211
668 .720
Adrian
Lansing
86,931,449,316
1,310,371,248
the week covered by the above will be given next Saturday.
cannot furnish them to-day, clearings being made up by the clearing houses
Saturday,
and hence in the above the last day of the week has to be in
noon
on
at
all cases estimated, as we go to press Friday night.
Detailed figures for the week endine Jan. 8 .-^how:
The
000
13.375 000
3,0.54 314
3. .500
Dec.
000
2,073 862
416 .166
III.
Lima
.\nn Arbor
Owensboro
85,400,066,111
1.192,479,928
day
all cities for
— 18.8
18,984 000
15,265 .100
16.989 427
6.031 ,293
7,313 496
7,438 224
6,303 709
7,646 202
2.200 206'
3.128 9481
Inc. or
'
550.000
694.963
943.943
449.803
1,802.903
126.670
1.450.837
Danville..
JarksonvIHe,
Portland..
Phiiftripiphia
I
679,175 ,189|
70.035 626
148.937 ,725.
110.000 .000'
32.949 975'
'..929,
1
Hloomlngton
I
$
678.323 745,
73.629 771
142.410 .8961
.
South Bend
PresiPublished every Saturday morning by WILLIAM B.
dent, Jacob Scibert Jr.; Vice-Prealdent, Arnold G. Dana; Business Manager, William
D. Rigga; Secretary, Herbert D. Selbert. Addresses of all. Office of the Company.
1920.
S
('hlcago _
Clm-lnnatl
Youngstown
of Advertising
8.
at1
For One Year
For Six Mentha
NOTICE —On account
NO. 2899
15, 1921
PUBLI.SHED WICKKLY
of Subscription
Railway Section
State and City Section
Bankers' Convention Section
112.
Term*
Electric
Section
&: Industrial
4
,
US. 66 4
3 .500.000
2 ,400.000
6 ,540.101
Chiirleston
Mobile
Chattanooga
f )klahoma
It. 603 .527
12.431 101
3..582 611
2.683 .654
8.984 .289
16..56 5 .969
M.ieon
,81S.090
7.000 000
.^tistin
..501.807
000
12.945 059
942 812
538 .984
T:U.390
876.737
517.628
2.,'*00
5.623 .179
4 ,500.420
49,340 44
36 .5S6.344
6.610 21
4 .300 000
Shreveport
624' 393 102
796.051.423
Total Southern
Toti! all
9.657 221 861 9's".>2. 6.50 6271
Out.slrto N Y
4.086.016 492'4.264. 688.436
Muskogee
Df.lias
_
409.847.987
3S1 .629.096
+
+ 41.4
—7.0
+ 4.7
172.076 .565
60.929 167
26.895 .0.58
145.095.112
7.400 000
24.661.151
21.000.000
7.800.000
—31.0
53.59,s .082
35.435.SI16
—.59.4
22.552 87S
67. .528 727
15.260 818
6.650 759
19.351 453
10.676 509
14.306 ..577
3.782 769
6.164 380
1
—36.7
—38.0
—47.3
— 56.2
—39.9
—43.3
—1.0
—51
5
— 18.2
+ 2.8
+ 15.8
5.800 000 —39.7;
24 .8.33.247
Tulsa
Jackson
VIcksburg
— 17.0
— 10.6
-27.2
+ 49.9
-16.9'
46.4'
—21.8
-7.0
—
—20.0
— 25 9
3.9|
—34
9
—216
—1.7
20.3.5.'
058
8.391 079
2.775
.547
4.'^06 2891
2.030
6.187
9.120
2..500
4.200
10.472
.873;
882'
ISO
.54.864.751
15.520.826
.55.016.477
17,8.57,802
9.1SS.373
15.133.618
7.095.812
6. 101. 127
4.3<'.473
4,000 000
5,291.323
2.685.629
4.053.241
1.713.529
4.814,230
8.819,208
000
3.-300,000
0(X)
5.600.000
6.671.319
809.417
713.185
2 702.112
18.956.486
944
677 372
.506 986
2.712 426
20.000 000
3 510 640
5.85.S21 OPS;
2.902.9.'i3
492.468.050
7.209.370.430 6.108.6.55.771
2 3.231
l''.o .i«{3 ?.fi7'?
31.";
640
THE CHRONICLE
186
TUE FINANCIAL SITUATION.
doubts that railroad earnings,
though not yet coming up to expectations, are nevertheless at last beginning to show very substantial
improvement, will do well to rei'er to our compilation of the gross and net earnings of United States
railroads for the mouth of November, as printed on
a subse(inent page. From this tabulation it appears
that the carriers represented in our statement and
operating 2:{.5,13i;{ miles of road earned net, above
Auyoue who
still
expenses (but not above taxes) the sura of -f 85,778,171 in November, 1920^, as against only $48,244,641
in November, 1919, the increase thus being P7,533,5uO, or over 77%. To be sure, even with this large
gain, the carriers are not yet coming anywhere near
[Vol. 112.
now recorded for November
vance. As already pointed
is
obviously a great ad-
out, before the goal is
actually reached, there will have to be yet more
substantial improvement, but we may rest assured
if not in December, then in some
it will be attained
—
of the succeeding
months.
Gold production in the United States in 1920
showed further material contraction, according to
the pr(!liminary estimate issued jointly by the Geological Survey and the Bureau of the Mint this
week, and Avas actually the smallest of any year in
a quarter of a century; in other words, since 1895.
This outcome, needless to say, is to be ascribed in
greatest measure, if not wholly, to the high cost of
operation, this having cut to the vanishing point or
netting the 6% on their capital which it was beyond the profit possible in mining in many fields.
the intent of the Transportation Act that they The present approximation, which, judging by the
should net and the purpose of the Inter-State Com- experience of earlier years, may be accepted as a
merce Commission to provide when authorizing the pretty accurate forecast of the final compilation due
advances in freight and passenger rates announced several months hence, indicates a decline of 523,611
in July. And railroad officials and the Commerce fine ounces, or $10,824,000 from the 1919 result, the
Commission are to be commended for emphasizing falling off being quite generally shared in by the
this fact in statements that have come this week various States. In fact, the only noteworthy exceptions are Arizona and the Philippines. The diminufrom Washington.
Our figures do not take account of the taxes and tion in jaeld is particularly heavy in Colorado, Calisome other deductions which have to be made in or- fornia and Alaska, the year's output from the mines
der to reach the final net on which calculations have of the first-named State being estimated as less
It appears from the Washington fig- than half of that of three years earlier, and of Monto be made.
ures that after allowing for these items the net tana the same statement is virtually true. We note
railway operating income for November, 1920, was in passing that the high record production of the
but .1?57,741,937, or actually $41,544,063 below the gold mines of the United States was established in
amount which it was estimated would be earned un- 1915 at 4,867,604 fine ounces, valued at $101,035,700..
der the increased rates fixed by the Commission In a matter of five years only, therefore, there has
and which became effective the latter part of Au- been a decrease of 2,492,587 fine ounces, or $51,.526.But while this shows that there is a great 300— over one-half— the 1920 estimate being 2,395,gust.
deal of room for further improvement, it does not 017 fine ounces, or $49,509,400.
In addition to this approximation for the United
detract from or minimize the progress already made.
It was hardly to be supposed that the improvement States, we have this week by cable the December and
counted upon could be realized in the twinkle of an twelve months' returns for the mines of the Transvaal, and the latter also exhibits a more or less imeye or over night.
Expenses had lieen increasing in a perfectly fright- portant falling off in yield from 1919. Specifically,
ful way had, in fact, got beyond control, and it is the December yield, as cabled from London, was only
proving no easy matter to regain control. Under 632,215 fine ounces (covering the smallest per diem
operation by the Government discipline had been output for any month since January, 1910), which
relaxed and high standards of efficiency destroyed. compares with 650,191 fine ounces a year earlier,
Not only that, but the Government had left the 641,245 fine ounces two years ago, 722,419 fine
roads in poor repair, as a result of which the car- ounces in 1917, and 774,462 fine ounces in 1916. For
riers found themselves under the necessity of bur- the twelve months, consequently, the total reaches
dening expenses with extra heavy maintenance out- but 8,153,625 fine ounces, against 8,330,091 fine
lays. These extra charges on maintenance account ounces, 8,420,659 fine ounces, and 9,022,263 fine
could not be brought to a close with the 1st of ounces, respectively one, two and three years ago,
September, however desirable that might have been, and 9,295,538 fine ounces in 1916, the falling off
but have been continuing in larger or smaller de- from this latter aggregate (the high record in progree since then. Month by month, however, the extra duction) being no less than 1,141,913 fine ounces.
maintenance charges are being reduced, and month The 1920 result for the Transvaal the smallest
by month also increasing headway is being made since 1910 combined with the estimate for the
in restoring full efficiency and thereby cutting United States indicates that in those two divisions
down operating costs. Time was needed for all this, alone there was a falling off in gold production of
and the encouraging fact is that with the lapse of fully 700,000 fine ounces, as compared with 1919.
time the improvement counted upon is being rea- Furthermore, if to this we add the declines for the
lized.
The October comparison was better than the eleven months exhibited by the returns from RhoSeptember, and November is an improvement on desia, Australasia and India, we have an aggregate
that for October. December and subsequent months decrease of more than 900,000 fine ounces. It is
should still further outdistance whatever has al- quite evident, therefore, that, with no probable offready been accomplished in that direction. In Sep- setting increase except a comparatively small or intember the increase in the net was only .f8,905,693, significant one in Mexico, our forthcoming review
or 9.53%, and even in October the gain in net was of the world's gold production in 1920 will show an
no more than $14,936,521, or not quite 1414%. From aggregate yield not only much less than that of 1919,
this to the $37,533,530 gain in net (or over 77%) but below all years back to and including 1905, with
—
—
—
THE CHKONICLE
Jan. 15 1921.J
the iJossibility, moreover, that even the 10, 7:59, 448
fine ounces output of 1904 will not be reaciied.
paired."
tion of only one-third of the total membership, but
meant the voting for about 100 Senators.
was realized that the outcome would show "how
It
far
the sentiment of the country has changed since the
end of November, 1919, wlien it elected the Chamber
A
of Deputies."
York
Paris correspoiulent of the
New
''Times'' said tluit "nuiny political observers
Chamber no longer represents
believe that the
feeling of the country, which they say
to a sentiment of pacifism,
Special attention
was
would be added
interest
the
reverting
is
The Associated PresB correspondent
at
Paris, in a dispatch un(h'r date of Jan. 11, said that
"a test of the strength of the (juverninent of Premier Leygues is foresliadowed in the C/hamber of
Deputies to-morrow [Wednesday] by the determina
tion expressed to-night by several groups of Deputies tliat the}' will insist upon an immediate interju'llation of the Government on its policy, without
awaiting the outcome of tlie conference of the Allied
Premiers concerning matters still outstanding with
(ieiinany, which is to begin on Jan. 19." lie added
that "it is generally considered that the Government
can hardly afford to permit a discussion of this question just now, as it seems certain that the debate
would be extended to foreign affairs, but the Opposition is said to be determined to force the issue in
For some little time in advance special interest
was manifested in the French Senatorial election,
which was held last Sunday. It called for the elec
that
187
economy and work."
called to the fact that there
any case."
The Leygues Ministry was overthrown and tlie de"there is already a dispute between the Chamber feat was more decisive even than expected by those
and the Senate over a renewal of diplomatic rela- who had predicted the incident. The adverse vote in
tions with the Vatican." It was generally conceded, the Chamber of Deputies was 463 to 125, on a prohowever, that the greatest interest in the outcome posed resolution of confidence in the Government.
of the election would centre in evidence as to whether Immediately following the announcement of the vote
the radical element was gaining in power in the Paris dispatches stated that the Premier went to
Senate.
the (vhamps Elysees to offer his resignation to PresiThe early advices on Monday relative to the re- dent Millerand. The latter was said to be ready to
sults stated that the "returns from 74 seats of the accept it. It was stated that "the vote followed Pre98 contested indicate gains for the Moderates and mier Leygues's request that he be permitted to postIt was added that "with pone discussions of interpellations on the Governlosses for the Radicals."
24 seats still to be heard from the Republicans ment's foreign policy and the question of disarmahave elected 33 out of 35, while the Radicals show ment until after the meeting of the Supreme Counonly 33, as compared with 54 seats previously lield cil on Jan. 19." A demand was made that he be
by them. The Liberals have gained one seat." The compelled to answer immediately, and it was point-
made
known
in
the election because
members of Pre- ed out that "the question became a matter of confimier Leygues's Cabinet were among the candidates dence in the (Jovernment." Premier Leygues was
and that three of them were elected on the first chosen for that high office by President Millerand
advices
it
also that 7
Frederic Francois-Marsal, Minister of Finance, was among the latter number. Prominent
among the other candidates was Paul Deschanel,
former President of the Republic. The early returns indicated that he escaped defeat by a majorIt was
itj^ of only two votes on the first ballot.
recalled that he represented the Department of
Eureet-Loire in the Chamber for 35 years before he
was elected President.
The Paris dispatches Tuesday morning stated
that the complete returns from the election showed
gains for the Centre, or Moderate, parties. Attention was called to the fact that the Radicals elected
43 members, as compared with their present representation of 54 Senators. The results for the 98
seats were as follows
Conservatives, 3 Republicans, 39; Radicals and Radical Socialists, 43, and
Republican Socialists, 11. The returns disclosed the
further fact that "all members of the Ministry, with
the exception of Henri Ricard, Minister of Agriculture, who were candidates, were elected."
It was
added that "except for his case, possibly, it is said
there is no reason for changing the personnel of the
Cabinet." At that time it was expected that "Premier Leygues probably will be interpellated this
ballot."
:
;
week relative to the disarmament of Germany and
other questions of foreign policy, but his adherents
are confident the Chamber will postpone debate until after M. Leygues meets David Lloyd George, the
British Prime Minister, on Jan. 19, and thus give
M. Leygues tlie free hand he will require on that
occasion."
The further statement was made that
"unbiased public opinion seems inclined to agree
that the Government's strength has not been im-
at the beginning of his term.
was made public
•
it
When the
was expected
resignation
in Paris that a
new
Premier would be chosen immediately. The Paris
correspondent of the New York "Times," in comuienting upon the Premier's downfall, said that "it
is extremely interesting that the fall of Premier
Leagues was engineered by President Millerand,
whose Man Friday M. Leygues started out to be, and
who has let it be known to-day that he will impose
his own conditions on the man he asks to form the
new Cabinet.'' The correspondent added that "this
is a continuation of M. Millerand's fight to make the
President of France the dominating personality in
the Government rather than the figure-head his preReferring to the probable
decessors have been."
successor to the Premiership, the "Times" correspondent added that "it is understood that Millerand, who knew since last night that Leygues would
fall to-day was willing to have as his successor former President Poincare, former Premier Briand, or
President of the Chamber Peret, but that each demurred at taking the position unless a fi'ee hand
were given to him." He said, furthermore, that "it
is understood that the President will to-morrow ask
Charles Duniont, a member of the Chamber, to form
a Cabinet. M. Dumont is a university professor."
With respect to the probabilitv of his being accepted,
the correspondent observed that "it is by no means
certain that the Chamber will approve M. Dumont."
The Paris correspondent of the New York "Herald,"
commenting \ipon the misfortune that befell the former French Premier, said that "the sudden downfall of the Leygues Cabinet is not to be accepted
completely as a verdict by the Chamber of Deputies
THE CHRONICLE
188
against M. MilJeraiKi'N idea oi" Tresideutial coutrol
of the Government's policies." lie added that "in
fact, the indications rather point that Premier Leygues's defeat was due to his refusal to follow the
President's instructions, which, instead of strengthening him, apparently weaJiened him with the Bloc
National, which, while it voted solidly against Leygues, does not appear to have turned against Millerand's idea." The Associated Press correspondent,
in his version of the defeat of M. Leygues, said that
"the vote came as the culmination of lobby manoeuvres which began after the Geneva Conference of the
League of Nations and the secession of the Government supporters, who insisted that the Premier accept discussions of the questions to come up at the
meeting on Jan. 19 and take the Chamber's advice."
The Paris correspondent of the New York "Tribune"
evidently endeavored to make a sensational affair
out of the downfall of the French Ministry when he
began his cabled account of the incident by saying
that "armies may again march in Europe if, as seems
probable to-night, Kaymond Poincare, former President of France, is asked to form a new National
Cabinet to replace the Ministry of Georges Leygues." He added that "President Millerand, it is
reported, will do everything possible to avoid summoning Poincare to the Premiership, in view of the
critical situation and the former President's strong
stand on the problems confronting France."
President Millerand did not choose a Premier on
Thursday. The New York "Times" correspondent
said that he was expected to announce his choice
The "Herald" representative declared
yesterday.
that "France demands a strong Cabinet." Continuing, he said that "in the present Ministerial crisis
already there is one clear, insistent demand coming
from many parts of the country. It is that France
shall have Ministerial stability, and to assure this
the Cabinet should be composed as nearly as possible
of 'all stars'
men who have figured conspicuously
—
in the country's eyes for their political services.
in this there is
But
no abandonment of the support given
to President Millerand's idea of Presidential direction."
Yesterday, Paris cables stated, he asked
Kaoul Peret, President of the Chamber of Deputies,
to form a Cabinet, that he had accepted the task and
was expected "to report on the outcome of his efforts" last evening. According to the Paris advices
also, both Aristide Briand, a former Premier, and
Bene Viviani refused to accept the Premiership.
The following excerpt from one of several Paris
cablegrams yesterday morning throws an interesting
side-light on the political situation in France, particularly with respect to labor
"The next French
[Vol* 112.
public works of consideial)le importance and of putting the waterways and railroads in perfect condi-
Those best informed do not believe that this
wouhl serve as more than a temporary relief measure.
Manufacturers are hesitating to accumulate
stocks "in the face of the apparent determination of
the consumers to abstain from buying until the longexpected wave of lower prices materializes." The
tion."
so-called "vicious circle" of high wages, a short
work
expected "will continue unday and high
til some general remedy is applied." Naturally there
is a difference of opinion as to what this remedy
prices, it is
should be. Paris advices stated that "the eight-hour
law has not been directly attacked in connection
with the situation, but the employers are using the
argument that the present rate of wages cannot be
maintained for eight hours' work if the public demand that the cost of living be reduced, is to be met."
The advices further stated that "the labor leaders
are demanding the establishment of a Board of National Economy to take in hand all the questions, the
solution of which is necessary to secure the restoration of healthy industrial conditions."
An official circular was issued in Paris a week
ago yesterday in which it was announced that "the
French Government has decided to insist upon strict
fulfillment of the Spa agreement concerning coal deliveries by Germany." It was said also in Paris advices that "the Separations Commission, although
not a party to the Spa agreement, supervises its
execution, and recently called the attention of the
German Government to a shortage of 500,000 tons in
deliveries up to the end of the year." Germany, in
her reply, which has been received in Paris, declared
that she "will be unable to make up the deficiencies
in the ensuing tliree months, as requested by the
Eeparations Commission." The Washington correspondent of the New York "Tribune" reported early
in the week that the French Embassy had transmitted to the State Department a copy of the note sent
by the French Government to the German Government, alleging violations of the Spa agreement calling for speeding disarmament." He added that "the
views of this Government were requested by the
French Government as to what action would be justified in the event that Germany continues to ignore
her obligations."
In recalling that January 10 marked the first
anniversary of the signing of the Treaty of
of
the
correspondent
Versailles,
the
Paris
New York "Times" observed that "to-day the
question of war reparations dominates all important
international relations. It dominates the relations
between France and Germany. It dominates the
Government must face an internal problem of first relations between France and England, as well as
importance. The Eleventh Court of Correction or- with France's other allies. It dominates the reladered to-day the dissolution of the General Confed- tions between France and her debtors, chief of
eration of Labor, which corresponds to the American which is the United States. There is no outstanding
Federation of Labor. It is already announced that international problem in Europe which is not affectthe labor leaders will lodge an appeal."
ed by the issue of how much indemnity Germany
must pay the Allies." He called attention to the
The French Cabinet is said to be seriously consid- fact that "under the provisions of the treaty, between
ering what may be done to reduce the number of un- now and May 1 the Allies must notify Germany of
employed in France. It is now placed at more than the total of the bill." He said also that "there are
500,000 of mechanics and laborers alone. At the end other matters pending between the Allies and Gerof the year those out of work were said to have num- many, as, for instance, the completion of her disbered between 300,000 and 500,000, but it is reported armament promises." He reiterated, however, that
that since the number has increased rapidly from "the really big issue is reparations, and much of the
the latter to 1,000,000. One plan said to be under diplomatic play about these other questions is more
consideration by the Cabinet is that of "opening or less jockeying for advantage with regard to in:
THE CHKONICLE
Jan. 15 1921.]
(k'liiuity."
Looking; ahead a
bit,
he
sn'ui
that
"when
the Allied rreniiers meet in Talis on the l!>th nat
Mially they are fioin^ to talk about the total oi' lie
<Jeiinan reparations, but again the matter is compli
I
eated by the fact that Air. ]^b)yd (Jeorge believes
that if the (Jermans win the plebiscite in Upper Silesia, with its mineral wealth tlu'y will be able to
pay more indemnity than if the I'oles win. and this
plebiscite probably will not take place until -March."
Speaking of France's financial position and her abil
ity to pay her debt, particularly to the United States,
the correspondent said that "the French are counting upon using part of the (ierman indemnity to
pay America, and while it might be going a little
(lermany did not pay France the
latter woidd never pay America, it is certainly true
that if France does not get in .some form or other
far to say that
if
the fifty billion to seventy-five billion gold fiancs
she counts upon from her former enemy, it will be a
very far distant day when she will find herself able
to acquit her obligations to the United States."
The report would not down in London that a conference was likely to be held between Premier Lloyd
(reorge and a prominent representative of the Sinn
with respect to bringing about peace in Ireland.
As noted in these columns last week, the
London correspondent of the New York "Times"
and a representative there of the Chicago "Tribune"
were the most persistent in claiming that such a
movement was under way. A week ago to-day the
correspondent of the former paper cabled that "I
am in a position to state that a document is now in
existence which opens up a definite possibility of a
conference between the British Cabinet and the
Dail Eireann." He added that "unless any nnforespen obstacle is raised such a conference will take
In another cablegram
place in London shortly."
P^'ein,
from the British capital the assertion was made that
"authorities in
London
believe that a conference al-
ready has been held of all Sinn Fein members of
Parliament who were able to attend it— that their
attitude toward the Government was discussed and
that they decided they could not enter into negotiations in the absence of their fellow members of the
Dail Eireann who are under the ban of the law."
another cablegram, it was claimed
in London that Father Michael O'Flannagan already
has arrived there from Dublin to see the British
Premier, but it was admitted that so far no trace
of him could be found.
Monday morning the Dublin correspondent of the
IS&w York "Times" said that "peace prospects once
again have undergone an adverse change. The optimistic atmosphere of the past few days is displaced
by one of gloomy forebodings." He said that "this
is due to the fact that conversations between the
Premier and the emissary of Sinn Fein, Father
O'Flannagan, which took place in London, have disThe
closed an unyielding attitude on both sides.
correspondent declared that he had information to
According to
still
the effect that "the Premier insisted that the
Home
Rule Act must be accepted, but intimated he would
be willing to listen to any suggestions Avhich the
Council for Ireland, provided for under the Act,
might bring forward once the Parliament is constituted." According to this correspondent's information also "Sinn Fein is understood to have decided to
contest the elections, and with the majority of their
candidates on the run or interned, there is little
among
189
that they
nmjority
at the polls,
would secure a substantial
(ncM under pr«)port ional rcprestMitalion."
On -Monday also lCam«)n de N'alera, the Irish ReI>uitli(;in leader, issued a formal stateuient, in which,
anumg other things, lu' denied the alleged (lermanfloubt
stu<lents
of
politics here
He asserted that
Irisii plot against <Jreat Britain.
"there was no such thing as this <Jerman plot in
1918." This statement was not the document which
had been looked for j)ractically «'ver since De Valera's return to Ireland, but a special
was stated that the
manifesto would be issued in a day or two.
relative to the alleged
(ttlier
i>Iot.
It
statements said to ha\e been made
authoritative quarters in London, it was appar-
According
in
announcement
to
"immunity of Eamon <le N'alera from arrest
would continue as long as he maintains silence
and does not partici])at<' in the affairs (f the exti-eme
-Nationalists."
Very soon tlu'reafter attention was
ent that
called to the fact that this information
coming just prior
was
forth-
statement
attacking the so-called '^White Paper" of London.
It was assumed that it would change the situation
materially. -\n -Associated Press correspondent in
London stated that he had learne<l that "O'Flannagan has returned from London, his conversations
with Premier Lloyd (leorge having terminated when
the Premier learned that the priest had not c<»me as
an official representatixc of the Dail Eireann but of
the -Vrchbisho}) of Tuam, who is still endeavoiing to
bring about his recently proposed 'truce of Cob.'"
to the issuance of his
Further political disturbances i)i Ireland were
reported from time to time and the dispatches fiom
London and Dublin made it (dear that the British
military authorities were taking every meastire pos-
and to maintain order
For instance, the London correspondent
sible to prevent their spread,
generally.
Xew Y<n-k "Tribune" said that "Crown forces
have taken all precautions against an attack on Dul>lin as a result of the destruction of bridges and a
blocking of roads in the district around the capital
during the week-end." The -Associated Press said in
a Dublin cablegram that "Dublin Castle has anju)unced'its intention to destroy houses in the vicinity of scenes of outrages which are definitely known
to be occupied by militant Sinn Feiners."
-According to a dispatch yesterday morning from
the London correspondent of the New Y^'ork "Herald," the outlook for successful peace negotiations
actually is gloomy. He said that "the extreme elements in Ireland have reopened hostilities with
such violence as to create the impression in official
circles here that they have given up hope of getting
anywhere by peace negotiations and again have
taken matters into their own hands. Talk of truce
negotiations is now almost stilled by the blasts
from Sinn Fein guns and bombs. When these negotiations seemed most hopeful this class of violence
ceased almost entirely, the only disturbances being
the frequent raids by military and police to which
of the
Ireland was subjected.
in
in
all
Perhaps these raids explain
some measure why Sinn Fein is hitting back but
any event the new clashes are rapidly smothering
;
peace talk."
More than usual interest was manifested in the
announcement in Berlin of the decision of the Hamburg- -American Line immediately to increase its capital to the extent of 100,000.000 marks. The increase
THE CHRONICLE
190
is
to he iiiado tlir()u<;h (he iiKMliiiin of
0%
preference
AccorcUnjj; to au olficial aiinouucenieut,
shares.
it
the intention of the company "to exchange from
time to time the new shares for shares of other companies." The New York "Tinies" correspondent in
is
upon
phase of tlie announcement, said lliat, "in otlier words, by a gradual process of trustifications, similar to that already
in operation in other great industries, it is hoped
to enable the German mercantile marine to present
a united front in challenging the world to a contest
Berlin, in cojunieiitinf;
for
its
old position."
tliis
The chairman
of the
company,
in his statement, said that "the first object is to protect the
company against
the danger of passing un-
der foreign control." He imparted a most interesting and significant piece of information when he
said that "one illustration of the reality of this danger is the fact that although the traffic of the port
of Hamburg has already reached nearly half of
the Hamburg-American
its pre-war proportions,
He
Line has not really any tonnage of its own."
foreign
shipping
shows
how
many
"this
added that
companies have obtained representation in Hamburg."
[Vol. 112.
lead at the meeting of tli<* Ambassadors llic following day. He gave the following as the principal rea-
sons for the action: "In view of the fact that most
of the important questions relating to the armistice
luive been disposed of, and inasmuch as the Treaty of
Versailles has not been ratified by the United States,
thei-e appears to be no further occasion for continuing American representation in the Conference."
The French Foreign Office also issued a statement,
in which it said "this decision api>ears to be purely
formal, since from Dec. 9, 1919, the Government of
the United States has made it known that its Ambassador no longer had any authority to take part
in Allied deliberations, and attended them only as
an observer. The measure which has just been taken
is dictated by
considerations of the same order."
Apparently the Allied Powers have been keeping
a close watch on developments in Greece, particularly since Constantino was restored to the throne.
In a cablegram early this week from Paris it was
said that "the French Minister in Athens has telegraphed the Foreign Office saying that he and the
Ministers of Great Britain and Italy would visit
In a dispatch from Washington, made public in the Greek Premier and again protest against the
New York Monday morning, it was stated that in- Greek Government's requisitioning of the second
formation had been obtained at the national capital half of the Allied loan of 400,000,000 drachmas."
that "the United States Government will probably The dispatch added that "the Foreign Office says
withdraw its representative from the Council of Am- the purpose of the second protest is to show that
bassadors at Paris, and it is expected that formal there is complete accord among the Allies in the
notification to that effect will be given to the Allied matter and to refute reports of lack of harmony."
Powers at an early date." According to the dis- The further statement was made that "in French
patch also the intimation had been made in Govern- official circles it is said that nothing as yet has
ment circles in Washington some little time before transpired to indicate whether the French and Althat this Government would not be represented at lied Ministers will leave Athens." It is expected
the conference of Allied Premiers at Paris on Jan, that the policy will be to await the result of the
19 "to discuss the question of German disarmament efforts of Greece to maintain Constantine on the
and representation." The principal reasons given throne without the financial aid of the Allies." In
for reaching this decision were "First, the Council an Associated Press cablegram from the Greek capiwas set up to deal with the question of performance tal Thursday morning the statement was made that
by Germany of the armistice requirements, and these King Constantine had said the day before that he
discussions have been concluded. The other reason did not believe the British "wish a revision of the
for the creation of the Council was to deal with such Sevres Treaty with Turkey, but admitted that he
questions arising from the execution of the Treaty had received no direct intimations to this effect."
of Versailles as might still require treatment by the Continuing to discuss the position of his country,
Allied and Associated nations, and the failure of the he was reported to have said "finance is the most
United States Senate to ratify the treaty is not con- difficult problem before Greece. There is no reasidered as warranting continuation of American son to suppose that the Allies wiU attempt to
squeeze (ireece under the unfair arrangement made
representation in the Council."
.The following day word was received from Paris when Greece was very poor, and the matter may be
that a formal note had come from the American arranged to the mutual advantage of the nation."
State Department, setting forth its decision not to He was said to have added that "there seems to be
have representation in the Council of Ambassadors. little hope that Americans will aid financially.
According to the correspondent in the French capi- They might be willing to advance money as a matter
tal of the New Y'"ork "Times," "withdrawal of the of business, but might not wish to do so at present,
United States from the Council of Ambassadors, preferring to stand firmly by France and Great Britcharged with the execution of the Versailles Treaty, ain." He was quoted in a cablegram from Athens
caused a twenty-four-hour flurry in French Govern- yesterday morning as saying "I will not abdicate.
ment circles." He added that "this was due not so There is no reason to ignore my recall by the Greek
much to the withdrawal itself as to the fact that a people."
Washington dispatch transmitted to all the French
Among the various important announcements
papers late last night by a radio agency, which is
notorious for its inaccuracy, said that 'the recent made during the week in European capitals was that
demand made bj' the French Government that Ger- in London that word had been received that the
many be forced to fulfill the disarmament clauses Austrian Government had admitted to the Entente
that it was "at the end of its resources and no longer
drawn up at Spa hastened this measure.' "
As soon as possible American Ambassador Wal- in a position to continue." According to the anlace drafted a formal statement explanatory of the nouncement, "the Government has declared its inaction of the American State Department, which was tentions to retire Jan. 15 [to-day] and place the
:
THE CHRONICLE
Jan. 15 1921.]
administration of the country in the hands of the
Reparations Commission." This information was
said to have come to London in the form of a dispatch from lierlin to the London "Times."
In a
special cablej^ram Thursday morninj^ from Vienna
to the New York "Times" it was said tliat "Profes
sor .losepli Kedlich has just been delejjated by the
Austrian (iovernment to proceed to Washinji;ton and
confer about the Austrian situation with American
statesmen and financiers, and also with I'residentelect Harding." It was reported in a dispatch from
Berne, Switzerland, that Professor Kedlich had already arrived there, on his way to the United States.
In his dispatch from Washington the assertion was
made tliat "it is virtual national bankruptcy which
has forced the Austrian (Iovernment to serve notice
on the principal Allied and Associated Powers that
it cannot continue the administration of the nation
after Jan. 15." It was added in this dispatch that
"word has reached Washington in official advices
that the final step compelling the Austrian Government to take this action was a demand by govern-
The
191
British Boar<l of
Trade report
£142,780,(X)0; exports of
products of £9l),(j30,000. Counting re-exports of £12,()90,000, the total exports amounted to
£109. 320. ()()(), and left an excess of imports of £33,400,000.
The excess of imports for the calendar
year 1920 was £379.445,000, compared with £962,')94,9 11 for 1919.
The following is a summary of
the results for 1920 compared with the same month of
1919 and for the two years complete;
(
Munlh
-
1920.
Impone
Hrltlsli
exporW
Total exports
The
tions Commission."
In another dispatch the amount
was placed at $300,000,000.
Calerutar Year
1920
1919.
£1.9.37.411.000 £1.631.901,884
1 ,335.5(iti.000
7S8. 372.971
222,396,000
164.321.940
£109.320,000 £117.018,164
£1.557,965,000
£962.694,911
£.33. 460.000 »f.%2.716.<»77
£379.44.'; (XKI
£669.206.953
hriports.
T'?vrrs.s'of
1919
£142,780,000 £169.7.1.5,141
90,630.000
90,857.720
12.690.000
26,160.444
He-pxi>ort8
—
uf Dtermlier
British Treasury statement for the eight days
ending with Jan. 8, show a moderate excess of income
over outgo, which resulted in an increase in Exchequer
balances of £178,000.
Expenditures for the period
under review aggregated £27,075,000, while the
total outflow, including Trea.sury bills, Exchequer
bonds, advances, and other items repaid, was
ment clerks for an increase of 1,000,000,000 crowns £188,533,000. Of these the largest
month in salaries, Jan. 15 being the date fixed for was in [Treasury bills, £105,720,000.
the expiration of their ultimatum." Paris sent word all sources for the
first eight days
yesterday morning that it was understood there that year were
£188,711,000. Of this
as proposed by the Austrian section of the Repara-
December
Briti sh
a
the Allies "are considering another effort to save
Austria by floating a loan equivalent to 1250,000,000,
for
discloses total imports of
single
payment
Receipts from
of the calendar
total,
revenue
£28,590,000 and saving.^ certifictaes
£1,000,000.
Advances yielded £8,000,000, while
from sundries the sum of £107,000 was received.
contributed
Treasmy
were issued to the amount of £150,volume outstanding has been
£1,147,028,000, in comparison with
bills
639,000, so that the
swelled
to
According to the original plan, Leonid Krassin,
£1,102,109,000 in the preceding statement. Temthe Russian Bolshevist in London, was to leave for
porary advances, however, were lowered, and now
Moscow a week ago to-day, with agreement for the
stand at £261,522,000 as against £305,972,000 at
resumption of trade between Great Britain and Rusthe turn of the year.
The total floating debt
sia, which had received the approval of Sir Robert
now stands at £1,408,881,000 in comparison with
Home, President of the British Board of Trade. At
£1,409,081,000 on Dec. 31. As this statement is
that time it was expected also that he would return
for a period of eight flays, comparisons with the
to London in three or four weeks, "either formally'
previous six-day statement would be valueless.
to conclude the compact or wind uj) the affairs of
The Exchequer Imlancc has been brought up to
the Russian Trade Commission's offices." DisOn the last day of 1920 it stood at
£3,189,000.
patches from the British capital two days later
£3,011,000.
stated that "his departure had been delayed for a
few days, but there was nothing to show that a seriOfficial discount rates at leading European centres
ous rupture had occurred."
continue to be quoted at 5% in Berlin, Vienna and
Switzerland;
Considerable was made by American newspaper
correspondents in London of the result of an election held in Dover on Thursday. For instance, the
New York "Times" representative asserted that "it
is no exaggeration to say that a mine has been exploded at the very foundations of the Lloyd GeorgeBonar Law Coalition Government by the result of
the Dover election." He pointed out that "at the
last election the Coalition-Unionist candidate was
returned by a majority of 6,128. This has now been
turned into a minority of 3,130." The new member
of Parliament for Dover is Col. Sir Thomas Poison.
His opponent was Major J. J. Astor, brother of Lord
Astor. It was claimed that the Government was defeated on an issue of alleged extravagance.
53^%
in
Belgium;
6%
in Paris,
Rome
and Madrid; 7% in London, Sweden and Norway,
and 43/2% ^^ Holland. In London the private bank
rate was somewhiit firmer, at 6^@6 11-16% for
sixty and ninety day bills, as compared with 5%@
6^% last week. Money on call in London also
showed a firmer tendency, there having been an
advance to 5%, against 43/9% a week earlier. So far
as can be learned, no reports have been received by
cable of open market discounts at other leading
centres.
The Bank
of
England announced
a slight loss in
£4,841, but total reserve was
again substantially expanded, in round numbers
This was of course the result of a
£1,730,000.
gold this
week,
viz.,
further contraction of £1,735,000 in note circulation.
As still additional evidence of the Bank's recovery
from the abnormal year-end demanils, deposits were
Announcement has been made in London of a
new loan by Belgium for 1,000,000,000 francs. The
rate of interest is 4% and the offering price 80. It shown
repayable in 90 years by drawings at par and by
which for the first ten years will amount to
7,000,000 francs annually.
is
prizes,
have been heavily reduced, so that the
proportion of reserve to liabilities advanced to 12.15%
as against 8.83% a week ago and only 7.30% the
to
week before
16M%-
Last year the ratio stooil at
deposits decreased ^ £836.000 and
that.
Public
THE CIIROXTCLE
192
other
deposits
while
loans
ill
was
there
securities
£3,0:W,(){)()
£;il,H5(), ()()().
fell
was
(ioveninient
of
£30,.'S'iO ,()()()'
siirinkap;e
a
(other
In
a
securities)
The
r(>porte(l.
contraction
of
now on
total of sold
Last year it stood at £94,£128,280,219.
Circulation is
£80,ryM,210.
287,105 and in 1918 at
£129,834,000, as against £88,249,635 in 1920 and
£69,098,840 a year earliei-. Reserves aggregate
£16.890,000, in comparison with £24,487,470 and
£29,295,37() one and two years ago, respectively.
hand
is
Loans amount to £80,791,000. This compares
with £84,780,-^)35 last year and in 1919 £78,886,493.
Predictions during the earlier part of the week that
the Bank of England's official discount rate would be
reduced, proved without foundation and the regular
7% rate was again announced. However, there are
some who intimate that it is likely to be lowered
Clearings through the
before the end of February.
week totaled £745,784,000,
which compares with £877,193,000 last week and
£758,300,000 a year ago. We append a tabular
London banks
for the
statement of comparisons of the different items of the
Bank
England returns:
of
HANK OF ENGLAND'S COMPARATIVE
1921.
Jan. 12.
1920.
Jan. 14.
1919.
Jan. 15.
£
£
£
»1
1917.
Jan. 17.
£
38,831,040
120,8^4,000 S8,249.6.3.'-> 69,698,840
51.324,995
18.6.57,21.')
28,168,380
15,883,000
Other deposits
123,137,000 127.434.212 124,707,382 I21..'-S9.3r0 137.699,270
Ciovernm't scrairities .'59,241,000 54,709,925 02,660,244 56.768.151 133.883.190
Other eecuritics
80,791,000 t4,7S0.53G 78,886,493 92.278.457 37. .38 1.804
Reserve iiote.s & rein 16,800,000 24,487,470 29.295.^70 31.892,728 .35.733.648
Coin and bullion... 128,280, 219 94.287,105 SO, .544.216 .58.768,108 .lO, 115,288
Proportion of reserve
Circulation.
Public deposits
to
liabilities
Hjiiik rate
The Bank
12.15<7r
W%%
19.14%
19.57%
18.91%
T^,
G"/..
5%
5%
h'A'-o
France in its weekly statement reports
a further gain of 405,000 francs in the gold item this
week. The Bank's gold holdings now aggregate
5,501,051,850 francs, of which 1,948,367,056 francs
are held abroad.
Last year at this time the amount
of
was 5,579,404,128
including
1,978,278,416
francs held abroad, Avhile in 1919 the figure was
5,496,206,725 francs, including 2,037,108,484 francs
During the week advances increased
held abroad.
59,312,000 francs, while Treasury deposits were
augmented by 4,301,000 francs. On the other hand,
silver fell off 1,656,000 francs, bills discounted decreased 299,919,000 francs, and general deposits
francs,
were reduced 114,687,000 francs. Note circulation
took a favorable turn, a contraction of 126,658,000
The
outstanding is
thus brought dov/n to 38,462,936,370 francs, contrasting with 37,900,604,960 francs on the corresponding date in 1920 and with 31,699,903,225 francs
Comparisons of the various items in this
in 1919.
week's statement with the figures of last week and
corresponding dates in 1920 and 1919 are as follows:
francs being registered.
BANK OF
FRANCE'.S
total
COMPARATIVE STATEMENT.
Changes
(lUd Holdings
In France..
Abroad
foTWtik.
—
-.
Slctu.^
7a«. 13 1921.
Fraics.
Jra».
Ja'?. 16 1919.
405.000
No change
3,-5.52,684,794
3,4.59,098.240
1,948.367,056
3,001,125,711
1,978,278,416
405,000
5. .501.051.8.50
5,.579
Francs.
.Inc.
as of
15 1920.
Francs.
time regist(Ted the sensational increase of
Deposits were expanded no
1,679,272,000 marks.
less than 8,162,883,000 marks while bills discounted
registered the huge increase of 6,892,257,000 marks.
Treasury notes were also heavily augmented, namely
C'hanges in gold and in tota
1,947,341,000 marks.
coin and bullion were trifling, being a decline in the
former of 4,000 marks and an increase in the latter of
83,000 marks. Advances were cut 8,515,000 marks.
Investments were 6,905,000 marks smaller, while
other securities showed* a falling off of 7,852,000
marks. In other liabilities a contraction of 1,804,759,000 marks is shown. The German Bank's stock
In the same
of gold is given as 1 ,091 ,636,000 marks.
week of 1919 the total was 1,089,499,000 marks and
Outstanding
a year earlier, 2,262,000,000 marks.
note circulation has reached the enormous total of
68,342,476,000 marks, which compares with 35,698,359,000 marks last year and 22,188,000,000 marks in
this
1918.
Last week's statement of
banks and trust companies,
New York
on Saturda5%
issued
Francs.
2,037,108,484
the-holiday period, was about as had been expected,
in that dex)Osits gained substantially while loans were
In net
sharply cut.
demand
deposits there w^as an
increase of $49,229,000, to $4,064,749,000.
Inc.
.404, 128
5,406,206.725
316.870.332
1.334,359.893
1.212.330.587
31.699.903.225
21.616,397
2..533. 110,490
This
is
Government deposits of $54,973,000, a
Net
contraction in the latter item of $66,845,000.
time deposits also increased to .$267,249,000, as
exclusive of
—
The loan item was
brought down $54,254,000. Other changes, however, were relatively unimportant, comprising a
against $259,942,000 last week.
decline of $3,970,000 in cash in
own
vaults, to $97,-
counted as reserve), an increase in
reserves of member banks with the Federal Reserve
Bank of $4,107,000, to $529,098,000, and an expansion of $162,000 cash in own vaults of State
banks and trust companies, to $9,387,000. Reserves
of State banks and trust companies with other deAn inpositories gained $417,000, to .$9,542,000.
crease of $4,686,000 was shown in aggregate reserves,
bringing that total up to $548,027,000, but as a result
748,000
(not
the large increase in deposits, surplus was cut
slightly, in round numbers $1,912,350, so that the
of
now
$9,131,530, in compariweek preceding. The
figures here given for surplus are based on reserves
of 13% above legal requirements, but do not include
total of excess reserves is
son with $11,043,880 in the
cash to the amount of $97,748,000 held in own vaults
by these banks on Saturday of last week. The Federal Reserve Bank showing w^as not so favorable and
the result of the week's operations was a drop in the
It will
ratio of cash reserve from 40.0% to 39.0%.
be noted that there has been continued liquidation
of discounted and purchased paper, with a heavy
return movement of Federal Reserve currency. Reserve
Bank
holdings of paper secured
bj^
obligations were reduced $11,964,000.
Totiil
associated
while reflecting readjustments incidental to the after-
PATEMENl
1918.
Jan. 16.
£
45,325, .380
41,416,146
and
[Vol. 112.
Government
Holdings of
purchased in the open market were cut $6,999,000, while other discounted bills on hand declined
more than $19,000,000. As a result of these operations the total earning assets for the w'eek were reduced about $38,000,000 and now aggregate $1,037,In its statement, issued as of Dec. 31, the Imperial 098,000. Holdings of gold and other cash, however,
Bank of Germany again show^s radical alterations in were reduced from $610,243,000 to $587,659,000.
Note circulation, which for a The bank statements are given in more complete
its principal items.
brief period reflected the attempts of the Govern- detail on a later page of the "Chronicle."
204..584,49a
Dec.
1,6.56,000
261.3.32.115
BiUsdiscounted... Dec. 299.919,000 3,044.789.298 1.705,006,247
1 ..544.790.899
Inc.
Adv.ances
59,312,000 2.281 .,849.000
Note circulation.. Dec. 126.658.000 38.462.936.370 37,900.604.960
4,301,000
87.659,000
47,420.044
Treasury depo.slts.Inc.
General deposits. -Dec. 114.687.000 3.403.288.894 3,031.024.184
Silver
ment
at a policy of contraction, continues to
expand
bills
THE CHRONICLE
Jan. 15 1921.]
The
luouey market has
had been expected for
On Thursday and yesterday call
a week or more.
money on the Stock Exchange renewed at 6%.
Loans In- the banks direct, chiefly, it was said, for
the account of out-of-town institutions, as low as
4%, were reported on Wesnesday. Bankers said
that the offerings at that quotation and at 43/^%
were not as large yesterday and the day before as
they were on the first daj' of the ])reak. A promin-
come.
ent
first real
break
By some
international
money
than
it
it
banker,
at this centre
was
in the h:)cal
observers
while
is likelj'
admitting
that
to be materially easier
for a long time prior to this week's sharp
a moderate upt\irn from the
There was real
lowest quotation may be looked for.
being made
offerings
relaxation also in time monej'.
break,
believes
that
6%
on mixed collateral for thirty days and at
63^ and 63^% on all industrials. People are not
inclined to buy stocks when they are going down,
and borrowers of money are generally disposed to
wait when they see freer offerings and the rates
decHning.
In pursuance of this tendency borrowers
showed a disposition to wait for still lower prices for
time money. It was realized that a quotation lower
than 4% for call mone)' could not reasonablj^ be
looked for. The large withdrawals of Government
money from local institutions again this week had
no perceptible effect upon the local market. It is
reported that on Wednesday night there was a surplus
of more than $20,009,000 in the loan crowd on the
Stock Exchange over the requirements for the day.
The larger supply of loanable funds is probably due
in part to the continued depression in business and to
the thawing out of some "frozen loans," and also to
at
a greater degree of confidence upon the part of those
who have money to lend, in the general business and
financial position in this countrj"-.
The statements of
Governor Harding of the Federal Reserve Board
regarding these matters have been credited with
having exerted considerable influence. Bankers say
that new offerings of securities are being very well
taken.
Dealing with specific rates for money, loans on call
during the week covered a range of 6@7%, as compared with a flat rate of 7% last week. For the first
three days of the week, Monday, Tuesday and
Wednesday, the high was 7, the low 6% and renewals on the basis of 7%. Thursday there was a
further easing and for the first time since Nov. 30
call loans were renewed at 6%, which was also the
maximum and minimum quotations for the day.
On Friday the 6% rate was maintained and this again
proved the high, low and ruling figure. While 6%
was the lowest rate for loans dealt in on the Exchange, it should be noted that over-the-counter or
outside loans were available at as low as 43^@5%,
the lowest level in more than a year.
The wide
disparity in call rates between Stock Exchange and
193
The
touclied on the present decline.
sui)ply
was not
but brokers reported freer offerings than for
some time and a fair amount of business transacted,
large,
especiallj' in the shorter periods.
Mercantile paper ruled quiet with very little new
Notwithstantling the marked decline in
(o report.
time money, rates continue to be quoted at
for sixty and ninety' days' endorsed bills receivable
and .six months' names of choice character, although
most of tlie business is now being done at the inside
figure.
Names not so well known still require 8%,
7^@8%
unchanged
Banks' and bankers' acceptances were very active,
and many brokers reported trading as the broadest
experienced in several months. The demand came
from all parts of the country and undoubtedly reflects
the release of substantial amounts of monej'' because
of the decline in business activity generally.
As a
result, quotations were appreciably lowered, prime
member bank bills being as low as 5^%, against
One
the preceding week.
^Vi%
indication of the
increase in absorption of acceptances since the turn
more than S25,000,000
period by savings banks
of the year is the estimate that
has been invested in thatalone, which are said to be talcing practically all o f
the New York bills.
The posted rate of the American Acceptance Council for call loans against accepDetailed quotations
tances is down to 43^@5%.
for acceptances in the open market are as follows:
Delivery
Spot Delivery
Ninety
Days.
Sixty
Thirty
toUhin
Days.
Days.
5Ji@5H
30 Days
6 bid
Eligible bills ot
member banks
5%@5>i
5'A@5H
Eligible bills of
non-member banks
6K@6
6K@5% 6H@5J<
6H@6>i
6M@6Ji
Ineligible bills...
There have been no changes
6'A bid
7 bW
6H@6>i
week
Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT JANUARY 14 1921.
Discounted
bills
this
in
maturing
within 90 days
(including
Agriculbanks' 15-day col- Bankers'
lateral notes) secured by
accepTrade tural and
live-stock
tances
acceppaper
Treasury Liberty
Othertances
disc'ted
certtnurlse
maturing miturlng
bonds
for
wUhli 91 to 180
cates of
and
secured
member
indebtVictory
and
banks
days
90 days
edness
notes
unsecured
member
Federal Reserve
Bank of
—
hA
Boston
New York
Philadelphia...
.
Richmond
Atlanta.
.
t6
t6
t6
St.
t6
*5J4
Dallas
San Franc'sco
t6
t6
t6
Louis
Minneapolis
Kansas City
and
S34
5%
%
6
7
G
7
6
6
6
5%
6
on paper secured by 3}4
7
6
55i
6
6
7
7
t6
.
Chicago
*
—
6
6
6
%
certificates,
6
6
5H
7
6
6
6
6
and
oA
6
5%
7
7
7
6
6
6
f>
6
7
7
7
7
6
fi
7
6
6
6
6
6
6
on paper secured by
4^ %
certificates.
t Discount rate corresponds with interest rate borne by certificates pledged as ool
lateral with minimum of
In the case of Philadelphia, Atlanta, Kansas City and
Dallas and
in the case of Cleveland, Richmond, Chicago and San Franclsoo
—
5%
5H%
A'ote.
Rates shown for St. Louis, Kansas City and Dallas are normal rates
applying to discounts not in excess of basic lines fixed for each meml)er banK by the
Federal Reserve Bank.
Rates on discounts in excess of the basic line are subject
progressive increase for each 25% by which the amount of accommodation
to a ^5
extended exceeds the basic line.
%
Further
substantial
progress
was made
in
the
some comment as to
whether the Exchange figure is not more or less
upward movement which characterized operations in
sterling exchange during the latter part of last week
artificial in character.
The above quotations apply and for -a time price levels were rushed up to 3 763^
to both mixed collateral loans and all-industrials for demand
an additional advance of 103<i cents,
alike.
Funds were freely available, even at the and no less than 34 cents above the rates quoted
lov.-er figures noted.
In time money the feature was early in December. It in fact represents the highest
a reduction to 6% for sixtj' and ninety days and point touched since the end of Jul}' 1920, at which
four and five months' monej'-, and 53^@6% for six time sterling bills were selling at 3 79^/:4.
As might
months. This compares with 73<C@734% a week be expected trading was very active with fluctuations
ago for sixty and ninety days and 7@,7}4% for violent in the extreme. Changes in rates were so
other loans
is
giving rise to
—
longer maturities,
and
is
the lowest level as yet
rapid and widespread for a while as to cause a sharp
THE CHRONICLE
194
[Vol. 112.
some form of a long-term bond issue are actually
under way.
As regards the more detailed quotations, sterling
exchange on Saturday of last week was a shade
divorRcnco in qiiotcdfrntos, which in tnrn producod
and dcahnps practically
considerable
confusion
throuphout wore attended by more or less excitement. The wcek'sJmovementR may be said to have
been the most sensational in (piite a long period,
since the high point was quickly followed by a
for
pronoimced reaction which carried rates down to
3 loy?.
The latter feature was attributed chiefly
to extensive realizing sales and rather freer offerings
In the final dealings, some of
of commercial bills.
the loss was regained and the close was at 3.72.
Numerous and varied reasons are being put forth
by way of explanation for the spectacular advances
of the past week or so, but so far as can be learned
the market is still under the influence of factors which
have dominated the situation during the recent past.
Probably the most potent causes for the wave of
optimism which seems to have swept over the foreign
exchange market lately are the prevailing belief that
Great Britain is soon to fund its outstanding indebtedness in this country into a long term loan, that there
is a well defined movement on foot both here and
abroad for the alleviation of existing international
credit difficulties and that favorable results may soon
be looked for from the placing in actual operation
of the new Edge law foreign financing corporations.
To this, of course, should be added the appreciable
easing in local monetary conditions.
In the opinion
of some large foreign exchange dealers, the falling
off in our exports, due to the world-wide slump in the
demand for commodities, has had much to do with
the improvement in currency values. According
to these ' authorities exports of commodities from
Great Britiain are increasing steadily, while British
purchases of cotton have been on a greatly reduced
scale in recent weeks, (besides which of course the
price of the staple is very much lo'wer) a factor
which has undoubtedly had an important bearing
on the market for Lpndon remittances. Moreover,
it should not be overlooked that many of the large
interests who were short of sterling, as well as importers; who had counted on obtaining the necessary
exchanges ""at low levels recently current, have been
forced into the market as liberal buyers of bills,
thereby]!,': materially
accelerating the upswing of
prices.
Some of the most optimistically inclined
days to 3 58J^^3 59. Monday's trading was feveris h and excited, and as a result of heavy foreign
nlyi ng and active short covering prices shot up spectacularly to a new high on the current movement,
namely 3 73^ for demand; the low was 3 6o^,
while cable transfers ranged between 3 66 and 3 74^
and sixty days at 3 60j/g@3 69^. Although somewhat less activity was shown on Tuesday, considerable business was transacted and rates again
mounted sharply, this time to 3 73^@3 76}/^ for
demand, 3 743^(a;3 77}4: for cable transfers and
are
now
predicting $4.00 sterling or over in the course
few weeks; although, on the other hand,
not a few feel that the advance has been altogether
too rapid under existing conditions and that sharp
fluctuations, not to say reactions to a lower level,
are likely for a while longer at least.
London bankers are said to be watching the course of sterling on
this market closely and to incline to the belief that
the rise in sterling is not wholly warranted.
Rumors continue very active of the probable
placing here of large European loans shortly.
The
latest of these is that France is soon to raise another
$100,000,000^: American V loan. A recent despatch
from Paris states that France is preparing to include
in^her forthcoming budget a refunding scheme to care
for the immediate maturing of American loans, including City of Paris and other municipal issues,
together with the accrued interest on the $400,000,000
owed on supplies purchased from the American army
in France.
Should this prove true, it is likely to have
an important effect in sustaining and stabilizing
exchange levels. Recent reports of Swiss financing
in this market are said to have been premature,
though it is stated on good authority that negotiations
of the next
easier,
3 633^,
with
demand
cable transfers
to
3
down
633^@
64^3 04}^ and sixty
fractionally
to 3
I
69^@3
foJ' sixty days; London cable quotawith foreign buying an important
strong
tions were
On Wednesday sterling rates showed a
factor.
3
71J/8
and prices dropped appreciably
on what appeared to be profit taking sales; demand
declined about 2^c. to 3 71J^@3 753^, cable transfers to 3 72@3 76 and sixty days to 3 66>g@3 70^.
There was a further decline on Thursday to 3 703/2®
3 74 for demand, 3 71}4@^ 74^ for cable transfers
and 3 663/8@3 69^ for sixty days; offerings were
rather more abundant, while a perceptible slackening
On Friday the market
in the inquiry was noted.
ruled more quiet, though rates were well sustained
and demand bills ranged between 3 72@3 743^, cable
transfers at 3 72%@3 75 and sixty days at 3 675^@
Closing quotations were 3 67 5^ for sixty
3 69 J^.
days, 3 72 for demand and 3 72^ for cable transfers.
Commercial sight bills finished at 3 715/8, sixty days
at 3 703^, ninety days at 3 643/^, documents for payment (sixty days) at 3 67 and seven-day grain bills at
Cotton and grain for payment closed at
3 70^.
3 71%. More gold was received this week, $4,200,000
in gold bars, which arrived on the Kaiserin Auguste
Victoria, while the Imperator and Adriatic are said to
be on their way with additional shipments. Gold in
considerable amounts is said to be coming forward into
the United Kingdom from Russia. A report which
aroused some attention this week was to the effect
reactionary trend
that despite the control exercised over exports by
the Dutch authorities, large quantities of Russian
gold have been consigned to propaganda agents in
country and are known to have been smuggled
out of Holland for shipment to New York.
this
In the Continental exchanges also there has been
an increase in strength and activity, which though
less sensational than in the case of sterling, carried
As a result
prices up from 10 to 25 points or more.
of light offerings, combined with an unusually heavy
demand, quoted rates on nearly all leadin g European
French
currencies bounded upward here sharpl y.
francs scored a gain of al most 24 centimes, to 6.20.
Exchange on Belgium sold up to 6.51 a 19-point
—
Later there were almost equally rapid
recessions in these currencies, the. former losing 18
advance.
and the" latter, 17 points to 6.34.
Italian lire moved no less erratically, there having
been first an advance of 10 points, to 3.56, then a
Yesdecline which brought the quotation to 3.40.
terday, however, recoveries of from 5 to 7 points took
Early in the week Lonplace in these exchanges.
don sent materially higher quotations, which had
a hardening tendency here, and was almost ^imme-
points, to 6.02,
Jan- 13 1921.]
THE CHRONICLE
by a resumption of buying. Shorts
caught unprepared in the sudden uprush of prices
added greatly to the general confusion by their
frantic efforts to cover extensive short commitments.
Later in the week what was regarded as a natural
reaction from an advance which had been overdone,
set in and sharp losses were sustained, although there
was a partial recoverj'^ before the close. Offerings
were freer and profit taking sales quickly brought
diately followed
195
pesetas advanced 30 points to 13.58, but
reacted and closed at last week's levels.
Spani.sh
Bankers' sight
to 33.00, reacted
on Amsterdam after advancing
and closed at 32.80, against 31.81;
bills
commercial
and commercial sixty
cable transfers at 32.90, against 31.93;
sight at 32.74, against 31.75,
days at 32.38, against 31.39
last
week.
finished at 15.59 for bankers' sight bills
Swiss francs
and 15.61
for
A week
ago the close^was^l5.44 and
Copenhagen checks closed at 17.60 and 17.70
cable transfers.
about a lowering of price levels. Cable quotations 15.45.
from London furthermore came lower, and this, too, for cable remittances, against 16.35 and 16.45.
had a somewhat depressing influence on market senti- Checks on Sweden finished at 21.60 and cable
ment. Berlin exchange, while traded in to a consider- transfers 21.70, against 20.70 and 20.80, while
able extent, was conspicuous in having had only a checks on Norway closed at 17.10 and cable transfers
very small part in the improvement. Mark quota- 17.20, against 16.35 and 16.45 the week previous.
tions were steady, but hovered at 1.37@1.40, with a Final quotations for Spanish pesetas were 13.30 for
high point established yesterday of 1.47.
Austrian checks and 13.32 for cable transfers, in
comkronen ruled heavy throughout, with a further de- parison with 13.28 and 13.30 on Friday of a
cline to 00.19, which undoubtedly reflects the serious week ago.
political crisis at that centre and the appeal to the AlAs to South American quotations there has been a
lies to take over the reins of government. Recent dis- further advance in the check rate on Ai'gentina to
patches from ^'^ienna declare Austria to be in a state of 34.873/2 and cable transfers 35.00, with the close
collapse and claim that because the Allies have de- 34.623/^ and 34.75, against 34.373/^ and 34.50 a week
layed in relieving Austria's financial distress, an Aus- earlier. Brazilian rates were also better, advancing
trian agent is to be sent to the United States to ask as- to 15.50 and 15.623^, but closing at 15.373/^ and
sistance. Nothing new has as yet developed concern- 15.50, as compared with 14.623/^ and 14.75 last week.
ing the Russian trade situation. Ruble currency con- Reports from Rio de Janeiro state that considerable
tinues to be quoted (nominally) on this market at anti-American sentiment is arising from the unfavor60 cents per hundred rubles. Some attention has able exchange situation there. It is^said that during
been given the announcement that Italy has post- the past five months the value of the Brazilian milreis
poned the application of her elaborate income tax has dropped from 25 cents to 163/^ cents to the dollar,
reform scheme until Jan. 1 1922.
Brazilian
the lowest level in more than twenty years.
The official London check rate on Paris closed at newspapers are said to be editoriallj' charging
In United States bankers with responsibility for the
61.35, which compares with 61.05 last week.
New York sight bills on the French centre finished at local situation and urging the discontinuance of pur6.073^, against 5.963/25 cable transfers at 6.083^, chases from North America.
The fact seems to be
against 5.973^2; commercial sight bills at 6.053^, entirely ignored that the decline is in reality due to
against 5.943^^, and commercial sixty days at 5.993^, the unfavorable and one-sided balance of trade beagainst 5.883^^ a week ago. Antwerp francs closed at tween the two countries.
Argentina is said to have
6.40 for checks and 6.41 for cable transfers, which a new plan under consideration to deal with goods
compares with 6.273/2 and 6.283^2 a week earlier. refused under cancellations by Argentine concerns.
Closing quotations for Berhn marks were 1.463^ for By means of the proposed arrangement American
checks and 1.473^ for cable transfers. Last week the firms with goods on their hands and desiring to sell
close was 1.37 and 1.38. Austrian kronen finished the them will be able to negotiate with a corporation
week at a new low, namely 00.19 for checks and 00.20 formed in Buenos Ayres for this purpose. The
for cable remittances as against 00.213^ and 00.223/^ method of procedure briefly is to offer ^samples of
in the week preceding.
Lire quotations closed at the merchandise to firms hkely to be interested;
3.44^ for bankers sight bills and 3.45% for cable when a buyer is found the best prices obtainable are
ti-ansfers, in comparison with 3 A6}/^@,3 .47 }4, a week cabled to the owner in the United States.
In case o^
earlier.
Exchange on Czecho-Slovakia showed im- acceptance the owner cables to the branch bank to
provement and advanced to 1.19, the close, dehver documents to the firm in question wliich
against 1.14; and Bucharest at 1.34, against 1.31; immediately secures cash payment for the entire
Poland was heavy at 11 3/2, against 16%, but Fin- transaction, the amount being deposited with the bank
land closed at 3.15 (unchanged).
Greek exchange for subsequent transfer to the owner in New York.
was in somewhat better demand for a time and moved It is claimed there is no risk and a fair chance of the
up to 7.60, an advance of 15 points, but subse- goods being sold at reasonable prices. In the event
quently reacted and closed
at 7.30 for demand that the terms are rejected, the goods stil remain at
and 7.35 for cable remittances, against 7.35 and the disposal of the owner. ChiHan exchange shared
7.40 the
week
before.
in the general
and
There
very little of importance to report in neutral exchange.
Movements in rates have for the
most part followed the course of the other exchanges.
Trading, however, has been on a broader scale of
late and Swiss francs, Dutch guilders as well as the
Scandinavian exchanges came in for a good volume of
business.
Copenhagen remittances showed an advance of more than 100 points during the week,
though this was partly lost before the close, while
Swiss francs were marked up about 32 points.
is
upward movement,
finishing at 14.37, as against
rising to
14.73,
13.98 last week,
but Peru was weaker at 4.08, in comparison with
4.13 the preceding week.
Hong Kong,
P'ar Eastern rates are as follows:
75(fl;753''^,
Shanghai,
57@573^, against 58@i58%;
against
763^@,76%;
Yokohama,
49(5)50,
against
Manila, 4Q,(o:AiiH, against 45)2^4534;
49^.50;
Bombay,
Singapore, 4A@44]4, against 42@43;
29@293^, against 273^@283.^2, and Calcutta, 2934®
29%,
against
27H@283^.
:
:
:
THE CHRONICLE
196
The New York Clearing House banks,
in their
operations with interior banking institutions, have
gained .f8,:{I)l,SS4 net in cash as a result of the currency movements for the week ending Jan. i;{. Their
receipts from the interior have aggregated JJ9,711,684, while the
shipments have reached |1,319,800,
as per the following table:
CURREXCY nECKIPTS AND RIIIPMrCXTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending January
I no
13.
nanhs' Interior movonmrit
Banks.
Out of
Bunks.
$9,711. f>84
$1
..3
1!)
aalii or Loss
to
,800 rialn
Banks.
?S, 39 1. 884
the Sub-Treasury was talfen over by the Federal Reserve Bank on Dec. 6, it is no longer possible
to show the effect of Government operations on
As
[Vol. 112.
To become de
facto as well as de jure President of
the United States, after being declared elected, is
simplest matter conceivable. The Constitution
provides only that "before he enter on the duties of
his office" the incoming President shall take a simple prescribed oath
it does not even specify the
date or the place of that ceremony, nor the person
before whom the oath is to be taken; custom and
propriety suggest the head of the Supreme Court,
but the founders did not say so.
tlie
;
ceremony will now be at the eastern porand a distinguished precedent
was made, just a hundred and twenty years ago,
The
brief
tal of the Capitol,
when Thomas
Jefferson, third President, rode to the
building, dismounted, tied his horse to the fence, and
The Federal Re-
walked, unattended, into the Senate Chamber, where
he took the oath and delivered his address.
sei've Bank of New York was creditor at the ClearNow
that democracy in the party sense has departed so
ing House each day as follows
DAILY CREDVr KALANCKS OF NEW YORK FEDERAL RESERVE BANK far from Jeffersonian ideas it is well to have a step
AT CLEARING HOUSE.
of return to Jeffersonian simplicity.
Friday,
Aggregate
Monday,
Tuesday, Wednesd'y, Thursday,
Saturday,
Only some $3,000 which contractors had already
Jan. 14.
Jan. 12.
JaK. 13.
for Week.
Jan. 11.
Jan. 10.
Jan. 8.
incurred and must have reimbursed to them will be
S
46. 855. 70S 76,f)S1.87n 52.139.855 dS.S.'SO.eOS 100225 460 60.647.586 Cr. 342,407.090
officially expended. The proposed Government outThe foregoing heavy credits reflect the huge mass lay was not large, said Mr. Harding, the greater part
of checks which come to the New York Reserve Bank, coming from "the generous contributions of District
from all parts of the country, in the operation of citizenship," doubtless including, he f orebore to add,
the Federal Reserve System's par collection scheme. some from persons who counted on getting back their
These large credit balances, however, show nothing money manifolded but he pleads that "it is timely
as to the results of the Reserve Bank's operations and wholesome to practice the utter denial of public
with the Clearing House institutions. They repre- expenditure where there is no real necessity."
sent only one side of the account, as checks drawn Clearly so; the expenditure would not be much in
upon the Reserve Bank itseK are presented directly itself, regarded as per capita, but the influence of
to the bank and never go through the Clearing House. the example now set, upon both public and private
spending, may be of incalculable value. Government
The following table indicates the amount of bul- has dinned thrift upon the people, through the bond
lion in the principal European banks
campaigns and since it is well now to have it set a
lesson for the world.
January 15 1920.
January 13 1921.
Banks ofThe fling said to have been uttered by one high
Qold.
Silver.
Gold.
Silver.
Total.
Total.
official in Washington is neither witty nor in good
£
£
£
128,280,219
England
128 280,219 94 287,105
94 287.105
France a.. 142,107.392 10, .560, 000 152 067,392 144 045,026 10,440,000 154 485,026
taste, and if impressiveness and propriety require
.54, ,577, 6.50
Germany
288 650
866,300 54 403,400
799,750 55 263,150
Au3-Hun.- 10,944,000 2,369 000 13, 313,000 10 ,944,000 2,369,000 13 313,000
glitter the opposite extreme might be mentioned
98.2^6,000 22,943 000 121 229,00(1 97 ,832,000 25,2:;'0.000 123 052,000
Spaln
Italy
32,768,000
2,999 000 35 767,000 32 ,200.000
3,006,000 35 ,206,000
suppose the incoming President were covered with
Netherl'ds 53.012,0001
1,788 000
800.000 52 ,917,000
5;n,000 53 ,498,000
Nat. Belg- 10,661,0001 1,116 OOO! 11 ,777,000 10 ,050,000
1.076,000 11 732,000
gewgaw decorations and were taken to the place of
Swltz'land 21,716.000
4,929 000 26 ,645,000 20 678,000
2,971,000 23 049,000
Sweden
15,688,0001
15 621,000
15 ,688,000 15 621,000
ceremony on a litter borne on the shoulders of atDenmark
12,644,000
145,000 12 ,789,000 12 605,000
184.000 12 789,000
Norway .. 8,11 ,000!
,115,000
141,000
8 ,141,000
tendants? The impressiveness, as well as all the
Total week 588,799,261: 47,137,6.50635.936,911554,389,531 46,646,7.50 601,036,281
proprieties, lies in the very simplicity of the occaPrev. week 588,730,102 47,426,300 636,156,402 550,786,6991 46,943,200 597,729,899
sion the man elected begins his duties by taking an
a Gold holdings of the Bank of France this year are exclusive of £77,934,682
held abroad.
oath that he will "faithfully execute" them and to
the Clearing
House
institutions.
;
;
. .
_
.54,
.54,
.
;
SIMPLICITY TO MARK THE PRESIDENTIAL
INAVGV RATION—MR. HARDING TRUE
TO HIMSELF.
the best of his ability wall "preserve, protect, and defend" the Constitution. Thus he is "crowned," his
faithfulness and his success following to justify him
The proposed (and usual) parade for inaugura- or otherwise and all the mines and all the looms
tion day in Washington, including the ball in the the world could only detract from the meaning
;
evening, has been abandoned, at the earnest request
of the leading figure therein, Mr. Harding having
asked the Senate's committee on the inauguration
that no money whatever be appropriated and expended for the occasion. It will be most pleasing to
him, he said, to have the ceremony within the Capitol, "or on the east porch in its stately simplicity,
without a single extra preparation," and he wished
the committee to know "that the impression of extravagant expenditure would make me a very unhappy participant." He could not do more than
Only
state his wish, and the wish has prevailed.
the votaries of fashionable pleasure and the profiteering landlords of the capital will regret the
change; the former can always find follies at every
turn, and the disappointment of the latter concerns
only themselves.
of
of
the hour.
Sixty years ago, Abraham Lincoln, after asking
his neighbors to keep him in their prayers, as he
bade them farewell on leaving Springfield, took the
oath at the eastern end of the building, then standing unfinished. The clouds over the way were very
dark, for open acts of treason had already been committed and it was not believed that the earnest appeal to reason with which he closed his inaugural
could halt the movement to civil war. This is the
fifteenth quadrennial occasion since, and the situation now is only less grave than in 1860. This is
not a time for pessimism and gloom, but seriousness,
which is not the same feeling as those, is plainly appropriate.
For
if
this country
had no unusual
in-
ternal problems and were fully prosperous and
peaceful, the international problems are difficult,
Jan. 15 1921.]
THE CHRONICLE
197
aud the diKtrcsses of a world that looks towards us nest of wrongdoing has been disclosed in the City
and places its hopes largely upon us should make us of New V(»rk is no i-easim why every contractor in
sei'ious-uiiuded rather than juhilaut.
Mr. Harding the State should have the liberty of contract taken
has a hard task, but ever since his uouiiuation he has away from him. There tiiaij be strength an<i honborne himself admirably and there is encouragement esty outside Governmenl.
in his lack of self-confidence, his desire. to test his
How can real competition exist without the libown views by those of others. ;ind (best of all) his ei-ty of contract to build at agi'ee(i upon prices
sense of responsibility aud his trust in an over- agreed u[)()n, independently of all others, by the two
ruling Providence.
who enter into a private contract? Of what use is
business acument and integrity under a State Trade
STATE CONTROL OF INDUSTRY.
Commission? Not every building contractor yielded
By what rule of reason is the State enabled to to this "system." There are firms \\ho defied this
control industry in the ititen'fit of com pet it ion f underground uu'thod
fii-ms that through long and
The very attempt must prove a denial of tiie object honorable dealing have built up a reputalioji for
sought.
We have had a legislative committee in- honest woi-k at fair i)rices. What would "reputation" be worth, "good-will," under the proposed
vestigation of the building industry.
It has disclosed builders' associations for the purpose of fix- "regidation"?
This whole effort at "control" in
of
all
its
ing prices, for the allotment of contracts on jobs,
ramifications is a denial of honesty in man.
and for a system of partial reiud)ursemeut to those And is it to be forgotten that political "regulation"
who are ruled out by the awards. It has disclosed is itself liable to corruption? Is there anywhere
trades associations for the purpose, apparently, of anything to show that it is really efficient? First,
preying upon contractors, associations that are not the "investigation," then the disclosui-e and then
entirely divorced from the great federation of labor, the old mad desire to rule, to make men moral and
though condemned by some of the ruling powers. independent by law
Why not give competition a chance? The answer
Testimou}' has been laid before Grand Juries and indictments found. Some of these indictments have is flung back that these associations would in time
been for extortion and attempts at extortion. Fol- reappear. But would they? This organized system
lowing disclosures, certain of the builders' associa- of extortion, this clearing-house for bids, are both
tions have voluntarily, without promise of immun- against the law. They are evil complements of each
ity, agreed to disband.
Now, before trials have been other play into each other's hands. On the crimihad, before any effect of the disbanding has been nal side there is plenty of penalty once the fact is
realized, it is proposed to create a State Trade Com- proven.
On the civil side, if not criminal penalty,
there
is
relief
in the national law, once the fact is
mission, "to examine costs aud to fix reasonable and
fair profits in the various industries.
A uniform proven. AVhat is more important is that it is unsystem of accounting would be required of all mem- natural that men succeeding under open competition depending upon ability and fidelity, should welbers of the individual associations."
—
—
I
—
This is the old story over again. It is the ruling
passion of rushing to Government for relief. It is
the plea of the weakling startled by the sudden appearance of sinister combinations.
Competition
would be assured by "fixing prices" through a commission an absurdity on its face! Hope is held
out that the National (Government may follow suit.
Again we have the old conflict of two jurisdictions.
The raw materials of building do not all lie in one
State. If other States enter iuto the fury of "control," and attempt to fix prices, then and there begins contest and controversy. We are told that the
purpose is not to abolish these builders' associations.
"Membership in such organizations will not
be forbidden in the proposed bill, but the association will be required to submit to State supervision
and regulation." And so submitting, it will be legally sanctioned, and "competition" under "fixed
prices" will blossom like a green bay tree.
Nothing may come of this. The New York State
Legislature is in session, however, and it is significant that such proposal is made. There is reason to
believe that building contractors do desire freedom
of action.
There is testimony in this investigation
_ to show that by means of unlawful power through
I manipulation of trades associations these men have
been coerced against their will. This does not excuse their own action in creating organizations for
il
the control of industry. Because, from sources outside their own efforts to "fix prices," they have been
threatened with "strikes" and with being "put out
of business," it does not follow that they should be
subjected to coercive control of the State.
Two
wrongs do not make a right. Nor three. Because a
—
'
come associations that deprive them
succeed on their merits.
somehow admit that man
Why
power to
not sometime and
of the
not primarily a rascal
who needs to be controlled by all the other rascals
since when the individual ceases to exist as an honest man
the State, too, becomes dishonest!
There is another great good to flow out of this inspiration. We read:
"It has been learned by the
Committee that in some industries large concerns
buy out competitors, shut down their plants and thus
keep production down and prices up. The arbitrary
scrapping of productive activities which is being
carried on at a profit will be stopped if the plans of
the Committee are enacted iuto legislation.'' Well,
if we do have this law it will be a fitting climax of
folly, in a State that would not seat a duly elected
Socialist and then adopts Socialism itself.
Is it
seriously to be proposed that a law shall be enacted
forbidding a man to sell his own property at a satisfactory price to whom he pleases? And all this
when the nation is gradually releasing its dreamCan
hold on "combinations in restraint of trade"
is
—
!
"committee" or any committee successfully show;
in the case of steel and oil that "consolidated corporations" have kept "production down aud prices
up"? And why this sudden zeal for "competition"
when "co-operation" has been heralded as the cure
tnis
of every
Who
human
ill?
what can "control" competition? It is as
varied and variable {is the wind. It is the directed
and energized power of mind applied to the material
world.
or
It is itself the master-builder of all industry.
Competition discovers, plans, accomplishes.
the survival of the fittest.
But as
It is
civilization ad-
THE CHRONICLE
198
vaiiccs
noss
is
Un<Ier
life,
it
<'('ases
to fij^ht as
detenninod alone
it
every
man
is
l»y
llio
the
boast
liifjiici-
fi^''^*^;
law
ol'
f<"' f't-
sei'vice.
free to enter the industi'ial
and finds success alone lies in ministering to
adding to its comfort, uplift and enjoy-
life thron{j;li
ment. It does not limit production, but increases it
by unnumbered new ci-eations. The old must prove
its worth in tiie general advance, or be superseded
by the new. He who can add one tithe to cheapness,
who can devise a trifle more of value, worth, helpfulness in his businesis, holds tlie golden key to profit.
Destroy it by "fixing prices," or any other method,
and man becomes an automaton and life the treadmill of a slave.
SENATOR CALDER'S BILL FOR THE REGULATION OF COAL INDUSTRY — FURTHER
GOVERNMENT INTERVENTION.
The
threatened by Senator Calder of this
State, for straightening out the coal industry, has
bill
his special Committee on Housing and
Reconstruction and has been referred to the Committee on Manufactures, of which Senator La Follette is the head. Its title is "Federal Control Act,"
and it confers powers, not only on the Trade Commission, but on the Inter- State Commerce Commission and the Geological Survey. Ostensibly proposing publicity, it does not stop with that. Section 11
requires every operator and dealer in coal to take
out a license as a condition of doing business and to
furnish the (xovernment all necessary (i.e. all demanded) information, on penalty of a |5,000 fine or
two years' imprisonment. So far, this repeats Section 5 of the Lever Law, and also in conferring on
the President power to manage the licensing.
It
follows that law further in empowering him to fix
prices and to control production and distribution
according to the needs and the promotion of the
come from
public welfare.
Other sections forbid interlocking directorates
and aim to estop pyramiding sales by imposing a
brokerage tax up to one-half of all sums charged as
commissions or received as margins on sales (within
certain limits) and exempting from tax all dealers
whose gross sales in the preceding fiscal year were
under |500,000 on coal obtained directly from operators. The object of putting the President in charge
of this necessary is explained to be "to put the Government and not those self-interested in control, in
an emergency when the usual law^s of trade are in
suspense, but limited only to the continuance of the
emergency and the protection of the public health."
Profiteering has been proved and admitted, says the
Committee, "but there exists considerable controvert as to exactly who is responsible and to what
extent." The proper step, one might say, would be
to determine this before trying to enact more laws
stuffed with teeth like threatening yet rather ineffective crocodiles.
The newspapers have had considerable matter indicating that in getting coal for
war and other public uses some Government officials have been eitlier accomplices or dupes in profiteering; but this is touched very tenderly by the
Committee in the remark that, while the record
shows an average excess of .^3.80 per ton on nearly
a million tons bought in 1920, "how manj' resales
and profits this represents in the different instances
only a complete tracing of each carload will disclose." Yet there have been statutes enough, and the
statutes have had teeth enough.
[Vol. 112.
It is all meant in kindness, we may admit, and it
hardly kjss evident that somebody has profiteered
than (hat coal is a prime necessity. Emergency is
still j)lead(!d, but "the usual laws of trade are in
suspense" (and tend to stay so) when the major
power of the country pleads emergency and insists
on suspending them, for emergency makes emergency, Ol at least tends to prolong it.
We are returning, or facing return, or (at least)
talking and desiring or intending return to normality are we not? When are we to really begin? When
every difficulty has smoothed itself out and "each
man seeks his own in all men's good" or is it best
not to await that blessed day? Any new scheme and
attempt at (iovernmental interventions and control
ought to be met by an unmistakable public protest
as being mistaken and dangerous means.
I^et us
stop trying to put the clock back to war times and
war conditions, but find some other way out of our
problems, relying very largely on courage, patience,
public opinion, and on the working of natural laws.
Such propositions as Senator Calder's are out of
time and inconsistent. For example, there is an
effort to have certain restrictions of the Clayton Act
(Section 10 in particular) relaxed, in order to help
the railroads, and the Inter-State Commerce Commission, a body now contemplating the w^orld with
open instead of closed eyes, is said to be unanimously in favor of relaxing that section. The Calder
attempt must surely be deemed reactionary. What
is more, it ignores the teaching of the November election.
Did not President-elect Harding obtain a
popular plurality of over 7,000,000 on the slogan,
"More Business in Government and less Government
in Business"?
Is the legislator forever to remain
out of touch wath the times?
is
—
LABOR UNIONS AND THE ''INEVITABLE' —
THE WAY TO INDUSTRIAL PEACE.
It has
been said that sometimes, when a farmer
finds in his flock a ram Avith an especially inveterate habit of butting, he hangs a grindstone by a rope
at the proper height above the barn floor and then
leaves the door open
lenge,
and
loW'Crs his
;
if
the animal accepts the chal-
head in his usual manner, he
in for a piece of discipline.
This story
may
is
be a
legend, but it is history that when George Stephenson was trying to get his first railroad past the incredulity of Parliamentary skeptics, one of them
asked him what would happen if a cow should stray
on the track before one of his locomotives would
not that be very bad? "Very bad, indeed," replied
Stephenson in his dialect, '^for the coo!"
It is certain that when any creature, quadruped
or biped, launches itself upon the inevitable, the indiscreet valor gets the worst of it, and the inevitable
is not hurt or retarded in the slightest.
The moral may be wisely considered by our
wrongly taught and deceived friends in labor unions.
Mr. Gompers has notified the world that "we wiU
not tolerate any wage reductions," but the inevitable
is not halted.
He does not like the recent Supreme
Court decision on the secondary boycott, and the
acting head of the Machinists' International Union
predicts "early united action by organized labor
thereon," which united action, he said, "might take
the form of a movement to repeal the Sherman AntiTrust Act," the shield which the unions supposed
thev had built for themselves in the Clavton Act
having proved ineffective. In the Danbury Hatters'
—
THE CHRONICLE
Jan. 15 1921.]
Supreme Court
decided, in substance, that
labor unions are responsible in damages for the mischief they do and the members are individually re-
case, the
sponsible for the acts of their own officers; this is
now confirmed and supijlemented by a decision that
That is, while
the secondary boycott is unlawful.
you may boycott A if you dislike him, you cannot
attempt to force everybody else to join you in doing
so; you cannot operate the "secondary" by keeping
f? from dealing with A, and (' from dealing with B,
and so on down to Z, in order to force A to surrender.
When the dock workers here, some time ago,
refused to move ''unfair" goods, or to allow anybody
to move any which had in any manner come into
contact with those boycotted in the prinuiry, and
thus perishable food had to be carted to the offal
heap instead of going to the tables of suffering consumers, the boycott was shown in all its rank bloom.
It is now condemned, and this is a good augury for
new year.
The inevitable keeps moving, everywhere. Each
day brings its tale of new cuts in wage, of cuts accepted, of plants reopening on a lowered scale, and
even of men voluntarily suggesting cuts. The cases
are too many to give in detail, but some are very
Detroit merchants anxious to unload;
notable.
food and clothes slump in cities; rents started down
the
in Cleveland;
Philadelphia;
10% to 25% cut in textile mills in
20% wage cut prevails in Indiana;
Baltimore workers bow to wage cuts; electrotypers
in Philadelphia withdraw request for higher pay;
Fall River workers back despite wage cuts such
headlines as these are in every morning's journals,
and on Tuesday came the formal announcement of
a 221/2% cut by the American Woolen Co. "We have
been waiting for business," says the company's
head, "and it does not come. We propose to start it
by greatly reducing prices of stock on hand, at a
heavy loss which we decide to take. The public will
not pay the prices which the present wages involve,
—
and we must accept the situation or
This
is
retire before it."
the inevitable again.
one large financial institution in
this city gave its employees, as their "box" at last
Christmas, their jearly salary over again in one
check. The hopeless depravity of corporations has
been mouthed by demagogues until many have
thought it truth, and so we need not bother over
casuistry now and can grant to the soap-box orator
It is said that
that the men in control of this institution are just as
mean as dirt yet they do recognize the value of loyal
service and they do understand human nature. They
are selfish, but theirs is the enlightened kind, of
which, as has been remarked, tliis suffering world is
;
now
That kind of selfishness rethat it blesses him who gives and
in very sore need.
sembles mercy in
him who takes; it realizes that men are knit together
and that when they strain on or try to sever the
bonds all are hurt.
Organized labor has shown ample selfishness, but
It has been mistaught
of the unenlightened kind.
that it could thrive as a separate class, that the
world has conspired against it, and that the Avar
was its hour and opportunity and it has acted accordingly. Its motto, "the injury of one is the concern of all," has some truth and value, although perverted to great evil but a loftier and more helpful
motto would be "the welfare of all is the concern of
each." Why not? There is not an individual who could
survive more than a few days if he literally had
;
;
to
supply
all his
199
own wauls;
therefore, contentious
and selfish struggles to grab instead of to produce
and distribute are hurtful everywhere. Action and
reaction are ecpuil, and in opjjosite directions, the
text-books tell us; whoever kicks and strikes is
kicked and struck in turn, and "tlie g<'neral welfare,"
which is the sum of individual welfare, inevitably
suffers.
liut
men
men are learning from hard
experience.
The
N'ewberu Iron Works, whose action has
been repiuted, liave had the second thought and have
returned to take the 20% cut which they first decided was worse than idleness. Some 800 men in a
tool works in Pennsylvania have accepted the same
cut as better than nothing. The voluntary suggestion for a considerably lower wage scale with which
the men in the Pullman shops surprised the management has already been noted, and it is significant. Perhaps more significant still is the report
from Buffalo that a steamfitters' union there, comprising some 200, has resolved to break away from
both the International Steamfitters' Union and the
A. F. L. The reason given is that they may try to
keep the present wage scale "by increased production." So they say they want no more closed shop
and that "freedom from outside dictation will enable us to deliver increased production, which will
make all the reduction in costs our employers can
of
tlie
fairly ask."
This sounds like a declaration of independence
and an opening of the mental vision to fundamental
economic truths. It indicates discovery that union
leaders have thriven by deceiving the membership,
and that (which is very nearly the truth) those leaders have done worse exploiting of labor than the
employers have done. If this seems extravagant
statement, who have profited by the shocking depravity and systematized blackmail \^hich Mr. Untermyer has been for weeks past uncovering have
the rank and file of industrial workers gained, or
has it gone to some others ? Has not organized labor
been led, blinded like a foolish Samson, to its own
injury? If employers are selfish, are labor leaders
unselfish? That they have not been wise they are
now discovering, as their followers begin to put
questions whose true answers must mean the downfall of all plans for centralizing industry ijito any
or even several big unions, to be operated from some
central nook, to the great comfort of the operators.
It is for the welfare of all that industrial workers
—
minds of their economic delusions, as
some of them are already doing. Every one in their
number may be willing, and even desirous, that all
the others should have wages reduced, for such is unclear their
regenerate human nature; but this is impossible. If
a few men, or a single plant, or a single line of industry, or a single industrial centre, could have a
monopoly of pushing up wages, those monopolists in
labor would gain, but this also is impossible; all
the others play the same game, and when A robs B,
and B retorts upon A, the effect is hurtful upon
and it runs down clear to Z. What industrial
workers have been doing, and increasingly after the
waj- began, has been to clip and sweat their wagedollars, so that their increase was unreal and deceivThere is nothing truer, and more immovably
ing.
both,
than that a depreciated dollar injures all; it is
also true that the nominal wage-cuts which a few
workers have the good sense to ask while some actrue,
cept under protest and stiU others try to resist are
THE CHRONICLE
200
ment there
[Vol. 112.
and not to their detriment. It all
looks iuiniical at first, aud it may involve some little
transient self-d(!nial but it makes for the general
the necessity of burdensome, almost
l)aralyzing taxation, fantastic social and economic
welfare.
it is
ill
their favor
;
Nobody
is liostile to laboi-;
uol)ody
is
"against"
it.
is
not too
much
aver-red that the
and makes an
atmosphere of peace. Let the economic facts which
man did not make and man cannot alter be explained. Let it be explained that mere statutes can
do little except make mischief, and that conformity
to natural laws means progress and content, while
fighting means bitterness and adversity.
Along this line is the way to permanent industrial
screen-stage,
It is the get-together position,
trust.
peace.
THE STATUS OF "DISABMAMEXT."
"It all depends
upon disarmament!"
So,
ere-
while, in substance, spoke the prophets of the perfect
peace.
Yet
the
League
postpones
action.
to say that
ment and not (iovcujiment
Much allowance should be made
years of false teaching, and to overcome that is both
duty and opijortunity for employers. Let them avoid
"talking down" to the men; let them come down, instead, to wheit! th(! men are, foi- the beginning of a
better understanding is the man-to-man attitude,
which wins the necessary feeling of friendship and
for the effect of
common minfl, and
man exists for Governfor man. And it is still
refoi-ms everywhere engage the
United States fought a war to end
war.
The echoes
of the
Christmas
bells that sing
and say
"Peac(; on cai-th, good-will to men," are yet ringing
—
every land and the first and foremost step is not
taken. How the gods above us must laugh! Even
Charles Chaplin, the pie-crust comedian of the
in
whose name
known
is
to every people,
revealed in a recent interview as a really serious,
intelligent, cultivated man, withal melancholy as
Hamlet
himself, *^eems to see the earth-peoples as
the underworld of the Most High, endowed with rea-
hope and charity and tenderness,
and making a pathetic failure of the marvelous adventure into life. Courage there is to fight and die
for principle but courage to lead the way in living
for right, and, if need be, suffering injustices for
peace, where is this to be found ?
Of what use to talk or to write? If the recent lesson be not enough, then arm to the teeth, turn every
son, infused with
—
science over to the invention of
new
ministries of
Faintly it ventures to recommend to the nations death, set up the brutal Mars on every hill, and in
that an agreement be entered into not to increase the writhings of the minions who worship below, in
the building of engines of destruction in the years the slaughter of the innocents and the suffering of
1922 and 1923 over 1921. Seven votes are recorded the mothers of the world, behold the beginning of the
against any change of the present state of increasing end, the return to the barbarism of the savage who
The wonder of a vast
preparations.
At the same time Senator Borah slays for the lust of blood
comes forward with a resolution proposing an inde- congested city never grows less. Millions in the
pendent agreement with Great Britain and Japan, treadmill of toil, millions in the throes of a poverty
that the building programs for navies "shall be re- never lifted, millions seeking that never find, hoping
duced annually during the next five years to 50% that never is realized, grasping at the dreams of
these, it is averred, being the dreamers Avho know not vrork and love it not, milof the present rate"
And lions only atoms in the swift passing of generations
only Powers that need now be considered.
but subjects of the great God of Preparedness
there rests the most vital, practical, and certain
!
—
—
—
means of avoiding war the lack of the means in for War!
Courage to disarm courage to make any war for
hand with which to prosecute it. Where now is the
decades to come phj'sically impossible! Do those
courage to end war ?
—
And
yet the proposal to do something without
waiting for elaborate machinery of supergovernment or the consent of smaller nations takes hold
everywhere. Takes hold, but alas, meets counterproposa,ls, objections, doubts, and is liable to meet
the fate of so many other common-sense propositions
—be talked to death, or killed by the very slowness
of decision. There was talk of a referendum before
war — but that seems to have subsided in interest.
who
refuse to entertain the possibility of this agree-
who would make one
contingent upon universal acceptance, forget that the means of peace
for Germany imposed by the Allies was complete
disarmament? Is what was good for a defeated enemy, almost stricken then into impotency, not good
for nations now lusty with life? Why this abject
ment,
disarmament
in
Germany and nowhere
else?
Why
certain peace there and nowhere else? And while
proposals
fly thick and fast, is the practical proposal
And it seems the fate of our representative Government and our crystallized, conscious and compelling of complete disarmament to meet only the scoffing
public opinion to procrastinate. Eighty to ninety of those who would have peace? If man is constituper cent of all taxation due to Avar! Yfet peoples tionally unable to control his will to fight, may he
and nations groaning under an annual burden can- not still deprive himself of the means to respond to
not seem to demand this first physical step but passion and the blood-lust?
Writing on such a theme is as vain as the hope in
must seemingly call conferences to "talk it over."
It is nothing less than the scandal and the shame of a League that will not act. Where is all this arming
to end? Men hoped "preparedness" would prevent
reason and will in mankind.
In some of the general discussions there is a spirit Avar. It did not. Xo one now believes it will. Yet
of levity. It is pointed out that there are no wars the Avorlrt is to be impoverished to continue a policy
of offense, of aggression, that even Germany claimed a mere child knows ite fraught with present eAal and
to wage a war of defense. While European Powders frightful possibilities to the generations coming on.
point to unstable conditions as excuse for being "pre- The human heart sinks into the tomb of despair at
pared," some analysts fall back with sneering resig- the prospect. The wealth produced, the wealth
on the nature of saved, poured out for the destruction of life itself.
nation on the propensity to fight
man, the fighting animal. And in the midst of it GoA^ernment that should shield, guard and protect,
the mighty engine of death-dealing battalions and
all, production and commerce halt and decline, famine stalks the devastated areas, in every Govern- floating armories of destruction of persons and prop-
—
—
THE CHRONICLE
Jan. 15 1921.]
The land a huge
grave! And mau, the
ei'ty.
shell-hole; the sea a might}'
aud the
egotist, the maicer
dreamer, architect of civilization, jest of chance but
conqueror of circumstance, builder over all, wallows
on in war, and cannot find tlie easy way out.
CANADIAN ACCEi^S TO THE AMERICAN
MARKET.
Ottawa, Canada, Jan. 14 1921.
Throughout the agricultural districts of the Dominion no topic of discussion matches in importance the progress of the Fordney Bill in the United
The Canadian farmer has had alState Senate.
ready a drastic lesson in the meaning of livestock
production and inaccessible markets. In the early
nineties, there came into effect a United States
quarantine on imported cattle. Coupled with the
high tariff, the double barrier became almost im-
Canada exported only
1,G00 cattle to the American market. A year or two
later the quarantine was removed and, with the
American tariff remaining as before, shipments of
cattle across the border jumped to nearly 36,000 in
1897 and to 92,000 in 1899. More than this, cattle
which previously had been regarded as culls and
passable, so that in
189G
unmarketable found ready sale with United States
buyers.
In 1913 the United States placed on the free list
cattle, sheep, milk and cream, and the duties on
other animals and animal products fell substanThis provided an immense impetus to Catially.
nadian livestock export, so that from a total value
of 11,000,000 in 1913 it assumed a total of |30,000,000 in 1919, and the value of exports of all animals
and their products was quadrupled in five years.
There is no denying that the freedom of access to
the United States markets has been responsible for
much of the prosperity of the Canadian West.
The seriousness of the Fordney Bill, in the eyes
Canadian farmer, is emphasized by the fact
that Saskatchewan, usually the greatest wheat producer of all the provinces, had a poor yield two years
ago and an indifferent one last season. In that
province wheat averaged only eight and a half bushels to the acre in 1919 and about eleven bushels in
1920. Wages of |5 to |7 per day and a threshing
of the
expense of 20 cents per bushel brings the Saskatchewan farmer to a perplexing pass when he faces the
present market quotations for grain. The hard position of the grain farmer had been offset by a rather
better showing of the mixed farmer, but if the
American market is placed beyond the reach of the
buoyancy of the young Western
provinces cannot well be maintained. It has been
brought home with painful emphasis that good agricultural land, cut off from eager markets, represents
a very doubtful asset. An extreme instance of this
is to be found in a part of the Peace River country,
where oats at the present time are selling for 12
cents a bushel.
latter, the financial
THE DEVELOPMENT OF THE PORT OF
NEW
YORK.
The development of the Port is the greatest piece
of work ever before the City of New York it is also
the largest and most important scheme of struc;
tural undertaking before the country.
For the first time the adjoining States,
and
New
New York
Jersey, have united in appointing a Commission for studying the task and preparing a plan.
'^01
That body, the New York-New Jersey Port and Harbor Development Commission, after extensive and
thorough investigation, has about completed its
work, aud is understood as very soon to present itii
report.
This report, which will surely be both comprehenaud highly technical, will encounter sharp scientific criticism it will also be of great general interest, both because of its importance to the people
aud the fact that it wiU need as complete public
support as possible to secure its execution.
For
this reason, in order to increase the interest and to
aid in securing as immediate and intelligent a discussion as will be needed, we propose to set forth the
main features of the problem that is to be dealt with.
The Commission is keeping its own counsel as to
the proposals it is prepared to make.
Ours is the chief port in the United States; it is
estimated to handle approximately one-half of the
business of the country, and when properly equipped
will undoubtedly deal, for a time at least, with a
much larger share. The area to be treated embraces
Greater New York, extending to Yonkers, and in
New Jersey the broad expanse as far as Elizabeth
and Paterson, including some forty municipalities,
on the western side of the Hudson River; with a
population of six millions to the east, and two millions to the west of the Hudson.
The prime difficulty has lain hitherto in the lack
of a general control and of the possibility of a comprehensive survey of the business involved. At present, also, there is no continuity of administration,
as, however much this may be required by the interests concerned, the administration must be dependent upon Federal Governmental as well as State
sive
;
legislative action.
Eight great railroads on the western side are inand three on the eastern, with rapidly growing business. Adequate provision must be made to
volved,
hold this business, as against possible competition,
which already is felt and is alert; aud also thought
must be given to provide for the sudden and rapid
changes which may be required in case of war, a
contingency which, however remote, cannot be disregarded.
The piers are now generally in individual control,
and both lighterage and cartage are in private hands,
as we have had serious reason to know because of
the frequent and prolonged strikes of recent occurence.
The size and character of the equipment of piers
required to-day are already illustrated by some that
have been constructed on both sides of the Continent, notably one a quarter of a mile long and 550
feet wide, with transfer lines on two levels, at Seattle.
Cargo handling devices, with both fixed and
traveling cranes of the latest pattern and largest capacity, with extensive facilities for loading and unloading freight to and from the railways, must be
obtained. The lack of direct co-operation in handling freight between the raihvays of the west side
and ships on the east has long been a crying evil.
When the best facilities are provided for interchange
between the railways, or with the ships, there will
still be need for extensive liaison buildings, warehouses, storage plants, etc. The slips between the
piers must also be wide enough to accommodate the
largest vessels, and have ample depth of water, as
they already are to be found in Europe and in South
America.
THE CHRONICLE
•^0^
With the present altogether inadequate
some sixty million tons of freight are
facilities,
lightered
more or
[Vol. 112.
extended period of credit changed conditions did not find full reflection until some time
less
Thus it is that
while there was indisputable evidence of a slackening in trade as early as May, clearings did not begin
to record the fact until about two months later and
then only slightly. After that time, though, the
in food that still may be usable. The difference be- number of cities reporting decreases, as compared
tween eggs that are "strictly fresh" and those that with the previous year, steadily increased, and first,
are "partly good," or between milk such as our the aggregate for the wliole country, including New
friends in the country drink, and that which carries York, exhibited a loss, and then the total for the
the intensified taste of preservative and age, is suf- outside cities (New York excluded) fell into the
same category. Nevertheless, for the fuU year the
ficiently familiar.
The Commission will have to show that it has total of clearings for the United States and the agmade careful estimates of the kind, the quantity and gregate for most of the individual cities, due to early
the distribution of the freight to be considered and important increases, are the heaviest in our history.
It is understood, of course, that clearings, as a
the cost to be involved in handling it ; also an effort
shipping,
measure
of activity or inactivity in business, reflect
of
business
whole
the
at understanding
both foreign and domestic, which is just now under- merely the volume of money passing in settlement
going unexpected upheaval, and in which we are of transactions and not the quantitative turnover.
sure to meet vigorous and extensive competition, Accordingly it may happen that in a period of very
and where we probably have most to learn, both in high prices an increase in clearings will be coinci-
about the harbor, and the loss, always going on,
and at times extreme, in the delivery of foods and
Its size is not to
perisliahle products, is immense.
be estimated in the H. C. L. alone; to that is to be
added the deterioration wrought by needless delay
after they were actually in progress.
our management and in our legislation. Most of
all, the Commission must be prepared to prove an
economic justification of the entire enterprise.
dent with falling business and vice versa. In our
experience, however, this is the rare exception and
not the rule. But the qualification surely does apply to 1920. As regards the prices of commodities,
the rising tendency in which served to appreciably
swell the clearings of the year, it is to be said that
the trend generally was upward during the first six
months and that in June the level of values, with
but few exceptions, was weU above that of the preceding December, with the advances especially
marked in pig iron, structural steel, tobacco, potatoes, lumber of various kinds, oils and cotton, in the
wholesale markets, and the cost of practically everything greatly increased to the consumer, and profiteering rampant.
The last half of the year witnessed marked progress in the deflation of values,
but even at that the level at the close was considerably above what might be called normal, with the
general average for the year higher than that of
1919. Another factor contributing to an increase in
clearings in 1920 was the inclusion for the first time
at several cities of the transactions of the Federal
Keserve banks and branches these included Minne-
where serious difficulty will begin. The
crucial factor in the problem is the question of administration. To secure keeping the whole matter
out of politics, and if possible to get rid of the profiteering and grafting of which the emergencies of
the war made us for the time so tolerant, but for
which we now as a people feel such shame and have
to bear such burdens of cost, it is much to be hoped
that there will be no demand for the pledging of
public credit, still less for public funds. The money
we believe the Commission will recommend to be
raised in the open market. The guaranty that may
Here
is
be offered for the funds required will apparently be
ample and assured, if exemption is obtained from
political control, while securing the rights of the
local communities.
This should not be difficult if public interest is
awakened. It will command the regard paid to work
done by the community for itself; and, rightly financed, the bonds issued for it, secured if need be,
both as to interest and principal, by its revenues,
should be a gilt-edged investment.
The necessity of such a carefully wrought out economic scheme is apparent if we would avoid the
great mistake of having the Federal Government
step in, as there would be danger of its doing if the
work is not undertaken locally.
CLEARINGS AND SPECULATION IN
1920.
The year 1920 can be truthfully characterized as
one of decided contrasts, as there was witnessed
course a striking change in the business
In other words, there was a transition
situation.
from great activity in mercantile and industrial
lines upon the highest price bases reached in the period of inflation that the war induced, to a comparatively moderate volume of business coincident with
and incidental to the deflation in values. Buying
in many lines was checked by the belief which grew
up that by holding off purchases might later be made
upon much more advantageous terms. This situation was in due course reflected in the returns of
bank clearings the unfailing trade barometer.
Due to the fact, however, that important mercantile
transactions largely are upon terms that allow a
during
its
—
;
apolis, St. Paul, Louisville,
Oklahoma
City,
Kansas
City (Kan.), and, for part of the time. Buffalo. In
this way the grand total was apparently swelled
about 3,500 million dollars, and changes in methods
of compiling at a few of the smaller clearing houses
Allowing for
added about another 500 millions.
these various expanding features, the aggregate for
the year would be reduced by some 4,000 million
dollars.
The aggregate
of clearings at
new high
New York
for 1920
being a little in excess of the phenomenally hea%n^ total of the previous
year. This result, of course, was due entirely to the
considerable increase built up in the first half of the
year, the total for the last six months having run
some 13 billions behind that for the corresponding
period of 1919. The dealings on the Stock Exchange
for the year were noticably less than a year earlier,
but, as we have heretofore explained, the bulk of
the transactions in stocks being cleared through the
Stock Exchange Cle^iring House, their effect on bank
clearings is secondary, although not entirely negligible. The bank exchanges for the year, as we have
already intimated, were the heaviest in the history
of the city and the potent factor therein was the
establishes a
record,
it
THE CHRONICLE
Jan. 15 1921.]
203
fiiither inHatiou of piicefc! of commodities.
The
gain over 1919 is really so moderate that it is more
than accounted for by that fact. In other words, it
is (luite clear that on the same price bases this year
and lai^t an appreciable decline would be siiown.
The gain at this city over 1919 is oA'i, compared
with 1918 it is 80.2 ';{ and contrasted with 1911.
when practically normal conditions prevailed, the
expansion is 192.9'/<.
The clearings for the cities outside of New York
again set up a new high record by a quite substan-
dle >\'est. reflects in the clearings of various cities
the business transacted.
Expensive fur garments
and pianos, also, enjoyed a demand beyond the
amount, the total at |2()7,9()S,0.");i,2()r) contrasting with fl81,9S2,219,S()l for 1919, and .^153,820,777,081 for 1918. Indicative of the trenuMidous expansion in the business passing through the banks
December and the 12 months
years and foi- 1914
.
tial
the last few years, wo note that in 1914 the aggregate
of clearings for these outside cities was but little
more than one-third (34.7%)
of that of the year
natural that, with the general showing for the year 1920 so favorable, every
section should share in it. On the other hand, the
totals for November and Decend)er accurately reflecting the changed conditions in business already
referred to showed well-defined decreases. In fact,
no less than 125 cities fell into that category in the
final month of the year, whereas for the full twelve
months' period contraction was exhibited at only
24, and this explainable in most instances by specially operating local causes.
The New England division comprises 14 cities, all
but one showing heavier clearings than for a year earlier, and furnishes a combined total 6.5% better. The
29 cities, at 28 of which gains are recorded and the
collective increase 1(5.4. In the Middle West all of
the 40 cities except four exhibit increases and in the
aggregate the expansion over 1919 is 15.2%. On the
Pacific Slope the 22 cities making up the group show
augmentation without exception, and in several
cases by very heavy percentages, with the growth in
the total 21.6%. The South also makes a good exhibit, notwithstanding the decided decline in the
value of cottim in the later months of the year. All
but nine of the 42 cities making up the section report heavier aggregates than in 1919, with the average increase 10%. Lastly, the "Other Western"
division, w^hich includes 30 cities in the territory
west of the Mississippi River, exclusive of those in
States bordering on the Pacific Ocean and Utah and
Nevada grouped therewith, and also excluding Oklahoma and Texas, which we have always combined
with the South, shows up favorably, declines being
noted at but nine points, and the grand total running ahead of 1919 by 16.1%
In all 152 of the 177 cities outside of New York
report totals larger for 1920 than for 1919 and at all
but four of these new high records for a twelve
months' period are established. When it is noted
that these new high records in 1920 follow high records in 1919 and in 1918, we have a striking picture
of the development that has taken place. It is not
our intention, nor is it really essential in reviewing
the year's clearings, to refer to all the influences
operating in each of the 178 cities embraced in our
compilation. At the same time it is not out of place
to note that, with unprecedented prosperity existent
among the wage-earning classes, certain industries
and particularly manufacturers of automobiles and
accessories were until within a few months of the
end of the year hard pressed to keep up with orders,
and the principal seat of these industries, the Midlately closed.
It is.oidy
dreams
of the most optimistic in those lines, and to
a greater or lesser extent other articles in the luxury
class were in unexampled recjuest, largely augment-
Now
ing clearings in favored localities.
tion
the situa-
changed, but the change
is so recent that the
clearings do uot as yet fully give evidence of it.
is
Passing I'urlher comment, we subjoin a compilation
indicating the course of clearings at leading cities
foi-
for the thre<^ latest
:
BANK CLEARIXC;S AT LEADINf!
SSSSS
CITIKK.
December
iOO(>.OOOs
(omi/lrd.)
-New York.
ClUcaKo -
20,981 23.980 16,659
2,601
2,820 2.245
1,542
1,928
1,437
2,166 2.202
1,772
-
Ucsloil
I'hlliidclDhlji
Louis
St.
Pllt.sbuigh
..
I'rancisco
naltiiiiore
.Sail
(•Incliiiiatl
Kansjis City
Cleveland _.-
New
Orleiuis
MlmieaiK)lls
Louisville
-.
netrolt
Milwaukee
651
843
064
411
297
748
574
249
357
119
455
135
380
55
Lo.sAiiKcles
Providence
Omaha
180
188
Buffalo
PaiU
202
Indianapolis
72
165
St
Denver
Richmond
Mempliis
232
83
Seattle
146
Hartford
Salt
1918.
1919.
1920.
762
730
774
417
308
1,012
576
367
236
80
480
135
266
75
242
188
101
77
161
350
148
184
42
96
47
88
..
Lake City
708
564
.548
308
204
794
401
268
224
105
297
132
143
49
231
105
81
62
120
254
96
173
.32
79
1914.
Jan.
1920.
I
lo
Ifl9.
S
6.530 243,135
1,313 32,669
.579
18,817
662 25.095
344
8.294
202
8,962
220
8.122
156
4.896
105
3,597
323 11.615
96
6,907
85
3.315
143
4,012
53
1,290
98
6.104
73
1,736
84
3,994
32
697
78
3.094
47
2,293
57
1,870
36
942
42
1,980
42
3,046
33
1,191
51
2,073
20
531
32
892
2:J.'i,t^03
29,686
17,903
22.095
8.202
7.277
7,286
4,343
3,131
11.223
5.482
3,170
2,267
929
4,503
1,528
2,.339
602
3,058
1,655
966
810
1,630
3.091
Jiu. 31
1918.
%
178.533
25.930
15.630
19.717
7.839
5,762
5.629
3.356
2,848
9.941
4,340
2,660
1.949
1,160
3,181
1,477
1,547
—
594
2,820
1,140
807
776
1.203
2.404
738
1.128
2,021
1,860
452
827
413
698
1914
(
S3.019
15,693
7,517
7,916
3,889
2.626
2.516
1,874
1,293
3.016
1.238
904
1,374
668
1,350
848
1,145
401
883
591
585
415
460
422
363
631
261
315
Total
Other cities-
34,631 38,809 28,211 11„536 411.169 383,407 304 959 142 215
2,092 3.575 2.588 1.108 39,984 34.378 27.395
13.030
Totalall
37,723 43,384 30.809 12.644 451,103 417,785 332,354 155,245
Outside
Xew York
„
16,742 18,404 14,150
6.114 207,968 181,982 153.821
72.226
A
very important factor in the swelling of the
volume of clearings of late years has been the operations of the Federal Reserve banks and their
l)ranches.
The
effect of the further extension of the
system in 1920 is seen in the very heavy gains over
1919 at Minneapolis, St. Paul, Kansas City (Kan.),
Oklahoma
and
and
which parent banks or their
branches are located the increases as compared with
the pre-war period are simply enormous. Note that
the gain at New York, by contrast with 1914, is no
less than 196.4%
Boston, 150.3'/^
Philadelphia,
217'/;
Pittsburgh, 241.6% San Francisco, 222.8%
Baltimore, 161.2%; Cincinnati, 176.7%; Kansas
City, 285.1%
Cleveland, 457.9%
New Orleans,
Minneapolis,
166.7%;
191.4%; Detroit, 352.1%;
('ity
Louisville, while at these
the other cities in
;
;
;
;
;
;
Buffalo,
288%
;
;
St.
Paul, 219.69^
;
Denver, 330.4 %c
Richmond, 621.8%; Omaha, 250.4%; Memphis,
228.1%; Seattle, 228.5%; Salt Lake City, 183.2'r.
and Chicago and St. Louis somewhat more than
100%, and Louisville close thereto. Furthermore,
at such other Federal Reserve points as Nashville,
Jacksonville, Birmingham, Dallas, Houston, El Paso
and Kansas
City, Kansas, the increases range
from
250%r to over 1,000%,, this latter at the last-named
city.
To a very slight extent the aggregate for the
United States has been swelled by the adoption of a
new plan of compiling the clearings at several of the
smaller cities, but the augmentation thus brought
about, although important as regards the localities
involved, is too small to have any bearing on the
general result.
Foi- the whole country the aggregate of bank clearings for 1920, as already remarked, is the heaviest in
our history, but only by a moderate amount at $451,;
:
:
.
THE CHRONICLE
204
l{)'.i,{)V>(\,()'2U
it
nins aliead of the preceding year by
8%. A strikiii{4 fact is that
houses to our compilaaddition
new
clearing
the
of
tion has not served to really weaken New York's position as a preponderating factor in the totals. On
the contrary the lead of New York has been maintained, and np to 1!)L'() had tended toward increase.
In 18!J0 our aiinual compilation covered 49 cities,
but the aggregate of clearings for New York alone
was 15 billion dollars greater than for all the others
Clearings Reported.
(000* omlllid.)
[Vol. 112.
First
Second
Third
Quarttr.
Quarter.
Quarter.
Fourth
Quarter
Total
Year.
331/1 hillion (iollars or
combined; in 1900, with the
number
of cities in-
creased to 91, this city excelled by 19 billions; in
1910, with 133 clearing houses reporting. New York
was in the lead by about 30i/^ billions, and in 1919
by 54 billions, 178 cities then making returns. On
the other hand, in the compilation for 1920, which
also includes 178 cities, New York's margin has been
cut down to 'MY2 billions, an outcome largely to be
ascribed to Federal Reserve bank operations else-
In the subjoined we give the totals for New
York and for outside cities and the aggregate of all
annually for the 15 years 1906 to 1920, inclusive
where.
York
Inc.
OT
Clearings.
Dec.
New
Year.
%
S
243,135,013,364
235.802,634,887
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
178,533,24S,781i
177,404.965,589
159,580.648.59(1
-
Clearings
Outside
New York.
110,564,392,634
83,018,580.016
94,634,281,984
100.743,967,262
92,372,812,735
97,274,500,093
103..';88, 738,321
79.275.880,256
87,182,168,381
104,675,828,656
93.822,060.202
+ 3.1
+ 32.0
+ 0.6
+ 11.5
+ 44.4
+ 33.2
— 12.3
—6.1
+ 9.1
—5.0
—6.1
+ 30.7
—9.1
— 16.7
+ 11.6
+ 36.7
Inc.
or
inc.
Total
Clearings.
or
Dec.
%
S
207.968,053,265
181.982.219.804
153,820,777,681
129,539,760,728
1(12,275,125.073
77,253,171.911
72,226,538,218
75,181.418.610
73.208.947.646
67.856,960,931
66,820,729,906
62,249,403.009
53,132,968,880
57,843,565,112
55,229,888,677
50,005.388.239
Dec.
%
+ 8.0
S
+ 14.3
+ 18.3
+ 18.7
+ 26.7
+ 32.4
+ 7.0
—3.9
+ 2.7
+ 7.9
+ 1.6
+ 7.3
+ 17.2
—8.4
+ 4.8
+ 10.1
+ 13.9
451,103.066.629
417.784.854,091
332. 354, 026. 46;
306.944,726.317
261.855.773,663
187.817,564,545
155.245.118,234
169,815,700,600
173,952,914.911
100,229.773.666
164,095.229.999
165.838.141,330
132,408,849,136
145,025,733,493
159,905,717,633
143,827,448.441
+ 25.7
+ 8.3
+ 17.2
+ 39.4
+ 20.9
+ 8.6
—2.4
—1.0
Clearings Outside
Clearings, Total All.
»
%
1919.
1920.
New
York.
%
1919.
$
S
9
January 41,605,136.81932.428.137.754! + 28.3 18,395.416.713 14.567.494,920 +26.3
February 33,230,502.161 25.808.147.986: + 28.8 15.086,449,738 11,613,895,464 +29.9
March .. 41 ,240.600.536 30.092 .846 ,875 + 37 .0 18.907 ,335,675 13,605.873 .216' +39.0
I
+ 31.4 52 ,389 ,202
+ 31.7
1st quar.
116076 239516 88.329.132,615
April
May
39,586,069.592 30.610.755.295 +29.3 17.785.625,49713,277 ,687 ,872 +34.0
36 ,752 ,594,890 33. 196.526.667 +10.7 17, 01 r070,885!l4,313,628,498 +18.8
June
38,360,683.79134.254.611.450+12.017,851,948.42014,500.780.258+23.1
2(1
6
,
1
26 39 ,787 ,263 ,600
quar. 114699 348.273 98.061,893,412 +16.952 ,648,644,802 42.092.096,628
mos
230775 687 .789 186 39 1 026 027
+ 26.1
+ 23.8 105037 846.928 81.879.360,228 + 28.3
9 mo9--.
+ 12.9
+ 8.6
+ 8.7
107 836 484 001107 829 519 151 + 0.0i51,510,694,18r46,817,922,257 + 10.0
338607418 380 294 220 545 1781 + 15. 11156 548 541 109 128 697 282 485 + 21.6
October
38,767,734 004 41.829.995..S.56— 7 318.106 647 41.5 18.116,242.557
37.484.647.1.53 37.513.314,549— 001 17.652,345.947 15,638,684.709
August. .l.'4.360.792, 789 34,708.905.706— 1.016.473,486,684 15.181.764.909
35.991.044.05935,607.338,8961+ 1.1 17.384.861.550 15.997.472.639
Sept
July
3d quar.
.
Novem'r 36.004 619 9'i8 30,3.50.218 392— 8 516.570 503.540-16.764,465.897
Decemb'r 37,723,295,277 42.384,095.7651— 11. 016,742,361. i01il8. 404,228. 865
4tli
qr
Year
112495,648,248 123564,309,513;—
00 5
—
8.9 51,419,512.156,53.284.937,319 —
451103,066,629 417784,854,691'+ 8.02n7968.053.2fi5'l81982.219.804
1.2
9.0
3.5
+ 14.3
With
the explanation already offered nothing rein introducing our usual compilation of the clearings by quarters for the different
mains to be said
sections of the country, so
further comment:
it is
Middle...
Total
appended without
I0.909.2.'14
[1020.
jiuiy.
5,493,073
11917.
11916.
tl915.
[1920.
[1919.
Total
03.687.037 02.0.10.704 50.321.130 61.076.136 243.I3S.013
4n..')4l .Hit'.) .»;). 909 ,71)7 61 .iin..'.u7 7u.i;7y.37.^ .,£.i:j.M);j.636
40.Hl.S,7<)/i 44.510.86.' 44.()23..1IK) 49.I80,1H'/ 178.533.249
12, 1,10. .'.M 10.334,7.17 43.74S.519 4.1.171.111. 177.404.966
;i5.9HI.414 ;)0.737.056 37. .102 .001 49. 300. 17!- 1.19. .180. 649
21.334.63:i 25,472,302 26.857.219 36.900.2:J9 110.564.393
[1920.
Iiuiu.
.(1918.
11917.
11916.
11916.
NewKnRland. .{1918.
MIddIt West. .U918.
11917.
11916.
11915.
11,570,503 11.470.080 11.070.389
8.7'.»i).!»7..
'.).24;!.;^7'
0. 03.1. IS,'0..199. 781;
8.479.114
8,8.12,7.12
7.045.31f5.416.68!)
3.857.224
0.586,522
5.300.877
3,886,787
5,657,301
4,704 ,oj;>
4,764,243
3,651,623
3.199.286
2.435.760
5,176.747
5.111.94a
4.375,723
3.010.464
2.878.764
2.236,670
5.120.533
3,604,020
4.;iO'.),x8z
3,745.789
3.460.870
3.097.363
2.228.099
6 075.746
4,432,618
3,366.660
2.647,224
1.979.610
1,643.702
Total
|l919.
Other West. .(1918.
11917.
11916.
11915-
6.969.885
5.224.657
5.039 ..188
3.585.485
2.680.945
2,279,723
7,237.234
5.516.371
4,761,431
3.838.015
2,662.326
2,165,827
&.935.134
6.454 ,4a4
[1920.
1919.
Total Southern..! 1918.
11917.
11916.
11915.
9.378,471
6,914.633
6.144.520
4.546.550
3.461.097
2.706.958
8.707.122
7.006.424
5.917.986
4.583.392
3.382.150
2.539,385
Total
5.208.6S8
21. .195.869
«.l)l8.70:i
5. (J3 1.998
21). .1:96.
4.186.320
3,710,618
3,027,575
14.022,924 14,400.032 14.653.193 14.042,686
11.010.731 11,795.947 13, 1 57 .491: I4.t;51,309
9.718.035 10.551,919 10,912.797 11.283,108
9.345.751 10.009.325 9.592.32 10.160.025
7.105.971 7.485,76
7.865.93
9.281.484
5,616.696 5,803.009 6.855.866 6.801.535
5.070.333
3,757,331
3,093.555
2.600.677
1.867,393
1,488,503
[1920.
9.4S9.28y
7.400.001
6,381.103
4.960,817
45.026.206
39. 1 y2, 072
33.456.643
27.636.621
22.224.202
16.297.848
li).lj83.3.1.S ll.i)7»i.<;»»«>
5.015.615
3,476.503
2.781.496
2,373.378
1,722.313
1.473.878
[1920.
11919.
Total Pacific... .<191811917.
11916.
11915.
166
17.9(j7.753
14.9<j9.277
12.886,021
9,928,104
67,618.834
60,016,488
42,466,869
39.107,366
31,739.165
24.077.166
3.146.445
2.461,025
1.792.608
20,403,633
16,781,350
13,048,719
10,767,724
8,030,341
6,298,691
6.548,678
6.740.594
6.814.970
5.142.140
3.741.079
2,970.578
27.790.931
23.935.056
20.992,626
16.531.923
12.068.123
9,654.235
8,299,794 8.547.134
7,688.093 10,253.347
6.270.953 7.615,818
4.637.071 6.819,836
3.524.410 4,959,626
2.446,867 3,303,918
34,932.521
31.762.497
25.949.277
20,586.849
15.327.283
11,097,128
5..376.537
3.966.283
2.983,773
2,138,107
6.241.939
6.114.898
3.S<j8.O08
[1920., 116076 239 1 14699 349 107831 830 112495649 451,103,067
11919.. 88,329.255 98.051,771 107839 619 123564309 417,784,864
74.883.621 82.009,110 o3,177.9^Z 92,223,373 332,354,026
.(1918-.
I1917-.
I1916-.
11915..
all.
Outside
New York.
—8.8
—9.3
pass any reference to the influences operative
from month to month during the year except to state
that in the first half-j^ear period, or until near the
close of it, activity was discernible in almost all commercial and industrial lines and was clearly reflected in the clearings, although the gain recorded over 1919 were in great measure, if not wholly,
The
to be ascribed to a fiirther inflation in values.
last half was a period of deflation and decreasing
activity, and the fact finds reflection in the figures.
A compilation showing the totals of clearings month
by month and quarter by quarter for 1920 and 1919
is subjoined
MONTHLY CLEARINGS.
1920.
Total Other
+ 25.2
+ 11.0
+ 27.7
(1920.
I1U19.
i,l<.)lH.
11917.
11916.
11915.
—8.6
—2.4
We
Month.
New York
1920..
1919..
(1918..
1917-.
1916..
1915..
72.062,394 78.063.107 74.786.348 82.031,877 306,944.726
69.175.636 60.749.665 62.095.360 79.836,113 261.855.774
39,244.007 43.762,070 44.964.218 59.847,270 187,817,665
52.389.202 52,648,645 51.510.694
39,787,386 42.081,974 46.827.922
34.U64.91(. 37.558,248 39.154.42:i
29.911.814 31.728.350 31.038.829
13.194.222 24.012.609 24,533.359
17.909.374 18,289,768 18.106.999
51,419,613
53,284,937
43,043.191
36.860,767
30,634,935
22.947.031
207.968.054
181.982,219
153,820,777
129,539,760
102.275,125
77,253,172
Operations in share properties on the New York
Stock Exchange fell considerably under the high
record established in 1919. The sales of stocks, particularly the industrial issues, were heavier in each
of the first three months than for the corresponding
periods of the preceding year and for April only a
little less, but beginning with May dealings contracted decidedly and thereafter were much below
those of a year earlier until late in November, when
liquidation at declining values became a feature.
Transactions for the 12 months aggregated 226,640,400 shares against 316,787,725 shares the previous
year, 144,118,469 shares two years ago, 233,311,993
shares in 1916, and 284,298,010 shares in 1906. The
was in the vast majority of issues below the level of 1919, especially in the industrial list,
liquidation carrying nearly all stocks to the low
point of the year. United States bonds were quite
actively dealt in throughout 1920, the sales being
almost exclusively Liberty Loan issues, the prices
for which, considering the downw^ard tendency of
values in other securities, were quite well maintained. The aggregate of transactions, which, however, failed to make a new high yearly record, was
$2,860,954,550 par value. Liberty Loan 414s selling
to the extent of |1,772,688,500, and Victory 43^8
level of prices
Dealings in 1919 totaled |2,900,913,150, and in 1918 w^ere $1,435,716,500. State, city and
foreign securities were traded in a little more freely
than in the previous year, French Government Ss
and the various issues of Japan and the United Kingdom having been most prominent in the dealings.
Railroad and industrial issues, too, were more active, the transactions having aggregated |827,151,500 against .|621,858,500 in 1919 and $356,441,000 in
$388,720,000.
1918.
Of
all classes of
bonds the sales totaled
|3,-
976,106,750 par value, against $3,809,002,650 the pre-
THE CHRONICLE
Jan. 15 1921.]
year and
cediiij,'
A summary
*2,0()2,827,{)0() in 1918.
of the year's dealings is subjoined:
Tutlce Months
'Twflve Huntfis 1020.
I'JIO.
DetCTip
Pur
tlon.
Value
or QuaruUv-
8tOCkf81iBj
\Viil
.
Rn.bomls.
Actual
Atcr
value.
Price.'
far
.]
Actual
Value
or QuantUv.
\Aver.
\PrUe.
Value.
316,7S7.725
226,640.400
$19753.051.925 $1051 1,351.748 83.0 $28810.6fi7.2U0 $25904.887.8 10 90
021.858.500
507.215.977 91.2
05(5.227.179 79.3
827.151.500
I
II
U. B. Gov't
boQds.-.l 2.860,051.560 2.526,914,405 88.3 2,900.913,150 2,742,476,917! 94.5
I
I
I
I
State,
&v.,>
I
I
bonds ..
Bankstucka
286,231,000
48,200
261,355,173 90.8
50,364224.8
288,000,700
22,400
281,730,918 98.4
103. 082215.
Total ...$23719.784,075$19955.898.80y 84.1 $32625.718,110829190.415.310 90.4
against 41,758,218 shares in 1919, and 1U.*_'L':5.749
shares in 1918; oil stocks, 30,905,534 shares, against
59,341,613 shares and 34,877,265 shares, and mining
stocks, 59,310,221 shares, against 79,521,653 shares
and 41,020,796 shares. In all, c(jnN«*<iuently, sak-s of
114,678,370 shares compare with 180,621,484 shares
and 89,121,810, respectively, one and two years earBond transactions on the Ourb were |265. 129,900 par value, against $56,604,100 in 1919 and $6S,-
lier.
953,000 in 191 S.
What
As
Bank and Quotation
the monthly articles in the
Supplement of the "Chronicle" have iurnished a
clear and comprehensive outline month by month of
the inlluences operating in the stock market during
the year, and further reference thereto will be found
in the "Retrospect for 1920," to be published later,
we omit any further comment
and simply
here,
pre-
sent our customary table covering dealings in shares
monthly and quarterly for two years:
SALES OF STOCKS AT THE
NEW YORK STOCK EXCHANGE.
1919.
1920.
Number
Valuet.
of
Shares.
Par.
Actual.
$
$
Valuet.
of
Sharet.
Par.
Actual.
$
$
Jan.. 19.880,166 1.781.080 .200:1, 611.927.486 1 1 .858 .465 1 126 .755 .705 1 .037 .426 ,808
Feb. 21,805.303 .929 .409 .800 1 .685 .946 .403 12.210.741 1.152.181,0001,038,276,918
Mar. 29,008.749 2,585.053.325 2.312.409.840 21,403,5312.019.230.1001.845.309.427
.
1
lgtQu70.764.218 8.295.523 .325 5.010.343.729 45.472.737 4.298. 108.805 3.921, 073. 163
Aprir28.447 .23912.534.782.100 2.300.049.81628.587 .431 2. 710. 190 ,850 2, 141. 053.298
May.ll6.642.242 1.436.029.950 1.235.942.107 34.413.553 3.215.473.425 3,841.347.811
Juae.l 9.364.207 815.179.150; 685.942.11132.800.3652.879,507,4502.599,924.018
ad qr.|54.443,748 4,785,991.200|4,22l.034,034 |95.80 1. 349 8,805,237.726 8,682, 325,727
• mo8 125197 900 110Sl,514.625!9.832,277,703ll41334 080 13103.404.530 12503.398.880
July. Il2.541.922 1.103.000.150
Aug. 13.728.5981.172.753.800
Sept 16,290.356 1,321,942,900
904 ,242.687.3-1.502.242 3.017.064.55012 ..S10,474,811
940,461.408 24.432.047 2.105.107.476 .'.050.927.037
.023.408.729 24.141.830 2.210.207.875 2.114.448.927
3d qr 41.500.870 3,597.702.850(2.808.172,824 83,070,71917,392,379,900 6.981.851.375
9
mos 166764 842
14 879 217 375 12 700 450 587 224410 805 20 495 784 430 18 535 250 255
Oct.. 13.667,289 1.183.064.10(1 930,497.810 37. 3.'i4.859|3. 369. 280. 880 3.249.147.918
Nov. 22.000.301 1. 882.017. .^noi. 279. 'lOS..12n;:^(), ion. 479;-2. 762, 131. 1.'>0l2. 120. 487 ,62P
Deo . 24,138.878 2.009.355.9501.600.404.919 24.852,583 2.189.470.800 2.000,002,014
4th qr,59,875,558 5,074,437, 550 3,810,901, 161 92.370.920 8.320.882.830 7.309.637.561
Year 1220040 400 19753,054.925 1651 1,351,748 310787 725 28816,607,260 25004,887,816
The relation the transactions
in share properties
for 1920 bear to those of earlier years is clearly
shown
in the subjoined statement,
comparison back to 1897:
NUMBER AND VAl.HE OF SHARES SOLD AT
which carries the
N. Y.
Year.
Stocks,
Aver.
Shares.
price.
Values
(approximate)
Stocks,
Year.
STOCK EXCHANGE
1
1
Shares.
i
Aver.
Vnlues
Price.
iflppriixlmate)
it
1920..
1919..
19181917..
ISIS..
1016..
1914..
1913..
1912..
1911..
1910..
1909 -
226,040,400 83.0
.il0.7s7,72.5 00.0
144,118.469 92.8
185,628.948 91.2
233,311 993 93.8
173.145.203! 85.1
47.900..')68 93.2
83.470,093 90.2
131.128,425 977
127,208,258 95.8
104.051.061 96.2
214.032.194 97 5
1908.
VM7.
12.482.631.016
1900.
19051004
18.809.840955
12.661.476.002
3.898.4 14, 2S5
7.170.802.080
11.502.129.835
11.003.000.829
14.125.S75.897
19.1f.>..13y,184
1903.
1002 _
19011900180918981807
197,208,340' 80.0 15.319.491,797
10i),4:i8,824 85.8 14,757.S02.189
284.298,010' 94.2 23.393.101.482
203.081.156 87.3 21.295.723.088
187.312.005 09 9 12.001.452.399
101.102.101 73.2 11.004.083.001
188.503.403 79.9 14.218.440,083
205.944,0591 79.0 20.431.900.551
!l.38..380,184] 69.2
9.249.285.109
170.421.135 78.0 13.429.291. 7*5
112,099.957 72.7
8.187.413.985
77.324.172 07.0
4.973.5.53.065
To avoid any misunderstanding
we
true of
New York
is
true of other leading
centres of speculative activity. Contraction in dealings and lowering of values was the rule,
lioston
against 9,235,751
sliares in 1919, and 3,727,008 shares in 1918, and
Phiiadeliihia dealings aggregated 2,365,518 shares,
against 3,230,740 *shares and 1,827,978 shares, respectively. Chicago reported transactions in 6,369,603 shares, against 6,811,885 shares and 1,955,151
shares, one and two years previous; Pittsburgh,
sales totaled
shares,
6,(>96,423
4,153,769 shares, against 5,579,055 shares
and
6,072,-
300 shares Cleveland, 943,257 shares, 725,970 shares
and 176,463 shares, and Detroit 2,494,789 shares,
1,099,713 shares and 430,022 shares.
Bank clearings in the Dominion of Canada, although showing a contracting tendency toward the
close of the year, and an actual decrease at a few
points
in
the
latest
months were, nevertheless,
than in 1919, and in the aggregate set up a new high record. The statement applies to all but two of the individual cities.
The
most notable gains in the Eastern Provinces were
at Toronto, Windsor, Brantford, Sherbrooke and
Kitchener, and in the West at Vancouver, Calgary,
Edmonton, W'innipeg and New Westminster. The
aggregate of clearing for the 27 cities reporting comparative figures (the Moucton Clearing House having been established since the opening of 1920) at
$20,250,382,854 is not only 21.3% better than that
for 1919 and 47.6% in excess of 1918, but overtops
1914 by 151%. Stock speculation, while on a reduced scale in the last few months of the j'ear, was
for the twelve months of greater volume than in
1919 on both the Montreal and Toronto exchanges.
The Canadian clearings summarized by quarters are
larger at all cities
as follows:
i
16.511.351.748
2.=^i.OOI.,H>,7,8lr,
15.609..-535.09S
is
;
JflA.
Number
S05
Clearingx Hepnrted.
(000s omiltfit.)
Flmt
S^econil
Quarter.
Quarter.
4.038.3.57
4.924.428
3.970.803
3.3S7.131
3.303.807
2.018.482
1.743.265
Third
Fourth
Total
Quarter
Quarter.
Year.
4.819.810
4.127.237
2.923.73.">
5.873.781
5,275,350
4.300.425
3.611.971
2.489.518
1 741,243
3.236. 383 10. .506. 599
2.062.802 7.797.741
%
(1920.
11919.
.0918.
Canada.
11917.
11910.
U915.
3.329.475
2.01S.417
2,0.57.205
2.162.210
1.050,341
3.212.61)0
20.250.382
16.702,925
13,718.673
12 656.718
,
of the foregoing
Avould state that the average price given
is not
per share without regard to the par thereof, which
ranges all the way from .|1 to -flOO, but is based upon
a par of |100. In other words, the actual sales for
the year 1920 were 220,640,400 shares, equaling
197,580,549 shares of $100 par (with the few properties with no stated par taken at $100) of an approximate sale value of $16,511,351,748, orw an average
of 83.6%.
There is really no occasion for comment upon developments on the Kew York Curb market during the
year except that as on the New York Stock Exchange
the course of values was downward and the aggre-
gate of sales fell off. Suffice it to say, therefore,
that the dealings in industrial and miscellaneous
stock reached a total of only 18,462,615 shares,
RAILROAD GROSS AND NET EARNINGS FOR
NOVEMBER.
Slowly but surely the improved situation of the
railroads of the United States arising out of the higher
transportation rates which they are receiving is being
reflected in the monthly income returns, as filed with
the Inter-State Commerce Commission at WashingIn the present article we are dealing with the
ton.
figures for the month of November, as compiled by
us from these returns, and the results are not only
gratifying in themselves, but also in the promise that
they afford of still better results for future months.
as to both gross earnings and net
the best we have had for many a long
The comparison
earnings
is
In the gross the addition reaches no less
than $154,239,572, or over 35%. This was attended
by a heavy augmentation in expenses, namely $110,-
month.
)
THE CHRONICLE
206
30%, but that
[Vol. 112.
an increase
Of course comjKirison is with very poor figures in
of $37,533,530 in the net.
With this gain the amount the previous year, but on the other hand the comof the net for November 1020 makes a strikingly fa- parison in preceding months was by no means with
vora])le contrast with the pn^vious year, the compari- good returns.
Still it remains true that the Novemson being between $85,778,171 and $48,244,041, from ber returns in 1919 were more than ordinarily bad.
which an idea can he obtained of the auspicious char- This will appear when we recall to the mind of the
706,042, or rouglily
acter of the com])arison
net
being
over
77
— the
%,
as
still left
improvement
will
be
seen
in
by
the
reader that
the
minous
following:
\fnnth of NnrimiJicT—
of road
Oroas earnlnga
MIlM
<)|)cratlii:< (i';|>onHO.S
N(-t
I'.'iriiliiL's
lOJO.
liH!)
-
IncAx
)orI)cc.{
—
+1.374 0.5S%
233 S."»0
5692.277,620 $438,038,048 +$154,239,572 35.21%
.'>()(> ,4«9 ,449
,
3S!),79;j,407
+ U6, 706.042 29.94%
•rA^:i\A
.-
$85,778,171
$48,244,641
+SS7,5r;3..^30
77.89%
it
was the period
coal mines.
of the strike at the bitu-
This strike
the effect of
very materially contracting tlie coal traffic over the
railroads and proved a highly disturbing influence in
other respects. Tlie result was that our tabulations
recorded a loss in gross and net earnings alike only
liad
—
$2,593,438 in the former,
but (owing to a coincident
The favorable nature of the results as disclosed by large augmentation in the expenses) a loss of no less
the foregoing makes it evident that by degrees ex- than $26,848,880 in the net earnings, or over 35%.
pectations of a very substantial improvement in re- Added emphasis attached at the time to this large
The course of the compari- loss in the net because it came on top of a considerable
sults are being realized.
sons during the three months since the carriers have shrinkage in the net in November of the previous year.
been without the Government rental guaranty, In November, 1918, a tremendous augmentation in
namely, September, October and November, is con- expenses occurred owing to the prodigious advances
The main ob- in wages made in that year. These wage advances,
clusive proof on the point referred to.
counted with the great rise in operating cost in other direcupon from the higher transportation rates have been, tions, so expanded railroad expenses that the increase
first, that these higher rates, though authorized by in the latter far outdistanced the gain in gross reventhe Commerce Commission, have not been in com- ues, large though these were bj^ reason of the higher
plete operation owing to the opposition to advances rates put in force a few months before.
In brief,
in intra-State rates by the State authorities, and though the gain in the gross then reached $82,163,408
secondly, the further great additions to the expense or 23.06%, the augmentation in expenses amounted
accounts. But the intervention of the State author- to no less than $102,091,182 or 39.16%, leaving the
ities to advances within the States is being gradually net reduced by $19,927,774 or 20.80%.
The year
overcome, while at the same time expenses are also before (1917) a closely similar situation existed. In
by degrees being got under control. About $53,000,- other words, our tabulation for November, 1917,
000 addition a month to the expenses could not in recorded $33,304,905 increase in gross earnings with
any event be avoided, since this represents the pro- $20,830,409 decrease in the net. It follows that the
portionate monthly amount of the estimated $635,- gain of $37,533,530 now recorded in the net comes
000,000 a year addition to the annual pay-roll of the after $26,848,880 loss in November 1919, $19,927,774
carriers arising out of the further increase in wages in November 1918, and $20,830,409 in November
due to the award of the Railroad Labor Board in 1917. For the three years combined, it will be seen,
In addition, however, expenses have been run- the contraction in the net reached over $67,000,000
July.
ning very high by reason of the heavy extra mainte- in face of over $112,000,000 increase in gross revenues.
nance outlays the roads have been obliged to incur Even the year before 1916 rising expenses were
in order to make up for deficiencies of maintenance already a striking feature of the returns.
The figures
outlays during the period of Government control. showed that with $23,652,274 addition to the gross,
Furthermore, labor inefficiency due to lax discipline all but $323,090 had been consumed by augmented
under Government management has also had to be expenses. It is true, on the other hand, that in
overcome, and meanwhile has been proving very November, 1915, before the great rise in operating
costly.
In both particulars the situation has already costs, the showing was an exceptionally good one,
been greatly altered for the better, and still further the addition to the gross having been no less than
betterment can be counted upon with absolute cer- $66,310,622, and having been attended by a gain of
tainty in future months.
In other words, the extra $50,002,894 in the net. These exceptional gains,
maintenance outlays are diminishing with the ap- however, at that time were in no small measure
proach to more nearly normal conditions, and con- deprived of their significance by the circumstance
temporaneously, the enforcement of discipline and that they represented in considerable part a recovery
the weeding out of incompetent and inefficient em- of previovis losses or the absence of previous growth.
ployees is bringingjaboutjarger and better control of In November, 1914, our compilations showed a
the expense accounts and
reducing
operating falling off of $32,646,340 in the gross earnings and of
costs.
$9,578,383 in the net, and this followed a falling off
As showing how each month is improving on its of $9,143,593 in gross and $15,069,894 in the netin
predecessor it is only necessary to pass in review the 1913.
stacles to the full realization of the benefits
—
—
months referred to. Thus in
In the following we furnish the November sumSeptember our tabulations showed $113,783,775 in- maries back to 1906. It is proper to state that for
crease in gross or somewhat over 23%, but only 1910, for 1«09 and for 1908 we use the Inter-State
$8,905,693 increase in net, or 9.53%; in October the Commerce totals, which then were on a very comincrease in the gross reached $130,570,938 or nearly prehensive basis, but for preceding years we give the
26%, but the increase in the net still was only $14,- results just as registered by our own tables each year
936,521 or not quite 141^%. On the other hand, for
a portion of the railroad mileage of the country
figures for the three
—
November now,
as already pointed out, the increase
is up to $154,239,572, or 35%, while the
gain in the net reaches no less than $37,53 530, or
over 77%.
in the gross
being always unrepresented in the totals of these
earlier years, owing to the refusal of some of the roads
at that time to give out monthly figures for pubUcation.
THE CHRONICLE
Jan. 15 1921.]
Gross
i.'arrttnvs
Ci-ntral I{R of
Year.
Year
Year
Given.
Preceding.
Nov.
1U06..
Inc.
(
Dec.
+
(
Year
or
)
—
).
Year
\
Glvtn.
—
or
+ 1,5,VJ.127
,506.160
,113.471
-
+
19.974. 15K
;
I
I
")
77
67
118
117
95
0.942,084
8.210.330
10.400.960
160 —3. 018. 807
.771 + 12.701.071
.s:',800
567,^!l^
—
999,131
+ 50.002.891
l.'.,0ii9.S'.t4
!i..'.7S.3S3
f
0,10, 44C.
809,902
323.090
-2o,s:[o.40o
102,62:.
-19.927.774
74 979,347
— l'(i.S4S.S80
48 244 641
+ 37 533 530
month of Nox-Kmber was 97
1900 the number of roads Indiulrd
in 1908, the returns wen- based on 232.577 miU« of road; In 1909,
for tlie
.Vole.
In
lu 1907. 87;
239. 03S; In 1910. 241.272: In 1911. 2:!l.209: In 1912. 237,370: in 1913
In 1914, 240,497: In 1915, 240,910: In 1916, 248,803: In 1017. 242.407:
232.274: In 1919, 233.032; In 1920. 235,213.
comparison between 1920 and 1919
in the case of tlie general totals.
(he
of roads
Erie
(3)
Union Pacific
(3)
Mis.souri Pacific
Atch Top & Santa Fe (3)
Chesapeake & (Jhio
Chicago Milw & St PaulGreat Northern
Chicago & North Western
& Nashville. Delaware Lack & West.
Pittsburgh & Lake Erie.
Norfolk & Western
N Y N H & Hartford
Cleve Cine Chic & St L.
Chicago R I & Pac (2) Louisville
.
.
Lehigh Valley
St Louis-San Fran (3) - .
Soutliern Railway
Elgin Joliel & Eastern..
Wabash
Delaware
& Hudson
& Pitts
Buffalo Roch
& Maine
& Rio Grande
Centra! RR of New Jer..
Chicago & East Illinois.
Chicago- & Alton
Boston
Denver
MinnStP&SSM
7.933.840
4 .874 .423
4 .866 .300
Increases.
Wheeling & Lake Erie.. $1,086,288
& Lake Erie..
Hocking Valley
Colorado & Southern (2)
N Y C^hicago & St Louis.
licsseiner
4.264.887 Wesiern Maryland
4.0,5.5.6.'j2
4,026.357
3.826,193
3,738,907
3,401,320
3,146,801
3,072,424
2 ,896 ,68,')
2,7S4 ,049
942.329
908.983
Virginian
904.00]
749.145
737.201
732. .564
Louis South West
Seaboard Air Line
St
(2)
-
Michigan t'entral
Maine Central
Mo Kan & Texas of Texas
Internafl
& Great Nor.
.
Texa,s & I'acific
2,16,'),734 Mis.sour) Kan & Texas. _
2,411,488 New Orl Tex & Mex (3).
2,21.5,983 C^hicago Terro
& S E..
H
2,027,980 Union RR
2,001 ,098 Duluth Missabe & Nor.
1,900, .502 Atlantic Coast Line
Kansas City Southern..
Chicago Ind & Louisv..
1,537,632 M obile & Ohio
1,876,:307
1 ,601 ,253
1,512,706 Minueaj) & St Louis
1 ,407 ,9.50 South Atlantic S S Lines.
1,338,645 Indiana Harbor Belt
,336 ,5.59
N Y
&
Western.
Iron Range. ..
Ontario
1,268,912 Duluth &
,2.50,812 Long Island
1.237,492 Kanawha & Michigan..
1
Marquette
Chicago St P Minn & Ora
1,099,192 Grand Rapids & Ind
.228,8 14
1,197.0.56
1
1,034,487
.030.930
999.393
]
Northern Pacific
Toledo & Ohio Central..
2,6,'i5,.')19
1
1,085.988
1.0.53.282
I'cre
725.279
722,407
702.140
693. .5,50
602,232
A:
•i«l
~<t
Tex
A:
I'ae
27(1
2.52
Lake.
Western.
Salt
24K
"amliua ( lim-iif i < )liio
llurfalo& Sus>iuehanua
Grand
Detroit
llav
Si.
LouiNiuna & Arkansas
Florida Fast ( 'oasl
24
Kunstis
Western
1
221
219
Mil
210
209
.
Sun .\ntonio
ii;i.32()
112,153
.\ran
I'iiss
206.791)
Guli°
205.793
193,.589
H«).397
187,144
Western
I'acific
.Midland Valley
Sptikane Port & Seattle.
&
Shawinul
Atlanlic.
.NfV.
,V
Igl.l.'l'I
//
(icorgia
J
Bingham i Garfield
.Miss Vallev
\i./.o() i:
,
,
i
,
,
ll.H,5S7
Kepresenting 3 road*
in our compilation. .
136.802
131.716
$363,908
131.3.57
\ule.
All the figures lu the above are on the basis of the rcturus filed
Where, however, ihetMs
the Inter-State Commerce Commission.
returns do not show the total for any system, we have combined the separate
roads .so as to make the results conform as ne.irly as possible to those given
In th<' statements furnished by the companies themselves.
a This Is the result for the Pennsylvania RR. duel, the Peuosylvama
with
Comoutiu) and the Pltt.sbui'gh Cincinnati (;hli!ago & St. I..ou1b combined,
the Pennsylvania RR. reporting $22,370,817 Increase and the P. C. C. ft
St. L. $4,205,455 Increase.
iilThe.se figures cover merely the operations of the New York f'euiral
Itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the
New York Central Syslein. the result Is a gaUi of $16,633,102.
PRINCIPAL CHANGES IN NET EARNINGS IN NOVEMBER.
Increases.
Pennsylvania
M Lsso uri
Illinois
...o$14.936.496 Kanawaha & Michigan.
2.261,079 Maine Central
2,140,112 Tohsdo St Louis & West.
1,884 ,.392 San .^ntfc Arkan.sas Pass
(2).
Pacific . .
Central
&
Reading..
Chesapeake & Ohio
Cliic Burl & Quincy
(ireat Northern
Phi la.
Pitt s
163,8,55
,763,502 Grand Rapids & Ind
Buffalo & Susn
1,646,779
^
162,908
147,251
1
& Lake Erie
& Ohio
i
ICUin Joliet & Eastern
Buffalo Roch & Pitts
Mo Kan & TeJt of Tex.
.
Virginian
Delaware & Hudson
N Y Chic & St Louis
Cine New Orl & Tex Pac
Mo Kan &
Tex
Colorado
Southern
West Jer
,449 ,584
&
.Seashore
1
1,319,196 Midland Valley
l,010,.5621St Louis San Fran (3)...
9 1 5 ,59 1 Lake Eriti & Western
Chicago & East UhnoLs. .
Seaboard Air Line
Norfolk & Western
Bessemer & Lake Erie
Chic Milw & St Paul
Toledo & Ohio Central.
Denver & Rio Grande
Chic R I & Pacific (2) .
Lehigh Valley
Clev Cine Chic & St L...
&
.\roostook.
.
.
.
Montour
647,277 Det Grd Haven & Milw.
606,196 U'ent RR New Eng
6.58,3.59
Hocliiiig
Valley
Union
(3)
RR
St Louis S Western (2)..
South Atl SS Lines
C'hicago & Alton
Chic Terre Haute
&
Louis
N Y Ont & Western
Erie
120,.589
& St, I^VNTence
102.280
Representing 78 roads
in our compilation
$49,027,953
.548,123
Decreases.
529,105 Southern Pacific (8)
.527,071 Boston & Maine.
498,0.54 Atchison Top & S. Fe (3)
Hartford
2,048,311
1,.525, 841
1 ,521,388
1,151,529
435,.526 Atlantic Coast Line
435,1.50 Northern Pacific.
999,248
748,198
.
460,066|N
YN H&
.
I
226,7.54
& Mex
ChicSt P
.561,816
517,232
6342, .544
292.303
290,4.55
277,492
2.59
.679
240,472
180,337
158,991
1.58.223
151,367
145,830
133,460
129.106
124.783
115,205
101.022
Min& Oma...
217,091 Northwe-stern Pacific
211,967 Georgia South & Fla
13)
,9 10
564,877
553,438
Chic Ind
Orl
1
.592,230 Atl
& S E.
Unlon I'Ucific (3)
Wheeling & Lake Erie
Del Lack& West
Duluth & Iron Range
(2)
4
131,148
130,465
126„531
125,174
124,921
I
Duluth Missabe & Nor..
Western Maryland
New
1
731,324|Spok Port& Seattle
677,040 Bangor
46, .568
145,868
144,103
807,407 Norfolk*, Southern
417,188 Michigan Central
378,777 Chic & Northwestern...
369,789 N Y Central.
364,345 Yazoo & Miss
.361, .330 .Ma & Great Southern. .
345.406 Nash Cnatf*. St Louis.
299,966 Los Angeles & Salt Lake
299,365 Grand Trimk Western..
281,331 Texas Pacific.
281,295 Rich Fred & Pot
276,390 Georgia
267,8.59 Pere Marquette
261,966 Southern Ry
2.54,813 Ala & Vicksburg
253.885 Minn St Paul & SS M...
Wabash
178,257
174.445
Kan OkIa& Gulf
1.780, .585
Baltimore
&
$199,1.35
195. .549
& Ohio
210,.358
Louisville & Nash\'ille
Represent Uis 33 roads
206,527
lut & Great Northern
in our compilation.. $12, 174, 832
201,473
a This is the result for the Pennsylvania RR. (hid. the Pennsylvania
Company) and the Pittsburgh Cinciimati Chicago & St. Louis combined,
the Pennsylvania RR. reporting .$12,272,250 incre.a.se and the P. C. C. i
St. L. $2,664,246 Increase.
6 These figures merely cover the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Pour," &c., the result is a gain of $2,026,309.
Mobile
W^hen the roads are arranged in groups or geographical divisions according to their location, every
group of course records enlarged gross, but in the
case of the net there are two exceptions to the rule.
The two exceptions, as would be supposed from what
has already been said, are the New England group
and the group composed of roads traversing the Pacific States.
Our summary by groups is as follows:
SUMM.\UV UV GRtJUI'S.
Section or Orouit.
Jnc.( + )orDe£.(—)
1920.
191G.
Xorember
—
«
$
23,976,922 19 ,478.945
2 (38
179,056,572 119 ,130.030
Grout) No. 3 (31 roads). Mill. West.
63,()8f).40.S
43 ,0f>S.946
Groups Nob. 4 & .5 (.'?4 roads) South
73,331.7.59 .'9 62i .007
Groups .V.)-i. 6 i 7 (32 roads) .North W.I 23. S27.fiO,S 93 ,?1 1.509
Grou|)s Xos. S & 9 (50ro!ids),Southw. 9o,888,6!i.'^ 74 931,982
Group No 10 (13 roads) Pacific Coast 33,129,653 28 ,491,029
Group No.
Ciroui) No.
1
New Kneland
roiids) East * Mid
(S roads)
.
.
,
S
"c
-r4,497,y77 23.09
-59,926,542 50.30
-19.997,462 4«.43
-M3.706.li2 22.98
-30.516,099 32.70
-20,950,716 27.97
-»-4,e3t-.«2* lfl.28
,
.5ti5.970
,028
,544.436
.505.257
48t>.632
,561
478.319
461.140
438.344
432.101
423.033
415.273
413.849
391.129
3.56. .594
:?.51 .3SH
327.99ii
325„5f.O
302,207
.
114.848
1.54.216
.\n)ost<M)k
& South .Shore
—
&
Representing 134 roads
la our compilation. $152
l(i8,,589
16.1,22:;
1,58.2.59
Merch Bridge.,
i"k
Lt-IlttVl
1H3.449
182.704
172.213
Monoii^'ahela
Detroit Toledo*: Ironton
A:
.\ilarii;i llirni
\rii,,iAlirj
183.(i09
.Nloiitour
Dell Uv of Chicago
(iulf .Mobile i Northern
Toledo St Louis
We«t
<"liicag<i I'eoria &, Hi L..
I'illsburgli
111. .505
1 1 1 .320
1,
Oklahoma &
Jt
Loul^
e.Meni
(ireat
Newliurgh
just
Increases
Baltimore & Ohio
Chicago Burl & Qiiincy _
Illinois Central
Southern Pacific (8)
Philadelphia & Reading.
i W
En)/
Se.a.sh()r<'
(
lliingor
—
69.160.94:^
Chicago
In 1918.
which, instead of having improved on their very poor
results of the previous year, have actually suffered
Among the
further losses, are by no means lacking.
roads or systems in the former category the most conpicuous instance is the Pennsylvania Railroad, which,
on the Eastern and Western lines combined, has added
no less than $26,576,272 to the gross and saved S14,936,496 out of this for the net. On the other hand,
however, it is equally true that in the previous year
the Pennsylvania, by reason of its large coal traffic,
suffered beyond all others from the bituminous coal
miners' strike, its return then showing $7,263,220 deThe
crease in gross and $10,349,815 decrease in net.
New York Central considered by itself, without the
auxiliary and controlled roads, submits a much less
favorable exhibit as far as the net is concerned, a
ga,in of $9,460,943 in the gross being concurrent with
a loss of $342,544 in the net. When, however, the
auxiliary and controlled roads are taken into consideration, there is a gain in both gross and net
$16,633,102 in the former and $2,026,309 in the latter.
The New England roads are most conspicuous for
their shrinkage in net, the Boston & Maine having
suffered a decrease of $1,525,841 in net and the New
Haven a decrease of $1,151,529. But returns of
smaller net are found scattered all through the list,
being, however, most common in the Southern and
Southwestern groups, with some also in the Pacific
group. It is not necessary to enumerate these at
length, since a glance at the following summary will
In this summary we show all
reveal their names.
changes for the separate roads or systems for amounts
in excess of $100,000, whether increases or decreases,
and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN NOVEMBER.
a.S26 ..576 .272
Kile
New
&
inr .New Orl
St Louis
Hke Ihat
And yet the showis
by no means uniform, and instances
Penn.sylvania (2)
New York Central
l.;iUe
243.7t,'^i:
far as the separate roads are concerned,
is
)
(—
S
.
ing
+
.Jersey
\.<n .Vngeles
.
-
As
(
Dee.
\S I'Mt
<
S
S
140 (iU7 123 131 123,821
+ 9,573 ,502 48 .005,287
1U07--. las .079 281 133 284,422
+ 4.794 ,85!l 39 .171,387
1908.. 211 ..'j't7 7922J0 4 15,475 —8.847 .073 74 511,332
190!) .. 24,S ,087 .Itil 211 ,784,357 + 36,303 204 94 531.128
1910... 248 ,.5,V.> 120!247 564,470
+ 994 ,650 83 922, 11"
1911... .'41 ,34;i .7(13:243 ,111.388
1,707 ,625 79 0,50
27(i ,430 .01(1244 ,461,845 + 31,908 171
1912
93 017 -9.143 593 78 2I2,>I(.2(i'),.220 ..S.S2|27,s 3ii4,475
1913
191-1 -. ;-'4() ,2:i"> .,S4lL'r2 882,181 —32 6 6 34(1 67 9.s;i.51,'
1915... ;ii)(i,,733 .3171240 422,695 + 00.310 622 118 002.02.'i
191fi .. .lao, 2.i8,.74.')|30(i 600,471 + 23.6.52, 274 118 373.536
1917 -. aiio. 0.i2,,052,.i2ii 757.147 -t- 33.301, 905 90 272.21t
19IS
002,,2S3 3.">(i 43S.S75 + 82.103, lOv 75 SS2.1S-2.593, 4,'<3 48 130.407
1919
4 3.; .".ollt3't. 02(».9SII;
t4;>(),
1920... '592 277 620438 (>38.048 + 154 239 572 85 778.171
—
Inc.
Preeedino.
S
S
h.,ni
llK ll(l\
KamlHUS.
A'trf
201
Total (206 roads).
—
Xorember
Group No. I
Group Xo. 2
Ciroup No. 3
Groups Nos. 4
Groups Nob. 6
(iroui)s Nos. 8
Croup No. 10
-592.277,620 438.03S,04S
.W lleage
4
i
&
Total
i^OTE.—Group
1920.
ISP
7,407
30,797
19.501
14.701
7,298
30,503 22,3.52.274
19,607 10,239,539
38,317 7,510,912
60,789 21.149.213
.54 .647 17.636.703
10,678 0,874.739
?>i,729
7..
67,082
54,957
16,740
S
New
,
-
.
-/>.C.(— ).
S
2.411.226 —2,396,52 5 99.39
3.360.4"5 4-18,991.79? ,'65.15
-t-7.S60.422 330.39
2,379,117
-(-2.163.277
40 45
5,347.635
12,378,473
-eS.770.740 70 85
13.743.355
-r 3,893,438
28 33
8,024.360
1,749,621
20.29
23.5.213 233.839 85.778.171 4S. 244. 641
J Includes all of the
154,239,-572 .35.21
Eaniiiie'
JtH
1919.
-.\'tt
1920,
5..
9.
—
-i-
EnKlaod SUttea.
—
-?7.
'3.."3('
77. 8''-
.
.
THE CHRONICLE
208
Oroup II tnrliKlnii (ill of New York and PcnDsylvanlA exwpt tbat portion w«bI
and Miiffiilo: also nil of New Jersey. Delaware and Mari'lii'id. aod th»
extreme northern porlion of West Virginia.
of PIttHhurKh
Oroup III Includes all of Ohio and Indlnnn: nil of MIrhlk'nn crrept the northern
Mnlnsiila. and thnt portion of New York and Pennsylvania west of Buffalo and
PlttabufKh.
Oroups IV
antl
V combined Include the Southern
States south of the Ohio and
«aat of the MlHHisalppI River.
Orotipi VI and VII combined Include the northern penlnstiln of Michigan, all of
Minnesota. Wisconsin, Iowa and Illinois: nil of South Dakota and North Dakota
•nd Missouri north of St. IjOuIs and Kansaa City: also all of Montana. Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
paaalnR throuKh Denver.
Oroupt VIII and IX combined Include all of Kans.is, Oklahoma. Arkansa and
Indian Territory. Missouri south of St. Louis and Kansas City: Colorado south
of Denver, the whole of Texas and the bulk of Louisiana: and that portion of New
Mexico north of a line runnlnit from the northwest comer of the State through
Banta Fe and east of a line running from Santa Fe to Kl Paso.
Orovp X Includes all of Washington. Oregon. Idaho. California. Nevada, Utah
and ArUona and the western part of New Mexico.
As
far as the
movements
of the leading staples are
concerned, Western roads treated as a whole seem to
have had a somewhat smaller grain movement and
The wheat
also a diminished live stock movement.
receii)ts at the primary markets ran somewhat heavier
than in the preceding year and the receipts of barley
and rye were also heavier, but on the other hand,
there was a falling off in the receipts of corn and also
in those of oats.
For wheat, corn, oats, barley and
rye combined the receipts for the four weeks ending Nov. 27 were only 64,141,000 bushels, as compared with 66,682,000 bushels in the corresponding
The details of the
four weeks of the preceding yesLV.
Western grain movement in our usual form are shown
in the table we now present.
Nov. 27.
—
Milwaukee
1920
1919
St. Lnvis
1920
1919
Flovr.
Wheat.
Corn.
(?)tf.<t.)
(huah.)
(hv!;h.)
Barley,
(bus!'.)
.)
1.044,000
3,446.000
4.783,000
4.179,000
5,274,000
1,157.000
960,000
129.000
263,000
.58,000
184.000
465,000
689.000
658,000
1,318,000
2,273,000
685,000
935,000
2.58,000
"4,000
208,000
4^7,000
2,960,000
3.2S4.000
787.000
1.744,000
2,804,000
197,000
64,000
36.000
18,000
272.000
182,000
67,000
_._
—
1920
1919
Cleveland—
000
.583.000
18^.000
426.000
1.54.000
141.000
161.000
1.55.000
142.000
217,000
in 1916,
while at the Southern outports the receipts were
M)46,560 bales, against 1,181,606 bales in 1919,
but comparing with only 596,111 bales in 1918, as
will be seen by the following:
KliCEIPTS OF C;OTTON AT SOUTHERN PORT.S IN NOVEMBER AND
FROM JANUARY TO NOVEMBER 30 1920, 1919 AND 1918.
1
November.
Galveston
bales.
Texas City, &c
New
Orleans
Mobile
1920.
1919.
479,843
75,064
275,768
21,029
394,.523
Norfolk
108,277
5.143
215.734
29,000
1.046. .560 1.181.606
506.111
13.061
14.857
_.
.58,242
.
Newport News, Ac...
Total
1918.
1, 944. .530
1.299,760
102.383
169,482 2,212,665
11,077
447,249
43.681
1,386
Ch.-irleston
1
1919.
206.0.54 1,280,406 1,280,065 1,356,627
53..381
105,880
2.300
Brun.swlck
1920.
166,.566
28.932
70.824
281
2.58
Savannah
_.
I
13,946
7.862
96,946
18.000
19.125
Pcnsaccla, &C-
Wilmington
SiTue January
1918.
108,945
249|
8,5.52
274.291
217,923
24,860
794,417 1,231,927
75, .5.54
205,030
297.930
2.52,231
87.301
162.362
241.688
337,222
3,746
2.441
122,940
88,730
30,941
888 123
85.400
119,583
82.018
220 995
5,592
19,121
5, .583
017 5.9.32.882 4,286,152
^^xvtnt %vtni3 and §istnssiovL3
CONTINUED OFFERING OF BRITISH
TREASURY
BILLS.
offering of ninety-day British Treasury biUs
of this
10.
RATE ON FRENCH TREASURY BILLS CONTINUED
AT 6H%.
The French ninety-day Treasury bills were disposed of
week on a di.scount basis of 63^% the figure to whieb
the rate was advanced March 26; it had previouslj^ for
some time been 6%. The bills in this week's offering are
—
this
193.000
269.000
dated January 14.
1920
1919
Penria
November
and 525,651 bales
1918; 490,304 bales in 1917
January
live,
3,2.52,000
1..300.
1919; 307,790 bales in
{bvsh.)
537.000
—
November
bales in
week by J. P. Morgan & Co. on a discount basis of 6%, the rate which has been in effect for
some time past. The bills in this week's offering are dated
—1.131,000
1920
1919.
DetTOll
Oolx
(hpxJi
and Omaha
only 8,053 cars against 10,837.
The Southern cotton movement also failed to equal
that of the year preceding.
The shipments overland
in November 1920 were 177,902 bales against 359,158
was disposed
Four weeks
ending
Chicaao
1920
1919
of only 12,904 carloads against 14,478,
The usual
WESTERN FLOUR AND GRAIN RECEIPTS.
[Vol. 112.
—
1920
1919
Dulvth
1920
1919
131.000
1 OS .000
929.000
2.071,000
6,512.000
2.788.000
1920_
I3..571.000
1919-..
10.971,000
Kavsits at!/
5.000
1920
6.794,000
1919
19.000
8,513.000
Omafin & Indlnncpolii'1920
2,365.000
1919
2.586.000
l.SO.OOO
:50S.000
—
MinncapoHa
—
13.000
7.000
2,000
151.000
55,000
76r.000
168.000
1,959.000
887,000
7.52.000
2,172,000
1.370.000
2.033.000
1.191.000
289,000
603,000
512.000
542,000
568.000
2,891,000
1
1,057,000
2.029.000
Jan. 1 to
Nov. 27.
—
.34.345.000
32.554,000
9.024.000
13.190,000
1920
1919
Detroit
1 ,.';53
The cause assigned
Crrn.
Oats.
(biifh.)
75.277,000
668,006
758.000
3,887,000
3.865.000
—
13.072.000
15,578,000
ibvsh.)
26.6.52.000
5.016.000
3,-365,000
2,684.000
1,995,000
Barlc'j.
Ri/e.
(bv.':'h.
(bvsh.)
78.156,000
58.453,000
71.169 000 9.659 000
83.860.000 25.270.000
5,434.000
7,489,000
3,301.000
8.246,000
13..561.C00
21.773.000 7.272,000
26,312,000 18,316,000
4.207,000
4,321,000
—
1920...
1919...
80.000
1920...
1919...
31.490.000
42.007.000
24,646,000
18,223,000
28.236.000
30.082.000
4.399.000
12.175.000
1,9.30,000
4.351.000
4.394.000
1.084.000
1.617.000
1.3.52,000
1.131.000
877,000
406.C00
1,040,000
3!!7,000
67,000
1.339.000
2.548,000
2.297,000
29,000
39,000
553,000
625.000
2,119,000
7,000
4,000
2,3.56.000
3,402.000
2.782.000
19.218,000
17,806,000
12,272,000
7,754.000
998,000
1.386.000
873,000
208,000
36.968,000
24,376,000
9,000
28,000
2.803.000
1.022,000
101.640.000
97,787.000
7,517.000
6,632,000
61,975.000
63.326.000
10,599,000
14,492,000
7.214,000
11,921,000
31.022,000
32,480.000
36, .591 .000
28.101.000
26.875.000
—
1920...
1919...
—
3.286,000
Dulvth
1920
1919
Minneapolis
1920.
1919
—
Kanaas
1920
1919
Omaha
Citv—
9.000
115,000
&
3.391,000 18,407,000
7,055,000 15.508.000
20..397.000 13. .591.000
48,000
4,000
35.723.000
Total of All—
1920
1919
IN GOLD SENT HERE TO BUY SUPPLIES
FOR TURKEY.
The following is from the New York "Tribune" of Jan. 8*
$250,000
Acting on behalf of the Turkish Government, the Guaranty Trust Co. is
shipping S250.000 in gold from its office in Constantinople to New York
Albert
for the purchase of foodstuffs and other commodities in this market
Breton, head of the foreign department of the Guaranty Trust Co., in confirming a cable report relative to the transaction, said that the matter had
been handled at the other end, and that all of the details were not known
According to Mr. Breton this is the first shipment of Turkish gold
here.
to the United States in many years.
While other shipments may follow, it is not believed that the movement
of gold from Turkey will be large in the aggregate, owing to the fact that the
supply of metal at Constantinople is extremely limited. Ordinarily the purchases of flour and other conunodities to be made here would be financed
through the purchase of exchange on London or New York, but sterling and
dollar rates in the Turkish capital, according to Mr. Breton, are so high as
to make the cost almost prohibitive.
The shipment of gold from Turkey adds one more to the growing list of
At present the metal is comcountries sending gold to the United States.
ing from England, India and China, while Ru.ssia would ship metal here if
the authorities would accept it.
6. .542,000
24,026,000 32,874,000 13,739,000
Iridianapoli:^-
1920
1919...
with a conse-
.
6,985,000
Cleveland-
Peoria
for this rise is the slackening of trade
1,811,000
(bvsh.)
9,221.000
The following cablegram from London is taken from
the "-Journal of Commerce" of Jan. 12:
The decline of 44d. per ounce In the price of bar gold is held to be due
to the upward trend of American exchange' which to-day touched $3.76
quent smaller demand for dollars.
000
Wheat.
7. .552.000
LONDON ATTRIBUTES FALL IN GOLD TO UPWARD
MOVE IN AMERICAN EXCHANGE.
for cable transfers.
646,000
Ibhla.')
—
Toledo—
6.50,000
Flovr.
Milvankec
1920
1919
St. Louis
1920
1919
8 10.000
—
1920
1919
Chicaao
1920
1919
110.000
47.000
649.000
—
Total of All
S')4,000
livestock
movement, the
November 1920 comprised
28,212 carloads, as against 30,895 cars in November
In like manner Kansas City reports receipts
1919.
receipts at Chicago for
The
following
is
from the Montreal "Gazette" of Jan.
12:
of Paris has authorized R. A. Fargeuad. 35 St. James Street,
Montreal, representing the City of Paris here, to sign up an offering of
loan with the Banque Nationale and the
$4,000,000 City of Paris
Banque Provinciale.
The amount is part of the .?20,000,000 authorized by the City of Paris
for placement in Canada and of which .52,000,000 have been offered to the
The whole amount will be used for the purchase of foodstuffs,
public.
&c., in Canada. Monsieur Fargeuad states that in coimection with recent
purchases, the City of Paris has expressed complete satisfaction, t'ae
commodities sent by the Dominion being of excellent quality.
The announcement of the terms, &c., of the loan will not be made public
until all arrangements will have been made by the banks.
The City
6%
14,472.000 301,933,000 193,.579,000 108.864,000 35,903.000 35,869.000
17,314,000 360,626,000 161.428,000 220,662.000 85.977,000 41,670,000
As regards the Western
CITY OF PARIS OFFERING IN MONTREAL.
i
I
THE CHRONICLE
Jan. 15 1921.]
BELGIUM PREMIUM LOAN, WITH
PRIZES,
209
CITY OF COPENHAGEN BONDS OFFERED BY
TO BE
llUTIl
ISSUED.
Huth & Co of this city, are offering City of Copenhagen 4'; Loan issued in 1901 forKr. I9.976,()(X)— $5,33^J,0(K). The bonds are repayable at the latest in l'J4S by annual
drawings, the drawings to take place in August of each
The
year, payable on the Ifith of November following.
(jovernment reserves the right, after 1910, to increase the
sinking fund or to redeem the whole loan on three months
notice.
Interest is j^ayablo semi-annually May 15 and
Nov. 15. The bonds are issued in denominations of Kr.
It is pointed out that the interest is
1,816, equal to $485.
payable semi-annually in dollars at a fi.xed rate of $19.40
The principal also will be redeemed
per bond of $485.
when drawn, in dollars, $485 per bond. The api)ro.ximate
cost at the present rate of exchange is $277 per bond of $485;
the redemption value is $485.
Under date of Jan. 11 a special L<3ndon cablegram to
the "Journal of Commerce" said:
The Belgian Governraont, It Is understood. Is arranging for the Issue of a
big new premium loan with Important prizes, especially during the first
,
This should appeal to -speculators.
ear.
Furtlier details wore giv(>n as follows in a later cablegram
to
tlie
same paper:
Belgium's new loan Is to be 1.000.000,000 francs 4% Issued at 80 and
repayable In ninety years by drawings at par and by prizes which for the
first ten years will amount to seven million francs annually.
REPORT OF PROPOSED ADVANCES TO GREECE BY
UNITED STATES, AND DENIAL.
The New York "Commercial" in an Athens cablegram,
Jan. 13, said:
The United States Government has consented to advance to the Greek
Government $38,000,000 already proml.sod Greece when M. Venlzelos was
The loan was on
Its Prime Minister, It was announced here to-day.
condition the money be expended In America for non-war material.
Along with the above, the "Commercial" printed the
following denial by Washington officials of reported advances:
DENIAL THAT CANADIAN GOVERNMENT HAS
GIVEN ORDER'S TO SELL VICTORY BONDS.
state and Treasury Department officials were unable to explain to-day
the announcement from Athens that the balance of a $38,000,000 credit
granted the former Greek Government had been made available to the
Gonstantlne Government. There had been no change as to the status of
the fund. It was said, at both departments.
Pending formal recognition of the new Greek Government, It was said,
the balance of 838.000.000 would remain In the Treasury.
The
cablegram
that the German
annual meeting on that day, had
(Jan.
10)
CO. EXTEND TIME FOR DEPOSITING
MEXICAN GOLD BONDS OF 19.54.
SPEYER &
SUSPENSION OF PANISH BANK.
The Nordisk Bank here suspended payment to-day. The bank, which
had a capital of 5,000,000 kroner, was started during the war. It closed
owing to inability to obtain help from the Danish National Bank. The
Manager of the institution says it will be able to pay all depositors and also
a considerable part of the capital shares.
The daily papers added:
The Nordisk Bank in Copenhagen, Denmark, which suspended payment
to-day,
was organized
Its
February 1918 and
in
New York
The Copenhagen institution
said in financial circles.
regarded here as a small
the National City Bank.
any credits in this country, it was
correspondent
had few
if
is
is
GENEVA {SWITZERLAND) BANK DISTURBANCES.
Notice was issued by Speyer & Co. on Jan. 11 to the
holders of $40,000,000
gold bonds, due 1954, of the
United States of Mexico, that the time for depositing these
bonds with the Equitable Trust Co. of New York, as depositary, or with its agents, under the bondholders' agreement, dated Nov. 22 1920, is extended to and including
Holders are urged to deposit their bonds
Feb. 28 1921.
without delay, in order to enable the bankers to effectReference to the call for deually protect their interests.
posit of these bonds was made in these cblumns Nov. 27,
page 2092. Last week, page 103, we called attention to
the extension of time for depositing the Mexican irrigation
4%
cablegram to the daily papers Jan. 7 said:
Institution.
1
bonds.
Regarding banking disturbances in Geneva, Switzerland,
a copyright cablegi-am to the New York "Times" from
Geneva, Jan. 7, said:
Since yesterday another Geneva bank has stopped payment, and larger
banking houses have held a special consultation to decide how best to take
over the business of the smaller banks in order to avoid more crashes or
suspensions of payments.
The bank which has just suspended payment is the Banque Commerciale
Genevoise, whose customers are mostly small tradespoeple and whose deficit
Its procurator, Henry Nariet, has disIs estimated at 1,000,000 francs.
appeared and is beUeved to be on his way to the United States under an
assumed name.
Owing to the large amounts of business which the Swiss banks have been
accustomed to transact in German, Italian and French currency and owing
to the low value of the German mark, the Italian lire and the French franc,
business generally is passing through a very trying time here.
This is the reason why the Swiss banks are not in a position to make loans
Thus the Swiss State railways are at present
for national undertakings.
negotiating for 300,000,000 gold francs in the United States for electrification purposes.
It was hoped in industrial circles, particularly by those
interested in electrical machinery, that a loan for the electrification of the
State railways could bo raised in Switzerland so as to avoid bujing the
machinery in the United States, but now it is certain that the loan mast be
raised outside the country and consequently some orders for locomotives and
electrical plant generally must be given where the loan is raised.
,
DANISH GOVERNMENT B^ND OFFERING OF
HUTH & CO.
Huth & Co., of 30 Pine St., this city, are seeking a market
Government 33^% loan, issued in 1909 for
The bonds are irredeemable until Feb. 1 1920,
which date the Danish Government reserves the
for a "Danish
£2,217,000.
after
taken from the Toronto "Globe" of
stated
Overseas Bank, at its
declared a dividend of 30%.
A
is
Reports that the Dominion Government may throw a large quantity of
Victory bonds on the market further reducing bond values, were referred
this afternoon to Sir Henry Drayton, Minister of Finance.
Commenting on the reports. Sir Henry said that the Government had
not give a single order to sell and that the Government had not indicated
a single order would bo given.
The bonds referred to are bonds purchased on behalf of the Government
by the Victory Loan Trading Committee during the period of control.
They represent the difference between the amount which was taken and
the amount which the committee was able to resell to permanent investors.
The Brazilian Bank for Germany at a general meeting in Hamburg to-day
declared a dividend of 15%.
Its annual report indicated that prospects
for the coming year were favorable.
later
following
Dec. 31:
DIVIDEND DECLARATIONS BY GERMAN BANKS.
A Berlin cablegram to the daily papers, Jan. 7, said:
A
& CO
rights to redeem the whole or part of the loan on three
montfis' notice, either by purchase or drawings at par.
Interest is payable semi-annually February and August.
The bonds are free from all Danish taxes and are issued in
denominations of Kr, 360 in coupon form. An important
feature of the loan, it is pointed out, is that the interest is
payable in London at a fixed rate of exchange, which at
the present rate, gives an actual yield of 8% on the above
bond, which|wil] be'materially increased as sterling advances.
COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
In the following we compare the condition of the Canadian
ba*nks, under the last two monthly statements, with the
return for June 30 1914:
Gold and subsidiary coin
—
AS.SETS.
Nov. 30 1920.
Oct.
30 1929.
June 30 1914.
$
63,983,436
22,737,583
61,680,300
18,143,172
28,948,841
17.160,111
86.721.019
190,640.878
79,823.472
178.921,891
46,108.952
92.114,482
6,293,933
6,293.982
119.202.533
114,902.533
292,998,718
298,710,123
Loans and discounts..
1,603,709,761 1,684.886.429
Bonds, securities, &c
364,973,006
367,481,462
Call and short loans in Canada 108,471,340
113,135.902
Call and short loans elsewhere
than in Canada...
188,367,459
218,183,194
Other assets
124,489.652
124,289,410
6,667,568
In Canada
Elsewhere
Total
Dominion notes
$
Depos. with Minister of Finance
for security of note circulation
Depositor central gold reservesDue from banks
Total
S
3.0.50,000
123.608.936
925,681.966
102,344,120
67,401,484
137,120,167
71.209,738
3,116,895,197 3,155,601,500 1,575..307.413
LIABILITIES.
Capital authorized
Capital subscribed
Capital paid up
Itcserve fund
Circulation...
Government deposits
Demand deposits
Time deposits
Due
banks
payable
to
Bills
Other
liabilities
$
197,075,000
128,719,600
127,913.611
132,782,190
$
197.075,000
128,280.100
127.269.427
130,413.330
S
192,866,666
115.434,666
114.811,775
234,339.923
249.165.707
1,54.726.806
185.072.1.50
99,138,029
44.453,738
495.067,832
663.650.230
32.426.404
20.096,365
12,656,085
1,038,535,018 1,027,607.014
1,292,009.008 1,271.275,751
74.655.491
52.702,787
9. .548. 818
9,796,509
51. in. 198
53,468.668
113.:<68,898
Total, not including capital
or reserve fund
2.835..578.720 2.86S.516.1 9 1,330.488.683
Owing to the omission of the cents in the official reports, the
Nole.
footings in the above do not exactly agree with the total given.
—
—
.
THE CHRONICLE
210
PROPOSAL OF SIR ROBERT IIORNE TO RECTIFY EXCHANGE THROUGH EXPORT CREDIT INSURANCE.
Tlic LoikIdii
of
(lie
<';il)l(tjrains
suhiiiissioii
l)y
Sir
to tlic daily
Itohcrt
paixTs .Jan.
Ilornc,
'.i
I'rcsidcnt of
told
the
Trade, at a conference with leading hankers
of a ))laii for the establislitncnt of credit bonds and of the
proi)()sal.s with a view to reclifyinf^ fonififn exchange rates.
The press accounts stated that:
London Board
of
Sir Robert invitotl criticism as a result of wlilch. It is anticipated, an
Important plan will sliorlly be placet! before the Cabinet, and, if adopted,
It is
will hav(! the l)ackinK of nrilish financiers and insurance maRnates.
hoped the sdiomo also will assist materially in solvinf? the unemplo^•Tnent
problem
According to a copyright London cablegram to the New
York "Times" Jan. 3 Reginald McKenna headed the
As
delegation of bankers who conferred with Sir Robcirt.
credit
insurance
export
adoption
of
to the plan for the
or proposal to insure negotiable bonds issued by countries
in Europe anxious to secure raw and manufactun>d goods
the "Times" said:
assumed that lionds would readily be accepted bj British manufacand tradei-s if they could b( realized on immediately. This, of course,
would depend upon the bankers, who, in turn, are a.sldng for .some form of
It is
turers
insurance.
The propo.sai now before the Government is that banks and insurance companies should participate in a joint insurance credit system. This is understood to meet with official approval. If it can be carried out, the British
or other trader will be secure in accepting bonds in payment for commodities
which are urgently required in many European markets.
Further details regarding the proposal are contained
the articles which follows.
Increase of American exports to England, and It Is hoped that nothing will
be settled at Wa.shington which will still further depress the vain of the
sovereign.
If that occurs. It is Ji-sserte*! It will affect American tnide with all Europe,
as Europe buys its drafts on New York In London, and Italy, France or
fierinan'y would con.sequently have to pay more for the American goods
they purch;ised in just the same way as England would and .Xmencan tradeirs
here are apprehensive Uwt the bargain struck between the two governments
react to their private di.sadvantagi;.
The mission of Lord Chalmers, 1 learn, will have nothing to do with the
larg(! loans the Britisii Government floated in 'Wall Stre<'t before the United
States entered the war.
They are amply covered by cx»llalenil and stand
on the same footing as any other tiorrowings from big financial houses.
The mis.slon is concerned solelj' with the advances made by the American
Government and is sent out in accordance with the plan laid down at the
time the financial arrangement was made that gave Wa.shington the right
to tsill uptin the IJriti.^h Trtsa.surj-, at a time convenient to itself, to convert
the original notes into long-term securities.
"Lord Chalmers has evitJcnt qualifications as heatl of the Briti.'-h Mission,
for he has not only been SecTetary of tne Trt^sury but he was also Chairman
of the committee which, during the war, when England needed to finance
its huge .\merican purchases, dealt with American securities owned in the
,
United Kingdom.
Apart from that he iias led a varied and interesting career? Entering
the Treasury Department in 1882 he worked his way up until he became
first. Chairman of the InlantI Revenue Board and then permanent Secretary
of the Treasury. This brought him into touch with financial and currentsproblems of India, with theiesult that he was sent out to Ceylon as Governor
in 191.3.
The war, however, brought financ^e to the front in England, and
he came back to the Treasury in 1916 anti then remained until 1919, serving
also for five months in 1916, immediately after the Dublin rebellion, as
Under-Secretary for Ireland. He has written on the curreniry problems
of the British Dominions and has also proved that he possesses literary
tastes by publishing translation of the Cingalese classic, the Jataka, from
the Pali.
in
COUNCIL OF LEAGUE OF NATIONS PLAN FOR INSURING IMPORT CREDITS AS OUTLINED
IN LONDON.
A copyright cablegram from London Dec. 22 to the NewYork "Times"
[Vol. 112.
said:
Commons tonight A. J. Balfour gave a survey of tiie
League of Nations meeting at Geneva. He gave prominence to the scheme
adopted by the Council of the League for helping impoverished countries
which are in need of imports.
He said that one of the great problems under which the economic world
was now groaning was that those who produced could not sell and those
who wanted to buy could not buy. The difficulty was in the problem of
arranging adequate credits. The proposal was to make it possible for any
country which required imports for the essential needs of life, not luxuries,
to see whether in some form or another, in the shape of its national lands or
particular sources of revenue, it had assets on which borrowing might
legitimately take place.
If it had, the League proposed to find machinery
The country could issue bonds
for valuing these assets and borrowing.
upon its assets in payment for goods imported.
Mr. Balfour said he was authorized by the President of the Board of
Trade to say that the British Govrenment wa.s seriously considering whether
so far as this country was concerned the scheme of these bonds might not
be supplemented by some fornx of insurance which would make their convenience and utility for the purposes for which they were called into existence
more certain.
The most profoundly impressive feature of the Geneva gathering, Mr.
Balfoui added was the aspect of cooperation by all nations meeting noc only
in the Council and Assembly but in social intercourse.
As regards the
achievements of the League, he said it was a "creditable output for eleven
months of work," and concluded:
I am more than ever convinced that the experiment we have begtm is an
In the House of
,
experiment we can never afford to drop.
Further copyright advices on the subject from Londoh
Jan. 4 were published as follows by the New York "Times"
Jan. 5:
The Government's scheme for credit bonds to make possible the resumption of trade with impoverished European countries attracted much attention to-day in banking and insurance circles. There is no difference of
opinion as to the necessity of some such scheme, and discussion turned on
the details.
While bank managers and directors of insurance companies are anxious to
do a)l they can to forward the project, they naturally ask what are the risks
they are to undertake. To the New York "Times" representative the manager of one of the leading banks who was present at the interview with Sir
Robert Home, the President of the Board of Trade, on Monday said:
"It is proposed that the exporter shall be able to discount the bond which
has been given him by the importing country in payment for goods sold to
that coimtjry, and that he shall be able to insure that the bond will be
honored by the Government. Banks and insurance companies are anxious
to know the amount and nature of the risk they are asked to undertake.
Many countries in Europe are issuing additional paper money every week,
with the result that there is a varying value to everything in those countries.
This makes the risk more hazardous.
"I consider that the matter should be regarded not from a National, but an
Inter-National point of view. It is hardly an ordinary commercial risk
which private traders or institutions can reasonably be asked to shoulder.
The signatories to the Treaty of Versailles remade the map of Europe, and
in doing so they seriously undermined the commercial stability of some
countries and created other .States which had no credit to fall back upon.
They ought to be asked to bear the burden of re-establishing credit in other
States jointly, instead of asldng private traders and financiers in this
country to undertake two-thirds of these uncertain risks.
"In the meantime we are putting forth every endeavor to discover the
best method of working the scheme."
The Director of an insurance company said:
"The simplest way would be for the Government to undertake the
greater share of the risk; or, better still, there should be an Inter-National
guarantee."
Twenty-seven American traders in this country are watching with keen
interest to see what effect the arrangements which Lord Chalmers will
make with the Treasury Department concerning the British Government's
debt to the United States will have on New York. London has long realized
the serious handicaps which the present state of exchange imposes on the
LORD CHALMERS'S MISSION TO US RELATIVE TO
FUNDING OF BRITISH DEBT TO U. S.
reported that Lord Chalmers, special representative
from England on Jan. 22
on his mission, to continue in Washington, the discussions
begun abroad, looking to the exchange into long time obligations of the "ftar loans extended to Great Britain by the
United States. The following regarding the refunding of
these obligations is taken from the Baltimore "Sun" of Jan. 8.
hai-ing been received by it in special correspondence from
It
is
of the British Treasury, will sail
Washington.
Owes $.5,000,000,000.
was stated in official circles to-day [Jan. 81 that already the two governments are in accord upon the fundamental proposals and that it should be
a simple matter to arrive at an agreement upon such important details as
remain to be determined.
As outlined this afternoon by Treasury officials the general understanding
provides for funding the demand notes of this Government held by Great
Britain approximating .§5,000,000,000 into long-term securities at an interest
ratfe certainly not less than that being paid by this Government on money
which it borrowed for the purpose of loaning it to the British.
The most important details to be arranged at the conferences which will
take place between Lord Chalmers, on the one hand, and Secretary Houston
and his advisers, on the other, are the maturity dates on the obligations to
be given and the interest rate.
It
The
British are inclined to stand for a far distant date of maturity.
like these obligations to be for
to the United States, for 25 years.
would
No
not
less
than 20 years and
if
They
agreeable
Difficulty on Rate.
Little difficulty, it was explained to-day, will be experienced in fixing the
This will be in the neighborhood of 5%, it is said. The
rate of interest.
law makes it obligatory on the part of the Treasury to fix a rate of interest
%
as high as that being paid on domestic war loans which rxms as high as 4M
Since this Government sees no necessity of making a profit on its British
loans, the rate, which will be proposed, will not
the domestic rate.
be much,
if
any, higher than
So far, it appears, the Government of the United States has collected no
overdue interest on the British or any of the other foreign loans and an adjustment of this is another matter which it will be necessary for the negotiators to deal with at the AVashington conferences.
To Deal With Others.
It was stated in this connection to-day that the United States Treasury
was ready to engage in similar negotiations with France, Italy, Belgium
and other European nations who borrowed money from America with which
So far, however, the matter has been taken up only
to prosecute the war.
informally with foreign treasuries.
Europe is indebted to the United States for slightly more than $10,000,Great
000,000, approximately half of which the British owe this country.
Britain, it seems, holds temporary obligations of other Allied Powers for
probably as much money as she owes the United States and before the
British Government could go finally into negotiations with the United
States it has been necessarj- for it to come to at least a tentative understanding with its debtors.
In this general connection it might be stated that the recent agitation in
favor of the cancellation of all the foreign loans as an act of super-generosity
on the part of America has subsided.
Congress alone can act in that direction. As Secretary Houston has
pointed out, the Liberty Bond Acts contemplate no such move on the
part of this Government.
•S475.000,000 271 Interest.
In other quarters it has been proposed that the United States at least
This, too, is a matter which
cancel the interest on the foreign obligations.
Congress alone can deal with. The interest on the demand obligations now
held by this Government, it was indicated to-day, amounts to about
.1475,000,000 a year.
One of the serious questions which the Treasury has had to face was the
It has been argued by some
collection of this interest, as the law provides.
authorities that the Government which is paying interest to its own people
on the money loaned to foreign countries, should collect the interest due it
On account of the rates on foreign exchange,
as a matter of good business.
however, it has been difficult for this Government to arrive at a basis for
the interest payment and it was felt by Treasury officials that it would be
better to await the return of stable conditions before insisting upon a
collection of outstanding interest on foreign obligations.
,
THE CHRONICLE
Jan. 15 1921.]
211
LIKELIHOOD Til AT QUESTION OF FUNDING BRITISH method and time of payment of interest on obligations of
DEBT WILL AWAIT HARDING ADMINISTRATION. foreign Go\ernments acquired l)y the Go\ernment of the
United States. Still another resolution introduced by Sen.
The Now York "Times" in Wasliiiifjtoii advices, Jan. 10,
stated that
be
it is tlie
made by
no definite decision will
of the present Administra-
belief there that
the Treasury officials
tion eoncerninij the reported desire of the British (io\ernment to refund tlie interest charges and possibly the i)riucipal
made
Great Britain during the war. While
envoy, will shortly begin a s(>ries
of conferences with Secretary of the Treasury Houston and
of the loans
Lord
to
(^lialmers, the British
other Government officials in regard to the loans the "Times"
reports it as probal)le that such negotiations will not be coinl)leted hy Marcdi 4, wh(>n the Harding Administration will
go into i)ower. Ft says fiu*th(>r:
Senator Anliur ('apper of Kansas is proparwl to start a discussion of tho
quftstion on the floor of the Senate in the event that there seems to be a likeIt is understood
lihood of anything definite beint? done before Mareh 1.
that there are other Uepuljliean Senators wlio feel as he does.
The Ways and Means ("oniniittee has admitted that it is within th<" authority of Secretary Houston, under the terms of the Victory Loan Act. to
arrange for refunding tlie principal and interest on the loans. But it is not
felt here that Secretary Houston would seek to put into effi'ct, at this time,
any program in regard to the British loans which might embarrass the in-
coming Administration.
Senator Clapper expressed surprise that tho Uriti.sh (iovernment should
even endeavor to open negotiations on so important a Question with the
present Administration, in view of the fact that it will soon be retired.
The discussions leading up to an agreement probably would require
several weeks under the most favoral)le conditions.
SIR ROBERT
HORNE PROPOSES CANCELLATION OF
Walsh on Jan. 12 calls upon the Secretary' of the Treasury
and the Secretary of Sate to furnish to the Senat<' all official
correspondence l>earing on negotiations f(jr the payment of
interest and refunding of obligations of foreign governments
Both resolutions were
acquired by the United States.
on
Foreign
Relations; the one
referred Xo the Committee
calling for copies of correspondence, readis as follows:
Hesolreil, Tliiit tho Seci-etary of the Troasur>' and the Secretary of State
be, and they hereby are, dlrec-ted to tran.smit, as .smin as practicable, to the
Senate copies of all official corresijondence and other doi-umeuis relatlntt
to the negotiations for the payment of interest on and refunding of the obligations of foivign Govenunents acfiuirod by the United States under tha
provisions of Section 2 of the First Liberty Loan .\ct, approved April 24
1917; Section :i of the Second Liberty Loan .\cl approved Sept. 24 1917:
Section 2 of the Third Lil)erty Loan ,\(t, approved April 4 191S; Sefnion 2
of the Fourth Liberty Loan -\cl approved July 9 1918; and Socllon 8 of the
Victory Liberty Loan Act approved March :i 1919.
Resnired ft/rlhcr. That the Secretary of State and the Secretary of the
Tr«isury be, and they hereby are. dii-ectod to advi.se the Senate whether
any negotiations touching the matters referred to have been conducted by
oral exchange in whole or in part, and if so, to communicate to the Senate
in substance the proposals submitted during the course of such exch;inges on
behalf of the Government of the United Syates and such foreign Governments, respectively.
,
,
On
Jau. 13 Senator La Follette introduced a resolution
requesting that the Secretary of the Treasury and the Secretary of State refrain from effecting any arrangement with
Great Britain concerning the indebtedness x\ithout the
approval of Congress.
ALL WAR DEBTS TO STABILIZE EXCHANGE.
As the only
is
made by
Sir
solution of the exchange question the proposal
Robert Home, President of the London Board
that America waive England's indebtedness, and
This
that England do the same as to European countries.
proposal of Sir Robert's was suggested in an interview in
the London "Graphic," according to press cablegrams of
Jan. 0; in the inter\dew in which he is said to have urged the
adoption of a spirit of calculated constructive optimism to
meet the world's commercial and financial depression, he
is reporteti as ha\'ing declared that American's participation
in the world regeneration was essential, but that unfortunateHe is
ly the United States was not helping at the moment.
of Trade,
said to have added:
The attittide of Ajnorica is strictly self-contained, but there is a mo\enient on fot which I hope may lead to something.
The only solution of the exchange question, as of so many others bearing
upon it is the proposal mooted some time ago that America should waive
England's indebtedness upon condition England does the same with other
European countries. In a word, that there should be a foregivness of
debts all around. This would not only help to stabilize European exchange
values, but would help America herself, who today finds herself in the
<-uiious position that the high value of a dollar prevents her from selling.
A
special
also reports
cablegram to the
him
New York
"Times" on Jan. 6
as saying:
The Government fully realizes rlie need at all costs of getting the world
to work again. The Government is prepared to consider seriously the
extension of credit to Austria, Hungary, Poland, Rumania. Bulgaria and
Czechoslovakia, but not to Germany, at least not at this juncture. .The
position in regard to Germany is the blunt fact that she is dumping profusely
and we have reason to believe there are German financiers who are trying
to keep the mark depressed so as to enable them to knock out England
and other countries from the world's markets.
.4
NEW
U.
S.
BRITISH PROPOSAL FOR TAKING OVER BY
OF EUROPEAN DEBTS TO GREAT BRITAIN.
A i)lan for stabilizing world finance whereby the L^nitcd
States would take over Europe's debts to Great Britain was
made by Sir J. C. Stamp, a British economist and formerly
Chief of the Inland Revenue Serxice, writing in the London "Times" on Jan. G, according to a copyriglit cablegram
bj-^ the Chicago Tribune Company, which also stated:
He
pointed out that Great Britain owes the United States £867.000,000
(normally about $4,li.'j.5.000.000), while the allied European nations owe
Great Britain £1,7.31.000.000 (about $8,055,000,000). In other words
Great Britain borrowed from the United States to lend to the Allies before
America entered the war, partly because England was better security than
the others. The British economist believes that if America had entered
the war earlier she would probably have lent direct.
He also declares that America would have a better chance in getting
collections than Great Britain because she would be less amenable to
political and other considerations affecting Europe.
He says such an
arrangement would also restore dollar-pound exchange, thus re-establishing
trade on a sound and permanent basis.
YORK CHAM HER OF COMMERCE APPROVES
REPORT URGING BANKERS TO AID MERCHANTS
ENGAGED IX FOREIGN TRADE.
.VA'Tr
A
report in which
it
was declared that
it
will
l)e
iii)i>ossi-
merchants of the country to hold their normal
trade abroad unless they are placed promptly in a position
to sell their bills of exchange, and handle the busine.ss
along usual lines, was i)reseuted at the regular monthly
meeting of the Chamber of Commerce of the State of New
York on the 6th inst. The report, which was unanimously
udoiitcd. urged that banks and I)ankers extend to merchants
enga.ued in foreign trade "every justifiable and proper facility for the conduct of business." The following is the report
which was i»reseiited by William E. I'eck. as Chairman of
the Chamber's Couiiaittt^e on Foreign Couunerce and the
Revenue Laws
ble for the
The export business of the United States, it is stated, has fallen off during
the year 1920 by tiot less than one billion five hundred million of dollars.
This was to be expected due to the natural reaction after the war.
It is obvious, based on present figures, that our export trade will decline
very much more heavily during the present year unless some action is taken
to prevent such an unfortunate result.
It is absolutely essential, for the welfare of the country, of our iiroducers
and of our manufacturing industries, that our foreign Ijusiness shall be
preserved, and increased to the fullest extent that is po.ssible.
It will be impossible, however, for the merchants of the country to hold
their normal trade abroad unless they are placed promptly in a po.sition to
sell their bills of exchange, and handle the business along iLsual lines.
It is therefore the sense of the Ghamber of Commerce of the State of
New York that oiu- merchants engaged in foreign trade, having now laid
the situation before the banking community, shall ha\ e the present perilous
position of our export trade carefully considered by the bankers, and that
our banks and bankers are urged to extend to our merchants every justifiable
and proper facility for the conduct of business.
It is also the beUef of the Chamber that every possible coasideration should
be granted the exporters in dealing with the complicated problems facing
them in adjasting their payments with the importers abroad, to the end
that they may arrange their collections, and liquidate their accounts on as
favorable and fair a basis as can be mutually accomplished through co-<iperation
and
justifiable concessions.
Respectfully submitted.
William E. Peck. Chairman
Cieorge F. Trowbridge
R. A. C. Smith
Edwin
John P. Fowler
Henry A. Caesar
William H. Douglas
J. Gillies
Committee on Forciyn
Commcne and
the
Revenue Laws.
WALTER LICHEN STEIN ON PRESENT FINANCIAL
SITUATION AS AFFECTED BY FOREIGN TRADE.
DR.
"The Tresent Financial Situation," Dr.
Walt(>r Lichensteiu. Foreign Trade Adviser of the First NaIll
a discussion of
of Chicago, undertook to point out wherein, in
his opinion, this situation is vitally afftn-ted at the ].re.<eut
time b.\ conditions regulating our foreign trade.' Mr. Lichtional
Rank
whose remarks were addressed to the Detroit Chai>American Institute of Banking on Dim?. 14 declared that he was not one of those who has an exaggeratetl
ensteiu.
RESOLUTIONS CALLING FOR INFORMATION ON
GREAT BRITAIN'S INDEBTEDNESS TO THE
UNITED STATES.
Under a resolution introduced on Jan. 12 bj- Senator
Walsh, of Massachusetts, the Secretary of the Treasury
would be prohibited without the consent of Congress, from
exercising the authoritj' conferred on him under the several
Libert}' Loan Acts, to determine the maturity of, and rate.
ter of the
oiMuion of the extent of our foreign trade. According to
Mr. Liclienstein. there has l)een altogerher too much "big"
talk in relation to the possil)ility of developing our export
Mr. Lichenstein stated that it cannot be poiutetl out
trade.
too often that in the long run it is impossible to have export
trade witliout import trade fer a large proportitm of goods
:
,
THE CHRONICLE
212
buy from us imisl, he paid In turn by
Hond to us. Consequently, he contends,
if we Increase our export trade largely there must be a
soni(>\vli!if (•()rn'si)<)n(ling iiKTcase of our import trade, and
this may nieau serious comi)etition with industries existing
in this country. At present, he .said, the difficulty with our
whole foreign trade is chiefly due to the fact that our exports so largely exceed both in quantity and value our imports.
In part, he continued
ir I may be pennlttod to do so, I should like at thi.s point to give a few
wliidi odicr
goods wbirli
«"ouTi(ri('H
(lu'y
I have been spending considerable time lately
figures showing what 1 mean.
seeking to estimate the total amount of production in this country of raw
material as well as of manufactured goods, and how much of this total production Ciinnot be consumed in this country and therefore must find markets
outside of our own borders. The conclusion which I reached Ls that our
total production stated In pounds amounts to about 6. .500. 000. 000, 000, and
that of this we must export about 4% or roughly 260,000,000.000 pounds.
Stated in dollars, at present prices, our total production amounts to about
$160,000,000,000 a year, and our surplus, to be exported, is about 5%, or
$8,000,000,000. You will notice that stated in values our exports are a
little larger proportionately than when the same facts are stated in pounds.
The reason is that export prices are relatively somewhat higher than domestic prices, for the former Include In the nature of the case a certain amount
of profit and other items. However that may be, we are safe in assuming
that our exports represent somewhat umler 5% of the total mount of maThis seems relatively a small amount,
terial produced In this country.
but it is Just the difference between good times and bad, for I have heard it
stated that 10% is all the spread there Is between a boom and a panic.
As I have tried to show you, of these 10% about half is represented by our
export trade.
I have stated that we cannot hope for a continuation of our exports permanently unless we have also imports. If a country buys from us much
more largely than it sells to us it must make the difference good by means
of pajTiient in gold, or by selling us insurance, or by expenditures on the
part of our tourists, or by selling us securities. Let us look in detail at
these various items, and in order to obtain a proper perspective let us for a
moment glance at the situation before the war. Sir George Paish, the well
known British economist, wrote some years before the war a booklet entitled "The Trade Balance of the United States," which was published by
the National Monetary Commission. Ho estimated that at that time the
United States made a net annual pajiiient to other countries for interest
and dividends upon capital of about $22.5,000,000. In addition, our tourFurthermore,
ists expended chief ly in Europe a sum of al)out .1170,000,000.
he estimated that inhabitants of foreign extraction in this country remitted
yearly about $150,000,000 abroad, and, finally, the net sum which the
United States paid to other countries for the transportation of merchandise
he estimated to be about $25,000,000. In other words, America, according
to Sir George's estimate, had to make before the war an annual payment of
about $595,000,000 for purposes other than for the purchase of goods from
other countries, that is, the exports of merchandise, gold, and silver from
the United States had to exceed the aggregate value of the merchandise, gold,
and silver imported by nearly $600,000,000 in order that payment could
be made for interest, tourist expenditures, and the like. Consequently,
before the war if the visible balance of trade was in our favor by a considerable sum it was no more than was needed to balance accounts.
What is the situation to-day in this regard 7 Instead of there being about
$6,000,000,000 of European capital invested in "permanent" securities in
the United States and a floating debt of about $400,000,000 in addition
owing by this country to Europe, or call it in round numbers $6,500,000,000
of European capital here, it has been estimated that of this amount $4 ,000 000,000 to $5,000,000,000 was repaid during the war. In addition, our
Government has lent European Governments about $10,000,000,000, and
according to estimates prepared by Dr. B. M. Anderson, Jr., of the Chase
National Bank of New York, Europe owed on Sept. 15 1920, an unfunded
debt of over $3,500,000,000 to private individuals, banks, and corporations
In the United States.
Furthermore, there was loaned by individuals in
this country to European Governments or invested in private enteiprises
large sums, which must amount to about $1,000,000,000. making the total
which Europe owes to us about $14,500,000,000. Consequently, Instead
of a net payment of interest on our part to foreign countries of $225,000,000,
foreign countries must now make a payment to us for interest charges of
probably about $900,000,000, annually. How is Europe to meet this
enormous annual charge? As I have stated above, the easiest way would
be for Europe to sell us more goods than it buys from us, but there are no
Indications that our balance of trade will become an adverse one, and about
the best that Europe can hope for is that the balance of trade may not continue to be quite as largely in our favor as it has been in recent years.
To be sure, for the ten months ended October, 1920, the total balance of
trade in our favor amounted to $2,101,000,000, as against $3,400,000,000
for the same period in 1919, and for Europe the improvement Is even relatively a more marked one, the balance in our favor for the ten months ended
October, 1920, being $2,600,000,000, as against $3,700,000,000 for the same
Obviously, however, all this will not aid in cancelling the
I)eriod in 1919.
existing debt and thus bring exchanges back to normal and make it possible
for Europe to purchase from us within paying exorbitant prices in its own
currency. Thus we have a vicious circle. Europe will not buy from us
anything which it can obtain elsewhere until the rate of exchange shows some
Improvement. The rate of exchange will show no improvement as long as
there is a far greater demand for American bills than there is a demand here
for European bills.
After all, rate of exchange is regulated, as every
other commodity is, by the supply and demand.
Very well, then, Europe will pay in gold. But at present one-third or
more of the total gold supply of the world is already in the United States,
and foieign countries are forbidding as far as possible the further exportation
In spite of this, our gold supply in recent months has been
of their gold.
The imports of gold during October amounted to $117,000,000
increasing.
compared with $39,000,000 in September of this year and $5,000,000 in
October of last year. These are the largest gold Imports of any month in
the last three j ears. Gold imports during the ten months ending October
amounted ta $316,000,000 in 1920 against $61,000,000 in ihe same period
of 1919. Gold exports in October were $26,000,000 this year, against
$44,000,000 last year, and for the ten months ending October, $285,000,000
this year, against $270,000,000 last year.
Our gain in the supply of gold,
then, for the year to date, has amounted to $31,000,000.
If we take a
longer period of time, let us say from Jan. 1 1919, we find that we have
snipped abroad about $330,000,000 more gold than we have received. This
has been due to the fact that we are the only free gold market in the world,
and owing to the fact that Europe will and cannot ship gold we have been
unable to use our European credits to pay our South American and Far
Eastern debits. At the same time, we require more gold for our own
reserves because it takes a far greater amount of money to finance the same
production than formerly. Federal Reserve notes in circulation have in.
,
[Vol. 112.
creased since the close of the war $7.53,843,000, and while at the time of the
armistlco the gold reserves of the Federal Rcwjtvo banks were 49.9% they
are at present only 44.1
and In recent months have often been even closer
to the legal minimum of 40%
It Is clear that there is not enough gold In
the world for Europe to pay its IndebtodneKs to us.
flow, then, if ever. Is Europe to meet the annual Interest payment if we
do not buy a sufficient amount of its goods and if It has not sufficient gold?
I have mentioned, as other possible means for Europe to cancel its indebtedness: the expenditures of our tourists, marine Insurance, freight charges,
and remittances on the part of people of foreign extraction living In this
country to their relatives abroad. But all these Items are not likely to
reduce the annual amount duo us by much more If as much^than $400,nOii.OOO, leaving still a balance of $500,000,000.
We have, then, left only
one method by which Europe can pay. and that Is the one which Great
Britain and some other European countries employed before the war with
marked success In dealing with debtor nations. Payment for goods sold
was not expected; the credits were largely left in foreign countries and Invested in the securities of these countries. It is in this way that out own
country was developed by European capital in the days when balances of
trade were not In our favor.
Our railroads and our farms and many of
our other industries were developed during the Nineteenth Century largely
by British, French, German and Dutch capital. But are we in a position
at the present moment to buy foreign securities to any large extent, and if we
can do so, will we do so? It seems to me that there are two points to be
made here: In the first place, we have by no means turned our backs on
suffering Europe as has sometimes been claimed.
In addition to all the
credits to which I have referred, it must be remembered that the American
Red Cross the American Relief Commission and individuaU have expended
for charitable purposes untold millions in Europe since the armistice.
Secondly, we are not in a position at the present moment to do much more
than we have done. We must first of all put our own financial house In
order.
It Is clear that this has not been done If it be noted that on Oct. 22
bills discounted by the Federal Reserve banks for their member banks
amounted to $2,749,282,000, so that in spite of all the efforts of the Federal
Reserve banks to bring about deflation very little has been accomplished
for at the corresponding period of last year the total bills discounted
amounted to only $2,082,139,000.
This item of $2,749,282,000 of rediscounted bills in the Federal Reserve
banks Is all the more interesting if we look at its constituent elements. It
consists of $1,199,139,000 of bills secured by Government war obligations
and $1,550,143,000 of bills secured by commercial Instruments, &c. If we
take the corresponding figures on Oct. 24 1919, we find that the total
amount of bills rediscounted was, as I have said, $2,082,139,000, of which
$1,666,055,000 was secured by Government war obligations and only
$416,084,000 by commercial paper and the like. In other words, as Dr.
Anderson pointed out, the present Inflation must be due very largely to our
unflnanced export trade, for we know that recently there has been a considerable contraction In domestic trade, and since there has been only a
slight increase in rediscounts due to undigested Government war obligations
there is really nothing left except our export trade to which can be ascribed
continued inflation. If we take loans and investments reported by member
banks the result is even more striking. The total on Oct. 15 1920, of all
loans and investments was $17,283,996,000, of which 5-3% were loans
secured by Government war obligations, while on Oct. 17 1919 the total of
all loans and investments was $15,433,563,000, of which 8.4% were loans
secured by Government war obligations.
As regards our willingness to take long term securities from Europe.
So far we have done very little. Since the middle of 1919 virtually the
whole export balance has gone on open account, and long time loans made
by private investors in American to Europe have been exceeded by old
loans maturing within the same period, so that the new loans have done
nothing to create new credit resources for Europe. Much of this burden
has been borne by London, which has purchased with sterling or with short
term dollar obligations the great bulk of the franc, lire and other Continental
exchanges created in the United States. In addition, London has purchased great quantities of goods from the United States and other parts of
the non-European world for cash or on short credits which she has resold to
the Continent on long credits. This is one of the chief reasons that sterling
exchange has been unduly depressed as compared with its intrinsic merits,
while Continental exchange rates have been held above the figures which
they would have reached in the absence of London support.
"What is the way out of this dilemma? Evidently we must have foreign
trade in order to take care of our surplus production, for our capacity to
produce has expanded enormously in recent years, probably as much as
50% since 1909. If we do not market the surplus we shall have plants
shutting down right and left, imemploy ment, and all the attendant evils of a
long continued business depression. On the other hand. I have sought to
show so far the following:
1. Europe cannot cancel all her indebtedness by means of merchandise.
2. There is not sufficient gold in the world t« cancel Europe's indebtedness to us.
3. Imports of merchandise from Europe plus Invisible items are not sufficient to cancel the indebtedness.
cannot continue indefinitely to sell on open EMX»unt since this is
4.
largely the cause of our present credit Inflation.
5. The country so far has shown little desire to invest in foreign securities
to a sufficient extent to cancel the indebtedness.
Id^my opinion the only way to meet this situation is the one which has
been pointed out by experienced financiers ever since the Armistice. We
must establish foreign trade financing corporations of great magnitude such
as that suggested in the call of John S. Drum of San Francisco, President
of the American Bankers' Association, to consider the formation of a corporation of $100,000,000 capital for the financing of American export trade.
No ordinary commercial bank can possibly handle this kind of business.
Commercial banlis cannot afford to tie up their resources in fixed assets to
any large extent for any great length of time. If they did it would mean
that they could not extend to our OAvn business men the credit needed. We
need "a single institution, national In its scope and control, of great financial
power, operating under the supervision of the Federal Reserve Board, and
in accordance with the terms of the Edge law, which shall receive foreign
securities and by selling debentures against them to the American investor,
furnish to the American producer and manufacturer Immediate payment
Such an organization will Inspire sufficient confidence, it
for his exports."
is to be hoped, to enable it to sell its securities to the American people.
This is the greatest promise which is held out to us that matters will right
themselves. Europe in its turn, must continue to work, work, work, and
In this respect
curtail as far as pssible all unnecessary importations.
Great Britian, which is infinitely better off than most other European powers
For the ten months ended Oct. 31 1919, the adverse
is showing the way.
balance of trade of Great Britain was almost £700,000.000, while for the
same period in 1920 the adverse balance was only slightly over £530,000,000.
If we take into consideration the invisible items which in the case of Great
Great
Britain are still very extensive the accounts probably balance.
Britain has still invested in foreign countries and in her coloniesl$20,000.000,000, and only owes to this country and her colonies about S8,-
%
,
.
—
,
We
,
THE CHRONICLE
Jan. 15 1921.]
000.000,000, leaving a not balance In her favor of $12,000,000,000. To be
sure, souie of the sums duo hor, as those from Russia, which owc*s Uruat
Britain approximately $2, .500 .000. 000 may never bo paid, but neviTiheli'ss
Hot
there Is still a very substantial balance in favor of Groat Briiaiu.
insurance companies, esp(x:ially those soiling marine insurance, still remit
largo sums to London, and she still has, after uU, the largest moi-chant
marine.
Buropo^tn countries must seek by all moans possible to reduce thoir
govorumontnl expenditur(« and must coaso printing paper money without
adequate reserves. In this last respect there has boon altogether too little
Improvement. Mr. (). I>. Austin, .Statistician of Iho National fity Hauit
of New Yorlc. has estimated that while at the end of the first peace year
the outstanding paper money in the world amounted to. roughly, $5.5.000.000.000. it has now iucroased to about $82,000,000,000, with a cousenuent
reduction of gold rosei-ves from 13. .5'!, to 9.2''c.
It is unfortunate, also,
that political conditions in Kuropo and the attitude of labor the world over
appear not to have roiiched a point whore tho future can bo vicvviyl witli
imqualified confidence.
ISritish labor shows increasing rcstiveuess, tho
Irisli and other crises are ever with us, and tho liussian siluutiou has still
to be conclusively settled.
Uowevoj. wo should not despair. Kven as
regards Uolshovisui, remombor that conservative business men at the end
of tho Kighteonth Century must have felt about tho French Kovolutlon
much as we do about the events in liussia. And still out of all the turmoil
of that time ultimate progress came, and although wo do not soe tho road
I have no doubt that somehow or other we shall find the path loading us to
more stable and better conditions, enablinj; us to surmount the difficulties
which confront us at home and abroad at tlic present time.
213
week announces that the settlement f just concluded "will
not involve and renders unnecessary tho liquidation of Mr.
Ryan's extensive holdings."
It also states that the settle-
ment does not affect Mr. Ryan's litig^atiou against the New
York Stock E.vehange. The following is the statement in
full:
The affairs of Mr. Allan A. Ryan and Allan A. Ryan & Oo. have now boen
satisfactorily settled by agreements this day executed 'and 'deli vured.
Tho (iuarauly Trust ('o and Mr. Alvin Untermyer have been rt«<iue6l«d
and have agreed to act as Joint trustoos under the agrooment.
Mr. Hyan retains control of his proi>ertlus. whicti will I'unliuue to be oi^
era ted as heretofore.
Tho settlement will not involTO and renders utmoc«(isary the liquidation
of -Mr. Kyan's extouslvo holdings.
The .sottlomeut arrived at does not affuct Mr. liyan's litigation against
tho Stock Kxehange, which will be pressed with all ix>sslble energy.
Mr. Kyan takes this ojiiiortunity to deny the many ba.selebs and foolish
rumors that have been circulated concerning his relatioiis in banking icrclea
and to give public exi)russiou of his ai)prociation of the uniform juslii-e and
courtesy that ho has received.
UNIT OF TRANSACTION ON PITTSBURGH STOCK
EXCHANGE TO BE 100 SHARES.
a recent vote of members of the I'ittsburgli Stock
Exchange it was decided that bid and ask quotations to be
posted on the board must be for at least 100 shares. The
Pittsburgh Despatcli of Dec. 21 in reporting tliis said:
By
CO-OrERATlON AMONG EXPORT CREDIT DEPARTMENTS SOUGHT TO PREVENT CANCELLATIONS.
Realizing that merchants abroad who formerly paid their
"Quotable" lots
Heretofore quotations were posted on 50-share orders.
are now refusing shipments and cancelling of penny mining stocks remain unchanged at 500 shares No ctiangc was
contracts, the National Association of Credit Men announces made in "quotable" sales, the minimum remaining at 10 shares, with the
that 300 of the largest exporters in this country are co-op- exception of bank stocks, all sales of whidi are recorded.
erating as never before in their business history by exchanging credit information regarding their customers so as to
MEETING OF CURB, STOCK
BOND MARKET,\INC.
form an impenetrable barricade against unprincipled foreign
Regarding the first formal meeting on Jan. 4 of the new
buyers and professional commercial swindlers who see in
curbiorganization, the New York "Commercial" of Jan. 5,
the United States an opportunity to order merchandise for
said:
which they do not intend to pay. Following an experiment
Members 'of the Curb, Stock and Bond Market of New York. Inc held
of fifteen months, during which time these exporters con- their first formal meeting last night at Milano's Restaurant, No. 39 Beaver
ducted a non-profit-making Foreign Credit Interchange Bu- Street, at which officers were elected and the constitution of the organizathe organization
tion was read.
The Ciu-b, Stock and Bond Market
reau, under the auspices of the National Association of which is opposed to the New York Curb Market Association, which is
Credit Men, the supervisory committee in charge of the planning to erect a stock exchange on Trinity Place near Koctor Street.
Officers elected were: Thomas A. Cook, I'rosident; John N. Van der Leith,
operation of this department has decided that now is the
Treasurer, and Harry L. Casey, Secretary. All of the officers have been
opportune time to launch a country-wide campaign to enroll working for some time for the definite organization of the cm-b market
700 additional American exporters as members of the insti- to continue basiuess on the open street. The next meeting will be held
11 at which time a board of governors will be chosen.
tution.
When the Bureau has 1,000 members it will consti- Jan.
The body
Provisions in the constitution call for an initiation fee of $100.
tute the most complete source of credit Information in the is chartered as a board of trade and is incorporated under the laws of the
country, according to J. W. II. Ross, Chairnian of the mem- State of New York. Offices are maintained at No. 35 Broad Street.
William G. Gallagher, familiarly known in the Street as "Billy" Gal
bership campaign committee. Mr. Ross is quoted as saying:
Mr. Gallagher alleged that the Cin"b
lagher, was the principal speaker.
"Practicai and systematic co-operation among export credit departments
Stock Excliange Building would prove a "white-elephant" on the hands of
will bo one of the most important factors in following out the policy of
its promoters, in that it would produce no revenue and would be a constant
caution now necessary in making foreign shipments. A large amount of
drain on those who had to pay the bills.
bills iJionii)tly
AND
,
i
.
the present cancellation and bad debt losses could have been avoided if all
export departments had co-operated through some standardized medium.
Co-operation in export trade has been discussed and eulogized for years,
but its practical application has been badly neglected.
"During the past fifteen months the Foreign Credit Inter-Change Bureau
has demonstrated its immense value to its supporters in carrying on a
systematic and standardized exchange of ciedit information and supplying
general information of value to the membei-s.
"A weekly confidential bulletin Is issued for the exclasive use of the
members. This publication contains data that Is not available through
customary sources. It enables our members to keep in close touch with
the conditions and lecent happenings in various foreign countries.
"The significant value of the Foreign C^redit Interchange Bureau is
reflected in the resolution passed at the recent International Chamber of
Conmierce convention which appointed committees from the four foreign
Powers represented to investigate the possibilities of establishing similar
Interchange bureaus in their raspective countries. Our nation anticipated
this action by a whole year as we had already established just such an institution.
It now behooves our American exporters to support this movement
and make it what it deserves to be one of the strongest pillars of our
—
foreign credit structure."
RECEIVER APPOINTED FOR SHELTON (CONN.) BANK
& TRUST CO.
Ex-GoA'ernor M. H. "Holcomb was appointed receiver of
the Shclton
Bank & Trust Co. on
We
of tho Superior Court.
bank
in
our issue of Jan.
Jan.
1.3
by Judge Keeler
referred to the closing of this
8.
AGREEMENT ENTERED INTO FOR SETTLEMENT OF
ALLAN A. RYAN'S AFFAIRS.
It was made known in a statement issued on Jan. 11 by
Samuel Untermyer that tlie adjustment of the affairs of
Allan A. Ryan and Allan A. Ryan & Co. had been satisfactorily effected in agreements which liad been executed
under which the Guaranty Trust Co. and Alvin Untermyer
have agreed to act as joint trustees. It will be recalled
that toward the end of November Mr. Samuel Untermyer
consented, under certain conditions,
Mr. Ryan, a reference to this having
of Dec. 4, page 2184.
At the same
that a committee of bankers was being
of
Mr. Ryan's
affairs.
to act as counsel for
appeared in our issue
time it was reported
formed to take charge
Mr. Untermyer's statement of this
IF. P. G.
HARDING OF FEDERAL RESERVE BOARD SEES
DEPRESSION NEARING ITS END.
W. P. G. Harding, Governor of the Federal Reserve Board,
speaking as a guest of the Fidelity & Deposit Co. of Maryland
at a dinner in New York City on Jan. 7 to commemorate
Franklin D. Roosevelt's election as a Vice-President of that
companj\ expressed his belief that the country generally has
"I think undoubtedly that
recovered its normal condition.
the worst is over," he said, adding:
As to the revival of trade, there are signs on the horizon that the extreme
depression which has occurred in some industries is nearing its end. There
is already a better sentiment in the woolen market in Boston, and the
woolen situation has been one of the worst which we nave had to contend
with in this country. There are indications that the cotton mills will soon
need increased supplies of raw cotton.
The first essential for the restoration of world trade is the establishment
of peiice throughout the world.
I think the hope of American trade lies in the establishment of foreign
finance corporations as provided in the Edge Act; and yet, to be perfectly
frank, that must be a very slow and gradual development, because foreign
trade at the present time is accompanied with very many pitfalls and complications.
No corporation can sell its debentures or obligations to the public that
does not immediately establish a reputation for conservatism and security,
rather than a disposition to do business for volume without reg:ird to
We have got to feel our way along gradually, and if and when a
.security.
condition arises when the investment market of this country, which now
shows signs of recovery, can be so strengthened and when Europe can furnish attractive securities and attractive investments to Americans, then it
will be possible to re-establish our foreign trade on a broader basis.
PAUL M. WARBIRG ELECTED TO FEDERAL
ADVISORY COUNCIL.
Paul M. Warburg, formerly Vice-Governor of the Federal
Reserve Board, has been elected a member of the Federal
Advisory Council for the Federal Reserve District of New
York to succeed A. Barton Hepburn, who has served for the
last
his
two years.
own
re quest.
Mr. Hepburn was relie\ed of the
Mr. Warburg has been chosen
during the current vear.
office at
to serve
—
_
,
THE CHRONICLE
214
or mjw york fI':di:ral reserve
HANK PLEADS GUILTY TO THEFT.
Acpordins: to the Now York "Times" of Jan. 12, Arthur
j:ui-i.())i:k
Chief of the money division of
the Federal Reserve Bank of New York, pleaded guilty
before Federal Judge Dietrich on Jan. 11 to having roblx-d
the bank, and was sentenced to two years in the Atlanta
C.
DmickoliTiJVTi, Assistant
penitentiary.
The aeeused, it is stated, was arrested on
June 23 by Secret Service Agent Ruvano and was eliarged
with eounterfeitinfj.
It was explained that the prisoner had
raised one dollar hills to hills of lurfjer (hmomination which
lie
had substituted for the genuine currency.
NEW
The
DIRECTORS OF BUFFALO BRANCH OF FEDERAL
RESERVE BANK OF NEW YORK.
following announeement
Reserve Bank of
New York
was issued by the Federal
yesterday
(.Jan.
An
OFFERING OF TREASURY CERTIFICATES OF
INDEBTEDNESS.
offering of
,
M
FLOYD IKARD MADE CA SHIER OF HOUSTON BRANCH
OF DALLAS FEDERAL RESERVE BANK.
been made cashier of the Houston branch
Bank of Dallas succeeding Paul S.
Miller, who tendered his resignation on Dec. 1 to take
Mr. Miller will retire from the banking
effect Dec. 31.
field and 'will return to Dallas as head of a large paving
concern. Air. Ikard has been identified vdth banking
Among other posts held by him, he
interests since 1904.
served as Auditor of the First Ntional Bank of Fort Worth
and also as auditor of the Security National Bank of Dallas.
In 1918 he became affiliated with the Federal Reserve banking system as Assistant Manager in the war loan department
of the Dallas Bank.
lia.s
of the Federal Reserve
two new
of
sciries
Treasury Certificates of
or thereabouts, was
announc('d by Secretary of the Treasury Houston on Jan. 9.
Both series will be dated and bear interest from Jan. 15
1921; one of the issues. Series E-1921, will carrj' interest at
and vnW mature April l."> 1921; the other, Series F-1921
The
will bear
interest and will mature Oct. 15 1921.
last previous offering also embraced two series. TJ 2-1921,
running for six months from Dec. 1.5 1921, and bearing interest at 5^%, and the other, Series TD-1921, at 6%,
maturing in one year, or on Dec. 15 1921. The certificates
do not bear the circulation privilege and will not be accepted
in payment of taxes.
The certificates will be issued in
denominations of .S.500, •?! ,000, .?5,000. -SIO.OOO and SI 00.000.
Inde})tedne,ss, aggregating
.'$2.'>0
,fKX) ,fXX)
5^%
5^%
The certificates
14):
additional directors have been appointed to serve on the board of
the Buffalo Branch of the Federal Reserve Bank of New York. E. J.
Barcalo, president of the IJarcalo Manufacturing (Company of Buffalo, was
appointed by the Federal Keserve Board and Thomas E Lannin, VicePresident of the Lincoln Allianre Bank of Rochester, by the Federal Reserve
Bank of New York. The object of the increase in the number of directors
is to Kive representation to the banks of Rochester, and also to have on the
board a member active in industrial enterprises
The five former directors of the Buffalo Branch were reappointed. They
are Frank L Bartlett. President of the Exchange National Bank, Olean,
N. Y.. and Clifford Hubijell, President of the Fidelity Trust Company,
appointed by the Federal Reserve Board, and Elliott C.
Buffalo. N V
McDouKal. President of the Marine Trust Company of Buffalo, Harry T.
Ranisdoll, President of the Manufacturers and Traders National Bank of
Gidney, manager of the Buffalo Branch, appointed by
Buffalo, and R
tlie Federal Reserve Bank of New York
Two
Floyd Ikard,
NEW
[Vol. 112.
of Series E-1921 will
have one interest coupon
attached, payable April 15 1921, and the certificates of
Series F-1921, two interest coupons attached, one for semiannual interest payable July 15 1921, and the other payable
October 15 1921
The circular issued by the Federal Reserve
Bank of New York regarding the offering also says:
The certificates of said series shall be exempt, both as to principal and
interest, from all taxation now or hereafter imposed by the United States,
any State or any of the possessions of the United States, or by any local
.
taxing authority, except (a) estate or inheritance taxes, and (6) graduated
additional income taxes, commonly known as surtaxes, and excess profits
and war-profits taxes, now or hereafter imposed by the United States, upon
the Income or profits of individuals, partnerships, associations or corporations.
The interest on an amount of bonds and certificates authorized by
said act approved Sept. 24 1917, and amendments thereto, the principal
of which does not exceed in the aggregate $5,000 owned by any indi-vidual
partnership, association or corporation, shall be exempt from the taxes
provided for in clause (b) above.
The right is reserved to reject any subscription and to allot less than the
amount of certificates of either or both series applied for and to close the
subscriptions as to either or both series at any time without notice.
Payment at par and accrued interest for certificates allotted must be made on or
before Jan. 15 1921, or on later allotment. After allotment and upon
payment Federal Reserve banks may issue interim receipts pending deliver}of the definitive certificates.
Any qualified depositary will be permitted
to make payment by credit for certificates allotted to it for itself and its
customers up to any amount for which It shall be qualified in excess of
existing deposits, when so notified by the Federal Reser\e Bank of its
district.
Treasury certificates of indebtedness of .Series B-1921, maturing
Jan. 15 1921, will be accepted at par. with an adjustment of accrued interest,
in payment for any certificates of the Series E-1921 or F-1921 now offered
which shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotment In full in
the order of the receipt of applications up to amounts indicated by the
Secretary of the Treasiu-y to the Federal Reserve banks of the respective
districts.
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
The Federal Reserve Board
Washington announces the
following list of institutions which were admitted to the
Federal Reserve System in the week ending Jan. 7 1921:
Du^tricl
No. 6
at
—
Capital.
OiTville Bank & Trust Co., Orrville, Ala
Distrirt .\n.
9^
The Farmers State Bank, Hayfield, MinnBank of Boulder. Boulder, Mont
Bankof Commerce, Forsyth, Mont
Montana Trust & Sa\-ings Bank, Helena,
Mont
Total
Surplus. Resources.
$25,000
$26,500
$202,612
25,000
50,000
75,000
14,000
25,000
638,418
649,005
944,324
The
$125,000,000 in certificates due on Jan. 15, and at the same
time provide a margin for expenses not met by current
revenues during the first part of the year when tax returns
are lightest.
CIRCULAR OF
1.50,000
Philipsburg State Bank, Philipsburg, MontLittle Horn State Bank, Wyola, Mont
40,000
25,000
District No. 12
First State Bank, Richfield,
25.000
.37,500
75,000 1.969. .591
15,000
491,471
6,750
117,364
4.000
200.209
The Federal Reserve Board has granted permission to the
following institutions to exercise trust powers:
The First National Bank of Biddeford, Biddeford, Maine.
The First National Bank of Bordentown, Bordento^vn, N. J.
The First National Bank of Blairsvllle, Blairsville, Pa.
Guy
F. ALLEN NAMED AS U. S. TREASURER.
SUCCEEDING .lOHN BURKE, RESIGNED.
F.
AUen
of Somerset,
Md., was named by President
Wilson on Jan. S as Treasurer of the United States. Mr.
Allen, who has been Assistant Treasurer, will succeed
John Burke as Treasurer, whose resignation w-as referred to
in these columns last week, page 112.
It was accepted
by the President on che 7th. Mt. Burke resigned to form
the co-pa rtuershi[> with Louis Montgomery Kardos, Jr.. under the firm name of Kardos «& Burke.
BROWN
BROS,
CO. DELIVER CHECK TO PRESIDENT
WILSON IN PAYMENT OF NOBEL PEACE PRIZE.
tt-
Brown Brothers & Co. this week delivered to President
Wilson a cheek in payment of the Nobel Foundation Peace
Prize awarded him last month.
Y.
FEDERAL RESERVE BANK ON
SAVINGS SECURITIES.
A
circular
regarding the reimbursement of authorized
War
agents and sales stations for unsold
and Stamps
Idaho
N.
REIMBURSEMENT FOR UNSOLD TREASURY
of 1920
was issued
Savings Certificates
as follows on Jan.
.3
Case, Acting Governor of the Federal Reserve
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE New
BOARD TO EXERCISE TRUST POWERS.
(}UY
flotation of the $250,000,000 issue, Treasurj- officials
Government to meet the maturity of
state, will ena])le the
by J. H.
Bank of
York:
FEDERAL RESERVE BANK OF NEW YORK.
Government Bond
Department.
/Circular
•
)
No. 3331
January 3
1921/
Reimbursement for Unsold United States Government Treasury Savings
Securities.
Surrender of War Savings Certificates and Stamps. Series of 1520, Treasury
Savings Certificates, Series of 1920. and Thrift Stamps. Held
by Authorized Agents and Sales Stations
To
all
Incorporated Banks and Trust Companies in the Second Federal Reserve
District:
-\ny incorpora ed bank or trust company may receive from any sales
upon presentation of satisfactory evidence of its designation. War
Savings Certlficat Stamps. Series of 1920, and Thrift Stamps remaining
unsold at the close of business on December 31 1920, and may make cash
reimbursement to the sales station for War Savings Certificate Stamps at
the rate of S4 24 each and for Thrift Stamps at 25 cents each.* Such
surren ers and reimbiu^ements should be made on or before January 20
1921. Al' unissued lank War Savings Certificates of last year's series
may a so be so surrendered but no credit or reimbursement will be made
for su h blank certificates.
Such stamps and certificates so received by
banks and trust companies should be delivered to us on or before January 31
1921 or accoimting and reimbursement accompanied by the proper schedule, a copy of which is herewith enclosed.
(Form GB-127).
station,
.
,
* Un ted States Thrift Stamps, issued at any time on or after December 3
1917, will be on sale during 1921, and appropriate arrangements will be
made for the exchange of filled Thrift Cards for War Savings Certificate
Stamps, Series of 1921.
THE CHRONICLE
Jan. 15 1921.]
Surrender bu Collateral (uul Cash Auenis.
institution in tills Federal Ueservo District quallfltKl a^
a 'collateral agent" should deliver to us by or befort^ the end of this month
all of la-st yeju-'s Treasury SavinRs Certificates and War Savings Certificate
Stamps obtahied by It from us and not sold before the end of the year, and
shall thereupon receive appropriate cretllt in its account with us.
A "cash agent" surrendering such swurities to us on or before January :il
1921, will be entitled to cash reimbursement at a rate equivalent to the
coiTont redemption value at the time of surrender.
A copy of Treasury Department Clircular No. 220, containing the Treasury's regulations governing such surrenders by sales stations and aulhorlztxl
agents, is enclosed herewith for your information.
Very truly yoiu-s,
J. 11. CASE. Acting GoeemoT.
Each banking
JUDGE GARY SEES NOTHING UNFAVORABLE IN
BUSINESS HORIZON.
outlook, issued on
C'liairnian
of the Board of
.Jan. 12, Judfje Elbert 11. (.Jar\
the United States Steel Corporation declared he thought
himself justified in saying; that, so far as his information
e.xtends, there is nothing unfavorable in tiie business horizon.
"Certainly at present" he says, "the tendency is toward
improved business conditions. This does not necessarily
mean that there is a decided increase in volume but it does
.mean that the general aspect, including the temper of busiIf that continues, he added, \\v are
luess men is" better.
certain to have decided improvement within a comparaIn a statement bearing on
tlu' l)usiness
,
lively short time." Judge Gary also says:
As before stated, the principal reason for apparent dulncss
in sonic lin(>s
that the purchasing public is waiting for such information as will influance them to conclude bottom prices have been reachtxl. It sliould bo
e k'ident to everyone that in certain lines or departments further decreases
I have
in' selling prices are uecesisary, and therefore likely to be reached.
ht'^ird of cases where lower prices have been fixed by retailers than the prices
they paid to the wholesalers for the same goods, which shows a disiKJsition
to make adjustments which have l)een determined upon for the purpose of
coimpleting readjustments, promptly disposing of stocks and of getting
int o a financial position which will enable the retailers to proceed in the
ijii
215
KOUEIUN UOLDIN G8 OK HUAHE8 OP U. S. 8TEEL COKhOKATloN
CuiiimoH
SUKk—
Afilca
Algeria
Dec.'il Dec. 31 Dec. 31 Dec. 31 Dtc. 31 Dec. 31
1918. ..1917.
191t)
1919.
1915
1920.
89
76
23
15
7a
Utrc. 31
34
23
150
23
38
340
472
53'J
«»0
2.625
2,639
95
3.609
4t
18
17
&4.269
382
8
IS
Australia ...
Austria
Helglum
lierinuda
Uracil
Uriiish India
Canada
31.311
CentralAmer
34
Chile,
China
Denmark
l.'>9,6i:i
13,939
1,015
Holland
The
STEEL CORPORATION.
forei^^n holdings of shares of the
United States Steel
Corporation have undergone a further reduction as is disclosed by th(! figures for the quarter ending Dec. 31, 1920,
made
The
foreign holdings of common stock
on that date stood at 292,835 shares, as against 323,438
shares on Sept. 30 last, while the holdings of prefeired stock
were 111,436 shares on Dec. 31 as compared with 118,212
shares on Sept. 30.
On Dec. 31 1919 the common holdings
were 368,895 sbares, while the preferred shares held abroad
aggregated 138,r)66. Contrasted Avith the period before the
war the shrinktige in foreign holdings, is very striking;
in the case of the common stock, foreign holdings which now
as stated, amoun.t to only 292,835 shares, on Mar. 31 1914
aggregated 1,285,636 shares. The foreign ff^ holdings of
preferred which stood at 312,311 shares on Mar. 31 1914,
now amount to only 111,436 shares. Below we furnish a
detailed statement of the foreign holdings at various dates
since Dee. 31 1914 to the latest period:
just
pi-ibhc.
80
28
876
38
41.639
1
24
31.662
78
24
38.011
18
10
11
30
79
235
13
lH6.:i«7 172.453 173.074 192.250 355.088
28.607
959
29,700
891
2
a
s
30.059
612
34,328
628
50.193
1.178
45
40
"40
"40
125
65
6
165
23
163
16
1
Norway
Peru
Portugal
19
281
281
66
8
Kuxeinbourg.
Malta
Mexico
710.621
64.637
2.664
100
342,646
69
59
160
50
256
269
55
Japan
Java
914
279
1,730
281
280
2.991
146
6
75
154
20
75
140
20
75
250
20
76
300
70
1
3
19
4
20
190
Kuni:inia
76
75
482
3.435
10
4.208
'555
70
'549
80
'366
64
510
68
8W)
1.226
1.649
1.292
1.442
1.512
13
1.267
16
1.470
16
liiLssia
Scotland
Serbia
Spain
Swexlen
Switzerland
125
103
8
302
.
1
Turkey
Uruguay
Wales
West Indies.
14
.860
200
Total
"io
"16
39
30
3.590
3,228
4.049
30
3,690
Argentina
67
70
34
9
"15
105
1,5
"15
104
2,463
120
73
2.463
120
379
683
314
343
84
314
120
84
36'.836
42"673
2. ,566
Azores
120
117
Belgium
Bermuda
285
20
Brazil
British India
Chile
Colombia..
Denmark
1.811
9
25
105
55
78
35
37,703
23,663
3.796
65
23,094
302
318
2,087
1
1
1
23
23
50
245
7
"28
23
119
4
58
China
_
Egypt
England
__ _
31,:^06
France
18.649
4,142
37
13,935
Germany
305
505
Ireland
Italy
Japan
Luxembourg.
Malta
Mexico
Morocco
50
25
Norway
Peru
Portugal
Russia
Scotland
Total
Sept. 30
Dec. 31
25,896
3.865
65
25,264
352
315
25,763
862
65
25.274
403
3.483
120
341
339
25
82
354
35.876
33
23
50
30
140
25
16
119
36.453
237
24
57
30
140
50"429 147.453
27,863 32.524
935
1,330
38
38
25,384 26,494
58
75
11
484
2.086
697
21
31
81
34.673
146
12
42
40
140
174.906
36.749
3.262
38
29.000
'456
2,028
61
15
"826
2.185
3"929
2.148
61
15
61
15
405
6
405
406
"465
7
16
16
236
"26
"26
1,979
23
6
78
171
229
l';270
l'.366
283
2.174
100
39
560
1.370
2,672
100
1.156
2.707
4,119
1,678
81
7
31
6
6
'"7
1,270
252
220
880
734
220
710
1,136
2,848
100
24
1,259
1.136
3.043
100
27
6
5
"33
120
43
13.747
220
432
12,256
220
45
863
874
111.436 138.566 148.225 140,077 156.412 274.588
309.457
June 30 1915
Sept. 30 1915
Dec. 31 1915
June 30
18
379
40
39',779
"ii
Mar. 31 1916
Sept. 30
Dec. 31
31
55
76
3.683
120
50
30
178
6
June 30 1914
Dec. 31 1914
Mar.
120
331
53
84
352
36,201
37",936
33
100
49
1.145
1.131
COMMON.
—
44
105
24
19
"23
"12
Mar. 31 1914
Mar. 31
June 30
623
1.872
1,952
.
Turkey
Wales
West Indies.
Mar. 31
June 30
'31.'.
1.568
421
1,130
2,695
100
7S8
Sweden.
Switzerland
1
27
105
55
78
14
.
Serbi a
.Spain
June 30
Sept. 30
Dec. 31
45
1.952
—
123
.\u.stria
Mar. 31
Sept. 30
Dec. 31
Mar. 31
1
292,835 368,895 491.580 484.190 502,632 696.631 1,193,064
Australia
Date
.
"si
Preferred Stock
Africa
_
Algeria
Sept. 30
31
S.
45'.6i3
15
95
7
73,861 124.558 229.286 229.185 234.365 238.617
India
Ireland
Italy..
Dec.
U.
36
118
73
26
43
30
472
2,626
97
(iibrallar
Greece
Holland
India
FOREIGN HOLDINGS OF
36'.686
64
36
2.887
2,629
107
48
()(»
ume
1
80
16
Egvpl
England
Kraiue
(iermany
Canada
32.580
CentralAmer
24
Also it must be evident to everyone that a large percentage of workmen
are d'isposed to and are proposing reductions in wages immediately followThis
ing tlie action of their employers to make reductions in their prices.
I hope and believe this disis a g ood sign and will have a decided effect.
position on the part of employees will be reciprocated by the employers.
I D otice by the published reports the cash in circulation per capita at
the pi-esent time is nearly $60. This means over six billion dollars of money
in circulation, and it is a good guess that a large part of that will not be
deposited in vaults or hidden. The natural tendency of any person with
ready money is to spend that money for goods or property when the possessor has reached the conclusion that all prices are reasonable, and it is
the temdency of men of means to make extensions or imijrovements by the
erectioia of buildings or otherwise whenever the proper time arrives.
But mother important thing to be remembered is that a reasonable supply of iVhe necessities of life of themselves involve large expenditures of
money, and in this country, unlike most other countries, there is enough
money t o make purchases for that purpose. Even though people generally art i economical as they ought to be, and I hope will be, still they should
and will make enough purchases to supply their necessities as to bring a
substantial prosperity.
In the .steel business to-day those who are buying are doing so from the
standpoint of necessity, and this, up to date, has secured for our corporation, at lc;ist. a satisfactory volume of business, considering the times, and
will. I hot*, enable us to continue the payment of interest and the usual
Under these circumstances, how could we be other than optidividends.
mistic?
T his is the season of the year for dull bu.siness. if there is to be
any; it is a time for taking inventories, repairing furnaces and mills, stripping mines for the next season's output, putting steamboats, engines and
cars in good repair, and in every way making full preparation for the business which we hope and expect will be offered during the year.
And yet,
notwitlLstand ing these conditions and circumstances, as I have stated, we
are doing a :substantial business.
2.888
2.689
84
146
119
regular way.
TPhis is only an illustration of what must be done in all lines before we
can expect good business. However, we all Icnow by experience that after
any movement of importance commences, as it progresses it gathers speed
and will, wthin a short time, reach a momentum that means pretty early
comipletion of the movement. I see increasing signs of a disposition on the
part, of producers and sellers to recognize (flnditions and to submit to such
reductions in selling prices as are necessary before a return to normal volof business.
78
80
76
86
3,049
2,264
97
79
Argentina
1»U
1916
1916
1916
1917
1917
1917
1917
1918
1918
1918
1918
1919
1919
1919
1919
1920
1920
1920
1920
—
1,285.636
1.274,247
1.193.064
1,130,209
957.587
826.833
696.631
634.469
637.809
602.632
494.338
481.342
477.109
484.190
485.706
491.464
495.009
491.580
493.562
465.434
394.543
368,895
348.0.36
.342,667
:123,43S
292.835
PREFERRED.
Date
25.29 Mar. 31 1914
25.07 June 30 1914
23.47 Dec. 31 1914
22.23 Mar. 31 1915
18.84 June 30 1915
16.27 Sept. 30 1916
13.70 Dec. 31 1915
12.48 Mar. 31 1916
10.68 Sept. 30 1916
9.89 Dec. 31 1916
9.72 Mar. 31 1917
9.4.'5 June
30 1917
9.39 Sept. 30 1917
9.52 Dec. 31 1917
9.56 Mar. 31 1918
9.66 June 30 1918
9.73 Sept. 30 1918
9.68 Dec. 31 1918
9.71 Mar. 31 1919
9.16 June 30 1919
7.76 Sept. 30 1919
7.26 Dec. 31 1919
6.84 Mar. 31 1920
6.74 Jime 30 1920
6.36 Sept. :^() 1020
5.76 Dec. 31 1920
Shares. PerCent.
1.137
2.617
100
1.068
Shares. PerCent.
8.67
312.311
8.68
312.832
8.59
309.457
308.005
8.66
8.41
303.070
297.691
8.26
274..'588
7.63
7.27
262.091
4.76
171.096
1.56.412
151.757
142.226
140.039
140,077
140.198
149,032
147.845
148.225
149.832
146.478
143.840
138..566
127.562
124.346
118.212
111.436
4.34
4.21
3.94
3.69
3.88
3.90
4.13
4.10
4.11
4.16
4.07
3.99
3.84
3.64
3.46
3.2S
3.09
In the following table is shown the number of shares of the
Steel Corporation distributed as between brokers and investors, on Sept. 30 and Dec. 31 1920:
foreign
Dec. 31.
1920.
1,279,557
3,803,468
Brokers, domestic and foreign
Investors, domestic and foreign
271.508
3.331.303
Common
—
Brokers, domestic and foreign
Investors, domestic
Preferred
—
and
Sept. 30.
25.17
74.83
1920.
1.560.125
3,522.900
7.53
92.47
266.596
3.336.215
Ratio.
Ratio.
30.69
69.31
7.42
92.58
The following is of interest as it shows the holdings of
brokers and investors Z7t Netv York State;
Comnum
—
Dec. 31
Brokers
Investors
Preferred
—
Sept. 30
1920.
Ratio.
1920.
Ratio.
1.011,819
1.425.264
19.90
28.04
1,259.328
1.275.906
24.77
25.10
230.8.55
6.40
40.68
221.599
1.481,340
6.15
41.11
Brokers
.
Investors
.1,462.187
THE CHRONICLE
216
HAUMOM)
BOARD ON
NATIONAL A(!Ri:EMhjTS— LABOR'S CHARGES
OF INFLATED COSTS.
llEAUIXCti
I'.KhOHE
LAliOll
On
Jan. 10, tho IJnilod Slates Railroad Labor Board hogan
on tho question of the continuation,
abro;;ation or niodifieation of the National Apfreomonts,
rules and workin": conditions institulod by tho Unitcnl
States Hailro;id A<iniinistration and still in offoct upon the
Tliis is the sooond part of the labor question sulirailroads.
in Cliicufro its hoarintrs
mitted lo tlio Railroad Labor Board in Ai)ril, 1920. The
Board's Dc^eision of July 20 1!)20, given in the "Chronicle"
of July 24, page 347, passed only on the question of wages,
and asked for a continuation of the rules, working conditions
and agreements above referred to until the Board could
undertake the present hearings. With the opening of the
hearings this week charges v,ere nuidc that the railroads of
the country are in a conspu-acy to create unemployment and
re defrauding the American people out of millions of dollars
tln-ough the operation of a cost-plus system of contracts with
equipment and repair comjianies. These allegations were
made by representatives of employees of the roads who
repoatcnl the threadbare allegations (so often denied) that
of the railroad mileage in tho country was controlled
S0%
by the Morgan-Steel interests and that maintenance costs
had been inililrd at the expense of the pubh'c. This was
done, according to tJic .-statement of B. M. Jewell, head of the
Railway Employes' Department of the American Federation
of Labor, by letting contracts to equipment companies "conHe
trolled by the .same banks that control the railroads."
is said to have added:
Under the guarantee of the Esch-Cummins Act the alleged inflated costs
constitute a fraud against the United States Government and operated to
throw out of employment more than 50,000 skilled railway employees
Mr. Jewell
is
also reported as saying that railroad con-
by a group of twelve New York banks,
and insurance companies, "dominated
by J. P. Morgan & Co. and that only twenty-five men are
He
the instruments of this and an even wder control."
added that this same group of banks had interlocking direcThe
torates with twenty of the leading equipment concerns.
trol
exercised
is
companies
trust
E. T.
operators presented counter testimony;
Whiter, Chairman of the Conference Committee of Managers
of the Association of Railway Executives declared that the
charges had no relevancy to the hearings on rules and working conditions, and that they were made to divert public
His statement
attention from the matters in controversy.
railroad
was as
follows:
The statement made on
behalf of the labor organizations this morning
consists of a series of reckless general charges which their spokesman says
they will not attempt to substantiate at this time and which have no relevancy whatever to the question of the continuance of national agreements
or to any other question now pending before the Board.
The apparent purpose of the labor leaders in introducing such a statement
Is to divert public attention from consideration of the matters actually in
controversy and under consideration by the Kailroad Labor Board. The
very fact that they are trying in this manner to divert public attention from
the matters actually in controversy leads to the conclusion that they have
no confidence in the real merits of their case. To us it is a matter of
profound regret that in a hearing so important there should be injected a
series of charges admittedly unsubstantiated, and that these charges should
be coupled with the insidious intimation that unless this board follows a
course satisfactory to the employees "the service rendered to the public will
inevitably suffer.
The statement read into the record by the labor representatives will not
divert us from the presentation, in an orderly manner, of the real question
long pending before the board, and such presentation we shall now proceed
to
make.
De Witt
Cuyler, Chairman of the Association of Railalso took occasion on Jan. 10 to deny the
Executives,
way
them as inflamatory, extranand
characterized
allegations
discussion,
and full of insinuation
under
eous to the subjects
statements,
The
Mr. Cuyler said,
and false conclusions.
movement
to appeal
were apparently "evidenceof a concerted
to the public over the heads of the Inter-State Commerce
Commission and the Railroad Labor Board and to confuse
the effort to deal wth the subjects in controversy in an order-
T.
manner."
statement showing the objections of the railroads to
the continuation of the National agreements, and pointing
out the necessity, from an operating standpoint, of ehminating many of the rules and working conditions contained
therein, was presented to the Labor Board by Mr. Whiter
during the week's hearing in Chicago. It was contended
ly
A
by the representatives
of the railroads that the National
Agreements between the railroads and various classes of their
employees, standardizing the latter's rules and working conditions throughout the Nation, which were instituted six
months before the end of Federal control, should not, in the
interests of "honest, efficient and economical management"
be continued longer under private operation.
"The only
[Vol. 112.
parties
who
are fully qualified lo consider such
individual managements and their
employees," Mr. Whiter, flhaimian of tho Manzigers' Committee presenting tiie can-iers' side of tho controversy,
testified.
Tho rea.sons for the carriers' opposition to National Agreements were outlined in the opening statement on
beliaif of the railroads.
This opposition a^jcording to Mr.
Whiter's testimony, is based on the facts that:
1. They are ultra-rcsirictive and therefore prevent the "honest, efficient
and economical management demanded by the Transportation Act;
regulations
are
tho
2. The variable condition.s in different fvcctions of the country make tba
universal application of their provisions impracticable;
3. The existing rules, the contmuation of which Is projjosed by the men,
are capable of various con.structions;
4. The existing agreements provide that the rules contained therein shaJl
apply to all employes of any particular craft regardl&ss of the department of
the railroad In which tho man is employed; thus leading to a division of
jurisdiction and a conflict in the working rules applicable to employees
engaged In tho same work.
5. The existing agreements have destroyed acknowledged efficient and
economical practices such as the piece-work system for regulating rates of
pay;
0. The railroads must have relief from the rules controlling the employment of men, which are so restrictive as to prevent them from obtaining a
sufficient number of employees in certain departments, thus i nterfering with
output and causing dtiay to the movement of traffic;
7. The agreements contain many rules which provide for payment for
work not performed, and thereby cause many millions of dollars of unneces-
sary expense annually.
In presenting the carriers' stand on the issue, Mr. Whiter
said:
The railroads do not object to schedules (the technical term for railway
agreements) properly negotiated and entered into with their own employe*
as is evidenced by the fact that nearly all, if not all, of the roads represented
by this Committee, have had schedules with the various train servioo
organizations for many years.
Prior to Federal control, some roads had schedules with other classes c<f
their employees; many had no schedules with any crafts other than the train
service organizations, but there were no so-called "National Agreements"
which made all rules uniformly the same throughout the country. AJl
roads that did have schedules directly negotiated them to fit their ovn
conditions with their own men, and in every case the railroads had the undisputed right to negotiate their own schedules, which was denied duriig
Federal control.
Under Governmental control the railroads -were imified, and the Direckor
General entered into so-called "National Agreements" with the shopmen,
maintenance of way employees, clerks, firemen and oilers, and signalin«.n.
The first of these so-called "National Agreements" was made with the shop
crafts less than six months and the last, that with the signalmen, only a few
days before the return of the roads to their owners. These agreements
which were of universal application for the period of Federal control, -wera
specifically recognized by the parties signatory thereto as effective duf ing
this period only, and contain nothing that would Impose such obligation
upon all roads alike after individual responsibility had to be assumefl by
the separate railroads for their successful operation as separate propen;ies.
Therefore, we contend that under private control, consideration joust
necessarily be given to the conditions and peculiarities of operation on the
individual properties in the preparation of any r^ulations governing the
working conditions of employees of those properties.
The only pa rties
who are fully qualified to consider such regulations are the Individual loianagements and their employees.
Many of the rules in the so-called "National Agreement*" are so 'ultrarestrictive that they positively prevent reasonably economidal operations
and result in serious interference with efficiency and production. Ther«
should be no such interference with the responsibility of the manage ments
as might unreasonably impair the efficient and economical operation of the
properties, of which responsibility the managements cannot divest themselves, and which responsibility is specifically placed upon them, by the
provisions of the Transportation Act, 1920, in the following lanfjuage:
"The Commission
shall give due consideration amoiig other
things, to the transportation needs of the country and the necessit.y (under
honest, efficient and economical management of the existing transf .ortation
facilities) of enlarging such facilities in order to provide the people of the
United States with adequate transportation."
The responsibility upon the individual properties, and the ra'.'iable conditions which are encountered in the different sections of a country so large
as the United States, we hold makes impracticable the univena.l applicaWe hold
tion of the provisions of the so-called "National Ap'eements."
also that many of the rules are so worded that they are capablo of various
.
.
.
constructions and have resulted in so-called Interpretations v&ich are in
fact new rules; others are impracticable of application withorit incurring
excessive penalties. Experience in trying to work under the rules has
demonstrated that they have resulted in extraordinary numer o us questions
from both the employees and the managements. This in itself .makes the
respectfully ask, therefore, that this
rules particularly objectionsable.
Board leave the individual roads free to negotiate their owii schedules, so
as best to meet justly the widely varying conditions on the (lifferent roads.
We hold that this principle is recognized in Section 301 of tlie Transportation Act itself, which provides that the railroads and thfflr employes
shall negotiate directly ivith each other to the fullest extent before referring
questions at issue to other tribunals.
The so-caUed "National Agreement" covering the shoT> crafts provides
that the rules contained therein apply to all employees <*f any particular
craft regardless of the department in which employed.
Under these conditions portions of gangs are necessarily governed by one set of rules and
other portions of the same gangs by another, which bi obviously wholly
wrong in the principle and practice. Employees of each department should
be separate and distinct from the employees of any otlier department, and
should be governed entirely by the rules or schedules of the department
There should be no division of jurisdiction.
in which they are employed.
It is true that certain mechanical work is required In tlie maintenance,
of way department. Nearly aU of it is road work, perf iormed under entirety
different conditions than prevail in shops and shop ruJ(es are not applicable.
The employees who perform this work must be tralne'l, supervised and promoted by the officials of the department in which they are employed, in
order to secure that efficiency, economy and dispat<jJi which is essential to
good management and the proper discharge, by the i.silroads, of their duties
Rules agreed upon by the li»divldual railroads with
as common carriers.
their employees can be so constructed as to give emjiloyees who are members
of the same craft, but employed In different departoients, all of the protection to which they are Justly entitled.
We
THE CHRONICLE
Jan. 15 1921.]
Those roads, rupresented by this Committee, which have bet-ii working
on the eight- hour day basiis, will continue to do no uulesis changed by mutual
agreement with their employees, but they must liave tlie right to re-establiJi
more efficient and economical i)ractices, when It is found desirable and pracWe refer, among other things, to piecv-work metliods
ticable to do so.
which were abollsiied. This action has cost many milliuns of dollars to the
roadjj wiiich had for years successfully produced much of their output by
piece-work methods. Tlie exci\ss cost, which is really a loss to tlie railroads, is piling up day after day and w.ll cont.nue to do .so as long as the
railroads are prevented from re-establishing the piece-work basis and until
the railroads are free to re-establlsli .such former practices they will not bo
able to comply wholly with the requiremeiitt- of tiie Transi)ortatlon Act.
By this method the output of the shop is increased, and tlio workmen on
account of their ability and skill are afforded opportunity for receiving
Increased compensation over and above what they would receive working
on the day basis. The pieco-work method is well recognized as being the
most efficient method of operation and proof of this is the large number of
manufacturing plants throughout the United States winch are working on
a pieco-work basis and further proof that many men desire pieco-work, is
that, when this method of pay was aboli.shed, a great many employees left
the railroad shops and entered the .service of car building and other manuAmong
facturing plants where the piece-work system of pay w as in effect.
the elements set forth in the Tran.sportatlon Act for determining rates of
pay is "The training and .skill required." We hold that tlio piece-work
system of pay affords a specific basis for compensating employoes under
this requirement, whicii at the same time is just and reasonable.
Mr. Whiter then poiulod out the necessity for relief from
the restrictive rules regarding eniploj'ment which are interfering with output and causiuf!: delay to the niovement of
traffic and the fallacy of i)eri)etualing National Agrccnu'iits
with organizations which do not represent all the employes
In conclusion, he said:
of a particular class on all railroads.
We believe that the Board should not approach this subject from the
angle of a schedule with any organization; or that the Board can properly
say what organizations shall or shall not represent the employees. The
subject should be dealt with from the standpoint of what are the proper
regulations for the character of service under consideration, and that the
question of whether they shall be applied on the individual properties, in the
form of a scliedule with certain organizations, depends upon the policy of
the indi^^dual property and the desire of the majority of the respective
employees on that property.
We f iimly believe that the Board will be convinced that the widely varying
conditions on the different railroads can be properly considered and dispo.sed
of only by direct negotiations on the individual properties, and will accordingly deny the request of the employees for continuatien or perpetuation of
the so-caiied "National Agreements," together with the interpreations and
rulings thereon.
BANKS AND RAILROAD
INTERESTS OF EFFORTS TO DISRUPT LABOR.
LABOR'S CHARGES AGAINST
Charges that railroad interests in conjunction with J. P.
& Co., the United States Steel Company and other
interests are operating to lay off railroad employees, and
generally to disrupt labor organizations were made in a
statement addressed to the Inter-State Commerce Commission by W. Jett Lauek, in behalf of the Inter-National Association of Machinists.
A similar statement was made by
B. M. Jewell of the Railway Employees' Department of the
American Federation of Labor, before the U. S. Railroad
Labor Board with the opening of the hearings in Chicago on
Morgan
Monday
last, on the question of the continuation or modifications of National working agreements.
Mr. Jewell's
charges are referred to in another article in to-day's issue of
our paper in which hio deals with the statements made at the
hearing, and wherei^nwe also refer to the denials which have
been entered against .;he allegations. Mr. Lauck's petition
reads as follows:
Hon. Edgar E. Clark. Chairman
ton, D. C.
Sir:
—
wish respectfully to
I
Jnter-State
make
Commerce Commission, Washing-
petition to your honorable
body on
behalf of Mr. William H. Johnston, President of the Inter-National Association of Machinists, whom I represent, that an immediate inquiry be
instituted into the present practices of a large number of railways in entering into contracts to have their locomotives and car repair work performed
in outside establishments, and to request that a public hearing be ordered
so that we, as well as other interested parties, may have an opportunity to
present for your consideration evidence which we have in our possession
as to the fundamental significance of these practices. This course of procedure on the part of the transportation industry has recently become so
extensive as to affect seriously the general public interest, and to menace
acutely the economic well-being of large classes of railroad employees, and
too. what is of even greater importance, to threaten to deprive them of
certain fundamental, industrial rights guaranteed to them by the Transportation Act of 1920.
Our own partial inquiries up to the present time jtistify us in making the
following charges:
First
The cost of locomotive repair work, when done for the railroad
by large private equipment companies under contract, costs the railroads on
an average four times as much as it costs the railroads to do similar work
In their own shops.
In other words, locomotive repair work, which would
under ordinary circimastances, when done at the present time in railroad
shops, cost from $4,000 to $5,000, tends when done under contract with
outside equipment concerns to cost approximately $20,000.
Locomotive repair work outlays for the entire transportation system of the
coimtry amoimt annually to between $500,000,000 to $600,000,000. If the
private interests involved are allowed without restraint to go Into the business of locomotive repair work, generally on the profitable lines which our
Investigation has disclosed, the effect would be to burden shippers or the
general public with an excess and unwarranted charge amounting to at least
half a billion dollars a year.
Second The same general tendencies have been brought to light by our
Investigation of freight car repair work.
Data has been secured which
show that representative railroad systems have contracted with outside
—
—
217
concerns for the repair of at least 50,000 freight cars of variuujs types. Th«
excess price paid by the railroads for the repair of cars made by (frlvatt)
companies in comparison with the eust of sinillur work in rallroitd :>lioptNi
amounts un the most conservative basis to at Kvtst S600 a ear. and in many
cases is considerably more.
If Class 1 carriers alone were generally to have
their repairs done by outside conipaili<*> on the bafils of the unwiirraillud
charges which we have discovertxi, Uie country's bill for repair of freight
train cars alone would bo increased to the extent of a quartor of a billion
dollars a y<Mr.
The
this
reasons
wlileli
have ciuistralned a large number of railways to adopt
are twofold:
profitable the opcfratioiw of certain private
iHluipment companiiti in which the railroads, or certain large banklntc
groups whicli control the railroads, are frequently Interested. As the
public pays the bill ulliiiiately for the transjiortatlon industry this ineana
that the public Is being re<iuirod, without warrant In law or ethics, to pay
undefensible charges to se<nire profiutblu returns on certain equipment
comi)aiiies which are controlled by the same financial IntertKls which control the railroads.
Many of thtKC equipment concerns made exci»islve
profits on an expandtxl caiiltal during the war period, and would not now be
profitable were It not for this policy of luaniiiulating the jjublic Intertst for
private gain.
Second In the second place, many railroad luanaguments, aspeclally
those affiliated with the banking house of J. I'. Morgan i Co., by closing
their own repair shops and contracting with private coinpaales to do their
locomotive and car repairs, evidently aim t-o disrupt railroad labor organizations which have developed during the war.
Their obvious plan is to throw
railway employees temporarily out of employment, and later when work is
ri'sumed in railway shops to re-employ the former workers, not as members
of railway labor organizations, but as individuals.
Our records already
show more than .32,000 men thrown out of work.
This phase of the matter is without doubt part of the alleged "open shop"
movement which has for its real object the disruption of all legitimate lalxir
organizations and trade union agreements. Evidence of its activity ha«
already been disclosed:
1. By its disruption of the Inter-church World Movement because It
prepared a report advocating collective bargaining in the United States
Steel Corporation, an industrial organization affiliated with J. P. Morgan
uni>rix-i'<lente<l ixilicy
Kirst
— They
di'sire to
make
—
&
Co.
In the recent startling revelations before the Lockwood committee In
to the effect that the United States Steel Corporation and the
Bethlehem Steel Company refused to furnish fabricated steel to construction
companies in New York City who employed members of labor unions.
3. In the recent refusal of the companies entering Into the anthracite
coal combination controlled by J. P. Morgan &. Co. to grant complete union
recognition to the anthracite mine workers.
4. In the present deplorable situation in Mingo and McDowell counties.
West Virginia, and in the Birmingham district in .\labama, where there has
been a complete breakdown of civil Government due to the refusal of coal
and steel companies, dominated by the United States Steel Corporation, to
grant to bituminous coal miners the rights of collective bargaining to which
they are legally entitled.
These same interests are now attempting by the unwarranted methods
we have described to deprive railroad workers of their right of collective
action.
We realize fully that your honorable body has no jurisdiction over industrial relations in general or over the relations between railway employees and
railway managers. We do claim most emphatically, however, that you
cannot permit railroad companies under your jurisdiction to take funds paid
by the public for effective transportation machinery and to use these funds
illegitimately and indefensibly for the purpose of disrupting the organizations of railway employees which received Governmental sanction and commendation furing the war. Aside from considerations of labor policy,
it is obvious that the law contemplates that revenues derived from transportation services must be economically, efficiently and honestly accounted
for or expended, and that it is the duty of your honorable body to scrutinize
the expenditures of the railroad companies to see that the public interest is
fully protected.
It is for this reason that we petition you for a complete investigation and
hearing.
We are prepared to submit to you the facts which we have already
collected and which we feel assured that your own records and inquiries
When there has been a complete ascertainment of the facts and
will verify.
we are afforded an opportunity we hope to urge in detail for your consideration the following policy in order to correct the evils of which we complain:
1. That no railroad company be permitted to enter into contracts for
repair work on locomotives or cars by outside companies luiless given a
2.
Now York
permit to do so by your honorable body, and
2. That as a condition to securing such a permit the railroad companies
must show,
(a) They carmot do the work which they wish to contract for, or,
(ft) They cannot do it at as low a cost as they can have it done by outside
companies, and,
(c) If a permit is granted that the same rates of compen-sation. and the
same conditions of employment will be observed by the contractors as are
recognized and guaranteed to railroad workers by the Transportation Act
of 1920 and the awards of the Railway Wage Board established by this Act.
The general public interest involved Ln our petition for an investigation
and hearing is evident. Our own peculiar interests are acute and immediate.
We, therefore, hope for early and favorable action upon our request in order
to prevent further impairment of the public interest and great loss and Inconvenience to your petitioners.
Respectfully submitted,
W. JETT LAITCIC.
Representing William II. Johnston. President
Inter-National Association of Machinists.
JUDGE GARY'S ANSWER TO CHARGES OF INTERNATIONAL ASSOCIATION OF MACHINISTS.
In response to a query on the subject. Judge Elbert H.
Gary, Chairman of the Board of the United States Steel
Corporation, had the following to say to a New York "Evening Post" representative on Jan. 10, relative to the charges
contained in the petition (referred to by us in another item
to-day) of the International Association of Machinists that
the corporation, together wilh railroads and banking interests
was waging war against the closed shop in American industry
and trying to break the power of labor unions.
There is no justification in fact for the claims or assertions made in this
article so far as it affects the United States Steel Corporation.
.
,
THE CHRONICLE
218
[Vol.
1155.
PIIILA
DELPHI A BOURSE PROTESTS AGAINST EFFORTS TO NATIONALIZE RAILROADS TIIROVdII
A DJl'STMES T BOA RDS.
DISTRICT OF COLUMBIA COURT UPHOLDS RULING
OF COMPTROLLER OF TREASURY REGARDING
PAYMENTS TO RAILROADS.
Followinji uymn their declaration in favor of the "open
shop" for all industries, the directors of the Phi!!idcii)hia
Bourse have filed a vif^orous ])rotest with R. M. Barton,
ehairriian of tlie U. S. Itailroad Lal)or Board, afjainst attenii>ts tiiat jire now b«'in>j; made to force what in effect they
declare would hv "nationalization" of the railroads of the
country through perpetuation or reformation of the adjustment hoards which were created under Fed(>ral control of the
carriers.
Its statement in the matter was as follows in part:
The Supreme Court of the District of Columbia on Jan. .i
upheld the ruling of Comptroller Warwick of the U. S.
Treasury that the railroads must await a final audit by the
Inter-State Commerce ('ommission before the TreasuryDepartment would be authorized to make any payments
under the guarantee provision of the Transportation Act.
Th(i decision was rendtsred by Chief Justice McCoy; with
regard to the Court's findings the Washington "Post" said:
The decision was ha'ndfxl down in mandlimus proceedings brought by
The
through its Hoard of Directors, desires
aKalnst the eontinuanee of the "National Agreements" and
"National Hoards of Adjustment" which were creatixl during the Fedc'ral
control of the railroads for consideration and action tipon questions arising
as to th(^ relations between railroad corporations and th<!ir employees, belicv^
InK that such continuance or the re-cn-ation of similar boards or agreements
would l>e contrary to the best interests of shippers, passengers and the general public and as well contrary to the spirit and letter of the Transportation
Act of 1920.
"The 'honest, efficient and economical management' of the railroads of
the country (as named in the Transportation A(;t of 1920 St!C. 422, 2 and
3, as the basis for rates to be establi.shed by the Inter-State Oommerce
Commission) is of mo.st vital concern to the commercial interests of the
country and to the general public because it is they who must pay the rates
established, and it is our belief that such 'honest, efficient and economical
management' can only l)e assured if and when each carrier and its employees
shall be permitted, authorized and compelled to settle their disputes themselves, being the ones directly interested in such disputes.
"Tlie questions or disputes arising on one road or in one locality, whether
as to rules and working conditions or as to wages, may be and frequently
are different from those arising on other roads or in other localities and to
attempt to settle all upon one basis or to make the rule apply to all must
inevitably work a hardship or an advantage to one road or locality over
another, and in the end the public must pay the bill.
" 'Honest, efficient and economical management' can only be secured to
its fullest extent when employer and employee come in closest personal contact, without intervention of parties not directly interested in any question
at issue, particularly in matters of discipline, interpretations or rules.
"Sec. .301 of the Transportation Act is mandatory in its provision for consideration and decision, if possible, of all disputes by representatives of the
carrier and its employees directly interested, before such dispute can be
referred to the other boards authorized by the Act; and in oiu- judgment Sec.
302, while reading 'Railroad Boards of Labor may be established,' &c., can
easily be interpreted to mean that it is permitted such boards may be
established by agreement, 1st. between any carrier and its employees, 2nd.
between any group of carriers and an organization of employees, or, 3rd. between the carriers as a whole and a group of organizations, as the exigencies
of the situation may require, and not simply at the will, fancy or desire of
either of the parties, carrier or employees, to select one or the other character
further believe that this view is confirmed by the provision
of Board.
in Sec. 307 (a) 'In case the appropriate Adju.stment Board is not organized,'
&c., where the word 'appropriate' we feel refers to the character of question
arising, whether localized to one carrier, one Section or the entire country.
"In the public interest we feel most strongly that the U. S. Labor Board,
upon which the public has representation, should not permit nor sanction
the formation of Boards of Adjustment of National character, and upon
which the public would have no representation, for the consideration and
decision of disputes which ar, local or even sectional in character, but that
the Labor Board should insist upon the formation of 'appropriate' Adjustment Boards as mentioned in Sec. 307 (a) to handle such questions as may
appropriately come before them.
also feel that it is to be regretted
that provision was not made for representation of the Public upon the
Adjustment Boards to be established under Sec. 302 as the interest of the
public is just as important in the consideration of question and disputes by
the Local Adjustment Boards as it is when such questions come under review
by the labor board
"We believe that the perpetuation of the 'National Agreements' and of
"National Adjustment Boards,' or the re-formation of the latter would tend
to the nationalization of the railroads which would not only be against the
interests of the public but contrary to the spirit and intent of the Transportation Act: that it would tend to place the control, so far as employees
are concerned, in the hands of the organized workmen without any voice on
the part of those not members of the organization, thus preventing "openshop operation not only as to the cairiers but eventually in all affiliated
industry, with the power on their part to enforce demands by stopping not
only transportation but all other industry throughout the country: that it
would tend to remove from the carriers the power to enforce discipline, to
employ or discharge men, or to operate efficiently or economicaUy: that for
all this the public, without voice in the matter, would be compelled to pay.
"We believe that the Intent of the Federal Congress to discontinue the
'National Agreements' and 'National Adjustment Boards' is clearly shown
by the fact that the Transportation Act of 1920 did not include any provision for their continuance and that proposed legislation looking to the making
permanent of those Boards failed of enactment.
"We believe that the permission given by the Act for the creation of Local
Boards of Adjustment, appropriate to handle the different questions arising,
will be acted upon promptly by agreement between the carriers and their
employees as soon as it is definitely and positively made known by the Labor
Board that the existing 'National Agreements' must be superseded by agreements arrived at between the several roads and their employees, that 'National Adjustment Boards' will not be authorized but that all matters in
dispute, before coming to the Labor Board must show evidence of having
had consideration by a conference of representatives of those 'directly interested in the dispute,' that an earnest effort has been made to carry out the
duty imposed by Sec. 301 'to exert every reasonable effort and adopt every
available means to avoid any interruption to the operation of any carrier
growing out of any dispute' and that failing to arrive at a decision in such
Conference the subject in dispute had had the careful consideration of an
'appropriate' Local Adjustment Board as provided for in Sec. 302 and which
in accordance with Sec. 307 (a) had failed to reach a decision within a reasonable time.
'We therefore urge most earnestly in the public interest that the United
States Labor Board make known at the earliest po.ssible moment its decision
in accordance with the preceding paragraph in the firm belief that promptly
thereafter the carriers and their employees will agree upon the establishment
of Local Labor Adjustment Boards appropriate to consider and decide such
qtiestions or disputes as may arise and which, after every reasonable effort
has been made in conference of the representatives of those drectly Interested, have failed of satisfactory decision."
to file
rhiliiclclphia Hourse. uctiiiK
its protest,
—
,
the Grand Trunk Western Railway f Company to compel the Secretary
of the Treasury to make a partial payment of $.')00.000 to the company on
account of the Oovemmcnt guarantee. Denying the mandamus. Chief
Justice McC^oy upheld the d<^ci8ion of the (Comptroller of the Treasury that
the guaranty provision of the transportation act did not permit the Secretary of the Treasury to make partial payments to the railroads in advance of
a final audit by the InterstaK; Commerce Commission showing the entU-e
amount due.
Disagreeing with the contention of coimsel for the railway company that
the expression "several amounts" in the act indicated Congress intended
partial payments might be made to any road desiring them.
(Jhief Justice
McCoy said he construed the word "several" as meaning "respective"
payments to the several roads.
According to the
New York "Commercial"
of Jan. 4.
Alfred P. Thom, general counsel for the Association of Railway Executives, in stating that an appeal would be taken,
said:
steps will also be taken to have (Congress amend the Transportation Act
it will be plain that Congress intended that partial payments of
the amounts due imder the guaranty should be made.
so that
It was stated yesterday (Jan. 14) that the House Committee on Tnter-State Commerce had begun consideration of
the Win.slow- bill authorizing the Secretary of the Treasury
to make payments to railroads authorized by the Transportation Act.
NOVEMBER OPERATING INCOME OF CLASS
RAILROADS 41% BELOW EXPECTED YIELD.
I
According to a statement issued under date of Jan. 12
by the Association of Railway Executives, reports made
,
We
We
by the railroads to the Inter-State Commerce Commission
show that the net railway operating income for November
of the Class I railroads was $57,741,937, which is $41,544,063 or 41.8% below the amount which it was estimated
would be earned under the increased rates fixed in August
by the Commission in accordance wth the Transportation
Act. The Association says:
The tabulation is based on reports received from 200 railroads with a
total mileage of 229,754 miles.
Upon the basis of this operating income, the carriers would earn annually
approximately 3
on the value of their properties as tentatively fixed
This is 1.1% below that
for rate-making purposes by the Commission.
estimated on the basis of October earnings. To have realized a retiun of
on their valuation as provided by the Transportation Act, the railroads
should have earned $99,286,000 as their November quota.
Total operating revenues for November were $568,697,087, or an increase of 34.6% over those for the same month last year, which, however,
K%
6%
was marked by the coal strike. Total operating expenses were 5485,466,885, or an increase of 29.2% compared with the same previous month.
While the net railway operating income is an incic'^se of 170.8% over that
for
November
1919, this increase
is
principally due' to the strike of bltiunlago, wl .lich greatly reduced the
nous coal miners during that month one year
freight tonnage.
Compilations show, however, that for the first quarter since the expiration of the guaranty period, on Sept. 1, the net railway operating Income
totals $219,507,735, which is $101,449,265 less than was estimated would
be earned under the rates fixed bj^ the Commission and effective on Aug. 26
last.
On the basis of that net operating income for the three-monthsupon
period, the carriers would earn 4.9% annually.
To have earaed
their tentative valuation, their net operating income should have been
$320,957,000 during that period.
As in the case of September and October, the net operating income in
6%
every district fell below the 6% retiu-n diuing November. Calculating on
the basis of the showing for November, the railroads in the Eastern district
would earn 3.06% upon their tentative valuation, the Southern district
3.12%, and the Western district 3.967o.
ANNUAL RE-UNION
OF CONSTRUCTION DIVISION
OF ARMY.
The annual reunion of those w^ho were identified with the
Construction Di\-ision of the Army during the war will be
held at the Morrison Hotel, Chicago on Feb. 25 and 26.
The afternoon of the first day and the morning and afternoon of the second day will be devoted to business sessions
and the annual banquet will be held on the evening of
Feb. 26. The membership of the Construction Division Association consists of those who served in the Construction Division of the Army during the war, either in uniform or as civiHans The officers are President Colonel Clark C Wright of
George C. Nimmons & Co., 122 South Michigan Avenue,
Chicago, 111.; Vice-President, Colonel J. N. Willcutt of
R. D. WiUeutt & Sons Company, Boston, Mass.; Secretary,
Major George Gibbs, Jr., Washington, D. C; Assistant
Secretary, William Kennedy, nffioe of Colonel Evan Shelby,
.
:
,
.
^
THE CHRONICLE
Jan. 15 1921.]
03 Wall Stn'Ot, New York City; and Tn asiirtr, Major
A. C. King, 8 South Dearborn Street, Chicago, 111. Col.
E. C. Stockdale of Pcige H Hill. 19 .South La .Salle Street,
Chicago, is Chairman of the Entertainment Committee.
HOPEFIL
\
IJJW
I'JiFiiSED
OF h'MLUOADS- FITTJRK EXBY WILLIAM Sl'IfOiLE.
In an optimistic statement as to tlie future of the railroad industry. William Sjiroule. I'residcnt of the Southern
railroads begin the new year
Pacific Co., observes that
with confidence as to their ability to meet the transportaIn showing what the railroads
tion needs of the country.
have accomplished in the ten months of j)rivate control, and
what they have In look to in the future. .Mr. S|troul said in
I
lie
from T;'„ lu «' /, at tJie very lime tbej air bfiij^ alreturn on the value of their propertlec
It is not an ideal situation.
There are some errors of judgment ia the
law.
At every point the ruilroadn meet with taxalluD aiul oUier burdens
that ariKf from the new t>cheme of taxeii in tiieee dayn.
But the presjafnt law
is the first constructive step that hais be<-n taken by the Go>errime»jt in
the regulation of the railroads and we are working to make it fully 6Ucc«Mful.
Other plans of reffulation have bw-n mostly punitive in diaracter. ajid
the present law is entitled to the Kupport of all who etrive for improved
coiKliliuiih in that transportation which is the servant of all.
The railroails have had to struggle for existence, ofLi-n against trrmeiuioua
hut we Uxik into the future not merely with hope, but with faith.
<>d(K
U e ask fruiii the public a continuation of the spirit of conibtructvie co-operation which has been so helpful toward solving our problems and for which
we have deep appreciation. The railroads in turn will c<joperate in the
de>ire to be of continued and increasing service.
losliiig the railroads
lowed
;
tion.
Without hesitation, however, the railroads have attacked the problems
Results are read in the records of
placed before them on March first last.
The unmoved loaded freight cars on December first were
achievements.
Tlie equipment has been not only reone-fifth of those on March first.
located to meet tiie changing needs of the country emerging from war into
peace, but it has been brought back a long ways towards its pre-war condiFor example, on Sept. 30 on the lines of the Southtion and effectiveness.
ern Pacific tlie Ux-omotives in bad order were only a little over 60% of
The railroads during these ten
the number in bad order on March 1 last.
months have carried the largest traffic in the- history of the country comThe average movement of freight
pared with any similar period of time.
cars since the lines have returned to private control have increased 35%
and incidentally it may be remarked that the average movement of freight
cars on the Southern Pacific per day is 40% above the average in the
United States. The Southern Pacific during the nine months ending Sept.
30 handled 750,000 tons more than during any conesponding period of any
These results have not been obtained by the railroads alone.
previous year.
They have come as a result of the team-work of the nation, the shippers and
The constructive spirit of legislation, the admirable work
the railroads.
of the .shippers in loading and unloading cars promptly, and loading them
to the maximum whenever possible, have been as great factors as the new
spirit within the railroads themselves.
The railroads are gaining in the spirit of .service and in the pride of work
Once again they have become individual companies, each with
well done.
its own forces in the field seeking to please tlie public b.v prompt attention
to its wants and soliciting patronage on the basis of service performed.
This high rivalry in service is again animating the forces of the railroads
through all ranks. The pride is in performance rather than in pay-day.
While realizing what has been accomplished, yet every thoughtful man
in the railway service, whatever his place, must feel that there is much
yet to be done before a fully efficient transportation system which will demand the full re.spect and .support of the American people, is re-created.
In every hive there are many drones.
In times of extraordinary activity
and especially war activity, these drones get more than their reward for
the time being, and sometimes, giving more energy to agitation than to
constructive work, they influence their clear-minded and industrious associates
and these also onl.v for the time being but in the end we can
always count upon the dear-thinking substratum of industrious and conscientious men to handle the problems arising with good judgment.
We are now going into a period when the drones must either get out of
the hive or work.
The other men and women in industry generally will
a.s.sert themselves in the interest of efficienc.v, knowing that the downward
course of industry must be checked
if otherwise because of falling markets
and failing work they realize that such downward course must work to their
own undoing. In all lines of business activity we are facing the condition
at the present time of having wages and expenses at their highest, while
markets are dropping and the demand for our products is less than the
.supply.
I sometimes think a large part of the trouble at present lies in
the fact that we have permitted the thought of the nation, which is the
common thought of all. to be directed by phrases that creep into the ear ol
the average man but often cover injurious things.
.Sentiment is too often
born of phrase-making.
For instance, we have heard a great deal about
"collective bargaining." The phrase very often catches the people generally
without full understanding of what it man mean eitlier to those directly
concerned or to the public at large.
Another example, is the .set phrase,
"capital and labor," which has crept into the relations of employer and employee.
The working man knows he is not a capitalist and so public
thought allows the impression that every man represents eitlier capital or
labor through the use of this set phrase. It is not true. Yet the misleading
phrase, "capital and labor," has been allowed to get into the vernacular
until it has hardened in the mind of the man who works.
The employee
and the employer are in direct relation and they both use capital, and
without capitiil neither could get along.
Another phrase by way of final example is "guarantee from the Government," as expressive of the relations between the Government and tlie railroads under the Transportation Act of 1920.
There is no such guarantee
—
;
;
since September 1.
The Inter-State Commerce Commission under tlie new
Act has established certain territorial groups in the United States and established transportation rates on a basis wliich it is presumed will give
to the railroads as a wliole in each of these groups possible earnings of 5'/2%
upon the value of their properties, which value the Inter-State Commerce
Commission is to determine. The rates also provide for another one-half
of
to be used in improving the road that earns it.
Any return above
is divided by the railroad that makes it with the treasury of the United
States.
If any railroad fails to earn its
then the deficit is not
made up from any source. Under such conditions as the Government may
prescribe loans are made to the railroads that can show need for them,
that their investment is for the public interest and they are unable to secure
1%
6%
5%%,
;
but
it
must be remembered at
this
time that money
is
LAW—INCREMENT OF AN INVEHTVOV /XCOME WITHIN THE FEDERAL
TAX LAW.
JXCOAIE TAX
part:
funds elsewhere
OVi'/c'
)//;V7'
The labor problems have been in very laifte degree settled through the
The inRailroad Labor Board provided iniiler the Transportation Act.
creased wages ritiulting and other increased costs of operation not previously reflected in hif!;her rates have been met by increases in rates determined by the Inter-State Coninurce C'onniiission its necessjuy to carrj' out
These rates were made effective
tlie intent of tlic new Transportation .\ct.
in the latter part of .\ugust, except where certain States for one reason or
another have not co-operated witli the Inter-State Commerce Commission
with respect to tlie increases affecting the movement of commerce within
It is yet too early to say whether or not these
their individual borders.
rates will give the desired results in establisliiiig the financial credit of the
railroads as a whole to the extent that they may be able to attract the
necessary money to care for the transportation needs of this growing na-
219
District Court of the I'nited States f<ir the l>isConnecticut, Judge Thomas rendered a very important decision last month, liolding that increment of value
of an investment when realized by .sale is not income within the true meaning of the 16th Amendment to the Fe<leral
Constitution. This, it is needless to say. is contrary to the
rules laid down by tlie Internal Itevcnue IJei)artment. which
has heen requiring the inclusion of .such increase as profits
siib.ieci to the Federal income taxes.
To the layman .Judge
'J'homass i-casoning seems logical and sound. It is his contention that the Income Tax Law of 191G, in so far as it
attciiijits to tax the increment is in conflict with the ai)jiortionment requirement of the First Article of the I'. S.
Constitution, being a direct tax, and not apportioned among
the several States according to population.
He takes the
<ase of Gray vs. Darlington as deciding that such increment in value is not income at all, but merely increase of
c.-ipital and not subject to a tax as income.
An interesting
question arises in connection with this decision, supposing
it to be sustained by the Supreme Court, and that is whether
if an increase in an investment cannot be taxetl a decrease
in such an investment can any longer be considered a i^ermissible deduction as a lo.ss in income tax returns. The full
text of .Judge Thomas's decision is given below:
\u
(lie
irict of
District Court of
llie
United States
Frederick F. Brewster
Al law.
Henry
v.
James
— District
J.
of Connecticut, Dec. IC 1920.
Walsh, Collector of Internal Revenue.
Parmelee and George D. Watrous, of New Haven, Conn., for
L. Smitli, United States Attorney, and Allan K. Smith,
»
Assistant United States Attorney, for defendant.
Thomas, I). J. This action ari.ses under the Income Tax Law of 1916.
The plaintiff .seeks to recover of the defendant, who is Collector of Internal
Jtevenue for the District of Connecticut, $17,089.13, which amount the
plaintiff paid to the Government under protest as an additional income tax
a.-sessed again.st him for the year ending Dec. 31 191G.
The plaintiff further claims that there is also due him the additional sum of $67.66 which
the Government concedes was an overpayment of normal tax and is rightly
due tlie plaintiff, so that the total amount claimed by the plaintiff is
$17,756.79. Trial by jury was waived and the case was tried to the court.
plaintiff
F.
;
Edward
—
The facts are stipulated. It appears that tlie plaintiff is not now nor
was he during the times mentioned herein a member of any stock exchange,
or of any similar organization or association engaged in the business of trading
in, buying or selling .securities.
Neither was he in any way engaged in
the
business of
sionally making
and occasionall.v
buying or selling stocks and bonds, otherwise than occapurchases of stock.s and bonds for investment purposes,
making sales of such stocks and bonds for the purpose of
clianging the character of his investments.
It further appears that there
arc three transactions involved in the main points raised in this suit.
The first tran.saction concenis the bonds of the International Navigation
Company. In 1899 the plaintiff acquired certain interest-bearing bonds of
that company of the face value of $191,000 in exchange for other securities
of the same corporation, and during the year 1916 he sold the same bonds
for $191,000.
On .March 1, 1913, these bonds were quoted in the market at
TJV2% of tlieir face value, so that on that day the market value of the
bonds was $151,845. The tax sought to be collected by the Government on
this transaction is based upon the difference between the sale price and the
market price of the bonds on March 1, 1913, to wit, $39,155, which amount
the commissioner taxed as income for tlie year 1916, and is part of the tax
jiaid under protest which plaintiff seeks to recover in this suit.
The second transaction concerns certain bonds of the International Mercantile .Marine Company. In 1903 plaintiff, as a member of an underwriting
.syndicate, was granted an allotment of mortg-age bonds of tlie face value
of $257,000, in return for which he paid the company at that time $231,300
in cash, but the bonds thus allotted were not delivered to the plaintiff until April, 1906, when he received tliem witli nothing by way of interest
The
on the amount of cash he had turned over to the company in 1903.
jilaintiff claims that interest at 6% for three years on $231,300 is properly
an element of cost and attributable thereto.
It becomes necessary at this point to digress from a statement of the
facts and first dispose of plaintiffs claim for interest on this transaction,
in order to determine what the bonds actually cost the plaintiff, as tlie
actual cost must be determined before consideration can be given to the
plaintiff's claims respecting the tax the commissioner assessed and which
Plaintiff's claim
plaintiff paid under protest, pursuant to such assessment.
that interest computed from date of payment in 1903 to date of receipt of
bonds in 1906, and added to the cash paid for the bonds represents the
real cost of the bonds to the plaintiff is untenable.
In Hays v. Gauley Mountain Coal Co. (247 U. S., 189) one of the questions there presented was whether the respondent should be allowed to add
interest to the amount of ca.sh it had paid in 1902 for certain shares of
the capital stock of another mining company, which shares it sold in 1911,
but the Supreme Court held that there was "no merit in the contention that
interest should be added to the purchase price in order to ascertain its
:
:
THE CHRONICLE
230
costs, " Ko
was
thilt
I
find th-it the actual cost of these bonds to the plaintiff
$i!:!i,:ioo.
the stipulation it further appears that the plaintiff sold the bonds
?270,I.'")(), part of them havin;? been sold at 107% and part at
107'/4.
But on March 1, 1913, the market quotation and market value of
these bonds was 04 bid and C,i\<i asked and at such quotation had an actual
market value of !i(l«4,480. On this transaction the plaintiff failed to make
an {[iconic tax return as to any profit or Rain by him obtained on the sale
of these bonds and was later asse-iscd an additional tax on $11,670 on the
g^round that this was the representative gain shown by the difference betwe<>n $104,480, the value of said bonds as indicated by the market quotation of March 1, I'Jl.-J, and $270,1.'')0, the price which the plaintiff received
from the sale of the bonds in 1910. The tax which was assessed on this
Prom
In
1910 for
transaction by the Commis.sioncr, and paid under protest, and which is
part of the tax here sought to be recovered, was levied upon the sum of
$lll,(i7(), which amount the Government claims represents the income received from the sale of these bonds and which amount, as stated above, was
the difference between the market value of the bonds on March 1, 1913, and
the sum received for them when sold in 1916.
The third transaction relates to a stock dividend declared by the Standard
Oil Co. of California, in which company the plaintiff owned 1,330 shares of
In 1910 the plaintiff received 005 shares of stock of said
its capital stock.
company as a stock dividend declared against a surplus 18.0754% of
which had been earned after March 1, 1913. The Government claims that
the plaintiff derived $12,019.41 tiLxable income therefrom, but this claim
has been decided adversely to the Government in Eisner v. Macomber (252
U. S., 189), where the identical stock dividend was under consideration,
so that the plaintiff, upon that authority, is entitled to recover for the tax
assessed and collected in connection with tliis transaction.
The discussion is therefore narrowed to two transactions those pertaining
to (a) the International Navigation Company bonds, (b) the International
Mercantile Marine Company bonds, both of which the plaintiff owned on
and before March 1, 1913, and which he sold in 1910, in accordance with
So that the sole inquiry here is whether
the conditions above set forth.
the difference in the amount, between the value of investment securities on
March 1, 1913, and the amounts received for such securities when sold in
1916 is taxable income within the Income Tax Law of 1916? (39 Stat.,
chap. 463, pp. 750, 757.)
The dkscussion of this proposition revolves around the Sixteenth Amendment of the Constitution and the legislation passed by the Congress after
the ratification of the amendment.
"The Congress
The Sixteenth Amendment to the Constitution provides
shall have power to lay and collect taxes on incomes, from whatever source
derived, without apportionment among the several States, and without regard to any censu.<5 or enumeration."
The pertinent sections of the statute passed by the Congress to carry
the amendment into effect provide
'"Sec. 1. (a) That there shall be levied, assessed, collected, and paid
annually upon the entire net income received in the preceding calendar
year from all sources by every individual, a citizen or resident of the United
States, a tax of two per centum upon such income.
"Sec. 2. (b) That, subject only to such exemptions and deductions as
are hereinafter allowed, the net income of a taxable person shall include
gains, profits, and income derived from salaries, wages, or compensation
for personal service of whatever kind and in whatever form paid, or from
professions, vocations, businesses, trade, commerce, or sales, or dealings in
property, whether real or personal, growing out of the ownership or use of
or interest in real or personal property, also from interest, rent, dividends,
securities, or the transactions of an}- business carried on for gain or profit,
or gains or profits and income derived from any source whatever. Provided,
that the term 'dividends' as used in this title shall be held to mean any
distribution made or ordered to be made by a corporation, joint-stock company, association, or insurance company, out of its earnings or profits
accrued since March first, nineteen hundred and thirteen, and payable to
its shareholders, whether in cash or in stock of the corporation, joint-stock
company, association, or insurance company, which stock dividend shall be
considered income, to the amount of its cash value."
It is thus apparent that the statute specifically imposes a tax upon net
income which "shall inciade gains, profits and income derived from . . .
sales or dealings in property," and then provides:
"(c) For the purpose
of ascertaining the grain derived from the sale or other disposition of property, real, personal or mixed, acquired before March first, ninteen hundred
and thirteen, the fair market price, or value of such property as of March
first, nineteen hundred and thirteen, shall be the basis for determining the
amount of such gain derived."
It is the contention ot the plaintiff that the statute is unconstitutional in
so far as it taxes as ineome the increased value of investments when realized by sale, and that such a tax is a direct tax upon capital or property
not authorized by tke Sixteenth Amendment and not a tax upon income.
In other words, that such gains do not come within the definition of income as the word is used in the Sixteenth Amendment.
On the other hand, it ia the contention of the Government that such
grains do constitute income properly taxable under the Income Tax Law
of 1910.
We are therefore brought to a consideration of the scope of the Sixteenth
Amendment, because there is no question but that prior to the adoption
of this amendment the Congress had no power whatever to tax as income
gains arising from the sale of property where the owner thereof was not a
dealer or trader in such property so as to justify an excise tax upon his
business.
In support of this rcic •iice is made to the decision of the Supreme Court
in Pollock v. Farmers' l-oan & Trust Co. (158 U. S., 601).
The conclusion
stated by Chief Justice Fuller, on page 637, is as follows:
"Taxes on personal property or on tlie income of personal property are likewise direct
taxes," and that "the tax imposed by sections 27 to 37, inclusive, of the
Act of 1894, so far as it falls on the income of real estate and of personal
property, being a direct tax within the meaning of the Constitution, and
therefore unconstitutional and void because not apportioned according to
representation, all those sections
.
.
are necessarily invalid."
In Eisner v. Macomber (supra) Mr. Justice Pitney, speaking of the Pollock case, said on page 205 "It was held that taxes upon rents and profits
of real estate and upon returns from investments of personal property were
in effect direct taxes upon the property from which such income arose, imposed by reason of ownership, and that Congress could not impose such
taxes without apportioning them among the States according to population, as required by Article 1, section 2, clause 3, and section 9, clause 4,
of the original Constitution."
The Sixteenth Amendment does not extend the taxing power to new subjects.
In Evans v. Gore (253 U. S., 245, at p. 261) Mr. Justice Van Devanter, in delivering the opinion of the Supreme Court, said:
"Thus the
genesis and words of the amendment unite in showing that it does not extend the taxing power to new or excepted subjects, but merely removes all
occasion otherwise existing for an apportionment among the States of
taxes laid on income, whether derived from one source or another."
—
—
—
:
.
:
[Vol. 112.
Atid, again, in Eihncr v. Macomber (supra) at page 20( Mr. Justice Pitney, in discussing the scope of the amendment, said:
"As repeatedly held,
this did not extend the taxing power to new subjects, but merely remoTed
the necessity which otherwise might exist for an apportionment among
the States of taxes laid on income (Brushaber v. Union Pacific KR., 240
U. S., 1, 17-19; Stanton v. Baltic Mining Co., 240 U. S.. 103, 112 et seq.
,
172-173).
A proper regard for iU
genesis, as well as its very clear language, requires also that this amendment shall not be extended by loose construction so as to repeal or modify,
except as applied to income, those provi-ions of the Constitution that require an apportionment according to population for direct taxes upon property, real and personal.
This limitation still has an appropriate and important function and is not to be overridden by C')ngress or disregarded by
the courts.
In order, therefore, that Uie causes cited from Article I of the
Constitution may have proper force and effect, save only as modified by
the amendment, and that the latter also may have proper effect, it becomes essential to distingiii.sh between what is and what is not 'income* ae
the term is there used, and to apply the distinction, aa cases arise, according to truth and substance, without regard to form.
Confress cannot
by any definition it may adopt conclude the matter, since it cannot by legislation alter the Constitution, from which alone it derives its power to
legislate and within whose limitations alone that power can be lawfully
Peck & Co.
Lowe, 247 U.
V.
105,
S.,
exercised."
In the case at bar
it therefore "becomes essential to distinguish betwecB
and what is not 'income' as the term is used in the Sixteenth
Amendment
and to apply the distinction according to truth and substance without regard to form" in order that Article I of the original Constitution, section 2, clause 3, and section 9, clause 4, may have proper
force and effect save only as modified by the Sixteenth Amendment.
The question therefore is simply this
Is a gain in value realized from
the sale of property income?
Insisting with great earnestness, with persuasive argument and the citation of cases alleged to be in support of its argument, the Government con.tends that the answer is yes.
The plaintiff, with equal forcefulness, contends that the answer is no.
But the cases relied upon by the Government arose under the Corporation
Tax Act of 1909, and not under an Income Tax Law. The Corporation
Tax Act of 1909, as held by the Supreme Court in Stratton's Independence
V. Howbert (231 U. S., 399, 414, 416), was not an income tax law, and
since gains by sales were specifically included as taxable, the ca.se8 decided under that Act do not determine the definition of the word "income"
within the Sixteenth Amendment, and so are not apposite to the instant
what
is
.
.
.
:
case.
Mr. Justice Pitney, in the Stratton's Independence case (supra) on page
414 said:
"As has been repeatedly remarked, the Corporation Tax Act
of 1909 was not intended to be and is not in any proper sense an income
tax law. This court had decided in the Pollock case that the Income Tax
Law of 1894 amounted in effect to a direct tax upon property, and waa
invalid because not apportioned according to population as prescribed by
The Act of 1909 avoided this difficulty by imposing not
the Constitution.
an income tax, but an excise tax upon the conduct of business in a corporate
capacitj', measuring, however, the amount of tax by the income of the corporation, with certain qualifications prescribed by the act itself (Flint v.
Stone-Tracy Co., 220 U. S., 107 McCoach v. Minehill Co., 228 U. S., 295
United States v. Whitridge, decided at this term, ante, p. 144)."
And again on page 416 he said
"As to what should be deemed 'income'
within the meaning of section 38, it of course need not be such an inocme as
would have been taxable as such, for that time (the Sixteenth Amendment
not having been as yet ratified) income was not taxable as such by Congress without apportionment according to population, and this tax was
Evidently Congress adopted the income as the measure
not so apportioned.
of the tax to be imposed with respect to the doing of business in corporate
form because it desired that the excise should be imposed, approximately
at least, with regard to the amount of benefit presumably derived by such
In Flint v.
corporation from the current operations of the Government.
Stone-Tracy Co. (220 U. S., 107, 165) it was held that Congress, in exer;
;
:
cising the right to tax a legitimate subject of taxatio* as a franchise or
privilege, was not debarred by the Constitution from measuring the taxation by the total income, although derived in part from property, which,
considered by itself, was not taxable.
It was reasonable that Congrress
should fix upon gross income, without distinction as to source, as a convenient and sufficiently accurate index of the importance of the business
transacted."
StantoB
(See also Anderson v. Forty-Two Broadway, 239 XJ. S., 69, 72
v. Baltic Mining Co., 240 U. S., 103, 114
Von Blaumbach v. Sargent Land
Doyle v. Mitchell Bros. Co., 247 U. S., 179, 183.)
Co., 242 U. S., 503, 522
The question before us was passed upon by the Supreme Court under the
Income Tax Law of 1867 in Gray v. DarlingtoB (15 Wallace, 63) and this
precise question has not been before the Supreme Court since that decision.
There it was decided that under the Law of 1867 a gradual increase is
\alue extending over a period of years could not be taxed as income for
the year in which it was realized by sale.
Speaking for the Court, Mr.
;
;
;
"The question presented is whether the
Justice Field on page 65 said:
advance in the value of the bonds, during this period of four years, over
their cost, realized by their sale, was subject to taxation as gains, profits
The
or income of the plaintiff for the year in which the bonds were sold.
answer which should be given to this question does not, in our judgment,
admit of any doubt. The advance in the value of property during a series
of years can in no just sense be considered the gjains, profits or income of
any one particular year of the series, although the entire amount of the
advance be at one time turned into money by a sale of the property. The
statute looks, with some exceptions, for subjects of taxation, only to annual gains, profits and income."
"The mere fact that property has advanced
And further on page 66
in value between the date of its acquisition and sale does not authorize
the imposition of the tax on the amount of the advance.
Mere advance
in value in no sense constitutes the gains, profits or income specified by
the statute.
It constitutes and can be treated merely as increase of capi:
tal."
Respecting this decision, the Supreme Court in Lynch v. Turrish (247
S., 221), speaking by Mr. Justice McKenna, said on page 230, after
discussing Gray v. Darlington
"This case has not been since questioned or modified," and meets the
Government's attempt to distinguish Gray v. Darlington, on page 230, in
"The Government, however, makes its %iew dethe following manner:
pend upon disputable differences between certain words of the two Acts.
It urges that the Act of 1913 makes the income taxed one 'arising or accruing' in the preceding calendar year, while the Act of 1867 makes the
Granting that there is a shade of difference beincome one 'derived.'
tween the words, it cannot be granted that Congrress made that shade a
criterion of intention and committed the construction of its legislation to
the disputes of purists. Besides, the contention of the Government does not
reach the principle of Gray v. Darling^ton, which is that the gradual advance in the value of property during a series of years in no just sense can
U.
THE CHRONICLE
Jan. 15 1921.]
not tlierefore as 'arising or accuriiig' to
last one of the years, as the Governfor that year or wlu-ii turned into
Indeed the case decides that such advance in values is not income
cash.
at all. but merely increase of capital and not subject to a tax as income."
The meaning of the word "incomes" in tlie Sixteenth Amendment is no
broader than its meaning in tlie Act of 1807. It was adopted in its present
form, using only the words "incomes from whatever source derived'' with
the presumptive knowledge on the part of Congress and the several State
Legislatures of the meaning attributed thereto by tlie decisions of the
various courts, both State and Federal.
It has been held repeatedly that gains realized from the sale of capital
exactly as the securiassets held in trust are not income, but are principal
ties were before they were sold, and that where a tenant for life is entitled
to the entire net income of a fund, and the trustee realizes an advance in
value by the sale of an investment, the life tenant is not entitled to the
gain, which is uniformly treated by the courts as an increment to principal
and a part of the corpus of the trust.
The following are a few of the leading cases sustaining the doctrine that
the growth or increase of value when realized on the sale of an investment
is accretion to capital and not income as between life tenant and remainderman Boardman v. Alansfield (79 Conn., 034), Carpenter v. Perkins (83
Oonn., 11, 20), Parker v. Johnson (37 N. J. Eq., 306, 308), Outcault v.
Appleby (36 N. J. Eq., 74, 78), Matter of Oerry (103 N. Y., 445), Thayer
V. Burr (201 N. Y., 1!^5, l.-)7, l.">8), Graham's Estate (198 Pa. Stilt., 210),
Neel's Estate, No. 2 (207 Pa. Stat., 440) Lauman v. Foster (157 Iowa, 275),
Slocum V. Ames (19 R. I., 401), Jordan v. Jordan (192 Mas-s., 837) Mercer v. Buchanan (132 Fed., 501, 508).
These decisions had «t the time of the adoption of the Sixteenth Amendment established a definite meaning of the word "income" for the purpose
It is difficult to see how the
of statutory and constitutional construction.
word "income" can have any different meaning when applied to the
proceeds of an investment when held by a trustee than when held by an Individual, as the Income Tax Law specifically refers to funds held in trust
be ascribed to a particular
j-ear,
meet the challenge of the words, in the
ment conteiidH, and taxable as inc-ome
—
221
The conclusion herein expressed has been reached only
after a very caroconsideration of all the respective claim^j pretentt^ by able counsel is
exhaustive and persuasive briefs and with full appreciation of t)ie admonition given by the Supreme Court in Nicol v. Ames (173 U. S., 509, at page
514). This court fully appreciates that "it is always an exceedingly grave
and delicate duty to decide upon the eonstitutiunality of an Act of the
Coiifjri-ss of the United .'^tates," and that "the duty imposed di'mands in its
discharge the utmost deliberation and care and invokes the deepest sense
of responsibility," as was said by Chief Justice Fuller in the opening paragraph of the opinion in Pollock v. Farmers' Loan k Trust Co. (158 U. 6.,
001, at piige 617). In the discharge of that duty, as I see it, it follows that
the word "incomes" in the Sixteenth Amendment should not and cannot
be so construed as to include property other than income, even if such
property is described as income by an Act of Congress, as such a construction permits the Congress to nullify the provisions of the second section of Article I of the Constitution, that direct taxes shall be apporful
tioned.
Let judgment be entered for Uie plaintiff to recover of the defendant |17,750.79, together with interest on the same from July 19, I'JIS, together
with costs of suit.
Ordered accordingly.
;
(sec.
2-b).
In order to show the conclusions reached by the courts it will suffice to
In
quote from only one ^f the cases to which reference is made supra.
Parker v. Johnsron (37 N. J. Eq., 360) the court said: "The profit is not
income.
It was made by the trustee in the process of converting the investment, and, like a premium realized on the sale of Government bonds in
which the fund might be invested, it belongs to the fund. Tlie trustee in
this Ciise is to keep the fund invested and the tenant for life is entitled to
the interest. It is clearly the duty of the trustee to apply the profits on one
investment to making up the losses on others."
So it seems that income from investments consists, in the case of bonds,
There is no income from
in the case of stocks, of dividends.
of interest
the sale of in\'estment8.
The conclusion seems imperative that the word "income" has a welldefined meaning not only in common speech, but also under judicial construction, and this meaning does not include the increase in value of capital
assets when realized upon a sale.
ITEMS ABOUT BANKS, TRUST COMPANIES,
The
bank
i)ublic sales of
st(jcks this weiik
&c.
85
a4^;H;rc'j.jale
shares and were all made at auction.
The transactions in
trust company stocks reach a total of 41 shares.
HANKS
Neic York.
10 Chase National Bank.
4 Fifth Avenue Bank
Shares.
High. Close.
3,35
335
900
900
010
910
224
224
4C5
465
408
408
Loiv.
33r)
GOO
4 First National Hank
910
4 (iarfield National Bank.
224
47 New York. N. B. A., Bk. of-- 464
16 Park Bank, National
408
TBI ST COMPANIES New
15 Commercial Trust.25 Guaranty Trust
1 United States Trust
Last previous sale.
April 1917— 388
—
Feb. 1920
940
993
Aug.
230
Mar. 191'.)— 450
Feb. 1919
581
—
191,3—
Nov. 1919
—
Nov. 1919—
Mar. 1919—
Nov. 1918—
York.
149
325
825
149
149
325
825
325
825
155
385
900
«
Three New York Stock Exchange memberships were
posted for transfer this week, the consideration being stated
at §89,000, S90,000 and $90,000, respectively.
;
The following extract from the opinion
Macomber case (snpra), at page 206, is
of Mr. Justice Pitney in the
instructive:
"For the present
purpo.se we require only a clear definition of the term 'income' as used
in common speech in order to determine its meaning in the amendment."
It eeeras to me apparent that the Supreme Court, in Towne v. Eisner
(245 U. S., 418, 428) and in Eisner v. Macomber (supra), followed the
doctrine enunciated in Gibbons v. Mahon (136 U. S., 549). where it was
held that a stock dividend is an accretion to capital and not income as
between a life tenant and the remainderman, and therefore held in the
Towne case that a stock dividend was not income within the meaning of
the Income Tax Law of 1913, and in the Mecomber case that a stock dividend was not income within the meaning of the Sixteenth Amendment.
As already stated, it is difficult to see why any different rule should be
purely a capital investment
applied to the proceeds of an investment
when held by a trustee than when held by an individual.
—
Two pertinent points have been definitely established by the Supreme
First.
"Enrichment
Court in Eisner v. Macomber (supra, page 214)
through increase in value of capital investment is not income in any proper
:
meaning
and, second, if it requires conversion of capital in
of the ternt"
order to pay the tax, it must follow that the tax is on capital increase and
not on income, for on page 213 the Court said:
"Yet without selling,
the shareholder, unless possessed of other resources, has not the wherewithal to pay am inc»me tax upon the dividend stock. Nothing could more
clearly show that to tax a stock dividend is to tax a capital increase, and
not income, than this demonstration that in the nature of things it requires
conversion of capital in order to pay the tax."
At
the annual meeting of the stockholders of the National
Park Bank of this city on Jan. 11, the plans to increase the
capital from f7,500,000 to $10,000,000 were ratified.
The
new capital will become effective on Feb. 3 1921. Reference
to the plans for its enlargement was made in our issue of
At the meeting
Dec. 11.
elected to the board to
also Joseph D. Oliver, Jr., was
the vacancy caused by the death of
Cleaf, J. E. Silliman, Stanley F.
fill
John C. Van
Ketcham and Kenly Saville were appointed
the late
iers of the
assistant cash-
bank.
C. H. Marfield, formerly Cashier of the Seaboard National
of this city was this week made Vice-President and
Cashier.
Donald Bayne has also become a Vice-President
and J. M. Potts has been made Assistant Cashier. Tw«
Bank
new members, Howard Bayne and
L. N. Ve Vausney, VicePresident, of the bank, were added to the board.
;
Had
the plaintiff possessed no resources other than the bonds which he
would have been their then entire value.
The inerease since March 1, 1913, was capital increase. To collect the tax
on this increase in value because the capital was converted into cash must
of necessity diminish his capital to that extent.
Before the sale all the
plaintiff possessed was capital without any part of it constituting income.
The sale of capital results only in changing its form and, like the mere
issue of a stock dividend, makes the recipient no richer than before (Gibbons v. Mahon, supra
Towne v. Eisner, supra Eisner v. Macomber, susold, prior to the sale his capital
;
;
Wm.
of
tion of the bank's South American business, was elected
a Vice-President of the bank at the annual meeting this
week. James C. Martine, formerly Assistant Cashier, was
appointed an Assistant Vice-President. William J. Siemon was appointed an Assistant Cashier and James M«
Lean and Kenneth A. Patterson were appointed As.sistant
Trust Officers.
Benjamin E. Smythe resigned
ill
standing certain passages in the opinion of the court in the Macomber case
stating that when dividend stock is sold at a profit, the profit is taxable
like other income
which I consider, in view of all that has been written by
the Supreme Court in a long line of income tax decisions, must mean that
the profit derire^ from such transactions, if it is income, applies in the
case of a trader and not in the case of an individual who merely changes
his investments.
Therefore, under the authority of Gray v. Darling:ton, which is approved
in Lynch v. Turrish (supra), I feel constrained to hold that the appreciation in value of the plaintiff's bonds, even though realized by sale, is not
income taxable as such, and in reaching this conclusion I find support for
it in the Macomber case, where Mr.
"Enrichment
Justice Pitney says
through increase in value of capital investment is not income in any proper
meaning of the term."
It follows that the Income Tax Law of 1916, in so far as it attempts to
tax such increase, is in conflict with the apportionment requirement of the
First Article of the Constitution, being a direct tax and not apportioned
among the several States according to population.
Counsel for plaintiff contended that the Act should be so construed as
to limit the tax to the actual increase from the dates of acquisition, although the value of such bonds was less on March 1, 1913, than when acquired prior thereto, in the event that the gain in value of the bonds when
sold was taxable at all.
In view of the decision that such increases are not
income it becomes unnecessary to discuss the point.
—
:
Bank
this
week
as Vice-President
on account of
and Charles H. Sabin
the bank and Frederick P. McGlynn
of the Liberty National
pra).
The exact question presented in this case has not been before the Supreme Court since its decision in Gray v. Darlingt<)n (supra).
Notwith-
Gage Brady Jr., formerly Assistant Vice-President
The National City Bank of New York in charge of a por-
Alexander R.
health.
of this eity
Nicol
resigned as directors of
was elected to the board. The following are the directors
who were elected to serve one year:
James L. Ashley,
Frank U. Bethell,
Joseph A. Bower,
Edmund C. Converse,
Otis H. Cutler.
George Doubleday,
Russell U. Dunham,
Henry J. Fuller,
Harvey D. Gibson,
Thomas A.
On
Gillespie,
M. -P. Murphy,
Charles D. Hilles.
Grayson
Ljinan N.
Iline,
Frederick W. Ilvoslef,
Alexander V. Ostrom.
Daniel E. Pomreoy,
Edward E. Loomis,
Seward
Pros.ser,
M. MacNeill,
H. W. Maxwell,
Daniel O. Reid,
Charles W. Riecks,
Frederick V. McGlynn, E. A. Cappelen Smith.
Jeremiah Milbank,
Ernest Stauffen Jr..
Charles H. Stout.
Edward S. Moore,
Charles H. Warren.
C.
same day the following
officers were elected to
Pres^ent,
Haney
D. Gibson; Vice-Presiserve one year:
Ostrom, Charles W.
Daniel
V.
G. Reid, Alexander
dents,
A.
Bower, James G.
Joseph
Riecks, Ernest Stauffen Jr.,
Mumane, Sidney
George
Blaine Jr., Joseph S. Max-well,
Frederick
W. Waltz
W. Noyes and Maurice F. Bayard.
Assistant
to
President;
was appointed Cashier; Bert Clark,
C.
Hovey,
Louis
W.
Frederick P. McGlynn, Theodore
the
—
THE CHRONICLE
zz^
Knowlcs, liayniond (1. Forbes, Danforlh Cardozo and Edward J. Whalcn were a[)p()int('d Assistant Cashiers, and
Donald I). Davis was ai)poiiitcd Trust Officer.
Mortimer N. Buckner,
President, of
been eleeted a Director of
l?ank of New York.
Co..
lias
The New
tlie
Yorl< Trust,
Lilx-rly
.N'iitional
and directors W. R. Orar^e & Co.'s Hank of lliis
were reelected with the exception of T. A. II. Clarke,
dividend of 4
re.signed.
Reijular .semi-annual
Offieers
city
who
I)ayal)le Fel».
was
12
liU'l to
also decliued at
Edward
stockholders of record Jan. 26 1921.
tliis
week's
nieetinj;.
R. Tinker was elected President, of
the.
Chase
Securities Corj)oration to .succeed Albert H. Wiggan,
became Chairman of the Board. Robert L. Clarkson
who
was
C. Anderson was made
Bond Manager, T. K. Little has become Auditor and
Henry Hargreaves has been made Cashier.
elected
Vice-President.
Jonas
<
Charles H. Sabin, President of the Guaranty Trust Co.
of New York, in a report to the stockholders on Dee. 31,
states that the figures of the year's operations appearing in
the company's annual statement as of Dec. 31 ^yill show the
year 1920 to have been the most successful in the history of
The report also says in part:
the company.
Our undivided profits account as of Dec. 31 1920 will be more than
$11,600,000, as compared with $6,239,890 on Jan. 1 1920, thus shov/ing an
This addition
increase in that account during the year of over $5,000,000.
is made after the deduction of all operating expenses, including the 20%
high cost of living allowance to our employees, providing for all taxes, the
regular 20% dividend amounting to .?5 ,000,000, maliing deductions for distribution under our profit-sharing plan, charging off determined losses, and
making due allowance for bad and doubtful accounts, both foreign and
domestic.
Be.sides these allowances, the securities owned by the company are carried
at less than market values, and there are more than sufficient unrealized
profits to cover any possible eventualities in connection with any business
'
hand.
In every department of the company's business the year 1920 has been
marked by a maximum of volume and the pressure of the public's demand
upon us has been so great that a constant enlargement of our organization
and of working quarters has been necessary. During the year the ratio of
earnings to operating costs has been considerably increased. The building
of an organization to take care of the constantly increasing volume of business has commandedo ut most serious attention, and important steps
looking toward the increase of such organization efficiency have been taken,
and have shown splendid results. It is the feeling of your executive staff
to-day that the company is in better position to handle its business than it
has ever been.
During 1920 our bond department and the Guaranty Company handled a
total of $2,165,820,900 par value of securities, as compared with $1,390,826,687 during 1919.
In order to assist our employees to meet the contiuning high cost of living
during the year, an additional distribution of 20% of their salaries, up to
the salary maximum of $2,500, was made, and was paid in quarterly installments.
Since 1911. it has been possible for employees of the company to obtain
ownerstiip of Guaranty stock on the partial payment plan through the
arrangement made for their benefit. During the nine years that the plan
has been in operation many employees have completed pajrments and now
enjoy the benefits of full ownership. The total holdings of the company's
stock by its officers, employees and their families at tne present time are
20,018 shares.
The company suffered a great loss in the last week of the year in the
sudden death of the Chairman of its Board of Directors, Mr. Alexander J.
Hemphill, who entered the service of the company as a Vice-President in
1905, and, since tnat time, in the capacity of Vice-President, President and
Chairman, served its interests ably and devotedly. The officers and employees of the company join with the directors in their sense of loss and
deep appreciation of the loyal friendship and useful service whih had
characterized his life. The consideration which he uniformly gave to the
views and rigiits of others and the quick response he always made to every
worthy appeal both inside and outside our organization endeared him to all.
His cheerful and helpful co-operation will be greatly missed and long rein
,
,
membered.
common with a majority of the banks of the country your company
show somewhat decreased deposits at the close of 1920 in comparison
In
will
,
witti those of 1919.
This
is,
of course, a reflection of the natural reaction
and the general readjustment of business which is in progress. These
readjustments, of course, have not been confined to this country alone, but
have extended throughout the world and have affected business conditions
In facing this peiiod of liquidation, deflation and reconstrucgenerally.
a source of congratulation to you, both as citizens of this country
and as stockholders of this company, that American financial institutions
are, on the whole, on a sound basis and amply prepared to meet both the
problems the situation raises and the opportunities which are certain to
follow in the future.
To meet the needs of our clients, we have from time to time availed ourselves of the rediscount privileges of the Federal Reseive System, in the
belief that it is our duty not only to our Clients, but to the general business
situation to make use of the facilities offered by our membership in the
System, and to bear our share of the credit burden during the period of
transition from war to peace condition. s It has been the policy of your
company's officers to retain in the company's portfolio at aU times a large
volume of rediscountable paper for such use wnen needed. Our rediscounts
have been kept well within the bounds of conservative banking, but it
seems not improper to call attention to the splendid service the Federal
Reserve System has rendered to the country tn such a period as the present
in its control over and extension of credit to meet the basic needs of the
country. Your management has been in thorough accord with the poUcy
of the Federal Reserve Board in meeting the situation, and the wise precautionaiy measures advised by them have been followed .
tion,
it is
[Vol. 112.
Foreseeing the trend which ha« led to the marked change in coodltion* In
both commodity and socurity markets, the affairs of the company have been
directed accordingly, and ItK poHltlon fully protecujd. Your company has
no largo c{>mmltmnntK In any particular (y)mmodlty or country, lt« loans are
well diKlilbut(.-d and protected, and, considering the vast volume of buslnesa
It ha.s transacted, the risks Incurred have been relatively smail.
W<! are glad to be able to state that, in spite of the difficulties of the
period, we have not only completed a most successful year, but occupy
to-day an Important position In both domestic and international finance
which promises increased growth and usefulneus in tne future.
It Is the feeling of your offiajrs that this period marks the turn of the tide
in declining prices and liquidation and, although there are many readjustments yet to be made In the months and years to come, that there Is every
reasonable a.s.suranco of a letum to normal business conditions. stabUtzed
prices, easier money and larger business opportunities.
Fortunately for
tnis country, Its underlying conditions are for the most part .sound.
Our
large gold reserve, our sound financial situation, our tremendous crops,
our improved tran.sportation and industrial conditions, our foreign maricets
and our great natural resources all underlie the busincs.s situation and give
promises of future prosperity and progress.
later statement, prepared for the press, shows that
A
during the year 1920 the company's profits were $12,355,950 .50. This amount, added to a credit balance of 86,239,889 57 on Jan. 1 1920, and to miscellaneous credits of $155,624 66 during the year, brings the total credits in the undivided profits account up to $18,751,464 73. The deductions
from this amount were $5,000,000, to cover the 20% dividend paid during the year, and $1,676,392 36, which was
appropriated for distribution to officers and employees under
the company's additional compensation plan. With these
deductions, totaling $6,676,-392 36, the company's final
credit balance in undivided profits account on Dec. 31 1920
is $12,075,072 37.
The statement also shows an increase of
some $22,000,000 in deposits since Nov. 15, the date of the
last pre\Tious statement.
Total resources now stand at
$923,663,338 12
The Banking Department of the State of New York has
authorized the Guaranty Trust Company to open a new
branch office in the Alexandra House, Kingsway, London.
This will be the Guaranty's third branch office in London,
the others being at 32 Lombard Street, E. C, and 50 Pall
Mall. The new office will be located near the Strand, in
the vicinity of many leading hotels, and also near the
offices of the leading American concerns established in
London. It \\ill relieve, to a great extent, the congestion of
the company's Lombard Street office, and will othenvise
increase the service to American customers there.
The
opening will probably take place in March.
George G. Milne Jr., formerly Vice-President of the
Savings Investment & Trust Co. of East Orange, N. J., has
been appointed Third Vice-President of the Garfield National
Bank
of this city.
In the annual statement of the New York Title & Mortgage Co., issued to the stockholders at the annual meeting
on the nth inst., President Harry A. Kahler said:
"The
drastic liquidation
and shrinkage
of capital values in the securities
markets have emphasized the soundness of guaranteed mortgages, and are
drawing many investors back into the mortgage market. Guaranteed
mortgages and certificates make a growing appeal to those investors whose
first consideration is the preservation of prmcipal intact.
At the close of
the year, while fee title transactions were less active, the volume of mortgJige
business
is
increasing.
The statement
of the
shows net earnings
for
New York
Title
& Mortgage
Co.
1920 of $477,496 on a capital of
$3,000,000.
The clearings for Bethlehem Pa., for the year 1920
$109,985,297 which were given on the first page of last
week's issue of the "Chronicle" covered in fact only six
months as the figures were fu-st reported in July. Incidentally, the total for Huntington, W. Va., was for nine
months and that .for Santa Barbara, Cal., covered seven
months. We make this explanation so as to avoid the
possibility of readers construing the I'esults as those for the
—
full
year.
Wm.
A. Read
&
Co. have announced that, beginning
Jan. 14 their business will be continued under the name of
Dillon,
Read
&
Co., by
with the foUowang,
all of
the present partners, together
who have
this
day been admitted
to
W. M.
L. Fiske, former resident partner in
Chicago, who retired in Jdn. 1920 on account of ill health;
E. J. Bermingham, associated with the firm for twelve
partnership:
years and
now manager
of their
Chicago
office,
and WiUiam
son of the late senior partner WiUiam
Those who had previously composed the firm
before the present changes, and who continue as partners
are Clarence Dillon, Roland L. Tajdor, Joseph H. Seaman,
John W. Horner, Jr., James Dean, R. W. Martin and
WiUiam A. PhiUips.
A. Read,
A. Read.
Jr., eldest
THE CHRONICLE
Jan. 15 1921.]
At the
jiniiual nu'cliritf of the Cht'iiiicul Nati<jnalHaiik
was made Cashi»'r. The
of Assistant Vice-President was created and the
and Samuel Shaw,
Presidt>nts
office
Jr.,
following five Assistant Cashiers wert> i)romot<>d to (liat
James L. Parson, James McAllister, Samuel T.
Jones. Robert D. Scott and N. Baxter Jackson.
A testimonial was presented to FVederick W. StcA-ens in honor of
his 50 years of continuous service as a director of the Chemical National Bank.
Percy H. Johnston, President of the
Chemical National Bank was elected a director of tluoffice:
Westchester Fire Insurance Coiiii)any.
•
At a
The Fifth
Avenue Bank of New York, on Jan. 12, A. S. Fris.sell,
Chairman of the Board, Theodore Hetzler, President and
B. H. Fancher. Vice-President were re-elected. The following new appointments were made: William G. Gaston,
formerly Cjushit r was appointed Vice-Prcsitle.it; William C.
Murphy, formci'ly Assistant Cashier was appointed VicePresident and Trust Officer and Ernest Foley, formerly
ineetine: of
the Board of Directors of
Assistant Cashier was appointed Cashier.
The Board
city
to li.
The
Title
has been api)ointed Vice-President of both C<jmi)anies.
Orie C. Kelly, A-ssistant Secretary of the American Trust
Company, of New York, in charge of the New Business
Department, was made Secretary of the Company at the
annual meeting of the Board of Directors Wednesday.
The Harriman National Bank at its annual meeting of
stockholders on Jan. 11 passed a resolution to increase the
number of its directors and the following now rlireclors were
elected:
Howard C. Brokaw, President Brokaw Bros.,
clothiers;
E. Roland Harriman, New York; William A.
Greer, Greer, Crane it Webb, New York; Marshall Slieppey,
President The Berdan Co., wholesale grocers, Toledo, Ohio;
Anson W. Burchard, Vice-President General Electric Company: William C. Demorest, President Realty Tru.st Co.;
Frederick Phillips, Vice-President. The following directors,
making a total of twenty-five, were re-elected:
Julius Knittschnitt, Chairman Southern Pacific Co.; Joseph W. Harriman, Harriman & Co.; Harrison K. Bird, tru-stee Manhattan .Savings
lastitution; Bryan L. Kennelly, real estate; Charles E. Tegethoff. Estate
H. Ball, President Best & Co., Inc., dry goods;
I'ar.noly \V. ilerrick.
York; Michael Dreicer, President Derioer & Co.
Inc., precioas stones; Jolui A. Noble. Vico-l're-ideut; Thomas B. Clarke,
of E. H. Harriman; Ancel
New
of Directors of the Fifth National
was reduced from 20
Gerhard Kuehne, formerly Secretary of the New York
and Mortgage Com|)any and American Trust Comjjany,
ol'
Albion K. Chapman formerly cashier, and Wilbur
F. Crook, formerly Assistant Cashier were appointed Vicethis city,
223
Bank
Ji.. Vice-President;
of this
following are the direc-
tors elected for 1921: William S. Beckley, Ralph Bloom,
John B.vms, Max p]nglander, WiUiam Fischman, Irwia R.
Heilbroner, Benjamin W. Hollander, Charles Kaye, Richard
B. Kelly, Stephen Kelly, Frank C. Poucher, William H.
Seaich, Dr. J. B. Squier, and Edward E. Watts.
Henry B. Wes.selman, Wes.selman & Kraus. lawyers;
New York
Life Insurance Co.; John McK. Bowman, President
Hotels; William Bayne Jr., Win. Bayne & Co., cxjffee; ("harleo
Thorley, New York; Alvah Miller. H. G. Craig & Co., wholis^ale paper;
Capt. W. M. Talbott, New York; John R. Ogden, F. B. Keech & Co..
H. B. Rosen,
Bowman
New
York.
The increase in the number of officers and directors of the
uptown banks ij .-significant of the rapid increase in the volume
and
and which contribute
to the characterization of the Fifth Avenue District as ""the
nvw financial and commercial centre of New York."
of their business as well as of the diversity of the large
important interests which
The
Chairman of the Board, Chas. Kaye;
E. Watts; Vice-Pres., Stephen Kelly and
Frederick C. Rossmann; Cashier, Linus P. Hosmer; Assistant Cashiers, Geo. J. S. Tavlor, Claude D. Ritch, and Wni.
L. Helm.
officers are:
President,
Edward
Charles E. Whyard, formerly Asst. Cachier of Greenwich
Vice-President at this week's annual
meeting and Alfred E.Peterson formerly Assistant (^ashi(ir,
was appointed cashier. Directors and other officers were
Bank was appointed
At the annual meeting on Jan. 11 of the stockholders
of the Equitable Eastern Banking Corporation recently
The Equitable Trust Company
of
New York
and several important Pacific Coast banks, the following
directors were appointed:
Alvin W. Krech. President The Equitable Trust Co. of New York;
Heman Dowd, Vice-Piasident The Equitable Trust Co. of New York:
George L. Le Blanc, Vice-President The Equitable Trust Co. of New York;
John S. Drum, President Mercantile Trust Co. of San Francisco and
President of the American Bankers' Association; John U. McKee, Chairman Board of Directors Mercantile Trust Co. of San Francisco; Emerj'
Olmstead, President Northwestern National Bank, Portland. Ore.; Enrico
N. Stein, Vice-President Abe Stein & Co., Inc.; Winthrop W. Aldrich of
of Messrs. Murray Prentice & Aldrich; Howard E. Cole, Secretarj' Standard
Oil Co. of New York; A. J. Water.s, President Citizens National Bank. Los
Angeles, Calif.; Richard R. Hunter, Vice-President The Equitable Trust Co.
,
of
New
York.
At the annual meeting
of the stockholders of tne Equitable
Trust Company of New York, this w^eek, James C. Donnel,
President of the Ohio Oil Company was elected a trustee.
All former trustees were reelected.
Lewis Leland Pierce, Second Vice-President of the New
York County National Bank, 79 8th Ave. this city, died
suddenly while at his desk in the bank on Monday last.
His death is said to have resulted from heart trouble brought
on ))y acute iudisgetion. He entered the employ of the bank
as a messenger, in 1866, gradually working his way up until
his election as Second Vice-President in Feb. 1917.
Four
years ago the completion of fifty years service Avith the
bank, Mr. Pierce w-as tendered a dinner by the officers and
employees. Mr. Pierce was 68 years of age.
The
Directors of the
pany at
In addition to the changes
among
local
banking institu-
tions noted elsewhere in these columns to-day, the following
changes occurred among the directorates:
—
The Bank
of America. Directors were re-elected with the exception of
Perkins, who declined re-election at the annual meeting of the
Bank of America of this city early this week.
The Hanover National Bank.. The board was increased from 14 to 15
members by the election of J. William Clark, thread manufacturer.
Irving National Bank. James CUarke retired as director and Hubert T.
parson. President of the F. W. Wool worth Co., was elected to the Board
of the Irving National Bank of this city.
,
The Mechanics & Metals National Bank. Julius H. Barnes and Theodore Pratt were added to the board of the Mechanics & Metals National
Bank of this city. Mr. Pratt succeeds his father, Charles H. Pratt, who
resigned.
State Bank.- Arnold Kohn and Walter T. Kohn have retired from the
board of tiie State Bank of this city. Charles A. Smith, a Vice-President
of the bank, and Robert S. Dennison, President of R. S. Dennison & Co.,
have been elected to take their places.
W.
II.
—
—
re-elected.
organized by
the}- serve
New York
Title and Mortgage Comon Jan. 12 made the following
of the Company: Gerhard Keuhne,
their annual meeting
changes in the officers
formerly Secretary, was made Vice-President and Secretary;
Ernest J. Habighorst and Hubert F. Breitwieser were each
advanced from the position of Assistant Secretary to VicePresident.
Mr. Habighorst will be in charge of the Jamaica
Office of the New York Title and Mortgage Company.
—
—
At the annual meeting of the Mechanics Bank of Brooklyn
two new^ Directors were elected to its Board, namely, George
W. Gair, President of the Robert Gair Co., and William S.
Shiplej% Vice-President of the Shipley Construction and
Supply Companj-. The new members replace Joseph
Walker, Jr. and George C. Van Tuyl, Jr., the latter formerly
president of the Metropolitan Trust Company, who were not
candidates for re-election. The annual meeting of the
Directors will be held on Jan. 17 1921, at which meeting
John W. Eraser, it is understood, will succeed Joseph Walker,
Jr., on the E.Keeutive Committee of Mechanic's Bank.
At the annual meeting of the Homestead Bank or BrookEmerson D. R. Creveling. and Leo O. Smith, of the
Columbia Mat^hine & Malleable Iron Works, were elected
John A. Vandeveer and Bernard Schubert
to the board.
lyn,
retired because of ill-health.
annual meeting of the West End Bank of Brookon Jan. 11, was largely attended by the stockholders, and the reports which the\- received, considering
that the bank had only been open for business since Nov. 8
All of
1920, are reported to have been highly satisfactory.
the original incorporating directors were re-elected, and the
additions to the board were Frank Hammond, Vice-President
and Cashier of the Greenwich Bank of the City of New York;
Isaac Mei.ster, President of the Meister Builders, Inc., and
Isaac Green wald, of Green wald-Friedman Co. The original
incorporating directors who were re-elected are Solomon
Fromm, President; Selden I. Rainforth and James P. Kelly,
Vice-Presidents; Jesse H. Wasserman. Israel Frankenstein
and Samuel W. Fromm. Tlie annual meeting of the board
The
first
lyn, held
THE CHRONICLE
224t
of directors for the oloctioii of officers will take place
on
tective
[Vol. 112.
and Propagation Assn., The National Association
Societies and other organizations.
of
Jan. 18.
Audubon
Board of Directors of the First National
hold on Jan. 7, John W. Bargfrcde,
formerly head^of* the Credit D(;partm(!nt, was appointed
an Assistant Cashier. The other officers are as follows:
Joseph Iluber, President; John W. Weber and William S.
Frank G. Howland, President of the Barre Savings Bank
Trust Co. of Barre, Vt. on Dec. 28, pleaded guilty to the
embezzlement of .$15,480 of the funds of the institution and
was sentenced to from four to seven years in State prison
with hard labor. The l^ank was closed on Nov. 22 by the
State Bank Commissioner, as was reported in our issue of
Nov. 27, page 2101.
At a
nieoting'of the
Bank of Brooklyn, N. Y .,
Irish, Vice-Presidents; AiLsel P. Verity, Cashi(T;
Frederick
W.
Krueger.f Russell C. Irish, and Austin Tobey, Jr.,
Assistant Cashiers and William J. Ahem, Trust Officer.
&
A
At the annual meeting of the First National Bank of
Hoboken, N. J., this week, a new member was elected to
the Board of directors, namely, Dr. Alexander C. HumStevens Institute of Technology.
Dr. Humphreys is considered an authority on gas engineering having been connected in official and consulting capacities with many of the large and important gas and electric
organizations of this country.
phreys,
President
of
special
National
meeting of the shareholders of the Colonial
of Hartford will be held on Feb. 11 to con-
Bank
and vote upon the proposition recommended by its
bank be placed in voluntary liquidation;
.sider
directors that the
to elect a liquidating agent or agents, to authorize such
liquidating agent or agents to contract with the Phoenix
Bank of Hartford for the sale of all the assets, good
will and name of this bank to the Phoenix National Bank.
National
According to the Hartford "Courant," at a special meeting
Phoenix National Bank on Jan. 7, it
was voted to offer the Colonial National, the liquidating
value of its assets, with $5 a share for good will. The
Colonial's shareholders, the "Courant" states, will probably
get between $130 and .$1.50 a share for their stock, which
The Colonial National has a capicost them S120 a share.
tal of $500,000; the capital of the Phoenix is $1,000,000.
of the directors of the
At the annual meeting of the North Ward National Bank
of Newark, held on the 11th inst., (Charles W. Kinsey,
President of the F'airlie & Wilson Coal Co., was elected a
director to take the place of Frederick D. Hyde, who reNo other changes were made.
signed several months ago.
The Fidehty Trust Company
of Buffalo,
N. Y., has
just
announced that Richard S. Graham has become associated
with its Investment Department. Mr. Graham is well
known
in Buffalo, as
a result of his connection with the
The National City Company for the past
years.
Coming
originally from Rochester, Mr. Graham,
few
spent several years in the New York and Cliieago Offices of
the Rock Island Lanes. In 1909 he came to Buffalo as
Buffalo Office of
District Passenger Agent, leaving this position to go into
the investment business. This announcement marks another
step in the growth of the Fidehty 's Investment Department.
This department was created several months ago with Throop
M. Wilder as its Manager its creation being due to the
desire to serve in an efficient way the bank's depositors and
friends who were constantly seeking investment advice.
Since its inception this depai'tment has grown very fast,
and its service to investors has been enlarged to include a
general investment business.
—
board of directors of The
Fidelity Trust Co. of Buffalo held on the 11th inst., the
following officers were re-elected:
At the annual meeting
of the
Franklin D. Locke, Chairman of the Board; Clifford Hubbell, President;
Harry T. Ramsdell, Vice-President; Thomas B. Lockwood, Vice-President;
Lewis G. Harriman, Vice-President; Merle H. Denison, Secretary; Lloyd P.
Williams, Treasurer; Walter L. Curtlss, Assistant Secretary; George B.
MacPhail, Assistant Secretary; Frederic J. Federlein, Assistant Tieasurer.
Samuel G. Easterbrook, heretofore Assistant Secretary, was elected Trust
Officer.
The following new officers were elected:
Throop M. Wilder, Manager Investment Department; Harley F. Drolllnger. Manager, New Business Department; A. Erwin Rankin, Manager
Publicity Department; Thomas Cantwell, Assistant Trust Officer; Albert
E. J. Krauss, Auditor.
William S. Gavitt, President of the Gavitt National Bank
N. Y., died on the 11th inst. following a long
Illness as a result of a paralytic stroke he endured on Oct. 19
1919. Mr. Gavitt was born on Feb. 20 1857 and was named
after William H. Seward, a close friend of his father.
Mr.
Gavitt received his early education in the Lyons Union
School and in 1875 entered PhiUips-Andover from whence
he graduated in 1877. After a short time spent in N. Y.,
he entered the banking house of his father, S. B. Gavitt,
banker. Here he remained until the business was merged
into the Gavitt National Bank of which he became Vice
President on its organization. Upon the death of his
father, Mr. Gavitt became President of The Gavitt National
Bank and continued in the Presidency until his death.
Mr. Gavitt enjoyed a large acquaintance among the bankers
throughout the State. He took a particular interest in
legiolation, both State and National as applied to the country banks and did much work in this direction.
In 1918 he
was a candidate for membership on The Federal Reserve
Bank of New York. He was connected in an official capacity
or otherwise with the following societies: The Lyons Cold
Storage Co., The Lyons B. P. O. of Elks, The American
Fisheries Society, The Triton Fish and Game Club of
Quebec, The N. Y. State Fish, Game and Forest League,
The Amerioan Bison Society, The American Game Proof Lyons,
At a meeting
of the
Board
of Directors of the
Trust Company
Rhode
on Jan. 11,
Island Hospital
Gilbert
Metcalf
and
Charles P. Cottrell, George Pierce
company.
Directors
of
the
Maurice, Congdon were elected
of Providence
following officers were elected at the annual meeting
The
of the Boylston National
Bank
of
Boston on Jan.
11.
Chas.
President; Almon W. Blake, Vice-President;
John E. Prouty, Cashier; Herbert B. Bailey, Assistant
Cashier; Ralph I. Benton, Assistant Cashier and Trust
W.
Bailey,
Officer; Laurence M. Eldredge, Manager of Savings Department; Howard W. Henderson, Manager of Foreign Department and Claude E. Perkins, Manager of Safe Deposit
Vaults.
Mr. Blake, the Vice-President and Lester Watson,
Stone & Co., were added to the directorate.
During the year Francis P. O'Connor and George H. Waterman were elected directors.
of
Hay den,
of the stockholders of the Liberty
Trust Company of Boston, on Jan. 6, AUen H. Sturges,
Treasurer, was also elected First Vice-President in place of
At the annual meeting
the late Melvin O. Adams. Edward E. Babb, a director,
also elected a Vice-President.
was
At the annual meeting of the stockholders of the Massachusetts Trust Co. of Boston on Jan. 11, Walter E. Schuster
of the Schuster & Hayward Woolen Mills was added to the
directorate.
AU the other directors as well as the officials
of the
company were
re-elected.
At the annual meeting of the stockholders of the Merchants
National Bank of Boston on Jan. 11 three new directori
were added to the Board, namely Wdliam S. Forbes of the
Forbes Lithograph Company, Russell B. Lowe of the
Parkhill Manufacturing Company, Fitchburg, and Samuel
D. Parker of the Ips-ftieh INIills. No other changes in the
Board of Directors
were made.
or in the official staff of the institution
of the Commercial National Bank
on Jan. 11, two new directors were added^to
the Board, namely, Robert P. Clapp and Thomas ^W.
At the annual meeting
of Boston, held
Saunders, the Cashier of the in.stitution.
Lome M. Graves was added
to the directorate of the
National Union Bank, of Boston, at the annual meeting
held on Jan. 11.
The National Bank of North Philadelphia, of Philadelphia, Pa., formed with a capital of $.500,000 and a surplus
of $100,000, opened its doors for business on Monday last,
Jan. 10, in the new building just erected on Broad Street at
German town and Erie avenues. The issuance of a charter
for the new bank was announced in the weekly bulletin of
the Comptroller of the Currency, issued on Jan. 8. The
officers of the new bank are: Charles E. Beury, President;
Alfred Wolstenholme, Harry H. Heist and A. Theodore
I
THE CHRONICLE
Jan. i5 1921.]
Ablwtt, Vieo-Pn'sidcnts; John (J. Muir, Vico-Presidt'iit and
The
Cashier; and Charles H. Cramer, Assistant Cashier.
It was disposed
stock of the bank is in shares of $100 each.
of at $125 i)er sliare.
•
Clark, President of the Quaker City National
Bank of I'liiladclphia, died on the Sth in.st. after an illness of
several months.
Mr. Clark had been connected with the
bank since 18S9 and had been President since 1900. He was
also President of the Atlantic City & Chel.sea Improvenu-nt
Co., and a director of other institutions and business or^anieations, includinj;; the Soulliern Transportation Co., Spring
Lake Beach Improvement Co., Jessuj) &. Mooro Paper Co.,
llepublic Trust Co., Henrico Lumber Co., Independent
Fire Insurance Co., and Chandler & Co., and Peoi)le's
National Insurance Co., St. Lawrence Securities Corp.,
Quaker City Cab Co. and Securities Corporation General.
William
11.
At the annual meeting of the stockholders of the Franklin
National Bank of Philadelphia, Mr. George II. Frazi<>r was
electet' as an additional nu'mlHT of the board.
Mr. Frazier
was formerly a valued member of the bank's board for a
umber of years until the operation of the Clayton Act
required his resignation inasmuch as he was a member of
the private bankiug house of Brown Brothers & Co., from
which partnership he resigned, effective Jan. 1 1921.
Two new
the
Market
directors were this
Street National
week added
Bank
to the
Board of
namely
of Philadelphia,
Richard D. Leonard and Fred F. Spellissy. Mr. Spellissy is
Cashier of the bank. Mr. Leonard is head of the Sales
Department of the Atlantic Refining Company.
William P. Morris and John P. Hollingsworth were added
Board of Dierctors of the Centennial National Bank
of Philadelphia at the annual meeting this week, increasing
to the
the membership of the Board to nine.
W. Clifford Wood, Cashier of the Third National Bank of
Philadelphia, was elected to the directorate of that institution at Tuesday's annual meeting
George
W. Rudolph and David
directors of the SLxth National
Philadelphia, this week.
L. Silverman were elected
Bank
of Philadelphia of
D.
Ij<<o
MauLsby,
John E. Hur^t and
N'ice-l'n.sident of
Company, Incorporated, was
a director of the
Baltimore Trust (^omi)any of Baltimore, Md. on the 10th
instant, and Edgar O. Miller, Jr., formerly President of The
Title, (juarantee & Trust Company, was elected a member
of the Executive Committee.
elected
The Continental and Commercial Banks, Chicago, have
recently published a booklet on savings entitled, "Thrift
Mother Goose." This work is considered "something
new in savings psychology." The book, 9 by 12
indies, is a collection of twelve Motlior Goose rhymes and
After
entirely
drawings jjrinted in four colors with the origiruil verses
changed only so as to ai)ply to the whole general idea of
thrift.
Thus, the Old Woman Who Lived in a Shoo saj's
of her children, "But hunger and want are things I don't
crave, so I'll rear all these children and teach them to save"
and Jill says to Jack, "I'll allow, I've money in the savings
bank, I'll never fall down now." In tlu-oo days, the Continental and Commercial Banks gave out, we are informed,
over 17,000 copies of this book to some 15,000 people who
It is stated that the
called in person at the institution.
requests have been so heavy that the supply of copies has
been exhausted.
The stock of the First National Bank is held by 391 women,
558 men, IG firms and 147 trusteeships and estates. The
stock of the First Trust & Savings Bank of Chicago is owned
by the stockholders of the First National Bank and every
On Jan. 3 1921 the First
director is a director of that bank.
National Bank of Chicago reported total assets of $275,216,424, while on the same date the assets of the First Trust &
Sa\^ngs Bank were $105,639,663.
Only twenty-four private banks
in Illinois
were
still
with-
Auditor
obtained
State
announces. All the other private banks had
The total numlxsr of State banks, wath
or national charters.
the 574 private institutions added, is now 1,371.
out charters at the close of business Jan. 3, the State
The
stockholders of the Illinois Trust
Chicago, at their annual meeting
&
Savings Bank,
re-tilected the directors.
The directors of the Fort Dearborn Trust & Savings Bank,
Chicago, were re-elected at the annual meeting of the stockholders.
•
225
Officers w^ere re-elected
and
J. J.
Cavanagh was
added to the official staff as an Assistant Cashier.
H. Stewart Moorhead was
this week elected to the Board
the National Bank of Commerce in Philadelphia to
succeed the late Lewis W. Wister.
of
James A. Clarke was this week named to replace the late
R. Hortz on the Board of the Southwark National
W.
Bank
J.
of Philadelpliia.
W.
Fund
Willcox, Vice-President of the Philadelphia Savings
Society, was this week elected a director of the Penn-
sylvania Co. for Insurance on Lives and Granting Annuities
of Philadelphia.
H. F. Baker, Vice-President of the Lehigh Coal & Na\agawas this Aveek elected a director of the Central
National Bank of Philadelphia.
tion Co.
William Bush, for the past three years. Treasurer of the
Wilmington Savings Fund Society, Wilmington, Del., was
sentenced to eight years imprisonment on Dec. 21. He was
also disban-ed from practising law in the State of Delaware.
Mr. Bush was arrested on Dec. 17 charged with the embezzlement of $200,000 of the securities of the institutions.
George L. Medill, Banking Commissioner of Delaware, has
issued ajstatement, it is said, in which he said that the theft
in no wayjaffected the soundness of the Wilmington Savings
Fund.Society.
The stockholders of the Park Bank of Baltimore, at a meeting held during 1920, authorized an increase of the Capital
stock from $100,000 to $200,000 and the new issue was sold
at $15 per share.
The increase was completed Dec. 15 1920.
During the two weeks before Christmas, the National
of the Republic of Chicago had on exhibition in the
lobby its unique advertising display shown at the recent
American Bankers' Convention in Washington, D. C.
Bank
Under the caption "Pioneers
in
Bank
Advertising," the
development of the bank's publicity was told in a series of
advertisements dating back as far as 1895. These announcements recalled to many patrons, who began business wdth the
"Republic" over a quarter of a century ago, the early advertising of the bank in newspapers. National magazines, on
cards in Illinois Central suburban trains, and in the mail.
The display consisted of five large panels and attracted much
attention both among customers and employees.
At the annual meeting of the stockholder.? of the First
Bank of Cliicago and First Trust and Savings Bank
the members of the Boar of Directors were re-elected without
change. At the meeting of the directors, R. Fi'ank Newhall
National
was elected Vice-President and Cashier of the First National
Bank, ha\dng previously occupied the latter position. O. C.
Brodhay, formerly assistant casliier, was made Assistant
Vice-President and assigned to Division B in the bank's
organization.
official
A. B. Johnston was appointed
Assistant Cashier and Walter Lichtenstein was appointed
Executive Secretary. Dr. Lichtenstein was also appointed
to the same position on the official staff of the First Trust and
SaATUgs Bank.
of the Directors of the Noel State
Chicago on Jan. 12, all the former officers were
reelected and one new Assistant Cashier, Lyman T. Burgess
At the annual meeting
Bank
of
& Trust Company of Baltimore, Henry
Walters, J. H. Nelligan and EUsha H. Perkins were re-elected
directors and Andrew P. Spamer was elected as a member of
the board to take the place caused by the death of Douglas
Nicholas J. Iteul was re-appointed Manager
Mortgage and Bond Department. At the annual
meeting of the stockholderij held Jan. 10 all the directors were
re-elected.
Net profits for the year were $59,558, being
11.91% of the capital of $500,000. Deposits increased
H. Thomas.
over $1,300,000 or
At the annual meeting on Jan. 4 1921,
of the Safe Deposit
of the stockholders
was
elected.
of the
32%
during 1920.
—
THE CHRONICLE
2U
A
boards of two banks
the Northwostorn Tnist and Savings bank, Chi(!ago, and
the Scrond Norlhwpstorn Stato Bank, Chicago, when A. J.
Kowalski resignijd in favor of A. J. Kowalski, Jr. At the
former bank F. G. Heuehling replaced John a Prebis as
son
succ<'i'(l('d his
fatlur on
Vice-President and F'rank
Cashier.
tlio
Iwicki
At the West Si(h- National Bank, Cliicago, M. T. Silver
and .lames Ford were elecl<'d directors to aucA'A-cd George
Frank J. McCabe
J. Pilkington and Charles F. (Joodwillie.
was appointed Secretary.
•
was made an Assistant
Thompson succeeded
J. L.
on the board
I>ouis Pa.sal
of the
Mutual National Bank, Chicago.
The recent death of Frank A. Heclit brought his son,
J>ank A. Hecht, Jr., on to the Board of the Market Trust
and Savings Bank, Chicago.
John T. Emery and Russel Hawkins were added to the
Board of Directors of the North Avenue State Bank, Chicago.
Bank, Chicago, elected
two new Assistant Cashiers, Leo H. Gomdolf and Hugo
Tlie Directors of the Citizens State
Bernahl.
Stockholders of the Sheridan Trust and Savings Bank,
Chicago, added Henry G. Saal to the Directorate.
The Jefferson Park National Bank. Chicago, elected Fred
A. Esdohr President in place of (Jeorge M. Hayes.
*
Lawndale State Bank, Chicago, appointed Anton Prominski an Assistant Cashier.
a new Vice-President, .Joseph
-J.
Salat.
Reinberg was succeeded by Edward Hagelin on the
Board of the Lincoln Trust and Savings Bank, Chicago.
l\'ter
Austin National Bank, Chicago,
added to their Board of Directors William F. Hayes and
George A. Hughes.
the
A( the meeting of the Kaspar State Bank, Chicago,
Adolph Karpen, replaced V. F. Mashek as a Director and
William
Schreiber was added to the Board. The Directors appointed Anton .Jeemen and Stanley Chleboun Assistant
C
Cashiers.
directors of the
As a
result of the ill-health of President
Simon Heck
of the
Michael K. Sheridan was replaced by E. H. Egan as director of the Stockman's Trust & Savings Bank ,Chicago.
Bank
of Englewood. Chicago, chose
H. LaMessurier as Assistant
and
A.
H. Noble as director
The
S.
Curt Teich was made a Director of the Capital State
Savings Bank. Chicago, to succeed Henry G. Saal. E. M.
Anderson was appointed Second Assistant Cashier.
Directors of the Lawndale National Bank, Chicago, chose
The
United States Bank of Chicago, the directors accepted his
resignation ami elected Cashier Carl Lundberg as President
and Frank A. Putnam as Cashier. Mr. Putnam assumed
Mr. Heck's place on the board of director-.
Lee A. King was made Cashier and a Director of the
University State Bank, Chicago.
Stockholders of
[Vol. 112.
First
National
Cashier.
Charles P. INIacNellis succeeded .Joseph F. Forbirch on the
board of the Southwest Trust & Savings Bank, Chicago.
of the Ogden Avenue State Bank, ChiRidzewski and Fred C:. Dierking to
X.
Frank
cago, added
The stockholders
the board of that bank.
Stockholders of the South Side State Bank. Chicago, of
which I. N. Powell is president, at their annual meeting
voted to increase the capital stock from §200,000 to .S.300,000,
the new stock to be sold to share-holders pro rata at par.
The old stock has recently been quoted around 200. It was
voted also to change the name of the bank to the South Side
Trust and Savings Bank, Chicago.
The Corn E.xchange National Bank. Chicago,
director.5
and
officers
and added Hugh
re-elected all
J. Sinclair, assistant
cashier.
Eugene E. Ford, who has been acting as Cashier of the
Kenwood -Trust & Savings Bank, Chicago, during the past
year, was elected a Vice-President as well as Cashier.
Southwest State Bank, Chicago, reelected all officials and
Directors, Cashier R. W. Hawkins being made Vice-President in addition to his other
office.
Irving Park National Bank, Chicago, elected John J.
of the Bond Department to fill the position of third
Vice-President, wMeh was created at tlie meeting.
The
other officers and directors were reelected.
Walsh
Kimbell Trust and Savings Bank, Chicago, added Charles
Jachow and William O. Olsen to the Directorate. All of the
old officers and directors were reelected.
George P. Hoover, who has been with the Harris Trust
Savings Bank, Chicago, for more than a quarter of a century, resigned as Vice-President but remains as a director,
and was elected Chairman of the Executive Committee.
Donald C. Miller, Assistant Manager of the municipal department, was made Manager of that department.
&
James B. Lenz was elected a director of the Security Bank,
Chicago, and also the Second Seeiirity Bank, Chicago.
A. E. Suter, formerly Cashier, was elected Vice-President of
the Security Bank, and N. B. Collins Cashier.
Henry Kloese, formerly Assistant Cashier, was elected
Cashier of the Halsted State Bank, Chicago, succeeding
Roy P. Roberts. Fred Baer and Harvey T. Huggins were
made Assistant Cashiers. John E. Traeger was elected a
director to succeed Mr. Roberts.
Three new directors of the Peoples Trust and Sa\ings
Bank. Chicago, were elected. They are PhiHp K. Wrigley,
Vice-President of tjie William Wrigley .Jr. Company: Henry
L. Stout, Vice-President of the Missouri Southern Railway,
and .Joseph T. Ryerson. Jr.. Vice-President of Joseph T.
Ryerson & Sons. The present directors and the officers
were re-elected.
Oscar H. Swan, who has been cashier of the National
Bank of the Republic. Chicago, was elected Vice-President
and cashier, and William C. Freeman was promoted from
The direcAssistant Cashier to Assistant Vice-President.
tors
and other
Charles S. De\\ey was cho-^en Vice-President of the Northern Trust Company, Chicago, Lamson H. Date, an Assistant
Cashier and C. M. Nelson, Assistant Treasurer. The other
officers and the director.^! were re-elected.
R. T. Forbes and F. A. Poor were added to the Board and
Directors of the Fort Dearborn National Bank. Chicago,
The former du-ectors and the officers were re-elected.
Brundage, Attorney General, was added to the
Cosmopolitan State Bank. Chicago. The old
Directors and the officers were re-elected.
Edward
Board
J.
of the
W. B. Strong. Cashier of the Lake-State Bank, Chicago,
announced his resignation. The vacancy will not be filled
until next month. C. W. Worthington was elected Assistant
The other officers and the Directors were reCashier.
elected
.
L. J. Rosenwald resigned as Director of the
Sons
Stockholders of the Drovers' Trust & Sa^ings Bank,
Chicago, added Fred N. Mercer and Murray M. Otsott,
Cashier, to the board of directors.
officers Avere re-elected.
Bank &
moval
to Philadelphia
his successor.
re-elected.
Greenbaum
Trust Company, Chicago, because of his re-
and
The other
IM. S.
Rosenwald was elected as
and the officers were
directors
THE CHRONICLE
Jan. 15 1921.]
Joseph F. Ward, Chairman of tho Board of tho City
National of Evanston, 111., resifjucd that place and as a
The places were not fiUed. Tiie otlur dir 'ctors
director.
and the officers were re-elected.
J. P.
Matthew was
eleoced Assistant Cashier of the Fuller-
The
Bank, Chicago.
ton
directors were re-elected.
State
«
officers
and
the
—
Neirman was added to
The other
Marcii.>
State Bank, Chicago.
other
tiie
Board of the
and the
directors
Lin(!oln
A
made by
President William N. .Jarnagin to
the Central ManufacturiTig District
Bank, Chicjigo, shows that the earnings for 1920 were
.'?1S0,S()2, equal to :iS<
on the average capital stock, against
.?1 18..'>34. or ;i0.t)'
in 1919.
After all charges and dividends
there was an increase in the book value of the stock of $11 .(i/i
a share for the year, bringing the figures up to .?1()2.()().
Deposits incre.vsed during the year $.^97,.").'i2 to a total of
$(5,004,519.
Directors and officers were re-elected.
statement
stockliolders
of
,
;,
Banks
Chicago, in which the directors and officers were
re-elected include the State Bank of Cliicago. Mechanics
and Traders, Logan Square Trust and Sa\ings, Sbuth Sliore
State, Twenty-sixth Street State-, Rogers Park National and
West Side Trust and Savings.
in
A new financial institution namely the Security Bank of
Milwaukee, opened its doors for business on Dec. 11 at
Twelfth and Galena Sts. The new Imnk has a capital of
$100,000 and a surplus of .?20,000. The stock is in shares of
$100 each, and was disposed of at S120 per share.
In a
Bank of
summary of
Commerce in
on Dec. 28.
John
fact that reference
the years operations of the National
St. Louis, presented to the stockholders
G. Lonsdale. President alludes to the
was made
in his 1919 letter of a probthe high price level then prevailing.
and to the care accordingly with which the assets of the
bank were being guarded. Continuing Mr. Lonsdale says
ability of
a
droi> in
in part:
Hence, although the aecline was precipitous when it did come, during
the latter part of 1920. we were prepared for it; and while our policy with
customers ha.s been one of liberal co-operation, we have nevertheless, acting in their interest as well as in the interest of sound banking, effected a
steady reduction in the volume of our loans. Since Nov. 1.5, the date of
the last called statement of national banks, our loans have been reduced by
six million dollats and our borrowings from the Federal Reserve Bank by
nine millions.
Our net profits during 1920. after deducting taxes, have been approximately $1,600,000. Of this amount $600,000 was paid in dividends;
$30,000 was applied to the building fund; and the remainder was added to
the surplus and undivided profits fund, whicli now stands at about five and
one-half millions.
In view of the satisfactory earnings of the bank, the directors at their
meeting on Dec. 21 considered the question of raising tho dividend rate.
It was the genej-al opinion that some increase in returns to stockholders
should be voted, but in view of the period of readjustment through which
business is passing, it was deemed wise that this Increase should be a mod
erate one.
A rate of T''; was therefore agreed upon, effective immediately
In connection with the matter of returns to stockholders, it is not inappro
priate, I think, to dirix;t your attention to he fact that, since Augast 1915;
the market value of our ten million dollars of stock has increased more than
four million dollars.
During the same period there has been a net addition
to our undivided profits account of three and one-quarter million dollars,
exclusive of $250,000 which has been charged out of this account and expended for the improvement of our buildings.
The
********
which we were forced to report in the effort to realize
upon .some of the old assets of the bank has been vigorously prosecuted.
In January 1920 one judgment for more than .$700,000 was affirmed by the
Supreme Court of Mis.souri. and we have thas far succ?ssfully defeated all
other legal attempts to escape liability for the amount.
On this judgment.
in fact, there ha.s already been paid to as .5467,000, which was applied against
the value of this claim ;is it appeare^l on our books. The sum of .S300.000
remains uncollected, but we are protected as to this by a sur<'ty <;ompany
litigation to
bond. The question as to the ownership of certain .securitii's originally
pledged in the transactions from which the suit arose is yet to be determined
by the Courts.
The foregoing report is one that, as .vour President. I am indeed proud
to submit.
No iastitution, I think, ever had a more loyal and efficient
corps of workers, both official and clerical, than his the National Hank of
Commerce in .St. Louis at the present period of its nistory. For our force
of 375, I beg the liberty of boastin'< that any person who walks into this
bank, whether he goes to Window 1 or to Window 42, whether he speaks
to a senior officer or to an office boy will receive a most courteous hearing,
and service to meet his individual reTuirements. Our directors are careful
in the discharge of their supervisory duties and most assiduous in cultivating new basinoss for the bank.
The •Commerce Spirit" is a leading reason
for
confidence in the further material progress of our bank.
,
my
—
print elsewhere in our columns to-day the FAth annual
of the Canadian Bank of Coinnn-rce (head office
Toronto) covering the fiscal year ended Nov. 30 1920, which
was submitted to the shareholders at their annual meeting in
Toronto on Tuesday- of this week. We referred to this rejwrt
in these columns in our issue of Jan. 1
The largest earnings
in the history of the institutions are shown, namely, $.l,:i(MJ,244 as the result of the business of the banks for the second
year in the Dominion's reconstruction period following the
great war.
.
—
officers
were re-elected.
the
We
report
23?
At the annual meeting of the board of directors of W. B.
Worthen Company, bankers, of Little Rock, Ark., on .Jan. 11,
John F. Boyle was elected Vice-President and .James B.
Pettyjohn was elected Assistant Cashier of the company.
We jjublish elsewhere in our issue to-day the .'jfith annual
report of the Union Bank of Canada (head office Winnipeg)
for the fiscal year ending No\'. 'SO 1920.
This reiKjrt is \ery
satisfactory, showing as it does m-t profits, after the deduction of expenses of management, interest due depositors,
reservation for interest and exchange, &c., &,c., of .Si ,()(J3,S42.
The balance to credit of profit and loss brought forward from
the preceding twelve months was .<i;i9<S,222, which when
added to tho net profits, the report shows, made the sum
of SI ,K02,()(').j available for distribution.
This was approas
follows:
to
four
quarterly
dividends
in-iatt'd
$9')H,2',iS
pay
bonus
at the rate of 10% per annum, togisther with a
of
(iSlG(),()(K)); $400,000 credited to r<-st fund; $1.')0,0(K) written
off l)ank i)reiriises; $')0,(KK) contributed to officers' pension
fund; $1.^,000 donated to sick benefit fund and $79,.'i36 to
cover war ta.x on bank note circulation, leaving a balance in
the sum of .$149,296 to be carried forward to next year's
profit and loss account.
Total assets are given in the report
as $109,205,44.5, while total deposits stand at $135,324,51H,
.John Gait is President of the Union Bank of Canada and
H. B. Shaw, General Manager. The New York office of the
))ank is at 49 Wall Street.
2%
The first annual report of the British Overseas Bank,
Limited (head office London), covering the period ending
Oct. 31 1920, was presented to the shareholders on Dec. 17
and makes a very satisfactory showing. Net profits, aft«r
allowing for rebate of interest and providing for doubtful
accounts amounted to £199,744. This sum tho Governing
Council of the bank recommended be distributed as follow£39,016 to \vrite off preliminary expenses; £69,242 to pay a
dividend on the "A" Ordinary shares of capital stock at the
rate of
6%
per
annum
income tax) upon the amounts
up upon the shjires for the period
October, 1920 and £1".000 to establish a
(less
for the time being paid
ending the 31st of
reserve fund against investments in Foreign Countries
leaving a balance in the sum of £81,487 subject to income
and (corporation profits taxes) to be carried forward to the
f
The assets of the bank as of Oct. 31 1920 were
The authorized capital of the bank is £5,000,which £2,000.000 is fully i)aid up. The report tells
next year.
£5,222,792.
000 of
us that a freehold site has been acquired in Grace Church
Street, London, E. C, and the work of erecting a new
building thereon will be commenced in the near future; that
during the year a superannuation and pro\'ident fund, upon
a contributary basis, was established for the staff; that in
conjunction with Polish interests the bank has organized
and had in operation for nine months' the Anglo-Polish
Bank, Ltd.
Warsaw and
that a close association for
and Great Britain has been
formed with the Banque de Bruxelles, Brussels, and its affili.
ated banks. The Right Hon Vicount Churchill, G.C.V.Os Go vernor of the British Overseas Bank Limited and Angus
McPhail and F. H. Hope Simpson, managers.
of
reciprocal working in Belgium
i
—
.
The annual report of the National Bank of Scotland, Ltd.
(headjoffice Edinburgh), for the fiscal year ended Nov. 1
1920 and whichiwas presented to the proprietors of the institutionjat their annual general meeting on Dee. 23, has just
come to hand. Net profits for the twelve months, after
bad and doubtful debts, the report shows,
£295,310 and which when added to £67,093,
th(c balance to profit and loss brought forward from the preceding year (after applying £100,000 to credit of the paid-up
(^ai)ital stock of the bank) made the sum of £362,403
available for distribution.
Out of this sum it was resohed,
the report says, to appropriate the following amounts:
£123,200 to pay a dividend at the rate of 16% per annum
(exclusive of income tax £52,800); £10,000 to the heritable
property account; $15,000 to the officers' pension fund and
£150,000 to the investment reserve fund, leaving a balance
in the sum of £64,203 to be carried forward to next year's
profit and loss account.
TotaL resources 'are^shown in\the
providing for
amounted
to
all
-
.
THE CHRONICLE
238
report as £44, 042, GO?.
al
Bank
Tlio suli.scribcd
of S(!otlaiHl Lirnilod
is £r),00(),0{K)
and
of th(«
cai)iliil
Nation-
of wliicli CI ,100,(X)0
reserve
liability.
Durinfj the year .John Stirlinj? ('oc.l<l)urn, tho General Manager of the bank and for forty-five years in its service, retired on aeoount of failing health and William Carnegie,
the Manager of tho Glasgow Braneii of tho bank, was appointed in his stead, taking up his new duties on March 31.
is
c.iiWvd
11 1>,
i:!KK),()(X)
iinoall(>(l
£:{,nOO, ()()()
further states, has been nominated
to fill a vacancy as an Extraordinary Director caused by the
death of the Hon. James W. Moncreiff, W. S.
Mr. Cockburn, the report
Lotulon,
Week ending Jan.
comptroller of the Currency in his weekly bulletin of
Jan. 8 reports tho placing of the Baldwin National Bank of
Kahulai, Territory of Hawaii, in voluntary liquidation,
effective Jan. 3.
The bank has a capital of .S50,000. The
association, it is stated, propo,ses reorganizing under the
laws of the Territory of Hawaii.
<1.
Dec. 16 1920:
of
of
GOLD.
I^oan (In
..
Paris)
The
.fr.
85.20
su.spended production owing to the fall in the price of the metal." This
message would have been more useful if it had indicated what proportion
The genera^
of the U. S. A. production was derived from "silver" mines.
impression has always been that in the States silver is usually merely a
by-product, and that a falling off in the demand for the base metal has more
influence upon the silver output than a fall in the price of the precious metal.
In any case, the U. S. A. production would not affect the immediate price of
silver so long as the Pittman Act were in full operation.
The fact that New
York considered falling production worth emphasis when a bad break in the
price had taken place, rather suggests some uneasiness existed as to whether
the Act in question would remain in force. Indeed, it is rumored from
America that its abrogation will be in the program of the new Congress.
Great things were expected of the original measure in the. United States.
Its sponsor
Senator Pittman has been described in certain quarters as
knowing more about the American silver position than any one else. He
was reported to have stated in July 1919 that the world's demand for
silver was double the production, and expressed the view that for the next
20 years prices would range between 51 and $1.29 per fine oimce. The
*
quotation in New York for foreign silver dipped this week below $0.60.
At the present time the silver market is in a perilous condition the sport o
eddying currents. The reason is that for the moment there is no solid
basis for a market.
Trade demand the world over is restricted by poor
business and by scarcity of money. European coinage is in abeyance,
with the sole exception perhaps of the United Kingdom, now engaged in
replacing the old coins by others of a lower quality. Silver just now is
—
—
—
N. Y., per oz.
Domestic
silver In
more than a counter for Eastern exchange, which both m
China and in India, is in the throes of uncertainty, with an inclination
downward.
We drew attention in oiu" last week's letter to the possibilities of silver
mining in the Yukon. The "Times" correspondent reports from Toronto
discoveries of exceptional richness.
One sample of the ore ran 14,000
ounces of silver to the ton, while 5,000 ounces ot the ton and five foot veins
are common. The average of the ore is over 200 ounces to the ton. The
vast almost unexplored area of northern Canada holds without doubt
many important silver deposits which may even outweigh the remarkable
Cobalt minefield, the output of which is now distinctly on the decrease.
This news does not foreshadow much fall in the Canadian output, rather
Whilst Mexican miners can be paid in coin minted from
the other way.
silver, we can hardly look for cost of production to have much effect upon
the output of that country.
INDIAN CURRENCY RETURNS.
—
Nov. 22.
in circulation
Nov. 30
15,920
5,899
16,021
5,993
Dec. 7.
16,024
6,004
Silver coin and bullion in India
Silver coin and bullion out of India
Gold coin and bullion in India..
2,379
2,386
2,378
'
Gold coin and bullion out of India
Seculties (Indian Government
6807
6,807
6,807
Seciu-ities (British Government)
835
835
835
No rupees were coined diu-lng the week ending 7th. Inst.
The stock in Shanghai on the 11th. inst. consisted of about 35,500.000
ounces in sycee, 26.500,000 dollars, and 1,700 bars of silver, as compared
with about 35,750.000 oimces in sycee, 26,500,000 doUars, and 500 bars
of silver on the 6th. inst.
The Shanghai exchange is quoted at 4s. 2d. the tael.
Bar Silver p. oz. std.
Bar Gold p.
Quolations
Frt.
40
10911.
67.92
New York
85.20
85.20
8d.
47K
83H
77K
85.20
on the same day has been:
(cts.):
65H
99 H
66
99H
65H
99H
65K
99J4
Foreign
99 M
99H
66 N
65H
TREASURY CASH AND CURRENCY LIABILITIES.
Government
holdings of the
as the items stood
Dec. 31 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
Dec. 31.
CDRRENT ASSETS AND LIABILITIES.
OOLD.
TAaMIUUl.
Al$fU.
i
t
237,030,306 52 Gold cents outfltandlng 533,134,133
1,983,845,975 39 Gold ietrleroent fund.
Fed. Re^rve Board. .1,254. 387.063 59
Gold reserv*
152.979.025 93
Avail. Kold Id xeo'l fund 280.376.059 0*
M
CJold coin
Total
Total
2,220,876.281 91
...2,220,876.281 91
—
Note.
Reserved against $346,681,016 of U. S. notes and $1,605,352 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by sliver dollars In tbe
SILVER DOLIJ^RS.
LiabUUiet.
Attelt.
Sliver dollar*
Silver eeris. outstradlng
Treas. notes of 1890 out.
Available silver dollars
ID general fund
171,418.048 00
Total
Cash.
38^d.
40Hd.
WAd.
2 Mas.
39d.
oz. fine.
118s. lOd
40^d.
41d.
118s. 9d.
40^d.
40Md.
118s. 7d.
42^d.
42Md.
117s. lOd.
41J^d.
41J^d.
117s
6d.
40.895d.
41.d.
118s. 3. 6d,
The silver quotations for today for cash and forward delivery are respectively 2>|d. and 1 J^d. above those fixed a week ago.
151,983,913 to
1.605,352 00
17,828,784
M
171.418,048
M
Total
171.418,048 00
GENERAL FUND.
UaMlmet.
Aiseti.
Avail, gold (see above).
Available silver dollars
(see above)
United States notes
Federal Reserve notes..
Fed. RPB've bank notes.
National bank notes
Certlf d checks on banks
Bubsldlary silver coin
Minor
coin
Sliver bullion
Cnclasbllled
17,828 784
5.3.59 144
11,722 ,287
5.566 .830
15 518 079
84 678
4,946 046
841 267
37,974 ,547
(5%
800,000 00
courts,
Deposits
of FedReserve notes
(5% fund gold)
Redemption of Federal Reserve bank
notes(5% fund)
Redemption of national bank notes
(5% fundgold)
4,250,064 02
Retirement of additional
circulating
notes, Act May 30
1908
Exchanges
of
cur-
39,029,103 21
10.544.898 29
Government offlewrs
14.615,081 23
rency, coin,
Deposits In Philippine
Treasury:
To credit of Treasurer,
U S.. and other
Government officers
for:
291,016,000 00
Deposits In nat. banks:
To credit Treas.. U. S.
To credit of other
Total
63,940,225 96
eral
DosUarles:
officers
1,361,331 22
&c
Redemption
sales of certificates of
Govt,
7,525.210 84
892,855 65
creditors of Insolv-
143,148,348 62
To credit Treas., U. 8.
To credit of other
reserve)
ent banks
Postmasters, clerks of
Deposits In special depositaries account of
Indebtedness
Deposits in foreign de-
12.731,751 96
Other deposits
Comptroller of
the
Currency, agent for
18
banks
Deposits In Federal Re-
572,333 24
Depos. of Govt, officers:
Poat Office Dept
Board of tru8t<»es. Postal Suvingp System
00
00
50
05
80
88
39
98
24,518,602 91
serve banks
$
Treasurer's checks outstanding
280,376,059 69
(unsorted
currency, Ac.)
Deposits In Federal Land
really nothing
(In lacs of rupees)
Vred.
85.20
85.20
SILVER.
somewhat erratic during the week owing to irregular
movements connected with China exchanges. The Continent has sold
freely, India considerably whilst China and America have operated both
ways on different days. The undertone continues poor.
On Dec. 10 the New York correspondent of Renter cabled that "many
silver mines in Canada, the United States of America, and Mexico, had
Prices have been
Dec. 10Dec. 11
Dec. 13
Dec. 14
Dec. 15
Dec. 16
Average
39H
Treasury.
of Ehiglasd gold reserve against Its note issue is £125,022,575
an increase of £948,290 as compared with last week.
A fair amount of gold was on offer this week and was all taken for the
Notes
Tuei.
40K
price of silver in
The Bank
U.S.A.
Mon.
40H
War
French
Gold bullion
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
Rat.
ThUTS.
40
39 K
ounce
llS.s. 3d. 112s. 6d.l08H. 10(1. 108s.lld.ll0s.0d.
C;on.sol?, 2'A per cents
47
47
47
47y,
47H
lirltlHh, 5 por contfl
83
83H
83H
»3H
83Ji
nrlllHh. 4Mi por conts
77
77
77
76Ji
77}i
French Rentes (In Parlii).fr. 68.66
58.10
58
57.90
67.85
14.
Hllvor, por oz
fJoUI. por fino
The cash
The
[Vol. 112.
272.601.277 04
11,863,946 56
17,792.595 45
98,810 00
Ac
16,156,743 17
405,537,080 97
Net balance.
504,951.394 20
2,348,651 42
Total
910,488.475 17
Note.
The amount to the credit of disbursing officers and agencies to-day was
Book credits for which obligations of foreign Governments are
•5978.136,835 48.
held by the United States amount to $35,736,629 05.
Under the Acts ot July 14 1890. and Dec. 23 1913, deposits of lawful money for
the retirement ot outstanding National bank and Federal Reser\'e bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part ot the public debt. The amount ot such obliga910,488,475 17
—
tions to day was 829.487,686 50.
S2. 432. 424 in Federal Reserve notes, 84,535,564 in Federal Reserve bank notes.
and 314.866,363 in National bank notes are in the Treasury in process ot redemption
and are charges against the deposits tor the respective 5% redemption funds.
CURRENCY
TREASURY
HOLDINGS.— The following
compilation made up from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of October, November, December and January 1920:
Holdings in
Sub-Treasuries
Oct. 1 1920.
S
Nm.
1
1920. Dec.
$
1
1920. Jan.
$
1
1921.
$
Net gold coin and bullion.
Net silver coin and bullion
Net United States notes..
Net national bank notes..
Net Fed. Reserve notes..
Net Fed. Res. bank notes.
Net subsidiary silver
Minor coin &c.
410.961,469
39,163.110
9.292.769
16,042.540
20.618.823
2.384,940
4.105.920
14.619.044
435,891,220
46,219.329
8,181,712
15,323.030
23.750.109
0,680,824
3,141,698
10.856,142
430.386.732
51.541.323
6.962.414
13.130.555
Total cash in Sub-Treas
Less gold reserve fund
517,188.615
152.979.026
547.044.064
152,979.026
542.045.885 •557,715,354
152.979.026
152.979.026
Cash balance
Dep. in upec.
364.209,589
<;94.065.038
389,066,859
404,736.328
308.856.000
5.950,000
82,169,919
90.493,000
5,950,000
58,536.317
50.751.000
800,000
60.028.053
291.016.000
800,000
143,148,349
12.835.ei8
13,114.515
14.092,560
12,636,455
11. 005. .577
12.444.469
10,544.899
14,615,081
25.950.133
538,569
8,066.668
26,729.015
2.522,449
8,423,654
23.450.046
2,781,239
48,788.187
25,159.980
2.348,651
43,279.167
795.740,878
360,779,828
586,719.473
383,067,446
575.665.384
410,038.287
910.488,475
405.537.081
434,961.005
203.652,027
In
Sub-Treas
depositories:
Acct certs, ot indebt
Dep. in Fed. Land banks.
Dep. in Fed. Res. banks..
Dep. in national banks:
To credit Treas. U. S...
To credit dlsb. officers.
Total
..
Cash
in Phlllpi ine Islands
Deposits in Foreign Depts.
18.203,8.57
4,094,172
3,691,931
14,034.901
433.355.085
55.803,331
5,359,144
15.518,080
11,722,288
5,566,830
4,946,046
25,444,550
Net cash
ENGLISH FINANCIAL MARKETS— PER CABLE.
The
daily closing quotations for securities, &e., at London,
as reported by cable, have been^as follows the past^week:
In banks, Sub.
Treasuries
Deduct current liabilities-
Available cash balance
Includes Jan. 1 837.974,547.18 silver bulUon and
Ac., not included in statement "Stock of Money."
•
504.951.394
165.627.097
$25,444,549.77 minor coin'
THE CHRONICLE
Jan. 15 1921.]
IMPORTS AND EXPORTS FOR NOVEMBER.
Tho Bureau of Statistics at VVasliinglon has issued the
statement of tho country's foreign trade for November and
from it and previous statements we have prepared tlie following:
(In tho following tablea throo ciphers are In all casos omitted.)
Excess
I
1920
1919
1918
1917
1916
Ez-
Im-
ports.
ports.
%
675,0OC
740,011
322.23;
487, 32I'
516,167
.
.
.
.1
0/
Exports.
%
321,000
*
3,54,000
Ex-
'
ports,
Imports.
1
\
220. ,535
.;
176.968
1915 . 327,670 155.4971
a Kxeosa of lmix>rls.
Ex-
Im-
0/
ports.
Exports
S
S
5.025 a 1.882
7.019 12.033
5.490'
1,660
9,086 (14.297
2,5S3
5.263
3,376
2.595
S
3.143
S
i
t
19.870 56.885 037,015
Totals for eleven months ended Nov. 30:
Merchandise.
Excess
surer.
Excess
I
Excess
I
Im-
»/
Ex-
7m-
porti.
ports.
Exports
ports.
porls
.
Im-
Ex0/
Ezportx^ ports.
:
sis
0/
I
ports. \Exports
s
s
s
s
s
7.507.322 5.013. 117 2. 494. 205' ;505.133 372.404 /67.27ri07,535
7,390,010 3.523.6.55,3.715 35.5i321.928 63,6202.58 308 208.4261
5.58:i.2012.820.326|2.762.87.5i 39,490 60.277|/20.7.S7 204,54O|
5.633.378 2.724.5.56 2,908,822*367.346 .'35 3891/1 8043 74,0051
4.959,4072.186,8012,772.606,127.819 527.369/399550 61.587|
3.195.364 1. 606. 764'l,.588, 600' 19.537 406.5421/38700.5 46.768!
1920 .
»919 .
1918
1917 .
BQ16 .
1BI5 .
/Excess
:
s
s
83.4341 24,101
79,725{12.S,701
'
67,045137.495
47.1'!f| 26,819
28,7 It 32,678
31.881' 14.887
Corp. on Monday -Ian. 10 issued its
negular monthly statement showing unfilled orders on tiie
books of the subsidiary corporations as of Dec. 'M 1020, to
the amount of 8,1-18,122 tons.
This compares with 9,021 ,481
t)ons on hand Nov. 30 last, a decline of 873,359 tons.
Contrasted with orders on hand as of Dec. 31 1919, the current
figures show a shrinkaije of 117,244 tons.
In the following
we give comparisons with previous months:
Stiates Steel
Tons.
Oct.
aapt.
Atig.
July
June
liSay
AprU
Mar.
P»b.
Jan.
Dec.
Nov.
0«t.
B«Dt.
A«K.
Joly
Jwne
May
Al)r.
Mar.
F<jb.
Jnn.
rMjc.
Nov.
Ctet.
ai!pt.
Aug.
Jtily
JInne
May
A-prll
M:ar.
ffi3b.
J)«n.
Deb.
Hov.
Oct.
8i?pt.
ijug.
July
31 1920.
8,148.122
30 1920. . 9,021.481
31 1920. . 9,836.852
30 1920. .10.374.804
31 1920. .10.805.038
30 1920. .11.118.468
30 1920. .10,978,817
31 1920. .10.940,406
30 1920. .10,359.747
30 1920. . 9,892.075
28 1920. . 9.502.081
31 192«. . 9,285.441
31 1919. . 8.265,360
30 1919. . 7,128,330
31 1919. . 6.472.068
30 1919. . 6.284.638
31 1919. . 6.109.103
31 1919. . 5.578.661
30 1919. . 4.892.855
31 1919. . 4.282.310
30 1919. . 4,800.685
31 1919. . 6.430.572
28 1919. . 6,010.787
31 1919. . 6.684.268
31 1918. . 7.379.152
30 1918. . 8.124,663
31 1918. . 8.353,298
30 1918. . 8,297,905
31 1918. . 8,759,042
31 1918. . 8,883.801
30 191S. . 8,918,866
31 I9I8. . 8,337,623
30 1918. . 8.741.882
31 1918. . 9.056.404
28 1918. . 9,288.4.53
31 1918. . 9,477.853
31 1917. . 9,381.718
30 1917. . 8,897,106
31 1917. . 9,009,675
30 1917. . 9.833,477
31 1917. .10.407,049
31 1917. .10.844.164
Tons.
June
May
April
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
Mar.
Feb.
Jan.
Dee.
iVov.
Oct.
Sept.
Aug.
July
June
May
April
Mar.
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
."Vug.
Jnlv
June
May
April
Mar.
Feb.
Jan.
Dec.
Bushels.
Bushels.
Bushels.
Bushel*
122.00U
1.343.000
187.000
34.000
170.001
43.000
19.000
60.000
944.000
893.000
950.000
1.210.000
125.000
19.000
130.000
210.000
07.00(1
u
11.000
13.000
Total week '21
Since Jan 1 '2
Week 1920...
Since Jan 1 '20
30 1917. .11.383.287 Nov.
31 1917. .11.886.591 Mar.
30 1917. .12.183,083 Oct.
28 1917. .11.576.697 Sept.
31 1917. .11.474,0.54 Aug.
31 1916. .11.547,286 July
30 1916. .11.058.542 June
31 1916. .10,015.260 May
30 1916. . 9.522.584 April
31 1916. . 9.660.3.57 Mar.
31 1916. . 9.593.592 Feb.
30 1916- . 9.640.4.58 Jan.
31 1916. . 9.937.798 Dec.
30 1916. . 9,829.551 Nov.
31 1916- . 9.331,001 Oct.
29 1916. . 8..568.966 Sept.
31 1916- . 7.922.767 Aug.
31 1915. . 7,806.220 July
30 1915. . 7.189.489 June
31 1915. . 6,165.4.52 May
30 1915. . 5.3I7.6I8 April
31 1915. . 4,908.455 Mar.
31 1915. . 4.928.540 Feb.
30 1915. . 4.678.196 Jan.
31 1915. . 4,264.598 Dec.
30 1915. . 4,162,244 Nov.
31 1915- . 4.255,740 Oct.
28 1915. . 4,345.371 .Sept.
31 1915. . 4.248.571 Aug.
31 1914. . 3.8.36,643 July
30 1914. . 3,324,592 June
31 1914. . 3,461,097 May
30 1914. . 3,787,667 April
31 1914. . 4,213.331 Mar.
31 1914. . 4.1.58.589 Feb.
30 1914. . 4.032,8.57 Jan.
31 1914. . 3.998,160 Dec.
30 1914. . 4,277,068 Nov.
31 1914. . 4.653.825 Oct.
28 1914. . 5.026.440 Sept.
31 1914. . 4.613.680 Aug.
31 1913. . 4,282.108 July
Tons.
1913.. 4.396.347
31 1917.. 11,711.644
31 1913-. 4,513.767
30 1913.. 5.003.786
31 1913.. 5.223.468
31 1913.. 5.399.356
30 1913.. 5,807.317
31 1913.. 6. 324. .322
30 1913.. 6,978.762
31 1913-. 7.468.9.56
28 1913.- 7.656,714
31 1913.. 7,827 368
31 1912.. 7.9.32.164
30 1912.. 7,8.52.883
31 1912.. 7.594.381
30 1912.. 6, 551. .507
31 1912.. 6,163,375
31 1912-. 5,957,073
30 1912.. 5,807,349
31 1912.. 5,750,986
30 1912.. 5.664,885
31 1912.. 5,304.841
29 1912.. 5,454.201
31 1912.. 5.379.721
31 1911-. 5.084.765
30 1911.. 4.141.9.5S
31 1911.. 3.694.327
30 1911.. 3.611,315
31 1911.. 3.695.985
31 1911.. 3,584.088
30 1911.. 3.361.087
31 1911.. 3.113.154
30 1911.. 3.218.700
31 1911.. 3.447.301
28 1911.. 3. 400. .543
31 1911.. 3,110.919
31 1910.. 2.674.750
30 1910.. 2.760.413
31 1910.. 2.871,949
30 1910.. 3,148.106
31 1910.. 3.537.128
31 1910.. 3.970.93)
,30
268.000
517.000
442.000
S06.000
Rye.
lO.OOU
BusheU.
438.000
41,000
5.000
255.000
27.00C
ti.im
4S.0O(
32.00(
15.666
—
from page 278. The
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:
422. 00(
763. 00(
880.001
1,5.53 .00(1
New
713.000
57.000
73.000
1.151.000
.562.000
672.000
802.000
1.202.000
Orleans for foreign ports on
.New York
Portland,
Me
Wheal.
Corn.
Flour.
Oats.
Bushels.
8t)7,302
Bushels.
Barrels.
87.7.59
Bushels
29.801
26.000
389,000
33,000
31.000
2.000
2.000
10.000
31.000
709,000
122.000
1.299.000
494.000
1,.539.000
2.065.000
184.000
Boston
Philadelphia
Italtlmore
.Vow Orleans
Oalvaston
St. John, X. H...
Total week
Week 1920
Barley.'
Peas.
Bushels Bushels BusheU
89.829 415.481 122.685
19.000 17.000 208,000
50.000
69.000
50.000
163.000
50.000
477,801 179,7.57
.58,453 542.334
6.2.89.480
593.685
696.919
12.211
week and
since
1.58.829
491.651
destination of these exports for the
is as below:
1920
1
Week
—
United Kingdom.
Continent
&
Cent.
West
Indies
Week
Since
Jan. 8
1921.
1
1920.
68,469
Amer.
Total
Total 1919-20
Jiilii
Barrels
87. .529
Julij
1920.
Barrels.
Bushels.
594.000 65.366,417
6.182,302 142.427.377
2,836.704
5,000
8.000
7.55.152
,544.318
14,7.59
2.000
986,901
179.7.57 7.940.244
551,334 12.160.1.32
Since
Julu I
Jnn. 8
1921.
1
1,994,279
3,057„594
1.000
Rrit.No.Am.Cols
other Countrie.s..
Week
Since
Jnn. 8
1921.
Corn.
Wheal.
Flour.
Exports for Week
and Since
Juhi 1 tv
So.
Rye.
13,000
7,279.302
Bushels.
Bushels.
100.303
376,498
1,000
1920
Bushels.
2.030,006
3,053,439
54,843
712,2.56
29.769
13.509
3 782,355
503 000
7.279.302 214.417.8.53
6,289.480 OR, 0.54. 551
1
477,801
584,453
5.893,822
1.436.448
The world's shipment of wheat and corn for the week
ending Jan. 8 1921 and since July 1 1920 and 1919 are
shown
in the following:
Corn.
Wheat.
1920-1921.
Exports.
Week
Since
July I.
Since
JvUj 1
Bushels.
Bushels.
Bushels.
North Amer. 9,733,000 2.54.318.000 191.915,000
1919-1920.
1920-1921.
1919-1920.
Jnn. 8.
Week
Jen.
8.
Bushels.
Since
July I.
Since
July 1.
BusheU.
Bushels
460.000
6.944.00C
854.000
s.oVf.ooc
635. OOO
74,244,00C
65,V30",666
seV.ooo
1,750". 666
Ru.ssia
lianube
Argentina
Australia
India
oth.
countr'ir
4V.666 38,.535'o6o
1.000,000 14 558.000
2.89fi.000
1.032.000
230.000
92,19V.666
57.347.000
i.'oYf.ooo
11.809.000 310.537.000 3t3.364.000 3.531.000 82.687.000 67.734.000
Total
The visible supplj'' of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 8 1921 was as follows:
GRAIN STOCKS.
Wheat,
United States—
New York _
ISoHton
Phil.idelphla
i
bush.
5.291 .000
242.000
--
Corn.
bush.
84.000
1
.000
Oats.
bush.
1,225,000
15,000
312.000
506.000
4.000
412,000
3.435.000
51,000
376,000
New Orleans..
3.441 .000
114.000
C.alvestcm
Buffalo
"
afloat
Chicago
3.512.000
6,692,000
2,199,000
851.000
21.000
1,212.000
Milwaukee
Duluth
,50.000
129.000
776.000
38.000
201.000
2.736,000 10.877.000
967.000
499,000
1.,56 6. 000
2..5.33.000
Baltimore
1
.636 .000
Newport News
Detn)it ..
Eitatements below are prepared
394.000
658.000
277.000
670.000
5.757.000
10.621.000
4,147.000
5,375,000
The exports from tho several seaboard ports for the week
ending Jan. 8 are shown in tho annexed statement:
Toledo
Breadstuffs figures brought
si.ooq
1.666
a HecelptH do not Include grain passing through
through bills of lading.
The
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
Nov.
Barrels.
Me.
.New Orlnans
July
Dpc.
Barleti.
Phlliidelpbla..
Halllniore
of Imports.
The United
Oats.
Exports from-
Gold.
Et-
Corn.
Excess
ports.
1
315.204 51,8581 2,397' -19.461 19,0.52
7,1.50
1.128
271.229
3,048,
1.920,
7.2231
4.789
266.793
2.906|
4.317;
339,199 26,335 46.973l':20.63S, 7,846
3.661' 60.98i:a57.320
5.971
172.173
424,81(1
251.008
Wheat.
Montreal
UoNton
Stiver.
1
Excess
0/
Exports
Flour.
(iaivesloii
1
Gold.
at—
Receipts
Portland.
Totals for merchandise, gold and silver for November:
Merchandtse.
Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 8 1921 follow:
New York
FOREIGN TRADK MOVKME.N'T OF TIIK INITKI) STATKS,
JJ-^9
243,000
2,437,000
Rye.
bush.
Barlet
bush.
280.000
217.000
190.000
999,000
299.006
'
s'ooo
267.000
163.000
436,000
371,000
221,000
3"56.66«
11.000
49.000
281.000
54,000
292.000
77.000
12.000
70.000
435,000
113,000
87,000
430.000 7,841.000
1 .425.000
15.000
174.000
947,000
441,000 1.374,000
Peoria
292.000
1.000
231.000
1,000
Indianapolis
141 ,000
587,000
428.000
.32.000
38.000
Omaha .
..
986,000
515.000 1.2.30.000
Total .Ian. 8 1921.. .41.183.000 6.649.000 32,377.000 3.606,000 5 200.000
SOO.OOO
Total Jan! 1 1921.. ..43.064.000 5,408,000 32,194,000 3.236.000
Total Jan. 10 1920.. .70.961.000 3,171.000 12.460.000 17.958.000 3 102.000
Total Jan. 11 1919.. 123.110.000 2.912.000 33.500.000 17.167.000 7 387.000
\'nte.- Bonded grain not included above: Oats, 12.000 bushels Now York, 403.000
Buffalo: total. 415.000. against 583.000 bushels In 1920: barley. New York 13,000:
Buffalo, 229.000; Duluth. 1,000; total, 243.000 bushels, against 43.000 bushels
Minneapolis
St. Louis
Kansas City
7.400.000
306.000
2.118.000
15.000
.":
Receipts
at—
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
pbU.lQGlbs., bush GO lbs. bush. 56 lbs. bush. 32 lbs. bush.iSlbs. bush.5fitbs.
136, ooq
172,000
2.061.000
972,000
187.000
121.000
.
Caiicago
Minneapolis.
Duluth
Milwaukee ...
Toledo.
Detroit
St. Louis
Peoria
1,357.000
2'.6oo
19.000
"736". 000
sV.ooq
30.000
26.000
40.000
855.000
36.000
94.000
38,000
336.000
294,000
208,000
187,000
350.000
1
Kansas City..
1,3?2.000
Omaha
283.000
7.000
Indlanapoli.^..
Total week '20
Same week
Same week
'20
'19
Since .\ug 1
1921
1919-20
1918-19...
373.000
469,0001
236.000
489.000
237,00a
4.646.000
5.102.000
6.226.000
4,677.000
4.262,000
6.003.000
323,000
60.000
259,000
69,000
73.000
2)8,000
96,000
42,000
126.000
196,000
2,464,000
4,290,000
3,916.000
116.000
35,000
115,000
21.000
10,000
70,000
4.50.000
10,000
3,000
6.000
in 1920.
Canadian
Montreal.
2.50,000
Ft. Willtam <t Ft. Arthtu-. 15.870.000
Other Canadian
3.940.000
Total
Total
Total
Total
4S4.000
657.000
1.0,83.000
663.000
849.000
645.000
16,176.000 195.347.000 78.860.000 103.296.000 23.869.000 7.862.000
10,981,000 277,267.000 83,217.000 112.619.000 18.075.000 17,725.000
8.248.000 328.910.000 10.5.103 010 171.230 ono 38.251 nnn >•> s'Ji ono
Jan. 8 1921Jan. 1 1921.
Jan. 10 1920.
Jan. 11 1919.
.20.060.000
.19.975 000
.12.635.000
..35.777.000
135,000
626.000
4.960.000
2.873,000
1.000
45.000
1.265.000
321.000
135.000
114.000
18.000
188.000
8.459.000
8.005,000
6.105.000
5.039.000
1.000
1 .000
49,000
3.000
1.631.000
1.673.000
1.826.000
462.000
6.649.000 32.377.000
135.000 8.459.000
3.606,000
3.-200,000
1,0(K1
1.631.000
40.836.000
40.199.000
3.607.000
3.237.000
4.831.000
5.473.000
5.018.000
7.849.000
SummaryAmerican
Canadian
...41.183.000
20,060.000
Total Jan. 8 1921
61.243,000
Total Jan. 1 1921
63.039.000
Total J;in. 10 1920
S3. ,596. 000
Total ./an. 11 1919. ..158,887.000
6.784.000
5.522.000
3.189.000
3.100,000
16. .565. 000 18,007,000
38.539,000 17.170.000
.
.
—
,
THE CHRONICLE
230
HANK NOTKS CIlANCiES IN TOTAI.S OF, AND IN
DEPOSITED BONDS, &c.—Wo Kivc b«low tables which
show
the monthly changes in national hank notes and in
bonds and lepal tenders on deposit therefor:
all
and Legal Tenders
on Deposit /or
Bonils
Circulation Afloat
—
Under—
1919-20.
Legal
Tenders.
Bonds.
S
Legal
Tenders.
Bonds
Total.
S
S
695,900,770 27.370.452
723.277.222
700.000,480 27,410.317
734,010.797
27,410,317
701.7.32,185 27.817.444
732,.549,fi29
7 1 2, 000, .500 27,817,444
Oct. 30 1920..
099.401.435 27.015,047
726,477,082
Sept. 30 1920..
711.839,000 27.015,047
(,9S,.")92.r2H 27,403,924
725,990,052
711.000,900 27.403.924
Auk. 31 1920..
(>9S.()99.990 28.303.714
720,463.704
709.430,400 28.303.714
July 31 1920..
089. 327.035 29.710,095
719,037.7.30
June ,30 1920..
707,903,400 29,710,095
May 31 1920.. 700, .307 ,7.50 31,039,887 080.225.000 31,0,39,887 717,264,887
092.104,195 3 1,288. ,577
723,392,772
Apr. .30 1920..
704.884,000 31,288„577
091,498,920 32.439.832
723,938,7.52
703,000,000 32,439,832
Mar. 31 1920..
089,748.,578 .32.892.077
701,409,4,50 32,892,077
722.041.2.55
Feb. 28 1920..
699,866,398 33.241.792
733.108,190
690,930,2.50 33.241.792
Jan. 31 1920691,689,258 32.649.434
724,338,692
699,3.57,5.50 32.049,434
Dec. 31 1919$242,164,400 Federal Resorvp bank notes outgtandInK Dec. 31 (•?2. 332.000 scwurcd
by lawful money and $239,832,400 by U. S. bonds), awalnst 5269,122.800 In 1919.
Dec. 31 1920..
715..325.440
Nov. 30 1920..
714.888.040
t
27.376,4,52
th(> amount of eacii class of U. S.
on deposit to secure Federal Reserve
bank notes and national bank notes on Dec. 31:
Tiie follow^inj? shows
bonds and
certificates
U.
2s
U
28,
U.
Bonds Held Dec. 31
to Secure
Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
.Votes.
Notes.
Dec. 31 1920.
U.
U.
U.
S.
—
On
Bomls on Deposit
28,
4s,
2a,
a
11,468.400
2.593.000
S. Consols of 1930
S. Loan of 1925
S. Panama of 19,36
.S Panama of 1938
S. One- Year Certlfs. of Indebt. .
383.500
285,300
259.375.000
274.105.200
Totals
S
571.044,200
71,148,500
47.845,680
25,287,060
715,325,440
Total
Held.
S
582,512,600
73.741. ,500
48.229,180
25,572,360
259.375.000
989,430.640
The
following show^s the amount of national bank notes
afloat and the amount of legal-tender deposits Dec. 1 and
Jan. 1 and their increase or decrease during the month of
December:
—
National Barik Notes Total Afloat—
Amount afloat Dec. 1 1920
Net amount retired during December
Amount
$734,010,797
10,733.575
of bank notes afloat Jan. 1 1921
Legal-Tender Notes
deposit to redeem national bank notes
Net amount of bank notes retired in December
Amount on
$723,377,222
—
Amount on
deposit to redeem national
Dec
1
bank notes Jan.
1920
1
1921.
CHARTERS ISSUED.
Conversions of State Banks and Trust Companies:
Capital.
The First National Bank of Woodburn. Ore
$25,000
Conversion of The Security State Bank of Woodburn
Dose;
President, Fred
Cashier. F. C;. Havemann.
The City National Bank of Bessemer. Ala
100,000
Conversion of The United State.s Savings Bank of Bessemer.
President, W. W. HoUingsworth; Cashier, G, B. Hollingswotrh
Original Organizations:
Bank
of Saegerlown. I'a. (Succeeds Saeger-
town Bank)
25,000
President. W. O. Hecker; Cashier, O. M. Thompson.
The Palisades Park National Bank, Palisades Park, N. J
,50,000
President, Geo. P. Pitkin; Cashier, Irwin G. Ross.
The National Bank of North Philadelphia. Philadelphia, Pa... 500,000
President. Charles E. Beury; Cashier. John G. Muir.
The First National Banli of Farnhamville. Iowa
40.000
President, Chas. Ueacham; Cashier. M, B. Fle.sher.
The Centralia National Bank, Centralia, III
100,000
President, J. F. Mackey: Cashier. D. W. Whittenberg.
The First National Bank of Vinton. Va
50,000
President, Geo
Muse; Cashier, F. L Mitchell.
The Citizens National Bank of Lancaster. N.
100.000
President, Joseph F Schaefer; Cashier. Harry J. Woodward.
The Idabel National Bank. Idabel, Okla
50,000
President, R
Williams; Cashier. Bernie Herstein.
The First National Bank of North. North. So Caro
.50.000
President, E. C. Johnson; Ca,shier, Benj M. Badger, Jr.
M
Y
D
Total
$1,090,000
APPLICATIONS FOR CHARTER.
Conversions of State Banks and Trust Companies:
The First National Bank of Palco. Kans
Conversion of The Palco State Bank, Palco, Kans.
Correspondent, C. L. Miller, Palco, Kans.
First National
Bank
of
Ml.
Olivet,
100.000
50.000
50,000
25.000
Orleans.
Afisots transferred to
Savings Bank of
New
which
f)rl<yins.
}i.ssumes all liabilities of
CAPITAL STOCK INCRE.\SED.
m'
Cap when
$200.0CK)
Increased.
.$400,000
25.000
100.000
25.000
100,000
100,000
200,000
125,000
250. W)0
.4
Inc.ri-.dxe
The North Ward National Hank of Newark. N. J...
The First National Hank of Cuba. N. Y
The First National H:ink of Wapakoneta. Ohio
The Farmers National Hank of Ephrata. Pa
The Citizens National Hank of .\pplcton. Wis
The Fir.st National Hank of Petersburg, Ind
The Farmers National Hank of Plain City. Ohio...
The First National P.ank of O.sceola, Osceola Mills. Pa
The First National Bank of Jason ville. Ind
The First National Hank of Himtlngton Heach, C^al.
The CoUingswood National Bank. CIollingswood.N.J,
The First National Hank of Newca.slle, Texas
The First National Hank of Summit, N. J
The First National Hank of Burlington. Iowa
The Alamo National Bank of San Antonio. Texas...
The First National Bank of Pampa. Texas
The Wast Branch National Bank of Williamsport. Pa.
The First National Bank of Dover, Del
Commercial National Bank of Miles City, Mont
The National Bank of Commerce of Dodge City, Kans
The Monroe National Bank, Monroe, Ohio
The National Bank of Hudson, Ohio
The Lawndale National Bank of Chicago, 111
The First National Bank of Lawler, Towa_.
The Finst National Bank of Kulm, No Dak
The Milford National Bank, Milford, Ohio
The First National Bank of Galax, Va
The First National Bank of Dinuba, Calif
The Louisville National Banking Co Company,
25.0fKt
25, (KK)
,50,0f)0
.50.00<l
100.000
.50,000
26,fXM)
iVl.OOO
2.').0fKl
75.000
10,000
25,000
,50,000
.50,000
.=j0,00fl
100.000
400.000
500.000 1,000,000
25.000
.50.000
100,000
.500.000
150,000
2.50.000
lOO.OfK)
1.50,000
.50,000
2,50,000
100,000
25,000
15,000
200,000
20,000
10,000
40,000
25,000
150,000
Ky
Louisville,
The
The
The
The
The
The
The
The
.50,000
40,000
2.50,000
•
50,000
50,000
100,000
25.000
100,000
100.000
25,000
25,000
Truman National Bank, Truman, Minn
First National Bank of Henderson, No Caro
Peoples National Bank of Orangeburg, So Caro.
First National Bank of Fairfield. Calif
First National Bank of Florence, Kans
Total
50,000
40,000
100,000
50,000
200 000
500,000
100.000
2.50,000
Citizens National Bank of Bellevue, Pa
Liberty National Bank of Tulsa. Okla
National City Bank of Rome, Ga
2.50,000
200.000
,50,000
200,000
200,000
50.000
50,000
$2,970,000
—
Canadian Bank Clearings. The clearings for the week
ending Jan. 6 at Canadian cities, in comparison with the
same week in 1920, show a decrease in the aggregate of
13.3%.
Clearings
at
Week ending January
—
6.
Inc. or
1921.
1920.
Dec.
$
$
%
Canada
Montreal
Toronto
Winnipeg
Vancouver
133.097,889
100,209.008
63,557.417
13.998,522
11,291,909
Ottawa
Quebec
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw.
Fort William.
—
_
New
Westminster
Medicine Hat..
Peterborough _.
Sherbrooke
Windsor
Total Canada
4,551.178
7,254,570
3,478,420
9,383,343
5,340,877
3,119,206
5,571,449
5.266,026
843,153
882,539
2,310,631
1,526,604
1,774,326
1,340.257
645,219
541.437
961.709
1,167,124
994,845
2.995,812
679,929
857,596
Auction
—15.9
—16.3
—32.4
—35.1
—9.7
—13.0
—8.3
+ 10-5
—2.5
—31.2;
— 14
—
— 15.4
17.2
—15.1
——2.2
+
—
.9
2I.1I
15.1
1,164,357
684,007
5.71
672,348 —19.51
1.318.371
1,560,995
1,250,000
2,557,712
575.448
Not included
388,475,651'
Sales.
+ 9.7
2,261,-300
—27.1
—25.2
—20.4
+
+
17.1
18.1
in total
447,957.56o' —13.31
— Among
1918.
1919.
—20.9
—12.9
168,240,896
114,948.191
57 ,924, .387
16,632,863
13,484,676
6,735,830
7,012,988
8.032,426
3,996,327
10,230.689
4,839,871
3,199,206
8,098.997
6.189.986
996,366
1.065.809
2.722,911
1.560.573
5,086,2,52
Halifax
115.378,538
82,392.266
51.094,198
11,679,787
8,018,954
5,111,247
5,545,982
6,080.215
2,846,402
6,228,688
3,921,117
2,240,940
4,507,182
4,200,458
784,504
815,847
2,181,539
1,153,212
1.870,926
943,424
564,941
534,460
837,041
1,212.584
848,994
1 .444,850
349,803
81.126,316
64,395,261
46,670,378-
322,788,099
255.268,762
9,521,322-
6.00S.899
4,159.220
3,918,930
5,325.504
2.517.818
7.981,649
3.203.418
1.887,507
4,619.571
4.317.261
600,000
812,548
2,018.841
922,675
1.456.046
789.975
.390,930"
534,658
746,586
722.032
621.417
other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By
10
.500
Messrs. Adrian H. AluUer
&
Sons,
New
York:
f'Pfrsfi.
Sprrsh. Shares. Slocks.
325
25 Guaranty Trust Co
K. C. Mex. & Orient Ry.,,
335
10 Chase National Bank
common, v.t.c
100
20 Terminal Wa.'^house Co
Union Construction, ctfs. dep .$10
2
.Arlington Theatre, Ltd. (Ca-( lot
1.842 Globe Rubber Tire Mfg
n.adio.n)
!00 Amer. <fc Biitish Mfg. Corp..
.70
Fly- Witch Copper. $5 each.!
common
Per cent.
Bonds.
River View Realty
Slinrc!.
200,000
"The Orange-
000
.
50
200.000
."iOO
&
^-inal-Commerrial Trust
national b.Tnk,
25,000
25,000
(
The National Bank of Commerce of Toledo, Ohio
$1,000,000
To take effect Dec 311920 Liq Com George W Walbrldge.
William II Haskell and E Claud Edwards
Absorbed by The
fiuardian Trust and Savings Hank of Toledo. Ohio, which changes
"
its name to "The Commerce Guardian Trast and Savings Bank
50
§1,060,000
of Orangeburg, So. Caro., to
New
250,000
Louisville National Bank."
The Peoples National Bank
Company,"
The Canal-Commercial National Hank of New Orleans, La
To take effect Dec, 31 1920. Liq. Agt., William M<ss<TKralth.
25,000
CHANGE OF TITLE.
The State National Bank of Miles City, Mont., to "Commercial National
Bank of Miles City."
The National Bank of Commerce of Dodge City, Kans., to "First National Bank in Dodge City."
The First National Bank of" KuLm, No Dak., to "La Moure Coimty
First National Bank of Kulm
The Louisville National Banking Company, Louisville, Ky., to "The
burg Nationa Bank."
.
Moncton
$35,000
Correspondent. Geo. C. Bradford. Mt. Olivet, Ky.
First National Bank of Roosevelt, N. Y
Correspondent, Peter Stephen Beck, 6 Main St.. Roosevelt, N.Y,
The City National Bank of Mexia. Texas
Correspondent, W. G. Forrest, Mexia, Texas,
The La Junta National Bank, La Junta. Colo
Corre,spondent. Guy M, Weybright, La Junta. Colo.
The Commercial National Bank of Beckley. W. Va
Correspondent. R. G. Ro.ss. Becklev. W. Va.
The First National Bank of Miami, Texas
Correspondent. N. S. Locke, Miami, Texas.
The Day and Night National Bank of Pikeville, Ky
Correspondent, T J. William.son, Pikeville, Ky.
The First National Bank of Palatine, 111
Correspondent, Ralph L Peck, Palatine, 111.
The Eastern National Bank of Bo.ston, Mass
Correspondent, Jiidd Dewey, 110 State St., Boston, Mass.
The Morris National Bank. Morris, Okla
Correspondent, J. E Mullins, Morris, Okla.
The Douglas National Bank of Chicago. Ill
Correspondent, P. W. Chavers, 534 E. 43rd St., Chicago, 111.
Total
of Kahulal, Territory of Hawaii
$.50 000
take effect Jan. 3 1921.
I.i<|. Agt.. I). C." Lindsay. I'aia".
T, il
This awM^icialion pn)i)Os<« nsorganlzing uriflor lawH
or Territory of Hawaii.
ho I'nion Commerce National Hank of Cleveland. f)hlo.. .
S4 000 000
To take effect Dex-. .'iO 1920. LIri. AKt.. Waller C. Saunders.
Assets taken over by Citizens Savings & Trust C:o.
Cleveland.
of Clevelanfl, Ohio, which chang«#) its title to "The Union Trust
aiii,
Prince Albert
Ky
The
t^
Kitchener
.$75,000
Original Organizations:
The
VOLUNTARY LIQUIDATIONS.
$27,376,452
—
First National
[Vol. 112.
The Baldwin National Hank
$27,410,317
33.865
National Banks. The follomng information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
The
1
.'itocks.
]
—
>
10
.'910
.$92,000 .Alton-Granite <Sc St. Louis
4 First National Bank
224
Trac. 1st cons.. 1944. Feb. 1920
4 Garfield National Bank
900
- 23
coupons on.
4 Fifth Avenue Bank
Sea
408
SI ,000 Trenton Lakewood
16 National Park Bank
$45
Coast Ry. .5s, 1940
47 Bank of N. Y., N. B. A.. 464-465
I
&
1 U. S. Trust Co
15 Commercial Trust
By
Shares.
1
_
Co
Messrs. Wise,
Slocks.
75.000 marks
825
149
Hobbs
$12 per 1.000 marks
.5s
&
Arnold, Boston:
Spersh. Shares.
Merrimac Nat. Bank. Haverhilll60
German Govt.
12 u Jamestown Nat. Bank, Cal_ 10
202
3 Pcpperell Mfc;
129}^
10 Draper Corporation
195
8 Naumkeag Steam Cotton
130
6 .American Glue, common
Stocks.
1 New Boston Music Hal!
10 Bausch Machine Tool
115 rights Lowell Elcc. Light
100 rights Quincy Mkt. C. S.
10 rights Farr .Alpaca
Spersh.
15
100
oli-5%
& W.
7%
H
THE CHRONICLE
Jan. 15 1921.]
By
Messrs.
Shares
L.
II.
Day &
NuUoiml
2 Klrat
M;iijuf:iclurlng
llalttj
Mfg
5 Great KalU
Mans
('(w.
I;Iik:
i»ref
6
&
Messrs. Barnes
'JO
500 Uosiou l-.lcv. UK. (is. 1!I24
50 Sudolk Law Sell 2iid Sk,1922 45
.
.
1
K.
InjJ..
lot
and tiO bIi. Bro"n<)-l... com
200 Hav State ii:ia, J.iO each. , «11 lot
lot
2!l ChluaKO K.vs
lf-31
v. t. c
100 Ai.iorloau Nlc!;el. SIO each .S20 lot
.
.
Klec.
5
Zanesv.
Ry. Ken. 5s
.-
-
Interurban Ter$25,000 <"ol
....
minal I.sl 5.S.
$633,205 unpaid subwrlptions
due to the Ohio Syndicate
)
30 Phllft. Life lusur.. $10 each. . lOH
42 Phlla. noui-se. pref
20f4-21 H
12 Phlla
lloursc,
com..
0-6)-»
T.
Coiitlneutal-IOquil.
1,S
.150
Kml Trust
Lumbormeu's Insur.. S25 each. 102
5 West
-
<Jc
T..
A-
-
.
25 Unite! Ga.s A Klec. 1st pref ..
1 16 Southern Oas
Impt
25 Goo. H Newron Coal. 1st pret.
256 Benson Mines, pref. A
83 Benson Mines, pref. B
Per
Bo "ds
$5,000 West. N. Y. & Pa. Trac.
1st * r<f .')S, 1957
13
'>.
3Qii
1
1
cent.
10
,000 C;i>orKla Ry. & Power 7s. '22 94
1.000 Phlla, Siihiirban Gas
E.
4
I
.
.
cum
(lu
,
common Htook)
common
10
1
Mar.
2 •lloldeni of reo. Feb.
5
2'-!,
Jan.
Jan.
Woolworlh F, W,), com.
we
IJelow
.
.
&
1st A.- ref. 5s, I960
10,000 Allan. C. A Shore
.t coll. tr. .^.s. 1945.
72."^
RR.
20
in Method of Reporting Same.
have changed the method of presenting our dividend
record.
We now group the dividends in two separate tables.
First we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the diviends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Per
S'amc cf Company.
Cent.
Railroads (Steam).
Huntingdon & Broad Top Mt RR
("oal pt •75
When
Books Closed.
Payabh
Days
2
'4
Ian.
Inclusive.
•Holders of rec. Feb.
1
Holders of rec. Jan, 22
Feb,
Feb.
St X.ouis
Street and Electric Railways.
Montreal Trainway.s tiintir.)
20
Holders
ol rec.
Feb.
iK
Jan. 2S
Mar.
Feb.
Feb.
Feb.
Co.'s
Pacific (quar.)
Extra
12'<
Miscellaneous,
.\mer. Brake Shoe i Fdy com (guar.)
District Teles of N. J. (quar.).
.\merlcan Glue, pre'
_.
AracT. RaJiator. com (quar.)
Preferred (quar.)
Amer.
1
4
*l'A
*2'4
*1H
y%
)
Co
-..
_
Columbia Graph Factories, pref (quar
Coal (quar )
Crocker- Wheeler c;o..com. (quar.)
Common (payable in common stock)
)
Jan, 25
Jan. 25
1
of rec. .Tan.
to
to
Pont Chemical com
A
Jan, 31
Jan, 31
Feb
Nash Motors, common
Holders
Holders
Jan
5
»75c.
Wi
Feb.
no
m
5
5
Ui
Feb.
Holders
Holders
Holders
Holders
•Hol'iers
•Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Feb.
Hol'tcrs
Holders
Holders
Holders
Holders
Holders
•Holders
•Holders
•Holders
•Holders
•Holders
h'eb,
Holders
3
Jan
4H
Jan,
*VA
Feb.
Holders
Holders
•Holders
•Holders
•Holders
•Holders
Holders
Holders
•Holders
Holders
Holders
Holders
25c,
Mar.
2H
Feb.
\'4
2
Jan.
Jan.
Feb.
»7.5c.
*$10
Feb
Feb,
Feb.
Apr,
•I
I'-eb
*$3
•$1
IK
2
IH
1
IK
•2j
•2
50c
1
31
I
21
31
8
14
14
20a
17a
14
14
14
Holders
SecontI preferrecl (quar.)
Penn Traffic
Co-n
.
Jan.
Jan.
15
l'e>)
I-'el)
•IK
*1K
•IK
•IH
Extra
5
5
of rec. Mar.
of rec. Feb.
to
Jan.
of rec. Feb.
of rec. Jan.
of rec Jan
of rec Jan
to
Jan
to
Jan
of rec Jan
of tec Jan
to
Jan.
to
Jan.
Fel)
2 k;
IH
Dec, 31
Jan.
•Holders of rec, Jan. 25
Jan, 22
to
Jan. 31
Holders of rec Jan 25
Preferred (quar.)
National Biscuit, com. (quar.)
Preferred (quar). .
New River Co., preferred
N. Y. <fe Honduras Rosarlo Mln, (qu,)-.
Normal Oil (quae)
Pacific Coast Co., 1st pref, (quar,)
Plant (Thomas G,) Co., pref. (quar.)...
Price Bros (bonus)
Public Service Invest., pref. (quar.)
St. Lawrence Flour Mills, com. (qu.)..
Common (bonus)
Preferred (qu.ar.)
Sears, Roebuck & Co., com. (qtiar.)
Sinclair Cons. Oil, preferred (quar,)
Holders
•Holders
Holders
Holders
Feb
.
.
•Jan. 21
2
2
Jan.
Preferred (quar.)
..
1 V,
Feb.
Elk Masin Cons. Petroleum (quar.)
•12K.C Feb.
*2
Fairbanks Co.. 1st pref. (quar.)
Feb,
Fall River Gas Works (quar.) _
Feb,
3
Fort Worth Power & Light pref. (quar.).
IK Feb,
General C'iirar, Inc.. common (quar.)
\yi l>b.
Gillette Safety Razor (quar.)
Mar,
•S3
•3
Houston Oil. preferred .Feb,
Illinois Northern Utilities, pref. (quar.)
•Ik. Feb,
Kelsey Wheel, preferred (quar.)
Feb,
•Hi
Loft, Inc. (quar.)
.
Lowell Electric Light (quar.)
Magee Furnace f'o.. Inc., 1st pref, (qu.)
Second pref errerl (quar )
-McElwain (W. H.) Co 1st pref (qu.)..
Spcond nreferred (quar.)
Holders
Holders
Jan
Jan
Ian
Jan.
Ian.
Jan.
Jan,
rec.
Holf'ers ol rec. .Mar. ISn
Ian
*20c
pref
Ho.'ilcry. prcl (qnar )
Kdlson Elpc. Ilium of Brockton (quar.).
Elsenlohr (Otto) & Bros., com. (quar.)..
Electric Bond & Share, com. (quar.)
,
rec.
Feb. 10
of
Company
Books Closed.
Days
Payable
Incliuire.
Preferrei
Baltimore >t Ohio, preferred
(Canada Southern
Chlcaeo <fe Nortbweatern. oommos
.Mar,
2H
2
IH
2H
l'>b.
Preferred
Clev ('In. (;hlc, .t St, L,, prof, (quar,)..
Delaware Ijickawauua & West. (quar.).
Detroit River Tunnel
OeorRla RR. A Banking (quar.)
Great N'ortliern (guar,)..
Kansas City Soutbeni, pref. (quar.)
Little S.ljuylklll .N'av., RR, <t Coal
Louisville it Nashville
Mahoning Coal RR,, common
VII) idijan Central
Mine HUl & Schuylkill Haven
New York Chicago & Bt. Loula. common
.Norfolk .t W'c.ilcru, preferred (quar.)
C 'entral
N'orlhern Pacific (quar.)
Pere Martiuette Ry.. prior pref. (qu,).
Pittsburgh Cine. Chicago
St. Louts..
Pltislmruli A- Lake Krlo
Pittsburgh
West Va., pref. (quar,)
lluadlnx c;ompauy,
RR
Troy Union
.Street
C31n.
common
(quar.)
Feb,
Feb.
Jan
Feb,
Feb.
Feb.
Feb,
Feb,
Feb.
Feb,
Fo'i
to
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
Of
of
of
of
of
of
of
of
rec Jan
rec Jan.
rec. Feb.
rec. Jan.
rec. Jan.
rec. ,lan
rec. Jan,
rec. Jan.
rec. Jan.
rec, .ran.
rec. Jan.
rec. .Fan
rec. Jan.
rec. Jan.
rec. Mar,
roc. Jan.
rvc. Jan.
rec. Jan.
rec. Jan.
rec. Jan.
rec. Jan.
rec,
roc,
rec,
rec.
rec.
of rec,
of rec.
of rec.
of rec.
of rec.
of rec.
of rec,
of rec.
of rec.
of rec.
of rec.
20
1,5a
1
14a
i9«
20
20
15
21
24a
31
21
20
21
15
1.5a
7
7
15
15
20
Jan. 20
Mar. 31
Feb.
Jan.
Jan,
Dec.
Jan.
Jan.
Jan,
Jan.
Jan.
Jan
Jan.
Jan.
Jan,
Jan.
Holden
Feb.
IH
U4
Of
ilolderh of
Holdem of
Holders of
Iloldern of
Holders of
Holders of
Holder:, ol
Holders of
Holders of
Holders of
Mar.
Feb.
Jan,
Jan.
Ian,
$2.50 Jan,
3
Jan,
Jan,
3
IK Feb,
Jan.
1
$1,25 Jan,
Feb,
3 Mi
I'eb,
S5
Jan.
2
$1,25 Jan.
5
Jan.
Feb.
1
Jan.
S2
IK Feb.
IK Feb,
Jan.
2
82 .50 Feb,
1« Feb.
Feb,
$1
6
Jan.
Iloldus of
Holders of
Dec
IS
Holders
Holders
Holders
Dec. 25
Holders
Holders
Holders
Holders
Holders
Holders
HolderHolders
Holders
Holders
20
28a
rw. Dec. 31a
ree. Jan.
rec. Jan,
rec. Jan,
rec, Ji-n,
reo. Dec,
rec. Deo.
rec. Jan,
rec. Jan.
rec. J'^n,
rec, Dec.
15a
?a
lea
16a
:ia
Ha
sa
31a
re<-.
Jan.
reo,
Dec. 31a
Jan. lU
to
of rec, Jan.
of re<-. Jan.
of rec, Jan.
to
Jan.
of rec. Jan.
of re<^ Jan
of rec. Dec.
of rec, Jan.
of rec Jan
of rec, Jan.
of rec. Jan.
of rec. Feb.
of rec, Jan.
of rec.
3-1
Iha
\f,a
3a
16
3a
310
3ia
»a
1.5a
15a
21a
1«
18a
Dec. 31a
and
Newp't &
Preferred
Electric Railway.s.
Gov. L. & T., com. (qu.).
(quar.)
1«
IH
Consolidated Traction of N, J..
2
Duquesno Light, preferred (quar.)
Kentucky Se<.urltlo.s Corp,, pref, (qu,)..
Manchester Trac, Light & Pow. (quar.)
Milwaukee El. Hy, & L.. pref. (quar,)..
Ottumwa Ry. & Light, prof, (quar.)
IK
IH
Jan.
Jan.
Jan.
1
Jan.
1
Holders
Holders
Holders
Holders
Hoh'crs
Holders
Hoi lers
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Hold- rs
Ian.
2
im;
IK
Feb.
Jan.
Jan.
Jan,
Jan.
75c Ian,
Philadelphia (.'oinpany. common {<iuar.)
Philadelphia & Western, pref, (quar.)
62 Ho Jan.
750 Jan.
Pu','el Sound Power Jc Light, pref. (quar.)
United Gas & Electric Co
2H Jan,
r6
Va. Ry <fe Power, pref, (pay. In pref atk )
Jan.
Washington Water Power, Spokane (qu.)
IK ,Ian,
w'c.st Penn Power, [ref, (quar,)
IK Feb.
West Penn Tr. & W. P., prrf, (quar,)..IH Feb.
62 «c Jan.
York Railways, preferred
to
to
of rec
of rec,
of rec,
of rec,
of ICC
of
of
of
of
of
of
of
of
of
of
rec
rec
roc,
rec,
roc
ree
rec
rec
rec
rec
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Deo.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
16
16
31a
1
8"
3
20a
31
13a
31a
28a
31
310
24a
21
17
21a
Banks.
I
to
Jan. 19
Holders of rec. Jan. 31
Jan.
Feb.
Jan.
Cora Exchange (quar.).
Trust Companies,
Mutual of Westchester County,
Jan. 15
Holders of rec, Jan. 12a
20
Holders of rec. Mar. 18a
Holders of rec. Jan. 15
Holders of rec. Jan 15a
Jan
Jan
2
.
Feb.
Feb.
Feb,
Feb,
Holders of
6
2
Durham
Ro.it
1
SI-
Con.soli'la' ion
Preferred (quar.).
De Beets Consolidated Mines
Dodge Steel Pulley, pref. (quar.)
Jan.
Feb.
Mar.
•SI
Atlas Powder, pref. (qviar.)
Burns Bros, com (quar.)
Preferreti (quar
Canadian CJonverters (quar.)
Caracas SuRar (qimr )
Submarine
Holders
Ondem
Mar.
Mar.
?1
Preferreti
dii
2
Insurance.
Home.
Extra...
•Holders of
1
week.
Commonwealth
Collins
of reo. Jan. 27
12
give the dividends announced in iirevious weeks
This list does not include dividends
Railroads (Steam).
Alabama Great SouUtern. oreterred
.\i(li. loiiel.a A Santa 1 e. com. (quar.).
1
Banks.
Fire
•Uuldem
1
Ian.
When
Name
We
&
•
10
10
2!i
•2
(quar,)
&
l8t
DIVIDENDS — Change
Grace (W. R.)
15 •Iloldem of rec
•1(4/ Mar.
&
&
Jan.
Mar
IK
((luar.)
'o
WiiiclicBler-liaydeA, Inc.,
Preforrwl (quar,)
Nor! hern
1
107
$50 e.ich
3 Merchants Union Trust. $50 ea. 60
pref..
Steel,
lOOniamonl State
*2 lol
$10 eich
Nashville Cliattanooj^a
Jan.
n.
•IH
Ituuks Cloted.
Ijai/s Inetu»i»e.
)
.
...
Newark
Preferred
Wilson
annoiin(."ed this
the enuiiy of the Ohio Syndicate In the collaU'ral pltwlged
100 Nova Scotia Sliver l.'obalt
or the paynicul of a note
Mliilnc, $1 (Wh.
S2 loi
(now overdue) or $3,200,000
tiS
S Contliieiital 1'us.s. Ky
reduced by pavnieiiis on ac321
Ha:ik
3
Phlla.
National
,525.000
count to «1..5.U).0l)0. viz.:
5 1st Nat. Hank of Phllaiiclphla 24S'4
com.
70,991 sh Ohio Kli>c Ry
.2.S0
3 4lh Street National Hank. .
30.000 sh. Ohio Klec. Ry.. pref.
15 Kensington Nat Hank. SSOea.liO
$4,200,000 Ohio Klcc. Ry. 1st &
170 1^
.
10
Northern
National
Hank
.Is r.uii .«S 15,000 overdue
ref
COUIKJIl.s'
•2
•
Preferreil (quar.)
_
Union Tank Car, pref. (quar.)
U. S, Motor Truck, common
10 Uroino-Mllila. prel., $10 i>acli.l824
.Vll
S3, 000 Col.
Mtscelluiieuus (.CurtcUiieA)
Tiuiken-Deirolt Axle, com. tbi-nioutbly)
% per sh.
525 each lit
Shares.
Slocks.
Pcupli's Nat
Whem
Payable
and not yet paid.
Loflaud, Philadelphia:
.
Ry
92H
.-.
I'lrceiii.
Bonds.
SI .000 HutteKlec.Pow.lsl 8.f.5a.'51 82
1.000 t;onu.& PasM HIv UK.4ii.43 55^4
1.000 Ka.st -Matts St Ky rcf..58. m-r
2<\ lai
13, 1'.I4S. Julv lyjOooiip. on
t per sh
Slocks.
lilec
^''i
.
$868,000 The Ohio Klec. Ry, Sd)
& BOQ 5s
S570.000 Colluleral uol« of the
OlUo
A: illv.
ctf Jep.
.100
10 Manchester Trac. I. 4 P 17G
3 Kssox CJo.. $50 o;irli
jO Plyiuoiiih ('orclime, ex. dlv .... I'.t5
_.212
3 Beverly Ci»Mi Kloc
By
75
.
26
.
Per
Cau.
•
IvOBton .4theneuui, J300 par. .540
UlKlils Lowrll Elcc l,U!hl..0';-fi'-4'
1
of Company.
.
i
1.)
4
eurryliiK ;ill rt-cur
100 Mass r;kxv Von. prfl. otl. dep.
40c.
rep. com.awck only
.Viares.
lisKi' Uiihljcr, Isl pri'f
Lt.. pi"e'
I'UKul .SI I'ow
Hooil RiitilHT. prof
1
135H
.
10 nartniouUi .MfK. pref
:200
W
Hi
195
JUS
.
Name
SlocJes
t ptr sii
Shares.
7^4-7
151 lllKhta Quiiicy Mkt .C .8.4
s
com...
l.ighilnK
Cos..
Mh-ss.
7
300
200
Iliiuk
5 National I.'ukhi liauk
25 Kl IcHly Trust.
N'auiiikoan Snaiiu Cottou
1 1
1
Co., Boston.
ipersli.
SiucKit.
Z'^l
14
20
IS
31
22
22
15
15
17
15
18
20
20
20
•Holders of rec, Feb. 15
Miscellaneous,
Abltlbl Power & Paper, Ltd.. com. (qu.)
Air Reduction (quar,)
AllCfiheny Steel & Tube, common
\lUance Realty (quar.)
Mils-Chalmers Mfg., com. (quar.)
—
Preferred
(quar.)
.Amalgamated Oil (quar,)..
.Amalgamated Sugar, 1st pref. (quar.)
Amur. Agrlc. Chemical, com. (quar.).
Preferred (quar.)
Amer. Bank Note. com. (quar.)
Amer. Beet Sugar, com. (quar.)
American Brouz, prelerredAmerican Cigar, common (quar,)
A merlcan Coal
American Gas & Electric, pref, (quar,)..
American Ice, common (quar.)
Com mon
(extra)
Common
Preferred
&
Traction, com. (quar.)..
(payable in common stock)..
(quar.)
Amer. Rolling Mill, com. (In com. Btook)
American Rolling Mill, common (quar,).
Common
(extra)
Six per cent preferred (quar,)
Seven per cent preferred (quar,)
Amer. Seeding Macb., com. & pf. (qu.).
American Shipbuilding, com. (quar.)
Common
(extra)
Preferred (quar.)
,Amer, Steel Foundries,
com. (quar.)
Amer, Sumatra Tobacco, com, (quar,)..
Preferred
American Telephone & Telegraph (quar,)
American Type Fotmders, common (qu,)
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Jan,
1
•Holders
Ian.
SI .50 Jan.
Feb,
2
Jan.
02
1 w;
Jan.
SI
2
3H
•2
$1
IH
1
I'i
Am. La France Fire Eng. Inc., com. (qu.)
Amer. Laundry Machinery, pret. (quar.)
Amer, Light
IK
I
(quar .)
Preferred
$1,50 Jan.
Jan,
Jan,
Jan.
Feb.
1
SI
10
Ian.
Feb.
Feb.
Feb.
Jan.
Jan.
Jan.
Feb.
Jan.
Feb.
Feb.
/I
Feb.
6
Feb,
50c Jan.
25c Jan.
IH Jan.
IK Jan.
IH Jan.
IK Feb.
2yi Feb.
IK Feb.
75c Jan.
2Vi Feb.
IK
Jan. 6
Jan. 15
J.an. 15
Jan. 15
1
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Mar-
2
Jan.
Jan.
Jan.
Jan.
American Woolen, com. (quar.)
Jan.
Preferred (quar.)
•$1,50 Feb.
Amoskeag Mfg., common (quar.)
•$2,25 Feb.
Preferred
Anglo-American OU
Jan.
(»)
Asbestos Corp. of Can., Ltd., com,(qu.)
IH Jan.
2
Common (bonus)
Jan.
Preferred (quar ,)
IK Jan.
2
Preferred (bonus)..
Jan.
I
Associated Dry Geods, com. (quar,)..
Feb.
1
IK
IK
IK
Preferred (quar,)
,
First preferred (quar,)
Second i>referrod (quar.)
.Associated Oil (<)uar.)
Atlantic Gulf .V
I. SS. Lines, com..
W
Atlantic Petroleimi
.Atlantic Refining, pref. (quar.)
Austin, Nichols &(>>., pref. (quar.)
Baragua Sugar, preferred
Barnhart Bros & Splndler
First and second preferred (quar.)
Bamsdall Corp.. class A & B (quar.)
Barrett Co., preferred (quar.)
Bavuk Bros., 1st & 2d pref, (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Pennsvlvanla (otinr.1
IH
IK
Mar,
Mar.
I'-i
Jan.
Feb.
5
»2H
IK Feb
IK Feb
3H
Jan
.
of rec, Dec, 200
to
to
Jan. 14
Jan. 27
27
27
31
to
Jan.
to
Jan.
of rec. Deo.
of rec. Dec.
of rec. Dec.
of rec. Dec.
of rec. Dec.
of reo. Deo.
of rec, Jan.
of rec, Jan.
of rec. Jan.
of rec, Dec.
of rec, Jan.
of rec. Feb.
of rec. Dec.
of rec. Jan.
of rec. Jan.
of rec. Dec,
of rec, Dec.
of rec, Jan.
of rec, Jan.
of coil P No
of rec Jan.
of reo Jan.
of rec Jan.
of rec Jan.
of rec Jan.
of rec Feb.
of rec Feb.
of rec Dec,
of rec Dec.
31a
310
3la
310
310
15a
15a
150
30a
14a
150
20a
100
lOo
15a
15a
7
7
20
1
1
1
1
15a
Ila
llo
310
30a
Holders of
Jan.
15a
1
Holden
of reo. Jan.
Holders of rec. Jan.
16a
5
Holders
Holders
Holders
Holders
Holders
Holders
of reo. Jan. 26«
15
Feb. 1
62 .HO. Jan. 31
Ian. 15
1 46
m
Jan. 24a
1
IK
2
2
rec.
of rec. Dec. 24a
of rec. Dec, 31a
of rec, Jan. 17a
of rec, Dec. 20a
la
of rec. Feb.
8a
of rec. Jan.
to
Jan. 14
of rec, Jan. • 5
Jan, 13
to
Feb. 1
Holders of rec, Jan, 15
Holders of rec, Jan. 12a
Holders of rec, Jan. 12a
Holders of ree. Jan. 12a
Holders of reo. Feb. lo
Feb.
Jan.
2H
3H
reo. Jan.
6a
rec, Dec. 31a
rec, Jan. 15
rec. Jan. 10a
ot
of
of
of
of
Jan. 15
Jan. 15
Tan
of
of
of
of
reo.
reo.
Deo. 31o
30a
rec. Deo
rec. Dec.
rec. Dec.
of rec. Jan.
31
31o
6i
.
.
...
.
Name
MlHccllnneouK
Hrowii 8I10C, prcf.
Per
Cent
Company
of
I»rpforro(l
Ltd., com. (quar.)
CanudliLii l-..\|ili)Mlvc!i, I.ul., coiu. (quurj
Canada Cement,
3
Jan.
Jan.
IH
Ian.
2
3
1«
1>K
(('Xtru)
( OHtinoii
I'refcrnvl ((|iiar.)
1
IK
Preferred (exi rii)
Central 111. Public Service, prof. (quar.).
Chicago Pneumatic Tool (guar.)
Common
Common
Feb.
.Inn.
IH
) .
CanadliiM KalrbankH-MorBO. prof
Cartler, Incorporutod, pref. (quar.)
Cculral ( iml <N; Coke, com. (yuai.)
CIUe«rtf.rvlce
l>i
an
—
(payable In
Hankers
common
fills,
2
'U4
Hlock)
:i4e
Cluett. Pcnbody & Co., com. (quar.)...
Columbia Uu8& Elec. (extra)
ComiuoiiwcHllh
i;(iiHOn
Commonwealth Cuf &
(quar.)
El. Cos.
*l'A
1
•2
pf .(qu.)
81.50
ConKoleiim Co., common
Consolidated Clear Corp.. com (quar.).
Consolidated Tevlllo C^orp. (quar)
Com Products Refining, com. (quar.)...
J1.75
75c
Common
S 1.51
1
H
(extra)
Preferred (quar .)
Cosden & Co.. com. (no par stk.) (quar.)
Common ($5 par value stock) (quar.)
Cramp (Wm ) & Sons S .\ 10. lildB. (qu )
Crucible Steel, com. (quar.)
Cuba Company, preferred
Cupey SuKar, common (quar.)
Preferred
Delaware Lack. A Western Coal (quar.).
Detroit EdlBon (quar.)
Dictograph Products Corp., pref. (qu )
Dome
Mines Ltd. (quar.)
Dominion Coal, preJ. (guar.)
Dominion Linens, preferred..
Dominion Power & Transmission, pref..
Dominion Steel Corp., Ltd.. pref. (qu.).
Dominion lextlle, preferred (quar)
du Pont de Nem. & Co., deb. stk. (qu.)du Pont (E. I.) de Nem. Powd.,com.(qu)
—
Preferred
(quar.)
—
1«
62Hc
12HC
il
2
'i'A
2
3H
{1.25
2
Watch
Eureka Pipe Line (ciuar.)
Fa]aido Sugar (quar.)
.
pf. (qu.).
Federal Sugar Ref ., cominoQ (quar.)
Preferred (quaj.)
Firestone Tire & Rubb.. 6% pref. (quar.)
Fisher Body Corp.. com. (quar.)
Preferred (quar.)
Flsk Rubber, l.si pref. (quar.)
Qeneral Electric (quar.)
Extra (payable In stock)
General Motors Corp., common (quar.).
Preterred (quar .)
Six per cent debenture stock (quar.).Seven per cent debenture stock (qu .)
Globe-Wernleke Co., pref. (quar )
Goodrich (B. F.) Co.. common (quar.).
Great State Petroleum of Texas. _
Harbison- WalkPT Refrao., pref. (quar.).
Harris Bros. & Co uref. (quar.)
.
com. (quur.)
Hlllcrest Collieries,
Common
(bonus)
Preferred (quar )
Ih
\%
IH
lA
Preferred
H.)
IH
m
IK
1?<
•2
IH
6c.
2.5c.
2y2
IH.
\%
/2
3
m
IK
Co.,
common
(quar.)
pref. (quar.)..
(quar.)
Manufacturers" I Ight & Heat (quar.)...
Maple Leaf Milling, Ltd., com. (quar.)
Preferred (quar.)
Preferred
Massachusetts Gas Cos., com. (quar.)..
Massachusetts I lehting Cos., pf (qo.) .
Department
Stores,
(quar.)
com. (quar.)..
Products, Inc., pref. (quar.)
(quar.)
common
(quar.)
Refining (quar.)
Preferred
Midwest
Extra
-
2H
IK
SI
3
I'A
IJi
.50
.SI
2
.Ian
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Dec. 9
Dec. 9
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Jan.
12
Jan.
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
lau.
Hol'leis
Jan.
Jan.
Jan.
Feb.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Jan.
1
Feb
Jan.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
an.
Feb.
Ian.
Mar.
Jan.
50c Feb
Jan.
•2K Jan.
SI
Feb.
$1
Feb.
\»A
*2
Ian.
Mount Vernon-Woodberry Cot MHInnref
3^
Jan.
Feb.
Jan.
—
*1H
.Tan.
$1
2
I5f
Feb.
Feb.
2H
Jan.
IJi
2
Jan
2
Jan.
5
*2
.Ian.
,
2
(n\i.).-
Mountain States Power, pref. (quar.)...
MuUins Body Corp., common (quar.)
Preferred (quar.)
National RlieuH, enmmon (quar.)
National Fuel Gas (quar.)
National Lead pref (quar .)
.
National Oil. pref fntiar )
National Paper A; Type, com.& pf.Cqu.)
-New Enuland Fuel Oil
New .lersey Zinc (quar.)
New York Dock, common
Preferred
1
Holders
Holders
Holders
Jan. 16
Jan. 16
•Holders
Holders
Holders
Holders
•Holders
•Holders
•Holders
Holders
Holders
Holders
Ian.
Ian.
Ian.
Ian.
Apr.
2
Jan.
50c Feb.
•1
Rubber
(quar.)
Montreal Telegraph (quar.)
Morris (Phllil)) * Co Ltd.. Tne
Miller
Holders
1%
Michigan Limestone & Chem., pref .(qu.)
Mldvale Steel & Ordnance (quar.).
Oil.
Holders
Holders
Holders
Holders
Holders
Jan.
6
Holders
Holders
1
Feb.
Feb.
Feb.
*15i
Midwest
1
16
Holders
.fan.
Gas & Elec., pref. (quar.)
MacAndrewa * Forbes, com. (quar.)...
Miami Copper
15
Jan.
1
I
IM
Louisville
Mays Food
15
Holder.-^
Holders
Holders
Holders
Jan.
1
l''eb
12HP
IVi
60C.
Preferred
1.'
Holders
2
$1
Lima locomotive Work?,
Loew'a Incorporated (quar .)
Loose-Wiles Hisciilt. 2il inef. (nuar.)
May
1
1
Feb.
Feb.
Feb.
Feb.
n
(quar .)
&
Jan.
Jan.
Jan.
Jan.
20<(
6u
fin
(i'i
Doc. 31a
of
Companv.
Vew York ranslt (quar)
Nla«ara Falln Power, preferred (quar.).
Nlplmlng Mines (quar.)
Extra
Noble (Chas. F.) OH tc Gas (quar.)
4
m
I
Normal
Dee.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Northern Stales Power,
31a
31«
31
3la
3la
310
3la
31
15o
Cent.
Steel & Coal, com. (quar.)
(quar.)
UraHS,
Ohio
common (quar.)
Pre forred (guar.)
Prcferre<l
Ohio Fuel Supply (guar
Victory
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Deo.
IS
15
21
10a
/niurio Htet-l I'roiiucis,
(quar.)
Preferred (quar.)
Preferred (guar.)
lu
IK
7n
3a
10a
30
10c,
2H
2K
Ian.
Mar.
Feb.
Feb.
Jan
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
Holders
of
Hol'iers
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
rec.
rec.
lec.
rec.
rec.
rec.
rec.
rec.
rec.
reo.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
<V
15a
15a
15a
15o
3Ia
310
31ii
31f
12
31
15
1
31a
lO'i
20a
2O1J
la
14
15
8
24
17
22
14a
22a
22
I
1
20(1
20a
21
19
19
10a
lOa
lOo
10a
31
4a
31
lOo
30
30a
30a
300
25
25
15
15
31"
161
3
30
30
10
8a
24
14a
310
24'J
Jan
14a
Jan. 14a
Feb. la
Dec. 310
Jan. 2O0
Jan. IS'
Jan. ISO
Jan. 20a
Dec. 31
Deo. 310
Dec. 310
Dec
31
Jan.
3
.Ian.
3
Jan. 15
Dec. 27a
Feb. 15-1
Mar. ISi
Dec. 31a
Feb. la
Dec. 31o
Jan. 15a
Dec. 31
Deo. 31
Jan. 15a
Jan. 15a
Jan.
1
Jan. 16
Jan. 14
Dec 310
Jan.
1
to
Holders of rec.
Holders of rec.
•Holders of rec. Dec. 31
Holders of reo. Jan. 17a
Holders of reo. Jan. 17a
H Ulers of rec. Dee 310
Holders of reo. Deo. 310
Holders of rec. Feb. 18a
Holders of rec. Jan.
1
Holders of rec. Deo. 31a
Holders of rec. Jan.
3
Holders of rec. Jan. 31
Holders of rec. Feb. 50
Holders of reo. Jan
6a
21
Ian. 15
Jan.
Jan.
Ian.
Jan.
Jan.
Jan. 20
Feb. lo
Feb.
May
Auk.
Jan.
Jan.
Jan.
Jan.
Jan.
Ixn
111
K
Ifi
16
25
15
15
15
15
I
Feb. 15
IK Feb.
S1.23 Jan. 15
$1.50 Jan.l
1% Feb.
40f^
Feb.
IM Jan. 25
IK Jan. 25
3
Jan. :h
(guar)
Pick (Albert) & Co., common (quar.)..
Pittsburgh Coal, com. (quar.)
Preferred (quar.)
Pralne uil & Gas (guar.)
Extra
Pipe Line (qua' )..
3
Prairie
3
i
Gamble, pref. (guar.)
Froducers& Rollners, common (quar.).
Procter
Ian.
2
Preferrwl
Phillips .tones (;orp. pref.
l'
I
Penmans, Ltd., common (quar.)
Philadelphia Insulatod Wire ((|uar.)
IH
2
2
IK
1«
3o
31a
2
(quar.)
Jan.
May
IM
IM
IH
Tclei;.. pref. (quar.)...
3'i
243
14a
15a
7a
31
Jan. le
.
Gas & Elec, com.
Telep
,0.
2
2
(extra)
(quar.)
(quar.)
Pennsylvania Salt Mfg. (quar.)
of rec. Jan. 25a
of
of
of
of
Pacific
Paelfk'
.
62HC
Preferred (guar.).
Oriental Navigation, Ist A 2d fif. (qu.).
Otis Elevator, common (quar.)
Preferred
25
20
62 He
(quar.)
'
4H
<
com. (quar.)..
I
2(r
fi
bonds)
Ian.
Ian.
25c. Ian.
Ian.
3
2
)
4Ji%
Oklahoma Natural Gas
Common
15
Dec. 31a
to
Jan.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Dec.
of rec. Deo.
of rec Dec.
of rec Dec.
of rec. Jan.
of rec. Deo.
Jan.
to
Feb.
to
of rec. Dec.
of rec Jan.
of rec Jan.
of rec Jan.
of rec. Jan.
to
Jan.
of rec Jan.
of rec Jan.
of rec Jan.
of rec Jan.
of rec Jan.
of rec Jan.
of rec. Jan.
of reo. Jan.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Jan.
to
Dec.
to
Dec.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec. Dec.
of rec. Feb.
of reo. Dec.
of reo. Jan.
to
Jan.
of rec. Dec.
of ree. Dec.
of rec. Dec.
to
Jan.
to
Jan.
of rec. Jan.
of rec. Jan.
of rec. Dec.
of rec. Jan.
of rec. Jan.
of reo. Deo.
of rec. Dec.
of rec. Jan.
of rec. Jan.
of rec. Jan.
of rec J.an.
of rec. Dec.
of rec. Dec
of rec. Dec
of reo. Jan.
of rec. Jan.
of rec. Jan.
of rec. Jan.
to
Ifi
/J'tUf
2(1
1%
IH
prof. (quar.)...
Nova Bcotia
(In
Bonkt CloiKt.
Jan.
2.5r
Oil (guar.)
Extra
Whrn
Paythli
Ian. 31
Ian. .n
2
Jan. 15
•12K( Feb. 7
•17'.^( Feb.
Preferred (guar.)
7
Public Serv. Corp. of No. 111., com. (qu.) *1« Feb.
1
Preferred (guar.)
•IK Feb. 1
Public Service Corp. of Quebec (quar.)
l^i Jan. 15
Punta Alegre Sugar (quar.)
S2
Jan IS
Pyrene Manufacturing, common (quar.) •2K Feb. 1
ijuaker Oats, common (quar.)
3
Jan. 15
Preferred (guar.)
IK Feb. 29
•85
Rand Mines, Ltd
Fek.
Hepiitille iron * Steel, common (quar.)
IK Feb. 1
RItz-Carlton Hotel, preferred
3K Mar.
Rookaway Rolling Mills (quar.)..
•36« Jan. 21
Royal Dutch Co. (Interim)
*I5
JaB. 17
Russell Motor Car. com. & pref. (quar.).
IJi FeU.
•2
Salt Creek Producers' Assoo. (No. 1)
Jaa. 31
•1
Extra
Jan. 31
Sapulpa Refining (quar.)
12KC. Feb.
-ecu rules (Company
2^, Jan. 15
Shaffer Oil & Ref., pref. (guar.)
•\»A Jan. 26
Shaw (W. W.) Corp. (quar.)..
•Jl
Feb. 15
Shell Transport & Trading
72.2c Jan. 27
Smith (Howard) Paper Mills, Ltd.
Common (quar.)
2
Jan. 20
Preferred (quar.)
2
Jan. 20
Southern California Edison, pref. (qu.).
15i Jan. 15
Hiiuthern Canada Power. Ltd
i)ref.(qu
•IK Ian. 15
Spanish River Pulp <fe Paper Mills
Common (quar.)
15i Jan.
Preferred (quar.)
IH Jan.
Standard Motor Construction (quar.)..
25c Feb.
Steel Co of Canada, common (quar.)..
Feb.
15i
Preferred (guar.)
1% Feb.
Steel Products Co.. pref. (guar.)
IH Mar.
Stetson (John B.) Co., common
16
Jan.
Preferred
4
Jan.
Stuta Motor Car (guar.)
SI .25 Jan.
.
Sullivan Machinery (guar.)
SI
Superior Steel Corp., com. (guar.)
IK
First and second pref. (quar.)
2
Swift International
S1.20
Symington (T. H.) Co., com. (quar.)
6O0.
Texas Company stock dividend
«I0
Textile Banking, Inc. (quar.)
2
Time."* Square Auto Supply (guar.)
(762 '4 (>
Transue & Williams Steel Forg. (quar.). $1.25
Triiscoa Steel, common (quar.)
4
Tuckett Tobacco, common (quar.)
I
Preferred (quar.)
I'A
2H
Union Natural Gas
(quar.)
United Alloy Steel (quar.)
United Clear Stores. eoinmoD
United Drug, Ist pref. (quar.)
Second preferred (quar.)
United Fruit (quar.)
Extra (p.ayahle In stock)
$1
1'^
87Kc
4
100
50c
Feb.
Feb.
Feb.
Jan.
Mar.
Jan.
Jan.
Jan.
Ian.
Tan.
Ian.
Jan.
Jan.
Ian.
Feb.
Jan.
Jan.
Tan.
87K< Mar.
(quar.)
United Paper Board, preferred
Preferred
Preferred
Ian.
IK Mar.
United Gas Improvement, com. (quar.)
Preferred
(quar.)
(quar.)
United Profit Sharing
Extra..
United Verde Extension Mining (quar.).
U. 3 Distributing Corp
U. S. Glass (quar.).
U. S. Industrial Alcohol, pref. (quar.)..
U. .'^. Oil Corporation, com. (quar.)
Pref en-r d
(quar.)
U. S. Rubber, common (quar.)
First preferred (quar.)
Mln., com. (quar.).
U. S. Smelt., Ref.
Preferred (quar.)
Cor-n
Vanadium
of Amer. (guar.)
Ventura Consolidated Oil Fields (qtiar.).
Victor Talking Mach., com. (quar.)
&
Preferred (guar )
Va.-Carolina Chemical, com. (quar.)
Preferred (quar.)
Virginia Iron Coal k Coke
IK
IK
IK
Jan.
Apr.
July
IKc
IKe
Ian.
'an
50c Feb.
$1
I
IJi
24
2K
2
2
Ian.
Jan.
Jan.
Feb.
F°b
Jan.
Jan
50c. Jan.
87Kc. Jan.
SI
Ian.
50c. Feb.
15
Jan.
Ian.
I'A
Feb.
Jan.
Jan.
Warner (Chas.) Co. of Del., com. (qu.)..
50c. Jan.
25o Jan.
Common (extra)
First and second preferred (quar.)
I'A Jan.
•»2
Wasiungton Oil
Jan.
Western Grocers, Ltd. (Canada), pf.(qu.)
15i Jan.
Western Power Corp., pref. (quar.)
IK Jan.
Western States Gas & El., pref. (guar.).
I'A Jan.
1
2
3
Western Union Telegraph (gu.ar.)
Westlnghouse Air Brake (quar.)
Westlnghouse Elec. & Mfg., com. (qu.).
<
Preferred
Worthlngton
Iruluslct.
((.'oticluitd)
line. 31..
Co.,
Kerr Lake Mine" Ltd. (quar.)
(S.
15
1.'.
rec.
Iloldurs of rec.
Holders of roe.
Holders of rec
Iloldcin of rec.
llol(l(>rH of rec.
IlolderH of rec.
Holders of roc.
Jan. 10
to
liolilers 0' rec.
IlflderH of rec.
HolderH of rec.
n>.idcrH of rec.
•Holders of rec.
Holders of rec.
I''eb.
$1 SO Feb.
Ian.
3
IH Jan.
Feb.
*1H
3
First and second preferred (quar.)
Kelly-Sprlnetleld Tire, com. (i|war )
Common (payable in com. stock)
Kress
Ian.
Feb.
Feb.
Feb.
IH Feb.
IH Jan.
52.50 Feb.
\H Feb.
*l% Feb.
Jan.
2
Jan.
e2
25c Feb.
IH Feb.
IK' Feb.
\H Feb.
2
Kamlnlsllqula Power, Ltd. (quar.)
Kansas & Gulf Co. (quar.)
I.'
Jan. 15
2
15i
$2
Intanat. Agric. Chem.,
International Harve.ster, com (quar.)..
Common (payable In com. stock)
Internal. Mercantile Marine, pref
Intomatlonal Nlrkel, pref (quar )
International Paper, pref. (quar.)
&
IVi.
3H
pref. (quar.)
1;-
Jan. 15
Feb. 1
Jan. 15
Jan. 25
Feb.
1
Feb.
]
Feb.
)
Feb
*1'4
*I
*2
$2
,
(Julius)
,'-2
I'A
Illinois Brick (quar.)
Imperial Oil Corp., com. (monthly)
Preferred (quar.)
Independent Warehouses, Inc
Indiana & Illinois Coal Corp., pref
Indiana Pipe Line
Ingersoll-Rand Co common (qiiai.)
Kayser
1
3
1
Hillman Coal & Coke 5% pref. (quar.)..
Seven ner cent preferred (quar.)
Hodgeman Rubber, pref. (quar.)
Holly Sugar, pref. (quar.)
Howe Sound Co. (quar.)
Hupp Motor Car Corp., com. (quar.)
l.S
Holders of
Holders
Holders
1
Holders
Feb.
1
Feb. 1 •Holders
Jan. 25 Holders
Holders
Feb.
1
Jan. 15 Holders
Jan. 15 Holders
Jan. 15 Holders
Jan. 15 Holders
Jan. 20 Holders
Jan. 20 Holders
Jan. 15 Holders
Fob. 1 Holders
Feb. 1 Holders
Jan
1
.Ian. 1.-.
Jan. 31 Holders
Holders
Feb.
I
Feb. I Holders
Feb. I Holders
Jan. 15 Holders
Jan. 15 Holders
Feb
Feb
*2H
Player8-l/a.»ky C orp
Famous
laii.
Jan.
Ian
Ian
.Ian.
3A
»2
3
(quar.)
.Id
260 Jan. 20
Feb.
1
I'A
ly*
pref. (quar.)
Eagle Plcher l^eau, pref. (quar.)
Edison fOlec. 111. of Boston (quar )
Electrical Utilities Corp., pref. (quar.)..
15
10
Jan. 15
Jan. 31
iMn
2
Duquesne Light,
Elgin National
Name
Common
•A
(nillily ,)..
Jati
.Ian
I
l.')
Ian. 15
Jan. 25
and preferred (monthly)
CItle.s Service,
Prr
Booki Closed.
Dai/i Inclustte.
l.'.
—
[Vol. 112.
MUcellaneuui
(i|uiir.)
f(|iiar
When
I'avahU
(Vonttnuctl)-
BuhIi Toniiliml, coinnion (ciuar.)
Ckininioii (payable In com. Block)
Pr(if(!rrrd
.
THE CHRONICLE
232
(quar.)
Pump & Mach.. com
(gii
)
IH
Ian.
S1.75 Jan.
SI
Jan.
SI
Jan.
IK Jan.
Holders of rec. Dec 30
Holders of rec. Dec. 31a
Jan.
1
to
Dec. 17
Jan.
to
1
Doc. 17
Holders of rec. Due. 15
Hol'iers of rec. Dec. 31
Holders of roo. Dec. 31
Holders of rec. Dec. 3Ia
Holders
Holders
Holders
Holders
Holders
Holders
of rec. Deo. 31a
of reo. Dec. 31a
of rec. Dec. 31a
of rec. Dee. 31a
of roc. Dec. 31a
of rec. Dec. 24a
tlolders of ree. Jan 31 '21
Holders of rec. Apr 30 '21
Holders of rec. Jan 31 '21
Holder«ofroc Apr.30'21
Holdersof rec. July 30'21
Holilero of ree. D'-c. 310
Holders of rec. Dec. 3la
Holders of rec. Dec. 31a
Holders of rec. Deo. 31a
Holders of reo Dec. 31a
Jan
to
Jan. 15
Holders of rec. Feb. 6a
Holders of rec. Jan. 21a
Holders of rec. Dec. 31a
Holders of re<;. Jan. 10a
Hol'iers of tcc. Jan. 20a
Jan 25
to
Jan. 31
Holders of rec. Jan.
7a
Holders of rec. Jan.
7o
Holders of rec. Dec. 31a
Holders of rec. Dec. 31a
Heidem of rec. Dec. 31a
Holders of rec. Deo. 24a
•Holders of rec. Jan. 10
•Holders of rec. Jan. 10
•Holders of rec. Jan. 17
•Holders of rec. Jan. 17
Holders of ree. Dec. 31a
Holders of rec. Jan.
la
•Holders of rec. Jan. 21
I
Hol'iers of rec. Dec. 31a
Hol'iers of rec. Feb.
la
•Holders of reo. Deo. 31a
Holders of rec. Jan. ISo
•HoUlari ef reo. Deo. 20
Holders
•Holaers
•Holders
Jaa. 22
Holdtrs
•Holders
•Holders
Holders
ef rec. Jan.
of ree. Jan.
of rec. Jan.
15
16
15
Feb.
1
of
of
of
of
ree. Dec. 31
rec. Dec. 31
rec. Feb.
1
rec. Jan. 18a
Holders
Holders
Holders
•Holders
of
of
ef
of
reo. Jan. lOo
rec. Jan. lOo
rec. Dec. 31a
rec. Dec. 31
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holder!
of
of
of
of
of
of
of
of
of
rec. Deo. 31
rec. Deo. 31
reo. Jan.
3
ree. Jin. 10
to
Jan. 10
Feb. I60
reo Jan.
1
rec. Jan.
1
rec
rec.
Deo. 20
Jan. 16
Holders of rec. Jan. 15a
Holders of reo. Feb. la
Holders of rec. Jan. 18a
Holders of rec. Dec. loa
H'Jdere of rfc. Dec 10a
Holders of rec. Dec. 31a
Hol'l^r' of rec. Jan
5a
Holders of ree. Jan. 10a
Hollers of rec. Jan.
5a
Holders of rec. Dec. 31a
Holdi^rs of reo. Dec. 31a
Holders of rec. Dec. 3Ia
Holders of rec. Jan.
8a
Holders of rec. Dec. 31a
Holders of rec. Jan. ISa
Holders ef rec. Feb. Ifia
Holders of rec. Dec. 20a
Holders of rec. Dec* 20a
Holders of rec. Dec. 31a
Holders of rec. Feb 28a
Holders of rec. Jan
Holders of rec. Apr
iz
Holders of rec. July
Holders of rec. Dec 23a
FTnldors of rec. Dec. 23a
Holders of reo. Jan. 6a
Holder'* of rec. Jan.
3a
Holders of rec. Jan. 15a
Heldera of reo. Deo. 31a
Holders of rec. Jan. 20
HoHers of rec. Jan. 20
Holders of rec. Jan. 15a
Holders of rec. Jan. 15a
Holders of rec. Jan. 6a
Holders of rec. Jan. 6a
Holders of ree. Dec. 31a
Holders of rec. Jan. 15
Jan.
5
Jan.
1
to
5
Jan.
Jan.
to
1
16a
Holders of reo. Jan.
3a
Holders of rec. Jan.
Holders of reo. Dec 3 a
Holders of reo. Deeds 10
Holders of rec. Dec. 31a
Holders of rec. Dec. 31a
•Holders of rec. Jan. 10
Holders of rec. Dec. 31
Holders of rec. Dec. d31
Holders of rec. Dec. 31
Holders of rec. Dec. 20a
Holders of reo. Deo. 310
Holders of rec. Deo. 310
Holders of rec. Deo. 310
Holders of rec. Jan. ea
Jan.
1
reo.
to
U
stock
unofficial sources,
t The New York Stock Exchanse lias ruled that
not be quoted ex-dlvldend on this date and not until further notice, a Transfer
Correction,
tax.
tf
books not closed for this dividend. 6 Less British Income
/Payable In common stock, a Payable in scrip. 6 On aooonot
e Payable In stock.
t Payable In Liberty or Victory Loan bonds.
of accumulated dividends,
•
From
will
Payable in preferred stock
Payable to holders of record Deo. 31.
r Three shllllnga per share.
z New York Stock Exchange has ruled that United Fruit be not quoted ex-etoc»
dividend on Dec. 20 and not imtil Jan. 17.
T
(
THE CHRONICLE
Jan. 15 1921.]
Transactions at the New York Stock Exchange daily,
weekly and yearly. Uroughl forward from pa{,'u 231).
—
Week
Railroad,
dtc.
aiccJcs.
tniltng
Jan. 14 1921.
Saturday
..
Monday
. .
Tuesday
-..
$39,819 000
$2,195,000
97,9.10,000
4, .596. 000
94.605,000
70,865.000
68.821.000
45,384.900
4,906.000
4,846.000
4,717,000
4,306,000
417.444.900
$25,616,000
Wedntsiday
Tliuis lay
..
Friday
4 043.910
Totjil
it
Bonds.
Par Valu^.
.SAar«j.
Slalt,
7.471 000
10.031.000
7,339,000
f5,179,500 s;44,152.000
19.0
1921.
1
Jan. 14.
to
9.^ 45 279
$759,6 M,650
12,736,498
$1,139,499,100
10, .500
S97 576,450
$14S.;'8 1.000
6. 693. .500
11.214. 500
>5. 51)0
13.335.000
40,511.000
31.76I)„S00
5. 791, 111 5
4 943 919
$417,444,900 $505,325,800
Stocks No. shurcs
Par vului'
Bank sharos, par
Bonds
Govornment bonds
$7 1,1
i44. 152.000
5,179.500
25.626.000
mun., &c.. bonds
RR. and misc. bonds..
State,
J74 9 .7.WO
Total bonds
1920.
1921.
S89 0I8..5W1
9,0
SI 93 .462.,',00
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Bauon.
t
Saturday
l4onday
Wenesday
Thursday
Friday
-.
Total..
New York
Bond
Sales.
Shares.
Bond
364
44.650
28.700
32,000
1.957
4.384
$278,450
27,052
$559,430
10.037
$204,600
114.450
76.4501
1.485
1.008
839
Non-Member Banks and Trust Com-
the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing Hou.se Returns" in the next column:
panies.
is
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Slated in thousands »/ dollars
—
that is, three ciphers [000] omitted.)
NON-MEMBERS
Week ending
Jan. 8 1921.
Net
Nafl
Bank
Capital. Profits.
Members of
Fedl Res. Bank
Average
$
1,500
Battery Park Nat.
Mutual Bank
W.R.Grace&Co.
20(^
500(
YorkvUle Bank...
200
$
1.700
A cerage A verage
$
%
Circu.
245
383
28
738
12,207
738 11.027
4.111
1,162
863 14,770
Average A verage
S
S
10,362
26
237
1,643
11,553
458
476
2.479
1,460
8.219
7,682
%
1,811
2,400
4,464
42,115
1,394
5,390
32.613
8,403
State Banks
Not Members of the
Federal Reserve Bank
Bank of Wash Hts
100
450
546
214
600
1.568
2,261
1,621
3.481
16.820
53
Colonial Rftnk
3.395
15.288
700
2.019
18,683
2.807
1,835
20,301
53
Total
Total
lation.
A vergae
$
195
195
Net
Loans,
CapUal. Profits. Discouru,
(.000 omitted.)
Nafl.
Federal Reserve Bank
Total
700
Grand aggregate..
Comparison prevlo
Gr'd aggr, Dec. 31
Gr'd aggr. Dec. 24
Gr"d aesT. Dec. 18
3,800
lis
week
1.012
516
1,528
694
547
9,000
8,652
1.241
17,652
8,012 78,4,50
-16,405
4,800 10,119 94.855
4.800 10.119 94.576
4.800 10,119 95.945
Philadelphia Banks.
383
381
764
7,660
3,809
11,469
662
5,530
VNeek ending state. \'ov. 15
Jan. 8 1921. Tr.Cos Nov. 15
Bkof N Y.NBA
Manhattan Co.
Mech & Metals.
Bank
of
America
National City.
Chemical Nafl.
AtlanUc Nafl..
Nat Butch A Dr
Amer Exch Nat
Nat 1-ik of Comm
Pacific Bank...
Chath & Phenl.
Hanover Nafl.
6,192
14,648
195
—121
—389
9.166 a78,566
9,163 a78,615
9,163 a79,263
14,769
14.675
14.587
584
589
592
5,931
5,866
5,700
liabilities,
$1,950,000.
—The Philadelphia Clearing House
Dec.31
ciphers (DO) omitted.
Members of
Trust
F.R. System Companies
Capital
Surplus and profits
Loans, dlsc'ts & Investm'ts
Exchanges lor Clear .House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not Incl.)..
Res've with legal deposit's.
Reserve with F. R. Bank..
Cash in vault*
Total reserve and cash held
Reserve required..
Excess rec. <t ca.sh in vaidt
In vaults
$33,225,0
90,781,0
683,112.0
29,694.0
107,788,0
131,161,0
505,799.0
8.987,0
645,947,0
1920.
S37. 725.0
12.997,0
33,841,0
443.0
103.778.0
716.953.0
30.137.0
107.802.0
131.441.0
524.814,0
9,297.0
14.0
280,0
19.015.0
310.0
19,605,0
IbsV.b
53,bb7",6
665. .5.52,0
6,735,0
3,051.0
.53.007.0
14.068.0
67.075.0
50.216.0
3.9,59.0
14.976.0
71.034.0
2,840.0
.'>3,O.W.O
IP S'^n
1110
17.078
fi
"bbs'.o
Dec. 24
1920.
Total.
S4..500.0
$37,725.0
103.543.0
719.702,0
39.207.0
111.274,0
127,7.58,0
527,698,0
9,231,0
664.687,0
13,518,0
2,622,0
51,346.0
15,823.0
69,791.0
51,694,0
18,097.0
not counted as reserve for Federal Reservelmembers.
vmilled.)
NY
CountyNat
Continental Bk.
Chase National
$
2.000
5.000
$
7,211
16,672
16,887
10,000
6,118
5,500
40.00C 60,103
14,94C
4,.50(:
1
,000
1.1291
161
300
7.148
5,000
25,000 33.182
1,000
1.710i
8,039
7.000
3,00C 20,41C
2.000
3.379
9.471
6,00C
1,500
8,835
7„50C 23,176
846
1,00C
4,597
1 ,000
10,000 37.712
I2,.'--0C
10,744
470
l.OOC
798
1,000
15,000 24,731
2,31!)
500
Fifth Avenue.
1 054
200
Commerc'l Exch
400
804
Commonwealth.
1,647
1,000
Garfield Nafl..
782
1 ,000
Fifth NaUonal.
4.688
1 ,000
Seaboard Nafl.
7,6,56
5,000
Liberty Nafl..
1,600
1,500
Coal & Iron Nat
1,.583
1,000
Exch
Nat
Union
1,.S00
2.741
Brooklyn Tr Co
Bankers Tr Co 20,000 19,612
2,000
5,143
1,500
3,000
1,958
11,719
1.121
2.000
Linc<iln Tr Co..
2.000
3,435
Metropolitan Tr
1,416
1 ,000
Nassau N.Bklyn
Farm Loan * Tr 5,000 11.0.56
1.618
2,000
Columbia Bank.
Equitable Tr Co 12,000 17,888
Avge. Jan. 8.
-
in
Vault.
Reserve^
with
Legal
59, .522
576,7.55
130,994
18,724
4.534
125.918
380,308
21.123
120.839
122,627
37,121
154.085
42.295
198.193
11.622
22.790
330.728
193.051
13.069
7,215
371,782
20,092
8,411
8,755
15,940
12,085
48,763
96.422
18.042
19.304
37„502
285,545
62,271
521,048
17,811
79.388
34,105
87,802
23.188
32,072
16.321
118..54!
23.778
177.601
Demand
Deposit DepasUs.
Time
Natl
Bank
De-
Circu-
posils. lation.
lories.
dtc.
S
45,884
128,712
210,237
Net
S
838
3,517
9,268
2,218
8,940'
l.$61
493
137
%
4,591
18,769
19.792
7.44a
58,393
14.270
2.064
70S
]2.33i
30.183
1,877
3.340
8.289 I 4, .504
4.228 16.120
2,299
6.946
7,664 23.447
833
3.827
1,851
3,2,55
1,527
1
43S
933
19,492
1.744
2.728
,205
24,913
7.877 24,912
1,1.55
1,818
136
947
7.005 38,245
l.IOC
3.097
539
1.418
573
1,383
688
2,551
343
1,7^7
1,282
7,679
690 9,118
782
1,937
439 2,810
824
3.955
1.137 29. .563
904
6.869|
2,366 47.425
515
2.885
1,425 10.334
1,361
591
629
622
3.470
8.389
3.549
3.fi2»
572
1.597
1,571 14.072
1,113
3.182
1,898 20.931
Average
.iierage Avge.
$
S
2.677
777
110.79^ 12.066
152.889 2.910 1,666
S5.010
1,187
•i.56.80</ 60,680 1,420
107.807
1.824
360
538
15,322
242
4,571
72
290
63,774
4,119 4,857
e70,2ia 2,467
23,S9»
228
105.632 14,149 4,476
114.582
100
42.447
4
153.945 12.871
27
28.963
51
149,404
1,889 5.367
958
11,377
50
90
18,981
626
190,597 4,437 7,285
189,197
1,718 2,453
880
13.762
196
6.025
100
9,641 1,082
287,073
20,648
8,593
$
22.21!^
9, .521
16.071
13.176
48,711
31
390
538
245
883
68
2,215 2.600
284
406
323
391
68,899
13,164
20.477
5,089
28..539
•218.023 10,,500
49.567 10.031
•465.265 26,767
627
18,644
76,429 3,814
1,160
33,748
1,621
68,170
525
22,442
25,932
1,097
14. im
554
•116.595 16.053
122
24.739
•160.638 12.373
50
202,900 470.079 5.003.518 96,803 .549,145 C4.006 596 220.039:34,772
Totals, actual CO ndltlon ,Ian. 8 5.051.413 97,7*.'' 529.098 r3 or,2.I91 223.516,34.707
"" "12.922 216,480,34,753
Totals, actual CO ndltlon Dec. 31 5, 103. 70'^ 101.718 ,524.991
Totals, actual co ndltlon Dec. 24 5.096,726 102.252 .542.277 c.-* "Oa.472 199,765 34,894
Week ending Jan. 8 1920.
Cash
National Park..
East River Nat.
Second Nafl...
First National..
Irving National.
Pex)ples Trust Co
statement for the week ending Jan. 8 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 eom.panies
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."
•
Corn Exchange.
Imp A Trad Nat
Jnteslmirits.
Cash
A verage A verage A verage
Members of
Bank
Fed. Res.
New York Tr Co
5,442
7,989 a64,383
489 —1.207 —14,183
—
a U. S. deposits deposits deducted. S164.000.
Bills payable, rediscounts, acceptances and other
Excess reserve, increase $416,540.
Two
Nov. 15
Guaranty Tr Co 25,000 36,114
1,,593
1,500
Fidel-Int Tr Co.
Columbia Tr Co 5,000 8.010
500
200
6.742.000
RETUR.N'S.
that is, three ciphers ((XW
CLEARING
HOUSE
MEMBERS.
U SMtge&Tr.
Trust Companies
Not Members of the
Hamilton Tr, Bkln
Mechanics Tr, Bay
50.295,000
In the
separate banks are the averages of the daily results.
case of totals, actual figures at end of the we<;k are also given.
The return of the Equitable Trust Co. has been included in this
statement since Sept. 25.
Metropolitan
Loans,
DisReserve
Net
Net
counts, Cash
with
Demand Time
Legal
N^at.bks.Nov.15 1 nvestin
DlDe^tatebks,Nov.l5 ments, Vault. Deposi- posits.
posits
&c.
tories.
Tr. COS. Nov. 15
!
CLEARING
20.395,(X)0
59.S97,0(XJ
Sale».
$26,000
30,600
41.000
55.000
43.000
9,000
64.400
',69.(HX>
i.816,(XJO
New York City Clearing House
week ending Jan. 8. The figures for the
for the
—
$111,200
191.600
133.200
58,600
57,830
7,000
$32.2.50
City
Bond
,
'
21.132.000
19.259,000
—
NEW YORK WEEKLY CLEARING HOUSE
2.104
4.641
6.308
4.179
6,412
3,408
16.818
17.632
22.162
26,727
17.552
13.559
— Followiiig
Shares.
Salei.
2.452.00a
1,041.000
of the
(Stated in thousands of dollars
Shaitt.
»
I
.
shows the condition
W4tk euding
Jan. 14 1921.
1920.
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
BalUmore.
PMladelv'ila.
U
Utc
Dec. 81
1920.
prtviaut werk.
2.451.000 Inc.
7,000|
2 ,444 000
Luuna, dlsc'ts & Investments, 592.060.000 Doc!. 1,893.000 593
ludlvlduul depoalis, lucl. U.S. 41,"i,3l6,()(»0 n<«. 9.213 WH) 424
114,920.000 Inc. 16,343,000 98
Due U) bunks
1,667.000
410.UUO
24,077,000 Inc.
riiiiedepoBlla
005.000
457.000
7,452.000 Doc.
United Slates deposllB
7T10.000
.111 .000
Exchaim'cfl fur Clearlni; House 19.649,000 Dec.
000,
Inc.
,745,0011
400. 000
.
64. 145.
Due from other banks
8L'2,0<J0
100.000
Cash In bank A In K. 11. HaiiK 51,931,000ilne.
Reserve exfcas In bank and
378.0001
6.939.000
0..561, ooo! !><«•.
FtMleral Utscrve Bank
Clrcidallon
members
$1.53.172 950
Chungct fiom
J.n. 8
1921.
84.267.000
8.043.000
7.001,000
Jan.
W'tek ending Jan. 14.
Salts at
BOSTON CLEARING HOUSE MEMBERri.
U. S.
Bonds
New
York Stock
Exchange.
—
We give below a sum
sliowiug tiiu tibials for all the items in the BoHton
Clearing House woeklj' statement for a serine of woeks:
Boston Clearing House Banks.
iiuiry
Mun
Foreign
bends.
^33
$37,725.0
103,643.0
723.341.0
34,188.0
103,254,0
126,177,0
519,224,0
9,266
654,667,0
18,014,0
2,153,0
51,953,0
16,236,0
70.342,0
51.988,0
18,354,0
State Banks. Not Me mbtrto/ Federal Resern Btnk.
18,845
1,919
2,980
1,900
1,000
Greenwich Bank
50
19.806
S 678
Bowery Bank..
State Bank
250
2,500
848
2.615
5,758
73,398
699
3,474
S41
2.244
31.699 42,608
Avge, Jan 8
3,750
5,383
98.001
',153
4.48S
S7.183 42,658
Totals, actual CO ndltlon Jan. 8
Totals, actual co ndltlon Dec. 31
Totals, actual CO ndltlon Deo. 24
97.811
100,028
98,463
7.157
7,316
7,517
4.760
4,241
4,360
.57.382 42.630
$7,772 42,334
57,397 41.963
..
N 01 Mem bers of Fe ceral Re serve Ba
Trust Compan J
1,192
3.143
46,088
Guar & Tr 6,000 12,459
4,000
6,333
24,522
908
1,408
Lawyers R 4 Tr
nk.
28.914
15.640
Title
931
195
18,793
70,610
2,100
4,551
44„5.54
1.126
Totals, actual CO ndltlon Jan. S
Totals, actual co^ndltlon Dec.31
Totals, actual co ndltlon Deo 24
70.973
70.715
70.861
2.230
4.782
4.884
4,633
45.176
44.826
43.198
1.
Avge. Jan 8 ..
10.000
1.909
2,028
Gr'd aggr. avge 276,650 494,256 5,202,129 106.0.56 558.181
Comparison, pre vlous w eek
+ 162 —2,543 4-21684
Gr'd aggr. aofi cond'n Jan.
Comparison, pre vious
w eek
1.
103
128
1.081
f4. 108. 3.33 263. S2.3]34.772
+ 133.942 + 8.0I4|
—2
8 5,220,197 107,135 ,538.640 64,064.749 267.249,34.707
—54.254 —3. SOS 4-4.524
49,229| + 7.307
+
—
Gr'd aggr. acflcondu Dec. 315,274,451 110.943.534.116 |S4. 01 5. 520 2.59,942(34 ,753
Gr'd aggr, acflcond'n Dec 24 15.266, 050 111.797 551.270 (»4.004 .0«7 242.809 34.894
Or'd agpr. acflcond'n DfO. 18.5..302..'^0I 102.837 531 .550 (!4 .025, 370 242. 220 34. 953
Gr'd ftfpr acfl (Vird'n Dec 111 5.18'^ 7?5 10fi.P37 533 577 C4012.91fi 250.636 «.987
• Includes deposits In foreign branches not Included In total footing as follows:
National City Bank, .?119,825.000; Rankers Trust Co.. $6,802,000: Guaranty Trust
Co.. $108,951,000; Farmers' Loan A Trust Co.. $18. .566. 000: Equitable Trust Co.,
Balances carried In banks In forrlgn countrlos as reserve for such
S19.3.')6.000.
derioslts were: National Citv Hank. S51 ..587.000: Bankers Trust Co.. S2. 235. 000:
Guaranty Trust Co.. $19,370,000: Farmers' Loan A- Trust Co.. $5.9.56 000: Enidtable Trust Co., $3,515,000.
e U. S.
c Deposits In foreign branches itot Included,
deposits deducted. $83,833,000.
f U. S. detvisl's deducted. $54,973,000.
Bllta
payable, rediscounts, acceptances and other liabilities, $1,170,668,000.
.
THE CHRONICLE
234
STATEMENTS OK RE.SEnVK rf).SITK)N Ol" CILEAUING HOUSE BANKS
AND TRUHT COMPANIEH.
COMBINED RESULTS OV BANKS AND TRUST COMPANIES
GREATER NEW YORK.
Averaitcs.
—
Week ended
Cash
KescTte
in Vault.
Total
Rcurve.
Reserve
Required.
S
Truat companies
Touil .Ian
H
Total l)<xi. 31
Total Uoc. 24
Tof.M Deo. IS
9.253.000 ).-.S.IS1.000 .07.431.000 '14,431.090
22.999.310
9.388.00(1 530.497.0011 rAr,.Hsr,.m<> .'20.798.570
9.493.000 534.910.00(1 .>14.4()9.0()0 527.081.580
9.414.(100 550.083.000 5(i5.4!)7.0()0 .538.102.2.30
19.080.4.30
-
21.080.3.'JO
1.345.000
32.100
10.727.420
27.394.770
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec.
Dec.
Dec.
Doc.
Dec.
Cash
In
Members
Vault.
Total
Reserve
Rc.icrve.
Rei/uired.
Stn/jlus
Reserve.
S
Kertcral
7,307.090
1..588.240
235.000
529,098.000 529.008.000 .521.790.310
4.700.000 11.917.000 10,328.760
7.1.57.000
0.770.400
7,012.000
4.782,000
2.230.000
R(scrve banks
State bank.s*
Trust coiupanlea
8
Total .Tan.
Total Dec. 31
Total Dec 24
Total Dfy. 18
.
.
9.387.000
9.225.000
9.545.000
0.041.000
538.040.000 548.027.000 -.38.895,470
534.110,000 .':43. 34 1.000 .532,297,120
551,270.000 5fi0.815,0(Mi 530,255,470
531. 5.50 .0(K) 541.191.000 532,968„S0O
9, 131. .530
11.043.880
8.221.200
Not membois of Federal Ucaijrve Iiank.
n This is the reserve reciiilred on net demand deposits in the case of State banks
and trust corapiuiic.-;. but In the case of members of the Federal Ileserve banks
includee al.w ainnurit of ro.sorve reriulred on net lime depcdts. which was as follows:
.Ian 8. 50,601.170: Dec. 31. SB.375.:590: Dec. 24. S5.950.800: Dec. 18. $6,070,380.
b This is the roaervc rcn'ilred on net demand deposits In Vne case of State banks
and trust oompanies. but In the case of members of the Federal Re.scrvp Bank
Includes also amount of reserve required on net time deposits, which was .as follow.';:
.l!Ui. 8. S6.7()5.4,S0: Dee. 31. SO.494.400; Dec. 24. $5,992,950; Dec. 18. S5,975.940.
—Tlu!
and Trust Companies Not in Clearing
State Banking Department reports weekly
figures showing the eondition of State banks and trust
companies in New York City not in the Clearing House, as
House.
follows:
IN GREATER
IN CLEARING HOUSE STATEMENT.
SUMMARY OF STATE BANKS AND TRUST COMPANIES
NEW YORK. NOT INCLUDED
(.Floures
Furnished by Slate Banking Department.)
k Jan.
Loans and Investments
Gold
Currency and bank notes...
300
19,990.200
7. .599.
Deposits with Federal Reserve Bank of New York..
Total deposits
Deposits, eliminating amounts due from reserve depositaries, and from other banlts and trust companies in N. Y. City, exchanges and U. S. deposits
In vaults
Deposits in banlts
Differences from
previous week.
Dec.
Dec.
?819.200
404,400
972.600
648,302.800
Inc.
Inc.
Inc.
8.213.300
594.778,800
122,754,400
Inc.
Inc.
3,510,900
8,034,900
53,469, .500
Sfl0..500
Banks
Trust Companies
.?28.085.200
18.30',;
10.984.200
7.15%
& trust companies
839.009.400
Total
25.45%:
4
18
24
31
8
This item includes gold,
Reserve notes.
*
S
4.081 334.000
4.031 .533 .3rX)
4.022 925.700
4.012 710.0(K)
4.001 .927.100
4,.500 .593.800
4.049 802. .500
4,574 .903,000
4, .505 .652.900
$52,973,800
30,711.200
$83,085,000
13 71':^
0.'?7,.344.00«)
124.:t45.7rX)
132.()40.3(X)
134 .093. KK)
625.891.000
03O.32O.O0*
023.231.100
021.490.100
619.340.200
644.313,600
620.140.400
624.195,200
053,345,900
4.70:( 11 l.'-OO
i:i3.O45,.5O0
bank
— Th(j following shows the condition of the
notei)
Resources
Jan. 7 1921
%
—
York.
Dec. 30 1920. Jan. 9 1920.
%
S
1.33.793.720
27.022.719
1.211.100
135,046.880
:J0. 435.474
1.211.100
140.823.000
11.154.000
45.260.000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund.
162,627,539
238,868,031
39,000,000
172.692,460
254,575,331
39.000.000
197.237,00»
300,520,000
25,000,000
Total gold reserves-..
Legal tender not«vi, silver,
440.495.570
147.164.135
400.207.791
143.975.293
522.757.000
46,260.000
587,869.705
010.243.084
569,0I7,0«0
433.962.135
445,926,080
494,173,000
433,962,135
445.920.080
494.173,000
4.39.305.202
458.312,775
267,130,000
439 305 202
458.312,775
109.902.271
267.130.000
194,796,000
976,170,628 1,014,141,128
1,256,800
1.468.305
956,099,000
1.457,000
50.000
67,489.000
Ac
Total reserves
Bills discounted:
Secured by CJovernment war oblig'ns:
For members
All Other:
For members..
Bills
bought in open market
Total
bills
102!903!290
_.
on hand
S. Government bonds
S. Victory notes
S. certificates of indebtedness
U.
U.
U.
.50.000
59.671,000
59,692,000
1.037.098.428 1.075.351.433 1,025,095,000
3.094,000
4.092,497
4.377,413
Total earning assets.
Bank premises.
redemption fund against F. R. Bank
notes
Uncollected items and other deductions
from gro.is deposits
All other resources
2.774.010
'-'.766. .360
2,885,000
141.187,560
1,722,919
1.39.020,452
222,803,000
1,175,000
1.581,554
Total resources
1,774,535,121 1,833,340,308 1,824,069,000
UahilitlCi
=^
—
Capital paid in.
Surplus
Government deposits
Due to members reserve account
Deferred availability items
Other deposits, incl. foreign govt, credits
21.07%
Total gross deposits
F. R. notes in actual circulation
F. R. Bank notes in circulation
—net
—
-
26,375,800
26,375.050
22,39.^.000
56.414,4.56
51.307,5:J4
2,2.59.870
093. 473. .591
94.273.0.59
11.763.357
11.283.322
45,082,000
6.282.000
702.354.000
167.247.000
43,336,000
808.780.470
839,625,435
80 i. 289, 844
804,516,230
919,219,000
776,592.000
36,831,200
6,507.759
38,741.200
51,109,849
52.353.000
8,430.000
10,217,332
695.942.402
90. 857 ..378
lia-
bility
All other liabiUUes
Total
.1,774,535,121 1,833,340,308 1.824,069,000
liabiilties.
— The
Ratio of reserves to net deposits after deducting 40% gold reserves against F.R
notes in circulation
Contingent liability on bills purchased
for foreign correspondents
City.
New York
New
Gold .and gold ccrtlficat*,''
Gold selllemcnt fund— F. R. Board
Gold with forelKn agenelw
City Clearing House banks and
trust companies comhined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
Banks and Trust Companies in New York
and Federal
Federal R<-serve
Bank of Now York at the close of business Jan. 7 1921, in
comparison Avith the previous week and the corresponding
date last year;
Ratio of total reserves to deposit and
j.
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes in
after
deducting
against
circulation
35%
The Federal Reserve Banks.
134.874.400
134.495,100
132, 930. 8(H)
133.409,900
135.620.300
7.96%
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Ian. 8 were S53.409.500.
k The Equitable Trust Co. is no longer included in these totals, it having become
a member of the Clearing House and being now included in the statement of the
Clearing House member banks. The change began with the return for Sept. 25.
averages of the
127.970.000
silver, legai tenders, national
—
RESERVE.
Staie
Cash
8.
$.597,883,800
--
Reserve on deposits
Percentage of reserve, 22.7%.
Reserve in
DeposUaries.
30,5.59..5.30
*
State Banks
'Total Cash
in VauU.
Condition of the Federal Reserve Bank of
b
Reserve
in
Devositartef
5.938 .520,600
0.882 .990.00fi
5.S7I 520.800
5.82S .084.3(10
5,813 U(JO..t()0
5,787 .304.000
5,837 829. UK)
5.883 .033.800
5,860 670.000
5.H00 0I2.K00
11
Jan.
Actual Figures.
Re.serre.
Demand
Deposits.
Surplus
Reteree.
i
.
Loam and
Investments.
IN
a
Riserve
in
nepoaitaHt)
$
S
54!». 145.000 519.145.000 527.45H.O.';0
4.485.000 ii.o;w.ooo 10.292.940
7.1.53.000
0,083.100
6.051,000
2.100.000
4.651.000
Menil>cr« KpiIithI
Rescirvo l);iiil;:<
State baiiliH*
[Vol. 112.
39.0%
40.0%
38.6%,
deposit liabilities
41.9%o
37.7%
39.9%
6,081,662
6.076.326
—
Following is the weekly statement issued by the Federal Reserve Board on Jan. 8.
system as a whole are given in the following table and in addition we present the results for seven preceding weeks, together with those of corresponding weeks of last year. The second table shows the resources and UabiUties sepa/The 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
,
Continued liqttidatiou of discounted and piu-chased paper, accompanied
by a substantial return movement of Federal Reserve currency and a further
gain of gold and other reserve cash are indicated in the Federal Reserve
Board's weekly bank statement issued as at close of business on Jan. 7 1921.
The banks' reserve ratio shows a rise for the week from 4.5.4 to 46.4%.
Reserve bank holdings of paper secured by Government obligations show
a reduction for the week of 36.5 milUons. other discounted bills on ""and
declined by 75.-'? millions, w'-Ue '-oldings of bills purchased in open market
fell off 20.9 millions, and t*-ose of Treasm-y certificates s'-ow a nominal
Total earnings assets, in consequence, show a decrease for the
increase.
week of about l:?3 millions and stand at 3,130 millions.
Of the total holdsings of 1.104.5 millions of paper seciu-ed by United
States Government obligations. 647.8 millions, or 58.7%. were secured by
Liberty and other United States bonds: 311.2 millions, or 28.2% by Victory
notes, and 145.5 millions, or 13.1% tjy Trea.sury certificatas, compared with
56.8. 26-7 and 16.5% of a corresjionding total of about 1.141 millions shown
the week before. Discounted bills held by the Boston. Philadelphia and
Cleveland banks are shown inclusive of 96.5 millions of bills discounted lor
five Reserve banks in the South and Middle West, compared with 115.3
millions reported on the previous Friday, while the total of piu'chased bills
held by the San Francisco Bank includes 4.3 millions of bank acceptances
.
acquired from the New York Reserve Bank, compared with 6.9 milUons
the week before.
As against a decrease of 2.1 millions in Government deposits there are
shown increases of 46.4 millions in Reserve deposits and of about 3 milUons
in other deposits (composed largely of cashiers' checks and non-members'
clearing accounts).
On the other band the "float" carried by the Reserve
banks and treated as a deduction from immediately available deposits shows
an increase of about 17 millions. As a consequence, calculated net deposits
show an increase of 30.3 millions.
Federal Reserve note circulation shows a reduction of 74.7 millions, all
the Re.serve banks, except San Francisco, reporting smaller circulation
There is also shown a decline of 3.4 milUons
figures than tlie week before.
Since Dec. 23 of the past
in the circulation of Federal Reserve Bank notes.
year a reduction In the circulation of Federal Reserve notes and bank notes
of over 140 millions took place, compared with a reduction of over 145 milAs against the large
lions during the coiTesponding period a year ago.
decrease in circulation, gains of 20.9 millions in gold and of 6.8 mUUons
in other reserve cash, mainly silver, are noted.
dividend,
After closing their books on Dec. 31 and paving the accrued
the banks paid to the Government a total of S60.725.000 of franchise taxes,
and increased their surplus accounts by S37.291.000. the present surplus.
S202.036.000, constitututing 101. 5% of the banks' total subscribed capital.
6%
Combined Resources and Liabilities of the Federal Reserve Banks at the
.fan.
KSaOURCSS.
with forelsm a&enolefl
.
Total gold held by banks..
with Federal Reserve agents
C3oM codemptlon fund
OoW
To«ftl gold reserve
250.13.';,n00
S
263,9.52,000
40c .044.000
3.300.000
356,244.000
3.300.000
.S
aoia anC gold certlflcatta
Gold settlement fund, F. B. Board
Qfilfl
8 1921. Dec. 30 1920. Dec. 23 1920. Dec. 17 1920. Dec. 10 1920.
....
•S
S
273,749,000 *200.494.000
303,723.000
353.800,000
3.300.000
67.745.000
S
194,869,000
410.917.000
67,743,000
Clo.se of Business Jan. 8 1921.
Dec. 3 1920. Nov. 26 1920. Nov. 19 1920 Jan. 9 1920.
S
S
201.131.000
388.743.000
67.864.000
182.647,000
411,197,000
70,210,000
170.266.000
400.678.000
74.303,000
S
220,301-000
380.263.000
123.322.000
723,886.000
056 .073,000
645.247,000
623.495,000
673,531,000
6.57,738,000
664,054,000
640,772,000 *622, 105,000
1.264.762,000 1.270.214,000 1,253.492.000 1,269,725,000 1,210.503,000 1,194.204.000 1,197,081,000 1,205,746,000 1.209.508,000
107,977.000
157,117,000
156.441.000
159,623.000
102,181,000
101.538.000
151,177,000 ^70.733.000
151,535,000
2.080.282.000 2.059.333.000 2,055..S02.000 *2042 308 000 2.035.'}71.000 2.022.675.0*0 2.023.916.000 2.008.110.000 2.041.371,000
THE CHRONICLE
Jan. 15 1921.]
Jan. S
Legal UiQder notea, aUver. Ac.
Dec. 23 1920. Dec. 17 1920. Dec. 10 1920.
189.830.000
IS«i.5fi6,C00
180.952,000
177,136.000
180.100,000
Not. 26 1920. Hot.
Dec. 3 1920.
171.304,000
176.620,000
1920:Jaa.
lit
172,118.000
H IViO.
4«,7i8,(M>«
1,276,848.000 2.249.103,000 2.236.754,000 •2222468,000 2,212,407,000 2.198,195.000 2,195,280,000 2.18O.22S.00O 2,ia2.*99,0»«
Total reservea
BlUs dlBcouQted.
Bucure<l by Govt,
All other
Bills bougbt to open
1,101. 531) ,000 1,141,036,000 I.l77,2ti3,000 1,158 .974 .01,0 1.169,244.000 1 160.685.000 1,192. 200 ,()l)() 1,!
1.502. 813,000 1 .578. 098 .000; 1.554. 128.000 1.4.7.775.000 1.547.595.000 1.616.1I0.0<MI i.543.2:M).0(H) 1.
255.702.000; 241.167,000
247,703,000
234.tiO9,0OO
243.055.000
244.690.000
234,759,000
war ebllgatlona
market
2,842.108,000 2,974,836,0OO'2.972,S58,(M)O 2. 831.:' .58 ,000 2,961,529.000 3.019.85B.OOt> 2.983.I33,(J0<J
26,hi;9.OI)0
26,859,000
26,859.000
20.S5',I.OO0
2<>.8o7.(X>0
20.102.000
20.857.000
19.000
69.000
69.000
69.000
ir.ooo
69,000
69.000
261,263,000
287.010.0<M)
293.670.000
281,253,000
2fil. 785.000
365.555,000
328.294.000
Total blUa on hand
O. S. aoverumeiit boiidB
U. 8. Victory notes
D. S. oertltlcateii of Indebtedneee.
1,3S2.085.»00
727,670,000
574,722,0««
2.'J,,
...
.=
3,130,014,000 3,263,027 ,0(M) 3,281,039.000 3,223,841,000 3.316.749.000 3,333.792.000
18.450.000
18.108.000
17.486,000
17,359.000
17.952,000
17,668,000
prenilsea
Onoollpcted Itema and other deductions
from Krosa dtpoBlta
redemp.f iiiul agat. F. R. bank ootee
All other resourceB
717.227,000
12.752,000
8,898,000
741.111,000
12.380.000
4.998.000
S%
761,005,000
902.012.000
12.652,0(HI
12,530,01111
060, .505, 000
11,387,000
8,417.000
8.430.000
8,332,000
1. .303. 747. (too
17,333,000
2M.»M
J«2.4«6,M0
804 .424
.000
7.278.0(JO
.54
1 1
26.8Jfa.«M
fl9,(j00
331.154.000
3,306.695.000 2.983.983,«M
17.047.000
I0.4I0.00*
709,401,000
734.523,(K!0
12.197.0110
7.716.01)0
2,<>M,477.*M
:..,li
20.8/1,000
•
Total curnluK uMuota
Bank
Dec. 30 1920
I'JJl
235
I.OI9.I40.00«
.00(1
12.376,0(^1
1
13, 2.54.
OM
.S.241.090
t;.o:iO,(K)i>
6,185.719,000 8.209,817.000 0,318,035,000 6,387,203.000 6.233,038,000 6.303.879.000 6 .244. .580 .000 0,326.800.000 6.1M.127,OM
Total reeourcofl
LIABJLJTlSa.
Oapltal oald In
lorplus
Government deposlta
Oue to members, reHprre account
Deferred availability Itema
Ctber deposits, lucl. (or'n gov't credits..
99,770.000
99,458.0(M)
164.745.000
164.745.000
27.039.000
26.049,(H)0
.748.979.000 1.721. 39 1.{K)0
522 .638. 000 539.201.000
22.161.000
23.052.000
99,808,000
202 .Ol-vti ,000
25,592,000
1
.795, 343.0(H)
532.55'i.OOO
25.158.000
87.451,11(10
98.929.000
09,020.()()0
U9.140.(M)0
99,174,000
lli4.745.1»<X;
liO.IJU.UOO
104.745.000 161.7.5.000
104,745.000
27.7'*8,000
60.68.'; (100
12.259,(XK)|
1.5.909 000
28.394,000
.758,907,000 1.763.822.0'V) 1.711.7(14 000 1.781. 81,6. (X)0 1.8S0.21'* '100
7(.0.5'»0.0OO
616.871.000
582.442.01KJ
651.529 010
510,934,000
96.42S.0««
26.228.000
22,927,000
25.742.000
24,511,000
99.275,000
164,745,000
53,173.000
.738.826.000
614.16().0(I0
38.471,000
Total gross deposits
2,378,049,000 2.321.417.000 2.310.3.53.000 2.444.036,000 2,328,800.000 2.401.781.000 ,.333,042,000 2,437,104,000 2, 735.032. OOO
3.270,023.(M)0 3.344.686.000 3.4(H.931.000 .".344.332.000 3.311.842,000 3.312.039,000 3,325.629.000 3,307,435.000 2,914.368.000
F. R. notes In actual olroulatlon
213.8!- 1.000
2.S*.0'*9.0*0
216.900.000
lu
213,552.000
218.832.000
217.434,1100
214.939,000
214.610.000
bank
not«a
circulation
net
llab.
214.523.000
F. R121.939.000
104,C40,0M
18,057.000
All other llabUlOes
21.051.000
119.716.000
116.841.000
107.534,000
111,235,000
113.948.000
—
.269,517,000 0,318,035,000 6.387,203,000 6,233.038,000 6,303,879,000 6,244.580,000 6,326,800,000 6.134.127.000
Total IlablllUee
6,185.719.000
Ratio of gold reserves to net deposit and
42.4%
F. R. note liabilities combined
Ratio of total reserves to net deposit and
40.4',';,
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
circulation
after
setting
36%
aside
52.1%
against net deposit liabilities
Distribution by Uaturitiu—
1-16 days bills bought in open market.
1-16 dajii bills discounted
1-15 days U. S. certif. of indebtedness
lft-30
lft-30
18-80
•1-00
•1-00
•1-00
01-90
81-90
ei-90
bought
days
In open market
days bills discounted
days U. S. certif. of Indebtedness
days bills bought in open market
bllla
da>'8 bills discounted
days U. 8. certif. of Indebtedness
days bills bought In open market
days bills discounted
days U. 8. certif. of indebtedness
Over 90 days bills discounted
Over SO days certif. of indebtedness
44.9%
45.4%
46.4%
44.1%
43.1%
43.9%
43.8%
45.4%
45.1%
•45.5%
44.5%
44.1%
44.4%
44.1%
45.4%
50.5%
49.8%
50.5%
49.2%
48.8%
48.9%
48.6%
51.5%
%
78 .603.000
97 488,000
S
87.030 .000
70,109,000
1,532,488.000 1.632.885 ,000
10,924 ,000
6,219,000
64,745 ,oooi
54,075.000]
238,822.000 280,406 ,000
3,440 ,000
4.000,000
76,805 ,000
76,5O'J.()0n
440,929.000 430,676 .000
4,499 ,000
7.013,000
27,122 000
25,066, COO
320.1!<8,000
311,619 ,000
9,492 .000
30,177.000
63,548 ,000
65.912,000
232,902 ,000
214,376,000
80,304.000
.008.042,000
30,910,000
63,995.000
320.421.000
3,120.000
75.119.000
405.600.000
41.950,000
21,749,000
328,397,000
8,953,000
09,225.000
196,320.000
1
$
70 370,000
.540 172,000
117 oas.ooo
ni 770.000
291 146,000
3 133.000
85 226,000
401 966,000
4 ..500,000
17 .243.000
278 ,583,000
8 886.000
00 882.000
231 .128.000
S
82.072,000
78 .942.000
.644,740.000 1.694 .523.000
41 417.000
00.382.000
00,706.000
87 .390,000
262 847,000
264.308,000
8 859, 00
10.216.000
89 .841,000
86,765.000
483.727.000 498 ,665,000
7 .160.000
14.398.000
16 882.000
15.147.000
209 328.000
268.111,000
4 .999.000
11.499.000
51 .438.000
55.947.000
224 ,509.000
231.799,000
1
.0.50
S
,831,000 1,56 ,959,000
80 ,051,000
62 ,281.000
35 ,027,000
02 ,111.000
290 ,090.000
22 .045.000
90 .001.000
801 627.000
12 385.000
10 328,000
235 .181.000
3 920,000
51 695.000
220 299.000
306 981,000
12 922,000
96 948,000
615 ,532,000
S
103 .555.000
1,433 .979.000
39 .889.000
103 .643.000
15« .000,000
li ,411,000
18 ,510.000
234 289.000
4 921,000
48 ,613,000
220 ,849,000
3 151. 000
237 367.000
312 265.000
7 .797.000
130 57,000
160 .942,000
8 326.000
22 .5,54.0f»
243 243,0tf
—
Federal Reeeroe Notei
3,678.024,000 3.738.880.000 3,755.246,000 3,682,755,000 3,677,562,000 3,604,949,000 3.653.281.000 3.657.488,000 3.244.314. OOO
394.194,000
350.05? 000
327.052.000
329,946,000
408,001,000
350.315.000
365,720,000 352,910,000
338,423,000
Outstanding
Held by banks
3,270,023,000 3.344.686,000 3.404.931.000 3,344.332,000 3.311.842.000 3,312.039,000 3,325,629,000 3,307,435.000 2.914.368.000
In actual circulation
—
Fed. Rei. Notes (Agents Aecoarus)
Received from the Ck)mptrollcr
Returned to the Comptroller
Amount chargeable
to
8,300.200,000 8.295.941.000 8.220.880.000 8.160.540.000 8,107,880.000 8.086,100,000 8.033,180,000 6,152,309.000
3,927,571.000 3,870,734,000 3.845,942,000 3,814,190,000 3,782,363,000 2.549,149,000
3. 982. 94 1.000 3,9.50.790.000
Fed. Res. agent 4.364.098.000 4.377,259.000 4.345.151.000 4. 293..TOO .000 4,283,806,000 4.201.938.000 4.271.9X0.000 4.250.817.000 3.603,151.000
6S0.674.0G0 638.379.000
593.329.000
018.629.000
596.980.000
.358.837.000
589,905.000
610,554,000
600,244,000
la hands of Federal Reserve Agent
Issued to Federal Reserve banke
Hate Suured
3.678.02'*,000 3.738.880.000 3.755.240.000 3.682.755.000 3.677.562.000 3.664.949.000 3,653,281,000 3.657.488.000,3.244,314.000
—
By gold and gold
By eligible paper
266,926,000
certificates
Gold redemption fund
With Federal Reserve Board
106,477,000
891,359,000
Total
260 .426 ,000
118,596,000
892,692.000
,000
109.3.50 .000
,7.54
877.710.000
276,256.000
276.756.000
267,726,000
266.426.000
267.420,000
248,148.000
.413,030.000 2.406.999.000 2,470.745,000 2.455.600.000 2.451.742.000 2.034.806.000
109.357.000
119.624.000
123.884.000
105,786,000
118.075.000
110,821,000
812.068.000
809,366,000
820,316,000
802.594.000
855.574.000
885.224.000
3.678,024.000 3.738.880.000 3 .755. 240 .000 3,682.755,000 3,677,502,000 3.064.949,000 3.6.53,281.000 3,657.488,000 3.244.314.000
Eligible paper delivered to F.
•
264.926.000
2.413.2fi2.C00 2.462.666.000 2,.501
R. Agent.. 2.773.4.50.000 2.893.005.000 2.892.008.000 2,740.660.000 2,898.604,000 2.929,842,000 2.880.603.000 2.S59.901.000 2.590.549.000
Revised figures.
WEEKLY STATEMENT OK RESOURCES AND
Two
ciphers (00) omtcted.
Federal Resertt Barik of
—
RESOURCES.
Boston.
$
11.992.0
50,519,0
241,0
New
LIABILITIES
York.
Phila.
OF EACH OF THE
Cleveland.
S
5,789,0
24.270,0
102.0
Total gold held by banks
62,752.0
Gold with Federal Reserve agents 131.531.0
Gtold redemption fund
21,635,0
162,027,0 64.777.0 89.578.0
238,808,0 130.214.0 177,348.0
39,000,0 10,128.0 14,972,0
30,221.0
51,600,0
8,222,0
Total Rold reserves
Legal tender notes, silver,
215.918.0
13,129.0
440.495.0 211,119.0 281,898,0
147.104.0
1.089.0
2,5,52,0
Total reserves
229,047,0
discounted: Secured by Government war obligations (a)
68.746,0
All other
88.519.0
Bills bought in open market (b)..
16.615.0
Total bills on hand
173.880.0
D. S. Government bonds
539,0
U. S. Government Victory notes
5,0
U. B. certificates of Indebtedness 21.537,0
976,170.0 167,620.0 222.128.0 117.588.0
1,257,0
1,434,0
834.0
1.233,0
&c
FEDERAL RESERVE BA.\KS AT CLOSE OF BUSINESS
Richmond Atlanta.
$
10,918.0
78,390,0
270.0
Gold and gold certificates
Gold Settlement Fund, F. R. B'd
Gold with foreign agencies
12
Chtcaiio.
St.
Louis. Minneaii Kan.Clty.
Dallas.
Fran
Total
$
28.780.0
53.928.0
303.0
5,179,0
24,512.0
155.0
9.1.52,0
14.383.0 83,101,0
02.132,0 205.864.0
8.211,0 24,089,0
29.846.0
53,841.0
5,029,0
18.502.0
25.115.0
3,805,0
30,114.0
40 180,0
5.438.0
110, .346.0 1.264.762.0
90,043,0
271,0
84,726,0 313,054.0
2,974,0 14,850,0
89,310,0
5,971,0
47,542,0
282,0
75.741.0
2.352.0
188,840,0 2.080,282.0
1,247.0
196. ,566,0
587.659.0 212.208.0 284,450,0
90.314.0
87,700,0 328,510,0
95,287.0
47.824.0
78,093.0
45,609.0 190,087,0 2.276,848.0
433.902,0 111.684,0 93,703,0
439.305.0 43.939.0 103,742.0
102.903,0 11.997.0 24.683.0
44.684,0
67.801.0
5.103.0
.59,004.0 135.808,0
39,507.0
06.340,0
000,0
15,706.0
60,233.0
1.449,0
33.010,0
79,268,0
2,151,0
13.304.0 .53,330.0 1.104.536.0
57,341.0 118.322.0 1.,502, 813.0
147.0 40,994,0
234.759.0
83.448,0 115.338.0
115.0
8,867.0
70.8.52.0 212.655.0 2.842.108.0
133.794.0
27,622,0
1,211,0
$
0.003,0
58,450,0
264.0
S
8,823.0
5.441.0
119.0
S
9.321,0
89.0
S
4,045.0
25,911.0
'in
J.\N. 8 1921
1,58,0
%
18,074.0
44.570.0
152,0
250.135,0
405.044.0
02.790,0
6.59,079.0
9,698,0
3.300.0
156.441.0
Sills
70.384.0 301,010.0
3.758,0 24.353.0
461.840.0 100,543.0
1.153.0
4,490,0
10,0
59,671,0
30,366,0
23,799,0
39.012,0
12,202.0
15.958.0
Total earning assets
195.961,0 1,037,098,0 199,420.0 246,771,0 131.083,0 150,828,0 505.942.0 123.6.54.0
Bank premises
2.790,0
4,092,0
500,0
1,527,0
2. .534.0
542.0
1.296.0
541,0
Uncollected items and other deductions from gross deposits.. 58,975,0
140,499,0 68,565,0 66,500,0 07,204,0 30,474,0 91.742.0 41.115.0
8% redemption fund against
Federal Reserve bank notes..
1,072,0
2.774.0
623.0
1,300,0
1,230.0
568,0
1.709,0
001,0
All other resources
306,0
1.724.0
76,0
102.0
296.0
480.0
367,0
221,0
Total resources
LIABILITIES.
Total gross deposits
161.800.0
R. notes In actual circulation. 281.372,0
R. bank notes In clrciUation
Net liability..
20.333.0
All other liabilities
1.212,0
Total llablimes
2,087,0
26.102.0
8.480.0
12,820.0
8.300.0
12.315.0
261.785.0
19.0
92,043,0 137.020.0
1.047.0
590.0
83.131.0 227.0.57.0 3.130.014.0
1,647.0
253,0
17.359.6
20.662,0
57.304,0
47,131.0
47.880.0
744.111.0
3.V).0
916,0
216.0
586.0
699.0
665.0
12.389.0
4,998.0
131.0
3.S0.0
488.151,0 1,773.846,0 482,069,0 600,.589,0 290,779,0 276,407,0 930.917.0 261,588,0 161.586,0 274,602.0 178.863,0 400.322.0 6.185.719,0
Capital paid In
7,723.0
Surplus
15.711.0
Government deposits
1.244.0
Due to members, reserve account 117.890,0
Deferred availability items
42,050.0
0th. deposits, Incl. for. Govt. cred.
010,0
P.
F.
3,979.0
1.0
26,376,0
.56.414.0
10.217.0
695.942,0
90.858.0
11.074.0
10.703.0
20.305,0
2,003,0
148.106.0
54,224,0
472,0
5,269,0
10, .561.0
1,141.0
.50,306,0
47,998,0
259,0
4.016.0 13.013.0
8,343,0 28,980.0
1,275,0
286,0
49,016,0 249.9.89.0
23. .557.0 56.720,0
371,0
3.683.0
4,306.0
8,346.0
1,600
67.144.0
87,516.0
614.0
808.091.0 160,1.58,0 204,805.0 108.704,0 75,119.0 310.678.0 106.934,0
839.625.0 273,005,0 340.000.0 154.158.0 173,018.0 535.075.0 131.697.0
36.831.0
0.509.0
22,787.0
1,263.0
11,408.0
679,0
15,081.0
830.0
38.314.0
3.9.57.0
9.319
926
488.151.0 1.773,846,0 482.069,0 600, .580.0 200.779.0 276,407.0 930.917,0 261 ,588
4.4.57.0
3.401.0
6.980.0
1.490.0
45.312.0
10.097.0
9,159.0
1.464,0
83,097.0
.580.0
674.0
.50.122.0
64.301,0 135.3.57.0
78.284,0 109.720.0
7,613,
8.57,
14,0.50.0
1.8.59.0
4,008
6,033.0
1.574.0
4r,.
6.041.0
14.194.0
1.771,0
5,50.0 110,7.57,0
33,077
319,0
33,473
5.131.0
90.808.0
202.036.0
25.502.0
,795.343.0
532.5.56,0
25.158.0
82.420.0 160.132
2.378,049.0
78.280.0 275.123.0 3.270.023.0
0,969.0
1,063.0
161 ..586.0 274.602.o'l78,863
8.390
1.542.0
213.552.0
21.651.0
466.322.0 6,185,710
.
.
1
.
j
THE CHKONTCT.K
236
Tu!9 civturi (00) omitted.
LIABILITIES
(Concludtd)
Boston.
—
New
S
York.
PhUa.
Cleveland.
S
%
i
Batlo of total Tf^servea to not depoBlt and K. It. note liabilities
58.2
r.o.n
.3!)0
oomblni.'d, per cent
Memoranda Contlnaent liability as cndors er on
DlBcouuted piper rodlncounttd
wltb other V. P.. bfinlca
Bunkern' accoptoncoH sold to otiior
4,273,0
F. R. banhM witbout cndors't.
OontlniTent llab. on blUa purcb.
I.IGS.O
6,082,0
1,280,0
for fortliiD correspondcatB
()rn(lude8 bllia dleoounted for
12.100,0
11.873,0
Other F. R. bstnka, viz
(9) Includes banhcro" acceptancca boutcht fr om other i'. U.baiik.i.
Without thoir endoracmont-
nichmond AUanta.
%
)0.2
—
.
Chicago.
%
4
(in Thousands of DMars)
Federal Rcwrve notoa on hand
Federal Hesorvo notiii outstanding
Collatoral Becurlty for re<kTal RcHervo notes outstanding:
Gold and Kold oertlflcates
Gold rei!;jDpt'on fimd
Gold teltleuiei;t fund Federal Raserve Board
Ul:Klblo piipar.fAmount required
—
lExcess
amount
29,0.83,0
784,0
.576,0
Sant'ran
t
8
.
%
30.2
41.6
40.2
12,264,0
22,982,0
27,189,0
432.0
7f,S,0
416,0
Total.
%
49.1
4«.4
•j«,.';o8,o
752,0
730.0
72,535,0
York
16.210,0
96,508.0
4.273.0
I'Mla.
Clecc.
.\T
CLOSE OF BUSINESS JAN.
Chicago.
Atlanta
itichtn'a
209,008
22,775
9,200 14.825 IP,,'>73
20,000 121,389 135,000
78!;, 951 145,0.57 185,2.57
159,749
4,727 .36,071
1G3,.307
Uallat.
4.273,0
1,904.0
S
t
$
I
S
102,000 .33,030 44.880 20,529 77,110
204,83.^ 1,028,819 281.271 3r,2,605 162,025 180.101
5,000
15,93r
110,000
%
48.2
S
I25,RSn
10,573
held
%
43. (;
1.
5,000,0
1,312,0
New
Boston.
Ftdtral Reservt Aotnt al-
—
Louis. Mintieap. Kan.CUy.
St.
%
STATEMB.NT OF FEDEK.tL RESERVE .\GENTS* ACCOl/NTS
lUsourcei
[Vol. 112.
h.
1.33.120
%
24.780
010.980
1.53 ..395
Minn. K. CUy
DaUat
.Van Ft.
Totat.
S
%
10,16.5
4,420
80,321 116,946
S
9
t
13.640 31,320
686.674
84.473 315,060 3,678,024
0.000
3,500
3,632
55,000
1 1 .025 117,909
4,641
14,053
10.720
195,144
411,116
50,586
3,600
48,00f
1
St.
4.273.0
1920.
8
13,052
863
2,7.50
45.031
1 1
99, .5.54
55.206
21.084
6,790
,2fX)
6.331
266,926
5.148 17.346
106.477
14.235 99.000
891. .3-59
58.769 199, .304 2.413,262
12.093
.360.188
1.469
2.829
37,360
76,757
38,3.52
725,92!) 2..379.387 800,299 iOG.161 35S.420 451,365 1,417,666 :i3S,360 191,891 276,664 194;679 664,089 8.402,910
Total
lAabilitits—
of Federal Reserve notes received froxn
ptroller of the Currency
CJollateral received from
(Gold
Federal Hesorre baD:i:\EIlglbIe paper
Com-
Net amount
Total.
In
725.929
,379,387 000,299 800,101 556,420 451.365 1,417.666 338.360 191,891 276.664 194.679 664.089 8.402.910
760.100 178,175
205,864 .53.841
257.211
62.132
132.022
839.625 273,005 MO.O'.e
281.37?
actual circulation
I.'-.t
I
173, ni'*
'".8
90.486 121, .366
25.115 40.18C
76,290 115,109
4fil.702 106,344
294,838 1,028,819 281,271 .362,605 162,62,5 180.101
189,194
13,466
8,266 21,939
8,467
7.083
Federal Reserve notes outstanding
VkCm&\ Reserve notes held by banks
Federal Reserve noto^
173,880
,190,819 .n4,301 407.485
238,868 130,214 177,348
949,700 149,784 221,32!-
120,518
131, .531
98.113 316,970 4,364.698
25,714 116.:J46 1.264.762
70.852 Jf)0.773 2.773.450
610,980 1.53,395
81 ,905 21,698
80,321 116.946
2,037
7.226
84.473
6,193
535.07.'; 1.31.697
78.284 109.720
78.280 275.123 3 270.023
3.678.024
408.001
STATEMENT SHOWINQ PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS DECEMBER 31 1920.
Return flow of currency, end-of-year dividond payments by the banks,
and building up of balances to meet interest and dividend checks issued by industrial and commercial c orporations account for the principal
changes in the condition on Dec. 31 of 820 member banks In leading cities.
The ntmiber of reporting banlis shows a slight decrease due to bank consolidations in (Cleveland and New Orleans.
Large amounts of currency, after
serving the needs of the holiday trade, were returned to the banks during the
week and, after being credited to customers' deposit accounts, were used by
and investments of
all reporting banlcs, largely because of the great reduction in holdings of certificates and of war loan paper, shows a reduction for
the year from 18.1 to 12-1 7o, the corresponding reduction for the New
York City banks being from 20.4 to 15.4%.
Accommodation of reporting member banks at the Federal Reserve banks
shows a reduction for the week from 2,176 to 2,103 millions, or from 13 to
12.6% of the banks' total loans and investments. The increasing extent
to which the loan burden of the member banks has been shifted during the
year to the Federal Reserve banks is evidenced by the fact that since the
memoers to reduce their indebtedness to the Federal Reserve banks.
Combined holdings of Liberty bonds and Victory notes show a further beginning of the year, when aggregate borrowings from the Federal Reserve
banks of 798 reporting banks were 1.870 millions, these borrowings have
increase of 15-6 millions, apparently in connection with sales by holders to
increased by 232 miillions, while the December 31 aggregate of loans and
establish los-ses for income tax purposes, the increase in the oanks' holdings
of ihese securities since Dec. 3 being in excess of -10 millions.
On the otter Investments is slightly less than the corresponding total at the beginning
hand holdings of Treasury certificates due to additional distribution among of the year. For the New York City banks decreases for the week in
ultimate investors show a further liquidation of 39 millions, the end-of-year
accomimodation at the local Reserve Bank from 811 to 766 millions and in
holdings being 586 millions below the total reported at the beginning of the
the ratio of accommodation from 14.6 to 13.6% are noted, the corresponding
Loans
fo/
ratio
on Jan. 2 1920, being 11.1%.
year.
seciu-ed by Government war onligations show an increase
tie week of 10 millions, loans supported by corporate securities went up 47
As against a reduction of 82 millions in Government deposits, increases
of 284 millions in net demand deposits and of 53 millions In time deposits
millions and other loans and investments (composed largely of commercial
For the member banks in New York of the reporting banks are shown. For the New York City banks a decrease
loans and discounts)
13 millions.
City an increase of 13 millions in Liberty bonds and Victory notes and a of 40 millions in Government deposits is reported, accompanied by increases
reduccion of 13 millions in Treasury certificates are shown; loans at these
of 153 millions in net demand deposits and of 16 millions in time deposits.
banks supported by Government securities increased during the weelc by 19 In keeping with the considerable increase in demand and time deposits the
millions, loans seciu-ed by corporate securities
by 46 millions, while other banks report an increase of 23 millions in their reserve balances at the Federal
loans and investments declined by about 8 millions.
Reserve banks. Cash in vault shows a decrease of 2 millions only, the bulk
Total loans and investments, in consequence of the above changes, show
of the returned currency in all likelihood having been used to reduce the
an increase for the week of 44 millions for all reporting institutions and of banks' indebtedness to the Federal Reserve banks. The New York City
banks report an increase of 9 millions in reserve balances as against a reduc57 millions for the member banks in New York (iity. The ratio of United
States war obligations and paper secured by such obligations to total loans
tion of 7 millions in cash.
Data for all reporting member banks in each Federal rfeserve District at close of business December 31 1920. Three ciphers (000) omitted.
1.
—
—
—
Boston. \New York
Federai Xeseroe District
Number
of reporting banks
U. 8. bonds to eacure circulation
Other U. S. bonds, Inci. Liberty bonds..
V. S. victory notes
V. 8. certificates of Indebtedness
Total U. 3. securities
Loans and Investments, Including bills refilacounted with Federal Reserve Bank:
Loans sec. by U. S. war obligations
liOans 803. by 'rtocku and bonds
AU
other loans and Investments
48
Caah in vault
Net demand deposits
Time deposits
Government deposits
80
45
14.230
19,511
16,502
29,006
34,866
7,543
7.313
72,176
137,617
78,728
77,216
202,862
561.531
71,879
338,878
999,466
28,403
112.619
394.310
913,785 1,547,840
99,420
69,918
35,525
19,549
661,765 891,407
37,029 403.930
36.020
20,659
614,080
34,544
17,373
38,134
36
29,111
37,813
10.991
3S.750'
.';«
3.517
40 <514
59
11,347
33.560
12.170
15,099
57,413
551,762
.50.148
438.909
116,45416.340,03.5
77.180| 64S,8S.5|
23.9751 115.3.52
782,719 4.995.337
160,446 441,378
21,317 130,621
payable with F. B. Bank:
Secured by U. 9. war obligations
All other
Blils redlscounted wltb F. R. Bank:
Secured by U 9. war obligations
91
114
46,791
260,673
97,612
146,686
204, 12S|1, 377,299
Chicago.
Atlanta.
40,779
60,825
12,712
20,722
5,864
18,115
804,735 3.972.065
Total loans aul luvestcaents, Including
rediscounts with F. R. b-inka
Reserve balances with F. R. Bant
Cleveland. Rlchm'nd.
Phila.
St.
38
83
7,596!
9,989'
14,6961
San Fran.
Total.
820
1,042
1,677
25,006
5.402
6,498
37,499
20.304
51,662
46,137
98.947
448.1.57
59.381
413.510 1,737,227:
26,840
126,445
385,748
15,286
36.801!
278,535i
28.609
80,008
487,164
10.268
38.512
249,032
552.573 2,433.802
28.678 184,126
14.675
61,518
246.999 1,305,435
147.260 641,063
21,381
2,159
576,-532
42.23.5
350,925
20,689
8,299
185,745
70,880
3,445
647,443
45,570
343,949 1,302,855 16,740,253
24,465
81,167 1,356,877
10,791
24,740
354.005
215.259 616,424 10.937.348
58.229 541,969 2,841.765
262,264
1,363
9.244
7,759
1,063
21,087
1,969
271
6,582
66 421
4,398
3.140
107
21.523
63.075
32.426
34,447
35
15,922
14,554
2.873
4.150
50.127
151,471
29. .5.55
108.192
5.960
Dallas.
51
19,581
21,547
2,755
2,254
28,3.59
331,7.50
Kan.CUy.
Louis. Minneap.
8.207
310,8871
130,9271
5,947
14.001
393.621
100.462
4,148
69
32,648
69,077
17,423
15,718
266,831
642,853
209.079
271,599
135,466
1,390,362
908,722
34.663
148.733 3.173,823
983,99311,267.346
Bills
30,431
19,405
.
All other,.
85,60.-,
__
Data
•.>f
re
301,235
45,380
124,324
40". 2^3
348
Ctty.
City of
CMcaao.
5,736
21.033
9.183
2«n 068
Bank and branch
Ait F. R.
20,840
70,355
4,110
72
ling metiifer ;:>anks In Fed' rat Regerre
New York
28.787
Bank CUU*.
".
51
and
ri<\7
cities
«. Branch
all
CUU$.
4
=,
11.829
23.775
100
1,678
21.124
6,466
79.406
670
628,723
6,051
248,75
1,219.00
otber reporting DanK».
.iilOthtTlUvoTt.Blt.
Total.
Tbree eipitn (000) omuted.
Dec. 31.
Namber of rsportlc? banks
U. 8. beads to s-^oura circulation
Otiaer U. 8. bonds, IncI. Lib. bonds.
O. 8. Victory notes
U. 8. eartlflcates of Indebtedness
i
,
i
Total V. 9. sacaritlea
...j
Loans and Investments, tncl. bills re-l
discounted with F. R. Bani:
Dec. 24.
I
72
S3S,099
225.813
88.347
135.649
72
219,700
81,305
148,900
51
Sl,439
19,815
13,280
9.974
488,004
44,538
.S38,099
487,908
Dec. 31.
I
Dec. 24.
Dec. 31.
Dec. 24.
Dec. 31.
Dec. 24
Dec. 31.
I
Dec. 24. Dec. 31 '20 Dec. 24 -iQ\Jan. 2
51
285
2871
328
SI, 438
20,214
12,999
11,095
$94,661
358,081
125,709
182,801
896,372
319,478
119,353
211,190
207
S71,996
160,265
49,276
52,716
820'
•572,395 S100.174I 3100,365
161,369 124. .5271 123,495
34,0941
34,310
48,430
59,824
36,0821
39,807
$266,831
642,853
209,079
271,599
45,746
761,232
776,393
334,253
342.018
209
328'
294,877:
824
$269,1321
634,342
202,093,
310,821
'20.
798
5268,789
636,454
238.385
857,355
297,977 1,390,362] 1,416,388 2,000,983
94,777
94,572
898,386' 1,294,409
908,772
Loans sec. by U. 8. war obllgat'na.l 412,504 393,187
61,814
684,178
671,115 129,767' 132.699
67,313
Loans sec. by stocks and bonds..'!. 222,880*1, 177, 29li 337.0541 338,987 2,273,163 2,222, 150! 488,259 491,220 412,401 413,202 3,173,823 3,126,572 3.390.646
AU other loans and Inve3tmsats..i3, 491,481-3.499,47811 040,79211.013,887 7,187,924 7, 182, 8902. 234. 790,2,229, 386 1,844,6321,842,196 11.267.346 11.254.472 10,009,180
Total loans and lavestments. lncl.|—
rediscounts with F. R. Bank
5, 614,773 5,557,9801 489,097 1,490,434 10,908,497 10,8.52.548 3.187.089 3.195.323 2,646.687 2.647.947 16.740.253 16.695.818{16.695.218
601,7251 596.03.5! 134.96.5' 125,7.50
Reserve balance with F. R. Bank
996,778
980,962 202,1141 204,950 157,985 147,896 1.356.877 1,333,8081 1,444.286
431.436
69,124'
65,8.53
82,885
78,431
101,442' 108,869
354,005
Cash In vault
211,826
356,110,
.36,7.53
201.996
35, .565'
j
'
Net demand deposits
Time deposits
Government deposits
payable with F. R. Bank:
Secured by U. S. war obligations.
|4,
'
i
505.0544,352,152
916,1871
888,160i 7,688,380
298,41.5'
304,036
14,081
1,321,215
203,296
7,481,342 1,713,717 1,670,625 1,535,251 1,501,591 10,937,348 10,653,558'll,595,451
617,1.59
611,3.52 2,841,705' 2,788,649' 2,333,783
903, 39l! 908,744
1,270,5.53
22,188
629,201
47,147
29,331
262,264
344,013i
36,780
267,535
127,355]
167,575
310,961
10,777
268,7941
270,837
15,805!
16, ,546
416,595
4,210
148,138
4,210
405,655
4,110
141,841
4,110
842
857
81,22
1,099
78,319
1,629
12, .534
11,574
166,099
12,067
165,391
282,6.52
Bills
All other
Bills redlscounted
|
'
643,052
6,696
908,778
248,7571
263,292
1,219,0081 1,262,551
303,099
653,492
12.3
18.1
628,723,
6,051'
7,131
with F. R. Bank:i
Secured by
XT. 8. war obllgatlons-l
All other
Ratio of U. 8. war securities and war!
paper to total loans and Invest-
ments. Including rediscounts with
Federal Reserve Bank, per cent-.
122,106
375,0221
120.551
419.277
188.874
12,612
186,254
204,492
891,662
215,895
927,942
32,691
161,247
35.330
169,218
15.2
7.4
7.1
12.4
12.4
12.3
12.7
I
15.41
Ezoluslve of redlaoounts wltb Federal Reserve banks.
10.9!
11.0
12.11
THE CHRONICLE
Jan. 15 1921.]
237
^anliiwg and ^itxanxial.
THE CANADIAN BANK OF COMMERCE
At the Fifty-fourth Annual Meeting, held in Toronto on 11th January, the Largest Earnings in the History
of the Bank Were Reported as the Result of the Bank's Business for the Second
Year in Canada's Reconstruction Period.
The
President, Sir Eduiuml Walker, took the chair and,
proceed injis, the following
Profit and Loss Statement for the year ending 30th November last was submitted
after
usual
the
orjiauization
Balance at credit of ]*rofit and Loss Account,
brought forward from last year
$1 ,427,735 40
Net profits for the year ending 30th November, after providing for all bad and doubtful
3,30(3,243 97
debts
$4,733,979 37
This has been appropriated as follows:
Dividends Nos. 132, 133, 134 and 135, at
twelve per cent per annum
$1,800,00(^00
Bonus of one per cent, payable 1st December
150,000 00
Dominion and Pro\ineial Government taxes
and tax on bank-note circulation
Written off Bank Premises
Transferred to Pension Fund
Balance carried forward
350,000 00
500,000 00
150 ,000 00
1 ,783,979 37
$4,733,979 37
After the report had been read the President requested
the General Manager to address the shareholders.
We have now entered upon a period such as has been
looked for ever since the war ended one of lessened activity in business and falling prices
and the statement which
we present to you to-day is, except in a comparatively few
—
particulars,
—
GREATER PROFITS.
has been the result, partly of the activity of general business
during most of the year and the consequent brisk demand
for money which has kept all available funds fully employed, and partly of the fact that we have been fortunate
in escaping serious losses. The conditions which have prevailed in the markets for all staple commodities since the
war ended the extraordinary demand for goods and the
high prices have caused a strong demand for money. Now
that the markets are becoming more normal and prices are
—
—
falling, that demand is sure to lessen.
We may therefore
expect easier money conditions and a lower level of profits
until business becomes more active.
In addition to the regular dividend of 12% per annum, we
paid last December a bonus of 1%, making a total distribution to our shareholders of 13% for the year.
We have
appropriated $350,000 towards the heavy taxes we are now
called on to pay to the Governments of the Dominion and
AVe increased our approof various Provinces of Canada.
priation for bank premises from $250,0(X) last year to $500,The high cost of all building operations in
(X)0 this year.
this countrj', and our expenditures on premises for the for-
eign branches recently opened,
have transferred $150,000
make
this a prudent step.
to the Officers'
Pension Fund,
an increase of $30,000 for the year, partly to provide for the
growth of the staff, and partly because the actuarial examination, which took place during the year, made it clear
was
increase in our note circulation
is $(i69,255,
Indi-
914.
As
busine.ss slackens
and prices
fall
look for some reduction in this item.
we may naturally
Oijr deposits stand,
as a whole, at almo.st the same level as a year ago, the increase being only a little more than a quarter of a million
dollars, but deposits bearing interest, the most stable part
of deposit business, have increased by the large sum of $43,-
a gratifying and remarkable showing, parin the light of the total subscriptions of customers of this Bank to the various Dominion
Government War Loans, as reported by our branches,
148,818.
This
ticularly
when considered
is
namely
1915
191G
1917
1917
1918
1919
1st
War Loan
2nd
"
"
3rd
"
"
1st Victory
$8,142,000
18,001,400
22,059,500
78,551,070
104,474,950
90,076,535
Loan
2nd
"
"
3rd
"
"
$321,306,055
Notwithstanding the tremendous drain upon the deposits
Bank which these huge subscriptions involved, we
feel proud of the aid afforded by our customers to the Government in its war financing. Courage and foresight were
needed by our branch managers when they saw their cherished and hard-earned deposits, gathered over a long series
of years, melt away almost overnight, but the fact that the
deposits of the Canadian public in this and all other banks
are now double what they were at the outbreak of the war
justifies the support given to the Government in its loan
campaigns, even from a narrow and selfish point of view,
to say nothing of that of the national welfare.
DECREASED GOVERNMENT BALANCES.
On
the other hand, our deposits not bearing interest have
decreased by $42,875,453, an amount almost equal to the increase in our interest-bearing deposits. This is more than
accounted for by the decrease in Dominion Government balances, which a year ago included a large part of the pro-
ceeds of the last Victory Loan. It must also be remembered
that both the demand for money, and the restraint on the
further inflation of credit which we have endeavored to
exercise, tend to decrease the balances carried by business
houses and large commercial companies in their current
accounts. Another cause which has militated against an increase in dei)osits has been the slow marketing of last year's
grain. This tends also to keep up loans, for if the farmer
does not pay his indebtedness, the retailer is unable to pay
the w^holesaler, and the w'holesaler must lean on the manufacturer.
All along the line they will
borrow from their
bankers to the fullest extent possible.
GRAIN AND A FALLING MARKET.
In view of the unsettled conditions at present pre-
vailing in the business world,
an
cation of a large volume of current business, but a very
small proportion of the total, which now stands at $30,716,-
necessary.
PROFIT AND LOSS ACCOUNT.
After making these appropriations we have been able to
carry forward $1,783,979.37, or $350,243.97 more than last
year.
DEPOSITS INCREASE.
The
of this
The net profits of the year amounted to $3,300,243.97,
an increase of $231,351.25, although the resources of the
Bank have shown little growth. The addition to our profits
that this
Up to the present we have been extremely fortunate. In that
our interest has been negligible in those branches of business most dijectly affected by the heavy declines which
have taken place.
curiously devoid of important changes from
that of a year ago.
We
we think it well to
carry a large unaiipropriated balance in Profit and Loss
.\ccount as a safeguard against unexpected contingencies.
security for certain classes of loans,
and the
which
undermine the
fall in prices
on more than one occasion has threatened to
farmer, in this and other counshould be counselled to hold his grain on a market
which has fallen very rapidly since the time of harvest and
has every appearance of continuing to do so in sympathy
with the general trend of business. It is obviously a highly
It is regrettable that the
tries,
risky
and unprofitable proceeding, and
likely to
end in
In-
THE CHRONICLE
Z3S
creasing class bitterness. Unaware of the real causes that
Kovcrii (ho (locliiio In [jricos, the farmer will he apt, naturally enuuKh, to feel tiiat ail classes are working against hlni.
The
truth appears to he that, after so
many years
of rising
It has come to be accepted as an axiom that prices
must continue to rise, and consc(|uontly In the very year in
which all signs point In a downward direction, the unfortunate farmer feels constrained to hold his grain, unconThei'e is
scious of the meaning of the signs around him.
nothing In the other items of our liabilities which culls for
comment, save that we may say, in passing, that the reduction in acc(>ptances under letters of credit no doubt retlects
to some extent the difficulties which at the moment confront
the foreign trade of this country. To this subject we shall
prices.
refer again
when dealing with
the foreign exchanges.
LINES OF DEFENSE.
During the jear our holdings of specie have increased
$500,854 and Dominion notes on hand, .$.3,0,52,301. There is
no change in the amount deposited in the Central Gold Reserves under the heading either of gold coin or of legal tender notes. Total cash on hand has increased .$4,519,215 and
stands at 1.5.14% of our liabilities to the public, with socalled quicli assets at 44.50% of these liabilities. There has
been a reduction in our investments and an increase in our
loans. The reduction in the former consists of $33,703,822
in Dominion and Provincial Government securities and of
$9,109,910 in British, foreign and colonial public securities
and Canadian municipal securities. In both cases the reductions are due to the payment of war obligations by the
Dominion and Imperial Governments. There has been an
increase in call and short loans, both in Canada and elsewhere, the increase in the former case being merely a nominal one. In a time of uncertainty and instability such as
tlu> present, it is well to strengthen all our lines of defense,
and in the case of loans in New York, the principal call
money market of this continent, this has occasioned less
sacrifice of profit than is usual, as rates throughout the
year have ruled at a high level for that market.
A COMMANDING POSITION.
This Bank still holds a commanding position
velopment of Canadian trade and commerce,
its
current
a very reasonable cost, and our office in Rio de Janeiro will
be situated in the heart of the financial and business district
of that important city. There has been an increase in our
total assets of $1,116,418, a comparatively trifling amount.
FOREIGN BRANCHES.
In addressing you a year ago we pointed out that up till
then we liad been occupied with the promising openings for
new branches in Canada, but that we hoped soon to give
some attention to foreign fields. The policy we have followed in this respect has been one of caution, slow but sure,
and we think that our judgment has been vindicated by the
course of events, especially tlie unsettled financial condiOur
tions now prevailing in Cuba and South America.
brancli at Havana was the first to be opened, and we are
well satisfied with tlie progress so far made and with our
prospects for the future. Kingston, Jamaica, came next in
point of time, and there, too, our business shows excellent
prospects. Our office was not opened at Bridgetown, Barbados, until after the close of tlie Bank's year, while In Rio
de Janeiro and Port of Spain, Trinidad, although our man-
now on
We
believe,
opened for business.
siH-aking nation to the south of us has
on
the spot, we have not yet
however, that our outlook
in all these places is bright.
NEW YORK EXCHANGE.
Probably at no time in the history of this country have
questions connected with the foreign exchanges occupied so
prominent a place in the public mind as during the past
year. The closeness of our relations with the great English-
made
the prevailing
York exchange a matter of moment
to a very large number of Canadians.
It has come before
them not only as vitally affecting importers or exporters
hiu'h i)n'niinni
I
.N'ew
j
i
dealing with the L'nited States, l)ut also, among other things,
us having a direct bearing on many investments which they
hold or desire to buy or sell, and even as calling for
serious consideration in connection with the cost of a holiday or other visit to that country. The very technicality of
the .subject, the mystery by which in the popular mind the
working of the exchanges is surrounded, only serves to
deepen the interest felt in it. In an endeavor to throw some
upon it, especially as connecte<l with the prevailing
high premium of New York funds, we issued during the year
a series of advertisements dealing In as simple a manner
us possible with sonic of the underlying elementary princilight
These attracted widespread attention and were subthe form of a small brochure for
ples.
s(!quently reprinted in
distribution.
The subject has, of course, many
bearings and can be discussed from many points of view.
During the closing part of the year, as you are doubtless
aware, the rate of exchange on New York rose very high,
reaching 19%% on December 21, the highest point on rec-
general
ord.
NOT CANADA ALONE.
l^t
may, perhaps, be some consolation
to reflect that
Can-
not alone among the countries of the world in having
to .seek the solution of an exchange prol)lem vitally affecting
her trade. There are other parts of the British Empire with
problems of a similar nature, but even more serious. Quite
recently Australian banks have declined to remit in London
funds for bills sent to Australia for collection or to negotiate
commeixial bills on Australia in London. The reason is a
shortage of London funds, said to have arisen as a result
ada
is
Government purchase and
The old machinery for
handling the wool has not yet been restored, and in the
meantime some difficulty has occurred in financing Australian imports. It is hoped that the situation will be reof the suspension of the system of
sale of the Australian wool clip.
lieved before long
in the de-
mercantile loans in Canada amounting to the large sum of
$231,114,772, or $17,925,602 more tlian a year ago. Similar
The
loans elsewhere have also increased by $1,924,950.
other items of assets show little change, except Bank Premises Account, which has increased $758,086 during the year,
our principal outlays in this connection being on premises
for our foreign branches. Owing to the favorable position
of the foreign exchanges we have been able to secure premises in Rio de Janeiro, Jamaica, Trinidad and Barbados at
agers and their staff are
[Vol. 112.
when exports
of Australian wheat, wool
and meats go forward. The situation in India, New Zealand and South Africa is of a somewhat similar character,
but not so pronounced.
FOREIGN TRADE AND FINANCE.
unfortunate that these exchange difficulties should
arise just at the time when strong efforts were being made
to extend the foreign trade of Canada. Undoubtedly the situation as regards foreign trade is a most difficult one at the
present time, not only because of exchange questions but
also because of the instability of the financial situation in
many foreign countries. The collapse of sugar prices in
Cul)a and elsewhere is one instance of this, and in a period
of falling prices all over the world it is admittedly a most
difficult matter to extend foreign trade.
Nor is the problem rendered any more easy of solution by the high level in
Canada of all costs of production, including wages. As
pointed out recently by a high authority in England, "only
the country in which prices are comparatively low can have
an export balance in its favor." It is to be feared, therefore,
that until some readjustment of the situation takes place,
there can be little probability of any material extension of
our trade abroad.
It is
HOPEFUL OUTLOOK.
The year we have just passed through has been one of
At its commencement the tide of rising prices
surprises.
and the idea that a rapid fall was immiunchecked,
seemed
nent was considered altogether preposterous. Yet this is
exactly what has happened. Once again the seller is having
to seek the buyer, instead of being besought by him. Probably one of the principal obstacles at the moment to the reestablishment of business on a more normal basis is the instability which prices have manifested during recent months.
This condition, however, cannot be of long duration, and
we may hope that before the winter has run its course It
may be a thing of the past. Meanwhile we repeat once
again what we have so often urged, that the whole world
must aim to work hard and avoid extravagance if the damage caused to both property and credit by the late war Is
to be repaired.
-
THE CHRONICLE
Jan. 15 1921.]
^y<^^^^
25anTijers^
Wall
Jan.
Night,
Friday
Street,
Railroad and Miscellaneous
more l'lexil)l(^ money market a
Stocks.
—A
14 1921.
decidedly
recovery in
—
textile and
in
of exchange — renewal of activity
Bterliug
that
evidences
other important industries — and other
.sul)stantial
bills
generally arc making progress towards normality
have had a salutary effect in th«> security markets this week.
These mai-kets were active during the early part of the week,
nearly 1 ,200,000 shares of stocks ha\-ing changed ownership
on Monday, a feature which gradually subsided as the week
advanced. Railway shares lost a little of their n'cent
ad\ance but nn-overed today, while the movement of several
important industrial issues has been decidedly irregular,
with the general tendency of this group also to a lower U>vel
There are, however, some notable exceptions to
of prices.
affairs
For example Cruc. Steel has covered a range of
22 points and closes wth a net gain of r^M. Mexican
i)oints higher.
Pet, has covered Hi j)()ints and is over
On the other hand Amer. Locomotive, Amer. Gulf & W. I.,
United l^Vuit and Vanadium Corp. have declined a point or
more.
The following sales have occun*ed this week of shares not
represented in our detailed list on the pages which follow:
this rule.
.">
STOCKS
W'erk
eiitlii:t
Week
•
200
piii
2;
10(
1
.100
200
Assets Realization
1(
Assoelated Oil. - ..10(
100
At antic ReflnlBS
90(1
RclK prtf--.10(l
300
000
.\tla.s
200
9
Taok Corp.«o
pai
no pai
Aust, N'Ichola & Co
Preferred
-IOC
Ba.'iiet Leather prel.lOC
Banisdall class B
2!
Booth Fish Itt pref.. IOC
Brown Shoe
Inc
IOC
Preferred ..
IOC
Brunswick Terminal .IOC
Calumet A Arizona. -1(
Central
of
J. . . IOC
Certain-Teed Prod no pa\
N
RR
&
Chicago
Alton
l
,900
400
rr.3
40C
7.5
.iOC
33
100
30(1
20C
1,600
.300
100
10(
M
Elk Horn
.5(
10(
C;oal pref....5(
Emerson Brantlng
10(
Preferred
IOC
IOC
General Asphalt
Preferred
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
IOC
Gen Chem cons ctf of dei:
Gen ICleetrlc rights
Harblshaw E C. .no pa
Hartman Corpn
IOC
Homcstako Mining.. 10(
Hydnuillo ftcpl..''o po
ni Cent leased lines. . 10(
Indian Refining
11
Kayser
Kresge
& Co
47
43 }<
8 50
S 87 '5
8 20
71
S
90H
3H
14
10
12 97
14 1050
11
109K
10
19'.;
8
13«
14 07
8 80
13 35
14 39
8 41
12
80 k^
13
5M
17
.50
Jan 11 93 K
Jan 12 30 H
Jan 11 19
Jan 8 28
Jan 8 88
Jan 14 40
9
Jan 8
Jan 14 35M
Cluban .\m Sug pref. . 10(
Davison Chemlciil no pa\
no pa
De Beers Cons
HoslerjPrefe:red
8
11
11
141205
10 39
.Ian 13
7H
Jan 13 86
Cluett. Poab'y pref--10(
Durham
100
700
400
300
400
400
200
70
20
8 59
8
8 126
10
4K
lom
•
8|
12^
141
70
12
13
•50 K.
20 K
14 58J-8
11 155i
14 79
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11
11
11
8
14
2
84
14; 890
8.
13 102 J^
12
10
11
12
80
11
8
10(
.^0
M—
1
1
Rels (Robt)
Sears.
* Co
Roebuck
no par\
pref. 100
20(|
70(1
')
100
Seneca Copper. ../jo par \i,70C
Shattucfc Arizona
South Pacific rights
10
So Porto Rico Sugar. 100
Standard Mill pref.. 100
Stern Bros pref
100
Submarine Boat-.«o lar
Superior Steel Istprefl 00
Temtor C & F P
Class
A
no par
Texas Co warrant?
Tex Pac Land Trust . 1 00
Third Ave Ry
Tidewater Oil
Rights
Toltdo St L *
100
1 00
W
tr rets.
Preferred tr rects
Unlte<] Cigar Stores.. 100
United Drug
lOO
1st preferred
.50
UnllPd Dvtwooil
Weber
&
White
Oil
100
Heilbr'r no pa:
Corp .."o
,•
.Ian 111 10
.Ian 11(101
]8% Jan
141
Jan
121
3.20C
70fl
1
00
>
1
80
93M Nov
11
14
8
8
12
14
li;
ir
8]
12
8.
14
13
pa''\fi:.Wff
I
Dec
Dec
Dec
Dec
c32i^ Dec
ry'4
Dec
Dec
40
32 H Dec
Dec
71
115K Dec
25
15
27
84
3
14 '4
r, l
IR
H Nov
24
May
82
June
93
Jan
43 H May
106
40
3R?<
67 '4
102 m;
45
29
91
43
79 M
128
Nov
Jan
Oct
Jan
Jan
Sept
May
Jan
Jan
Mar
Jan
Jan
Dec
Dec
Nov
Nov 4>/« Nov
Oct 15U Aug
Oct
71
Jan
Jan
19
10
70
lOi
120
10]
.Ian 11
Jan 13
Jan 12
Jan 13
Jan 8
Nov
Aug
118
1.55
Jan
Jan
Jan
93 '-2 Sept 100
8
Dec 45
Mar
45
Dec m]4 Apr
Nov 33 H Jan
16
12
Dec 63
Feb
11
Dec 30 'X Jan
14
Dec 33
July
2
Dec 38
Apr
Nov
2
3
2H
.Ian 13
3^ Nov
Dec 63 ^ Jan
Dec 8
Nov
Dec 30K Jan
Dec 3
Dec
Jan 10
For transactions on N(;w York, Boston, Phiiad.lphia, and
Baltimore exchanges, see page 2.33.
State and Railroad Bonds. —No sak« of State bonds
have lieeu re))()r1((l at the iJoard this week.
Tlic general bond market has, as noted above, been at^-tive
and jirices ha\e had an upward tendency. Of a hst of
2.") imiiortant
railway issues 21 have advanced, 2 are un(dianged and 10 are from 1 to 2 or more points higher than
Among the latter arc Atchisons, Ches. & Ohio.,
last week.
Burlington, St. Paul, New York Central, Fleading, and
"Frisco" bonds.
United States Bonds. ^Sales of Govc^rnment bonds at
the Board are limited to the various Liberty Ijoan issues.
While some of these have continued the rw'overy in prieea
noted last week, others have been irregular and are praotically
unchanged.
Dally RecoTi of Liberty Loan Pricei
Llbartr Loan
First
3
v-i
13
50
11
11
19H Dec
Fel
13
9
10
80
June
.Tan
51
Jan
Jan
Jan
Jan
July 54
Nov 29
14K
11
IS'^'
Dec 9iH
Jan 14 49
Jan 12 20
Jan 11
7
Jan
60
96
Dec 125
14 103 K July 116
13 12H Dec 38 '<
8 35
Dec 41 1^
13 12
Dec 47'/^
4
20
70
77 K
90
8K
95
.Ian 11 126
.Ian 14j 91
.Ian 13 41
Jan 11 r4S
7'<;
Ian 11
.Ian
8 I3M
H
Doc
Jan
Sent
Jan
Sept
Juno
Dec 23
Apr
Dec 119V< Afar
23'^
Nov
Dec 12'.<
Dec 26 «<
Dec 310
Dec
Oct
Jan
.\pr
Nov
85
Apr
97 >X Juno
Dec 14
Oct
Dec 102
Jan
Oct
Dec 47
Apr
Dec 420
Aug 9.2 >4
Apr
Dec ?20
Dec 16
Doc
Dec 94H
Dec 170
Dec 148
Dec 53
Dec r.7'4
Doc 11
Mar
WH
Tioo
9 5"^
Oct
Don
Sent
Sent
Oct
Jnn
.Tan
Mat
Nov
Oct
%
(First
bonds
3 Hb)
of
1
[
High
Low
932-47 ...
IClosii
Total sales In .$1,000 units
Convorte'l 4<^o i>ondii if
1932-47 (First 48)
CTlosc
Second Converted 4>4 % High
bonds of 1932-47 (First Low
Second 4^8)
Close
Total sales In SI. 000 units
Second Liberty Loan
High
4% bonds of 1927-42
Low
(Second 4s)
Close
Total sales In $1,000 units
4H%
bonds
93.10
92.44
92 441
845
High
92. .50
91.801
92.26
4.?7
87.30
87.30
87.30
Low
Clo^
Total sales In SI. 000 unite.
Converted
Jnu. 8 Jan. lOlJan. 11 Jan.
High
Total sa'es in $1,000 units
Converted 4!-i% bonds off nigh
>
1932-47 (First 4^i8)
Low
5
87.80
.87.30
87.40
48
87.20
86.90
86.90
18
87.60
86.90
87.32
120
8S.96
86.80
86.80
63
87.10
92.30
92 10
92 30
191
87. .50
121
87.50
7
87.80
87.3-1
87.34
311
87.00
86.70
86.96
25
87.20
86.80
86.96
1.182
1.300
1,964
High
90.561
bonds of 1928
Low
4>i
(Third 4«8)
Close
Total sales In $1,000 units.
90.40
90.46|
90.30,
90.50
90.24
90 ,34
Total sales In $1,000 unite
Third Liberty Loan
%
Fourth Liberty Loan
iH%
High
notes of 1922-23
Low
]
(Victory 4Ha)
( Close
Total sales In SI. 000 units.
3'A% notes of 1922-23
I High
(Victory 3>4a)
^
Low
icnose
Total sales In $1,000 units.
Note.
bonds.
870
1
87.04
86.68
86.74
1.850
80,98
86.46
86.56
I.0I6{
9026
90.10
90 20
89.90
89.92
1.310
89.86,
89.80
89.78
90 16
2.4'»4|
I,887|
;!.231
97.04,
no.94|
97.02,
97.04
96 92
97 04
97.02
96.88
96.88
1.55(.
1..128
1,070
97.021
96, 80!
96,92,
564
1.310
97.02
96.96
97.00
255
97.00
97..50
97.00
96.94
96. 9S
^oo'
461
792
97.06
90.96
96. 9S
385
97.00
90 98
1
87.58
87.10
87.42
129
98.00
98.00
98.00
2
86.98
86.80
86.92
14
87.06
86.56
87.02
899
87.341
87.02]
87. .50
500
86 90
86 90
86.90
87.30
86.50
87.00
102
87.70
87.28
87 36,
1,054
92.44
92 10
92 .30
87.40
87.06
87 00
189
6561
87.40,
87.061
87.36i
87.30
f
92.30,
90.34
bonds of 1933-38 i Low
(Fourth 4^i8)
I Close
Total sales In $1,000 unitB.
Vlctory Liberty Loan
I0|
425
87..58
4K%
92.34
92
90. .50
High
[
86.90;
87.06,
Jan. 13. /an. 14
86.80
86.80
86.80
87,50
Close
Low
12,
92.36
92.10
92.20
87.20
87.04
H7.16
of
1927-42 (Second 4)^8)
87.12
1.221!
87.30,
86.70
86.80
2,944|
97,081
96.881
97.0S;
2.545|
96.90!
97.00,
892
87.30
86.80
87.30
1.545
97 .26
97.00
97.26
2.493
97.26
97.00
97.26
585
— The
above table includes only sales of coupon
Transactions in registered bonds were:
15 lst4i4S
1.S0 2d 4H'8
544 3d iHs...
87.30
86.88 to 87.24
96.78 to 96.78
5R 4t.h4'-<8
S7.00 11 Victory 4»4a
.89.80 to 90.40!
I
86..5R to
—
Foreign Exchange. The market for sterling exchange
has ruled strong and active, with rates touching the highest
levels since July of last year.
The continental 'exchanges
followed suit, but to a more moderate ext«nt and some of
the gains were lost before the close.
To-day's (Friday's) actual rates for sterlinR exchanpre -were .'^675^®
3 69 V, for sixty days, 3 72(3)3 7414 for cheques and 3 72
^-3 75 for cables.
Commercial on banlcs sight 3 71 ^(ff. 3 73 '4. sixty dars 3 70'.4 (« 3 72>^.
ninety days 3 64 '4 (3;3 66
and documents for payment (sixty days) 3 67(S'
3 69 '.-I. C^otton for payment 3 71 ?'s(a 3 73'8 and grain for payment
3 715's(m3 73'/^.
To-day's (Friday's) actual rates for Paris banlcers' francn were (in cents
per franc) 6.04^5 @5.99J^ for long and 0.10!^i (46.05)4 for short. German
banlfers' marlcs are not yet quoted for long and short bills.
Ajnstcrdam
bankers' guilders were 32.38 for long and 32.74 for short.
Exchange at Paris on London, 61.35 francs: week's range. 61.07 francs
high and 61.52 francs low.
__The range for forei gn exchange for the week follows:
Sterling. Actual^Cables.
ChcrufS.
Sixty Days.
High for the week
3 77 ',i
3 7fi W
3 71J-8
Low for the week
3 64
3 63Vi
3 58%
Paris Bankers' Francs
High for the week
6.21
6.20
6.12
Low for tiie weeli
5.95
5.94
5.86
Germany Bankers' Marks
High for the week
1.48
1.47
Low for the week
1.38
1.37
Amsterdam Bankers' Guilders
M
H
—
—
—
High
Low
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
20J^ Jan 11
17M
Mar
Dec 33K Sept
14 56K Dec 561^ Dec
Dec 20
12, 14'A
Aug
8'
Jan 10 \9]4
Jan 11
Jan 8 210
13 14
9'-^
Jan 8
1 31 170
Jan 8 180
13 1214 Jan 8 10
11 \2y. Jan 11
8
12 20
Jan 11 11
Inn 14
Jan
Dec
Dec 108
69
45
Apr
Apr
Dec 118^ May
Dec 100
Jan
Dec 8H Mar
Dec 69
Mar
11
12
114
22
Jan 240
6
98 v<;
Jan
Jan
18,90C 11
Jan
4,80C 10
Jan
1 .OOf
1
Jan
100 148
Jan 11 148
2.000 95
Jan 10 103
300 4<'4 .Ian 111 45
100 ,50
Jan 111 .50
('.4001 10'-^ Jan
8l 13
400
Dec
Dec
Dec
Doc
Dec
Dec
Dec 62
Feb 17
Dec 104
35
2.5 W Jan
8 25
42J^ Jan 10 43
.Ian
8 211
13
.50(1
40
.fan 10
6'-d
Dec 95
Aug
Dec 125
Dec 1570
12
13
13
CA.Wt 20K Jan 13 23 ^ Jan 8
IOC 82
Jan 8 82 ?i Jan
20C 7S
Jan 12 78
Jan 12
20( s
Jan 12 85
Jan 12
6,50C
9
Jan 12 10
Jan
10(^97
Jan 13 97>i; Jan 13
200j
3 'A
14 175
Ian 14
.Jan lOi
Jan 81 14H
Jan 111 .50
Manhattan Shirt
300 .''O
Jan 141 21
Marlin Rock v t c «o pa? 4,000 15H Jan 11 19^^
Martin Parn.'
no pai
14
pa
400
'4 Jan 10 14'^
Mathleson Aklall
..5(
100 15!^ Jan 10 15Ji
Maxwell Motor.
.10( 11,800
4K Jan 8 7H
CHfs dep stixl asstd
700
2 'y. .Tan 11
3K
1st preferre'l
10(
.500'
9!-4 Jan 10
12
Ctfs stpd assld.,
2.300
Jan 8
9K
2d preferred
IOC
100
4
Jan 8
Ctfs slpd asstfl..
3'^ Jan 12
1 ,.500
Mid States Oil right*.
10,300
Jan 13
IH
Minn St P & 8 S
Lea,sed line ctfs
IOC
100 .58
Jan 13 58
Mulllns Body. ..«» pa} 2,400 25
Jan 14 28 K
National BlscuU
10(
7(V1 n-';
,Tan 14 1033J
Preferred.
..10(
lOfl 109
Jan 14 109
Pacific Mali SB.
2O0 ^f)''. .Ian 12 17
Pacific OH when isstied
9,20(1 35',' Jan 1.3, 38H
Parish & Bingh'm no p'l:
500 14
Jan 8 14H
Peoria <fe Eastern
10
20C 10'; Jan 141 12
Pitts Steel nref
10
84
'A
IOC
Jan 10 84
RR Securltlee-ni3 Cent
stock trust otfs
lOj .5.5
10(1
Jan 14 55
Rand Mines LM.no pan l.OOOl 23
•Ian 14 25^
Preferred
K
GO
30
12
Jan 111
Jan 10.
Jan 14
Jan 10
Jan 10
W
93^^
.57
35
100
10U30
8
10|
400 14
10(
13=-8
45 >A Jan
Ju'y
60
July
90
Jan
44
Dec 73
Nov
14
1st pref.lOC
Loose- Wiles
Co
sm
13
ir
.'^pr
Aug
Dec
Dec
17K Doc
14
MalUnson (H R) .no pa
(b S)
lOl
Highest.
Feb 48 H
39
40
40
04 Jf
89
14
70
130
100| 93
(.lullus)
1920
S per share. $ per share $ per share.
Dec 34
Jan 12 32
40
Dec
share.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Lowest.
Highest.
Lowest.
Am
Am
.\tlantlp
for yeir
(or
Par. Shares
no pai 1,30C
Air Re.iurtlon
.-.5(
IOC
Bank Note
5(
Preferred
100
Brake S & F. _no par
600
Preferred -.
100
200
.\m Malt & Grain no
.AnuT Radiator
Am Wholesale pref . .
Range
Range for Week.
Sales
Jan. 14.
239
for the week
for the week
Z2y,
3S
33 H
32
31 T.*
31. 43
Domestic Exchange. Chicago, par. St. Louis. 15(B>2,5c. pei .$1,000
discount.
Boston, par. San Francisco, par
Montreal. SMS per $1,000
premium. Cincinnati, par.
—
—
Outside Market. Trading on the "curb" this week followed an irregular course with no special changes occurring.
Business was only moderate. Motor stocks were the most
•important in industrials. Durant Motors sold for the first
time down from 14 J^ to 13 J^. Maxwell-C^halmers "A"
moved up from 60 to 62 and back finally to 60. The "BJ'
ctfs. lost two points to 1.5, advanced to 19 and reacted to 17.
Mercer Motors eased off from o}/2 to 5, then advanced to 6.
Meteor Motors was eomparativelv active and sold between
22 J^ and at 22 finally. Peerless Truck Motor
from 24 to 28. Allied Packers gained two points to 10
with the final transaction at 9^. Carbon Steel Com. weakened at first from 30 to 28 then rose to 3.5. Wm. Farrell
& Son Com. improved from 17 to 20 with a final reaction to
Carib Syndicate fell
Oil shares were without feature.
19.
from 10 to 83^ and ends the week at 8M- Guffey-Gillespie
Oil ('om. declined from 26 >^ to 28 H then rose to 27 reacting
finallv to 26 J^.
Intermit. Petroleum sold down from
17^ to 16 J^ and at 17 finally. Maracaibo Oil from 13
improved to 16, reacted to 14 and ends the week at 15.
Mexican Eagle Oil after early gain of a point to 26 dropped
Ryan Consohdated adto 23 and closed to-ciay at 24 Mand ends the week at 13^.
vanced from 11 J^ to 14
21^ and
rose
H
211
2
2
1
I
New York Stock Exchange
^4<>
1
—Stock Record, Daily, Weekly and Yearly
()<;<;Ui'vi.NG riiuKF. i'Af;F.s
Por record of (itle* tlurlntf the week of •tocki usually Inactive. •«« preceding pafte.
limn AND LOW SALK PRICES—PER SHARE, NOT PER CE\T.
Satiirtlau
Jail 8
Mondau
Tui !i<tnv
Jim. 10
Jii.i.
S Ptr sKarr
84I4
K31l
< per share
.
7>)i
•flio
85
831.1
8-1 "h
79
791;
S
857«
30
53
30I2
35-18
37 "2
53 12
53
riAH
IIJ'4
12
llU
71-
8
117
118
001? ei's
117
11"2
8
fi9'4
02 >4
the
Jan. 14
il'eek.
37 "2
54
/5034
II
111.1
85-U
85
3f>l2
37I2
30
54
35^8
531
375h
53I2
54
IVh
III2
IPs
III4
•7I1
H'l
7-i«
U
01-7
2934
44l2
9
in7„
834
20
30
29>s
41
(i9l2i
GU
OS'i
»108l2
IOSI2 10!l
27I4 277s
2078
74I2
74
74
3011
•02
•62
•90
02^8
45r>«
64
65
8I2
878
20
20
62
20-34
40
451s
8I2
2014
3OI2
4GI4
85s
1934
2934
45
9
20
31
4010
701
30
3718
50'4
11167«
II
G7s
II5I4 117
GOlg 61
7-Ts
IIOI2 II8I2
6OI2 62
884
834
20-i8
20i|
soil
28%
4.57fl
44
SH
85s
*19
l')^,i
2!M.-i
44%
G8'2 08-)i
09-'4
09
70
71
no 110 •108 120 i*I08l2 113 •IO8I2 115
27-'i4
26.34
27-%
27''8
2838
28781
271s 28%
•73I4
74I4 74781 *73i2 75
74%.
^314 75
*02l2
64
02-38
6378
04
64
63%
637s
09
G9I2
2812,
74
95
46
46
45
45
2838
28
2878
5pi8
28
29
51
51
100
lOOlj
102
220
220
•15
40
29.100 Baltimore
Do
*
Ohio
looi
rref
100
3,400 Brooklyn Xlaold Tranelt...l0O
Ccnlflcates of deposit..
1,000|
2.200!
Canadian
2 1, .500
I'aclflc...
100
100
10,000 C'heeapeake 4 Ohio
Ohlc & Kast Illinois trust rpcta
Do
:',00
19-'4
44 14
RR
1
5-34
w»
prcf trust reels
1,900 Chicago Orcat 'Wcetcm...l00
Do pre!
100
2.400i
M, 100, Chicago MIIw
20,-tO0|
pref
4
St Paul. ..100
100
7.300 Chicago * Northwestern.. 100
Do pref...
300|
100
23. 400, Chic Rock Isl 4 Pac.
100
7% preferred
100
1.-500I
1.200
6% preferred
100
CblcSt P
* (>niah!i
100
Do pref.
100
600,ClevClnChIc4 St Louis.. 100
Do pref
100
OOOlColorado 4 Southern
100
Do Ist pref
300
100
Do
M
I
27I4
•49
*40
27I4
28%
50
50
I'l
1
2
»4
*6
2'4
II4
II4
1'2
21-
2I4
2I2
5
14-3s
I4I2
137s
20-!i
21
201-
14-3i
H-Ti
14-34
763,
2912
7f-3i
75-'^S
78
76-i<
2978
12
2918
293,1
29%
81-
81-
*ni->
88I2
412
IVs
20I4
47I2
*12
2R
.5478
25
89
22
88I4
77I4
78'4
297s
7612938
23
23I4
201-
14
20
55
54I4
.'5512
54 14
55is
.54I2
103-38
103%
1027s 103
49I4 49I4
I2I2
1238
5I2
201-
234
534
I9I4
72
I9I2
40%
411-
41
434
O3I4
73I4
478
,3012
73
8.5I2I
51
5112!
54
.54
I
22% 24%
26%:
37'',
37I2
678'
684
634
11%
12
9978
12
12
981- 10034
23%
22%
23I4
5734
lS7s
58
587s
.3612
66
66
11
*21
22
11
1734
361-
120
67
*10
1978
3fil2
122
67
11
21%
2II4
8%
81-
8I4
2234
16
2134
2234
15
102%'
102%
48%
12%
.50%
13
2-3.!
234
31
*71
54I2
2334
33I4
40%
4%
41-
"
99% 100%
223
24%
58.3,1
19%
I9I4
31%
291s
41
684
684
11%
98%
23%
11%
99%
24%
.591-
60
40'
I2OI1
121%
10
8%
8I4
22% 23%
221-
•15%
8%
23
17
18%
18%
18-%
28-34
2734
2834
69I2
691s
69%
IOI4
70')
101-
IOI4
101-
10
101
I8I4
18-34
I8I4
181;
2934
19
50%
37I4
37
32119
52
39
34
76
*62
*83
34%
1%
1%
47
48%
89% 89%
33I4 34%
7678
77
45
4634
621*81
437s
5734
*70
55
1
'is'
5612
2734
821-
124
"22%
"734
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1%
49"
65
87
28
8,'?l-
I25I2
22'l2
"7"-
1%
1%
27I4
84
124
112
125
63%
*84
46%
*75
10%
48
42I4
43%
"5734
42I2
10%
10%
*10
54-%
5434
,5412
83
102
8%
36
1
lOlj
11
18
19
48
45%
46
29I4
28
8334
84%
84
125
112
125
*no
124
124
1
64
87
27-34
1271,1
1
63-34
84
126%
'
¥34
126
10%
10-34
5134
51
11
53I4
2Y%
62%
6238
8
125
8%
61
601-
84
123
112
20%
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9%
58
45%
4934
10%
10
10
10
54%
55I4
53I4
54%
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86
91-
• Bid aafl aalc«a prioeK
91-
58%
no aalw on thu
81flay,
9
I
62I4
58
1021.-
%
347,
47
86
85
84% 8614
•102%
*102
108
108
35
34I4
51% 53I4
I44% 44%
86
84
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93
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10
18%
511-
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4434
10%
291-
91
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551a
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18
36
1%
127
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IS
536
90%
131%
10%
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551-
27
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19%
1%
28%
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271.1
89%
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84
17
521-
•84
44
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53
84
112
2234
19%
1
63 14
84
27%
34
37
79I4
'55"
18%
40
55
53%
89% 90
34% 35
78% 78%
80
57
32-34
22I4
II
1 8-%
27'4
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IOI4
73
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36
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56I4
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19%
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8
45
57
pl
04
87
47
80
6412
45
57
91)
7914
341-
18%
4934
11;
51-34
89%
34% 35%
22%
48-%
85I4
84
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1%
7,81-
.
1
89I4
22%
77s
19%
51
1
48
30
29-3,
35% 39%
22I4
11
501
1034
2934
19
51
22
•15
11%
I8I4
1934
10-34
8I4
27%
52
•10
191-
18%
281-
66-34
8I4
28I4
691-
191-
66%
19%
18
*.34
119% 120%
10
27I2
69I2
•69
4OI4
*3fil-
211-
181-
11
63i
98% 99
23% 24%
58I4 58%
18% 19%
67
llij
2812
684
18% 20%
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281701-
*47l9
34I2
22%
39
*20l2
9% 10%
5134
561
2284
27%
1034
1734
271s
7OI4
75
51
5578
30
10
11
303s
41
27
11
3038
84% 87%
.S61
I8I2
1114
18%
42
*73
75
27-34
III4
1814
18
42
40
66%
17
841,
41% 41%
22% 23-3,
32% 32%
22
*15
101-34
28I4
10
*21
83s
10014
831-
85%
18
67
23
18%
4134
67
81
15
59%^
21
*36l2 4OI4
1201- 122
68
11
211;
678
12
68
64
22
20%
23
IO2I4
5-534
28%
40%
47%
47
*56
*57
61
51
6%
1134
74%
411-
30%
62% 63
72% 73I4
49
68
.54-34
33
38
100
83
63I0
507s
23%
,5
4-34
50-34
33
2'
4%
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,S4%
22%
26%
27I4
I2I4
284
434
5
85%
75
I2I4
401-
58
65
31%
49% 50
1934
*.5G
*-57
193s
102% 102%
19%
72 12
*46
55S4
55
541-
55-3
39-34
49
18%
46% 46%
2034
411
63
5534
83%
50%
12034 12 2'
20-34
23
31U
*3fi1-
81-
26
181-
3812
634
7
12
12
O9I4 IOOI4
22% 2312
583i 59
2II4
19-3s
*67
*I0
26
54
21-34
85
37
I4I2
18-3..
75
23
33
26
14
231-
S3%
53%
1
434
8.5%
4134
4%
201
41-3.;
101%
89%
4
10%
18-3i
84%
89%
24
"4~l4
20
20%
411-
29I4
76%
29%
1112
20
74I2
76%
29%
4.%
14.34
21
47I4
20%
63
1
2II1
19%
5
G
14%
20%
*14
1517778
46%
19
861
1%
2%
1%
2
•1012
2II2
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2.578
¥2%
I2II2
*.56
5578
32
73
13
434
41% 41%
18% 19%
191
5.5%
*5
100
'mu
861,1
411-
82%
6%
68
65
"141
2%
63
73
*46
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6G
74
47
ion
8418
201381;
I2I2
20%
2034
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11
20%
1021; 103
491-'
49
27s
5ls
5
211s
19
2038
181997s
82141 Is
1815678
11
20
1978
75
54
73
93
Gl
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31
73
93
47
*57
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62
56
IS
74
49
68
68
2II4
18118-34
IOOI4 101
831- 84
4138 4II2
I9I2
19
1258
r.5
*58
201-
SH-
60
72 14
*45
*57
73%
47i->
50
88% 88% "'4%
4I4
4I8
2%
4%
<'57
8934
438
11
201s
278
53;
478
*14i,
2178
14
478
22
14-3/
21
15
14
401-
8-l8
14
1578
13
4II4
121
14-34
2178
12=4
4I2
227s
5734
1818
*35l2
141
14
4034
99
78
30
n
2%
207s
I5I2
47
4-34
2038
411
•36
16
23
22
88 12
4-3,<i
72
"3258
261-
14%
21.';s
47
278
54
141s
21
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47
25g
•434
1934
8312
211
7
12
207,
I2I2
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li2
2
1178
I9I4
I2I2
3078
211
5
47
48
56
138
2%
2OI2
4712
48
40
1%
88I4
4I4
11
1934
4I2
1178
I02Is 1021s
"73l'2
28
I013i 102
21s
•4
7
7
14121 -3s
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28
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102
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85
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S
II7I2 IIS'4
60»4 0214
Loieal
8f!
nin
034
On ba»U
Railroad!.
Par t per share
$ per share tharts
83l2
8.500 Atcb Topcka <fc Santa Fe..l00
83
76 Feb
1,8.50'
Uo prcr..
793« 79-''8
1001
72 Mny20
*0
01
4I4 lJ<-'-21
1.200 Atlanta Birm 4 Atlantic. .lOO'
8.";
.000 Atlantic Coaet Line
85
D<-i27
.lOO' iS2
86
118- 119"4
00'4 6II2
lISTi
Friflay
Jan. 13
441-
•83
83
102
SI4
35%
601-
*82
87
87
43I4
45-34
441-
•70
80
55
80
491-
521-
26% 27
27%
84
125
112
22
8
85
85
122
124
'20l'4
21""
""7%
"7%
•115
130
10%
8%
125
9
51%
43I4
46
58%
48%
10
54
44
10
46
10
84% 83
83%
108
1021- 1021
8%'
S%
81
t Bx-rigbti.
|
LeM
Do 2d pref
100
700pelaware & Hudson
100
200'Delaware Lack 4 Western. 50
2,800]Denver 4Rlo Grande
100
6,200
Do pref
100
Duluth 3 S & Atlantic
100
Do pref...
100
100
17,000 Erie
100
I0,"!00
Do let pref
100
2,.500
Do 2d pref
100
11.100 Great Northern pref
100
3,700
Iron Ore properties. Wo por
200 Gulf Mob 4 Nor tr ctfs...l00
500|
Do Pref...
100
l.lOOjIlllnols Central
100
4,400 Interboro Cons Corp..A'o par
l.GOO
Do pref.
..100
9 ,000 Kansas City Southern
1 00
Do pref...
1.000
100
1,200 Lake Erie & Western
100
Do pref.
200
109
9,900 Lehlgb Valley..
60
Louisville
1 ,000
A Nashville
100
1,600 Manhattan Ry guar
100
2,900 MInneap 4 St L (netr)
100
200 Minn St P & S S Marie
100
Do
pref
100
100
4,500 Missouri Kansas 4 Texas. 100
1,300
Do pref
100
13.100 Missouri Pacific trust ctfe.lOO
13,900
Do pref trust ctfs
100
3,000 Nat Rvs of Mex 2d pref.. lOO
5,800 New on Tex & Mex v t c. 100
15,200 New York Central
100
700
Y Chicago 4 St LoulS.-.lOO
First preferred
100
Second preferred
100
Y
37,200
4 Hartford
100
Y Ontario 4 Western .100
1,000
6,700 Norfolk 4 Western
100
36 ,900 Northern Pacific
100
9,300|PennBy!vanla
50
100
6 ,300 Pere Marquette v t c
300
Dc prior pref v t c
100
100
200
Do pref V t o
10,100 Pittsburgh A West Va..
lOO
2.000
Do pref
100
134.000 Reading
60
1,.500
Do 1st pref
50
2,300
Do 2d pref
50
15,400 St LoulB-San Fran tr ctfs.. 100
Preferred A trust ctfs... 100
1,000
100
20.700 St Louis Southwestern
7,900i
Do pref.
100
3,400.Seaboard Air Line
..100
1,.500
Do pref...
100
100
81.050 Southern Pacific Co
100
64,700 Southern Railway
100
Do pref
3.200
100
18,300 Texas 4 Pacific...
100 Twin City Rapid Transit.. 100
Pacific
100
Union
13,200
Do pref
100
800
400 United Railways Invest... 100
Do pref
100
1,700
100
7,100 Wabash
Do pref A
100
4,400
100
100
Do prefB
3.500 Western Maryland {a«n!)..100
100
Do 2d prel
5,700
100
5,800 Western Pacific
100
Do pref
1 ,2.50
5,900 Wheeling A Lake Erie Ry.lOO
100
Do pref
1,100
100
50 Wisconsin Central..
N
N
N
2.100
1.700
700
7,300
3,200
1.200
92,400
3, .500
11,200
1,100
2,.500
NH
Industrial & Miscellaneous
100
Adams Express
100
Advance Rumely
100
Do pref..
50
AJax Rubber Inc
10
Alaska Gold Mines
Alaska Juneau Gold MIn'g. 10
no par
Allied Cbem 4 Dye
-100
Do pref
100
AUIs-Chalmers Mfg
100
Do pref
Amer
Do
Agricultural
Chem..l06
pref
--
5,600 American Beet Sugar
lUaa 100 ibarM,
• Bx-<Ut. aad rlgktt
f
t per share
90% Nov
\
61
82
1
6%
Sept 14
109% Dcc22
Febiai
47
Feb
4
17|
334
Df.c29,
6%
Dec21'
I6I4
De<22
l)i-<21l
21
3034 Dec21
Dec-22
GO
13% Marl5
Jan
3
70% Nov
6
134
Sept27
17% Sept27
14% Oct 4
333», Oct 4
15
44% Nov
fiS
5
Oct 6
91% Mario
June28, 120
Jan 6
21% Dec21' 41 Mar 8
64
Fobiai 8484 Oct 6
Feblll 71% Oct 4
54
58 June26l 72% Oct 4
N0V29: 95 MarSO
89
31% DcclS, 62 Sept 28
Dec29
Oct 19
60
69
FebU 36% Oct2l
20
Oct 8
64
46 July 6
Augll
Decl4
35
46
Oct
2
June29
83%
108
FeblO 260% 8optl5
165
1- Nov 22
Jan 3
9
98
%
3
Nov23;
May 101
6% Dop 9'
9% Feb 13
Dec21
Dec21
6.534 Junel2
24% Def27
7 Jan 24
I6I4
12
181?
8078
3
94
2284 Sept20
91% Nov 5
Marl9
17% Oct 4
4178
Oct 2
Nov
106
133
Dec
22% Jan
68
Jaa
32% July
Dec!
65% Au?|
67
88
32
63
May
Dec'
Dec
Feb
Sept
84
73
82
107
Jun«
July
Jaa
July
547,
Juaa
74
July
3184 May
Dec
egii July
48
Dec
46
61% May
Feb
91% Dec 118 May
172% Mar 217 May
3% Apr 15% July
8% Feb 24 July
2% Dec
6»s July
5% Apr 117» July
12% Dec
20% May
1812 Dec
33 July
1334 Dec
23% July
76% Dec 100% May
19
6284 July
127a July
40i» July
3I84 Jan
7 Sept
Dec
31% Junf
26% May
May24
Aug 9
De<;14
De<-21
JunelS
64% Febl3
23»4 Febl3
Aprl3
50
41% May 4
15% Derl3
Feb 6
6684 Juncl2
377g May24
14
De(22
50
37
Dei 30
Decl6
.. . Febll
21%
6678 AuglO
Febll
Mar
Mar
9
9
Febl3
23% Jan 14
Febll
20% May24
5% Dec24
8I4 Dec22
88% Feb 13
FebI4
Feb 13
Dec2l
14
27% June23
Febl3
110
18
60
61%May24
7% Auel2
Aug 9
May20
14
7
17
Dec22
12% Def20
8% FeblS
July30
20% FebI3
54% Feb 5
8% Dec22
May20
Mayia
15
25
Dec24
Dec 2
Deo22
Deo22
Dec 22
Dec21
43I4
__ , Dec29
8478 Dee22
26% Dec22
671
Dec27
Dec 6
51
Def30
79
3234 Dec21
22
14
40
24
Ks-aiTldoaa
*
30
104
17% Nov 4
27% Oct 4
10
13
Oct 4
Oct 4
Oct 6
40
57
7
13
14
5212
24 >4
40
56% Nov
II2I2
6584
21
9O84
95
3
Jan 5
Oct22
Oct 5
Oct 4
Nov
Feb21
Febl9
18
31% Feb28
5-5% Oct 4
884 Oct 4
65% Oct29
11
84% Nov 6
Octl9
73% Oct 15
Oct 15
70
37% Sept23
2788 Oct 4
65
84% Juneie 105% Nov28
11
85
116
9% Junt
31
11
87% Dec 167 May
Dec 65% May
38% Dec 69% May
10
33% July
Doc
28I4 July
5
Dec
126% Dec 170% July
61% Dec 68i|May
13%J«ly
3
Dec
3% Dec 17% July
Jnly
12
7% Jan
21
3078 May
Dec
3-'% Dec
6284 July
487g Dec
76 July
288(
3% Mar
33% Dec22
3% Dec20
15I4
i»m
Jal7
Dec
85% Dec
Febl3
June23
De<22
2U
3278
3314
16%
May
6% Oct22
8OI4
64-'4
Mar
ih»,'>
97% Oct 4
63
16
21% 8ept20
20% Oct 2
6
per
104
89
3584
4
8% Dec21
33/
Feb24
Oct 2
Oct 2
s
80% Dec
76% Dec
Feb 13
38l4 July 3
11%
8
12*4
t ptr share
Dei 22
Aug
8% Derll
13% May 5
40 Mayl9
8% Feb 13
16
Febll
39»4
1688
BUikni
Lomesi
Jan 3
12% Bept27
104% Oct 5
27% Feb 3, 49>» Ootl5
Oct 15
40% June28, 54
17
Murl5
9U AugSl
100
100
75
Oct28
100
Do pref..
iVo
par
45% nco22
1 1,500 Amer Boach Magneto..
21-34 Dec21
100
19,300 American Can
7234 D^P18
-100
1,460
Do pref
Dec22
7,300 American Car & Foundry.. 100 111
10534
July 7
100
400
Do pref
Dec21
15%
100
Oil
Cotton
3,600 American
59% Dec27
100
200
Do pref
6% Dec22
5,940 Amer Druggists Synd cate. 10
95
Feb 6
100
2,900 American Express
Dec21
5
Leather.
100
4
7,600 American Hide
Dec22
35
100
-16.900
Do prefAuglO
37
100
300 American Ice
Febl3
53
._
100
800
Do pref
30% Dec21
79,500 Amer International Corp. .100
8'4 Dec29
10
1 ,400 Am La France F E
42
Dec21
100
3,200 American Linseed
80
Aug 3
100
Do pref
200
Dec21
74
100
11,000 American Locomotive
eeijJune 1
100
400
Do pref
6% Dec21
Safety Ra»or... 28
1 1 .400 American
500
PER STIAKM
Mauee /or Prewtemi
year 1919
year \'.)20.
0/ HiO-$haTi loll
llrnt/e /or
NEW YORK STOCK
EXCHANGE
Thurmtnv
t pit share $ per share
843/1
837h 8-138
831k 8438
79I2
79I2
79I2
7!)l2
791;
til"
85
1
shar.
I>cr
8334
.7 St;
«34
7
8«
Wedne'itny
Jan. 12
11
PER SHARK
8TOCK8
Sales
/or
'
957s
Nov
S
Oct 7
Febl9
Feb27
67% Oct 4
39% Oct 2
8434 Bept2e
44
32
68
103
61
Nov
3
Oetie
65% Octie
Oct 4
48% Oct 2
337s
40
4984
11%
20%
118%
Sept27
Oct22
Oct 4
Oct 4
Nov 4
33% Oct 6
66% Oct 6
47 Mai 22
43
129%
69%
15%
32%
13
34%
23%
16%
27%
40
78
16
28
48
4234
Oct22
Nov
4
Jan 3
O0t23
Oct25
Oct 4
Oct 6
Oct 8
SeptSO
Octis
8ept27
Nov
9
Oct 4
Dec
Feb
Dec
40% Dec
104% Aug
37% Dec
19% Jan
70
Dec
90
Dec
4% Feb
8I2
Mej
40
96%
93
12884
6I84
101
14788
5484
108,
86
Mar26
15% Janl4
175 Mar31
3088
122
Jan 3
Jan 3
53% Marl9
68
Jan 2
120% Jan 3
141s
Jan22
95
Apr 7
99% Jan27
109% Apr 8
107
Mar
9
177, Junelfl
roll paur;
27»4 July
Jan
Dec
10% Dec
23
Dec
8% Dec
12
Dec
S17a
37
May
2388 Jun»
377« Jun»
12
July
238i July
Nov
115
Jun«
20% Dec 33 M^ay
52% Dec
72% May
27% Jan
70% July
29*4 Dec
60 Junt
119% Aug 138tjMay
63
Dec 74>4 Mai
7% Jan
15% July
I
16
Jan
7% Dec
20% Dec
14
Dec
9% Apr
16
Dee
17
Feb
62% Feb
784
Mar
29% Apr
Jan 3
Api
63% July
20
Apr
116% Feb 4
70
Nov
25% Dec 407g July
16% Nov
24% July
95
Dec 112% May
77
Dec 99% May
39% Dec 48ij May
12% Jan
33% De«
Dee
56 Mar
70
39
63% De«
Apr
24
Dec 4484 JUQf
75
84% Jun«
Dee
93%Jun«
7378 Dec
33
Dec 38% FeB
33»4 Dec
39% May
Sffij
103-34
3384 Jun«
33% July
60% Dec
Jao
Jan 3
Jan28
Jan 16
Aprie
J&n 5
Jan 2
Jan 3
Jan 3
Apr 9
May
May
16% July
25% July
f?epl
21
92
95
98i«
1097g
14
Janl2
8884 Jan 6
3
Jan
24% July
60
Dec
6288 8eptl7
92% Nov 9
537« Jan 3
May
28*4 Apr
6684 Deo
2384 Sept
17
Mar24
Mar31
88
3878 July
6884 June
26
1
July
May
60% June
12284
Jan
Oct 6
Oct 2
72
26
May
22% Nov
37% Dec
4% Dec
40% Mar29
288
Nov
May
66
Jan
Jan
Jan
3484 July
1388 July
38
May
25t» July
147i July
30% July
26
July
61% Jaa
18% "^ep*
2884 Sepl
4l7t May
64
54
76
113
May
July
June
July
1% Dec
4% Jaa
Jan
384 July
1»4
30
8i7j
87
l92
62
Jan
Jen
Sept
97
Dec 103
Jan
8484 Jan
S4ij
427g
615«
11384
IOI84
96
Oct
Sept
May
Mar
Gel
May
May 143% Not
Feb
68»g8ep«
Dec lOTSgJnnt
84% Feb 14888 Not
i98
113
Jan
119
July
39% Jan
67ij July
88
93
10%
76%
13%
71%
Jan
Nov
Sept
Jan
Jan
371* Aug
6484 Jan
6288 Feb
44t8
85
68
100
Mar
Mar
Jan
Jan
API
14% Mat
103
May
43% July
1428g Oe«
76:t Junt
76% JOM
132% 0«l
89
Not
98*8 Api
llTig Oe«
109»4 JuU
New York Stock Record — Continued — Page
tor record of baled during (he week uf
AND LOW SALE FHICE—PEK
Hiail
Saturdat,
Uoadav,
Jan.H
Jan. 10
S per iharc
i l"r share
10%
•6i
C8
38
38
801:
SO'S
•li-l
31
30'
103
78
*85
1101.1
9
11>4
•64I4
301;
85
85
llti
90
99%
117»s
111'
113% 113%
67
081;
95'2
357«
38
9%
12>4
0414
391;
3II4
9 8 '8
934
38
38%
27ig
28
11218 11434
7078
(>5»i
95 12
37
95 1»
yi-.
91.
37
27
57%
•45
38
80i8
80%
31
311
931s
95I2
99%
1171; 120
9114 9II4
1141; 115%
69I4
717s
95»4 953
37I2 38%
934
934
50
50
68
413i
88'-
39% 41
90
87l,s
58i4
IO212 lOJl;
56I4
103
6OI4
103
5%
81
88
82 14
6
<4
S»4
16%
I2I2
16"2
131-
16
6OI2
61
I5I4
28
29
69
69
7
7":
"3818
401!
•90
981
3OI2
2978
681"
•85
95
83
83
5I2
I6I2
I212
1434
10 '2
1314
714
678
7I2
4038
213i
23I2
221s
21I2
217«
2434
24
23
30
20=4
59^8
1234
59
30
00
11%
1234
8OI4
21
478
47s
•55
50
•74
60
57
76
80
z20
60
801 >
2034
31ii
311
861-
90
86
80
60
•97
100
41;
30'i
85I2
•80
971?
93
24
Ulg
I4I2
I8I4
17
4I8
4i->
52'
•48
58
•80
281;
•85
58'»
14ii
18%
1434
19
3%
52
50
'Ihu
"1534
601-.
06"4
xC,7
77%
773fl
41
42%
411;
84
23
2218
•76
23
79
12
22^8
12
227«
IBU
16%
34
34
59
SSI1884
IS'i
723,
13
70
1234
7
36
•12
x7e
12
2->78
•151;
33I2
13
56l2
9534
501
96
•103
Y3"78
553,
303.1
29^.
081;
69
69
1134
11%
1134
22%
24%
21
231s
3OI4
5S1-
211-
10%
111
81
203.1
901
434
03
46I4
•86
2OI4
11
547,
•135
102
111,
31
94
90
22%
12
20
641-
31%
101
90
23I4
1
341-
08% 697.
102 105
31
•90
ni2
111;
11'4
1
67%
58':
511;
5334
*78
81
85
*S5
100
561'-
18%
15%
13%
14%
27
•85
53
61
61%
82%
83
5I4
12134
123%
69%
69%
5
•47
001-
83
122
534
13%
4%
55
•47
61
83's
12234
•85
OOI4
I5I4
1534
15
151.,
114,.500
70-'8
69I4
691,
77%
44%
77
79
77
43
79
22%
22%
121-
I2I2
42I4
13I2
19
•15
33
I6I4
78
22
•12
22
3,800
1,700
17,000
800
1,400
13
1.700
"2"2i2
20
20
16132I4
•15
I6I4
000
600
17
72'21234
171-
78% 8II4
39% 42%
781s
•22
*20'
23
15
161;
32I4
781
24
80
381-
74
13
181
771;
131
634
7%
36
3.5I4
301-
"3.511
"3"5%
634
34I4
35
34l"4
13
13%
133.1
131-
131-
1234
133,1
1134
501->
55
,541-
54%
•521-
95%
5419534
54%
96
501;
9034
0.5-%i
941-
9534
22I4
38ii
41i>
100
100
15%
16%
15%
16
6034
3.5%
03
36%
.59%
351,
611357;
7.51-
7.51
751-
75%
75%
63
63
03
63
63
1534
56I4
I5I4
151
15%
54I2
7134
5834
7134
24I4
38Vi
56%
24%
23
38I4
434
38
40
38%
IfiVi
I5I4
47
48
45»4
8478
2OI4
847s
90
807s
8078
851
207s
121;
547s
20
10%
20'»
20%
203.<
531s
56
20
•140
178
12
•80
19%
20%
11%
12%
10%
11%
10%
56
.581;
5584
57
55
19
144
103
•140
20
145
41-"
5'4
•140
103
17%
and aAod prlew; DO
19
144
145
103
"101
181.
salea
on
17%
.55
18
103
17%
17%
thla flay.
|
I4I4
2-531-
I.5I4
56
15%
60%
,56l4
593,
72
72
221-
751-
64
23%
""41» '"4%
4«4
4%
1.5%
'1514
"i"5r-
47
86
2423,
461-
5
13
20%
11%
57%
18
145
103
17%
1.200
1,200
1.200
14.700
12.300
85
300
24.900
37.400
4.KO0
2,300
000
13.000
49.800
300
12.100
2.100
35,000
3,000
2.900
21,400
400
19%
10%
10';
54 14
55%
15.900
15,000
15,800
17%
17%
600
•140
145
103% 103%
100
7103,
I9.T.
17
Leae than 100 shares,
Wrllliin I'liper pr('r..l00
/Inc LcjiU
4
pref
100
Consolidated
Gas (N Y)...100
Con.solidated
Textile- -A'o par
100
Continental Can. Inc
Do
pref
I
Do
pref...
...100
Cuba Cane Sugar
Do
A'o par
pref
.100
10
10
60
Endlcott-Johnson
50
Do pref
100
Famous Players Lasky A'o par
Do preferred {&%)
100
Federal Mining <fe Smelting 100
Do pref
100
Fisher Body Corp,
No par
Flak Rubber
25
Freeport Texas Co
A'o par
Gaston
& W. Inc.. A'o par
Gen Amer Tank Car.. A'o par
General Cigar. Inc
100
Debenture pref
loo
General Eler-trlc.
100
General Motors Corp pref. 100
Do temporarj' ctfs No par
Do Deb stock (6'7o)...100
Do Deb stock (7%). ..100
Goodrich Co (B F)
.100
Do pref..
100
Granby Cons
S & P
100
Gray .t Davis. Inc
25
Greene Cimanea Copper
100
Guantanamo Sugar
A'o par
Gulf States Steel tr ctrs..lOO
Haskel & Barker Car.. .A'o par
Hendee Mantifacturlug
100
Houston on of Texas
lOO
Hupp Motor Car Corp
10
Indlahoma Refining
6
W
M
9, .300
.500
85
Uo
.200
Inspiration Cons Copper.. 20
100
1.300 Int<'rnat Agrlcul Corp
Do pref
..100
1,000
100
2.800 Inter Harvester (yiew)
1
3484
121-"
15
434
I5I4
493)
851,
13
1,5%
23%
37%
5
48
731-
.343;
4%
14
IR
47%
78
343,
751•621-"
371-
434
46
4^8
15%
"23'
414I2
434
41h
100
171)
30% 30%
801.1
6%
6334
2378
1
1.3%
14%
23I4
51,
33
5734
4%
17,000
691-
77%
54%
400
16
18
I5I4
2.200
95
69%
23
75
•57
OOlj
1.534
70%
13%
611
1534
5638
200
69%
72%
13%
30
75
.54
681-
79
23
100
5
19,100
7,800
28.200
400
701-
15
58'-
14%
Y6'i^
•>
106
400
400
27
12034 12134
7334
I3I2
1312
533.
3578
15, .300
100
I8I4
18
4
53
17,700
3,200
100
70
34I2
13
5OI2
9512
'5II:
100
100
Telopliono & Teles-. 100
Tobao<!0
100
iiicl {niw)
100
comuioii CluHS Ii..l00
Woolt-n of Muss
100
Drcf
100
Cuban-American Sugar
Dome Mines. Ltd
600 Elk riorn Coal Corp
500
878
1434
200
2,77
8,700
7.000
80'.-
10<)
Drof
100
Contlnenta Candy Corp No par
Corn Products Refining- -100
Do pref100
1 ,200
4,000 Cos<Ion & Co
A'o par
185,800 Cniclble Pteel of America. .100
7,.500
53
80
•80
2,000
5,200
2,400
1,000
4,400
31,200
64
55
DreJ
Do
22'
93
Do
AmiT Suumtru Tobacco
W
28'.
60
100
i>rnf
Smelt.. 26
Do prof
600
26
2,.'>00 AnaeonJa Copjier Mining. 60
2.100 AssoclaWid IJrj. Goodti
100
Uo l.st pri-ferred
700
100
Uo 2d preferred
600
100
600 Atlimtlo Knilt
..No par
1-19.100 AtlGuKdc
IBS Line
100
Uo p!-«f
5.200
.100
152,380 Baldwin Locomotive Wks.lOO
Uo pref
860
100
Barrett Co Cliem Ccn» ells...
Do pref etfc dep
600 BatopllasMlnlnK
20
8.100 Bethlehem MotorH
No par
2.300 Bethlehem Steel Corp
100
Do Class B common- -100
92. -100
Do pref
200
..100
Do euro ponv 8% pref. 100
1,200
3.000 Booth l.'lsherloH
..No pni
100 Brooklyn Edison. Inc
100
100 Brookl.vn Union Gas
100
2.900 Burns Bros
100
3,300 Butte Ccpper A Zinc v t c..5
3,000 Butterlck
100
3..500 Butte & Superior Mining-- 10
16.800 Caddo Central oil <fe Ref-.lOO
0.400 California Paoklnf
No par
10.300 California Petroleum
100
Do pref
400
.--100
Callahan
Zlnc-Lead
7.200
10
1,300 Case (.1 I) Plow Wks.. iVo par
28.800 Central Leather
100
Do pref
300
100
7,200 Cerro de Pasco Cop
No par
24,000 Chandler Motor Car.-.A'o par
Chicago Pneumatic Tool.. 100
1 .300
31,800 Chile Copper
25
9,800 Chino Copper.
6
Coca
Cola
8,300
..No par
1,125 Colorado Fuel & Iron
100
4,800 Columbia Gas & Electric. . 100
07,070 Columbia Graphophone No par
Do pref100
.100
Consolidated Cigar
1 ,600
No pnr
95
1-"
Uo
Am
Amer
Uo
400
4,700 Amor
Amor
2,000
28
93
4%
13%
31
?901;
1.51-
13%
41.
Amur KmelMut,' & Uonulnii-lOO
Amer
7,000 Amer
Uo
500
2134
033i
58
52
OI4
41-
& Mlsc«ll. (Con.) far
Am
4 Cuuiu Corp..Vo par
Am Ijinull 8ec4ir prul iser A. UMJ
(«,H00
5,700
64,400
500
9.300
Lu...
O/i basis 0/ lOO-share tots
IblU
ita.'
EXCJlANCJli:
1)0
65
18
6I34
•811- 80
I2II2 I22I4
Ifii?
041.
94I1 100
1.100
9,000
28%
92
54
1638
1234
•00
NEW YOHK STOCK
8twl Kdry tern ctfd.33 1-3
300
Prt'f teiiii) utM
_.100
9.400 Amorli'iiii .SuKur UunalaB..100
28
00%
14''4
•21
55
•72
13.900
1.700
4.900
041-
18
90
1234
2278
57
2OI1
58'-
90
43
79
23
lO''
I9I4
92
8178
9%
7934
62'.i
4734
Ma
32
lOlM 107
•86 95
23
2H.,
641; 65
2812 29
593
801;
75
68
71
1021- 104
72
24%
581-
57
55
75
80
571
93I;
14
I .S
4%
31
2Y7s
60
•9414 100
4I2
434
1013s 1021-
14
15
102
4%
70%
3234
1071;
5
14
15
150
17%
*
5
19
*61
59%
I8I4
53
Ys'i
o.-.
23's
301.1
57I2
55I-.
"15"
00
79%
92
217,
571-
52
5"
193.
81
201-
61;
391
211,
191-
15%
4S4
74
29
72
"iiM 'n«!
3434
6II2
38
58%
•9414 100
72I2
102
*50
•56
*73
243f,
12
163
011-
6%
38'4
I9I4
75
38
58%
81-
39%
•90
5S3.J
6%
731
38'-
34
161s
711;
•50
•72
80
95I4
76
43
79
23
18
67I4
20
60
77I4
5%
92
6I2
19U
75
60
231-.
17%
12%
591
15%
71'4
1634
I9I4
60
23%
o's
59
100
I3I4
5434
35^8
73I2
51-
89
29'-
74
'ie'
89
3II4
7OI4
59I4
67%
71s
36%
89
95
h7r
00
08
434
0734
11%
334
4%
30
12%
60
181s
•81
I2OI2 I22I4
z60i- 68
JI51'.
10
86
121% 12134
47k
7:
097s
3012
•48
60
591
106% ro6%
30%
301581-
4I4
52
59
86
58
95
96
24
878
6078
281?
100
334
00
5I4
12%
63.
24%
834
3S4
I
30%
is
60
93
53
80
28%
•34
69
11118';
100
90%
96
Ill-
28
42';
89'8
R
40's
111-
•82
42
92%
7
4134
981s
31
721-
liu
55
82
4334
72
1178
80
•8
8
73 '4
72%
11%
51%
7OS4
72%
05
80
8
74
6173^
391-
291-
52
5)
30
64
78
58
51
29
28l2
50^4
7I2
6,S
29I4
287r
181->
58
31
03l'>
60
37%
26%
171;
28%
'JO
37
/26l8
621-*
021;
181;
37Y1
28%
16
63
57
90
33
on-
29%
94
33
151
30'2
5834
'23%
9
91.:
03
30
101;
131
24
701''
897s
1434
2334
83-.
51;
30
32
97
89
12%
29
•8
85%
85
2134
102
323.1
115% 1101;
1131- 114
661- 6738
03
2334
62^8
•90
434
99%
51
223s
4%
914
10634 107
5
60%
lU-
47«
104
I3I1
15'
23I4
"56 r2 "5T>
58
foY
70'!
1134
80%
!10'2
1
1
III2
217s
68I4
12
104
041
71-
301;
7OI2
'
17
12
16
61
28'-
17
•56
57
*73
6934
68% 72
ion •100 102
691s
100'-.
5I2
I6I2
534
68
21I2
51
84'8
843.1
*93
981,
11%
SOij
89I4
•92
51s
13
7%
5934
167"
5
104
5I2
I6I2
611
7^8
Ills
74
71-
70
334
38% 40%
11%
"55
58
7378
11')
'55"
2734
•5934
1434
3012
7112
»73
'37"
4%
62
30
08
12
933,
914
561;
6112
1,'
71
{30
59
115-4
114
66I2 68%
•93
97
38^4
37
334
6212
3034
29it
•89
1534
5t)l2
83
5»4
91
4%
59I4
307s
91% 93
9938
5934
631s
931
93
104
5
81%
9'>% 991117
117
43s
61
2S3;
7378
•'.12
1
104
37%
'.tills
•J 1
•78
1»(
79%
SIIAHK
Hange for year 1920.
Shares lodus.
22,000
8I1ID
SOU
771.
68
1;
30'i
8534
94
36S4
8 134
30I2
1
68
90
9I2
311
3SI4
271
58I4
5II2
71
751
7I2
8534
92
56l'>
434
56
5%
88
*%
1
1
414
54I2
57>8
9-'7;
9978 100
'100
...
434
8I4
74
41% 44
9II4 94 14
•93
100
6534
30%
80%
IOI4
•65
•84
38
571
80
I per share
m
2
^ee prec«Hiljit£ pti^e.
iiiui'tlvc.
Week.
.
J-701-
701;
48
37U
t
80 14
90
69
1
50
1134
65I2
38I4
yridav,
Ja
14
•83
120%
28
10%
•641,
Sates
/or
the
90
119
91
114
387g
8I4
4>2
9938
991
2778
5712
6II2
1
•85
38
71
•%
82
90
381;
271:
671:
42,l2
100
30%
"
79I2
7913II4
8512
8512
947» 95
10578
lot
79I2 80
104
85
$ per share
12
05 U
39
3734
791-
3778
9l2
3II2
3712
271;
671-
66
100
$ per share
10%
63
39
39 12
80
•S")i2
991s
•8i»
S per share
10?8
371s
79i»
/'EH CK.WT.
|
68
91I2 93I2
10334 10334
77'l 81
93
103
79
90
9234
Ju/i. 11
UkUMll>
fk/i
XOf
Wednesday,, Thursday.
Jun. 13
Jwi. 12
Tuetday,
|
SJ/.IKL'.
:>tiM'k5
Do
pref (ne^c)
.100
100
100
Intemat Motor Truck. A'o par
Do l8t pref
100
Do 2d pref
100
Intematlomil Nickel (The). 26
International Paper
100
Do stamped pref
100
Invincible on Corp
60
Iron Products Corp
A'o par
Island on & Trausp v t c. 10
Jewel Ten, Inc
100
Do pref
100
Jones Bros Tea. Inc
100
Kelly-Sprlngfleld Tire
Temporary 8"? preferred 100
Kenneoott Copper
A'o par
Keystone Tire * Rubber.. 10
Lackawanna Steel
100
Lacle<lo Gas (St Louis)
100
Lee Rubber &. Tire
A'o par
Liggett & Myers Tobacco. . 100
Do pref
100
I/Oew's Incorporated
No par
Int Mercantile Marine
t Bx-rlgbts.
Do
pref
a E^c-dlv
and
rights.
Lowest
Highest
% per share
t per share
30i« Jau
7% De<30
Uec-28
61
29 14
64'20
Nov2>)
79%
Ue<-21
931s
Dec28
Ui'<-28
IOOI4
Jan 3
Janl3
50
MarJi
97% Uec22
66
Uoc21
79
Ui;(13
851) MuyL'il
100% Dic22
66I2 Uef28
88lt Dei-21
28%
Ue:-;;8
6^4
251
De<-21
18
4078
38
6%
Dec
Dec21
Ue<17
1)0(15
1 )ec20
U<.(23
7112 Dec3l
Uci30
Dec22
Der23
42
78
92
101% De>-29
99% Dec27
1-
2
Aii!;20
47
De<-29
D<M-21
4878
Dec21
90
Aug
99% Dec2i
284 Dec 16
:
82
48
76
334
10
8
9's
De<'30
Sepi24
Dec-20
Dec22
Dec20
11834
10034
105
10034
4
96U Au«
S% Oct
14
120% June
AiirI2
10(1
Maris
lUls%
75.14
Jan
201;
Aug 12
1701;
Jan 5
Jan 7
75
106
M%
130
IO5I4
Oct29
Nov
5
61
9038
1021-
11%
20
29I4
40
751203s
Dee22
Dec29
lOS'6138
MavlU
Dcc31
62% De(31
61% Dcc22
Dpi30
70
713/
16
62
I3ec21
Dec27
01
Dec28
Junp22
Dee22
Dec2I
97
Dec20
9784
338
24I4
70
8 111
10%
64
2II2
914
13%
47
84
40
66
6
2Ui
78
10
12%
)%
44%
Feb
Jan
64% Jan
100
Dec
103
no
26
9
Apr
7
Jan 9
Jan
Jan 12
Jan
Jan28
Jan 3
Jan 6
Jan 6
June 18
Jan 5
Jan 5
Jan 3
1)6023
Dec20
De(22
Dee21
70
Dec22
16
De(21
8% De<30
16
Dec22
Dec 28
Dec22
51% Dec22
12% De<28
25
55I4 Dec21
9I4 Dec22
5% Aug
I
Dec20
Dec23
40% Der21
28
98
Jan22
14% AprlO
105% Aprl4
10234
145
119
July
45
Oct
May
2% May
10784 July
Oct
12
Jan
Jan
20% Jao
04% Jan
5% Apr
116
25
102
92
166
17
July
Sept
July
AUK
May
Apr
Act
3984 July
37%
54%
87%
57%
86%
13
July
May
Dm
Oct
Sept
Oct
'56% "Feb
104% Jar^
ii6i2 July
114
July
Jan
67% July
90
68
Nov 141% Nov
Apr 113% Nov
103/
Deo
29% July
60% July
43% Nov
31
32% Feb
37% Nov
3484 Feb
39% Feb
6O34
Oft,
91% D>c
54
Ai.g
66
69
July
Oct
Oct
95% Oct
75 June
75I4
Aug 8fi38 July
Dee 106% July
30% Deo 37% Nov
65% Feb 10384 June
178
7884
100%
Oc-t
1084 Sopt
40
Jan
Jan
110
1.5%
99
June
Oct
Oct
109% July
Feti
Jan
Jan
Mar
261
105
55
Oct
July
Dee
87% Dec
Oct
Jan n410
16%
Jan
May
Deo
July
June
.A
tig
Df>c
43
150
Dec
107% Dec
123
July
Jan
Jan
Jan
172
893^ Jan
7538
9434
42
3
5
2
3
Jan
Jan
Jan
38% Jan
10284
6514984
3
2018478
Aug!
Jan 8
3
5
3
78% July 8
JOI4 Apr 19
116% Sepl20
23% Apr 9
934 Apr 6
617s Apr 8
84
Jan
11% Dec21
38l2 De<-21
69I4 Dec28
Dec22
27% Dec28
4
Dec 8
19
Dt>clO
8ept20
Dec30
261j Dec22
75
Dec28
14% Dec22
584 Dec 13
45
Dec21
13
27
883s
115
n
Apr 9
2684 Jan 7
9184 Marl
797s Jan 3
47I4 July 15
Dec
Dec
7I4
Jan
82
Jan
Oct
Oct
64% July
3884 July
9578 July
Aug
101
176
95
Oct
June
9434
Apr
93% Oct
102
Aug 109% Apr
471- Dec
Jao
80
46% Dec 633- Nov
July
Dec
47%
32%
501-
Jan
Feb
89% Oct
71% July
Feb
"7"87; j'uiy
49% Feb
40
"4"2"%
10% Jan
48
Jan
110% Jan
Dec
21% Jan
92»4 Feb
111
"20"%
Dec
30% Jan
3784 July
91
July
140% July
120 June
6784 July
128%
May
337g
June
July
Not
62
Jan
82
80
34
Dec
66
Not
Dec
15
38% Dec
24*4 Dec
48
91
Mar
Mar
44
July
164
Not
July
Jan 9
Jan in
Jan 5
152% Jan 5
Jan21
105
21»4
4.5I4
30
331
481
9184
47
90
82% Feb
51% Jan27
Apr
68
aPar yalue SIOO
Old stock.
Jsal
Dec 110% Oct
July
43
27% Nov
38% Dec 126% July
62% Jan 107*4 Nov
Dec 83
J&D
33
loiir
7
15«g De(22
127% Nov2H
Deol8
95
14% De<22
7
Nov
23% July
48% July
173
55
7
19
Jan 5
Jan 5
57% Ort25
38% Jan 6
Jan 10
207
1097, Jan31
Aprl2
36
Aug
Jan
Deo
144% Feb
ti
Apr
Dec 9
N0VI8
Dec30
Dec
Mar20
85% Jan
Apr2n
94
85% Jan 5
170
281"
'Deo
77% July23
5184
11178
Dec22
Nov 18
35
76% May
Oct
111% June
I66I4
Deo 108
107
142%
10'4
778
40 14
Aug?'
Aug25
Mar22
Apr20
Apr 9
NovlO
NovIO
44
3
80
897s
9378
192% Oct
5.5%
1814
Jan 2
Jan 3
Jan 9
Jan 5
Jan 14
Aprl4
Apr 15
Aprl3
Jan24
Jan 3
Jan 5
98«
68
9284
65% Dec
Aug
82
80% May
90
101% Jan
11
Dec
85% Deo
41
Dec
115
Dec
5% Feb
16
Jan
107s Feb
DnC
10%
1
69
27
6478
05%
Sept
65% Jan
On
July
Jul;
77% July
I
58% Deo28
88
100
44I4
67
Jan
Feb
1% Jan
102
Jan 9
433s Apr29
Dec29 278% Apr 7
52%
Dco2l 100
Jan 7
91
De(26
.50% April
203s
Dec 17
Jan21
09%
857s
Uec20 n605
Aprl7 nlSO
Mayl'J
Jan 3
13
10%
nec21
Jan
23%
28
Dec24 147
Jan 6
80
De<.28 104
Jan 3
101%
U0C20
Jan 5
95
S3
Dpc2
91% Aprl5
Decl7
10% Mar30
9
Dec21
448; May
25
Uec22 13478 Mar20
38%
Dec22
Jan 3
48
39%
Uec21
30% Jan 6
31%
DeclO
5
Jan
15
19%
64% Nov 18
III4
Jflc
Dec21
51
Dec22
7334 Dec31
116% Dec21
1284
4034
Mar
92
C4
May
Jan 3
102% Feb24
Jan 5
114
Jan 3
15
0084 Apr 1
Oct23
05
129
Nov
58% FeU
1% Jan 5
32% Apr
69
29
65
17% Jan
69% Dec28 IO4;!., Mar29
60 Nov27 111% Apr 8
7I4 Nov30
21% Jan 3
16% Dec21
41% Jan 3
22
60
9
"
169% Deo
IIO84 Juna
7
148% Apr 9
102% Jan 5
28%
85%
De(21
Dec21
May
Maj
314% Oct
66% Apr
07% Jan 3;
74% Jan 17
1934
1043/
18
May
Uo
Jan2(t
Mar22l
Jan t
Jan 7
June29
165% Jan 2
105% JaiiL'9
61% Juu 3
21% Jan 9,
.50% Jan 9j
5% Dec 22
30% De(21
SO'i
24I4
July
47
Janl'i
97»4
Dei 21
Dec28
8'J% July
10'J% July
:;10
Dec22
65 '4 Dec21
1.5-% i\ov2U
63 Nov20
47% OcW
94% Juii«
42% AprU
92% .May/
101% Dec22 283
30
$ per shars
i
Mar30
83
72
82 Is Ue(20
Hiahtst
Louses!
21
195
107
<
Jan
40
0<'t
Dec 250% Aug
Jan
115
Ex -dividend.
July
"
1
?42
5
2
.
New York Stock Record— Concluded— Page
For record of sale* durlnit the week of itocka uauall; Inactlre.
HIGH AND LOW SALE PRICRS—PKIl
SHARP!, SfOT PER CKNT.
Saturdat
Jan. 8
36
•fl8l4
116
142
103
62
•57
78
18'8
151
32
•93
19
90'
Jan. 12
2612
29%
51 '2
5II2
75
75I2
75
75
74 12
7438
76
74I2
78
187«
I3I4
15
3234
30
70
158
16214
04
94
19
1378
32I4
56I4
19
93
19
19
1958
257«
27
2578
281
52
52
30
68
51 "g
72
72
71
100"4 101
'101
•90
32
32
•65
5
52
05
48»
95
96
8"9"
28<4
•90
7138
106
73
105
11
lO'-g
1034
1034
80
79I2
7934
79I2
237g
44^8
•22
•44
*52
3412
237«
24
46
57
35I2
1138
334
1278
378
1034
358
•5I4
l(y>i
378
534
358
'27:^8
27:ii
2734
2778
2734
•116
X9'4
4734
'7234
6934
1934
I8I2
19
48
4812
1834
481
5458
1934
48
48
40
40
72
6934
6834
1214
35
36
31l2
255g
34I2
2934
24I4
73
70
117,
8278
77
60
83
131,
I3I4
3434
31
2OI2
74I2
11 1.9
7678
1134
7734
59I2
58
85
84
$312
13
I3I4
88
84
I4OI4 14278
'103
112
1
134
3114
1238
3II4
1391; 141
103
7534
70
13
3534
35
3018
2658
7314
1112
7738
59I4
*82
*13
7812
71
15
83
•23
•42
'
35I2
3OI2
2758
77
93
I6OI2 I67I4
I8I2
I3I8
3218
•56
•93
24I2
32
*64
32
4I4
458
53I4
54
•90
95
112
4,200 Loft
1
,300
1,600
100
I8I2
1334
331s
13
13134
32I4
60
96
•55
•93
60
96
2618
1314
I8I2
245g
2512
90
90
18'4
32
•30
32
68
•0412
4I2
5312
68
4I2
Sllg
95
•90
45
4I2
54
95
'34%
34':<H
1034
358
*434
2734
1034
334
•30
34
13
•1034
13
*1034
35s
5ls
28
*120
125
36
45
51.,
2734
•41
•51
45
54
•41
*51
*33
334
51s
29
125
358
I5I2
1578
1534
1578
54I2
51
52
"si"
IOI4
ISig
ISig
•18
48
4812
4778
481,
75
69
78l8
7134
75
69
78I4
7OI2
14l«
1578
35'
30i8
2534
HI
*82
1334
76
681-
6'il4
14%
34
15
34I2
3234
33I4
24
7734
5938
74I4
157g
267s
Ills
19
35
2878
7734
5938
"5"l"
14
30I4
ITs
334
35
:r33l2
7758
5978
53I2
*4l2
5i|
2734 28
'120
125
52I2
*18l4
33I2
2978
2512
75
13=4
80
11%
11
771s
77%
57
595s
"23%
73%
10%
"25'l2
74
11%
'5714
5"8%
85
'80
90
83
1334
*13
86
14
87I2
13%
83I4
I3I4
9934
9934
88
101
600
100
4,500
79,600
27,400
300
4,100
15,300
500
500
PER SB ARE
& MIscell.
(Coa.) Par
No
par
Loofic-Wllos DIsoult tr ctfi. 100
Do 2d ureferred
100
Lorlllard (P)
100
Do pref
100
Mackay CompaalM
100
Do ureJ
100
anati 8ui;ar
100
May Department 8toro«..100
Do pref
100
Mexican Petroleum.
100
Do pre!
100
Miami Copper
5
Middle States Oil Corp
10
Mldvale Steel* Ordnance.. 50
Montana Power
100
Do Pref
100
Mont Wd&Co Ills Corp. A^opor
National Acme
60
Nat Anil * Chem Cons otfi.
I II
'corpora ted
M
Do
preferred
2,000 National Cloak
Do
dep
ctfa
*
Suit
pref
100
100
Nat Conduit A Cable. iVo par
2,200 Nat Enam'g * Stamp"g..-100
.100
100
100
pref
900 National T^ad
600
Do pref
4,300 Nevada Consol Cepper
1.800 New York Air Brake
600
200
5
100
New York Dock
100
Do preferred
100
North American Co
100
Nova Scotia Steel St. Coal. .100
Nunnally Co (The)
No par
100
2,000
700
10,000 Oklahoma Prod A Ref of Am.
500 Ontario Sliver Mining
100
2. .500 OrphPum Circuit. Ino
Otis Elevator
Nopar
3,400 Otis Steel
Nopar
3,400 Owens Bottle.
.25
2.200 Pacific Development
Pacific Gas A Electric
1 ,300
100
100 Pacific Teleph A Teleg
100
101,400 Pan-Am Pet A Trans
50
22,400
Do ClassB
..50
73,100 Penn-9eaboard St'l v t c JVo par
2,900 People's Q L A C CChloi..lOO
5,400 Philadelphia Co (Plttsb)
50
9,900 Phillips Petroleum
No par
35,500 Plerce-Arrow
Car
No par
800
Do pref
100
5.100 Pierce Oil Corporation
25
1.400
Do pref
..100
4.700 Pittsburgh Coal of Pa
100
900
Do pref..
100
800 Pond Creek Coal. .
10
2,300 Pressed Steel Car
100
100
Do pref
100
M
PubllcServCorpof NJ-..100
107
10734
48'2 497a
3578 36I4
84I2 841;
*103
100
131-
33
36
6518
'2il4
66I2
135g
241a
52\
84
I6OI2 I6OI2
10634 108
80
32
42I4
5II2
13
*43l2
46
1178
54I2
12
42
72
2334 24
3-33
33
2O2I2 204
5578
57I4
40'4
23
69
4OI4
7
25I4
7012
46
46
6734 68I2
IO3I2 10334
34I2 35
'8334
1091s IO9I4
53I2 54
9I2
9I2
3534 37I8
3878
38
95I2 95I2
778
96
45
40
7II2
69
93
91
93
93I4
22
69
2112
67=4
2134
197s
6714
201-
13
4I2
13
4I2
20
2234
2338
191!.
21%
5
5-38
53s
5
88
92
434
88I4
*79
31
37
93
45
251
521
84
162
lOSU
80
44I4 45I2
2438 25^8
54I2 56
*72l4 84
16212 162110758 108
80
81s
5314
8758
858
45
45I4
54
54
88
241-
*72l4
I62I2 16212
108% 109
81
80
32%
4II4
391-
42
49I4
547g
54I4
56I4
I2I2
1278
I2I2
I3I4
121-
12%
46
46
46
4734
81-
81-
3134
38I4
531-
*84
lfr3g
"72"
45
3II4
12
56l2
85
123g
"72
23I4
24
32
32
202I2 205
5434
*6
24
68I2
*40
65
57%
7%
1173
12
551-
56%
86
86
11
12
42 14
72
43
72
2334 24
3II2 32
205 2O6I2
56I4
55
90
8=4
8%
4334
2812
44I2
2934
'55I8
5"6">8
88
1034
"74"
2334
•32
20^
57% 5?
88
11%
7"4'
24
35
206
56 12
7
•6
7
255g
7OI4
24
24%
6934
7134
23% 24%
69% 7II4
47
45
47
47
.50%
71
68% 70%
68I4
70%
1021- 10334
34
341
102%
IO3I4
34%
34%
83
109
83%
108%
83%
10334 10334
3378
33
43lg 43I8
8218 8334
IO9I4
109
53 14 547s
*9l2 IOI2
345s 373.1
38i8 40
977g
97
55
*85
8%
8%
43% 45
29I2 30%
3134
391-
5-4%
10
37%
8434
1091-
56
10
41
4II4
9734
8634
734
421-
60
88
60
62
87%
8734
8%
973
87
8
*6
535g
*913734
401s
9734
7
10934
54%
10%
391
41%
98%
87% 88
8
8%
63
71%
96
9fii2
9612
96
96%
45I4
4OI4
44%
45%
4434
45I4
45
451s
38I4
40
39%
40%
18%
39I4
40
9
39
45
1121- II212
'104
..
4512 45I2
61
96
44%
23%
32!.,
I8I4
37i'>
;i
68
31%
12
5334
1038
875g
3'>l2
681-
414
V
n\
42
72
53
33
371,
7II2
3612
137s
414
43 14
29
*84l2
"§234
13%
1234
441?
30^8
55
86
*6
14
35
39
32
6"l"
8%
37
9
3734
4434 45
II4I2
112
104
108
4534
46%
75
75
61
6II4
8%
3534
46
'104
'83"4
9
36%
33%
48
45
36
45
112
II2I4
112% 11258
108
46I4
50
6II4
6II4
*105
108
48% 49%
•Bid and asked prices: no gales on this day.
changed from Ohio Cities Qaato sresent
Name
85I4
47%
47%
3434
35I4
85
85%
2,600 Pullman Company..
12,100 Punta Alegre Sugar
1 1 ,700 Pure Oil (The) t
1.200 Railway Steel Spring
200
22l8
5
1071^
851.,
IO7I2 IO7I2
lon
478
52
*73
162
10734
475s 491
351s 35%
5OI4
3534
86I4
69I4
1234
9034
43I4
237g
107
68
94
13''8
•86
SSg
4334
3018
106
90
1278
35I4
86I4
10818
13
31
37
217g
6518
53$
108
49
32I2
92I4
69
5234
*85
IO5I2 lOSie
68^
"22"
1073, 108
49
5112
35I2 3578
85
63
24
5018
4878
3578
36 14
6G3i
0634
44i«
31
4OI2
35
83
33
94
*79
4734
1334
321
snio
18%
*73
10'
1312
32I4
1634
478
43I2
106
{
I3I2
3334
73I4
3812
12%
13%
30% 31
36% 36%
/68
69%
10.900
2.700
5,300
98.000
100-<*ar<
ill
100
60
25
100
Do pref
100
Ray Consolidated Copper ..10
Remington Typewriter v t clOO
Replogle Steel..
Nopar
Republic Iron A Steel
100
Do pref
100
Republic Motor Truck.JVo par
Maaoe for
MU
Lo'tittt
mpiesl
£«a)ejl
i per share
f Ver share
9\ Nov20
25
100
l-'0%
97
66
69«4
Jan 3
Jan 3
Jan 19
Jan 2
Jan f
Jan 7
fill/.
M!ir22
28
D<!C28
70
Dec20
Dec21
Dec30
116%
I)(X-21|
88
Dcc24l
6ft
De.:14
95%
<)ct2e
Di-<-22;
183>4
110%
151% Aprl4
137% AprlO
Janl2
148
Aug 9 222
Jan 3
Maria
88
Jan 6
103
14% Def«2
Jan 6
26
10
Aug 5 7 1 '4 Jan rl
283-1 Dec21
52»4 Jan 6
47% Der22 69% Jan 7
93
Dec21 100>4 Jan 6
12% Def2l' 40 Mar25
25% Dec2l' 40 Marig
DKr29
45
59 Oct 28
Dor23
25') nor31
6938 Def30
2
I3Pf20
45
Novl9
Novll
63% Dec29
100
Dec28
88
8
66
N0VI8
48
28
9
May20
Dcn28
16U Der23
35% Dec21
Dcc22
Dpf22
2% Dec22
107
2OI2
20
96
20
67I4
6534
6734
N
U
M
PAMvtc.lOO
BieiHi
iWr:
26% Dw
75% D*
40% Feb
81
Jub
94
Feb 120 Jun.
147% Apr 245 JQ.)
107
63
x63
130
Jan
Dec
June
Aug
60
Jan
Jan
104
162% Jan
Doc
09
21
Nov
32
Oct
40% Feb
118
Jail
797a
Mm
66
137
July
Dei
0«
131*4
Mai
lie
264
Del
118*4 Sep)
32*4 Jan
71*4 Nov
42*4 Jnli
Jul!
83
Nov
Nov 100% Fek
64
100
45
Sept
43% Jon
Not
76
87
Nov
101% Oel
80
Jan 3
102% Janl3
Apr 7
13
70
Jan
103
Nov
89% Jan 2
102U Jan 7
93U Aprl2
Jao 3
110
17ii Jan 6
117% Jan 6
48it Jan 3
Jan 3
61
61»4 Oct25
77% Jan 6
22»« Aprl7
6*4
Mar
29% Jan
Dec
8% Dec
45'8 Feb
93
04
192
Jan
Jan
Sept
13%
91%
19%
44%
Nov
Feb
Feb
Mar
Jan
Jan
47
8
3% Novl9
9% Apr 6
Novl7 28i« Sept20
107 May20 167
Aprl4
8% Mar
Jail
92
IO8I4 Mat
24*4 Jnl;
88*« Joni
Mai
104
94% Oet
Jul!
21% Jul]
146*4 Oci
70*4 J III J
76 Jul)
Jul;
67
112
Jucc
97
n%
Noi
23
69% Dec22
64% Dec22
Jan 5
Jan 2
65
Jan 2
78
61% Jan 6
46 June22
116% Aprl4
lll«4 Aprl4
Dec22
36% Apr 8
Aug 9
30% Dec22
42% JanlO
Dec22
Dec22
lOU Dec29
12
14278
41UMay20
37
6I4,
Jan 13
27
417|
45
Oct25
2634
Dec21
15
59
9
72
1)6021
Dec 8
44i| July 2
8278 Jan 3
108% Jan 8
Dcc21
23% Jan 8
Dec22
51% Feb 13
98
Jan 7
72% 8ept23
91% Jan24
27% Jan 5
Dec30
12
DeclO
72
Dec22 113»4 .\prl2
90% Dec22 104% Feb 2
52
Dec30
Jan28
68
95% nec20 124 Marl9
40
Dec21 120
Aprl9
*29% Dec23 *427» July 7
73
Dec22 106% Aprl2
83
92% May 3
10 N0VI8
24% Dec28
30
Dec24
65% Dec21
107
22»4
94
Nov
Jan 6
Jan 3
93% July
124*4
106»4
55*4
3
7
Jan 3
Janl3
Jan 2
138
Nov
84% Doc
46
Mar
Dec
58% Dec
70*4
Jan
Jan
22
87
No?
39% No»
149
Get
Oei
74
80
76%
Jalk
41
De«
Om
140%
92% Dec 104% Del
27% Apr 68 Jul!
Dec
67 Mai
32
Jan
43
Am
Jan
101% Jan
Jan
16
Dec
93
Feb
46
99
Oer
0«:
80
88)<
85ti
Mar
12% Feb
Feb
169
111
28% Mai
106% Os<
74*8 Jail
Ma?
98
31%
Ool
109
106
100
Mar
91*4
Jaa
110
Nov 132%
JtU?
61
98I4
W
Dec
Apr
08% Feb
1(H
19
68
46
Feb
Mar
Juli
107% Not
Junr
112
271» JulJ
105% Oc>
63*4 Dst
Aug
Dec
71% Jan 145 No*
Jan 106% Jnll
100
44% Sept 741, No»
Jmj
121
Aug
84
JOlJ
17
12% Dec
94%
6% Mar 29
18«% Feb 230%
81*4
Dec
74
41% Dec 64%
8e
Feb
40%
Mar 97%
86
Oe«
"63% Jan
88*4
45*4
92
82
9*4
184
72*8
Acs
De)
Dei
Not
Not
Jnll
Jan
Jan
Jan
109% Oei
Jan
647, Jan<
Dec
Oe»
161
104»j
No»
17% Mai
Jan
345
Ooi
Jan
116
Jnn)
97% Dec 120 Job*
625i; Nov
84*4 Dec
Oct
76
Jan
Jan
84%
Dei-
46% Ooi
87*s
Jan
68*; Jull
STl*
747|
JuU
100
Oel
Feb 216
80% Aug 119% Oel
187
14
Jan
Anj
38*4
42% Jan 74*4 Ju!»
33*4 May
16*4 Feb
Apr 91% Oct
66
»97% Dec 167 Mai
96% Jan 111 Maj
17% Jan
Jan
Jan
43% Jan
Jan
45
73
109
88I4 Feb
111% Dec
66% Feb
8*4 Dec
54% Dec
Feb
51
110
64
Jan
Mar
61% Nov
Sept
941; Jan
40ij Jan
Jan
46
82
23% Jan
87*4
Jan
607« Jnnt
139% N01
119% Jnll
78% No^
50 Mai
115% JoU
117i« Jnll
97ij JuO
21*8 Jons
62
92»2
1157t
120
112*4
60
88
66
De«
JoU
Oc.
188
Dm
79
Mas
92% Mai
Ju:;
S97t Jona
126
Oei
86
40% JuOi
98% M»l
06% Jan 104%
Jull
Feb 136% Maj
Dec 1171; Ja2y
Oe<
Feb 117
Jan
Jan
Less tlian 100 shares, t Ex-rlghts. o Ex-dlv. and rlghta. » Ex-dlv. « Redaeed to basis of $28 par.
July 1 1920. range Inol. prices from July 1 only: range for Ohio Cities Qaa Jan. Ito JulySl, 87; May 20.
title
S V*'
1
9034
84
Dec28
500
16% Dec 9
2,800
49% Decl3 123% MaylO
34,300 Royal Dutch Co (N Y eharea) _
Dec20
500 St Joseph Lead
10, J 10
177g Aprl2
2l2 Dec22
4I2
41-"
900 San Cecilia Sugar v t c.No par
4% 43s
25% JunelS
*17
*16
9
Savage
Dec22
ArmsCorp
100
20
18% 2,400
83% Apr 6
412% Dec22 21% Janl3
434
4% 4% 8,900 Saxon Motor Car Corp.iVo par
85% Dec21 243
Aprl4
100
88% 92% 48,600 Seara, Roebuck A Co
89% 94
43I4 43%
43% 43% 7,100 Shell Transp A Trading.. .£2 33% Dec21 90% Jan28
20
231- 23% 90.900 Sinclair Cons Oil Corp.iVo par
231- 241Dec2l
48*4 Jan 5
43
Dec22
2,300 Sloss-Sheftleid Steel A Iron 100
54
5534 '»51
56
82% Jan2e
*75
75
*80
Do preferred
Deo23
100
88
88
94% Aprl9
I65I4 167% 1661- 16634
1,000 Standard on of
25 «ll42l2 Dec22 £212% Mar26
J
Do pref non voting
9,000
100 100%juuel7 113% Mar25
10834 109% IO8I4 10818OI4
8OI4
Steel
A
Tube
of
800
Am pref. _ . 100 77 DecSO 91% June24
80
80
24% Dec22l 51% Mar26
3,100 Stewart Warn Sp Corp.iVo j>ar
31
31
^0% 31
22% Dec21 118% Apr 8
371- 38
36
373, 12,700 Stromberg-Carburet ..No pa'
3734 Dec21 128»3 Apr 8
501- 5334
100
50% 5234 109,400 Studebaker Corp (The)
^85
76
•85
Do pref
Dec 9 101% Jan31
..100
90
90
11% DeclO a0»8 Septl3
ru P'V
6,200 Superior Oil
12% 1234
146' '4"6"%
41
Feb20 60
1,000 Superior Steel Corp'n
Apr 8
100
47
48
6I4 Dec28
834
834
13% Mar31
8% 834 2,700 Tenn Copp A C tr ctfs. iVo par
40
Dec21 c67*4 Jan 2
.54.700 Texas Company (The)
25
43% 4438 43% 44
22
nef22
10
28
53% July 7
29% 28% 2834 20,300 Texas Pacific Coal A Oil
678 r)ef23
34% Julyl6
10
2 .900 Times Sq Auto Supply. iVo par
10%
10% 1134
46
Dec22
100
961} Jan 3
54
53
55%
54% 13,700 Tobacco Products Corp
*89l4 91
80
Dec22 106
Do pref
Jan 7
400
100
90
91
658 Dec23
38*4 Jan 6
934
11%
9% 10 101,800 Transcontinental Oil .No par
3478 Dec21
*41
41
700 Transue 4 Williams St. iVo par
66% Jan 3
41
43
6 134 Dec22 127
Aprl4
74
72
1,300 Union Bag A Paper Corp.. 100
74
75
Jan 6
Nopar 19% DeoSl 38
2234 233.1
7,600 Union Oil
"3"4"
•32"
27%
Def21
•32
Jan 6
53
1,100 United Alloy Steel
No par
33%
176
Febll
Oct23
United
Fruit
204
...100
224%
3.200
205% 205%
205
No par 45i.« Deo22 B6tt Jan 8
54
54
55% 26,700 United Retail Stores
56%
10% N0VI8
25ts Jan 3
1234
300
S Cast I Pipe A Fdy
100
13
12% 121
38
DecSl
55% .-Vpr 7
Do preJ200
100
42% 42% '*6' "7"
534
Express...
Dec23
U
S
100
37% Apr 6
7
100
7
15
Doc22
78*8 Jan 5
22
23% 21% 22% 20,800 U 8 Food Products Corp.. 100
56% D?cll 116% Jan 8
663) 69%
100
66% 67% 27,200 U 8 Industrial Alcohol
'*94
90
.\ng 6 103*4 Jan 6
Do pref
100
200
95
95
95
3578 Nnv20
69»4 Apr 8
48
47
47
3,000 U S Realty A ImprovementlOO
50
53
Dec23 I4314 Jan 6
100
6734 69
^65% 66% 57,000 United States Rubber
95% Dec28 116% Janl3
Do Istpref
100
2.700
103% 103% X102 102%
29% DeclO 76
Jan 3
50
1,800 U S Smelting Ref A
34% 34
39% Dec30 47% Mar27
50
100
Do pref
76%
Dec21
100
109
Jan 6
States
Steel
Corp.
.
1.50.200
United
82% 831
82% 83
100 l04% Dec23 115*4 Jan28
Do pref
109% 1091- 109% 10978
3,800
44% Dec22 80*4 Jan 3
...10
5234 ,53
12,800 Utah Copper
53% 54
Oct23
•91- 10
7
14
100
Aug25
800 Utah Securities v t c
9% 91
28% Der21
36I4 3934
par
37I4
97
Aprie
No
Corp
36
53,200 Vanadium
2434 Dec22
80% Aprl4
4,600 Virginia-Carolina Chem... 100
38
38
401s z38
8834 Dec22 112% Jan 7
100
Do pref
98% 98% 99 100
1,800
76
Feb 13 120% Septl7
lOOi
500 Virginia Iron C A C
90
"%' '"8'l4 •85
534 Decl8
Nopai\
21 June 7
734
734
4,500 V vivaudou..
46'4 Nov20
76 Mar31
100|
67
71
64% 66% 7.300 Wells Fargo Express
80is Julyl3
92-38 Oot23
87
8734
1,000 Western Union Telegraph. 100
"96% 9"6%
89% Nr>vl9 119
Jan 8
50
500 Westlnghouse Air Brake
40
r)ec22
65% Jan 3
Mfg..
50
44
4.600 Westlnghouse Elec A
45
44% 44%
30%
Dcc23!
Mar29
.50
69%
Motor
38
3934
.39
White
3834
5,800
19
NovlOi 32% Sept20
•16
6
200 Wlckwlre Spencer Steel
18%
5% Dec 7| 32
Jan 3
25
7% 81 '"7r4 "s' 56,400 Willys-Overland (The)
26
Dec 71 93
Jan 5
100
34
35
Do pref (n«n>)
33% 33% 3..500
par
Dec21|
Jan 5
347s
82%
o.-.No
WIlsonACo.Incv
t
40
44
3834 42%
4.400
Aprl4
100 loo June 3 145
11234 11234
500 Woolworth (F W)
I02
Dec29i 116% Jan 6
100
:
Do pref
35% Dec21| 95
Jan27
46% 485g 45I4 461. 11,300 Worthlngton
73
Dec2li 93*4 Janl3
*71
100
75
100
Do pref A
Jsn 1
76
53% Der21
100
63
900
Do oref B
62% 62is 61
2612
6618
P-evtotii
Year leiB
% per share
83'4
.
4, .500
Do
PER SHAKE
Range for year 1920
On baiU
EXCHANOE
Indu«.
3
third paiie followlnt
NEW YORK STOCK
tha
76'2 701;
3,700
•93I4 .-I59I2 163
24 1 ,200
7278
7134 7134
713i 72
IO5I4 *10*
106
106 •104
IOI2 1078
1078
1034
lO's
84I4
23I2 23I2
24
2212 2258
36
85
86I2
•70
75
68
120
125
16
1538
1314
85
•95
28
50
35I4
3434
1134
334
5I4
5
I5I2
12^8
77
•58
13
49
35
73
55I4
35I4
I5I4
7734
7II4
I3I2
34I4
2878
2414
2378
4458
'120
125
103
4812
ig
12
3II2 3II2
•98
115
1158
26
4I4
7278
so'
74I4
Shares
197g
19
25I2
'101
H
34I2
*10l2
36
•47"
t per share
56
96
56
*93
*90
80
55I4
36
•II5I2 125
$ per share
187g
14
321
53I4
53
95
73
105
53
I8I4
I3I2
3178
3118
478
90
10'4
46
Week.
*03ii . .
15612 165
•65
68
458
7912
2378
•43
143*
3278
56I4
18»4
•65
434
5II2
93I4
58
96
"39"
Jan. 13
Frtdav
Jan. 14
100
87
75
18<2
•34
•93
1958
51
Jan. 11
3II4
31"2
•5334
4It
Jan. 10
•93 14
I5II2 161
•93I4 .-154ig 157
•25
•60
Thursday
n9'4
68'!!
ir>
Wedntsdav
87
•70
6!)
ISSg
Ttiexdny
% per share S per share t per share
12l4
12i2
1178
12
12
12
3II4
3334
34
32
33
33
•98
nr>
•98 115
115
•9H
'138
140'2 MO': '138
142
142
'10234 110
>100
•IO2I2 110
108
t per thart
141
103
Monday
iio«
STOCKa
SaUs
for
•33
•98
1
98% Oc;
81
<^*'
Par JlOi
§#
i
'"••••
Record, Friday, Weekly and Yearly
BOND
New York Stock Exchange—chanQtd
—iietpt
iucomt
iU!auUta
ant pricu an now
Jan
T.
,
1909 lis Bichant* method of
1
BONDS
STOCK BXCHANOB
Prict
U. S. Gov*rnm«nt.
Flrft Liberty Loan
3>i% ol 1932 1947
Conv
Ot 1932 1947
ot 1932 1947...
'onv
ut 1932 1947.
2d coav
Jm
D
D
D
D
Hi%
iH%
Second Ubery Luan
4% of 1927 1942
conv 4^i% ot 1927 1942
M
4M%
*H%
4H%
8H%
86. 9 2 Sale 8670
87. 02 Sale !86.46
S 9016 Sale 89.78
o' 87.30
88.70
S;«le
81
M
70
98
92
f=
D
'i
Si's
t
90 66 4905 85.60 05.00
87 70
12156 82.00 93.00
100
80
A
£ loan 4ii8.19:?5
Second series 4Hb
1925
do do "Qennau atamp".
ftat* and City Sscurltlat.
N Y City 4 Hb Corp stock. 1960
4^i8 Corporate stock
1964
4H9 Corporate stock
1966 A
4K3 Corporate stock July 1967 ..
* H a Corporate atock
1965 J
4Ha Corporate stock
1963 HI
Corporate
4%
stock
1959
4% Corporate stook
1958
4% Corporate stock
1957
4% Corporate stock refi..l956
New 4H9
1957
Corporate stock... 1957 M
Corporate atook...l954 Hi
M
M
4H%
3H%
—
Canal Imrpovement
98
42
38
92
50
99
70'>s
'^;
75
S0>4
9258
"4
76ii
SOtj
80
76
S:llc
77
Sale
58I4
791s
7612
83
993.1
178'
79
69
77I4
J.iu'20
476
67ij
59
80
Jan'21
'5561
1
78
30>2
9612
76
71
135
7
52lt
99
9712
10258
95I2
82
82
77
71
76
75
92'4
9312
29»4
50
39I4
26
369 88ii 95»4
210 lOOlj IO4I2
61
16; 42
47
Sale
Sale
98
985s
040
8512
86 1«
20'):
88
8918
194
83
97
98
739;
89U
9068
95»4
9578
9334
99
3:ile
Salt-
104
48
••'i
9454
97
98
8734
85-'4
87^8
92
52
88
Dec
Dec
Dec
8212
931?
84
84
90
10
'20
lUl
Highway Improv
Highway Improv
101
102
95
9312
9312
Dec'20
Sepf20
Nov'20
Mar'20
101
09
100
95
May'20
July'20
7II4
'SS'a
Oct
'20
7II4
75 12 Dec'20
otla
93
10038
8978 10012
88 lOO's
90Sg
80
79l> 91
90
89
91
93
June"20
July'20
99
961«
95I4
8212 89
8912 10012
8912 lOOSg
7U4 81
7134 Aug'20
90
89
m^^
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Oct'20
93
95
8178
-20
9II4 Dec'20
93I4
9314
83«4
8314
84I4
8414
.
81 14
'20
Jau'21
83
87
..
95
56*
92'<3
60
90
89
91
97
108
99
10712
95
7II4
7612
Railroad
Ann Arbor Ist g
Atchison Topeka
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4fi
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1995,
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Q
J
_
O
o
_
Nov
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S1995'
tl995|
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..1955 J
Conv4slaaueof 1910
1960!J
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Rocky Mtn Div Ist 4s... 1965; J
Trans Con Short
L
lac 4s.
1968 J
D
D
lO-year secured 78
unified
Ist
Mid
Bruns
4
Charles
4^8.
W
A
77
76
7018
7214 Sale
7OI2
71
70 '8
7212
83
85
84I4
84'4
J
6518 ...
J
73?8
77I2
86I4
7914 Sale
M N
D
1930
..1984 J
M
gu gold fla...l928
Ist gu gold 4.e.l938 J
Sav 1st gold 78.1936 J
LAN coll gold 4s
W
M
W
W
••Vo p-icp Friday:
utest bid
J
J
M N
01952
1934 A
1934 A
1926 J
Heglstered
*1925
Ist 60-year gold 48
tl948
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»1948
10-yr conv 4ViB
1933
RefuH'i A Kon 63 Serlej A. 1995
Temporary 10-yr 68
1929
Pitts June l3t gold 60
1922
P June A
Dlv 1st g 3Hsl925
PLEA
Va Syaref da. .1941
oouthw Dlv lat gold 3^9 1925
Cent Ohio Ist
g 4Mis..l930
Ol Lor A
con Ut g 53.. 1933
Ohio River RR Ist g 6s. . . 1936
General Eold 5s
1937
Pitts Clev & Tol 1st g OS
1922
Tol A Cln dlv lat ref 4s A . 1959
Biaf iio R A P gen B Ss
1937
OonsoUMa
1957
All A West lstR4.'»gu
1998
Clear A Mah Ist gn g 5s. .1943
Koch A Pitts l8t gold 68.. 1921
Connol I8tg6s
1922
Canada Son cons gu A 8a. ..1962
i^anadlau North deb s f 78
1940
Car Clinch A Ohio Ist 80-yr «s 38
Sav FA
1st gold 9s
IstgoldSs
Bait A Ohio prior 3'At---
N
O
O
J
50
78'4 Sale
s
C»I-Arlzl9t<tref4H8"A 1982 M 3
BFePresAPh lat « 8s...1912!m s
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*1952iM 9
Ala
50
52
1995|a
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Gen
50
102
78
.
489
Jan21
6834
8212
83i2
65
3
46
Jan'21
Jan'21
Dec
'20
Jan'21
76
7712
8712
7612
10134
Sale
7612
93
78^8
47'4
76
91
76
3
77I2
II
Nov'20
79^8
"39
103
76
Jari'21
75I4 ...
7918 Oct '20
IOOI4 110
129'8 Aug'16
72I4
721s
73
73
IOII2 ..
lOO's Nov'20
90
91
Oct '20
82I4 Sale
81
8212
6834
7OI2 Sale'
89
82>4
79
62
62
60
7312
7412
7012
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91
82
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71
67
77I2
91
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7038
Feb '20
71'8
78
91
85
81
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81
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92I2 Sale
9II4
7612 .. .
66 Sule
112
76
6412
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7334
90
84
91I4
9114
88
81
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81
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85
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85
85
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81
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76
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76
71
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60
6718
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60
81
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276
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April.
..P1946 P
1946
M
85
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C
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A
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lOOig
9778 IOC
77I4 91
99I4 100'8
8918 7514
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I
'
89
861
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39
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1930
W
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l;n
9t
cons
4^8
1931
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48.. 1993
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1931
General 68 Series B
1993
Ref A Impt 68 Series A .1929
Cairo Dlv Ist gold 48
1939
Cln
A
Div Istg 4a. .1991
at L Dlv l8t coll trg 48... 1990
Spr A Col Dlv 1st g 48
1940
Val Dlv Ist g 4s
1940
O I St L A C let g 48
tl936
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tl938
Cln 3 A CI cons 1st g S8...192.S
C C C A I gen cons g 68. .1934
Ind B A
lat pref 48
1940
OInd A
lat pref 53... (11938
Peoria A East 1st cona 4a. 1940
W
W
Income
43
71I2
82
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I>ue Jons
tDn*
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5
27
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79
84
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88
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198
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I
69
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77
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103
72
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63
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s
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368,
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68
70
78
80
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98
92
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74
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1
66
98
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62
28
Nov" 18
95
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69
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81
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80
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84
90
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I
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70
4
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J
16
9'**«
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Jan'21
73
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81
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90'
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Fl
81
11
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s
8II4
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98
90
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83
6712
9734
93I4.
74
87
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93
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109'2 Apr'lO
89 li Dec '20
94i2 Feb'20
100
8312
73
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90
N
1
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I
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73
82
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70
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99
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48
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79
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93
99
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5834
91
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84I4
84I4
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8512 Deo '20
81
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68
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19
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76I4
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J
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80
99I2 Sale
9018
9714
88
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9734
"8434
'
54
Dei '20
70
69
OS's
'16
Feb'131
663s
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62I4
Side
9734 Sale
01
6412
85I4
79
68
92''8
78
64
71
70
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68
60
50
69
643.1
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711s
7313
7II4 ^^ulc
68I2
6
I
Mar' 171
5-212
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J
88
1!
1
98
74
88
98
74
J
O
1990 Apr
Cleve Short L lat gu 4H8... 1961
Colorado A Sou lat g 4«
1929
Refund A Ext 4^8
1936
Ft
A Den C lat g 6e...l921
Conn A Pas RIva lat g 48. ..1943
Cuba RR 1st 50-year 8a g..l952
87I4
vols
84
92 12
I
L
Ohlc T H A So
Chic A Woat Ind gen g 6s. .01932
Conaol 50-year 43
1952
C!n H A D 2d gold 4Hs
1937
C Find A Ft 1st gu 4a B 1923
10
99
1
I
7012
79
•0
J:in'2l
98
P—
Con3 6a reduced to 3Via..l930
Debenture 5s
1930
North Wlsconala Ist 68... 1930
'20
99
I
AN W
W
1952
Deo
100l»
83I4
84
9212 911s
OS's'
AN W
cons 53
I
M
.May' 18
9914'
72t2
Sinking fund dob 6s
igssiM
Registered
1933 M
10-year aecured 7s g
1930 *
Des Plalnes Val 1st gu 4H8 '47 M
Frem Elk A Mo V 1st 6s.. 1933 A
ManG B
Ist 3Hfl-194l| J
Mllw AS L IstguSHs.. 1941 J
Mil L S A West Ist g 68. ..1921 "•
Ext A Imp 3 f gold 5s... 1929 F
Ashland Dlv 1st g 88... 1925 M
Mich Dlv 1st gold 68.. 1924'J
MllSpar
1st gu 4a. 1947 M
St L Peo A N
lat gu 6a 1948'J
Ohlc R I A
1988'
gen
4s
Sv
Registered
19881
Refunding gold 4s
1934JA
R I Ark A Louis lat 4Ha.. 1934 M
Burl
lar, ./.Ss..
.1934*
Keok A Des Moines Ist 5,< 1923
A K C Sh L 1st 4Hs '41
Dec'20
81
N 67
pl987 Q F
General 4s
1987 ^* N "78^8
78I4
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IIIIIl987 M N
General 5s stamped
94
1 1 1987 ^ N
99I2
Sinking fund 63
A
O
1879^1929
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1879-1929 A O
Sinking fund 6a
9118
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1S79-1929IA o
99'8
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19211* O
,
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98
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Chic St P
88
94
66
98 It
61U
J
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7M2
83
98 ij Sale
Registered
CRIFANWlstgu
3
6
82
84
97
•65
72
J
J
1934 J
-I
1921
CRAN
W8'-,
8514
87^^
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76
84<2 Sain
6514 72I2
J
WW
9II4
90ig
Sale
High
86
J
1386-1926
1987
86
,
•
J
1886-'28
.V«. Lttt
Dac'20
7612 Sale
J
ChlcAP W lstg53
1921
O M A Paget 3d let gu 4b. 1949
Fargo A Sou aB8Um g 6b.. 1924
MUw A Nor 1st ext 4i43..1934
High
92
85
87
66
00
78-'^
Stamped
Guar Tr Co ctfa of dep
Purch money 1st coal 68.. 1942 ^
el989
Gen'lgold3HsSerB
cl989
General 4Hs Series
«1989
Gen Aref Ser A 4H8 .. .a2014
Gen ref conv Sor B 63...a2014
Convertible 4^8
1932
Permanent l8
1925
25-year debenture 43...
1934
Chic A L Sup Dlv g 68..
1921
Chic A Mo Rlv Dlv 63
1928
Hantt
Year
1920
n
Sil\Loa
82l2
91
—
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14
75
82
8:<
Greenbrier Ry lat gu g 48. !'.)1')
Warm Springs 'V lat gSs.. 1941
Ohio A Alton IIR rof g 38
lil4!l
liniluay lat lion 3Ha
1950
Chic B A CJ Denver Dlv 4s. 1922
IIUnoIaDlvSHa
1949
Illinois Dlv 48
1949
Joint bonds A«e Great North
Nebraska Extension 4a... 1927
Registered
1927
General 48
196s
Chic A E III rof A Imp 48 B..1955
U S Mtg A Tr Co Ota of dep...
lat eonsol gold 8a
1930
General consol 1st 58
1937
U S Mtg A Tr Co ctfs of dep
OhloLSAEast Ist 4H8..)909
Ch M A St P gen g 4s ser A .el989
I
or
Latl Sale
8212
Am
N
Chic A Ind C Ry Ist 68. ..1936
Chicago Groat Went lat 4s.. 1959
Chic Ind A Loulsv Ref 8b _ 1947
Refunding gold 6s
.1947
Refunding 43 Scries C
1947
Ind A Loulsv Ist gu 48.. 1956
Chic Ind A Sou SO-yr 48.. 1958
Week
Range
89I4
secur 6h June. 192''
Cbatt Dlv pur money g 4a 1961
Mao A Nor Dlv lat g 68.. 1946
MldOa A Atl Dlv6d
1947
Mobile Dlv lat g 6b
1948
Cent nil A H of Ott coll g ,'58. 1937
Cent of N J«eu i<old fia
1987
Ueglatered
A1US7
Dock A Imp gu 6a
1921
Y A Long Hr gen g 4e. . 194
Cbesa A O fund A Impt 68.. 1929
lat eoilBol gold 5«
1939
Registered
1 93!t
Qonerul gold 4^8
IU!li;
He«l.aUTe<l
1992
20-yettr convertible 4H9..1930
30-year conv secured 68. .1916
Big Sacdy l.'it 43
1911
Coal River Ry lat gu 4a.. 1945
Craig Valley Istg5rt
1940
Potta Creek Br Ist 4a
1916
A A Dlv lat con g 4s. ..1989
2d consoI gold 48
1989
10-yr
W M
79
85
99''8
Dec'20
4
60
Mar'20
99'8 Dec'20
98 \. Dec'20
86
88
88
70
9212
Jan'l
Aid
871,
Ist 68 g.el930
East Ist 53.. 1930
60 '4
69
70
72
Jm
14
1st gold 8a.
gold 5a
Ch OkIa A G
82
87ij
82
6978 80
95I2 IO3I2
88
7812
90U 9258
78
7918
6OI4 73
98I4 10118
Apr
81
Conso
Qa
Superior Short
.
6914 Sale
68
677,
681a
Jan
—
48
101
4>i8..1966!M
606
9378
921:
Sale
Cinal Improvement 4Ha.l964'
C«nal Improvement 4i<8.1966^J
t
26
35
96
95h
91
Virginia funded debt 2-38.. 1991 J
371
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87'4
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IO212
93
4H8..1963iM
86
80
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t
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41
29
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72
92i8
90
76
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843i 98
92I4 99>4
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99I2
82
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99
44
93\s
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76 14
76
75I2
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1961
48... 1961 J
Cfinal Improvement 48.. .1962 J
Canal Improvement 48... 1960 J
63''4
73
99
92
89
98 'i
100
84
84
80
93
93
6312
8Vi 82
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84
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75'4
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81
1
168
199
80
96
75
77
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84I4 Sale
M
is
32
Sale
87=4 88I2
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93
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93 .. ;
93
M
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207
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96
80
:
M
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Feb
791s
S:ile
77I4 S.ile
193 J
Jt 58
1934
N Si's
Mar8eUle8 (City of) 16-yr 68 1934
N 81i«
Mexico Exter loan £ 6a of 189fl Q J t 4212
QoM debt 4a of 1901
1954 J
D 30I2
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9612
192 A O
Bwltierland (Govt of) a f Sa 1940
J IO3I2
47
Tokyo City 68 loan o! 1912...
S
U K of Gt Brit A Ireland—
S-year
notes
N 98^8
192)
86
30-year gold bond 6H8..1937 F A
89
10-year conv 6Xb
1929 F O
95I2
5-year coav 5H8-.
pl922 P A
97I2
eurleh (Cltyof)af8«
1946 A
are
t7»e»c
pricei o» tte batU of %5to£
Miir'20
913.1
78
Sale
77 Sule
99I2 Sale
91 '8
90
89 Sale
98'8 9912
93 « Sale
preiu-n Republic 26-yrext 8a 1945
Italy .Kingdom of),9er
8H8'25
—
"20
67
98
"63"i4
Japanese Govt
5H%
.Vlar"19
July" 18
Sale
Sale
s.Ue
42>.i S:ile
77
...1931
.
99
971s 93
7512 Sale
2-yr syis gold notes Aiis 1921
10-year 6H8..
1929
—
98U
I
100
90
ij
N
l<J2t>
Sterling loan 4a
Lyons (City of) 16-yTOi!
I
871
M N
Brown Bros
87 00 183 81.40 1)2.90
87 20 76611 81.10 92.86
79U Apr
M
Se deferred
93 10 3290' 89.10 1M.40
19 83 00 93 48
87 56
87 80 731) 84.00 94 00
2 80.00 101.10
98 00
fur
UONOS
STOCK KXCHANOE
Week
1
Argentine Internal Sb of 1009.
BeWlum 25-yr ext 6 f 7HaB.1946 J
(V-year6% cotes
Jan 1925
Berne (City of) « { 8a
1046
Bordeaui (City of) 15-yr Oii.iua-l
Cblncge (ilukuang Ry) 68 of 1911
Cbrlatanla (City) a f 6b
1946
(ToPenbacen 25-yr a I 5 ^i.. 194
Ouba— External debt 6« of 1904.
Gxter dt of 6e 1914 aer A..4il
External loan 4K3
194y
Dominican Rep Cnnn Adm ^ f 6a 58
Dominion of Canacla a Si.. .1921
State
Y.
High
97 26 9863 94.70 09.40
97.L'8 •1485 94.64 99.40
Nov'20
1001:;
100
lOlU
'.'.'.'.
100l| 101
iod" llOOij June'20
IO6I4
1105
105
July"20
104
IIII iw" 1021s J.iii '21
106U
1961
I914-'34
Foreign Oovarnnant.
NY
Low
9688
97.26 Sale 9680
J193U
J1930
1925
1925
tl93«
Pan Canal 10-30-Fr29
10-30Canal
3e
rea..l93«
yr
Pan
1901
Panama Canal 3« s
—
No.l
97. -'6 Sale
3a ooneol reglaterod
2s eonsol coupon
4a regtotared
4) «oupon
do
do
atett
9.'.30 Sale 9180
S7.3U Sale 86 vO
87.12 Siile 8650
98 00 Sale 198 00
N
N
—
ao
ao
Latl Salt
A.$k\liOW
If.
I
ThlrU Liberty \joaa
ol 1928
Fourtb Liberty Loan
of 1933 1938
Victory Liberty Loan
Notes of 1922 1923...
NoU'SOt 1922 1923...
Philippine Islands 4a
Range
Year
1920
1?
or
Central of
4%
Ri'Blstere'.l
Kang§
14
iBid
'ana tnieraC
boniU wot
W44lt
I
frUav
si
U
Week eodlag Jau.
<.uolt^n;
58
24
Sale
8278
80 12 Sale
71 12 •^ale
9212
22
81
7934
737,
92
.-.'47
40
10
...
14
73
74
24
Dec'20
8OI2
741.
Dee'30
.-
60
61
tDos Aug. »Dae Dot pDoe
897,
IfOT.
6«i4
36
Vl"
aDos Dba.
9112
»
M'l
7f
M
I
'
31
27
'6
89
a
73
Option sale
——
.
1
i
M4
Wopk eadlug
Is
IS
Juii. 14
Dol Lack A Wcstoru
Morris A lisne\ lat ku 3^32000 J
1921 J
N Y Lack 4 lal 68
D
W
!••
Range or
lat lion cijulp K 4>i8
I8t &. ref 43
Jan. 14
Laat Sale
Ask Low
69'8 09
93
Bid
08
92"2 Mtty'20
9318 --.
»lis ...
Rio Or West
70
01'4
79
Ist
80
86I2
»97'4
B.
S
J
J
J
J
J
J
F
A
..1953 A
D..1953 A
A
Gen conv 43 Series
Chic & Erie Ist gold 53... 1982
Cleve & Mahon Vail g 53.1938
Erie & Jersey 1st a f 69... 1955
Genesee River 1st s f 63_.1957
Long Dock consol g 63. ..1935
Coal A RR 1st cur gu Cs..l922
Dock & Impt 1st ext 5s.. 1943
N Y & Green L gu g 53... 1946
N Y Susq
Ist ref 53.. 1937
2d gold 4>^8...
..1937
General gold 5s
1940
Terminal 1st gold 59... 1943
Mid of
J Ist ext 5s
1940
Wllk A East 1st gu g 59. .1942
Ev A Ind Igt cong gu g 63. .1926
Evan9V A T H Ist con9 63.. 1921
Ist general gold 5s
1942
Mt Vernon 1st gold 6s 1923
Bull Co Branch 1st g 59.. 1930
Florida E Coast 1st 4H9...1959
S'ort St U D Co Ist g 4H3..1941
Ft Worth A Rio Gr Ist g 43.1928
Oalv Ho us A Hend Ist 53... 1933
arand Trunk of Can deb 73 1940
Great Nor C B A Q coll 4s. .192
J
J
J
J
J
J
A
IW
IVI
J
F
F
A
A
A
.T
J
J
Q
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W
J
D
i
J
J
J
J
D
M
M
M
M
Div l9t gold 33.19''>I
Loulsv Dlv A Terra g 3 !^9 1953
Middle Dlv res 53
.1921
Omaha Dlv 1st gold 3s_..I951
8t Louis Dlv A Term g 39.1951
Gold 3^9
1951
Sprlngf Dlv l9tg3^s
1951
Litchfield
Ist g 49... 1951
56
23I2
Jan' 17
94
89
Dec'20
67
108
95
75
92
93I2
86% 91
96
81U
8212••
96
82
102
99
89I4
12012
81
Sale
*86
88
82
80 '4
70
75
99
103
80
83
7812
76^4
99I2
97
90
7I4
»n<I
7934
47
40
30
34
4612
5334
11'
66I2
85
7878
90
86
58
20
79
.
19
7112
68
6912
"9'li2 Safe"
65
89
70
8OI2
96l2
Mir'20'
mil
Deo'20
Feb'20 ----
76
90's
74
Sale
74
Sale
721? Sale
79% 81
105%
7618
83I4
82
83
82
99
97
1'
55
7
6812
5934
....
71
1
Dec'20
1
St Louis Ist 7s
.1927
Pacific Ext 1st g 69
1921
1st consol gold .53.
1934
1st A refunding gold 4s
1949
Ref A ext .50-yr .5s Ser A.. 1962
Des
A Ft D 1st gu 4s.. 1935
Iowa Central Ist gold 5s. .1938
Refunding gold 4s
1951
St P A 3 S
con g 43 Int gu '38
1st cons 5s
..1938
1st Chic Terra s f 4s
1941
M
M
I
D3C'20
92
Dee'20
34
M3SMAA
73
13
68
773j
Mo K
MKA
87
88
Jan'21
Oof'20
M
Ist guar 53..1942
of
1st gu g 5s. 1942
So Ist gu g 5s_.1942
OkIa 1st gu g 5s.. 1943
KAT
A
A
Sher Sh
T
—
6312
72
W
62
65
78l->
Montgomerv Dlv
62I2
5')%
69
St Louis Dlv 5s
1927 F
vSt L A Cairo guar g 49_.1931 J
54
60'4
74
68I2
93I2
80
60
69
Nashv Chatt A
52
53
62
6II2
69
5812
1938|Q
Ist g .53.1947
L
St
70%
93
88
Aug' 19
La'je Shore coll
76 14
90
74
55
76li
5
6S% 74%
90
Dec'20
1
S734
93
74
78
557s
108
4978
59
78
O"t'09
53
63I4
6278
78
72
67
84
72
79
87I4
42,
82% Dec'20
5
j
84'4
69I2
Registered
Mich Cent
76%
B
Due Feb.
g
Due June.
?i''Due July,
80%
80%
93
85
90
.Ian 2
85
Dec'20
89
Dec' 16
59''.
33
Jan'21l
33
Dec'20
Dec'20
80
88
86%I
11
5
5
54%
66I2'
431
Dec'20
79% Au?'20j
86
102
Sale
87
"71 " Sale
87
9812 101
91
93%
I
98%
73
J
A
O
J
J
64%
Sale
92 Sale
5934 Sale
9178 Sale
102% Sale
71
Sale
78% Sale
68I2 Sale
6712
79 12 Sale
J
J
*67
J
75
63
*55
N
N
Sale
Sale
eOl'^
I
98%
90
64
76%
62%
66%
92
9234
58%
91%
60
92
101%
102%
69%
71
7634
79
67%
65
77
69
Dpc'20
79%
66% June'20
75
63
83%
84
91»s
74% 89«»
49% 60
69% 72
.-.;
..-'
70
76%
87
13
80
95%
"27
"63"3^
...!i
1
—
'
65
334
42
"37
75
1
15
87
91
102%
j
5178
80%
80%
08
77
84
»7«4
17%
13
30
25
25
40%
15
68
24
80
07
96
64
567s
90'4
41%
I
01% 70l|
57% 67%
82%
69
C5% 76%
76%
05
55
63%
54
...
49
81
Feb'20
Dec'20
58
49
9534
Nov' 16
73
June'20
64%
71
75
66
52% 60
52% May'20
May' 16
"72%
93*4
86
107 100 103%
72»*
13 63
36 69% 82»I
63
104
'78'
86% 95%
...'!
11
16
79»i
80
.Aug'20
J
J
6238
74%
62
58
D
J
65
60
61% 63
A
51
'87l'66"
Oct'l7|
71
3ept'20|
Dec'20
63%
Dec'20
71
68%
Dec'20
78
78
Sale
78
73
73%
75
94
94 Sale
94
98
98
99
.Tan'21
.'3% Dec'20
!7
22
Dec'20
34% Dec'20
25
32
24I2 23% Dec'20
6SI2 72
08
Dec'20
s
63
60
July'14
70%
80%
68%
Sale
60
26%
29% 40
0"t'I8|
Oct'20!
June'19l
7:-%
78
91
45
20
,
71
50%
33% fiO
48% 72%
79
88
86
Sale
75
28
I
Jan'21
62%
70%
56
68I4
24
23
30
37
90
S
10
26% Dec'20
40
42
40
52% 635f
23% 46%
27% 48%
35%
17
30% 60%
60%
75
23% 48%
Dec'20
Jan21l
51%
51%
60% Oct'20
321
Sale
N
A
O
9
50
55%
99
95
88
177
39%; 51
36%
867!
70
82% 85
92%
86
.\\
Jan'21
Oct'20
Jan'21
Oot'20
Sale
Sale
61
35% 48^
70% 82I2
6O34
65
80
88
81
69%
97%
65% 75%
34% 49%
44
40
57
51
42
72%
3
17
91
31
33
77
76
87
89
O
98
85
8212
N
i
J
91
95
68
O
O
88
97
Mar'20
58
J
82
95
72
43
51
56
S
A
88%
Mar' 10
Nov' 10
44
48
42
70
50
D
64
76
79»4
July'20
69%
Sale
Sale
30
S
7.5%
lOOlj
72
58
77
75
99
88%
S
N
60t2
100
101% 104
63% 76
68
Sept'20
35I4
S
6i
90
91
2612
A
75%
90%
45%
Dec'20
68
43
48
40
70
43
33%
A
A
1
Dec 20
66
35
A
A
F A
coll gold 3'/59_.199S
1998 F
Registered
_
Battle Cr A Stur 1st gu 33.1989 J
Beech Creek Ist gu g 4s..l936|J
1936, J
Registered
...1936 J
2d guar gold Ss
1936
Registered
Beech Cr Ext 1st g 3^9.81951
1981
Cart A Ad Ist gu g 4s
Gouv A 09we Ist gu s .59. .1942
Ka A A O R 1st gu g 5S..1938J
Sept'19
Jan.
.-I034:'W
...1934 IW
.1942 J
1999 F
gS'^s
1998 F
52
53
7II2
73I2I
95I2 Nov' lal
104
Aug'20
25
NO A N'Elstref AImp4HsA'.52 ..
New Orleans Terra Ist 43... 1953 T "s
N O Tex A Mexico 1st 63... 1925 J
1935 \ o
A
Non-cum In"ome
N Y Cent RR conv deb 63.1935 M N
Nov'17
6912
99%
90
8978 103
100
79
42
42
52
I
93% 96
70% 85%
49
.5s
84
88
71%
99%
95
O
1
PI
105
Nov'20
89
J
M
.S7
Feb'20|
Dec'20|
*l
99
85
85% Dec'20'
•8'd"
57
54
23
9012
Sale
N
A
25
'.42
80%
O
62% 75
91% 99%
87% 100
72
84%
3
91
D6C'20
44
48
39
36
89
97
99
60%
74
87
95
45
o
1930
lO-vear coll tr 7s
A
I99<! F
2013 \
Ref A Imo 4Us "A"
New York Cent %: Hud River
1997 J
Mortgage 3'i3
...1007 J
Registered.. _
Dec' 19
90% June' 19
6312
04
97% May'IOl
41
71
42
60
1
100
42
A
Consol 43 Series
N0V2O
74
39% eSh
Feb'OSI
69U
4!^s..l926 j
1951
9912
Jan'
IVt
65
95
90
93
9012
J
of Mex prior lien
1st consol 4s
N0V2O
61%
.Ian'21
66% Sale
o
Nat
95
87
80
72%
92%
6934
78l2
63.. 1923 A
Nat Rvsor Mex nrIlen4Hs_li57| J
Guaranteed general 4s
1977| J
77I2
74
81
Jan'21
Aug' 19
M
Jan'21
72I2 Dec'20
6II2 Jan'21
68i8
08%
79
6412
91
Jan'21'
'7'o'l2
99
91
Ist .5s.. 1928] J
Jasner Branch 1st g
65
7434
19271m
ftI927lT
7478
Oci'Ort
65
77
80%
7512
D
g 5s 1931 J
53. .1931 A
Unified A ref gold 48. ..1929 A
Registei-ed
19291
Rlv A
Div Ist g 43. ..19331
Verdi V t
1st g 59... 19261 IVI
99I4
65
84
86
91
J
L Tr M A S gen con
Gen con stamn gu g
ts
73I2
70%
N
St
Ohio new gold 6s
53
72%
81
fVI
83%
Ist ext gold 69
52
72
85
M
79's
G
A
9978
98%
J
Dec-20'
'4
'i7
8OI2
M
M
73
84% 92
75
99% Dec 20
99%
J
M
103
9Si«
73
Oci'20;
100
*71
J
83
7V
88
921/
Q
Missouri Paciric (reorg Co)
1st A refunding .58 Ser A_.1965If
Ist A refunding .5s Ser Ba.l923|F
1st A refunding 58 Ser C..1926 F
General 4s
1975 Wl
Missouri Pac 40-vear 49
1945!m
3d 79 extended at 4%
I938;iVI
Cent Br U P 1st g 4s
1948
De'ienture gold 43
Registered
30-vear deb 49
Due
87
9934
m
69
68
Deo'20
a
103%
'26 J
Okia
«
91
MaV20i
91
A
M
92
14
8II2
8312
8li2 Sept'l)
Sale
92
Jan'2l'
IO3I4 IO2I2
1031 ij
91
M
M
Jutie'16
Mar' 19
gu
1st g 4s Int
64l2
9212 ...
8312 Sale
M
69
78
63
83
Dec'201
Jan'21
Nov' 10
weak,
85
63%
Mo
General gold
217i
"27
May'IO
78
8812
J
Mississippi Central l3t 59. ..1949 J
Kan A Tex— Ist gold 43.1990 J
2d gold 43
(71990 F
Trust Co ctfs of deposit
_.
1st ext gold 53
1944
1st A refunding 4s
2004
Trust Co certfs of deposit
Gen sinking fund 4^3
1936
Trust Ct certfg of deposit...
St Louis Dlv Ist ref g 4s. .2001 A
5% secured notes "ext".. 1916
Dall A Waco 1st gu g 59. .1940
Kan City A l'.ac I9t g 49. .1990 F
A E 1st gu g 5s
19421a
Mob A
7212
73
65
65
•
M
M
Pac Rof Mo Ist ext g43_.193S J
1938 F
2d extended gold Ss
62'4
72I4
92
81
i
Minn
6934
'6'8'l2
RR— Sou llneg 4s. ..1936 M
M
20
76
94
91% 91%
25
I1712
|
60
Stamped guaranteed
1977
Midland Term Ist a f g 53.1925 J
96I4 IO6I2
85
Sept' 12
7712
7II4
66
06
M
—
90
79
74
76
'J I
M
M
Internal Ist cons g 4s.. 1977
83
9S
891}
....,{
I
N
N
Texas
712
7334
65
thlt
88I2
99
92
7634
6512 July'18
8II2
85
67I4
67I4
73
90
84
8512
80% Nov' 16
7910 May'19
Sale
55%
9fll4
Jan'20
91
74
M
651;
Sept' 1
95%
69
89
M
Mex
Oct' 13
73
7312 ...
M
M
M
1
.1.
Mem
Manila
105
87I4
M
M
M
M
M
LANAMAMIstg4VJs
26
Dec'20
927.
M
NOAM
73lt
I
77
M
M
N
N
80
83I4
99
35
58'2 Dec'20
5812 Sept'20
61
61
70
92
67
99I2 10 lis
92I2 9678
"59
July'09
102
60
8II4
51%
80
72
70
58
66
.
55
78
48
73tj
82ii'
Sept' 17
9078
62
May' 16,
92
71
84
ANY
98
m«h
60
69
1
92 '» Nov'20
113
Mar' 12
98i2
98
93 ij 94'4
,vo.i toic
High
76
83
7914
i
M
90''4'
Deo'20
70
«8
40
67
Jan'21
8318
75I2
H6I2
7714 Sale
91
36
74
Nov' 15
70^4 Deo'20
'7"l"l2
91
Sale
97 12
Rang*
Year
1920
tart Sale
76
83
M
Sepl'20:
76
7IS4
Mked
50
Dec'20
75
75
73I9 June'18
73I2 03t'18
69
Nov'20
Sale
8312 8512
75
5812
38
83
Dec'20
61
76
67I4
60
58l2
67I2
3018
II
Jan'21
8212
712
Sale
85
47
June' Id
70
66
83
148
102% 158
97% 372
90
7I2
8712 ...
N
1
Doc' 19
93
.
80
92
96
Nov' 11
65
..1951
!..1951
lstg4s
46
68
72
58
6t
99I8
80
93
June' 12
Jan'21
Jin'21
Jin'21
65I4
70
93I2
9II2
9OI2
9012
I36I4 May'O"!
103'!4
91
91
84
79
92
7678
Sept'20
IOII4
9612
1951
1923
Is.. 1932
5s.. 1951
price Friday: latert t>M
9278
80
Jan" 1
Nov'I9
Deo'20
7II2 ...
1950
Int A Great Nor 1st g ext 7s. 1922
James Frank A Clear 1st 49.1959
Kansas Cltv Sou Ist gold 39.1950
Regl9tered
1950
Ref A Impt 59
Apr 1950
Kansas City Term Ist 4s. ..I960
Lake Erie A West Ist^ 53.. 1937
2d gold 5s
1941
North Ohio 1st guar g 5s. .1945
Leh Val
Y Ist gu g 4H8..1940
Registered
..1940 J
No
63
Aug'lO
6512 Dec'20
57^4
57I4
59I2
66I4
Joint Ist ref 5s Series .'1.1963
Memph Div Ist g 43... 1951
1951
Registered
St Louis Sou 1st gu g 4s.. 1931
A Iowa
03
69
Feb'20
72
61
80
75
1948 A
igss^F
53. 1937 .T
81
74
51
T>
Central 1st gold 4s.. 19 51 J
Registered
1951 j
Ist gold 3'^s.
1951 J
Registered
1951 J
Extended Ist gold 3)^9. ..1951 A
Registered
1951 a
l8t gold 33 sterling
1951 ivi
Collateral trust gold 43. ..1952
Registered
19.")2)A
Ist refunding 4s
1955
Purchased lines SJ^s
I952| t
L
O A Texas gold 4s. . .1953
Registered
1953
15-year secured 5 w; 9
1934
Cairo Bridge gold 4s
19io'
Registered
56
Jan' 17
83
'52'
8II2
J
J
72^8
39^4
39^8
4578
60
Dec'06
Dec'20
Deo'20
IOOI4
10134 Sale
97I2 Sale
901(1
tlllnots
Gold 3143
65%
85
59
62
58I4
8214
10278
99I2
|
A Car 1st 6s
A Shaw 1st gold
St L A N O gold
4778
10812 Sept'19
Jan' 18
103
77
J
J
J
A
Bellev
54''4
91
76
76
12
Dec'20
8212 Dec'20
76
90
7018
54
29'8
68I2
81
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1st ref
tg 53_.»1952 J
Hocklna Val Ist cons g 4H3.1999J
Registered
1999;,
Registered
Nov'I5
Aug'19
lOO^s
56
Djc'16
4412
79I2
...
86
SOig ...
95I8 ...
38
35
Week's
Range or
Ask Low
Bid
6912
M
Roglslcrcd
1 94 1 A
Leh Val RR lO^yr coll 69..nl92H; .
Leh Val Coal Co 1st gu g 58. 1933 J
Registered
1933 J
Isl int reduced to 4a
1933 J
Leh
lat guar g 49
1945
Registered
..1945
Long laid Ist cona gold 58..ftl93l Q
Ist consol gold 48
/|193I CJ
General gold 4«
1938 J
Ferry gold 4^i8..
1922
Gold 49
1932 J
Unified gold 4s
1949
Debenture gold 58.
1934 J
20-year p m deb 58
1937
Guar refunding gold 48. ..1949
Registered
...1949
YBA
B lat con g 5s.l9:J5 A
Y A R B l.st gold 5s... 1927
Nor 3h B lat con g gu 5s.ol932 Q
Louisiana & Ark Ist g.58
1927
LoulHvllle A Nashv gen 63. .1030 J
Gold 53
1937 in
Unified gold 4s
1940 J
Registered
1940 J
Collateral trust gold 5s. ..1931
10-year secured 7s.
1930 IW
L Cln A Lex gold 4 '^s... 1931
1930 J
Ist gold 68
2d gold 6s
1930 J
Paducah A
Dlv 4s.. 1946 F
St Louis Dlv Ist gold 69. .1921 IVI
2d gold .3s
I9S0 IVI
Atl Knoxv A Cln Dlv 43. .1955
.\tl Knox A Nor 1st g 6s.. 1946 J
Honder Bdge Ist s fg 63.. 193 1
Kentucky Central gold 4s. 1987 J
Lex A East 1st .50-yr 53 gu 1965 A
1945
L A N-South
Joint 4s.. 1952 J
Registered
A 19.52 Q
Fla A S Ist gu g .5s
1937 F
A C Bd^o gon gu 4 !^s. . 1945 J
Pensac A Atl 1st gu g 63.. 1921 F
S A .N^ Ala cons gu g 5s. ..1936 F
Gen cons gu 50-yr .5s
1963 A
La A Jef Bd:;e Co gu g 49... 1945
94
15
58
Juae'20
1^
90
37
Nov'20
39
39
J
Green Bay A
deb ctts "A"..-! Fell
Debenture ctfs "B"
Feb
Western Lines
t
28
54
9434
9812
76
A
A
N
44
Price
Fridav
Jnn. 14
Lehlrfh Val (Pa) cona k 4a..2WJ3
General cons 4J^8
2003; IVI
Leh V Term Ry latgu g 58..194iIa
April
72'8
73
82
A
A
D
J
'73'
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J
1961 J
1961 J
8t PaulM A Man 49
193? I
Ist consol g 63
1933 .1
Registered
1933 .1
Reduced to gold 4^8-1933 J
Registered
1933 J
Mont ext 1st gold 4s... 1937 J
Registered
1937 J
Pacinc ext guar 4g £...1940 J
E Minn Nor DIv l9t g 49.. 1948 A
Minn Union Ist g 69
1922 T
Mont C Ist gu g 6s
1937 J
Registered
1937 J
1st guar gold 53
1937 J
WIU
1st gold 53.
J
A H V I3tex-tg43
ATol Ist ext 4s
Houston Belt A Term Ist
4ii2 Sale
*40
50
72
J
.T
/il92l
114
9
6
Oct'20
43'4
45
73 June' 18
'li-h
3914 Sale
3912 Sale
45 12 Sale
8OI2 8II2
J
J
J
J
J
Registered
Col
Col
2
5812
N
M N
A
D
J
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56
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55li
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AW
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13
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Dac'20
Deo'20
IO5I2 Mar'08
76 '8 D80'20
92
Oct'20
Dec'20
99
Jau'20
80
93
J
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15
9II2 Sept'20
M
g fd 73. - 1920
1996
Erie 1st cons g 43 prior
Registered
...1996
1st consol gen lien g 43.1990
Registered
1996
Penn coll trust gold 4s.. 1951
50-year conv 4s Ser .\..1953
Series
50
82
63
76
93 '2
85 ij
78
Ve'ij '77"4
9214 ...
87ii ...
A
NYLE&W
86
29^8 Dec'20
6tl4
60
'ci's Sale
54 Sale
NY
•
Doc '20
Jan. 14
1! !'1
2
Si
72I2
10018
921* 9714
94»4 967,
8OI2
67
87l2
73
9978 IO5I4
72i2
66
100 IOOI4
58'4 68
6278 7278
74I2
63
1
Atl g 59. ..1937
f.Igln Jollet & East 1st g 5s.. 19 II
1920
Grle 1st C0D3I I gold 7s
A Erie Ist ext g 4s... 1947
1923
3rd ext gold 4>^s
1920
4th ext gold 5s
...iy28ij
5th ext gold 43..
III
90
Sale
78
80
82l2
83
Sale
104
Sale 103 12
71
71
71
Sale
Der'20
991 104
100
65'8
64
65 I Sale
081.1 7OI2 O8I4
72
O8I2
70
69
70
45I2
40 Ti
40 Sale
4II2
44
44'8
70'8 July'20
1937
1937
Registered
tnd
Fob'08
83
lot
1st gold 49..19:{9
Dul<!t Iron Ran,-;e lat Ss
Chic
10218
79^.1
coll trust 49 A. .1949
lal Hod k 4!I..I9;)5
Oul Sou Shore
Carb
NoV20
06U
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Gold 49
Oet Rlv Tun Ter Tun 4Mi3_10fil
Dul Mlssabe & Nor gen 5s. .1941
.
91
Week ending
11
High
63
03
Dec'20
194:5
—
do
Low
32
7OI2
N. Y.
Year
1920
Hloh No
1922
19:15
30-year conv Ss
19:i0
10-year secured 7b
1940
Alb A Susq conv 3!^s
Ronas A SarutoKa Isl 78.. 1921
Den A R Gr Ist cons g 48.19;{n
.193(1
Consol gold i'Aa
1928
Improvement ROlil 6s
195.'>
rcfundlnK
59
Ist A
Trust Co certlfs of depjslt.
1939
Rio C-.r .June 1st ku 69
1940
Rio Gr Sou lsti?oId49
1940
Guaranteed
Quif
J
BONDS
SrOCK lOXCHANOE
Range
Is
Hudson
A.
Mm'e A
Week's
Price
Fridaij
J
A
Term & ImDTOv 49-.-l'.»21 IW N
Warren Ist, rof ku k 3^8. .2000 V A
102'?
Confltructlon 68
Delawiirc
—
;
New York BOND Record—Continued— Page
BONDS
STOCK KXCUAVOrC
N. y.
8
9
'
66
58
81
49%
82%
73
73
J
O
o
D
55
68
..
..
73%
.-
J
n Due Sept.
q
Due
Oct.
s
Option
sale.
New York BOND Record—Continued— Page
Y.
BONOS
STOCK EXCHANGE
Weel eudlog Jan.
Wult't
Ranot or
Latt Sal*
Prte*
55
14
N Y Cent A H R RR (Com)—
L«keBboregold3H8
Frittay
Jin. 14
1997
aeglatered
H>97|
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1«J8
a^year gold 4a
1U31
Uugls Cored..
1931
Mob A Mai latgu g 4t<...lU»l
Mabon C'l
Ist 68
1934
MlcblKan Cuntral 5«
1931
KegUtered
1931
71ii
... 70
82 >2 Sale
82 Sale
05
AU<i 2U
82 !•
84
81 '4
83
RR
1940
1940 J
48
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M
JL<kS latgold3H8...19Sl
>8tgold3K8
1952
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1929'
NYChloAStL
69
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67'4
71
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82
s
66I4
77-^
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64
75
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94
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71
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let «u g 48. 19491 i
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..
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711«
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00
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101
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53
60
55
103
a.
93
82
82
1934lj
85
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tr
97I2
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70
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9514 Juue-20
70^4
73
69
7712
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deben
deben
deben
deben
debeu
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1947
48
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1947,M
SO's
42
3>^B
A
4412 Stile
48
4s
J
J
47
49
42
J
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1954
1965
1956
1966
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1948
Oons Ry non-conv 48
1930
Non-conv deben 48
1954
Non-conv drbe'i 4s
1955
Non-conv deben 48
1950
aarlcm K-Pt Cdes 1st 48.1954
B 4 N Y Air Line 1 at 4s. . 1955
Cent New Rng 1st itii 43..19ni
Hartford St Ry Ist 4s
1930
Housatoulc Ry core g 61..1937
Waugafuck RR Ist 4b
195t
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WYWchea4B IstPer I4H8'4t5
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Wow England cods 59
1945
Consol 43
1946
Providence Secur deb 43. .1967
Prov 4 Springfield Ist 53.1922
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1956
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m
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67
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74
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98i2
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84
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68
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82
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67
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1947 J
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4 Nav con g 4s. .1916'
Ore Short Line Ist g 68. ..1922 F
1st consol g 53
1946 J
Guar refund 49
1929 J
Utah 4 Nor gold 88
1928 J
1st extended 4a
1933 J
Vandalla cons g 49 Ser A. ..1955 F
Coosola 4a Seriea B
1957
Vera Crua 4 Plat go 4Vf8..1934 J
80
84
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J
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90
90
98
W
W
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95 '4
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2d 20-yo?.r 59
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lat gold 43
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pr lien g 3H9-19251J
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1950 A
Coll trust 4s g Ser A
19171F
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..
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Ulster A Del lat cona g 68. . . 19281
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1952 A
Union Pacific Ist g 48.
1947|J
80
86I2
80
78
Apr'20
8O34 Dec'20
Due Jan
76
807s
80
82
82
83
68
7612
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,
6O34 Sale
5934 6212
83 Sale
68I2 71
Kan 4
May'19
8712
71
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86 12
55; 71
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1958
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1938
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1946 A o
Ga Pac Ry Ist g Os
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1922 J
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Knoxv A Oaio lat g 69... 1925 J
Mob A Blr prior Hen g 58.1945 J J
J
Mortgage gold 43
J
1945
Rich A Dan t\eh 5s stmp 1. 1927 A o
N
Rich A Meek lat g 53
1948
Virginia Mid Ser D 4-6S..1921 IVI s
IM
Series E 53
3
1926
S
Series F 53
.1926
General 5s
1936 IVI N
V» 4 So'wn 1st gu 53. .2003 J J
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1924 F A
Spokane Internal Ist » 68 ... 1955 J
J
Term Assn of St L 1st g 4 H s 1939 A O
1st cons gold 5s
1834-1944 F A
Gen refund a f g43
J
1953 J
8tL
Bridge Ter gugSs- 1930, A O
Texas A Pao lat gold 69
2000 i D
2nd gold Income 58
72OOO Mar
J
La niv B L 1st g 58
1931 J
A
Mln
4N
1st gu 531930 F
Tol A Ohio Cent 1st gu 6S-.I935 J
J
1935IA O
Western DIv Ist g 68
J
D
gold
General
5s
1935
7818
93I2
Nov'20
75
75
75
85
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nod asked
65
75
89
122| 73
1261 82
8I1 101
Mar' 10
86I1 Oct '20
80
80
M
7612
80^8
75I2
Dec' 15
96U Feb' 12
9018 Dec' 12
88U Feb' 17
75
ADr'20
80
93
Y
L gu *He A. .1940 A
1942 A
guar
1942
49 guar
1945
E 3^9 guar gold. 1949 F
F guar 4a gold. ..1953 J
O 49 guar
1957
I cons guar 4H8.1963 P
General 68 Sertea A
1970 J
ET Va&GaDlvgSs
82
83
6
17
13
Deo'20
7358 JaQ'20
77
Nov'19
79I4
76li
SOU
St
77
59^8
80 la
85
D
D
A O
M
DIv l3t z 4H9-69...1996
St Loulg dIv Ist g 49
1951
Ala Qt Sou lat cons A 53 . . 1943
Atl A Charl A L l3t A 4 ^ 91944
Ist 30-yoar 5s Sor B
1944
Atl A Danv Ist g 43
1948
2d 4s
1948
Atl 4 Yad 1st g guar 49.. 1949
8018
67I4
N W div lat
W l9tgu g5o
ft
91 '4
RO't
75Si
58
3578
»3ia
84
101
77I2 8OI2 75
80 Sale
80
8314
89
92
A
A
D
J
soil
64
88
N
J
N
N
N
J
J
A O
'30 M N
Mem
77
8
D
—
76
A
o
J
M
7812
77I2
J
O
O
80<i
9I1>4
62^
O
F
F
N
RR
103 '8 108
35
67
84I2
96'4
Ist ref
g 6a
1941 J
Louisiana West 1st 89
1921 J
No of Cal guar g 5s
.1938 A
Ore A Cal Ist guar g 63... 1927 J
So Pac of Cal— G u g 69. . . 1937
So Pac Coaai Ist gu 4a g..l937 J
Tex A
O con gold 59... 1943 J
80 Pac
lat ref 48
1955 J
San FranTermI Ist 4s
1950 A
Southern 1st cons g 58
1994 J
Registered
1994 J
Develop ft gen 43 Ser A
19561 A
Mob 4 Ohio coll tr g 4g...l938
8278
97I8 IO212
10018
96
Deo'20
Feb'20
Oct
Waco
AAN
80
74
49 14
69
Dec'20
83
85
104
M
(;1929
W
46
104
D
W V40gu4H8 A..1931|J
Serlea B 4^8
1933 J
Berlea C 49
1942 M
N-
69
Dec'20
82%
77
80
68I2
6714
Tol
'
69
2461
Juoe'2u
Feb' 19
9034
8312
51
94I2 10534
7212 81
9812 9812
2
'20
99I2
89I4
71
"88
87
C
D
65
80
81
90
83
80
4 Mar lat gug4^s... 1935
4 P gen gu 4^9 Ser A-1942
C
70
70
76
69 :a Mar'20
Berlea B
1942
Int reduced to 3^8. .1942
Serlea
3i^a
1948
Serlea
31^8
1950
Erie 4 Pitta gu g 3 Ha B. . 1940
Series
1940
Gr
4 I ex Ist gu g 4H8.1941
Ohio Connect 1st gu 49_.-1943:M
Pitts
A Ash 1st cons 53.1927|M
B guar
'10
Nov'19
81
83
671.)
74
56 '4
8112
.1
8OI1 IJec '20
91 '4 Oct '20
HO a BeDt'20
6712
J
D
1932
1952
1934
gu g 49.. 1949
.1949
Mort guar gald 3H3-.J.1929
Through St L l8t gu 49. 1954
Q H A S A .M A P lat 53.1931
2d exten 5s guar
1931
Gila V a A N Ist gu g 69. .1924
H0U9 E A
T lat g 58. -.1933
Ist guar 5a red
1933
lat g 53 Int gu... 1937
Gen gold 4s Int guar. ..1921
IOOI2 103
76
783s
'20
68
98l2
97S4
31
Dec
03
99
20-year conv 4a
20-year eonvSa
6434
51
59'2 63
60
57
4512 62
7118 82
104S8
14 100
51
Dec'20
Oct
.
Soutliern Pacific Co
Gold 49 (Cent Pac oolI)..tl949 J
Registered
JH949 J
17;
63'>K
9i
98I4
60
4 unifying Sa
H4TC
76 '8 Oct' 19
3712 Dec' 16
106
Jan'21
71
73
7812
6II2
44
32
Nov'20
Dot '20
83
83
Guar 3Hs trust ctfa C...1942
Guar 3H8 trust ctfs D-..1944
Guar 16-25-year gold 4a.. 1931
«0-year guar 4s ctfa Ser E. 1952
Ota Leb ft Nor BU 43 g .1942
Series
Series
Series
Series
Sertea
Series
Series
97
69
6412
N
1st g 4,
Oray's Pt Ter Ist gu g 3i 19 17
4 A Pass Istgu g 4s
1943
Seaboard Air Line g 48
1950
Gold 4s stamped..
1950
Adjustment 59
«19i9
Refunding 48
19
AtI4 BIrm 30-yr Ist g 4s.(.1933iM
Oaro Cent lat con g 4a
1919 J
Fla Cent 4 Pen Ist ext 6ti 1923 J
1st l.iud .^raiitext g 09..1930 J
Consul gold 59
1943 J
Oa A Ala Ry lat con 59..«1945 J
GaCar A No lat gu g 53.. 1929 J
Seaboard A Roin lat 58. .1926 J
Dec' 13
Feb" 14
Dec' 19
7818 8ept'20
7912
87 1«
8epfl7
Nov"20
7612
Sale
85 Sale
90 Sale
81^8 Sale
91 Sale
104 Sale
55'8
40
3958
553..
98
91
'93'l2
69
Ji
S A
Aus'13
7712
99I2 '9934
66I2
39
W
Reslaterel
77
76
Jan'21
76
Mar'2U
9634 Dee' 19
104
10434
7612
76 12
9812 Jau'2u
72I2 Dec'20
80
7912
12j
4812
85
87
1}
Cent Pac
76"i4
55
79
83
79
17i
66
56
60
9a's
104'ij
10412
122
N0VI8
102
Oct "20
7738
80
74 Oct '20
75
1997
RR
POC4
997«
88«8
74I2
eo's
5912
57
80
IOUI5
79
70
45
50
100
46
Sile
97
87
J
.\I
81
Sale
7 5 "4 Sale
8712 Sale
0',
's Sale
50 Sale
0|
K
M N
M
KCPtS4 Rvrof g49.193 A O
K C 4 M R 4 ISt gu 53. 1929
olg
Consol gold 4a
97I2
81'
General gold 5i
1931 J
St L 4 3 F RU (MtiS g 49.. 1996 J
Southw I)lv lat g 63. ..1917 A
C Ft S 4
cons g 69.192s
LS
40
38
AJ960 Oct
A 69
J
Fran gen 6s. 1931 J
76
Oct' 19
July'14
Sail
73
Jan' 12
Mayi5
Serlea
A
95U
July'18
87
83
38
Income
St Louis
Sale
Sale
66> «
lat
bond ctfi..l')S9
2d g 4a Income bond crf3.pl9S9
Octl7
IO6I2
80
4 L K 1st g 5s
OU10I gold 68
Reading C) gen gold 48
Pitts S!i
95I4
451s
40I2
39I2
3912
41
Dec'20
64'2 Nov'20
67^ Nov'20
Salp
IO412 Sale
P4NPKen
R
Sale
68'«
gold 69... 1923
Reglatered certificates. .1923
St Paul 4 Dulutb Ist 69. .1931
Ist consol gold 4s
1968
Wash Cent lat gold 4s
1948
Nor Pac Term Co 1st g 68.. 1933
Oreson-Wash lat 4 rof 49. ..196!
Pao'ilc Coast Co 1st g 5s. ..1946
Paducah 4 ni8 Ist 3 f 4H8..1955
Pennsylvania
let g 48.. 1923
Cansol gold 4s..
1943
Oonsol gold 4s
1948
Oonsol 4^9
1960
General 4H8
1965
General 59
1968
lO-year secured 78
1930
Alleg Val gen guar g 49.. .1942
R
4 B'ge 1st gu 49 g 1936
Pennsylv Co gu Ist g 4He.-1921
Registered
192
Guar 31^8 coll trust reg A_1937
Guar 3 Ha coll trust 9er B. 1941
01
01
I
42
a2047
...a2047
Ref 4 imp 4M8'8er A
2047
St Paul-Duluth DIv g 49. .1996
D
45
72
J
Solo
1st gug 4a. .1989
Northern Pacific priof Hen railway 4 land grant g 48
1997
St
46
43^4
671s
60
W
Registered
General Hen gold 39
Reglatered...
441
1943
1997
Haglawred
1997
Jeracy l^vicral cjll g 48
1951
Allaiitlo C!iy guar 43 g
1951
Bt Joa 4 Clraiid Isl lat g 48.. 1947
8t Louis A San Fran (reorg Co)
Prior Hon Ser A 4b
1950
Prior lien S«r M fls
1!*5()
Prior ;ioo Ser C O9
192
Cum adjust Ser A 68
ftl955
H 4j
Ky Ist 30- yr a
93'2
52I2
45
441
491
«5
82
40
8ept'2u
44
J
Registered $5,000 only..(;1992
Generiil 4s
1955
Norfolk Sou l9t A ref A 5s.. 1961
Norfolk 4 8ou Ist gold 68. .1941
Norf 4 West gen gold 63
1931
Improvement 4 est g 63.. 1934
New River Ist gold 69
1932
X 4 Ry l8t cons g 49.. 1996
Registered1996
DIv'l 1st Hen 4 gen g 4a. 1944 J
10-26-year conv 49
1932
10-2f)-7e3r conv 43
1932
10-25-year conv 4 Hs . . - 1938
10-year conv Oa
1929
Pocah C 4 C Joint 49.. .1941
O C 4 T Ist guar gold 58 . 1922
V4NE
Sale
F
W
T04 Wref I8tg43
49
6^-1956
1986
t 4a 1937
1940
Series
1920
7414
80 >4
ftl921
A
*
Att Lon
UiQtk
96 •» Oct '20
78 May20
103 ^&a '93
g..l921
82
9412
6534
Dee"20
'la
9212
64I4
64
70
73 '2 Dec'20
40
46
44
RR A
2d gold 4Hb
Peru Msr(|Uu'.ie laiHer
60'
'
Won-conv
Hon-conv
Won-conv
Won-conv
Won-conv
J
Hangt or
Lail aalt
79,
13.193U
geu 49..I944
lat g
Can
Peoria 4 PoKln Uu lat
St
9912 Fob' 19
U7i2 Jiine'20
6a..l920-22'M
4 ^^8.. 1920-1925 J
N T Connect Ist gu 4H8 A..1953'f
N T N H 4 Hartfo-C—
'20
71 '2 Nov'20
9312
.
'64" '69
'2
1
92 N
71
71'2
113
4 L Erie 3(1 g 5a. .al»2s' A
PlTtsMcK4 Y Istgu6fl..l932:j
Pitts
74
May' 1ft
97% Jau'21
96 •» ...
97 's
W
UN
Philippine
77
66 'a
ooatt 68.. 1932
lac
frUav
Jin 14
Bid
93 14
4 W Ut g 4a. .1943
4 Sou lat g 6a. 1924
Suubury A Lewis
l.-t
82
A
Ittf,
eons Ku g 4s- 1093: A
Pine Creek rog suar 6s.. .1932 J
B 4 O con Ist eit 6a. .41922 A
Rntlaod 1st con g 4HB...19tl!j
lat
93U
75';
93<4
77-^1
89I2 Feb" 16
69>2 Deo"20
N Y 4 Hu
PUlla Halt
Sodua Hay
I
69
est L4 P
69
W4ttt
Pric*
52
Jan. 14
Peundylvaula Co (Caaci.)
8711
84<2
7214
8II2
81 >i
731; :3ale
NY* Nortbora
74's
Jaii'21
60
69 12
.19.11|IW
45!
I/lth
7l»8
09
66 In
63 ig
T.
NJ Juno RR guar Ist 4s.. 193ti F
N Y 4 Harlom g 3^8
2000|IW
Debenture 4a..
65
65
74
Mar'20
85
73
HeglaCored
29
7411 rteDf20
ttti's
SO
Low
WeaK ending
99 1! Aui!'17
9Sl2 Nov- 18
82
Nov'19
67
M
i
4>
TVi
09^«
71i!
8634
S51«
W. Y.
Yenr
1920
Utgh No
Att Low
Bia
BONOS
STOCK EXCHANGE
Itange
245
3
«
'20"
"28"
Option (ale
—4
— QJJ
1
M6
Week
ending Jan-
5^
M N
M N
WestN Y *Pq
Oen
Ist g 48
Ist g 68
gold 48
-
Inoomo 5fl
Western Pao
A
1930
Kiton A Impt gold 5a
Sefundlng 4H8 series A.. 1900
86'
7812
H;ilo
Nov
56
54
S
J
J
Bway A
60U J;ur21
W
>9''4
81
9J
54
63!2
787,
88
1
Chic
9212
84
4518
6012
61
1
59
66
Jati'21
6912
70
Jan'21
66 '«
U
50
1
61
60^8
61
Un
31
32
3;U6
48
Sale
90
'ei's "6OI2
88
.-55
18
08I4
59''!,
53
63
6414 Sale
42
38
04
80
24
Jj,n'21
C 6Hs
Meroan Marine a f 6a
Montana Power 1st 6a A
Morris
15
1312
5012
5114
5414
J
O
O
36
S
s
1554
12
A
A
9014
A Co
lat s
f
75
75
I7I2
4I2
4I2
50%
90^4
95
July'17
6518
Dec'20
42
68
73
50
69l2
50
09I2
25"8 34
30^8 9-'le
3018 3012
27
1925 M
con g 4a. 1939 J
Lac Gas L of St L Ref A ext 5s '34 A
Milwaukee Gaa L 1st 4s
1927 IW
Wewark Con Gas g 53
1948 J
1948 J
5s
Purchase money g 4s
1949 F
Ed Elec 111 1st cona g 58.-1995 J
WrAQ El LAP l8t con g 53_1930 F
Cal G A E
Pacific O A E Co
Corp unifying A ref 53
1937
Pacific G A E gen A ref 5a. -1942 J
Pao Pow A Lt l3t A ref 20-yr
5a International Series. -.1930 F
1949
Pat A Passaic G A EI 53
Peop Gas A C Ist oona g 8s. 1943 A
1947
Refunding gold 5s
Ch O-L A Coke lat gu g 5a 1937 J
Con G Co of Ch 1st gu g 5s 1936 J
Ind Nat Gaa * OH 30-yr 5s 1936
Mu Fuel Gaa Istgu g 5s.. 1947
PhUadelphla Co conv g 53.-1922
Biaad Gaa A EI conv s f 6s. -1926 J
Byracuse Lighting lat g 53. .1951 J
fflyracuse Light A Power 53.-1954 J
Trenton G A El Ist g 58.-1949
anion Elec Lt A P lat g 58.-1932
Refunding A extension 5s. 1933 Wl
JJnlted Fuel Gas lat s f 6s. .1936 J
Utah Power A Lt Ist 5s
1944 F
Otioa Elec L A P Ist g 53- . . 1950 J
lat
WYGELHAPg
M
M
M
M
M
M
M
M
mud »»*«J
64
77
75
15
16
5
12
3
8
3
4434
591
59
83
I5I4
32
31
7I2
35
24
14
t
5
80
89
6518
37I2
I9I4
56'4
85
37
84
93
50
50
6334
47^8
75I4
74I2
8ept'20
11
68U
2812
30''8
12
67I2
67l2
1
2018
6218
35
70
SUs 76
77
66'4
8212
7-2.
7414
72181
83I2'
70
79
80
79
86
89
83
80
8712
8312 Sale
8312 86
84
IOOI4 Sale
Nov'201
8312
83
87
100
79
96
100%
Apr '20
95I2 Apr '201
87% 86
8OI2 Sale
8912
85
"72'
"66"7i
SUs
^
92
9412
871s
92
73
7OI4 Sale
80^4 8214
.SI 34
66
Sale
Sale
8SI2
8018
88I2
Dec'20
94
Feb
66
84l2
77
78
73'4
79
76
105
84
66
70
100
89
75
90
70^4
67I2
68I4
70
91
78
77
Sale
86
82
89
77
95
90
92
77
12
15
8212
87I2
7434 "85
5812 71»4
15
23
84
89
78i2
81
79I2
72I2
9OI4
75I2
7738
84
89
57
70
7OI2
85
92
91
1
83
July'17i
Dec'20
66
Nov'20
Apr '17
Mar' 17
May' 19
91%
35
Nov'20
Nov'20
Aug
8OI2
70^4
67I2
'20
'17
Nov'20
Jiily'19
Oct'20
--
78^4
46
Mar'20
oDue Jan 9Due
April
8412
O
81
J
Sale
8OI4 Sale
7834
8412
J
74
J
J
A O
N
O
A
N
02 1« Sale
8734
85
O
N
O
O
89
84
O
A
92
89
N
N
.--
1
I
J
SO
7934
70
RR
M
Telegraph
D
A
& Telephone
43.. -1929
193o
Convertible 48
1933
20-year conv 4H8
1946
tr
58
coll
30-year temp
1925
7-year convertible 6s
Bell TelePh of Pa 8 f 7i A.. 1945
Cent Dl3t Te! Ist 30-year 53. 1943
Commercial Cable 1st g 4s.. 2397
2397
Registered
Cumb T A T 1st A gen 5s... 1937
Keystone Telephone 1st 53.-1935
Mich State Teleph Ist 5s. ..1924
N Y Telep Ist A gen a f4H3. 1939
30-year deben 3 f 63.Feb 1949
1937
Pacific Tel A Tel IstSs
South Bell Tel A T Ist a I 58. 1941
-1938
58..
our
coll
tr
West Union
79
94%
Fund A
7054
8
Mut Un
95
95
11-.
S
real est g
4H8..-1950
Tel gu ext 53
J^t.lf
Northwest Tel gu 4^a g. .1934 J
^Dj"June
uuoJu'*'
toic
»v.s
vDjeOcl
23
90
96
'sou
78
98'U
87% 100
88
Sale
71
78
Jan'21
117
77
75I2
68
86
82%
90% 97
91%
85I2
74
83
100%
Nov'18
96
•>
107
7912
104»2
79%
80
91% Dec'20
95I4
60
70%
84%
99%
991*
81%
99
98
94%
91I4
931J
96I4
97%
9ft«4
90
85
86
87
74
39
8
97
178
87
88
8434
95% 103%
1
70
95
87
92
92
17
89
94%
10
97-34
529
94%
91
8
95
98'4
105
95%
89I2 101
92% 97%
93
96
96
96
86I2
87
81ij
81%
7534
81%
9312 July'19
85'4
9738
76
89
74
86%
85% Nov'2»
85%
85%
78
63
70
95%
Dec'20
96
Dec' 14
7812
6314
73
74
7812
IOII4
88
93%
88% 99%
82 14 93%
Jan'21
80
110
91
88
83
Nov'20
96I4
77I2
89%
76
7 100
75
23'
86% Nov'20
86I2
86%
ni
0934
90
Dec'20
83
91
81
25
20
88%
90
83
7112
Dec'20
88
88I2
I
60
Nov'20
86
103
79
104
100
74
83
88
97
81
95'4 1005«
jan'21
Jan'20
7238
99' '
97 1>
78
Deo'20
Nov'20
Dec'20
89
88
99>2
I
143
Dec'20'-
88I2
66I2
817,
80% 100%
89% 100>4
.N'ov'20 -
92
843«
747»
73
7312 Dec'lSj897s SeDt'20) -
87
66
73
85
119
Dec'20
70
9934
8912
8II2
70
117
1
73
90 14
96 14
72%
200
6912 Dec'20
75I2
75I2
92I4 Jan'21
Sale
Sale
93
7812
73%
Jan21
73%
98
Fed' 19
Sale
77I2
78%
68
9112 Sale
88%
9112
8
92-34
93%
70
78
83% Aug'^0
78
7612
SO
80
Nov'20
78
58!
78%
J
6934
10
2
101
J
75%
63%
62%
20
76
J
X6is
63
92
89
"78I2 Sale
S
85
7512
90%
7714 Sale
Am Telep A Tel coll tr
86
81
70
87l2
71
76l2
87
82
J
MN
MN
MN
—
08
93
93
88
91
73
97%
M N
D
O
M S
M
5812
85I2
91
8312
ll.
Sale
94
M N
J
D
M S
M
74
iDue \f4f
5s
A ref 58 guar A
20-yr p m A Imp s f 53
Buff A Susq Iron a Ss
86
:
Ap.-i4'.
38
93I4
Steel
f
95I4
7634
7012
84
74
J
M N
&
95
89
76
245
86U, 88
2
73
81
96it
823;
Sale
71
1922
53 Dec
1931
7a
Stl 1st 7.S-.-1935
1st ext s
82
9433 Dec'20
90'8 July'19
86I2
89
9()
O 78
o --"*
A
1926 J
1942
1936 J
1932 J
f
al926
Debenture 53
Co 1st gu 68.-1922 J
Cahaba
1943 F
Colo F A I Co gen s f 5s
Col Indus Ist A coll 63 gu.-1934
Cons Coal of Md Ut A ref 58 1950
1925
Elk Horn Coal conv 6s
1940
Illinois Steel deb 4H8
1952
Steel
l8t
5s
Indiana
1928 J
Jeff A Clear C A I 2d 6s
Lackawanna Steel 1st g 68.-1923 A
1950
lat oona 58 aeries A
Lehigh C A Nav s f 4H A. .1954 J
MIdvale Steel A O conv s f 5a 1936
Pleasant Val Coal 1st s f 5a. 1928 J
Pooah Con Collier 1st s f 58.1957
10-30-yr 53 s f.l940
Repub
St L Rock Mt A P 58 3tmpd.l955
gen 6s.. 1951
Tenn Coal I A
U S Steel Corp fooup.-.(fl963
(11963
8 f 10-60-year 53jreg
1931
Utah Fuel lat s f 53
1953 J
Victor Fuel Ists f 5s
Va Iron Coal A Coke Ist g 5s 1949
Beth Steel
Jan -21
621,8
J
O
M
Apr' 20
I
>'1924
Conv deb 63
West Electric lat
172
".". -..-1 94 June'161
64
ewui
6414 Sale
86 12 Jan'2ll
861? 87
91
91
Jan'21
84'4 Jan'2i;
85
81
79^8
781s
79 Sale
7514
78
75 14 Sale
70
Dec
65
031?
'20
A
M
i
loe
108
86
88
62
79
90
94
73
78
100
88
14
May'2U|
83
IAS
'
Dec'20
983s Oct
7.5I2
85
75I4
82
66
85'>8 Dec'20
7812 May'20]
85
95
90
91
8412
73
68
47,
8118
65I2
831;
86
95I2
80%
89^8
J.in'21
IO412 Apr '17
78
903i 9-ile
79
'6418 '85'i2
91
Sepfl9
92 12 Dec '19
8II2 3eot'20
92
Dec 20
92
Dec'20
73
JaiV21
69
70H
84
Sale
1(32
'18
77
89
87
66
8312
'84
68
9614
79
95I2
82^4
7678
32
8OI2
Jan'21
N
92
95
82
O
lat 5s..
1st
I
June'19
88
N
Coal, Iron
Sepfl5
71
85
65
N
1940
A 69-34
1931
f 6s
O 9034 Sale
Cent Leather 20-7ear g 5s. -1925
78I4
A
1951
Oonaol Tobacco g 43
'89'l2
1931
'92'
Corn Prod Ref g B f g 53
89
1934
Ist 25-year 3 f 63
85 Sale
J
Cuba Cane Sugar conv 73 ..1930
O "'76'" 78
Distill Sec Cor conv Ist g 53. 1927
83
D
E I du Pont Powder 4Hs-.. 1936
D 90
General Baking Ist 25-yr 68.1938
66I2
A
1942
Gen Electric deb g SHa
88I4 Sale
S
1952
Debenture 5a..A 100% Sale
Feb 1940
20-year deb 83
J "72"
1935
Ingersoll-Rand lat 53
74
Int Agrlc Corp lat 20-yr 5.?.. 1932
J
1935
Int Paper convsf g53
J
1947
1st A ret s f conv ser A
O S105 Sale
Liggett A Myers Tobac 7s.. 1944
7912 oale
A
1951
53
O IO412 106
1944
LorlUard Co (P) 7s
80 Sale
A
1951
53
91
87
Nat Enam A Stampg 1st 5a. 1929
88
9312
J
Nat Starch 20-year deb 5a.. 1930
Sale
88%
N
National Tube lat 53
-1942i'«'
94
Y Air Brake 1st conv 6a..l938il*' N 8912
85
83
1930|M
Standard Joining 1st 53
8038
90
J
Union Bag A Paper Ist 6s--1930,J
J
..1930 •>
Stamped
"86%
J
Union Oil Co of Cal Ist 5s.. 1931
81% Sale
J
U S Realty A I conv deb g 5=; l'>24
99
98
D
U S Rubber 5-year sec 7a. ..1922
7812 Sale
J
1947
I3t A ref 5s series A
Sale
100
A
1930
10-year 7!^3
94% Sale
A
U S Smelt Ref A conv 6a. 1926
9212
D 92
Va-Caro Chem 1st 15-yr 5s -1923
92% Sale
Westlngh E A
Wlokwire Spen
77I8
103
Hit
M
33I2
35'8
21I2
30
50
21
58
31
95
73
80
N
May' 19
Dec'20
June'17
Dec'20
70^4
94
1
D
80
sau
'7oi»
105%!
80
N
3
30
66
Nl
Convertible deb 63
68
I
1
Havana Elec oonsol g 5a
1952 F
aadson Co Gas Ist g Ss
1949 IVI
Kan City (Mo) Gas 1st g 53.1922 A
Kings Co El L A P g 5s
1937 A
Purchase money 68
1997 A
67
40
42
827t
77I2
Hale
Sale
N
N
65
1
M
6OI2
'19
'17
267s
6712
50
50
60
"92* "9412
Oct'20
Dec
Feb
41
25
78
1
.*1940!M
15
'I'.J
I712
3'8
Baldw Loco Works
Cent Foundry 1st a
72-8
72
f
,
27
20
89
24'4
23I2
Dec'20
20
8912'
11
36
Dec
48
68
55
Sale
Sale
Salb
68I2
_
78
49l2
4934
7
-
73
82
6738
94%
& Industrial
1928
Am Agric Chem lat 58
1924
Conv deben 5a
Am Cot on debenture 58... 1931
Am Sra A R lat 30-yr 53 aer A '47
Am Tobacco 40-year g 68 1944
1951
Gold 4a
1939
Am Writ Paper a 7-68
41% 53
92
Apr '20
71
Nov'20 ..--'
2
6712
6712
61
Jul^'lM
57
July' 19
97
80
88
41
30
19
0312
2554
Jan'21 ....
Jan'21
I5I2
" '-'.'..
25
Oct
13
06
J
Manufacturing
70
68
79'»
09%
O
M
7OI2
66I2
6OI2
67I2
71
N
1946 M
Ontario Transmission 5s
Pub Serv Corp N J gen 68.. 1969 A
Tennessee Cop 1st conv 6S--1926
Wash Water Power lat 5s. .1939 J
'VUaon A Co 1st 2.5-yr a f 6a. 1941 A
1928 J
10-year oonv a f Os
68
60
56
28
10
7.
551-1
37
_
41
53I8
Nov'20
5012
55I4
27
54
68
6434 '236
27I4 517,
5414
541s
40
20
25
58I4
Jan '20
49
3
50 5s Sale
Stamped
...1927 J
Oolumbus Gas let gold 5a.-1932jJ
Oonaol Gaa 5-yr oonv 7a
1925
Oons Gaa ELAP of Bait 5 yr 58'21 |M
Detroit City Gaa gold 53
1923
45
's
156
741
17I2 Bale
412 Sale
A Elec 1 at Aref 5s 1956 A
OolumblaG&E lat 5s
1927 J
60'
14
Silt-
Olacln Gas
60
61
20
J
52'>8
16
75
60
Bkly Edlaon Inc gen 58 A. 1949.
Bklyn Un Oaa lat cons g 53_1945 Hi
48
15
13
—
'56
18
58.-1932
al932
lat 53.. 1964
65
I
4s ser 2.1966
ia-20-year 58 series 3
1932
1951
Y Dock 50-yr lat g 48
lat
93
79'4
Dec'20,- -9'
106
Nor States Power 25-yr 53 A 1941 A
Ontario Power N F lat 58.. 1943 F
665g
5014
Dec'20
63
N
20
I
68
Mar'18'58
7812
80
1941
1943
1939
4H8
Niagara Falls Power
Ref A gen 8a
Nlag Look A O Pow
24
24
65
56
50
Sale
Sale
^ale
Sale
54^8
72l!>
O
Deo 20
77I8
a
D
Mayi8
25
7418
38
33
50
35
34I2 49
3II2 45
64
66
Dec'20
71
M N
Int
2II4
'59
67'.<
M
7434
17 3«
Dec'20
78
80
G4l2
68
Fob' 18,.
90
85
84 U
85I4
74I2
6912
7214
83
70
(ctfs)
M
21
7^
19;
43
6OI2
Sale
26
al960
Third Ave Ry l8t g 5s
1937
rri-CIty Ry A Lt Ist s f 5a. .1923
Ondergr of London 4^3
1933
Income 68
1948
United Rys Inv 5s Pitts Isa..l926
amted Rya St L lat g 4s
1934
St Louis Transit gu 5s
1924
Onlted RR3 San Fr s f 43. -.1927
Union Tr (N Y) otfs dep..
Eqult Tr (N Y) inter ctfs.
Va Ry Pow Ist A ref 53. -.1934 J
A ref 6a series B
/il940
Ba G L N Y Ist cons g 5s. ..1932
45
58
Ad) Income 53
1933
43
59I2
H
Qai and Electric Light
1947
Q L Co 1st g 5a
J:i,ii'21
60
5912 Sulo
N
Atlanta
26is
2Ti
6312 .rAn'21
6312 J.m-21
Dec'20
52
53^1 Nov"20
Def:'20
18
63l2
5812
66'2 June'2l)
64^8
53
53
25
412a '39
gu 4)^8 A. 1983
1903
Chile Copper 10-yr conv 7g.l923 IW
Coll tr A oonv 68 ser A. ..1932 A
Computlng-Tab-Reo s f 0s.-1941 J
Granby Cons 9 A P conOa A 1928
1928 IVI
Stamped
Great Falb Pow Ist a f 58. .-1940
69
74
60
16
13^8
.-Jta'n iat
lat Hor
8'-.
55''8
'2
47
58
I7I2
I914
15
78^1 Sale
68 Sale
I6I2
M
72
84
59
69
Atlantic Fruit conv dob 7a A 1934
Booth Fisheries dob s f 6b - . - 1926
Braden Cop
coll tr a f 68. . 193
Bush Terminal Ist 48
1952
Consol 58
1955
Building 5i guar tax ex.. 1900
Chic G A Conn Rya s f 58 ... 1927
Oot'20
551
'69
651
Nov'20
55
08
69
66I2
60^8
20
55U 56
57S1
Conv dub 6a series B
Armour A Co Ist real est
'IV
85
84
42
M
M
I*l««< -u»
Oct
86^4
45
41
7th Av 1st c g 53.1943 J
Col A 9th Av 1st gu g 58.-1993
Lex Av A P F lat gu g 5s. . 1993
Mot
S El (Chio) Ist g 48-1938 F
1411 w Elec Ry A Lt cons g 59 1926 F
Refunding A sxten 4 Ha.. 1931 J
NSontreal Tram lat A ref 53.1941 J
New Orl Ry A Lt gen 4!4s-.;935 J
T Munlclp Ry l3t a f 5a A - ! 966 J
N Y Rya 1st R E A ref 43. .. 1942 J
Certlflcatea of deposit
80-year ad] inc53
al942 A
Certificates of deposit..
N Y State Rys 1st cons 4^8- 1962
Portland Ry lat A ref 53
1930
Portld Ry Lt* P 1st ref 53.1942
Portland Gen Eleo Ist 53.1935
St Jos Hy L
A P Ist g 5S--1937
9t Paul City Cab cons g 53.-1937
f lilrd Ave Ist ref 43
1960
•No Dt\M FrMjy
4
0112
25
Ry
—
85 '»
87
2312
Un El 1st g 4^58.. .1950
1956
Stamped guar 4-6s
KInga County B 1st g 4a. .1949
1949
Stamped guar 4s
Nassau Eleo guar gold 48.1951
1927
Oaioago Rys lat 58...
.lonn Ry A L lat A ref g 4Ha 1951
1951
Stamped guar 4H8
Det United 1st eons g 4H8.- 1932
FtSmlthLt ATr 1st g 6s.. .1936
1957
Hud A Manhat 53 aer A
1957
Adjust Income 58
1932
N Y A Jeraey Ist 58
EBterboro-Metrop coll 4Hs.l956
Certlflcatea of Depoalt
Snterboro Rap Tran lat 58. .1966 J
Manhat Ry (NY) conss 49.1990 A
Stamped tax-exempt
1990 A
Manila ElecRyALtsf 58 -.1953 M
Bkn
42
80 12
30
88 '8
Mtge Bonds (N Y)
Dklyn
III
5612
62'h
84
Alaska Gold
1168
1
aiiV
.
M deb 88 A
8912
60
58
1948
1925
1926
coll tr g In
6912
88'«
111
QO-s Mar'
Bk Q Co A S con KU K 58.. 1941
194
Bklyn Q Co A 8 1st 5a
Ist
Oct
54I2
85'«
81
80
.
J,wi-21
7412
82
M
Adams Ex
4
Ttar
1020
Jan. 14
MUccllaneou*
18
66
08 14
Auk'IX
82
'79'
;'0
S
OertlfIcatea of deposit
Oertlfloatos of depoalt stmp'd
Bk City 1st cons 53.-1916-1941
tr 5s.
Aug
60
sn^| Mar 20
SO Aug '12
Sale
Street Railway.
Brooklyn Rapid Tran g 5a. .1945
2002
Ist refund oonv gold 48
3-yr 7% eecured notes.. *1921
Detroit Edison Ist coll
lat A ref 53 ser A
79
R9%f
Qa* & Electric Lt— (Conci.)
1987 3
Utloa Gas A Eleo ref 59
Wertcbeater Ltd gold 5a
1950 J
91
81
79
72
13
3
8712
00
Sale
7612
M N
El
J
1 1
BONDS
STOCK EXCHANQE
Week oa'Uug
97I2 July' 19
00
M
Y.
1
9(1
97
1949
Wlnston-Salem 9 B lat 4s.. 1900 J
Wis Cent 50-yr Ist gen 4a. . . 1949 J
8uD * Dul dlv A term Ist 4s '38
lat oonaol 43
Street
87
07
A
5if etropolltan
84
781? Sale
*
Ed
1
High No. Low Uioh
85
45 72''8 H6'8
Low
81'2 Sale
'07iti
5fl--194B
Ist ser
192(1
L K iBt K Ga
WheellnK
1928
Wheel Dlv lat gold 5a
RR
2
Ranot
Year
1920
Lout Sai*
14
51-'s
1945
1952
1937
1943
pl943
40-yr guar 4a
Wttk't
Hanoi or
BU
Oes Moines Uiv lBtg4a..l939
1941
Om DIv l8tg3HB
1941
lOl * Ch Dlv g 4s
1945
Wnsh Torml 1st gu 3H8
West Maryland
Prict
Friiav
Jiin.
1
Virginian iBt Ga geriea A.-.1!)I12
l"3i»
Wabash iBt gold &b
lU3i» F
2d gold 5s
1939
B
Debenture Berios
5b
19B1
UencdUlpald
g
iBt
tit Hen 60-yr g term 49. . . 1954
1941
Det* Ch Kit let g 58
Ist
2
New York BOND Record—Concluded— Page 4
-mNDN
8TOOK EXCHANQE
T.
«7
4
I1
74
76
72% 84
83% 93%
96
93I2 Sale
77 Sale
73%
"7712 Sale
70
75I4
8634 Sale
86I2
71
71
88% 95
95U Sale
87
9334
86-34
89% 94%
71% 99%
83% 83%
85%
71
54
,
5
i
-H
80% 96
72%
Jan'21
Jan-21
95% 529
90% Dec'20
Oct'20
.
62
80
70
..
83
82% Jan'21
78%
85
61
82
80
88
80
99%
80
87
80
.1
1
79
Sale
Sale
Sale
Sale
81
54
\
9
--
70
86%
82
72
82
90
81%
9fl34
76% 88%
16
13
79%
09
77% 85
72% 93'4
92
99%
96»4 102%
81% 90
64%
60
85
81
99'4
0238
83
Sale
96 Sale
10134 Bale
78%
89%
93
88%
71% 80%
Sale
82%
78
67
80
Mar' 19
6512
82
82%
78
4
781
'
i
8511
70% 80%
70
81%
99
p04r S^i
fDge Ueo »Opcloa
sale.
BOSTON STOCK EXCHANGE-Stock Record
SHARE PRICES— NOT PBR CENTUM PRICES
1
Saturday
Jan. 8
24
• ...
• 125
30
Jan. 12
120
•78
23
80
•77
23
Wednesdau
Jan. 11
627g
6318
6312
T^esdav
Jan. 10
125
126
125
Montau
79
22
29
125
2312
20
•
627g
ei7g
•126
79
24
80
25
30
•25l8
29
126
120
24
•25
•125
24
62li
•125
—
•130
•68
----
-...
•38
40
21
•72
•72
21
85
_
•65
•17
•75
40
4g
2014
21>4
4OI4
•20'4
40<4
2114
•71
80
78
1934
4OI2
41^8
40
•2l«
2>4
77
80
•72
•06
2t
1934
•8
4#i«
60
•2
3
•2
3
3
9
234
•91;
3I2
10
99%
'.1934
234
a
9
991;
987g
»93i
80
78l2
.50
13
17
8t
79
8*
79
4
4
S's
|».80
•97
4118
50
80
•Ifiu
41
•4934
3
781?
I^.IO
•12
20
•75
50
2»4
tmij
-._.
....
•75
40'2
70
....
•69
•70
•60
30
135
1
'.lO
•12
I()l2
•37g
6^
5I4
.85
.95
1
I
50
79
•79
"
I
80
83
.15
.15
•12
13
17
4
534
.95
'
lig
•130
•70
13
""""
•
•B6
21
•75
5I2
.75
.84
•.80
13«4
13ie
V.iu
1333
5
• 33.
.Ji„
2212
•1G12
23
•701-.
75
•4
221.
•16
*70l2
102
1021.1
lOis
IOI4
10
8
•7I2
•34I2
17
162
161
17
l(>'.i
•7I2
8
35
23
35
•22
23
12
13
III2
ll'i
30
30
30
USg
45.1
4I2
4I2
12^8
llSg
12^
115s
127s
117s
•90%
91 12
84I4
6OI4
601->
90»i
911.1
85
60
85
GO
1191-. 11913
119
2OI2
19
20
97
•10
97
111'
273^
2734
98
•10
2734
•23
III2
•28
85
I2«
10^4
.90
*.80
•.97
.90
I3I2
131-
75
•701-
75
I6II2
16
8
lllg
111-
28
28
UI2
•91
85
911-.
91
91
85
60
6OI2
119
85
00
60
20
99I'
III2
2818
27I2
•151
120
21
991Ills
*17i3
18
14
•1734
14
19
14
14
.80
101-
23
III4
10
101-
412
I2I2
1158
9OI4
83I4
412
121115s
901,
83I4
30
*4l2
13
13
nil
115s
9II2
911-
434
85
847s
•60
120
20
99
•10
•00
601-
20'?
991-
98
O'Jlj
1114
10
10
001-
120
28
28
28
153
•15)
100
•1734
'
18
•8
834
8
10412 10512
IO4I4 105
•56
•21
•56
22
57
22
10'5l4
105
•56
18
2734
154
50
21
21
38
1734
17
16
151-
18
1734
I8I4
17
Ifi
17
16
1512
151-
17
16
I5I2
371s
2411712
17
20
20
20
30
30
•25
30
30
20
20
29
375g
24
241?
24
I8I4
1734
18
17
16
17
I7I4
16
I5I2
16
18
18
•.55
.95
52
52
*.25
21
.50
21
314
3I4
8I4
8I2
9I2
.05
*9
F*.03
250
253
133g
334
7lg
9>2
•234
3I4
2I4
2»4
47
3
3
3
3I4
3I4
3I4
2I4
2';i 2'x,
234
II2
234
2I4
134
35g
SI4
234
48
7
914
*.40
4834
•75
22
*2l2
•13h
25s
•112
•134
29
403i
331')
20
1%
10
22I2
245
3278
378
37g
7
7
50
77
•u-
2218
2I2
II2
3
214
•.90
9
934
•2I4
•3I4
2I4
«.40
49I2
•75
22
240
934
234
312
2I4
49I2
77
22
3I4
II4
II4
Ih
II2
161-
I6I2
8II2
SII2
•.80
•41
82
8
8is
1218
•I84
2OI4
45I4
16116
Last Sale
L'lst Sale
•83
21
27I'
2SU
40
41
28
40
33
33
3368
32
41
32
193i
II2
20
20
19
19
8I4
11
8I4
21
20
20
28
•25
40
27
40
31
31
191-
101,
II4
II4
•llg
II2
.12
•.10
.12
•.10
.12
Last Sale
•.10
.12
4
4
•3I2
4
*3l2
4
•3I2
17«
2
178
2
I'Xt
17s
2
2
234
2I4
.50
.50
.49
234
.5C
•.52
.55
284
5I2
258
284
4
5
4
2
Vh
I's
.50
258
234
234
234
4
4
4
4
138
II2
II2
I's
II2
•II2
2
.90
12
.50
*.60
III2
•25
• BIQ and atted Drieea.
•4
1%
II4
2I4
178
3
.55
21-
•4
234
158
•284
4I2
•234
4I2
3
8I4
191-
25
41
3II2
•181•1
N
Do
Am
pref
60
2
10
Amer Pneumatic Service.. 26
Do pref
50
Amer Telep A Teleg
100
AmoskeaK Mfg
no par
Do pref
HO par
AnKlo-Am Comml Corp. no par
Art Metal Construe Ino
10
AtlaeTack Corporation. no par
Beacon Chocolate
10
Blghcart Prod A Refg
10
Itostoo Mex Pet Trusteesno par
Century Steel 0! Amer Inc. 10
Connor (John T).
10
East Boston Land
10
Eastern Manufacturing... 6
Eastern 8S Lines Inc
26
100
Ediaon
100
Elder Corporation
no par
Gorton-Pew Fisheries
60
Greenfield Tap A Die
26
Internat Cement Corp.no par
Internat Products
no par
Do pref
100
pref
Electric Ilium
Pacific Mills
Plant (Thos G) pref
88;)
Febl7| 134 N(,v 3
68 Oct 26
74i2 D«»c28
8»l»N.,v 9|
I3I2 D» 21i
40 Bept 14
Oci21
26 Die 30, 40
1J4
Jan 28 143 Mar 16
119
60
May 25
Doc 21.
lOo
Nov
3
130
Jan 30
Dec 28
68
32
Jaul2
Dec 23
Dec 18
Dec 21
72
60
July 21
Dec 30
89
86
16
Jau2U
'4
70
77
97
Jan
Oct
38ii Jul)
b
31*
21)
6
1
July
32
84
11
Jan
Nov
30
Fel
136
UO
Jan
Just
Junt
Ocl
1
Feb
no
78l| Jul>
Dec
Dec
Dec
40*4 July
Qdll ADf
f)cl
Dec
Dec
Oct
38ii Rept
47 Sept
6
100
10
no par
25
Root A V Dervoort CI A
ShawmutSS
SImmsMagneto
Stewart Mfg Corp
no
Swift A Co
5
par
799
100
30 Torrlngton
25
275 Union Twist Drill
6
2,085 United Shoe Mach Corp... 28
.505
Do pref
26
6,276 Ventura Consol Oil Fields. 6
2,351 Waldorf System Inc
10
81 Waltbam Watch
..100
275 Walworth Manufacturing. 20
00 Warren Bros.
50
lOfi
Do 1st pref
60
1
20
Do 2d pref
60
743 Wlckwlre Spencer SteeL.. 5
13ltNov
83
68
JUDi
Apr 20
36U Apr 17
10
Apr 23
I27| Apr 14
388 Jan 3
7
Jan 6
38
60c Nov 10
49o Dec 29
Nov
12
3-'8
21
1612
62
140
18
May 15
Nov
164
Dec 22
Dec 27
36i| Jan
4
2
June
3
3284
Dec
60
16
Apr 14
1512
8
26
14
0'gDec21
Dec 31
Dee 22
lOlgNovie
9lj Apr 30
89i2Dec29
8884 Feb 6
57 June 8
24
4
Nov
118
Nov
19
1
19
141-
14
lOlj
27
25
16
Jon
7
Dec
Dec
Dec
28
19
No»
M»»
67,
JUD»
De«
^**
79
172
Jm
No*
Oct
38»4
28
Apr
38
19
75
Mar
68^ Oo«
July
90
684
Dec
2838
Nov
35
8»8
Feb
11
Jan
99
86
988
71
47I2
Nov
83
Sept
149
72
96
145
93
Feb
190
14
35
30
15ij
321}
Jan 2
44
Feb
11
2518
784
Sep)
Fee
Oei
Jajf>
Mar
Jwi
Jar
Junt
Jul*
Mai
No»
De«
991,
16
fiQl,
Ocl
Dec
Dec
35I4
2714
69V4
No*
Jan
Jan
62lg Jan
Marie
May
Jan
Jan
July
116
Jan
Oct
Jan
May
23'4
44IJ
Apr 7
16
Jan 26
28
Aug
26
Feb 3
17
16
Mar
37
38
Jan
Jan
.80
62I5
Mar
39i2Junel8
33 Jan 21
Jan 9
35
32 Sept 20
May
47,
161,
No»
130
Feb 11
Dec 17
Dec 22
Dec 30
Dec 23
Dec 13
Dec 23
Dec 29
13 J,
Det
Jan
Apr
Oct
13812 Jan 21
Apr 13
De.
No»
24
Dec
Feb
Mario
No*
841,
211,
261,
34
Nov
76
152
Jan
80
28
49
Am
AU(
lOgiiMay
Dec
67I4
1
No»
9I4
4it
00
Jan 26
Jbl
Ap^_
81 ig
6
63»4Nov 8
21
Nov 15
321 2 Dec 21
2278 Sept 23
15
Dec
17lj
12l2Septl5
lOllj Jan 10
86 Nov 1
101 Nov
3688 Jan
34I8 Mar 30
17618 Jan 19
99 Jan 12
Jan 2
16
Jan 3
66
3II2 Jan 7
25I2 Apr 6
4984 Apr 8
133
Jan 2
27
Dec 22
97»8Novl3
50 Deo 29
I2I4
Apr 8
Apr 8
Jan
23l«
4
3
Dec 29
igijSept 7
5
Feb 7
8i8
63
1778
Nov
soil
3178
Dec 30
15
8258May 8
9 nee 30
2334 Dec 28
14614 Dec 30
Dec 3
85
13
45
Oct 9
Jan 2
7811
16
39
138
May 25
2914
2
e
Apr 8
88
Jan
Apr
2ij
1484 Sept 17
8i8 Mar 23
36ii Jan 3
2838May 7
Dec 27
Dec 22
Dec 27
Aug 10
714
66c
Dec
Feb
Ooi
Ja»
Maj
Dec
96
79
Jan
115
106
23
100
60
6
2it
100»4 8ept 16
Apr 20
167
83
Jan 13
Jan 6
lU
Deo 8
5
5
Not
Novl
Mar
16
82
7i4M8rl6
SljNov 4
3o Dec 14
1
Feb 24
6 Feb 10
Apr 30
80
70 Nov 26
70 Nov 12
Ic Dec 30
10 Nov 24
14
Dec 30
3?g Dec 27
Jof
Jan
&97|
28I4
i7I
3
AV>
API
Jaa
70
88
94
7
Apr 1
27 14 Oct
89««Nov 8
46*4 Jan
6611 Jan
tlUl«
89H Mar
Mar 30
76 Bept 27
37>4Sept24
86
Jan 6
70 Juno 16
30
Dec 21
48 July 7
DeV|
28
40
130
Ilfi
60
Sept 108
10c DbpI
70c
Jan 8
Jan 2
132
86
66ig
15
Mar
Mar
7
11
IH
Dec
Dec
OCI20
25e
75o lKe30
lie
62
86
Mlsrelluneoua
Oil lOuKlneerlng
160 Reece Button Hole
11,
•08
.10
*3l2
4
Us
II4
284
.55
25g
2
5
4
.55
258
18s
23s
,55
234
4I2
138
138
II4
11,
II4
•Uj
2
.60
•11-
2
•U-
•.50
12
•50
.90
111.48
111.,
.50
111-
2
.60
111,
•40
12
.r,o
Bz-atook dividend,
tf
Adventure Consolidated.. 26
13s
'
,4S
Bx-dlvlden
250 Ahmeek
*,4n
and
,50
rights.
25
25
26
25
Algomah Mining
182 Allouez
1.070 Arcadian Consolidated
897. Arizona Commercial
5
Bingham Mines
10
Butto Balaklava Copper.. 10
124 Calumet A Hecla.
26
1
1,684 Carson Hill Gold
Centennial
26
1,520 Copper Range Co
25
285 Daly-West
20
1.6K Davis-Daly Copper
10
1,508 East Butte Copper Mln... 10
57C Franklin.
25
125 Hancock Consolidated
25
65C Helvetia
25
Indiana Mining.
26
497 Island Creek Coal
1
IC
Do
pref
1
460 Isle Royale Copper
365 Kerr Lake
Keweenaw Copper
170 Lake Copper Co
La Salle Copper
200 Mason Valley Mine
485 Mass Consol.
1,305 Mayflower-Old Colony
115 Michigan
_. 26
6
26
25
26
6
26
26
26
310 Mohawk
_.. 25
5
.
1,100 New Cornelia Copper.^
206
New Idrla Quicksilver
New River Company
Do pref
6
825
155
103
3.55
100
1
,5.50
545 Utah Consolidated
2.875 Utah Metal A Tunnel
05 Victoria
lis Winona
205 Wolverine
200' Wvantlotte
_..
«
Assessment paid
* Bz-rlgbts.
lU Dec
IC
90
c
Dec
Dec 20
Dee 23
184 Dec 15
401- Dec 30
Feb
150
Maj
De#
0«i
Ms?
741,
No*
56
May
Jr.!
31
2058 No*
21I2 Jul*
43
25
83
Oo.
JulJ
JUI>
721,
Mar
80
Jul*
I4
1
15
20134'-
72
24
1
Deo
28
C'CT If
nlEz-dWldend.
1
1
«
12
Mar
Mar
Mar
20
62
Ju'r
Juli
Julr
21
Juli
Det
JulT
JulJ
Mai
Oct
Am
684 Jul?
91, July
May
Feb
Mar
784
May
2
July
Apr
Apr
5514 Julj
Jan
Oct
41
8SK July
July
May
6ig
288 July
7*8 Jul*
61, July
468 Oc:
Mar
Jan
10
2
Jan
13i4Junr
2ij
Feb
Feb
Jul*
July
2914 July
July
121,
1484
6ij
87s
67*4
8I4
9
25c
76c
Mar
May
July
10
83
Feb
28
Oct
Mar
87
No*
Jan
Feb
Apr
45
62
40
Mar
Mar
Mar
Mar
Mar
13
Jan
131, May
20*8 Jul?
1*4
July
414 July
Us Mar
621, July
73 July
July
83
July
75
261, July
414 July
Jan
Jan
60c AUi
301-
40c
8c
4
1
Mar
Mar
lU Dec
71c Deo
1*4
May
71s
Jan
Jan
II4
II4
;
3S4
141,
July
Mar
May
Apr
Apr
Feb
491s
1
Half -paid.
365s
4
Jan 7
Apr 16
Jan 10
Jan 7
61s Jan 29
384 Jan 19
1>4 Jan 10
4
Oct 21
984 Feb 20
3>8 Jan 6
Sij Jan 8
2
Jan 7
23
Jan 10
ll>Mftr22
Aug 7
Dec 29
9
8
15c
21a
Mar 480
May
2i»
Mar27
IS
I2I4
99e
3
2
Jan 3
Jan 21
Jan 3
Jan 2
Jan 2
85c
6
11
2
25c Sept
Jan 6
Apr 7
Nov
2O0
90c
31?
Jan 27
25b Jan 26
3712 Jan 6
68
Jan 3
Jan 3
05
Jan 6
68
Dec 21
420N0VI''
1
Dec 3
Mar 24
8O0
23
2
101
Jan
4
21l8Apr20
lOo Mario
3o Dec 23
284 Dec 30
Feb
Nov
20c
60c
42
78
24
Jan 6
Jan 8
Oct 18
8ept27
1212 Jan 3
,
II4
82
6
Feb
Feb
8
ISjMay
7ij
1
91
1084
2
4
48
95
Dec 17
Dec 22
Dec 29
I'X,
21-
Apr 7
558
11 84
712
Apr
Dec
39
3
Mar 31
3
10c
3212
350
Jan 8
Jan 3
81s
214
47,
3i8
Dec 21
25-'i Dec 21
12ifMay24
SOc Dec 28
1
Mar
6I4
6
1
Oct 14
1
1
:
2ij July
Apr
7
Jan 6
84 Jan 14
60 Sept 22
82 June 21
38
Jan 3
12l4N()v20
350 Dec 27
75o Nov
330 Dec
26
26
26
28
Apr
4
134
3I4
S
i
16
17
21
7
8
Tuolumne Copper
1,905 Utah-Apex Mining
25c Nov
Feb 13
39
75 Nov 1
15 Dec 29
2i8 Dec 31
lis Dec 31
II2 Dec 27
478
I414
11
6
25
4,472 Trinity
Dec 21
Dec 22
7I4 Dec 30
50c Aug 11
2
Dec 29
1
Aug 17
3I2
47g
Feb 16
Dec 10
Dec 30
25
411
I684
lOVs
Jan 3
Jan 6
Jan 7
,
79
6
42
Feb 27
Jan 6
Apr 27
2c Oct 2
40c Jan 2
200 Doc 11 400
Jan 3
IOI4N0V23 4018 Jan 10
6I2 Dec 21
I6I2 Jan 6
26 Dec 21
485s Jan 6
100
26
I2
Aug 6
6>4 Dec 2
6i2Marl8
Mar 12
10
184
77
2
21
16
26
Ojibway Mining
26
Old Dominion Co
25
Osceola
25
Qulncy
26
St Mary's Mineral Land.. 25
Seneca Copper Corp
no par
675 Shannon..
South Lake
1,366 South UtahM 48
25 Superior
8,765 Superior A Boston Copper.
40c Aug 10
40 14 Dec 29
20c Dec 21
Dec 23
16
100
1,820 NIplssI UK Mines
2,875 North Butte
169 North Lake
31119
178
B
All>iuiy
3,185
395
792 Island on A Trans Corp.. 10
1 ,580 Libby. McNeill A Lfbby.. 10
()35 Loew's Theatres
10
77 McEIwaln (W H) l8t prel. 100
420 Maasachusetta Gas Cos
100
312
Do pref
100
12K Mergenthaler Linotype
100
435 Mexican Investment Inc.. 10
299 New England Telephone.. 100
30 Ohio Body A Blower
no par
1,149 Orphoum Circuit Ino
1
41
.60
12
.50
•40
235
05
20
27
Dec'20
1
4
Ills
.30
1>2
•11
234
490
84
•50
1»X.
1
100
100
100
100
100
Do prel
B08IOU A Providence
lOU
Bootou Suburban Klt>o..na par
rut par
Do pref
Boat A Wore K'leo pre. so par
Chic June Ky 4 U fl Y
100
Do preJ
100
OeorKta Ity 4 Eleo BUmpd.lOO
Do pref
100
Maine CeniruJ
100
Y -N H A Hartfora
100
Northern Now Hampshire. 100
Norwich A Worcester pret.lOO
Old Colony
100
Rutland prof_
100
Vermont A Mausaobusettii.lOO
West End Street
60
Do
Jan'21
17s
l^e IKc
13g
II2
138
3I4
15s
11
.30
ll's
•lis
1
3I4
Dec'20
•83
•8
84
•.25
.75
Last Sale
2
20
21-
3
451- 45116
16
.95
Jan'21
41
Jan'21
45I4
83s
1134
.50
203i
27141
4
7
9
Jan'21
21-
234
Last Sale 134
I6I2
•Us
•23-
2I2
8I4
245
9
Ln.st Sale 11-
I6I2
32 M
245
II2
1512
*10l8
Jan'21
3is
46
20
27
•40
Dec'20
2I2
2
1114
.50
8
.03
278
84
31s
9
278
45I2
2
3I8
*7l2
284
•138
2I2
•II2
46
•134
Dcc'20
50
50
.20
Dec'20
21
20
2I4
•2
•2
21s
Last Sale .65 Dec'20
491- 49.34
50
50
•75
•75
77
77
2II2 2II2
2112 2II2
45I2
2
151-
17
•2I4
3I4
46
•134
1,51-
30
9I2
2I2
3I2
45
1134
25
25
25
91s
*2l4
3
•.35
IS's
•378
678
3
1112
.50
1734
151151-
7I4
3
75g
11
272
450
.60
4
'234
•.35
18
7
•384
3
81
8
3712
I7I4
131- 14
14
Last Sale 884
Jan'21
32
3278
32
32
434
3
I6I4
371s
24I2
17
245
3
•.SO
•41
2734
I3I2
14
10
4%
2
11
.50
245
3
.12
11
.05
3
.12
•25
•03
478
.08
•3I2
*13«
8
9I4
7I4
278
3I2
2I2
171-
484
•284
112
*.50
3
734
•834
4
2I2
•138
*2l2
234
112
258
214
.50
23
*37»
50
•75
22
76
54
32 12
*.40
49I4
•51
•.25
•21
3
33I4
10
30
Lasl Sale
51
51
Last Sale
22I2
2II4
313
8
8
Last Sale
Last Sale
.90
32I2
9'4
234
3I2
•2I4
aukti
Lomeii.
Mining
•50
1334
7
73s
825
475
714
•20
25
•25
25
30
I7I2
1734
14
•9
•20
•20
•25
284
*1V.
•40
249
I3I4
I5I2
5
80
2OI2
249
I3I2
16
I5I2
3I2
81
734
91.04
*.03
•80
.50
2
21
8
17
•15
5
•41
IPs
3I4
29
IS
18
338
16
•27
40
33
20
Hi
3I4
20
25
3S
24I2
5
47g
•234
43
UI4
.35
23
2478
3I2
3I4
1534
7I2
52
8
•9
•.90
*.90
•41
81
35
3I4
8I2
8
•9
91*.03
.04
249I2 250
4
22I2
5
.50
•334
.95
•.25
•20
22
37g
7I4
lOig
76
33g
3I4
53
32I2
49
*1
•.25
2J
"•.60
62
•8
76
22
234
•50
Wa
17
1
3138
4878
•II2
' .60
30
I7I2
32
".40
•13g
I7I2
I3I4
,
284
•27
1334
•8
3II2
•18
•25
151?
125
8,001
1,240
Dec'20
7
734
5fi
24
230
154
Dec'20
Lost Sale 27
1041- 10.51, IO4I4 105
211-
38
20
30
30
8l8
1053..
.57
17^8
•10
•25
•25
7I2
21I2
3734
241-
24
I5I2
57
^
100
14
14
14
L'ist Sale 18
Dec'20
List Sale 201- Sept'20
2134
38I4
241-
22
38I4
15"2
.
8
16412
561213i
3778
3758
17
•I5I2
,
57
8lg
8I4
210
20
•1334
-.
8I4
20
2.815
i;<.
1
23
28
14
.81
221;
•151
14
*17l2
2,583
83
Lfist Sale 8534
*i4
200
I6I2
Last Sale 72
Dec'26
101
162
159
159
•1534 10
1534
10
Last Sale 8
Jan'21
35I4
351s
12
1201-
275
35
IOI2
85
•20
99
•10
•79
I
•20
1178
9984
514
22
12
258
278
91-
10(1
Last Sail' 4
Jan'21
22I2 22I2
221- 2284
23
30
13
80
83
5I4
17
20
•.10
•.10
1
1
Di-c'20
Lust Srilr 12
•19
•19
20
20
•378
•378
5
5
13141-
484
10
'.li>'>s
11
Jiiu'2I
258
25g
912
99I4
3
•919914
1
23
04
3
785
.Iiiir^l
20
534
1234
111-
2734
•151
5
161-
434
20
99
•10
99
13
191-
434
127g
1134
119
201-.
1
2212
453
125g
•2
3
107
2I3l
741-
74
74
21
80
•79
SO
83
161-
24
21I2
Dec'20
Last Stilr 75
40'- 4OI2
401- 401;
•4934 50
4934 4934
223i
160
41
2284
Jan'21
Nov'20
•20
13 12
•4
22I2
•34I2
23
30
45s
I2I2
•7Jj
Dec'20
Deo" 20
76
10
1
7
21
997,
•12
4
Sail-
76
27g
3I4
''•.10
30
15
Jair21
09
10:i'4Ocfl9
Jun'21
70
41
40
L'i.tl Silt-
50
80
•79
4
5
S'tif
•
41
•2
3
•9
99I2
•13ig
•4
•2234 23
I6I2
10
•7OI2 75
I6II2 162
165;
165s
•7I2
8
•34I2
2134
Biaheti.
Rullroadi
4
434 BoHton l^levated
21
Do prel
527 Boston A Miilna
221;
Silt .10
S il<- .75
Si If i'X,
Sate 120
L'lst S'llc
401?
•4934
1884
•378
588
13I2
41;
23I4
80
76
•
17I2
1
41
for Pretlcnt
1
Lowetl.
Share*
152 BoHton
02
22
•25
•125
30
41
Mmute
|
Year 1919.
BXCUANOK
Wtt*.
80
Lust
Last
---
41
22
1634
r:'.97
135
Range for year 1920
BOSTO.'V
tht
120
120
02
1
021:
Last
Last
Last
iMst
•3I4
STOCKS
STOCK
Sate!
for
Z^l
{
120
02
79
126
126
62
•78
24
126
125
63
Frldau
Jan. 14
T/iursdav
Jan. 13
BONDS
s.J nast paga
Mar
60c
Jan
18
Mar
Mar
40c
31,
JUD,
IlUJucr
6
•<t
No*
6I4
Junr
2% Sepi
35«
Juni
12*4 J'ly
Jul»
5
4«4 July
3
31
1"/,
July
July
M.y
—
——
5
.
—
H
..
.
..
M
.
H
THE CHRONICLE
*^48
[Vol. 112.
Friday
Stock*
Boston Bond Record.— Transactions
Stocic Excl)anj,'c .Jan.
8 to Jan.
14,
both
t'ridaii
Last
Hale.
Price.
Bonds —
S Lib Loan
3'.; 8.
1st Lib L'n
4^8.1932-47
193.-47
Lib l/n4M 8. -1927-4.3(1 Lib Loan 4 ^i 8... 1928
4th Lib 1/n 4^8.1933-38
Victory 4i.f8
1922-23
T(5l & Tol 5s
1946
2(1
Am
1925
Convertible! 6s
Atl
G&
W
Chic June
SS L
I
&U
Ss. . 19.59
5s. 1940
Y
S
...1940
4s
Gt Nor— C B &
Mass Gas 4H9
Q 4s. . 1921
1929
Miss River Powor 5s.
N K Telephone 53
Tonil Crook Coal 6a..
Seneca Copper 8s
Swift
& Co
.
1951 '"77 k1932
82
1923
96
_
1925
1944
1 932
.
1st 53
& Tel 58_
Western Tel
"82 K
79!^
liangc
of Prices
\\'eek'.i
Low
in bonds at Bo.ston
inclusive:
92. .W
81»/i
96J/.
815.;
57
78
64 H
59)^
87.94
H7.30
90.06
87.72
97.81
96M
78>ii
65
96 H
WiH
83>i
83 }i
77 M
82
96
95 H
82 H
80
75K
81
96
95
80J'8
19%
NfUcs
for
Ravfie for year 1920.
Low.
$700
4,9.'-)0
.34,000
24,350
.36,3.50
18,050
6,000
3,000
21.000
4,000
9,000
5,000
6,000
36,600
5,000
2,000
27,000
24.000
16,000
May
82. 14 May
8 1.60 May
84.75 Dec
81. 74 May
94.50 Dec
735^ May
93
July
58
Dec
74
July
60
May
93}^ July
July
80
695^ Mar
77
Auk
92
Jan
94
Dec
78
Dec
76!^ Dec
100.00
93.80
92.98
94.96
92.98
99.30
X2
99%
81
84 H
75
99 5«
91 H
77
85
96M
106
Last
Sale.
Par.
Amer Wind Glass Mach
Preferred
100
100
Arkansas Nat Gas com. . 10
Bamsdall Corp class A.. 25
25
Class B
Carbo-Hydrogen Co com.
Preferred
Gufley-Gillesple
Indep Brewing com
Preferred
par)
Kay County Gas
25
50
5
100
Metropolitan Bank
"3H
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Mar
Nov
Mar
Uec
Nov
93%
Jan
Jan
84
25
25
50
Pittsburgh Coal ptet..-100
Plttsb & Jerome Copper. . 1
-Plttsb on & Gas.
Plttsb Plate Glass com. 100
1
San Toy Mining
100
Union Natural Gas
50
West' house Air Brake
W'house El & Mfg com .50
West Penn Rys pref. . . 100
P com. 100
Penn Tr &
Bonds.
W
1
1
1,275
2%
3
25K 2^%
91M 92
99
1%
5K
Wz
2
25 y^
26
52
\%
50%
3K
3H
47^
30 H
6
84
49 M
nVs
12
72
9
116
5c
117
97 H
4:5%
72
9
69
97
69
97
5c
117
97
44 H
72
9
& Mfg 7s '31
96
44^
Baltimore Stock Exchange.
6H
35
34
Aug
% Dec
2% Dec
2K Dec
1.075
818
1.480
6,055
10
260
730
950
280
590
1,205
385
8
84
4c
Dec
Dec
Dec
Dec
106
83
385
240
14
19
30 M
High.
25 H June
Sept
89
93
July
7H
2C
115
400
Low.
1.180
180
78
6
30M
116
57
22,362
33
48
3c
225
32
14}^
84
Range for year 1920.
310
400
.32
75
1949
6s
114
85
10 'A
Ziyi
13Ji
6
13
18
8
Hates
for
Week.
High. Shares
109
85
8
10
40,500
150
407
2,000
60
600
680
Nov
1
Jan
Jan
Jan
135
95
45
46
45
Apr
Apr
Z%
5
39
119
102
53-^
Apr
15M Apr
2)4
Apr
23 M Dec
48 >^ July
45 «
2M Dec
6H
Jan
Jan
Jan
11% Dec
38"/^
Dec
IVs
5H
61 Ji
Dec
9>^
lOH Nov
19H
Feb
Apr
Apr
Dec 34 J^ Mar
Feb
55M Apr
Dec 52 ?i Mar
Dec
18K Apr
Jan
8iH Aug 92
Jan
Dec
25c
2c
Dec
Mar
18
1054
Apr
113
Dec 172
2c
Dec
7c
Jan
16
44
27 »<
4
Oct
117
90
40 H
130
Nov n&yi
Dec
25
100
65ys July
Jan
55
79
15 M
S10,000
2,000
66 >^ July
94?^ Dec
75)4
96
— Record
Jan
Jan
Jan
Feb
Jan
7%
Jan
Jan
Jan
Jan
Mar
Jan
Nov
Sale.
of Prices
High.
Par. Price. Low.
stocks
Arundel Corporation
Atlantic Petroleum
Baltimore Brick
10
100
1
Celestine Oil
Central Teresa Sugar... 10
10
Preferred
25
Commercial Credit
25
Preferred
Consol Gas E L & Pow.lOO
100
Consolidation Coal
no par
Cosden & Co
5
Preferred
Davison Chemical.. «o par
Houston Oil pref tr ctts. 100
5
Kentucky Cos OU
Preferred
Monon Vall Trae pref.
22
50
IH
IH
.85
.85
.95
zy2
334
ZH
6H
7
90M
39
22 >^
90
85
31
85
3%
3K
29M
"82M
81
1
5
. .
22
5
MtV-Woodb MillpfvtclOO 'eo"
25i
1634
53)4
6434
39K
2234
90 M
88
31
zy»
31
83
X
In.surance Co of
A . 1
J
lirlll Co
..100
K(!yston(! Ti.'IopMono
.
.V)
Lake Superior Corp.
100
LchiKh .VavlKatlon
.'M
LclilKh Vall(^v
,'0
Mid vale SK'd & Ord
.50
Norl h l'(nin»vlvanla. . .50
Pa Cent Lt <t Pow, pref
O
.
Iv .Salt Mfg
Pf'iiiisylvanlu
Plilladclphlii Co (Pitts)
Pennsj
25
265
50
4,300
150
235
38
10
213
155
1
550
676
81
100
1
.50
207
100
125
14
80
12
lOM
12M
1,740
Bonds
Atlan C L (Conn)
78).$
Baltimore Brick
Bait Spar P & C 4 Ms 1953
Chicago Ry 1st 5s ..,1927
Consol Gas gen 4 K<s. _ 1954
Cons Gas E L & P 4)^s 1935
78
80)4
60
75
75
78 «
79 Ki
&oyi
62
$5,000
3,000
4,000
11,000
5,000
4,000
6,000
1,000
12.000
1,000
13,000
10,000
5,000
1.000
1.000
2,000
5,000
12.000
6,000
5,000
5,000
5,000
29,000
35.000
1,000
Low.
20)4
254
IM
.75
2'A
5
39
20
82
Oct
Feb
Dec
Dec
Dec
Nov
July
Nov
Dec
7i}4 June
26)4 Dec
Z% Dec
25)4
67)4
1
2)4
14
57
M
60
74
9
Dec
May
Dec
Dec
Feb
Dec
July
Feb
Dec
Jan
4)4 Apr
2)4 Jan
3.40 Jan
9H Jan
Jan
11
46
Jan
40
29
103 M
89
May
Jan
May
45M Mar
4%
Jan
iiH Apr
93M Jan
A
7%
6%
notes
notes
Consol Coal ref 5s
Convertible 6s
Cosden
& Co
conv
1950
1923
s f...
74 M
91M
Elkhom Coal Corp 63.1925
Fairmont Coal 5s
Fla Cent & Pen ext
1931
63. 1923
Georgia Pacific 1st 6s. 1922
Ga Sou Florida 5s. .1945
Electric Ry 1st 5s. 1931
&
Md
MUw El Ry & Lt 4 Ks. 1931
1944
Norfolk St Ry 5s
Public Service Bldg 53
1st 5s... 1934
Sav Fla &
1934
First 6s
United Ry & Elec 4s.. 1949
1949
Income 4s
1936
Funding 5s
1936
Sman
90
W
95
93
73 K2
96)4
91
91
82)4
95
97
82 H
80
72 H
90
85 M
91 ,'4
102
64
47
46 H
60)4
60
95
97
82 M
SO
72)4
90
85)4
91)^
102
47)4
60H
600
60
—
76
79 H
5i}4
72
71)4
-
76
May
Mar
Dec
Dec 83
Dec 81
92H Dec lOO'A
91 yz Dec
69
July
96
83
88
82
93
100
Jan
May
Dec
Dec
June
Jan
Jan
Westmoreland Coal
.50
West Phila Passenger
50
2d Lib Loan AHa 1927-42
3d Lib Loan 4)4s..-1928
4th LlbL'n4)4s.l93.3-.38
Vic^tory 4;'-4S
1922-23
Amer Gas & Elec 5s. . .2007
do
small
2007
Baldwin Locom 1st 5S-1940
Bell Tclep of Pa 7s
1945
Elec & Peop tr ctfs 4s. 1945
do
small
1945
Keystone Telep 1st 5S-1935
Lake Superior Corp 5s. 1924
Lehigh Valley annuity 63.
General consol 4s. , .2003
Lehi?h Val Coal 1st 5s. 1933
Penn RR gen 4)4s
1965
NY
Dec
72)4
Nov
Aug
82M Mar
Jan
85
72)4 Nov
92M Jan
Sept
88)4
80
86
Aug
55
42
56
56
May
Mar
Mar
Mar
Oct
.A.ug
100
Jan
69
49)4 Sept
Nov
66
65M_Nov
Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock Exchange, Jan. 8 to Jan. 14, both
inclusive, compiled from official sales lists:
De<-
37 K
80
43
36
78 M
r
9
15
3,301
110
200
3-2 y,
10
79%
79%
40
r,5>4
40
60
41K
42
35
35 )i
31^
3-Z%
5-2H
22)4
20
67
219
4,274
85
220
143
22
26 K
27%
lOK
18 >i;
52 H
27
84 ?i
53
27
86
IK
HHH
29%
164
30
49 K
83
Ih
1!4
fi3%
soy,
167
31
.50
84
S%
8
74
74
129 H 12934
95
372
9
3,268
190
120
33
120
193
!)«
June
June
De<'
13
Oct
Jan
Dee
June
22
80
Mar
Nov
.56
.Nov
7
May
Der
Apr
51',
105
.Sept
43 '4
76
44
42
63 If Nov
37 K Auif
30 j Deo
28
Dec
60 "4 July
20)^ Scpl
Sept
25
3^
12
1
3i
J'llv
49 H
22
65
Oct
Dec
Feb
1-16 Sept
1
Aug
85
Nov
23
163
July
July
Dec
26
49 H
Oct
1%
62
87.40 S4,7.50
87.06 85,000
90.60 44,750
87.60 .59.6.50
97.10 86.400
70
3.000
.500
70
9VA 93)4 8.000
101
102
120.000
•54 >4
.55 K
18,000
53
53
200
59
3.000
60
48
48
5.000
109
109
2.000
1.000
69)^ 69)4
94)4 95
5.000
5,000
81H
6.000
98K 9SM
78
78
1.000
825-4
8434 31.800
83
85
1,200
80M SOX 1.000
35
35
1.000
4,000
62J^ 62>€
168)4
82. .30
255;
27;,
28
63
29
103
.59
June
85
July
74)4 Dec
95)4
May
73)^<
Oct
79
Dec
7934 Julv
72
Apt
33
Oct
Aug
60
Jnn
Jan
Mar
Vov
Jan
Feb
85
37
185
57
Nov
'
'
.50',^
168'
68 K Oct
60
Dec
90 K Sept
97
Oct
49)4 Sept
50
Dec
58
Dec
Dec
40?
105
May
.Vov
3 lie.
2'«
Nov
May
Jan
Jan
Oct
Jan
Jan
Oct
Jan
•
75
94.70Mav
Jail
Apr
;
63 V
June
85.00 Aug
83 .20 May
85.80 Dec
.Ian
.36
Dec 108'.
Dec
85i
Dec
40
77
71
13
13
AUF
AU!f
39%
Jan
Oct
Feb
JaD
Feb
Jan
Jan
Jan
Feb
Feb
47-,
63
273*
34
34
8
sm
62^
«)
141
57
50^5
29 H
79
.Ian
Dee
Dec
6W
35
122
90
100
40
87.40
86.68
90.00
86.86
96.90
70
70
55M
93
34% Dee
6'4'
1.308
1.180
5,449
100
36
3fi
•56)4
Dry
100
35f
64'-.
Feb
J une
74
200
332
550
835
1.682
Friday
Par
Stocks-
Preferred
Sales
for
Sale.
Price.
of Prices.
Week.
is
13K
59H
71
74
59)4
92
93
13i4
13)4
89
72
74
(*)
(*)
72
100
35
Part Ctf Series 2
Chicago Title & Trus. _ _ 100
Commonwealth Edison. 100
10
Continental Motors
Cudahy Pack Co, com. 100
5%
13)4
13
8
47
47
K
5K
5H
8
48)4
6)4
23
73 H
72
62
23
76
75
72
66
8%
S%
12%
13H
100
68)4
Kans City Ry pref ctfs.(*)
Libby McNein & Libby. 10
2
12 '4
6?i
69)4
2
13
Brick
,
Lindsay Light
Middle West Utn,
10
pref. 100
N
W W,
Rights
Standard Gas
com
.(*)
,
Preferred
J
C&F "A".(*)
R
,
com
25
100
Union Carbide & Carbon 10
50
Union Iron Wks v t c
Wahl Co
(*)
20
When Issued
Western Knitting Mills. (*)
(*)
com
Co,
Wilson &
25
Wrigley Jr.. com
28
7
8M
16
68
20 5i
90 5i
63
17
50
Stew Warn Speed, com. 100
100
Swift & Co
15
Swift International
Thompson
.....
& Electric. 50
Preferred
Temtor Prod
12H
8
9%
16
68
146 H
•28%
26)4
17
68
146)4
90
90
1954
21)4
87
96 M
100
100
61)4 62
16K 17
13 H
36
30H 32 »4
104)4 10534
28 )i 29)4
•M
25)4
3034 31)4
34
30"-^
10434
29
24
31
101
51
13)4
50 5i
40 H
40
18
7%
30
S%
27 H
26h;
12
35
'-4
1.070
1,535
83^
1254
10
780
75
40
25
100
935
375
150
754
66
_ .
50
2.195
1063^
2%
72
66
Hupp Motor
45
34
1234
205
61%
(•)
35
20
560
7%
10
105
5)4
Shares.
200
75
65
88
12^i
2)4
205
D
D
70
89
(*)
High
Low.
100
(*)
Case (J I)
100
2d preferred
Chic Cy&Con Ry, pref.(*)
Chicago Rys Part Ctf Ser 1
Preferred
Week's Range
70)4
Beaver Board, pref
Booth Fisheries, new
Preferred
Briscoe, common
Last
100
100
100
100
Shaw
Sept
14%
582
Jan
',-,
Jan
Jan
Jan
Oct
Jan
Jan
Feb
Jan
:
Nov
93.10 Oct
91.91 Jan
94.60 Jan
92.88 Jan
99.34 Jan
.Ian
82).^
82
99 TC
Jan
Jan
102n
Deo
65
66
85
63
110
Jan
Feb
Jan
Jan
.\pr
Oct
Jan
Jan
723f
99
83
98
79
86
Dec
Nov
Nov
Nov
Nov
86
86);
49
PJan
64
Mar
—
Jan
75«
75
H
28
23
64
Chicago Stock Exchange. Record of transactions at
Chicago Stock Exchange Jan. 8 to Jan. 14, both inclusive,
compiled from official sales lists:
86K
99 H
100
.30
W&
P
B ctfs 4s
1921
Phila Co cons*coll tr 5s '51
Phila Kllectric l.st 5s. . . 1966
do
small
1966
Reading gen 4s
1997
ITnite'^' Rvs gold tr ctf 4*; '49
West
& Pa gen 4s. 1943
Jan
M Nov
I'A
25
100
389
1^<
_
Apr
Feb
98M
Jan
Jan
Jan
Apr
18K
Bonds
1st LL'n 4)^3.1932-47
97
95 5i
96
79
27
High.
Dec
Dec
68^,
51
22 K
US
(*)
Mitchell Motor Co
10
National Leather
1
Orpheum Circuit, Inc
(*)
Pick (Albert) & Co
PiggIvWigglyStores,Inc.(»)
111, com. 100
Pub Serv of
100
Quaker Oats Co
100
Preferred
10
Reo Motor
100
Sears-Roebuck, com
100
Preferred
Feb
Jan
8H
•
Low.
18 >i
54% 55 H
32 H
32
98
20
20
29)4
56
8
r.T.i
100
Jan
Jan
Jan
83
70
68
49>^
Steel Corporation.
17
Oct
'8H
.50
.50
100
&
100
Great Lakes
Hartman Corporation. . 100
Hart,Schaff&Marx.oom. 100
10
HoUand-Amer Sugar
May
8
100
Decker(Air)& Cohn.Inc
Jan
49
.50
Apr
Nov
54
Warwick Iron & Steel ... 10
West Jersey & Sea Shore. .")0
Illinois
75
95
93
74 4
96)4
91)^
92
82)4
1
Mar
95
70
84 ?i
15
28
1
4
7
2^'A
50
Preferred
US
0S%
.56 H
56H
10
13
.
ReadiuE
Tono-Bolmont Devel
Tonopah Mining
Union Paasenger
Union Traction
United Cos of N J
United Gas Improv't
17H
45 H
87
45
36
97 Ji
.r,o
Armour & Co. pref
Armour Leather
High.
94)ii
_.50
Pref (cumulative 6';) -.50
Phlla ItLSUl Wire
no par
Phila Electric of Pa
25
Preferred
Phila Rapid Transit
.50
Philadelphia Traction . . ."lO
Phlla & Western, pref. . .50
.32
87
45
36
94
].50
Shipbuilding
Preferred
Week.
Shares
2?i
1634
75
.
32
4.":
.
.
10
45)-<
pf
Amer
Range for year 1920.
82
ctfs 5s.1st 5s 1943
Top,
'erllflcuteH of deposit
American Radiator
Sales
for
60
6534
82
.50
Northern Central
Pennsyl Wat & Power.. 100
United Ry & Electric. .50
I'refcrn.il
A- liriiad
100
100
100
19
17
.50
Hunt
(
19
C.I 00
. .
of transactions at
Baltimore Stock Exchange, Jan. 8 to Jan. 14, both inclusive, compiled from official sales Usts:
Friday
Last Week's Range
t
Battery.
f icncral AHphult
Range for year 1920.
for
Sou.
of Prices.
Week.
PrUe. Low.
High. Share*
lOfJ
.
of Prices.
75
1
Plttsb Brewing pref
West'house EI
25Ji
50
50
Oklahoma Nat Gas
Week's Range
Low.
99
10
Oil
Fireproof ing com
Preferred
Ohio Fuel on
Ohio Fuel Supply
Nat
Blew
26 H
92
1
Lone Star Gas
Mfrs Light & Heat
Marland Petrol
Plttsb
9H
32
100
50
50
Preferred
W
113H
5
OU(no
Harb-Walk Refrac com 100
Middle States
Price
oippl V
.Siui(
j;i(c .Sioraite
—
Stocks
10
100
100
par
Cambria Iron
High.
89.04
A
luff
Week.
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange Jan. 8 to .Jan. 14, both inclusive, compiled from official sales lists:
Friday
IiiHurance
Ani(!ilcun < ;a«
AriKT Kiillwa.VH, pref
Aincil(:an .'^lorcfc. . .r.o
\n< pn-fcrrc 1
Alllati(!Q
.
High
92.04
86.84
86.70
89.14
80.34
96.64
Par.
.Salen
Week't Range
lM>t
Outside Stock Exchanges
II
;
.
12 '/i
18K
llK
10
70H
45
7034
101
525*
13 Ki
43*^
19 5<
22 »4
45
70H
265
50
125
175
50
40
.50
2,630
75
50
5.080
580
237
2.600
7.540
485
100
635
Range for Year 1920.
Low.
V,
200
100
6?4
50)4
20)^2
73
oo
68
62'^
8
95S
64
1
6)4
i%
22%
2-A
754
23)4
20 H
10
50
70
85
1,035
9,950
62
146 «
81
320
605
300
100)4
51
15
190
525
10,3.50
1,590
5,510
175
250
2.50
17.300
695
485
4.405
2,420
100
75
High.
Dec 85
Dec 120
Dec 8034
79 5< Dec llO'j
12'.^
Dec
17 >4
Dec 9554
80
68
Dec 90
3
Dec
13 5f
Dec 74
20
7% Dec 75
Dec 24Yi
5
98 H
4954 Dec
11 '4
35i Dec
Dec
10
20
64
70
60
165^
85
Sept
Mav
Nov
Dec
Nov
1234
8
36
69
13)^f
101
Jan
Jan
Dee
Mar
Dec
Mar
Jan
Jan
Jan
Sept
Feb
Jtine
Jan
Oct
Feb
Jan
Feb
Feb
Dec
42
Jan
.Tan
Dec 97
Dec 92
Jan
Dec 105
Jan
96
Jan
Dec
Dec 185-8 Mav
Dec
23 V^ Apr
Dec 89
Mar
Dec
18
Jan
Nov 32
Apr
Dec
9% Jan
Dec 4534 Jan
.\pr
Dec 44
Dec 1558 Jan
Dec 35
Mar
Dec 50 5>; Jan
43
Julv
Dec
Dec 795-1 Feb
Mar
Dec 310
Dec 98% Jan
Mar
Dec 28
Apr
Dec 243
Dec 118 3-j Feb
Apr
Dec 90
Nov
9% Dec
33
2434
9054
23
20
22 5i
104 H
4454
9
36
5V,
215
108
Mar
18)4
26)4
42)4
Dec
Dec
50%
Dec 128
Nov
Dec
Dec
55
49
52)4
May 108%
Dec
Dec
Nov
Dec
Dec
Dec
Dec
74%
42
56
40
24
76
81)4
Dec;
Jan
Feb
."Vpr
Jan
Jan
Mar
Mar
Jan
Jan
Apr
May
Mar
Nov
Mar
Apr
THE CHRONICLE
Jan. 15 1921.]
H'effs Rante
Last
SaU.
Armour & Co deb
78.. 1930
Chicago City Ry 5b. . . 1927
5s 1927
City&Cou
Rys
Chic
Chicago Rys 5s, Ser A-1927
1927
4b, SerleB H
Chicago Telephone 5S- 1923
Comiiiouw Kdison 58. _ 1943
Side Elev Isl 4s '38
Metr
1938
Extension gold 4s
1939
MorrLs & Co 4 Hs
5a.
ref
1927
G
L
&
C
g
Peop
Swift & Co Isl 8 r g 58- 1944
99 K
60
35
39
33
90 M
00
39
H2H
W
(•)
No
for
H'ett.
Range for Year 1920.
Low.
Hiuh.
Loiv
fric.
45
44
76
66
81>i
98
63 H35
42
33
90 «
83
45
44
$6,000
3,000
4.000
14,000
,000
1
6,000
20.000
11.000
1
70
60
82
,00(1
5,O0C
5,00C
12,000)
K
Uec
Dec
Uec
Dec
Dec
Dec
Aug
97?^
72
'j
June
Oct
70)-i
Dec
94
57
29 > J
36
29; 8
87 ?i
77
45
42
58
78 Ji
Rights
High.
May
Dec
Oct
H
40
97 W
87
Kcl)
49
Feb
Fob
Apr
49^
45
79
70
92).i
Market.
—Below we
Oct
Jan
give a record of
the transactions in the outside security market from Jan. S
It covers the week ending Friday
to Jan. 14, both inclusive.
afternoon.
should be undei-stood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
that
are permitted to deal only in securities regularly listed
It
—
securities
is,
where the companies responsible for them have
oomphed with
certain stringent requirements before being
Eveiy precaution, too, is taken to
admitte'd to deahngs.
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 be dealt in and any one can
meet there and make prices and have them included in the
Usts of those who make it a business to furnish daily records
The possibility that fictitious transacof the transactions.
tions maj' creep in, or even that dealings in spurious securities may be included, should, hence, alwaj^s be kept in mind,
particularly as regards mining shares.
In the circumstances,
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.
M'eek's Ransii
fcr
of PHcts.
WieX.
Week ending Jan.
14.
Stocks—
Par.
Industrall
Sale.
Price.
Subsldlarlea
Anglo Anicr Oll.r
Ohio Oil. r.
£1
19
'
Liner
73
Y.r.lOO
348
Standard Oil of
Vacuum
N
of Prices.
Week.
Low.
High. Shares.
Other Oil Stocka
Allen Oll.r
Allied Oll.r
1
I
Aluminum Mlrs pref.r.lOO
Amer Hawaiian S S.r...lO
Amer Ref .-igerat or r
Amer Writ Paper com. _100
9
8
32 H
.
Automatic Fuel S.r
Brill (J G) Coco:ii.r._.100
Brit Amer Chemical. r.. 10
Brlt-Amer Tob orU bear-£l
Ordinary.
Brooklyn City
RR.r
Carbon Steel com
Car Ltg & Power.r
Chalmers Motor
£1
10
100
25
Chicago Nipple Mfg cl A 10
Cities .Serv Bankers shs r(t)
Colombian Emerald Synd.
Conley Tin Foil.r
(t)
Continental Motora.r
10
Durant Motors w
Empire Fuel & Gas prel.r.
Empire Tube & Steel. _.(t)
FarrelI(Wm)&Son ccm r(t)
1
&
Tel
5
Garland Steamship. r..(t)
Gillette Safety Razor. r.(t)
Goodyear
com. r. 100
Preferred. r
100
Hall Switch & Sig com r 100
Havana Tobacco com.r 100
Preferred'.r
100
Hercules Paper. r..(uo par)
'675^
21J-4
IM
IH
6
r>'4
7H
29 H
3H
67>i,
50
4
13
12
K
12
J.^
28
2K
5H
18H
18%
17
i'A
20
^i
2H
IH
5M
500
100
1
110
345
300
51
3
2',.
10?f
8
12!^
2V
?M
S's
3H.
7>4
65^
^H
IVi
61
7
9
\%
I'A
63
60
61
17
1!)
Mercer Motors. r_ . (no par)
Meteor Motors. r_ . (no par)
Morris (Philip) Co, Ltd. 10
15
5
2iH
22 V^
Munson Furniture. r
15
15':..
23
23
Am Pulp & Paper. (t)
Peerless Trk & Motor. r. 50
Perfection T&R.r
10
Nor
.
Ptggly Wlggly Stores. r..
Profit
Sh C
<t
Preferred r
R
S.r
5^2
5
28
1
15Ji-
H
1
IK
9M
1
Preferred, r
5
Republic Rub. r.. (no oar)
IH
2'i
United Profit Sharln2._25c
Retail StoresCandy r(t)
8 Distributing com.r. 50
S Ship Corp.r
S .Steamship...
io
S Tnickiiif; r
2H
1
Rockaway Roll Mills.r.(t)
Root <t Vanderv't com. 100
Roy de France Toilet Prod.5
Standard Motor Cons.r.lO
Sweets Co of Amer .r..lO
Swift & Co.r
ino
Tenn Ry, L & P com.r. 100
Toh:ic(« Prod E\p.r
(t)
Triangle Film Corp v t c. -5
Union Carbide & Carb r (t)
Un
6
24
"ni
Pyrcne Mfg
10
Radio Corp of Amer.r..(t)
U
U
U
U
6
5
4Jf
18
8
2
106
High.
H
51
8'4
K
IVa
8
34
IK
1
17
IH
8'.
7-10
52 H
IK
8jr
34
1«
I'A
17
Nov
12K
45 K Sept
Dec
46
Oct
3
UH
UH
Dec
Nov
Nov
Dec
25
IVi
Aug
Dec
June
Oct
Jan
Jan
Jan
Oct
9H
28 >6
2814
4H
142
4
29
14
80 H
Dec
Dec
11
Oct
3?f
ZVi Sept
130
Nov
15
Deo
Dec
36
Dec
2
Jan
14Ji July
44^1 Jan
Nov
Dec
7J4 July
Apr
Sept
5H
6
Jan
Jan
Jan
82 >^ Dec
19
Dec
54
Apr
45f Sept
5J^ Aug
180
Mar
132
June
June
100
Mar
Apr
3
May
2H Dec
13 ^ Dec
23^ Nov
7% Dec
33
Apr
Nov
20
17
Jan
Jan
Jan
6
Dec
1
2Vi
5
5
7
,500
47
Sept
9
Dec
1
Dec
61
25
ly*
11
Jan
68
Dec
Dec
29
2,900
0.620
1
1
Jan
7K Mar
17
Oct
23
2H
Wi
82
35
60
24
39
20 K
Apr
Dec
Nov
Jan
Oct
Sept
Jan
1,700
15.200
1
Dec-
15
Dec
l.,'3O0
5
May
750
100
8,950
noo
5.600
7
12
Dec
18
Oct
\hM Dec
22
Dec
3K Aug
18
Dec
1,200
85c
10'^
Jan
50
7yi June
47
Mar
55i Jan
800
22.500
5H
I'i
4
36
Jan
July
97
76 K Mar
Sept
1
2,200
8
80
25
4K Apr
9M Doc
Dec
Nov
Aug
Dec
Aug
15
I'i
2
5
Dec
Dec
Dec
Dec
Dec
Dec
Dec
9\:.
2%
1%
Nov
3,800
3,000
700
500
2,600
2,000
110
1,.500
9'.r
7-16
3.200
%
2h106
V4
1
]'<
16 ^
18
iH
300
900
HH
p^
3,250
1,000
9
4^.l'
60
NY
4,700
4,100
3,800
15,800
132
25
fi's
10
Shipbuilding. (no par)
1,000
135
3,600
3,000
400
1,500
1,200
500
14K
Clf.s of dep.r
Lehigh Val Coal Sales.r.50
Locomobile Co-r_.(no par)
A
700
1,800
640
850
200
85
II',
stock
1,500
100
\2'A
8
ISH
1
Maxwell-Chalmers
15-4
85
Vs
Internat Cultl prel -r..l0
Tnternat Prod rom.r
(t)
2%
7H
30 K
2% 4%
132
23
45
2'A
13
4?4
35
28 H
7%
200
300
600
!4
50
12
13 H
32
675.i
1«
Heyden Chem.r..(no par)
Imp Tob of G B & I.r..fl
Indian PachCoro r (no oar)
Intercontinental Rubb.lOO
.r
21Ji
32
4'-;;
2%
9M
10
VA
T&R
Kay County Gas
k'
4,500
100
2,200
100
R.400
2.000
],900
100
1,1.50
24 h;
Oei
3H Dec
OK Dec
3.600
10,200
50
1,000
101
700
5
1
'-i
V/4.
700
45
7„500
5,000
100
28,800
44,600
1
Oct
Dec
6H
27
«
1
Aug
Dec
2,.500
200
Oct
Dec
li Dec
1
Dec
8
Dec
IH Dec
Dec
5
Dec
Dec
10
6
6
Boston- Wyoming OU.r..l
Carlo Syndicate. r
Carlb Trading. r
Cushlng Petr Corp com r.5
Denny
Klk Basin Petrol. r
6
Engineers Petrol Co.r
1
Federal Oil
S
Fensland Oil.
(no par)
(Ueurock Oil.r
10
Grenada Oil Corp Cl A.r 10
Guffcy-Glllesple Oll.r.. (t)
Hudson Oll.r...
1
Inter Petrol. r. new. no oar
Livingston Petrol
Magna OH & Ref
Mar
Jan
Jan
June
WVi Jan
6K Jan
7
113H Sept
32
y»
Dec
Aug
Dec
78
3Hi
19
Nov
55
Dec
5
Nov
4H
273
10
18(t
I
40
8,6H0
2 ON
20
230
68
296
280
Dec
Dec
gh.
2
13
2
6
135,000
100
9
2.000
4
23,900
2[.
19,000
75. -WO
lo'
310
40
7-16 14,700
10,000
1
900
3hj
8h 4,100
1-16
7,.500
2'A 12,.500
14';
6,800
2K 2,600
3011
6
25 •j
7-16
27
9-10
800
21,500
H
3H
2H
17J4'
15,800
2.700
9
9
2
3%
IH
8H
33
5-16
Mi'l-Columbla (Jll.r...
»ii
V-io
2li
1
50
Mldwest-Tcxaa Oll.r
Mountain Prod
Noble Oil ^ Gas
North American Oll.r
Pennock
& Gas
14'.
2',i,
&
29
IIH
3»A
3'A
10
31
13
12
23
26 'A
13Ji
H
H
29
2\%
4
r>-io
1
H
5
zy*
Ref.r
H
8H
Refining.r
Oct
Jan
Jan
Jan
Jan
Jau
Feb
Oct
Jan
2H
H
U'A
WA
24
24
II
6
8
'4
1
United Tex Petrol.r
3
2
6
'VlH
r(no par)
Skelly Oll.r
10
Spencer Petrol Corp
10
Stanton Oil.r
5
& Land.r
IH
5H
135.
Salt Creek Producers. r. .25
Salt Creek Producer new.r
9y„
8
SVs
7.400
8A
OA
400
6,500
63,900
2,000
5,500
4.400
2%
SH
5
11-16
1
1
Feb
4
De<
6Ji
18
Apr
Doc
Doc
Dec
Dec
7H Jau
IH Mar
.53
Jan
85
July
3
Jan
0(Jt
10
H
H
5
%
1
H
'-i
2
Jan
HVi Mar
May
I'A
Nov
7H
4%
5
Feb
16"^
1
I'A May
3H Dec
12>i
22
IOI4
Dec
35 5i
Dec
Dec
Aug
'A
an
May
9
4H
I'yi
6H
OH
8
Nov
I4I2
Jau
Jau
190
H
1
li'A
5-16
Nov
5H
Jan
Jan
Jan
Jan
Apr
7'A
9>A
10 H
i'4
Mar
40H Mar
Dec
Dec
Dee
Aug
Dec
Dec
56
14Ji
Nov
22 K
Feb
May
7« Jan
3H Dec
73 'A
13M
2% May
Jan
Jan
Mar
3H May
IH Jan
IH Jan
Apr
Dec
'A
Jan
Jan
4H
3H
•A Nov
9H Nov
24
Jan
21
Dec
Dec
Dec
Dec
1
Dec
May
July
29
Bept
40
22 '8
Jan
44
Jan
July
Dec
9-16 June
Apr
Jau
Jan
IK
]8J<
11
9
Dec
9
128
4c
Jan
Oct
Jau
39 )i
Dec
Deo
Dec
Dec
2H
2H
Feb
16
25H Nov
yi Nov
14
Nov
i6,.:;o()
Jan
IH Nov
6>a Aug
.300
4M
2
7K
7-16
10
1
Dee
Mar
IH
2
43.300
2.900
8.000
2,600
8,100
2,700
3,300
100
4,000
2,200
3,200
5 'A
1
Oil.r
Woodburn Oil
Victoria
'4
24.300
Sept
May
80
448
4
3
H
200
14,0((0
2.0.30
%
11-16 i3-i(;
6H
5K
f>'A
2.900
1.700
Jan
Jan
J an
278
372
76
Nov
3H Apr
Nov 15-18 Jao
Dec 45
Jan
Vi
45.800
6
145
140
141
1
De<-
12c
4. 10(1
11. .100
1.
>ex
Dim
1.000
5
IH
1'4
Red Rock Oil & Gaa.r
Ryan Cons'd.r
Oil
1
16
10
10
10
Oil
Producers
1
(t)
Midwest Refining. r
Oil
2H
3K
31
De<-
AUK 388
600
1':
17c
11-10
Miiracaibo Oil E.xplor r (t)
Marland Oil (Del).r...(t)
Merrltt Oil (DrP .r
10
Mexican Eagle Oll.r
Mexican Panuco Oil
10
Mexico Oil Corp
10
Omar
74
300
1.5c
1
Nov
Dec
*2H
8H
Jan
Jau
2H
Apr
Minlnn Stocks
Alaska-Brit Col Metals.. 1
Alvarado Min & Mlll-r.20
America Mines. r
Arizona Globe Copper
Atlanta Mlnes.r
Atlas Go'd.r
Belcher-Dlvlde.r
Belcher Extension
Big Ledge Copper
Co
1
K
1
2c
10c
lOo
5
...1
5c
5c
5-16
l!^c
18
3c
2c
H
'/.
3c
3'Ac
38e
'i6c
1
'23c
7c
lOc
"67c
30c
7-10
63c
27e
4c
3H
H
2'A
42e
1
1
Gadsden, r
1
1
1
1
Gold Zone Divider
Great Bendr
Harmlll Divide. r
Hecia Mining
1
23Mc
22c
.....
3-16
17c
6c
1
Kerr Lake
5
Kewanus.r
1
Knox Divider
''4
1
9c
5k;c
1
1
i2c"
17c
1
1
Magma
Copper
Marsh Mining
5
7'^3C
1
McKinIey-Darragh-S:i,v_
28c
. 1
Motherlode
1
New Arcadian Copper. r..
Nipissine: Mines
Ophir Silver Mines
Prince
Consol..
5!.^c
3K
SH
3
7H
5
9-16 13-10
H 5-16
1
2
Ray Verde Copper
1
1
IH
1
4c
5c
St Croix Sliver
Silver King DIvide.r
Silver Pick Cons'd . r
1
Tonopah
Tonopah
Tonopah
Tonopah
Belmont Dev
Divider
H
1
3-ir
1
1
1
1
9-l(^
1
1
316
1
10c
mi-
Ic
ic
1
Extension
IK
Mining. r
1
l>-<
United Eastern Mining..! 2 7-16
n .s Continental Mlnes.r.)
Unlt^• Gold Mines
5
Victory DIvide.r
10c
5c
West End CousoI'd
5 1 1-16
White Cans FTt,pn
I'Ae 2c'
4c lie
4',i
6l<
3-16 3-lP
2c
3c
lie
6ir
1
r 10
June
2c
Dec
3-16
May
2c
30c
15c
Dec
7c
Mar
92c
42c
38c
49c
K
Oct
1-16
June
Dec
lOe
1
3Hc Dec
IK .A.ue
Mar
52c
190
July
65c
17. .520
,';i
15-16 Jan
15-16
Apr
2H
Jan
Jan
Jan
ug
Jue
.^
1%
I
1'4
5-16
I'f
2 '4
7c
1
9-10
I'r
'<.
m
1
2 '-"
8o'
7
7H
4C
5c
I'A
1
1
2K Nov
Dec
7
H Mav
H Aue
3,.50P
4.200
12.2ri0
9,6on
5,350
19,200
1.400
11.800
25,893
8,100
2,300
2.000
14..500
2,605
11,02
3,400
2,700
11.030
18,200
300
22,S«r
15.000
11.-00
15-16
Dec
3Hc Dec
K
Dec
2c
Oct
Jan
3
Dec
Ic
H Nov
Ic
He
1
Ane
Auc
3
15c
I5c
4c
44c
Feb
4':c
65c
Mar
Mar
5
Oct
20
Feb
Feb
Feb
4'Aj
7-16
27c
13c
4K
Jan
Jan
Jan
Sept
»4
Jan
Jan
Jan
Oct
Jan
H
Feb
1,5c
15c
Sc
97c
39
32c
65c
Jan
Apr
Jan
Jan
6MC May
4H Nov
12?s
Jan
IK Feb
I
3-16
I'A
12c
Jan
Oct
Jan
IK
Sept
14c
30C
S'j
H
7c
7c
3H
Jon
Mar
Jan
Jan
Jan
.Tan
Jan
Jan
3-16 June 2 1.VI6 Jan
31« Jan
Julv
1
Dec
4H Jan
4c
lie
Dec
Apr
Apt
10 ISept
29c
S'ic Dec
Jan
H Dec 2 7-16 Jan
KcDec
3c
Jnn
3 16
1
1
Dec
June
Oct
Jau
1
Dec
Dec
Dec
c
Jan
I
a Nov
Ic
Aug
3H Mar
16
Mar
Dec
Dec
2
3-16 Aug
9-16 Feb
Jau
Jan
June
Jan
7-16 Sept
1-16 Jau
12c
Mar
10
Jan
1 1.5-16
'Ac
Rex Consolidated Mln
South Am Gold & Plat
Standard Silver-Lead
Success Mining
Sutherland DIvide.r
'2c
me
2'U
lOr
Lone Star.r
15-16 June
Mar
4c
19c
15c
3'A
3H
2
lOr
'.J
15 J^ July
1 3-16 Mar
He July
2.000
12c
Oct
23.600
115-16
Jan
4H 5.,530
IH 2% 11,700
e'4
6!^ Dec
20
700
2'i Dee
2H 3
16 c
Dec
17c
4.900
.S-10
10c
Aug
16c
18c
19,700
4c
July
5(^
6c
22,400
2% Dec
900
2H 3
3c
19.200
'ic Julv
4c
Aug
S'A^e.
10c
20..500
4c
Oct
4c
5k;c 43,000
H Dec
'A
H 2,800
1-16 Dec
lie
16c 154,000
1-16 Mav
3-16
17c
9,500
19
21
15 H Deo
2,600
Dec
6c
7c
8Kc 21,700
Dec
17c
25e
30c
5,000
4>4c Mar
5'4c S^c
4,120
He
18c
1
Jumbo Extension
1
24
June
Oct
He Dec
lie
8c
2c
Dec
Dec
H.
c 1.55,8.50
60c
Ic
I
10
25c
Honduras Amer Synd.r. (t)
Howe Sound Co..
__1
Iron Blossom. r
Jim Butler. r
8c
2c
H
'4
H
20c
4c
y»
'A
10
lOe
S
16,900
4.000
1,000
14,500
17,300
7.000
19
60c
6c
(t)
Goldfield Consol'd.r
Goldfleld Devel.r
Gohifield Merger.r
Henrietta Silver. r
IK
iVs
15
Florence Gold field _r
Forty-Nine Mining. r
4c
3-16
Silver
Eureka Ooesus .r
Eureka HoUy.r
31,000
200
100
1
8,900
2c
21,100
18
2,000
5c
31,300
6c
25,500
7-16
5,000
4c
15.200
46c 200.000
16c
21.150
3-16
1.000
24c
52.050
35.000
7c
33550
07c
39.200
44 400
31c
9,200
'x
4
16,700
49c 114.000
'A
lU
11
1
Cortcz Silver, r
1
Divide Extension
1
El Salvador Silver MIn...l
Emma
9-16
1
Booth-r
Boston <fe Montana Dev.-5
Caledonia Mining
1
Calumet & Jerome Cop.r. 1
Candalaria Silver _r
!
Cash Boy Consol.r
1
Conaol Virginia Sllver.r..5
MacNamara Mining. r
13H Apr
65M Jan
Sept
10
800
3.50
16c
8^.
5
Oct
]3ec
3>i
5.700
Oil.r
Duquesne Oll.r
J;tn
IM Dec
13
3
4y.
21',,
I'i
1
Arkansas Nat Gas.r
Louisiana Consol . r
MacNamara Cresc.r
Dee
13
3,000
70Ji
1
Atlantic Petroleum. r
I'.oone Oll.r
Texon
.\etDa Explos Bache ctfs.r.
Allied Packers- r.. (no par)
B
Range for Year 1920.
Law.
*»
283
200
259
343
298
100
Oll.r
H
19
280
200
250
100
100
Soutli PennOUr
Stiindard on (Ind) r ... 26
I'liililf I'lpi!
J
26
Slmms Petroleum
& Mlscell.
Acme Coal.r
Federal Tel
WeeVs Range
H
Low.
Shares.
Former Standard Oil
Settled Prod.r
Sales
for
High
Par. Price. Lew.
Trauscouliueulal Oil.
Sapulpa
Friday
Last
Range for Year lijIQ.
Lust
.Sale
J'eb
Oct
Oct
Oct
Jan
45
par value.
New York "Curb"
SaUn
yrUlan
aaUn
ynuav
Bonds
'^49
;
4'i;
—
r
K
.
.
.
.
JTidau
Week') Range
Mliilnit (ConcltuUd)
White
Sale.
Price.
I'ar
10c
c:a|)fl Mliiliii;
MInliit:.
0/ Prices
6
A
Amer Tel A Tel
6%
notes., r
Anaconda Coii
68. r.. 1922
96 J(
95
1924
Mlu
78 r '20
94
1929
6%
AnKlo-Ainer Oil 7'j8_r."29
A
notes Scr
100%
ArniourACo 7% note" r '30
Bergen(CltyoONorw 88 46
Holhl'iii Sieol
Brazllliin I.
anadhm Nat Rys 7b.
Cerro i\o r:i.seo Cop Ks
(neGaaotN Y
!i
H
Gs
'
>
98
97
96
lUSS
7s. r
l':q
A Tr
loiri
103
99';
i:i:j3
\'.>'.i\
88... 1921
CcinB Textile deb 78..1U23
Diamond Match 7H8.r '35
Duquo8ne Light 6s r- 1940
Empire Gaa & Fuel 63. r '24
102
1926
French Govt 5s. r
Galcna-Slsnal Oil 78. r
93 H
89
96 K>
95
68
1!*30
GoodrtPh (n F) Co 78.1925
Grand Trunk Ry 6>^s w
1
Heinz (H
Co
78. r.. 1930
7s-r...l'.>21
Kennecott Copper 78 r 1930
Laclede Gaa Light 7s. r..
J)
RT
Interboro
Mexican
Irrlpration 4s
Morris* Co 7W8.r... 1930
985^
97
National Leather 8s.rl92e
N Y N H & Hart 43.r- 1922
I Northwest Bell Tel 7s r'41
70
Norway, Klngd of, 88 r '40
Ohio Cities Gaa 7s-r..]921
7s.
7s.
7s.r
7s. r...
Pan-Am Pet & Tr
7%
7%
100
1922
1928
1924
1925
78. . 1920
Seaboard Air Line 6s
Bears.Roebuck & Co 78
94 ?<
98 H
96 K
96;^
t5
r'21
ser notes r Oct 15'22
ser notes. r. Oct 15'23
Scrip
Seneca Copper 8s Apr 15'26
Con
Sinclair
Oil
7^8. r. '25
90
Solvay & Cle 8s_r
1927
Southern Ry 6% notes 1922
Southw licil Telep 7s..l<)25
Stand Oil (Calif) 78 r..'31
Stand on of N Y 78. r . . '25
7% ser gold deb. r.. 1926
7% ser sold deb. r.. 1927
7% ser gold deb. r.. 1928
7% ser gold deb. r.. 1929
7% ser gold deb. r.. 1930
7% ser gold deb. r.. 1931
102
96 }i
94 H
101
101
looH
101
101^
lom
100
103 H
Steel Tube
ofAm78.r.l951
Swedish Govt 6s J'ne 15'39
95
83K
Swift & Co 7s. r
1925
Switzerland Govt SJ^s 1929
Texas Co 7% notes
96
85
99 Vi
Union Tank Careo 78.1930
Va-Caro Chem 7MS-ra932
Western Elee conv 7s r '25
West Virginia 3MS---1989
20c
A[r
12c
MiT
%
100
lOlH
96
lOOM
Dec
Ik
Oct
49 \
96
h:>
Dec
Nov
I
><•<
SO
98
Aug
Dec
Dee
Dec
Aug
yi<A
Dfc<
U2
Dec
Dec
Dec
92 H
00 k
87 k
'.'2!i
85 J,
99 k Sept
97
H
90 k
95 k
.
k
99
85!^
80 k
91
Dec
Dec
Dec
Dec
Oct
Dec
Dec
Nov
93 k Nov
58
Dec
79
Jan
97 k
96 M
96 }i
98 H
Jan
Jan
Oct
Jan
101
Mar
98
98
Oct
Nov
95k Nov
91
102 k
Dec
100
97 k June
Oct
Oct
Oct
101
k
90 k
85 k Nov
100
96)4 Oct
July
80
93 k Dec
99
Apr
Dec
56 k
87
83
Aug
Dec
95
76
98 k
Dec
94
H
98
97 k
93
90
90
Dec
Dec
Dec
Dec
M Nov
90
Dee
91
Dec
40k Dec
93
Nov
93
Nov
92
k
Dec
Apr
93
mVi Dec
98 k
Dec
91k Dec
90
Aug
100
100
100
100
100
100
100
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
mn
76^-2
90 k
77
96
96
k
H
Dec
Dec
Dec
Dec
Aug
Dec
95 'k
96 H July
78 k Oct
Nov
Jan
Jan
k Nov
98 k Aug
Dec
Dec 100
Dec
84
94
Doc
Nov
Dec
Oct
101k
Oct
99
Dec
97 k June
97
Sept
Oct
96
96 k June
July
94
64
Oct
99 k Oct
98 k Oct
k
98 k
107 k
98
100 W
96
97
Oct
Nov
Apr
Oct
Jan
Jan
k
100k
100 k
look
100 k
look
100 k
Dec
Dec
Dec
Dec
Dec
Dee
Dec
101k Dec
100
Jan
97
97 k
93
99 k
May
101k
Oct
Dec
Jan
95k Dec
99 H
83 k
Apr
Nov
12M
..
12!<
Ilk
13k
Frankfort 5s. r..
16
14
4s. r
..
2%
4s. r
19
16
14
2
12k
Ilk
13k
19
13k
13k
4>43-r_
k
2k
16
14
13k
14
2k
12
12
10
14
175,000
104.000
10.000
25.000
iO.OOO
170.000
Sept
28
26
27
Nov
31
Oct
k Nov
13k Dec
.50.000
50,000
65,000
12
Dec
15
15
2
2k
Oct
Oct
k
2V. 100,000
Dec
Dec
June
June
June
June
June
June
31
27 U
26
July
28
July
9
June
7 k July
tNo
par value. 4 Listed as a prospect.
J Listed
on the Stock
Exchange this week, where additional transactions will be found, o New stick.
lUnllsted. «; When Issued. 2- Ex-divldend
z Ex-Btock dividend.
s/ Ex-rights,
k Correction.
J Dollars per 1,000 lire, flat,
*
lota.
.
New York
City
Banks and Trust Companies,
All price! dollars per share.
Banks— iV Y
America*
Amer Exeh..
Atlantic
Battery Park.
BIA
190
245
210
165
450
150
105
145
145
30
195
330
245
Bowery*
Broad way Cen
Bronx Boro*.
Bronx Nat-..
Bryant Park*
Butch & Drov
Cent Meroan.
Chase
Chat & Pken.
Chelsea Exob* 136
520
Chemical
Coal * Iron.. 225
350
CoIonUl*
150
Columbia*
215
Oommerce
Ask
I
200
255
220
176
210
wealth*
Continental _
NY
New Neth*.New York Co
New York..
480'
35
205
340
255
Pacific *
160
Park
530
240
PubUo
425
250
Gotham
Qreenwlch
*.
.
Hanover
Barrlman
imp 4 Trad—
»
170
910
150
910
220
185
250
790
345
510
t
New
576"
460
200
(Tradesmen's' 200
!23d Ward*... 220
lUnlon Exch.
160
United State;?* 155
Wash H'ts«.. 350
YorkvUIe*... 375
170
225
170
Law
625
210
170
& Tr
110
iLlncoIn Trust 165
Mercantile Tr 280
Metropolitan. 245
Mutual (Westcheater) ... 106
NY
Alt
340
330
295
160
2'9'2"
220
Amer Surety.
Bond * M O.
Bit
Ask
76
63
196
80
68
208
66
86
Preferred
&
NY
Trust...
Trust...
67
76
.
165
290
255
126
500
600
Tr 305
Gu &
Mtg 4 Tr
156
215
180
100
92
95
Brooklyn Tr. 460
Hamilton
260
Kings County 630
iNassau
INorthSIde*..
140
205
160
80
85
85
226
196
IPeople's
1.50
160
'RUieewoort
200
8
365
United States 810
Bid
Ask
Lawyers Mtee 110
Mt«e Bond.. 76
120
H*
Nat Surety.. 190
200
'1
1
N Y
First
198
Mechanlcs'*.-
Homestead*..
IMcntauk*
-
Manufacturers 195
270
People's
206"
are State banks, t Sale at auotlon or at Btock Exchange
z Ez-dlvldend. y Ex-rirbtt.
85
West 4 Broni
U
TlUe 4
G 150
120
M
IW
bond prices are "and interest" except where marked "f
Standard Oil Stocks Pi
'
Par
OU new.
Anglo American
£1
«/ior «
Ask
Bia.
7l9'i
201,1
1075
109
100 1025
100 zl07
100 390
Borne Bcrymeer Co
60 •85
Buckeye Pipe Line Co
10»j 175
Cbeeebrough Mfg new
100 102
Preferred new
100 110
Continental Oil
60 •30
Crescent Pipe Line Co
Cumberland Pipe Line. ..100 125
100 z97
Eureka Pipe Line Co
49
Galena Signal OU com. ..100
100
93
Preferred! old
94
IOC
Preferred new
100 165
Illlnole Pipe Line
•85
50
Indiana Pipe Line Co
Atlantic Ucllnlng
Prelerre<l
International Petrol. (no Par)
National Transit Co. ..12.56
New York Transit Co... 100
Northern Pipe Line Co.. 100
190
100
115
34
135
I0:i
17
•28
160
30
165
100
290
38
480
202
Co
Oil
F;QUlt)mcnt R9
1
|
4 Ohio Oks
Ekiulpmont 58
Chicago 4 Alton 4kB. 68 -Chicago 4 Eastom III 6ke..{
Chic Ind 4 Louisv 4ka
Chic St Louis 4 N OC8
Chicago 4 N
i'AB
Chicago R I 4 Pac 4kB. 8a..
Colorado 4 Southern Cs
Chesapeake
1
1
W
Eric4k.
66.
Hocking Valley 4k8, 68
UUnolB Central 68
Equipment 4H8
Equipment 76
LoulGville
4
NashviUe 6e
Michigan Central
Minn St P4 88M4H8
Equipment 58 4 7s
25 •95
100 140
•24
Magnolia Petroleum
Mexican Fagle Oil
Rights
98
160
26
I
9I2
•8I2
Midwest Refining
Tobacco Stocks
60 •3-140 142
Per Sh arc.
Ask.
Par Bit
89
American Cigar common. 100 r83
82
.100
79
Preferred
]
N Y Ontario 4 West 4Hb...
Norfolk 4 Western 4^8
Northern Pacific 7b
Pacific Fnilt Express 7b
Pennsylvania RR4HB
Equipment 4b
4 L«ke Erie
Pitt.sb
Reading
Co4Hb
;
Amer Machine 4 Fdry..l00
American Tobacco
Borlp
British Amer Tobac ord..£l
bearer.
Tobac.
£1
Amer
Brit
no par
Conley FoU (new)
Helme (Geo W) Co, com .100
100
Preferred
GB4
Ire.
Johnson Tin Foil 4 Met. lOO
MacAndrewB 4 Forbes.. ICO
100
Preferred
Porto RIoan-Amer Tob.. 100
Scrip
Bejmolds (R
J)
Tobacco. 25
B common stock
25
100
Preferred
Tobacco Prod Corp sorlp
Weyman-Bruton Co, comlOO
100
.100
100
Preferred
Young
(J S)
Co.
Preferred
Rubber Stocks
(.Cleve
4 Rub,com. 10,
Firestone Tire
100
6% preferred
• 7% preferred
100
Gen'l Tire 4 Bub. com. ..100
100
Preferred
Goodyear Tire 4 R, com.l00|
lOOi
Preferred
MUler Rubber
Preferred
Mohawk Rubber
Portage Rubber, com
Preferred
Swlnehart Tire
Preferred
100
100
100!
100
4
Am
Am
M4N
B
J4J|
Equipment
6H
Ry
4ViB.
K C Term Ry
Nov
15 1923..M4N15J
Laclede Gas 7s Jan 1929 F4A
6b
Penn Co 4>t8 1921...J4D15
Pub Ser Corp N J 78 •22.M4S!
Revn (R J) Tob 6b •22.F4AI
9s
"eo"
Cetii
87
94I2
70
Prelerred
United Lt
90
95
Ry L 4 P oom.lOO
4 Rye com
1st preferred
96I4I 963;
Preferred
6
Bada.
omlnal.
5
26
56
21
02
3
22
53
19
60
993j1001s
99l2'l00
Industrial
993.11100 Is
and MIscellancouj Pf r Share
101- 175
185
86
8712 American Brass
93I2' 94
26
24
American Chicle com.no par
67
97
94
83
69
98io
9834
99I4
9938
CellUiOld
Company
100
127
du Pont (E I) de Nemours
100' 145
96
4 Co. com
74
88
Debenture stock
100^
100
6712 68I2 Havana Tobacco Co
2
85
99
|
86
96i9
Per tliare.
/Flatprloe.
H2
1
100
100
100
100
100
Western Power Corp
7% notes Oct 16 "26 A4016 953.
MAS 99h
Texas Co 7b 1923
U 3 Rubber 7 ks 1930.. F4A 98'
69
'22. MAS 16
8412
Utah Sec Corp
West Elec conv 7b 1925. a*o 100
•
640
6.70
6.70
8.75
0.40
6.76
Amer Gas 4 Elec com
Prelerred
96^4
Ry
4 Co 6b 1921-..F4A15
6
Amer Lt 4 Trac com
Tennessee
96I4
9812
Swift
00
40
7
:
40
9812
Southern
700
I
86
'29.F4A|
6s 1922... M4S|
I 66
6.5«
6.40
7.00
6.50
6.40
6.40
6.40
6-40
6.40
6.40
7.26
7.25
I
82
4
675
I
97l'>
Sloes Sbefl S
6.60
6.40
6.76
6.60
7.26
7.26
Public Utilities
—
7s 1921 M&S]
4k8 1921. J4J,
6.6fi
6.87
7.37
7.37
7.25
eJS7
7.60
7b
5s
100
63
Anglo Amer01!7k8'25 A40; IOOI4 101
Preferred
100 134
Arm'r4Co7sJulyl5'30J4J15 9734 9812 American Hardware
Beth St 7b July 15'22_J4J15J 97^8 983s .4mer Typefounders com. 100 39
106
80
7% notes July 15 '23 J4J1.'> 9638 9634 Prelerred
Canadian Pac 68 1824-M&S2: 94I2 95
Bliss 'EW) Co, new. .No Par *24
93
601 *60
Federal Sug Rfg 68 1924 M*n; 89
Preferred
89i'> Borden Company com
lOOj
94
89
Goodrich (B F) Co 78 '25 A&(J
93"
ICOj
86
Preferred.
Hocking Valley 6b 1924M&S' 91
RT
6.70
6.40
6 40
6.40
800
700
Toledo 4 Ohio Central 4%.
Union Pacific 78
Virginian
7.76 6.76
8.25' 7.25
8.251 7.25
,
R.oom.lOO
100
Short Term Securities Pe r
Cot OU 68 1924.. M4S2
Amer Tel 4 Tel 6s 1924. F4 A
A40
6% notes 1922
Tob 7% notes 1921M4N
.M4N
7% notes 1922
7% notes 1923
7b 1929 Series
Co
7.25; f..50
7.00! 6.40
7.00
7.00
6.87
7.00
8.25
8.00
8 00
Equipment iHe
Southern Paclllc
8.60 7.26
8.60 7.60
7. sol 6.76
7.00!
6.871
St Louis Iron Mt 4 Sou 68..
St LoulB 4 San Franclfloo 6b.
Seaboard Air Line 6b
.
7.00, 8.60
50 •93
9612
36l2
50 •i35
IOC
SO
83
100
75
185 200
Prelerred
78
99 102
100
45
Amer Power 4 Lt com
•I2I2 13
100
64
Preferred
5
10
123s 1258 kmer Public UtUltlea com 100
*12
100
15
15
Preferred
26
25
145 165
30
Carolina Pow 4 Light com 100
93
88
Cities Service Co com... 100 /244 ,^48
»8l2
65I2
64I2I
100
9
Preferred
100
12
95 110
9
Colorado Power com
..100 n75
104 1)0
Preferred
S3
78
82
16
Com'w'th Pow Ry 4 Lt-.lOO 14
..100
36
97
88
88
Preferred
85
78
75
81
Elec Bond 4 Share pref..lOO
•81
86
5
8
Federal Light 4 Traction 100
•34
38
100
40
46
Preferred
101
1946.
J4J
74
99
78
Great West Pow 58
I2I2 14lj
92
96
MisslBalppl Rlv Pow com. 100
100 66'2
150 160
Preferred
7634 771t
88
93
First Mtge 58 1951... J4J
097
105
5
10
Northern Ohio Elec Corp.(t)
8.')
90
100
25
29
Preferred
md p nc(. North' n States Pow com. 100 35 40
•89
...100
77
91
80
Preferred...
85
90
73
North Texas Elec Co com 100 69
100
67
75
80
70
Prelerred
.-.'300
78
80
Pacific Gas 4 Elec Ist pref lOQ
85
18
21
Puget Sd Pow 4 Light... 100
23
24
..100
68
61
Preferred...
6
46
100
48
Light
4
8
Republic Ry
80
85
100
20
25
Preferred
82
80
90
88
South Calif EdlBon com. . 100
100
105 125
94
06
Preferred
25
28
14
Standard GEe4 EI (Del). 60 •12
40
44
60 •34
36
Preferred
'
of
7s
Southern Railway 4Hs--.
OU
Tob
58, Be
Missouri Kansas 4 Texas 6*.
Mlssourl Pacific 58
MobUe4 Ohio 4M. 58
New York Cent 4>i6. 68 ...
Equipment
7.00 6.40
7 37; 6.40
8 00 7.00
7.75I 9.76
6.87 6.40
7.50
7.00
7.00
e.85
7 37
7.00
6.87
7.60
7.25
8.25
8.26
7.50
7.26
7.12
7.75
7.00
Kanawha 4 Michigan 4kB-.
Equipment
Other Oil Stocks
Imperial
;
4ks4 eii..l
Carol CUnchflcIf' 4 Ohio 6e..j
Central of Georgia 4kB
1
51
98
99
170
88
•1612
RR. Equlroicnts Per Ct.i BaMt.i
baltlmoreA (Jblo 4Hs
7^0 6.76
4 Pittsburgh 4He! 7.10' 6.60
7.10 6.60
Equipment 4|
Huff Rrjch
Canadian PacKIc
410
88
96
25 285
25 •35
Penn Mex Fuel Co
100 470
Prairie Oil 4 Gaa
100 197
Prairie Pipe Line
lOfi 375
38.5
Solar Refining
Southern Pipe Line Co. .100 112 115
100 245 255
South Penn Oil.
74
70
Southwest Pa Pipe Lines. 100
Standard Oil (California). 100 314 318
Standard Oil (Indiana).. 25 •7212 73I2I
Standard Oil (Kansas)... 100 575 600
Standard Oil (Kentucky) 100 415 430
Standard Oil (Nebraska) . 100 390 410
Standard Oil of New Jer. 26 165 170
100 108 110
Preferred
Standard Oil of New Y'k. IOC 347 350
100 385 400
(Ohio)
Oil
Standard
100 106 110
Preferred
100
35
."jO
Swan 4 Finch...
100 113 117
Union Tank Car Co
100
99
96
Preferred
100 295 305
Vacuum OU
10 *30
35
Washington Oil
Ohio
Liggett4Myer8Tob6s'21 J4D
480
270
660
203
290
102
100
Quotations for Sundry Securities
All
Lehigh PowSee6Bl927.F4A:
Brooklvn
Alk
Realty
II
II
Interboro
315
375
M4
Aiaoe
(Brooklro).
96
D 8 Casualty. 16«
US Title Guar 78
II
*
Title
Mortcwe.. 110
AnacondaCopMtn6s'29.J&J^
320
166
120
Life Ins.
U
[Green polnv
stook.
Tit
425
425
l«fi
(•)
American...
Bankers Trust 330
jCentral Union 320
jCoIumbIa
285
jCommerclal .
160
Empire
300
Equitable Tt. 282
jFurm L & Tr. 330
iFidellty Inter. 210
Fulton
270
iGuaranty Tr. 315
iHudson
155
Title
925
230
355
625
Bia
York
,
Brooklvfi
_
New
165
iConey Islaiid*
925
Banks marked with
this week,
i¥o
Republic*
jSeaboard
^Second
State*
225
285
120
160
210
385
210
310
1.35
1£0
Corn Exch*.. S/275
Gosmop'tan*. ICO
Filth Avenue"
Fifth
First
Garfield
160
470
Trust Go's
Ask
190
310
1,35
East River...
Bta
180
200
(Liberty
365
•
- _- Manhattan
.
200
leo Mech & Met- 300
126 Mutual*
490
155 'Nat American 150
166 Nat City
304
125
Cuba (Bkof). 140
Banks
Industrial*...
Irving Nat of
Comm'l Ex*.
Oommon-
Alliance R'lty
Imperial
Dresden 4s. r
Realty and Surety Companies.
All yrioea dallars ptt abara.
98% Nov
93
Nov
94
97
67
k
98 k
Mnrk^
Greater Berlin 4s. r
Hamburg 4'4a.T
Mannheim 4b. r.
Munich 53. r
New York City
City Invcetlng
5
170.000
59
3.',.
000
!)6 i
97
90
12.000
87
90
96 r, 420.000
93^ 95 105.000
91Ji 'MM 1792000
2.000
86 k
86?,i
100
1005s SI. 000
280.000
97 K 98
50,000
98
94
9P, 96 ,k 230.000
875,,'
30. OCX)
89
18.000
101 'i 101k
102
104M 330,000
870.000
my,
90 tf
90
98
25,000
98i-< 100
535,000
51,000
lOOK 102
89 'i 90 k 25,000
84
85
30,000
94
94 k 25,000
10,000
52
52
93 }i 93 k 59,000
144.000
87 H 90
96 3i 97 k 300.000
^i% 96
50.000
67
68 k 42.000
92
94
29.000
86 i-j 88
30,000
2.000
30
30
98
98 H 13.000
94
102
29.000
65
46.000
70
97
97 k 100.000
165.000
100
98 >4' 98 k 20.000
96
90 k 15.000
95
96
6.000
94
95 k 35,000
93
94
5,000
92 K 93
8,000
51
270.000
55
HO. 000
98
99
95 H 96 k 265,000
95 Vi 96 k 110.000
93
95
10.000
98
98
10.000
89 k 90 k .525.000
100 K 102
56.000
96 M 96 k
5.000
94
94 k 13.000
100« 101k 700.000
79.000
100 k 102
100 '4 101
30.000
lOOH 101k 110,000
100 k 101 k 97,000
100 k 101 k 43.000
100 k 102 k 70.000
102
103 k 68.000
95
95 k 120.000
43.000
81 k 84
89.000
95 k 96
86 .k 86,000
82
99
99 k 126.000
look 101k 39.000
95
96
29.000
99
100 k 47.000
81k 81k 15,000
Municipal Bonds
1 ,000 Marks)
(Dollars per
Berlin 4s_r.
Odd
Dec
Ho Dec
&
German GoTernment
Vienna
3c
17.100
.
[Vol. 112.
High.
Low.
;to.ooo
Ik
1
DenniurkdClDKd of)88.HM5
68. r
Kangefor Year 1920.
Meek.
Hharea
!
T^tWJf)
Triic
Salei
for
56
t'V.I
Aluminum Mfra Ta.r.. 1826
l.lKhl
9c
3c
4c
2c
114
Bonds
Allied I'nclc coiiv d' b «8
High
Low.
8c
2 lie
1
Yukon Gold Oo.f
Atucr
— —
THE CHRONICLE
S50
Wllhcrt
— —
.
99 14
99
''^
IOOI2
86
Lonij
67
1137
I
;
I
|132
I
155
77
3
8i«
8
100]
1922. .J4D /40
7
Intercontlnen Rubb com. 100
Preferred
1st B 5b
June
51
1
66I2
lOOl
International Salt
AAO; .''67
Ist gold 58 195!
International SUver pref.lOO; •S5
Lehigh VaUeyCoalS-slPfl. 50l »66
100 160
Phelps Dodge Corp
Royal Baking Pow com..lWi 105
43
S3
27
60
98
89
I
I
10
70
70
90
72
175
110
83
100;
81
Preferred
91
Singer Manufactiuing..-100' »90
£1
Ltd
•2U 2»i
Singer Mfg
tfPiirchaser also pays accrued dividend. « New stosk.
s Es-dlTidend. yEx-rlgbti.
«
60% stk. div.
.
^51
%nvitstmaii nnil^mlxoutl Intelligjcncje.
RAILROAD GROSS EARNINGS
STEAM
roads from which regular weekly or monthly returna
following table shows the gross earnings of various
oan bo obtained. The first two columns of figures gi\e the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returnn uf the electric railways
are brought together separately on a subsequent page.
The
Jan. 1
iMtesl Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
to Latest
Current
Previous
Year.
s
s
s
330,005 243.222 3,199,821 2, ,530. 799
4,533.0(10
5.392,180
lua.rjH
100.455
-Itli
Ann Arbor
Atch ToiH'ka *; S Fe No viMii her 20;;40i70 1 7504 7 3i 0i;.s9:t 470 02387 31 1
Gulf Colo & S Pe. November 2.931,188 2.4.58,186 24, S58.S00, 19.084 .498
Panhandle S Fe.. November
917.120; 704,2591 8. .541. 371 5,885. .540
485.309' 373,989' 5.301,8,581 4,.530,(i.59
Atlanta Ulrra & Atl. November
Atlanta & West Pt. November
248,202! 278,037 2.772.0-l<)i 2,534.502
November
270.0,'J2:
202,7721 4.423.410! 4,199.449
Atlantic City.
Atlantic Coast Line.' November 5.820,115 5.:<42.48:f!65.005.400l57.158.217
Baltlmoro & Ohio..' November 232M»3r)l 15:{46511 210869617, 166874203
Alabama & VIcksb. November
wk
Dot-
1
1
1
;
B& O ChTorui..' NovemlKT
&
Bangor
Aroostook November
Com ml J Novemlior
Helk-li)ntt>
Ky
of (^blcaKO. Novemoer
1, Krie.
NovembiT
Bingham & Garfield Novojuber
Blrtnlngliam South., November
Bolt
BessenuT .V;
2SS.01'.>
0.'..082
603,788
502.0-12
12,tiUi
8,07t)
505,.5«0
322.111
782.877
148.154
42,482
6.407,373
85,025
1.8tiS.Sf)5
33,300
2.H)2..531
1.K04.224
4,766.257
0.143.030
93.3:!1
112.737
4.245.167 3,433,976
14.529.043 12.000.127
1,307.072 1.1.59,120
587,686
522.792
79.4.59.013 66.142,094
939.184
1,088.432
CO, 80S
Boston & Maine
November 7.736.285
Bklyn E D Term...] November
118.772
:'7-.!.8-.'.'->
Buff Koch &: I'iasbJ Is' wk Jan
3 1.1.'3
Buffalo & Susq
November
295,270
70.747 2,810.481 2.012,577
Canadian Nat Hys. 1st wk Jan 1,814,057 1,042.208
Can;>(li;in r.icific. _ Isv wk Jan 3.;<03.(K)() 3.171.0001
,-...
Can Pac Linos tn Me November
187.502
195.282 2,499,840 2,385 215
.529.613' 0.809,336 5,098 410
Caro Clinch & Ohio. Novemoer
774.432
Central UK of N J . N'ovciiilier 5.1'>'i.it:'2 3 ,o.v; .4.SO 4 7.027 .oh: 10.020. .••)3t!
Cent New England. November
853,904
561.219, 0.879.088, 6,178, 555
511,0S3; (i.5,'',:i.212l " 33S 4i:l
Central Vennont
November
039.710
Charleston & AV Car November
200.285^ 3.170,125 2,798 015
300,013
Ches & Ohio Lines. .' Novoiii'kt 8..V0.Sil 5,.{.-,4.0:-!O!8l,544,014!ti5."0»l 3<S
Chicago & Alton
November 2.960,588 1,769.532 27.041.790 22.890. 22.5
l(i!t:-i39075 1412S2 T30
Chic luirl >t Q\iincy. Novcmhcr 17070. 00 127003
Chicago* East 111.. Novejubor 2,909.410 1,680,566 27,803.307 22.623 057
Chicago (.ire.il West November 2.i<i2.i(H l.oi;!.s^'<) 21.S02,4OS 20.20S,'00;">
Chic Ind & Loiiisv. November l,l»;4.4.51i| 1.003.31fi l.CM.-UW 11,277, 025
.•(52.400
ChlcaKO Junction.. November
.335.008 3.204.703 3,391, 416
ChicMilw & St Vaul November 15795.504 12723 080 K5457211S 13778:'. 073
Chic «: N<irth West. Novoiiiber 14015511 121.30.502 151808017 128405 802
Chic Peoria & St L. November
289,950
121.361 2. .563. 278 1.574, 770
Chic U I & I'aoiflc. Novt-mber 11461100 0,040..5.S9 124081 3S0 101427 537
Chic R I & Gulf.. November
582.814 493,822 6,005.273 4,5.36 434
Chic Si !• \J A: Oni Noveni'>ei' 2,9-i^.^|-, 2.0H7.75/ 20,24C,.2K<-l 25,310 K8S
Chic Terre H & S E November
696.197
135.169 5. .543 .733 3,735 700
Cine Ind & "Western November
393.086
297,931 4.092,803 2,861 232
Colo & Southern.. 4th wk Dec 1,028,790
703,1^3 31.242.00*) 25,042 000
Den City. November 1.307.591 1,020,.521 11.850,511 10,109, 000
Brazos
Val
Trln &
November
273.206
101,053 1,903,354 1,260, 008
Wichita Valley... November
224.045
157,069 1, OH ,058 1,008 021
November
Colo & Wyoming
118.195
13,614
956,084
890 338
Columbus & Groenv November
164.084
192,500 1,682.74
1,651 182
07.0S7
Copper Range
0.').:^<il
November
900.010
845 SOO
Cuba Railroad
October
S03.842 1,009,773 10,2,50,025 9,4.58 ,420
Camagiiey & Nuev October
101.800
1,58.815 2,427,893 2,231 ,104
Oelawfirc & Hudson November 4,151.759 2.813,114 39,8S6,41" 31,810 980
Del Lack & Western November 8,606,028 6,140,294 73,446,492 65.516 ,050
Denv fc Rio Grande Nov('mb<>.r 4.0S0.8().X 2,s:>9.00l 3<i.l71.13 2't.S.-,0 021
Denver & Salt Lake November
301,718
201.474 2,672.799 2.6.58 ,205
Detroit & Mackinac November
208.709
157,932 1,932,057 1,538 ,284
Detroit 'I'ol & Iront. November
481. 031
3!2,773 4.711.93'! 3,471 ,700
Dct&Tol Shore L.. November
294,237
210,934 2.080,837 2.?r,r-. ,3,50
Dul * Iron Range. . November
829, .546
435,417 10. 894, .591 7,8-33 188
j
1
.
-
1
FtW&
Dul Missabe k Nor. November 1,541.1.36 1,035,879 19.3.54,757 19,734 ,002
Dul Sou Shore & Atl 4th wk Dec 274,.=571
1.57,839 5.038,9.59 4,735 ,274
Oolath Wbm «E Pac October
269.609
176.270 2.033.012 1,588 ,630
East St Louis Conn. November
East n Steamsh Lines November
Elfdn Joliet & East November
'
El Paso & Sou
Erie Kaih-oad
Chicago
N
&
J
&
NY
West
Erie..
RR..
Florida East (^oast.
Fonda Johns & Glov
Ft Smith & Western
Galveston Wharf
Georgia Railroad
Georpin & Florida. _
Grand Trunk Syst..
Atl & St Lawrence
ChDetCanGTJct
Det G H & Mllw.
Grand Trk W^>st.
Great North System
Green B^v & West _
Gulf Mobile & Nor.
Gulf & Ship Island.
Hocking
Illinois
Illinois
\
alley
Central
Terminal
Intemat & Grt Nor.
Kan City
ex & Or
M
154.102
89,109 1,356,671
240.410
262.406 4.479.323
2.699,400 1,180.784 22.078,039
November 1,270,774 1,2-10,360 13.220.661
Novemlwy ir.?84 194 7.027,120 98.048.75.
November 1,230.344 884,406 11,721.299
November
124,272
100.727 1.226.608
November 1,074.277 864. .562 12,033,646
November
115.846
97.213 1,308,505
November
231,523
150,248 1,832.490
November
249,358
128,115 l,7.-!3,408
November
555,147
690,620 6,090.220
November
so, 443 1,396,800
11 5, 803
1st wk Jau 1.9.58.441 1,.508. 805
November
397,191
272,280 2,882",77i
November
238,955
181, .561 1,773.994
November
582,390
362,744 4,580,540
Noventbfr
,202,;<.jl 1,175.080 15,0.50„555
VovemlxT 123l56.>0 0,418.005 114 3047-10
Koveniher
117.300
123.079 1.107 .393
November
454,047 271,343 3,7.33.508
November
281, .146
225.738 2.806.571
Noveiiil)er 1.849,729
79ti,447 15.551.777
November 13330129 8.403.820 1320367:^5
November
116,886
75,177 1.004,319
November 2,153.684 1,451, .544 17.010.874
November
172.784
224,767 1.5.50,8.55
November
185,862
1.84,057 1,744,491
November 1,761,022 1.282,703 17.951,945
November
251,888
179,029 2,014. .540
November
1.39,815
112,123 1.467.007
November
320,197
114.404 2.488,209
1
K C Mex & O of Tex
Kansas City South.
Texark & FtSmlth
Kansas City Term. .
Kan Okla & Gulf. . .
I.akp Sup & Islipem. Novenil>'_-r
Lake Term Ry
November
Lehigh & Hud River November
Lehigh & New Eng. November
Lehigh Valley
November
Los Ang & Salt Lake November
Louisiana «& Arkan. November
Louisiana Ry & Nav November
Ix)uisville & Nashv, Noveml>er
Louisa- Hend & St L November
l:'6.717
7(i.375
1.010,78.'-,
138,275
90,107 1,280,110
340.644 217,524 2,801.066
494.951
394.742 4,291,063
7. .582. 129 5.705.822 07,785,608
1.876.112 1.623,961 18.747,861
436.233
226,079 3,900,409
411, .568
308,509 3,918,131
11480951 8,825.435 115117,5,52
283.017
215,000 2,881.219
Maine Central
November 2,219.990 1,494.711 19.440,605
Midland Valley
November
524.655 334,258 4,586,211
Mineral Range
4th wk Dec
13,194
24,070
074,302
Minneap & St Louis 1st wk Jan 329.142 ,337.148
Minn St P & S 8
November 4,946.331 3.847,139 44,-304,223
Mississippi Central. November
90.681
90..524
994.828
M
ROADS.
Precious
Year.
Year.
1,099
4,281
17,315
10,460
83.077
9.504
1.037
9,124
1.139
1,490
,045
,709
,078
,981
,123
,852
,940
,702
,587
,639
8.54 ,882
5.868 ,356
907 ,978
2.810 ,408
1.942 739
4.039 ,790
12.6)0 633
9S.444 269
1.130,
10
2,569,343
2,247,1071
10.707. 807
98.134 400
863, 338
13,103, ,505
1,362, 481
1,1.56.1066
13,643 252
1,413. 977
1,268. 580
1,346 878
007. 100
1,020, 292
2,474 427
3,013 943
.50.08,5, 6.59
15,704 547
1,938, 182
3,220 190
97, soy 337
2.600, 884
15.941 865
3,603, 480
758 568
39,009, 994
934 035
Week or
Month.
Kan A Tdx November
Missouri
Mo K AT Ry of Tex November
Mo k North .\rkan. November
Missouri
No\ ember
Tiiclfic
November
November
November
Nov eiiild-r
November
Hh wk DiH
November
November
November
BeaumS L& W.. November
St L Brownsv & M November
New York 'eiitral. November
Ind Harbor llelt. November
J/ike Erie ^: West November
Mononwiliela
Monongahela Conn.
Montour
Nashv ChUi V St L
Nevada Northern..
Nevada- Cal (">reKon
Nowburgh & Sou Hh
New Orl Great Nor.
N Texas & Mex .
< )
(
.
Michigan Central
ClevC 0& St L..
Cincinnati North.
I'itts & Lake Kr-e
Tol & Ohio Com.
*
Weekly Summaries.
1st
4th
1st
*
Increase or
Decrease.
%
•5
$
27 ,081,898 21.930,629 +5.161 569 23.48
(20 roada).
(20 roads).
1
,138.392 14,230,219 +4,908 173 34.49
(19 roads).
18 754.798 14.264.410 +4.490 388 31 .49
(20 road-;)18 862.044 14,919,321 +3,042 723 26.43
(19 roads).
24 .998.832 19,207,734 +5,791 098 30.15
week Dec (16 roads).
15 876.023 12.573..390 +3. .302 033l 20.27
week Dec (20 roads).
18 272.112 14.455.009 + 3.817 103'26.40
week Dec (I6 roaiLs).
15 ,590,202 13.1.53,072 +2.436. .530! 18 .52
week Dec (14 roads)
17 .435,318 14,300,090 + 3.075, 222 21.41
weeb Jan (10 roads)
8 078,145
7.270.486
+ 807 0,50 11.11
We no longer include Mexican roads in any of our totals, t Comparison
Uh week Oct
l»t week Nov
2d week Nov
3d week Nov
4th week Nov
2d
3d
Previous
Year.
Novemiier
November
November
Noviuiiber
November
Kanawha & Mich November
N V Chic A; St Louis November
N Y N H ll.-irtr Novem'ic-r
Ont & Western November
N Y Susq &. West.. November
Norfolk Southern.. Novem jer
Norfolk & Western. Noveml)er
Northern I';icific._ .N'o> ember
Minn & Internat. November
(fc
NY
.
Northwestern
Oalm
liy
Pac. November
& Land Co
Nove:iU)er
Tacific Coast
Nuven-ber
Pennsylv RU & Co. November
Cbes& Atl.. November
& Nor_ November
Grand K;ip & Ind Noveaiber
Bait
<
"inc Le!)
F
ond Island
_
Novem' o
....
Maryd Del & Va November
N Y I'hila & Norf November
Tol Peor & West. November
W
&
CC &
November
St L_ Novemberl
Pekin Un. November
Jersey
I'itis
Sc.-ish
Peoria &
Pore Marquette
Nove.'iiber
Perkiomen
November
I'hila Beth & N E.. November
Phila & Reading... November
Pittsb
& Shawmut.. November
Pitts Shaw & North
Pittsb & West Va.
Quincv Om A; K O.
Rich Fred & Potom
Rutland
St Jos & Grand Isl'd
St Louis San Pran
Ft
W&
St L-S
Current
Year.
Precious
Year.
s
s
3.,531.378!2 <)'•
1 to Latest
Current
Year.
'
14'i 3(1 48.').960
3,155.403 2,-132,996 27.043,884
131.245 1.910,1-10
201 .,595
I177,"2.5'i 8,0)8. i5l 10 '43,- 742
3.0hO,051
.3,50.431
519.6.53
245,807 2.804,6.50
201.0.33
21.8bl 1,514,020
205,490
14 1 '.IVI S21 22.47U 7 to
2 0»i1
1.57,842 1.611,696
81.219
410.408
6,285
.82
216,2.56
84.899 1,685.817
184.378 2,478,004
244.722
403.055'
182.120 2, 805,.3.36
123.402 2,083,897
265.127!
69 5,.50 4
403,121 6,982,649
35103 674 2.5642 731 3.37340022
965.287
.5.50.014
8.445,045
803.08*i 10. 001). 070
1.083.K22
7.7:-(2.02.? 7.eoo 35s 80.421.140
8.062,170 6.061.072 81 ..502.9.56
299,209
227.737 3.343.719
4,391,2.50 1,9;9.770 32,022.005
1,501 ,0.S4
502,701 12.093.176
626.013 275.220 4,051,729
2.715.7.S0 1.084. 8 IS 25.0'-5.030
555220 9 .527.248 I4f.'i2060
1.195.602
781,7.53 11,784,917
419,529
333,719 4,H)1,165
035,0761 ,523.511 7.179,433
9,088,043 6,872,060 78,107,975
103.52.569 9.4 10. '-lO 1020020.50
ss.303 1,178,467
118.091
610,864
623.175 7.3,39,075
s8,78t) 1.000.096
157,800
171,820
4 14. 202
581 OSS 10 357370')'> 51 1264090
126,277 1,541,470
152.723
142.031
120,013 1,180,0,58
741,378 8, 027. .592
1.045,585
2.103.707 1.747.113 2.3.'>0S.O13
105.546 1.230.977
115.128
73!. 0(7
751 015 7.1'n.S'?.5
176,895
140.101 1,853.934
1,050.,58.:
709,395 13.030.205
1.38'), 17: 7.180.71S 08.407.602
198,183
101 .,5.55 1,496,745
3,732.141 3.401.M5 37.620.700
118.582
101.810 1,145,292
98.200
73.447 1.214,972
9.781.140 5.725.-407 84,0.50.977
191,220
37,004 1.634.817
1,50.883
1,435.648
08, 711
2S2.279
165. .501 2. 202. .544
136,615
217.046 1,677,898
120.70')
in5,oso 1 241.123
812.751
889.473 10.013.835
.5-}7,108
448,920 5.432.020
248.131 3.1.58,784
309,190
8.518,7.33 6,997,915 85.430,208
195.840
166,292 1,799, .392
192.011
141,124 1 ,635.940
1.082..580 1.386.479 19,477,503
836,409 683.371 8,427,227
()00.515
033 '47 .3> 2!1 112
117,720
99,376 1,262,943
419,040 5,478,692
625,830
01,7 '0 1.370,8ti3
08.478
4,277.094 3,539,893 44,705,785
171,044
51.4 4*) 1.452,100
I
I
Klo Gran
P
of Te.xas
St Louis Southwest
St L S
of Texas
Total svstem .
St Louis Transfer
W
San Ant & AranPass
Sin Ant Uvalde & G
Seaboard Air Lino..
Buff .do
...
Southern Pacific
Atlantic S S TJnes
Arizona Eastern.
Galv Harris & S A
.South
.
Hous & Tex Cent
HousE & WTex-
Loulslana West'
Morg La & Texas
Texas & New Orl.
Southern Pac .Syst..
Southern Railw.-iy..
Ala Great South.
Cin N O & Tex P.
Georgia Sou & Fla
Mobile & Ohio
1
I
Ry
in
4th
Miss
Octobe"-
Spokane Internat'l November
Spok Portl & Seattle November
Staten Island R T. November
Teini Ala & Gcorgi 41 h wk Dec
100 707
201
1.32.733
124.380
618,220
174,139
805.304
227.443
3.2s.';
Tennessee Central.. November
2.53.3.57
TermRRAssnofStL November
St L Mer Bdge T November
4th wl< Dec
Texas & Pacific
468.439
436.358
.
Toledo St L & West November
Ulster & Delaware
November
Union
Pacific
Total
Kv.il
em
.
Oregon Short Line
November
November
November
November
November
November
November
November
1.307.31'i
945,997
127.209
W
1.422.155
3io.o(:o
1.152.149
2.098,825
1,843.018
1.226.463
4 .909 .338
28.3850 373
5.907.295
8.915.210
71,7.38.232
66.622.179
2.653.227
25,574,280
8,462,234
3,957.192
21,349.919
00,(102.392
10.067,523
3..564 ,605
5,877,075
70,3.5-1.702
92.0.50.753
971.424
6.086.414
1.490.699
44788.5998
1.486.508
1.078.601
7..578 .496
22,610.915
1,251.819
7.5s0..5t>7
1,512.967
11.160,879
85.100.764
1,119,754
32,370,466
1,014,831
762,630
66,767,564
1,031,742
1,041,922
1,310,608
2,314,468
1.021,674
11,319,197
4.423,785
2,699,266
71,301,399
1,487,845
1,406,477
12,263,213
6,140.556
22.218,779
1,024,556
4,068.285
0.
75-'
'U
190, .581
140.505009
9,559,400
14.930.164
3.933,832
15.0.36.719
5,807,546
1,079,558
1.518 062 1,4.58.681
1,413,317 1,072,680
8,399,442 6,742,562
2,212,021 2,071.810
177.837
148.309
2,702.838 2.289.776
4.363.426 3.589,972
3.958,562 2,853.612
ll.7'».' 102 36.212.438
10.350.871 7.423.814
1,370,382 1,125,572
342,895
299.556
1,1'W,0-W
773,784
92,811
9,644,474 120714149 102216188
'09.50 1920.5410'^ 103.510422
3.480.564 41.371,322 35,099,592
2, .595, 920 .30, .568,636 26,200,642
,593.166 9.928.075 7,116,479
137,247 1,818,355 1,1-40,677
295,246 4.092,129 3.028,926
1.000.667 16,459,957 10,992,836
4,31?.,5<»S .54.276,953 44,224,914
210,202
1.220.182 14",814',602 12,366",278
227.403 2,552,035 2,322,753
800.154 16.378,3.57 11,0-43,196
252.745 1.977.831 1,593,145
2, 320,.573 26,041.050 22,636,222
and Monthly.
*Monthly Summaries.
Mi leagr.
18.235.5.53
12480854
1051715 157
4,174,174
2,892.123
1.137,002
Utah
205,701
Vlcks Shreve & Pac.
387„584
Virginian Railroad.
1,904.069
Wsb.'ish Riilroad.. Novetnber 5.720,5)8
Western Maryland. 1st wk Jan 400,080
Western Pacific
November 1,413,771
Western Ry of Ala. . November
226,764
AVheel & Lake Erie. November 1,886,442
September
Wichita Falls* N
230 737
Yazoo & Miss Valley November 2,206.980
N
Ore- Wash RR &
Union RR (Penn)..
31.260.718
23.083.750
1.439.268
84.020 780
3,:«8.977
1,761,332
1,157,395
1
wk DcA 5,075.840 5 0.18. 7S0 17220.5078
November 1 ,001 ,607 1.069.828 10.453,702
November 1,005. .561 1.035.000 19.116.831
November
462,783
366,149 4,867,651
5."i.ss(; 18.5.50.181
4th wk Dec
473,100
New Orl & Nor E November
676, .387
585,717 7.066.687
November
Northern Ala
132.541
118.703 I, .382 .664
South
Date.
Previous
Year.
November
November
November
November
November
November
November
November
November
November
November
November
4th wk Dec
November
November
November
1.001.()00
November
37.495.978
November
882,267
November 18345423 15721987 184745856 155044817
November 1.002.174 630.141 6.365.941 9.1.50.867
November
288,144 3,795.271 3,366,098
425,617
November 2,7,30.731 2,083,433 23,982,824 19,624.293
November 1,2,56.1.30 1.075.362 10,876,359 8.660.112
November
282.-121
221,718 2,735,916 2,105,322
November
510.179 370,315 4,888,746 3,766,801
November
751,934 9,424,807 7,085,702
949.097
November
965.461
687,279 9.070,188 7,334.275
November 20054S05 2 9.5S735 2.57204259 217431782
Port Reading
AGGREGATE OF GROSS EARNINGS— Weekly
Current
Year.
Jan.
Latest Oross Earninys.
Dale.
Current
Year.
Previous
Year.
Increase or
Decrease.
Curr.Yr.
Prev.Yr.
$
$
231,017 421 .180,876 348.749.787 + 72,431.089 20.77
March
213.434 212,770 408 ,582,467 347.090.277 ^-Oa. 402, 190 117.72
April
-221.725 220,918 387 ,680,982 372.828.115 -t-12,852,86
3.4fi
213.206 211.040 387 ,3.30.487 .348 701.414 -*-38.629,073 11.08
May
June..
213.525 208.598 430 ,93 1.4 S3 .369.225.701 +61.705,722 16.00
July
220,4,59
218.918 467 351 544 401 .376.485 + 65.925,0.59 10 43
August
199,957
199,418 441 ,423,158 307.865 02s -t 73.557 .530 19.«8
September ..226.955 224, 922, .594 192.321 480,408.516 *- 13783776 23. AS
231,430 229.935 633 8.52.508 .503.281,630 +130570q3« 25.04
October
November ..235.213 233,839 502 ,277.020 438,038.048 + 1.5-4239572 35.21
with 1917 figures, not 1919.
February ... 23 1.304
1
—
—
—
.
-
THE CHRONICLE
252
—
Latest Gross Earnings by Weeks.
In tlic lahlo whicli
follows we .sum up separately the earnings for the first wc^ck
of .January.
The table covers 10 roads and shows 11.1 1'v
inereaso in the agtn't'ga.t*' over the sanu; week last y(!ar.
Week of January.
First
1920.
1919.
$
$
Increase. Decrease.
of Road
Company.
or
Month.
Duluth-Superlor Trac November
Uu(|ue8De L.iCo8Ub8la
& power
light
Buffalo Rochester & Pittsburgh
C/anaciiun National Ry.s
Canadian
I'acif Ic
Grand Trunk of C'anada
Grand Trunk Wtj-stem
Detroit Grand Haven
Canada Atlantic
Minneapolis
&
&
St Louis
132,000
3.303.000
1.9.58.441
1,.568,
805
389,636
337,148
8.006
400.680
210,202
190,478
8.078.145
7,270.486
883.963
76.304
to-day's issue of the "Chronicle," we give the
earnings of all steam railroads which make
In our "Rail-
which accompanies
Supplement,
November figures
it
a practice
to
of
issue
monthly returns or are required to do so by the Inter- State
Commerce Commission. The reader is referred to that Supplement for full details regarding the November results for all the
separate companies.
lu the following we give all statements that have come
We also add the returns of the indusin the present week.
trial companies received this week.
Gross from
Railway.
Nov
Nov 30
Bellefonte Central
Jan
1
to
Nov
& Louisville
Jan 1 to Nov 30
Chicago Indianapolis
Copper Range
Jan
RR Nov
1 to
Nov
30
'20
12,616
•19
8,076
'20
112,7.37
•19
93,331
"20 1,464,456
'19 1,003,316
'20 14,614,603
•19 11,277,925
'20
95.301
'19
97.687
'20
909.919
'19
845,860
& Toledo Nov 20
'19
Shore Line
Jan 1 to Nov 30 20
294.237
210.934
2,086.837
'19
2.2.55.006
Detroit
Georgia
&
Florida
Jan
Green Bay
to
1
Nov '20
19
Nov 30 '20
& West Nov
Jan
1
to
Nov 30
Nov
Hocking Valley
Jan
1
to
Lake Superior &
Ishpeming
Jan
1
to
Oahu By & Land
Jan
1
to
Nov
30
Nov
Nov 30
Nov
Nov 30
'19
'20
'19
'20
'19 1.1.30.519
'20 1,849,729
'19
796.447
'20 15.551,777
'19 10.797,807
'20
126,717
'19
76,375
'20 1 ,646,785
19
'20
'19
'20
'19
Pennsylvania System
Cine Leb & Nor Nov '20
'19
Jan 1 to Nov 30 "20
'19
Nov '20
Grand Rapids
'19
Indiana
Jan 1 to Nov 30 '20
'19
&
Cm
Pittsb
Chic
& St Louis
Jan 1 to
San
&
145,803
89,443
1.396.866
907,978
117.309
123.079
1.167,393
Nov
Nov 30
'20
'19
'20
'19
Nov '20
Ant Uvalde
'19
Gulf
Jan 1 to Nov 30 '20
'19
Net from
Net
Net
after
after
Railway.
Taxes.
Equip.Rents.
$
3,000
2.889
1,261
1.167
13,582
12,361
10,467
9.231
185,310
136,561
37,590
def41,444 def89,019 defl45,865
641, .303
109,993 def918,67^
1.565,211
1,116,347
478,466
15.235
22.451
15,627
def3,881
def6.056
4.705
32.713 def43.000 def53.844
defl6.501 def81.518 def85.489
113.631
156.513
146.513
45.911
83,182
75,282
236,280
758.736
651 .474
891.389
1.097.483
997. .38u
def50,356 def56,826 def66,128
def48,491
def44,669 def48,869
def700,428 def771,026 def826,101
def334,663 def381.664 def376,539
18,448
22.441
15,413
35,063
30.643
27,754
40,836
105,281
28,568
64.090
117.146
68.794
190.700
230.206
146.858
defll5,200 defl71,536 defll8,996
1,644,646
1,465,340
624,163
2,031,912 1,508,630 1,537,151
41,724
38,630
43„564
14,878
15,634
11,762
742,239
777,802
724,053
997,160
157,860
88,786
1,966,696
1,490,699
3.56,344
62,650
14,930
824,533
575,830
324.862
48,448
4,930
670,532
465,870
317,647
48,448
4.930
670,492
465,830
5,380
142,031
11,280
4,475
25.^24
126,913
33,372
25.593
1,186,058 defl.52.705 def222,756 def212.722
1,078,691
25,259 def28,136
3,975
1,046,585
243,768
203,513
189,0.34
744,378
54.875
31.499
80.860
8,927,592
182.355 defl80.181 def286.844
.520.395
7,578,496
935.408
651,018
629,967
11,386,173
1.262,149
897,543
7,180,718defl402,097defl886,170def2405,160
98,497,602def6040.976def9.562.971dfll4961.57
85,100,764 3,978,423
1,077,960 defl71471
98,478 def29.790 def3G.475 def47.475
91.720 def61,723 def63,946 def71,722
1.379.863 defll6.915 def 148,305 def367.162
1.001.666 defl72.641 defl97,198 def223.118
_
_
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name
Road
or Company.
Jan.
1 to Latest
Date.
of
Month.
Adirondack El Pow Co November
Alabama Power Co.. November
Atlantic Shore Ry
Bangor Ry <fe Elec
July
Co November
J:BarcelonaTrac.L<&P November
Baton Rouge Elec Co November
Beaver Valley Tr Co. November
Binghamton Lt, H & P November
Blackstone V G & El. November
/Brazilian Trac, L & P November/
8klyn Rap Tran SysaBklynCity RR... June
oBklyn Heights RR
Coney Isld & Bklyn
Coney Isld & Grave
Nassau Electric.
South Brooklyn.
New York Consol
Bklyn Qu Co & Sub
Cape Breton Elec Co.
Cent Miss V El Prop.
Chattanooga Ry & Lt
Cities Service Co
Citizens Traction
Juno
June
June
June
June
June
June
Co.
Cleve Painesv & East
Colorado Power Co..
& Elec
Columbus (Ga) El Co
Com'wth P. Ry & Lt
Connecticut Power Co
Consum Pow (Mich)
Climb Co (Me) P & L
Dayton Pow & Light
eColumbia Gas
d Detroit Edison
i
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
Current
Year.
Previous
Year.
$
447,179
397,416
366. 994
289, 411
Current
Year.
Previous
Year.
$
$
3,796.135 2.653.212
119.582
93,030
981.900
1.133.842
24,507,404 18,499,063
423,538
334,128
547,293
652,414
29.161
21, ,891
120.190 102 292
3163.105 2406 ,094
43.010
35, 460
61.755
50, 878
80.285
50, 423
305.157 248, 073 2,991,793 2,484,779
12199000 9796, 000 122306000 103335000
929 385
7 571
239 544
15 .611
571 ,858
85 ,005
1763 ,610
165 ,114
63 035
43 669
118 487
1942 230
90 730
61 464
104 429
1355 ,202
127 ,241
2767 .988
123 .397
1301 ,770
261 .046
f5. 135.865
I
832, ,184 1
41.467
204, ,937 1.196.530
14 ,834
44.408
505, ,128 3.121.347
83 ,374
432,318
1464 ,144 10.461.584
137, ,402
912.349
J
583.258
446.068
1,212.070
1613, 081 22.871.546
51, 611
40, 775
103, 400
78, ,747
55, 068
735.344
98 ,425
1118 ,743 13.156, 217
133 951 1.425, 269
2446 ,264 28.303 030
116 ,957 1.338 778
1121 ,459 12.856 135
2.38, 794
2.827, 918
360 .309 297, ,593 3.334, 827
12176 .859 1615 ,615 19.660, 624
November
J
my
.
;Klec Light & i'ow Co .N'overnber
'Kl I'aso KIcctric (,'<). November
Equitable Coke Co.
lune
Krie Lt.g Co <Sc .Subsid November
i'".ill
or
her
Penn Ky Co.
807.6.59
Section
.\'o vein
Hubsid
4.614.845
968.173
37,271
2.660.462
382.474
7.008.850
729.943
528,695
382,551
925,746
18,219.928
1
633.060
10.644.345
1.204.018
23.375.882
1.142.083
10.283.263
2.505.941
2.600.048
14.746.417
Works November
Kiv(,-r (las
federal Light & Trac.
Fort Worth Pow A Lt
Galv-Uous Klec Co__
(Jeneral (las & El (;q.
Georgia Lt, P & Kys.
Great Nor Pow Oo
e Great VVnst I'ow .Sys
Harrlsburg Railways
Havana El Ry,
P
Haverhill Gas Lt Co.
Honolulu R T & Land
L&
Current
Year.
June
July
416.547
46,779
1.763.745
1.761.802
%
1033.6.50 13.618. .588 10.718.404
269.827 3. 925. .550 2.884.602
1.813.470
1.436.848
1.474.0.38
1.263..53K
109.635
102.194
1.193.045
326.852
1.735.309
467.893
9H4.323
265.224
1.419.214
460.877
1
3(J.079
HO. 7.38
27.7.55
146.741
107.026
84.921
123.916
119..'«8
94.379
347.735
242.370
334..5H3
October
Date.
Previous
Year.
125.6.57
1076.693
June
%
163.031
to Latest
41.814
i2U.23b
Noveintjer
)uno
November
Year.
1
Current
Year.
161 .8U1
146.181
November
June
Jan.
PretUms
$
154.760
November 1418.061
Kastern Toxa.s Klec
.N'overnber
Kdi.son Kl of Brockton November
Net Earnings Monthly to Latest Dates.
way Earnings^'
COS..
Hill)
i£ast«ra
1,642.208
3,171,000
Increase HI. 11%)..
& K
17 V, 849
1.814.0.57
/
Total (10 roads)
Net
I.ouis.t
(i
.341.123
329.142
.SI
East Hh
68.298
272. H 25
Mil
Iowa Central
Western Maryland
Latest Gross Earnings.
Name
K:isl
$
[Vol. 112.
"
67.S72
297.350
104.719
261.090
813.927
691.751
131.660
581.781
128.634
871.621
36.710
63.693
46.393
24.572
481.397
102.686
828.14-1
179.549
766.128
146.244
1017.031
40.493
70.245
63.445
24.882
825.6.53
'
69V..326
2.268.288
1.264.242
3.466.919
712.086
2.817.983
i.689.326
1.329.46i
951.118
5.874.325
861.948
9.329.356
410.938
764.237
661.196
4.873.160
775.673
7.696.468
347.062
687.462
404.776
268,151
3.014.543
2.039, 798
1.128, 499
127, 064
132, ,244
.014.693
1.912.108
November
November
Houghton ("o Elec Lt November
.504.089
Houghton Co Trac Co November
289.076
Hud-son & Manhattan June
571 .237
3.131.010
Huntington Dev&Gas November
102..579
d Illinois Traction
November 1914,274 1623.4.52 18.823.429 15.718.920
Interboro Rap Tran
Total system
November 4813 .587 4.2868.50 19.267. 507
.786.204
Kansas Gas & Elec Oo July
233 289 181.116 1.904, 527
.610.300
Keokuk Electric Co.. November
31 546
30.267
325, 038
287.141
Keystone Telep Co.. December
169 631 165.935 1,758. 231
.656.450
Key West Electric Co November
22 170
20.1H2
233. 993
206.611
Lake Shore Elec Ry.. October
255 911 221.749 2,806, 699
.162,512
Long Island Electric. June
34 ,223
26.3bL
148 ,»92
113,180
Louisville
Railway
June
Lowell Electric Corp- November
Manhattan & Queens June
Manhat Bdge 3c Line .lune
Metroporn Edison Co November
eMilw El Ry & Lt Co November
Miss River Power Co. November
Nash\alle
Ry &
Light
November
Nebraska Power Co. July
Nevada-Calif El Corp November
New England Power. October
New Jersey I'ow Lt November
Newp X&H Ry.G&E. November
New York Dock Co.. November
N Y & L,ong Island.. June
N Y& North Shore-. April
N Y <& Queens County June
6N Y Railways
June
<fe
6 Eighth Avenue..
6 Ninth Avenue
Vor Caro Pub Serv Co
Northern Ohio Elec.
North Texas Electric
June
June
Ocean Electric (L
June
November
November
November
NorthwOhioRy&PCo November
I)
818 346.56.^,
983
94.121
277
23.88:5
763
13.095
264. 018 212.769
1667 814 1413.27
245 977 209.819
319 044 287.241
221 549 174.1.54
205 052 181.203
533 506 401.609
45 716
34.314
230 151 205.670
501 815 447,488
49 ,229
52,408
5 767
12,442
106 ,709 101.105
677 418
96 099
1.087.557
38 400
89 730
80,062
852 221 847,356
330 ,885 300,245
41 2.54
26,599
29 ,308
26,182
3048 941 2291,106
214 682 185.911
215 006 168,413
254 073 162,991
347
106
24
22
•
Port(Ore) Ry L&P Oo October
Puget Sd Pow & Lt Co November
ReadingTrans&LtSvs November
Republic Ry & Lt Co. November
Kichmond l.,t & RR.. June
Rutland Lt & Power, November
at L Rocky Mt & Pac October
Sandusky Gas & Elec November
Schenectady Ry Co
November
jecona Avenue
April
.
17th St Incl I'lane
Co November
Southern Oal Edison August
Southwest'n Pow & Lt October
Tampa
Co..
Tennessee Ry. L & P.
Tennessee Power
Third Avenue System
Twin City Rap Tran.
Utah Power & Light.
UtahSecCorp&Subs.
Virginia Ry <& Power.
Wash Bait & Annap..
West Pow Co of Can.
Western Gas & Elec.
Winnipeg Elec Ry.
Youngst & Ohio River
Electric
862.267
922.736
235.402
743,762
61,092
51.269
490.671
85.505
165,481
51.821
4.049
1628,108
979.792
,045
129.623
77J248
17.152.255 13.350.925
2.486,642 2.112,571
2,848,493
4,9.39,446
2,361,211
3,324,032
2. .534. 7.58 2.510.793
5.317.960 4,732,725
236.519
269,151
45,752
21.120
551.300
620,656
,3.889.190
460.684 7.264.767
165.962
i
I
10.1 61'. 183
8.375.458
3,607.780
3.0.58.314
72.767
90.169
31,242.705 23,466,448
Gas & Elec Co November
h'acific Power & Light July
PennCentLt(&P&Sub November
Pennsjlv Util System November
Philadelphia Oo and
Subsid Nat Gas Cos November 1347,409 1055,390 13.395 985
Philadelphia Oil Co.. November
178.9.53 160,481
1.649 ,030
Phila & vVestern
November
67.651
63,464
733 ,203
Phila Rap Transit Co November 3726,376 3055,953 34.917 ,706
Portland Gas & Coke July
200.473 166.994 1.434 Oil
Portland Ry. L & P.. November
856.586 739.971 8.6.50, 658
Porto Rico Railways. November
122.221
94.888 1.273 ,461
Pacific
89:-!
895.158
185.727
673.437
,216,937
214,526
.841,700
.030.365
.101.729
725.635 7.794 ,072
818.260 9.060 ,528
228.338
577,313
256.030
50.350
285.907
45.303
4."2'7'5",522
3.406.342
392,88
62,466
142,793 1.727.780 1.505.699
158.918
42,662
183.803
37,608
3.350
41.319
972.974 9.147.664 6.866.626
.592.464
November 128.997 115.795 1,328'.696 1.1 43' .590
November 565.034 503.710 5.8.58.593 5.065.497
November 221.419 192.825 2.251.949 1.980.3.53
November 1060.260 975.364 11.337. 227 10.412.980
November 1182,517 1005.154 11.732.212 10.236.620
November 690.992 519.577
November 843..500 661.621
November 989.079 824.996
June
October
August
156.083
47.462
185.818
203,115
42,301
164.315
November
4,S3.099
461.4.50
September
62.413
47.934
932'.270
2.288'.7i2
4.768.916
456.917
l,'r76".05i
1 926".24T
3.S39.7.57
333.133
a The Brooklyn City RR. Is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooiilyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919. the Brooklyn City BR. has been operated by Its ownert.
were formerly
b The Eighth Avenue and Ninth Avenue RR companies
leased to the New York Railways Co.. but these leases were terminated on
July 11 1919. respectively, since which dates these roada have been operated
d Includei
teparately.
c Includes Milwaukee Light. Heat & Traction Co.
/Earning!
all sources,
e Includes constituent or subsidiary companies.
given In mllrels.
Subsidiary companies only, /i Includes Tennessee
Railway. Light & Power Co.. the NashvUle Railway & Light Co.. the
Tennessee Power Co. and the Chattanooga Railway & Light Oo. i Include*
both subway and elevated lines. J Of AblDgton & Rockland (Mass.).
y.
Given
In pesetao.
Electric Railway and Other Public Utility Net EarnThe following table gives the rturns of ELECTRIC
ings.
railway and other public utiUty gross and net earnings with
charges and surplus reported this week:
—
-Gross EarningsPrevious
Current
Companies.
Year.
Year.
S
S
Nov 227.961
Empire District Elec
201.332
Dec 1 '19 to Nov 30 '20. 2.559.568
Illinois Traction Co
Nov 1,914,274 1,623,452
18,823,4'29 15,718,920
Jan 1 to Nov 30
Gross
Net after
Earnings.
Taxes.
S
S
'20
Adirondack Power Nov
'147,179
163,621
"19
161,709
& Light
366,994
12 mos '20 4,669,424 1,191,195
'19 3.849.933
Net Earnings
Previous
Current
Year.
Year.
$
$
30.238
47,701
680,685
474.086
469,865
4.768.186 4.375.887
Fixed
Charges.
S
92.321
52.020
804.852
Balance,
Surplus.
S
71,299
109,688
386,343
THE CHRONICLE
Jan. 15 1921.]
\et
Gross
Earnings.
Citizens Trac
& Sub
Nov 20
Co
mos 20
90,730
68,747
9S1.512
19
7.57,305
20
46,779
41,«14
499,809
409.850
119,338
84,921
1,202.760
918,100
169,631
165,935
19
12
Nov
Eastern Shore Gas
& Elec & Sub
12
19
mos 20
19
Erie Light
Co &
Nov 20
Subs
19
mos 20
12
19
Nov
Keystone Telep Co
20
19
mos 20
12
1.758,231
1,656,450
3,048,941
19
Pacific
Gas
&
Nov 20
Elec
mos
11
& Nov
11
mos
b Before deduction of
$
26,271
21.460
242.872
193,442
11,593
10,879
107,723
93.277
32.967
29.915
433,664
310,197
63,394
68,96-1
592,696
.')60,.522
b768.614
b628.624
2,291,106
•20 31.242,705 b9, 2 13, 607
19 23,466,4 IK h 7,9,57,370
64,364
20
215,006
168,413
64,823
19
20 2,295,238
751,104
•19
1,870,733
682,540
19
Penn Cent I.iKht
Power & Subs
afltr
Taitts.
Filed
Charyes.
8,670
7,310
97,337
85,631
5,932
5,729
70,264
56,068
14,881
15,232
181,425
178.639
39..530
35,681
436,998
363,695
538,667
472,058
5.691,785
5,011,283
27,842
30,494
341,121
352.256
26a
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
liu la II le
Mos. to 15 Mos. to
Nor. 30 '20. Dec. 31 •\9.
Surjilus.
9
17,601
14.1.50
145..535
107.811
5,661
5,150
37,4.59
37,209
18,086
14,683
252,239
131,.558
23.864
33,283
155,698
196,827
229.947
1,56,.566
3. ,521, 822
2,946,087
36,522
34,329
409,983
330,284
taxes.
11
— Years ending(SeeSept.NoU).
30—
1918.
1917.
Net Income from oper.
U. F.Co.&subslds
Other inc., int., dlvs..ic
$37,351,730 $24,046.0.50 $16,787,449
783,956
804,943
1,034,578
$45,4.53,684 $38,386,308 $24.8:J0,(K)6 S17..592.:J91
Total not inconio
$8ii7.,567
$206,685
$8.39, ,509
$139. .599
Less: Interest charges...
18,016.106
9.896,4,50
3.686,869
Estimated taxes
xl2,0('0,000
3,903.392
6,289,562
4,025,320
Dividends declarixl
4.518,990
(8%)
(8%)
Balance, surplus
x$28,735,094 $13,873,958 $10,068,727
Accum'd profit brought
forward..
49,109.722 35,040,154 25,198,060
$9,134,564
(9%)
Per cent
(12J^%)
21, .567.370
$77,844,817 $48,914,109 $35,266,787 $30,701,933
5,000,0(M)
5,503,873
195,614
4,773,367
i'lusdlroctcred.top.&l 4,872.589
Total profit
Less direct (hgs. to p.
&1
Bal.atcred.ofp.&l.x$82,7l7.407 $49,109,723 $:J5,040,154 $25,198,060
xNote. The results for the 11 months ending Nov. 30 1920 are here
shown after making allowance for K(Hleral taxes, which for tiic entire year
1920 are officially estimated at $12,000,000. The dividends charged against
tlie earnings of the 11 mouths are the throe quarterly dividends of '.i'H ea<,'h
paid April 15, Julv 15 and Oct. 15 1920. On Jan. 15 1921 there will be
paid a stock dividend of 100%. and also cash dividends of 2% and 2%
extra, these ca-sh distributions being eciual to an annual rate of 8% for the
stock when increa:>od by the aforesaid stock distribution.
DEC. 31 1919.
BALANCE SHEET OF NOV. 30 1920
—
AND
FINANCIAL REPORTS.
Financial Reports.
—An index to annual reports of steam
and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chi-onicle" in which it ia
published. The latest index will be found in the issue of
Deo. 25. The next will appear in that of Jan. 29.
railroads, street railwaj'
Chicago City
& Connecting
/Jtc.3\ •19.
.\or. 30 '20. JMC.31
UatiUUtes—
S
S
S
Tropical lands
76,492.07.5 70.233,807 Capital stock... .50,316.500 50. 316, .500
.
346,000 1,045,000
Domestic, Ac. prop. 8.6.53.131 8.017.6,S4 Funded debt
Steumslilps
26,4!)!»,444 12,'.mi.sr,2 Costa Ulca Ry.
243.125
Materials acct
Invest. Govt. secur, 16, 183, 673 19.808,022
280.317
Heplace. reserve
c;o.'8 3,165 shares
316.500
SteamshlD reserve. 11,418.916 11,687,008
NcwKiiK. OlK'orp.
460.000
8,0.54,016 15, .5.34, 447
Tax reserve
C'arlb Syndicate.
3ia,187
660,083
Deferred credits.. 4,697,788
Cammel L:iir<lit( 'o
916,682
11,326,727
Other securlllos
4,240,554 4,565,921 Kes. for trop. losses
816,657
970,831
Sinking lund
346,000 1,186, .563 Def. lialiimies.
22,410,444 19.510.523 .\ccount8 payable 4,412,239 4,181.177
Cash
1.064,4.57
187,454
Drafts
201 ,.533
payable
1,250,640
Notes receivable..
1.2.57.913
Accts. receivable. 8,335,294 7,513. .368 Diva, pay. Oct...
161.267
683,161 Rentals accrued..
Stock Inventory.. 4,291,784
Deferred as.sels
94,777,407 49,109,723
2,158,868 1,245,912 P. & 1. surplus
Deferred debits
2,801,275 1,391,069
1,594,895
379,060
Transit Items
As.iels
Rys. Coll. Trust, Chicago.
—
—Total
V, 111,
(Official Statement of Jan. 3 1921.)
Together with a notice of the annual meeting of the shareholders of the Trust set for Feb. 8 and a form of proxy in
favor of John J. Mitchell, James B. Forgan and Harrison
B. Rilej% the shareholders have received a circular dated
Jan. 3 and signed by Mr. Riley as Chairman of their committee, saying in brief:
Because of the continued default In the payment of diviVoting Power.
dends upon the Preferred Participation Shares, the right to vote is, by the
terms of the Trust, made exclusive in the holders of such Preferred shares.
—
—
Valuation of Properties, as Determined, at Least Equals Capitalization.
feature of the year has been a finding by the Public Utilities CommLssion that the value of the street railroads, the securities of which
are held in the Trust, is at least the amount for which the properties are
capitalized under the ordinance of 1907, and the fixing of a reasonable rate
of return based upon that valuation. The valuation and rate of return
were ascertained and fixed only after a long drawn out and bitter battle,
and, of coiu-se, an appeal has been taken to the courts by the city. Meanwhile the political value of a fierce attaclc upon public utilities is still paying
enhanced political returns. (See Chicago Surface Lines in V. Ill, p. 2040.)
Inadequate Service. At the present writing the public is worrying over the
No denial can be made. It
fact that the street car service is Inadequate.
is just as necessary that extensions of service be made, additional equipment
terminal
facilities
furnished
and
broadened,
as it is to run the cars daily
be
without interruption. The latter necessity is a little more obvious,
that is all.
Immediately upon the fixing of the new rates of fare
Improrements.
those most active in the ruin of the credit of the companies have been
loudest in demands for immediate and radical improvement in service, a
demand with which the companies are anxious to comply, but with impaired
credit time is required to build and equip new cars, to enlarge terminals
and extend lines, because such necessities can only be provided out of the
meager return over and above actual operating expenses and interest on
the outstanding debts of the companies.
The attention of the public has been repeatedly directed by the comf)anies to the fact that lessened revenues would inevitably be reflected in
nadequate service, so th;it while the companies share with the public the
regret thej' cannot exhibit any genuine surprise at the prasent situation.
This will be corrected as time produces the funds necessary for the purpose,
in fact the worls is proceeding daily, but 4 years have been lost by litigation.
The physical operation of the combined surface line
Joint Operation.
properties was taken over Feb. 1 1920 by representatives of the Ctucago
Rys. Co. in accordance with their right under the joint operation agreement.
[Committee consists of Leonard A. Busby, Samuel M. Felton, James B.
Forgan, Samuel InsuU. John J. Mitchell, Harrison B. Kiley. John A. Spoor,
Bernard E. Sunny, Frank O. Wetmore.) Compare annual report in
V. 110, p. 560, 167.
30
S
.Wov.
'20. /Jtc.3l'19.
.
Total
.176,244,339 147,684,401
z Before allowance for 1920, Federal taxes estimated at $12,000,000.
Central Aguirre Sugar Co.
(Report for the Fiscal Year ending July 31 1920.)
The remarks of President J. D. H. Luce, together with the
detailed income account and balance sheet for 1920, are
cited on a subsequent page.
CONSOLIDATED INCOME ACCOUNT YEARS ENDED JULY
The outstanding
—
—
—
Manati Sugar Company.
Ended Oct. 31 1920.)
The remarks of President R. Truffin, together with the
comparative income account and comparative balance sheet
for seven years ending Oct. 31, will be found under "Reports
and Documents" on n subsequent page. V. Ill, p. 2430.
(Report for Fiscal Year
—
United Fruit Company, Boston.
(Statement for 11 Months ended Nov. 30 1920.)
The N. Y. Stock Exchange has authorized the hsting on
and after .Jan. 1.5 of 496,835 additional shares (par $100)
Capital stock, the same to be issued on that date as a 100%
.176,244,339147,684,401
p. 2529.
1919-20.
$17,034,030
236,290
$6,082,032
185,930
$5,728,784
167,184
-$17 ,270,320
$7,887,595
330,619
$6,267,962
$3,904,480
169,667
.S5. 895, 967
$2,193,815
$2,005,184
54,945
Sugar and molasses produced
Miscellaneous receipts
Total income
-
Agricultural and mfg. expenses
Freight, adminis., &c., expenses
—
Net earnings
RR. oper. profit (less int. charges)
Divs. received Central Machtte Co.-
—
&c
Dividends
Income and excess profits taxes
Other reserves
,
106
Mr. Luce,
see a subsequent page.]
—$404,758
V. Ill, p.
CONSOLIDATED BALANCE SHEET JULY
(Central Aguirre Sugar Co., Central Aguirre Co.
1920.
1919.
S
Real
est., bidgs.. <8te.4,234,730 2,010, .527
Rolling stock, &c...
Ca.sh
1
Capital stock
468.881
000
209.3(>0
eaeh,.x
.
*
shares,
Guavama RR.)
1920.
S
1919.
S
(360.-
$100
3,000,000 3,000,000
Mortgages
Notes payablf
23,.500
625.000
346.726
.Accounts payable, <te 931,818
10,000
Res. re-storation
10,000
tax
Income,
&c.,
3,859,171 1,056.626
rcsoive
Sui plus
6,103.926 3,373,762
Unearned
dls
Reser\'e for reduction
of rentals
Reserve
foi
7,588
300,000
revalua-
tion of property
Insurance fund
131.694
8,012
37,005
$712,365
1281.
31.
&
Liahimie.1 —
644,923
1.407,005
78,400
78.400
130.437
Accts. rec'le, less res. 3. 171. 126
19,331
Desl|Vio curr. acct
Material & supplies. 609,136
438,475
Growing crops
811.644
4S3,045
Sugar and molasses
304,169 2,393,750
on hand
8.8.59
mils payable
Bank accept cert dep .2 ,308 ,033
Cen. Machete stock. ,580,000
Carlota pur. dep ... 140,000
improv. (not
completed)
Insiiiance fund
Deferred charges
U. S. Liberty bonds
and Ponce
,209,609
Contract In suspense
PortoRlco49;lrr.bds,
Con.
535,136
290,000
$2,730,165
Balance, surplus
[As to death of
.$9 .052
$3,3,55,648
$9,342,106 $2,193,815 $2,060,128
$1.52,528
$147,763
$163,614
(82H)2,463,887 (10)299,.563 (40) 1200,000
1,336,967
3 ,233 ,672
750,766
Net income
Depreciation,
31.
1917-18.
1918-19.
56,885
8,012
34,404
751,000
___14,277,400 8,435,615
Total
Total
14,277.400 8,435,615
X Includes 175 Phares re.^erved for exchange for shares of old company ptill out.
Note.
There isal80$l..'00.000 Pref. ftockauth. but not Issued. V. 109, P. 2266:
—
—
v. 111. p. 1281.
'
stock di\Tdend to holders of record Dee. 20 1920 (compare
V. Ill, p. ISGO, 2333).
Secretary George A. Rich furni.shes to the Exchange the
income and balance sheet for the 11 months ended Nov. 30
1920, and also says:
Since its last application for listing stock, the United Fruit Co. has increased its property investments by approximately .S24,500,000, the principal increases consisting of plantation acreage and necessary equipment
incidental thereto in the tropics, and a modern sugar refinery in the U. S.
The company bases all depreciation rates on the estimated life of its
various properties.
On tropical lands and cultivations the annual rates
average 10%; buildings and equipment, 3% to 10%: ami steam.ships,
2-3%.
6
Inventories of cultivations and plantation properties are taken
at appraised values based on the estimated life of the properties.
Inventories of merchandise and material are taken at cost.
The company has
approximately 59,500 employees in its service.
Federal taxes paid during the past three years have been as follows:
1918 for 1917. .$3,429,782: 1919 for 1918, .512.3.52,8.58: 1920 for 1919. $7,605,941.
Federal taxes for 1920 are estimated at $12,000,000.
National Biscuit Company.
(Report for Fiscal Year ending Dec. 31 1920.)
President
Roy E. Tomlinson
—
says in substance:
Balance Sheet. The accompanying balance sheet shows the financial conThe only Indebteddition of the company at the clo.se of Its 23d fiscal year.
ness Is for raw materials, supplies and other Incidental Items, incurred .so
before the close
paid
and
audited
the
accounts
could
not
be
recently that
Inventories of raw materials have been reduced to the bare
of the year.
running requirements of the bakeries.
New Plants. Ac. The new Bethune St. bakery In New York City was
completed during the vear and two of the six chain ovens are In operation.
This bakery will produce a line of the finest goods ever known to this Industrv, for both domestic and export trade.
A picture of the new East Liberty [7-storyl bakery In Pittsburgh Is shown
[In the official report], also a picture of the new (similar] bakery In Detroit
which has been completed during the year and placed In operation.
The company purchased a valuable piece of warehouse property, fronting
100 ft. on 16th St., New York City, adjoining the property bought last
year from the Astor Estate.
Work was started In June on a new warehouse and manufacturing building
near the board mill and Carton factory of the company at Marseilles, 111.
This fireproof, eight-story building, when completed early next spring, will
insure for many years to come the permanence of our supply of cartons and
all forms of paper board bo.xes and shipping containers.
—
—
1
—
Tin;
254
INCOME ACCOUNT FOR YKARS ENDINO DEC.
profits.
.
.
.$r),r.'i;{.i20
(oiimion(livi(k-n(ls(77„)-$2.(H().r)20
rrcffrriKl illvldonds (7%). 1 ,7;it>.;U5
$r>.;-(l9,K(!3
$2.()ttl..':20
$2,()1(i,r)20
1.730,316
1.730.315
1.7.10.315
Balance, surplus
$1,760,285
$1,567,028
$1,353,005
$839,513
ISU'J.
S.').13,'i.«-10
BALANCE SHEET DECEMBER
19M.
una.
S
$
31.
1920.
1919.
.$
%
stock..
24,SO4,.1O0
24,804.500
Plant, iKil (aWito,
machltiory &c. .60,4S7.r,.'?,S S.-^ .O,^,'") ,020 Cotiinion stock.. 29,23r,,000 29.;!;)r,.000
601,648
649,083
U,S. bonds & notes 2. .''/iS. 1.1-1 4,787 ,0K4 AcconnlH payal)lc.
3,10.''.,4'V9
Cash
2,104,971 Comiioii illvlilond,
pavniili!
1.5.
hU.r.no
Jan.
.111,
630
StockH A liPclillllt'S
890.003
S30,S9(1
Acp't.srooolviihlc . ,'>,070,279
5.233,490 Cartou factorj' re.s«r\G
2.700.000 2,000.000
Hv.vr matcrluls.sup1,400,000
1,200.000
8,2.3.'),340
8,7.58,.'i.5,0 Tax roaorve..
pUes. &o
Surplus
21 ,089,097 19.328,812
Totnl
80,3.32.875 77.730,02.'5
Total
80,332,875 77,730,025
-V. 110. p. 259..
A ssels—
LlaUUtlUs—
I'r('f('rrf>;l
,
American Ice Company.
{Report for Fiwal Year ending Oct. .31 1920.)
CON SOL. EARNINGS FOR YEARS ENDING OCT. 31, INCL. SUB. COS.
1917-18.
1918-19.
1919-20.
Oro.ss recciptB...
1916-17.
$15,440,130 $15,345,729 $12,622,867
$9,840,259
119.566
174.403
Income from invostm'ts,
interest, discoimt, &c.
230.043
202,.396
Total
$15,670,173 $15,548,124 $12,742,433 $10,014,932
Less cost of merchandiso,
10.440,079
9.080,806
7.404,764
oper. expenses. &c.-- 10,9.'')0,113
S4. 7 14. 060
Balance
Bond
interest.
&c-
.1395,048
Rents
Taxes
118,702
258.258
83„oS6
Insurance
Maintenance & improv't
1,230, .533
Kcserve for Federal taxes
Disc, on coll. trust bonds
Cr. 2, 267
Depreciation
191,603
660,989
$5,108,045
$416,297
120,213
243.948
99.281
1,087,762
359,828
Cr.5,199
761,677
$3,661,627
$434,239
126.189
211,146
88.947
687,224
164.904
Cr. 1,096
740,780
52,610,168
.$410.9.58
146, .367
242,495
86,903
623,854
Dis.solution exp. (Amer.
Ice Seciu'ities Co.)..
.\dj. of gen.
31,512
84,768
prop, values
Total
.1$2.936.4.'-i3
Net gain
Preferred dividends. - -
Common dividends
$1,777,607
(6 % ) 899 ,438
$3,083,813
$2,024,232
$578,393
$1,127,901
CONSOL. BALANCE SHEET OCT
A ssH^
1920.
S
—
$1.626,8,57
$1,209,294
3983,311
(6)893.934(354)563,267
(6)896.331
(4%)299.776
Balance, surplus
Lr.n(l,
$2. 4.52, .333
31
bulldinfcs,
$420,044
SUBSIDIARY
LiahiJUies —
1010.
S
machinery, &C-zI5.S98,895 14,519,809
$315,360
(INCL.
COS.)..
1920.
1919.
.$
,$
non-
Prof, stock,
ciimiiative
15.000,000 15.000.000
Common stock
C 00(1- will, w.-itor it
7„500.000
,,500.000
patent riRhtf,...17.04.'),924 17,024.993 Uudcrlyine; boncLs. e273,500
297,200
.5.59,9.59 Collat. tviuit bonds
In vc!!t' I securities
c£.67.995
Aineric.in
Too Co f 9 15,000
Ca,sh
1,037,000
1,449,265 2,324,499
Real est.-.te first &
Notes & accounts
pen. RifKP. Ok
5.213,000 .5,218,000
receivable
1,219.845
l,OG1.5eO
Rcr.l e.'^tivte mtges.
29,500
19,000
Certificates of in,587,500 Damri?o diim pay.
30,910
debterlness
110.000
Re;!.! est. intgc.pay.
Employ's acot. for
13.04'1
Account.s payable,
purrli. pref. stlc_
821,919
843,601
72.900
Liberty bon(l.s
70,335 ^ccr.bond int.,&c.
84,4.56
,81,867
Iiisur'ce premiums
3,6S0
7,964 Ins. & workman's
5.54,996
compon'n
570,167
res'vc.
Inventory of nr.er708,765 Profit & kiss(sur.).xG.992,101 0,432,770
895,337
chrnclise, &c
592.711 Res'veforFed. tax
307.489
396,162
Fund investments. d.5S3,717
Tot.'.l
37,740.603 37,524,095
Total
37.740.603 37,524,095
a Includes in 1920 American Ice Co. treasury stock (2.931 shares pref. and
3.929 shares of common), $354,931; Independent Ice Co, stock (509 shares
pref.. 237 shares com.). $125,000; and sundry stocks and bonds (outside
companies), $55,064; real estate mortgapres, $23,000. d Consists of ,$545.000 V. S. Liberty bonds. New York City bonds, $31,134 (par value .'J35,000)
sinking and release fund cash, $7,550: loans, $33- e After deducting in
1920. $457,500 owned by America.n Ice Co. f After deducting in 1920
x After deducting loss on Pref. stock .sold to em•$75,000,000 in treasury,
ployees, $19,002.
z Includes new construction in progress, $313,566.
V. 112, p. 64,
American Smelting
&
Refining Co.
{Statement of Pres. Guggenheim Dec. 30 1920 Filers Suit.)
Many stoclcholders having requested full information
concerning the suit recently brought against the company by
Mr. Karl Eilers, the management has thought best to print
the proceedings and send a copy to every stockholder.
A 33-page pamphlet has accordinglv been issued containing
a statement by Pres. Simon Guggenheim as well as (1) Mr.
Eilers' petition; (2) Answering affidavits of Mr. Newhouse
and Mr. Crockett; (3) The memorandum decision of the
Supreme Court Special Term, Part I. (Mr. Justice Burr)
denying the motion for a writ of mandamus to enable Eiler to
examine the stock book on the ground "that the company
has been at all times Vvilling to permit such inspection."
Condensed Extracts from Statement by President Simon Quggen=
heim Dec. 3 1920.
I emphatically deny, both on my own behalf and that of my brothers,
conduct
made by Mr. Eilers, and assort that at all
all charges of improper
times my brothers and myself have sought honestly and faithfully, to the
best of our ability to further the interests and the welfare of the American
—
Smelting & Refining Co.
Oiu- connection with the company's affairs began in 1901 and it is with
pardonable pride that we point to the development of tlie company in the
intervening period, as shown by the following comparison:
,
1902.
1
1919.
$18,000,000 $54,486,000
Quick assets
2.900,000 25.974,000
Profit and loss surplus
82,000,000 243,000.000
Annual turnover
That the policy of the present management has been successful Is evident
from the fact that the net earnings of the company have been as follows:
Annual Net Earnings With Percentage Earned on Then Outstanding Cap. Stock.
3,83%
In fifscal year ended April 30 1901, ,$3,828,000. representing
During 6" 2-3 yrs, end, Dec. 31 1911. aver, annually $12,145,000 or-8.15%
av.
annually
or_.8.28%
Dec.
31
1914,
.512,165.000
years
end.
During three
During the three vears end. Dec. 31 1917 (war yrs) average annually
15.19%
$21,375,218, or at rate of
11.10%
In vear ending Dec. 31 1918. $13,887,000, being
being
9.09%."
earns,
were
net
$11,248,000,
Dec.
31
1919,
During year end
year
following the signing
The latter year (1919) was a reconstruction
of the Armistice, during which industrial and commercial conditions were
(All figures for net earnings are without allowing
generally unsettled.
charges for depreciation, as the company's records, prior to 1911, were
kept on that basis.)
While my brothers, because of advancing years, have been compelled to
restrict somewhat their business activities, so long as any of us are connected with the company, we shall continue, as in the past, to work faith,
[Vol. 112.
and unselfishly for the company's best Interests, and to oxerclso
our
best business judBment In the manaRement of its affairs.
fully
31.
191«.
1917.
$4,022,348
$2.fM0..520
1020.
Nci
CHRONICLE
Conden.sed Extracts from Affidavit of Chairman Edsar L. Newhouse
Dec. 22 1920.
Loual Management. —It Is true the .VI(-<sr8. GuKKcnhelm, espo<:lHlly
Mr
Daniel (^uggenheim, .Mr. Murry <;u(?Kenhclm and .Mr. Simon Guggenheim'
nave exerttxl a v,i:lKhty InfluiTi'c in the counsels and management of the
compJiny.
It Is not true thai lh<:y dominaKid the directors and
officers
in the olijeclionable sense in which tnc petitioner avers.
Such Influence
an they had wjis altogether due to their great abilities, their unusual knowledge of the business and their singular qualifications as directors
It was
in no wise due to arbitrary methods or to artificial means of
control.
Considerable Guagenhetm I merest. ^'tha only member of the Guggonheim
family- who is now an officf;i of the company Is .Simon Guggenheim
who is
President and is the owner of over 20,000 shar«.-s of the Common stock
of the company and, so far as deponent has been able to ancertain
by
invc-stigation, is the largest -single slockholdcT of the <-ompany, the
total
holdings ()f said .Simon (iui/gcnheim and his wife in Common and Preferred
slock being in excess of vk.ooo sh::res.
Isaac and Daniel Guggenheim are
directors but not officers, and draw no salaries.
Their aggregate boldlmcs of
stock
of the company are in excess of 8, 000 shares.
It is not true that any of the Mes,srs. Guggenheim ever rccflved
from the Company while not rendering commensurate service. salaries
Their
salaries have always been exceptionally moderate and m no case corresponding in
amount to
siilaries
paid to persons rendering similar services in other
companies of the same magnitude. The devotion of the Mes.srs. Guggenheim to the interests and affahs of the Company throughout their several
term.s of office has been both notable and constant.
The salary of President
Sitnon Guggenheim is consideral)ly l&ss than that of several other officers
In no instance has any member of the CJuggenheim family consented to
accept any distribution in the shape of a bonus or otherwise made to other
officers or employees.
In 1907 at a time of financial stringency the salaries
of the Messrs. Guggenheim then officers of the company, were at their own
instance, reduced although the salaries of other officers remained unchanged
lispecially is i t denied that the Messrs. Guggenheim have acted in disregard of the interests of the corporation or sought to employ it to serve
their own ends.
In this respect the conduct of the Messrs. Guggenheim
has been aVjove reproach.
Activities in Bolivia.
Prior to 1910 the company had never smelted tin
nor had tin been smelted in the United States to any substantial extent by
anyone. The company was then engaged in smelting and refining silver,
copper, lead and other ores.
In 1910, our Messrs. Newhouse and Stewart
went to South America to obtain contracts for the smelting of ores other
than tin, at our plant at Tacoma, Wash. Thev did not while there investigate mining properties of any kind for purchase.
While in Bolivia they became convinced that it would be wise to add the
smelting of tin to our other smelting activities, and the company accordingly
built a tin smelter at Perth .\mboy, N. .1., and contracted with tin mines in
Bolivia for the smelting of their ores and that business is still carried on.
A number of years later one or two tin properties in Uolivia were examined
for the company, but a majority of the Board was opposed to the company's
investing therein, and no such mines have ever been acquired by it.
None
of the property in Bolivia so examined or considered for the company was
ever purchased by the Guggenheim Brothers, or bv any member of that
family.
I deny that any demand was made by directors of the company
that the company be allowed to share in Guggenheim Brothers' operations
in Bolivia, or that any such demand was refused by the Messrs. Guggenheim.
.
.
—
Premier Silver& Cold
Mine
ment
in British Columbia.
— The company
s invest-
in this enterprise was made primarily to insure to itself the smelting
and refining of the ore from that mine. Officers and directors of the corporation, other than the Guggenheims, were oppo.sed to the purchase
of the full one-fourth interest tthe interest offered) and the Guggenheim
Brothers were therefore asked to purchase one-half of said interest, thereby
relieving the conipany from purchasing more than the remaining oneeighth and this arrangement was informally approved by all of the directors
except possibly Mr. Eilers, and I have no recollection of Mr. Eilers ever
objecting at the time or until this action. ,1 deny that a majority of the
Executive Committee favored the purchase of the entire one-fourth interest.
—
Sales of Copper.
The allegations of the Eiler petition in respect to sales
of copper are incorrect and misleading.
By far the greater amount of copper
sold by all large copper producing and selling companies is sold for future
delivery; it is impossible for any compan.v having a large output of copper
to sell more tlian a comparatively small part of its production by current
sales, such as are possible in other metals.
Moreover, the volume of copper to be sold by the company has included,
since about the year 1908, not only its own copper, but also copper sold by
it as selling agent for a number of large copper jiroducing companies, the
selling arrangement having been made as part of arrangements to smelt and
refine the or&s of such companies.
The selling agency arrangement provided that all sales of copper should be pro-rated against the tot.al amount of
copper available for sale at any particular time, including the company's
own copper.
Profits as Selling Agent.
The net commissions paid to the company for
its services as selling agent in the period from Jan. 1 1913 to Sept. 1 1920
aggregated over SIO.000.000. The existence of the .Tgency, however,
increased the necessity and volume of foinvard sales of the company's own
copper, and particularly in the abnonnal period following the outbreak of the
European war some losses were suffered from this source due almost entirely
to the existence of the selling agency.
The statement made by Mr. Hills the Comptroller as of Oct. 31 1920
shows that from Jan. 1 1912 to Oct, 31 1920. the net proceeds from the
selling agency amounted to $10,046,409, and that from this should be
deducted quotational losses incurred during the same period amounting to
$4,594,824, leaving an apparent net profit for the period on the operation of
85,451,585. But this apparent profit will at present prices of copper be
more than wiped out by quotational losses which will be suffered if the
present dull copper market continues.
Copper on Hand. The statement that in April 1920 as the result of a
policy of ^\ithholding copper frcm s£.le, the company had on hand approximately 160,000 tons of refined copper is absolutely imtn:e. On May 1 1920
the company had on hand for its own account 26.855 tons of refined copper.
The company had used its best efforts to sell all the copper it could and the
accumulation was due (1) To lack of demand, all consumers of copper being
overstocked; (2) To the fact th.at production had been greatly stimulated
because of the war; (3) To labor aud rs'lroad conditions that delayed
the making of the refined copper and its delivery at Tidewater; and (4)
To the company's not being free to sell its own copper, independently.
Termination of Selling Agency. .'Vs the end of the abnonnal conditions
are not yet in sight, the Board during Nov. 1920, determined to terminate
(See V. Ill, p. 2523.)
the selUng agency, which was accordingly done.
[The allegations of Karl Eilers were given quite fully in "Eng. & Min.
Journ." Dec. 25, p. 1229. Proxies are sought at the annual meeting Apr, 6.1
—
—
—
The "Boston News B-areau" on Jan. o
said substantially:
Jan. 1 1921 the American Smelting & Refirdng Co. has reduced
wages to the extent of $2 ,000 .000 per annum and looped off another 8500 ,000
a year through curtailment of forces. [See a subsequent page.) The company expects to add further economies through greater efficiency, while the
general dropping of prices ^vill of course, greatly assist the supply depart-
From
ment.
months, operated at a heavy loss.
saved something for net, but this was more than
Although the sale of more
offset by the losses incurred during the last half.
than 500,000,000 pounds of copper annually, for which it receives a commission, has been turned over to Guggenheim Brothers vrithout consideraUnder normal
tion, the management considers itself relieved of a UabiUty.
conditions the American Smelting & Refining Co. has the disposition of
from its
monthly
between 10.000,000 and 12,OQO.O0O pounds of copper
own mines and tlirougli purchases. Compare '\ 112. p, 164, 64.
The company
In the
first six
for the past twelve
months
it
.
British American Tobacco Co., Ltd.
{Digest of Report Presented at Annual Meeting Dec. 30)
At the 18th Annual Meeting held in London Dee. 30 1920
Mr. Joseph Hood, M. P., (one of the deputy chairmen),
presiding said in subst:
Balance Sheet. Taking the as<=ets side
p. 160) you will observe that the item
—
of the balance-.sheet first (V. 112
real estate and buildings at cost,
less provision for amortization of leasholds, £541,986 shows an increase or
extensions to ovx
increase
is due to
this
The greater part of
£66,538.
Liverpool factory and the purchase of adjoining land. Whale we have also
THE CHRONICLE
Jan. 15 1921.]
'
purchasod land at Southampton for an additiotial factory, yet wo have ri<luctaiitly come to the conclusion, owlni? to conditions as to building, tlxat it
is not an opportune time to start the erection of a factory.
Plant, machinery, furniture and fittings at cost or under, £410, ."iOI.
shows a decrease of £10.K.');{, which is more than accounted for by the disOn the other hand, the
posal of a factory In New York which we have sold.
machinery at our Norfolk, Va. branch, shows a material increase, but on the
whole the item is reduced by the amount 1 have mentioned.
Associateil Cumpanies.
Loans to and current account with associated
companies jC7,194,95S, shows an Increase of £1,127.433. This, aRaln. Is
due to Increiised suppliw to the a.ssociated companies, and the replenishment
of their stocks which had become depleted. toKethor with additional adv.-\nces
It is also to some extent due to the poslponeniont of romlltances
to them.
owing to the a<lver..e rate of exchange.
,
—
Inve.'tments In as--ociated companie--, £1 1 ,3.'5(>,132 is also up by £2,f)(il.This Is the largest ittm on the a.ssets side, and the increase represents
432.
additional investment-: In associated companies.
Other investments,
£607.922, is in<re;ised by £4.')3,813. dui> to InvestnUMits in war bonds.
Jitrciitdrics.
Stocks of leaf, manufactured goods and materials at co-^t or
under £7 .021, IS,'), shows a reduction of £1 .17(>.30S.
have hitherto
carried in our stocks of leaf, mantifactuied goods and material-' at cost or
under, but for some years past with rising prices, cost or under has been
lower than the market value. There has recently been a material reduction
The auction sal'N In America begin about August
In the price of raw leaf.
and continue until the end of the year. Our balance-sheet, of course. Is as
of Sojit. 30 last, and we have taken In stocks this year at market value as at
that date, which is a contii'.uance of our policy of carrying them in at the
lower figure of the two.
In this case the market value Is less than cost by a
substantial amount.
Cash.t'ic.
Sundry debtors (loss provision for doubtful deVjts) and debit
balanci« £2,531,170 is riHlucod by £241, .ISS, because as at the date of the
balance-sheet less njoney was owing to us.
(^ash at banlcers and in transit
the last item on the assets side, £2.S'>().1 19 shows a decrease of £1.2H0,H,")4.
Capital Slock.
The issued capital of 4. ,500, 000 I'rtference shares remains
the sanje, but the Issue of Ordinary shares has Increased from 8,.')01,911 to
In April last wo made an issue at par of one share in two. and
16,002,523.
In respect of that issue 4.264.484 shares wore taken ui) by the Ordinary
shareholders up to Sept. 30.
In addition 21.500 shares had been issued to
certain directors in January last, in pursuance of the authority given l>y the
articles of association and the resolutions of the shareholders of
19
1919, out of the 34,704 then authorized.
Beyond that there were issued 17. .'532 shares in response to belated
acceptances of the offer of one in three made in Juno. 1919. Also in July
last we made a fuither issue to the Ordinal y shareholders of one share in
four In re.spoct of which 3,197,096 shares had been accepted and it-sued
up to Sept. 30 last.
Credit Iia!ances.<!ic.
The item of creditors and credit balances is reduced
from £9.918.597 to £5.678.938. mainly accounted for by the reduction of
cash at bankers and in transit on the other side of the account and to the
adjustment of our liability in respect of excess-profits duty to the date of the
balance sheet.
Reserves.
The increase In reserves for buildings, machinery and materials
£630,164 Is due to the ordinary provisions under this heading. The item
is strengthened to the extent of £87.342.
Special reservas show an increa.so
of £41.739.
General Reserve of £1,500.000 Against Possible Losses Due, to War.
With the consent of the Government wo sold shortly after the war commenced our shares in German companies and loans to those compan les and
officials connected with them chiefly (1) Loans and current accounts and
(2) shares in the Gorman companie;.
The amount of the loans and current accounts have now been agreed and
we expect to receive shortly a sum approximately amounting to £1.280.000,
which includes the interest on the amount up to the date of payment
payable under the contract we made. So soon as this .substantiafamount is
received it will l>e unnecessary to maintain this general reserve at £1 .500.000.
Payment for the amount (roughly over five million marks) of the claim
owing to us for the sale of the shares in German companies has yet to be
completed.
hope that will be done at an early date.
Profit and Loss. l^ist year we carried forward a balance of £4.912,73'i-,
which
we
paid a final dividend of 6%, amo-anting to £512,422,
out of
which left us with a disposable balance of £4.400.312. In
last, the
dii'ectors purchased 641.000 shares cf the Garland Steamship Corporation
at a cost of $1 .900.000 equal to £475.438, and in pursuance of extraordinary
resolutions of the shareholders of
10 last, this sum was written off
with the shares of Garland Steamship Corporation distributed amongst
—
We
—
—
May
ber 1920, with an ostinuited daily production of 75,000 blila.
Othor welU
are in process of drilling in the same field.
In view of the coinpany's very exuicihive ro.serve territorios. the api>«arancu of salt water lu some of the more heavily exploited fields U not cau.sing
anxiety, being more than compensated by the policy of kecpinK exploration
work well aliead of production re<iulrements.
Proposed \ew Pipe lAne. -The company's crude oil i-upply Is largely in
excess of Its present pipe line capacity of 110,000 bbls. daily.
In order to
take care of tlds, a tlUrd line Into Tamulc-o has boon agreed to and will l>e
The completion of this plep line will
procoiHled with as soon as possit>lo.
render possible the delivery to the ports of Tamplcx) and Tuxpam of a total
quantity of 140.000 bbls. of crude oil daily.
Operations. The total amount of oil loadrtd at Tuxpam during the year
was 10.350.000 bbls. Shipments from Tamplco. consisting chiefly of
Keflned oil shipments from
refined oils, amounted to 5.941.400 bbls.
Minatitlaii amounted to 1.334.607 bbls.
The crud«( oil throughput at the Tami)ico refinery Is at present approximately 45.000 bbls. per day. <ir more than double tliat of last yejir. Due
to the proposed Increase In the pipe line capacity, arrangements are now
being iiiadii to Incroaso the quantity of oil to bo treated at this refinery to
90 000 bbls. daily.
The refinery at
bbls. daily, being
Manatltlan Is now operating at a throughput of 12.000
an Increase of 2.000 bbl-;. dally over last year, .\rrangements are being made to Increase this tlu-oughput to 15.000 bbls. daily
early in 1921.
Due to long delays In the delivery of material, the increased topping
plant caimcity at Tuxpam wa.s considerably delayed, but it now In operaThis gives a topping capacity of 15.000 bbls. daily, which It Is protion.
posed to increase to 25.000 bbls. dally by the middle of 1921.
Vessels. -The Kagle Oil Transport Co.'s fleet of tank vessels, all of which
are entirely in the service of the <:onipany. amounts to 230.000 tons d. w.
capacity.
Further vessels have Ixwn ordered to tint extent of 207.000
The bulk of this additional tonnage is due for delivery during
d. w. tons.
1921 and with this In service the company will bo able to dispose of adequate
.
transportation facilitias for
New
—
—
Wo
—
May
May
the Ordinary shareholders.
In addition the shareholdars decided to capitalize £3.202.853. or such
other sum as might be necessary to give one share in four cut of the undivided
profits of the company, and to apply the sum in making payment in full
at par for Ordinary shares which were to be distributed ratably among the
holders of Ordinay shares in proportion to their holdings, so that each holder
of Ordinar.v shares would receive one new share in respect of every four
Ordinary shares held by him.
In pursuance of that resolution the directors allotted up to Sept. 30
3,197,096 shares at par, which amount is deducted from the disposable
balance, leaving £727.778.
Direct Profits and Dividends.
To the £727,778 the direct profits and
dividends for the year, after deducting all charges and expenses for management and providing for income tax and corporation profits tax and adjusting
the liability in respect of excess profits duty will have to be added, amounting to £4,879,177 less Pref dividend of £225,000 and the four interim
dividends amounting to £2.305.086. which leaves a disposable balance of
£3,076.869 out of which the directors recommend the distribution on
Jan. 10 1921 of a final dividend (free of British income tax) on the issued
Ordinary shares of 9%. amounting to £1,440,406, leaving £1,636.463 to be
carried fonvard.
This final dividend of 9'^( will make 30% for the year upon the Ordinary
shares which were in existence a year ago.
Outlook.
In some parts of the world there has been a reduction in sale
since Sept. 30 last.
That result seems to be world-wide. The directors
however, hope that it is only a tomporarj' phase, and they have no reason
to believe that they will l)e unable to present a satisfactory balance shoot
a year hence. We sell no goods for consumption in the United Kingdom.
All the goods we manufacture hero are manufactured In bond and exported
In addition to recommending a payment on Jan. 10 of a final dividend of 9% upon the Ordinapj' shares (free of British income tax) the
directors have declared for the year 1920-21 an interim dividend of 4%
(free of British income tax) also payable on Jan. 10. so that the shareholders will receive on that date 13%.
production.
Ine-reased
The company has recentiv authoriz<Hl an increase of capital
—
Ordinary shares of 10 pesos each, making the
$44.S8(i.420
its
Slock.
Mox.
of
In
Of the Increased capital,
total authorized capital $160,000,000 i>esos Mex.
sliares are being offered to the shareholders in the proportion of one new
share for each two old shares (eithi r Preference or Ordinary) held by them.
(V. 112. p. 67).
The total share capital authorized is $160,000,000 (Mexican), divided
Into (a)
Participating Pref. shares of .SIO each, fully paid, $8,500,000;
(b) Ordinary shares of $10 each, fully i)aid. $151,500,000.
Issued, Pnifer-
H%
(all Mexican money)
TIio comparative income accounts for years <!nding June 30
ence shares, $8,500,000; Ordinary shares, $77,777,290
—
—
255
will
be found
in
"Chronicle" of Jan.
8, p, 1()7.
BALANCE SHEET. JUNE 30(ALL$ MEXICAN GOLD PESOS)
[Stated in
Assets
Mexican gold
pesos, par value 24>^d. sterling or 49.75 cents
U. S. gold.]
—
Kealcstate, bldgs.. plant
Subsoil rights, field exp
& equip..
30,613,334
8,279, ,549
2,645. (iSO
2,041,728
1,747,473
18.104,152
14. ,588. 204
29.633,780
11.896.4(59
1..539. 007
2,093. .599
18. .593.483
13.9.54.076
Steamers. &c
Inve.stment in allied CO., &c
Stocks of oil. stores. &c
Debtors, debit balance & cash
Liabilities
1918.
34.547,727
Loose plant and equipment
Total
1919.
1920.
&c. 43.236.808
1,000,000
2,448.807
23,128,024
18,174.062
74,816,023
$165,449,404$! 08.942,613 $98,914,359
—
Preferred shares (par $10)
Ordinary shares (par $10)
88, .500, 000
77.777,290
$8 ..500.000
47 ,056,790
13,170„591
21. 041,651
9.3.53,086
6,54,648
1.108,217
4.945,000
$8. .500,000
Mortgage bonds
42,2.'')5.190
14.693.878
Reserves
Provident fund
2.3(>7.734
&
1
credit balance
12,117,562
Debenture hold, for interest due
Shareholders for dividends declared.. 5.426,165
liOans
Profit and loss
46,090,062
Creditors
20.224,391
165,190
41,583
3, 494,592
4,
22, 988. 159
18,058,988
Total
$165,449,404$108,942,613 $98,914,359
Note.
The company has guaranteed the payment of (a) a dividend of
6% per annum on 400,000 cumulative 6% participating preference shares
of £5 each, fully paid, in the Eagle Oil Transport Co., Ltd., and (b) the principal of and interest on $1 ,000,000 U.S. gold ten-year 6% Gold Debentures
(maturing July 1 1922) of the Oil Fields of Mexico Co. V. 112, p. 167, 67.
—
—
GENERAL INVESTMENT NEWS.
—
—
The comparative tables of
give in V. 112, p. 159, 160.
Income and Balance Sheet were
Mexican Eagle Oil Co., Ltd.
(Report for Fi.scal Year ending June 30 1920.)
T. J. Ryder, Mexico City, President and Managing Direcsays in substance:
tor,
—
Rcs\ilts [in Mexican Gold).
The profit on trading for the year is $.57,272,046, less transferred to field redemption account, 82,204,867, and to
depreciation reserve account, 52,589,489: and plus interest, &c., $2,181,528,
making the net profit for the year $54,659,217.
After transferring to legal reserve account the sum of $2,657,961, and to
provident fund 51,500,000, and after adding the balance brought forward
from year 1918-19 of S3, .543,282, the balance available was $54,044,538.
From this balance there have been deducted: (o) First dividend of S'/J on
Pref. share capital, paid Dec. 31 1919. $425,000: (b) second dividend of
6% on same paid June 30 1920. S510.000; (c) First dividend of 5% on Ord.
share capital, paid Dec. 31 1919. $2,352,839: (rf) second dividend of 6%
on same, paid June 30 1920. 84,666.637. This leaves a balance unappropriated of $46,090,062. which it is proposed to apply as follows:
(a) Final dividend of 49?^ on Pref. share capital, making 60% for the year,
$4,105,000: (b) Final dividend of 49% on Ordinary share capital, making
60% for the year, ,$38,110,872: and carry forward to next vear $3,814,189.
Drilling.
Successful drilling operations have continued throughout the
year.
Wells Nos. 5. 9 and 10 in the Naranjos field wore successfully
brought in during November 1919. with an estimated dailv production of
50.000. 90.000 and 60.000 bbls.. respectively. To these have now been
added wells Nos. 12. 14 and 15. with an estimated daily production of
20.000, 50,000 and 35,000 bbls., respectively.
A new pool, known as Zacamixtle, and located some 6 miles south of
Naranjos, has recently been proven, and the company's well No. 1 in this
field was successfully brought in and capped during the latter part of Octo-
—
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Railway News. The
ollowing table summarizes recent railroad and electric rail•yay news of a more or less general character full details
-ioncerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
,
—
Items in "Chronicle" of Jan. 8.
(a) Outlook for RR. securities (James
Speyer), p. 100.
(b) Meeting of Association of Railway Executives on
Jan. 7. p. 116.
(c) Robert W. WooUey on Doc. 31 withdrew from l.-S. C.
Commission, p. 116. (d) Anthracite trust decisions (A. M. Sakolski of
Eciuitable Trust Co.). p. 116.
Would Cut Railroad Itelurn to 4%. Senator Trammell (Fla.) has introduced a bill pro\iding that after April 1 common cairiers engaged in interState coninieroe shall not be authorized to make rates which will produce
returns exceeding 4%. of their aggregate property value.
Increased railroad
Higher KR. Hales Send Freight Via Panama Canal.
rates have led the Anaconda Copper Co. to ship its copper and zinc from
Butte to N. V. via Seattle and the Panama Canal. 7.000 miles, instead of
"Mfrs.' Record of Halt.. Jan. i:',. p. S9.
by the all-rail route. 2. .500 miles.
Award to Short Line Under Transportation Act. Important Precedent. See
Atlanta & St. Andrews Bay Ry. below and compare 'Times" Jan. 11. p. 20.
RR. Wage Cuts, Ac.
(a) Wage reductioas by two short lines. "Wall St.
Jour." Jan. 10. p. 6.
(b) Deflation of RR. labor in New England by discharge of 10 to 12% of employeo-i. "Bost. N. B." Jan. 8. p. 1.
The proposition of the officials of the Georgia & Florida UR. ('•QCy miles in
length) to reduce wages 25% in order to keep the road in operation has been
rejected, the national labor leaeiers. it is stated, holding that It is better the
oad should be scrapped than to accept lower wages.
Rail-Shipping Hoard. The joint committee of the Shipping Board and
the I.-S. C. Commission which is to work out.the application of the various
provisions of the Transportation Act and the Jones Merchant Marine Act
includes: Representing the Board. J. N. Teal. Chairman: F. I. Thompson
and Guy D. (Joff; representing the Commission, C. V.. McCord, Henry C.
Hall and Mark W. Potter.
RR. Labor Board Hearings as to Continuance of National Labor Agreements.
"Times" Jan. 11, p. 7:
(a) Charges by men; companies urge piece work.
'Times"
(b) Roads n)ust be free to establish their own regulations.
Jan. 12. p. 10.
RR. Machinists Apply to I.-S. C. Commission Against the Giving of Eauipment Repair Work to Private Companies. Men claim 32.000 workeis have
thus been laid off as part of conspiracy against union labor. Reply that
unrea-sonable RH. worlc system buidens tlie i-oacLs unduly, as on Norf. &
West, pajanent for 15 min. out of hoiu-'s vork treated ;is if 200 niinute-s at
time and a half and 6.087 half hours in Jan. as if 13.()65 with punitive
payment of 84.787. "Times" Jan. 10. p. 1; Jan. 11. p. 7: Jan. 12. p. 7.
—
—
—
"
—
—
—
—
—
RR. Loans Approved from $300,000,000 Rirelving Fund.
—To
Dec. 31
the loans approved from the S;i00.000.0()0 Fund aggregated $205,721,357.
viz.- To aid in meeting maturing debt. $86.173. 7,50: to aid in acquisition of
equipment, $41,385,870: to aid in making additions and Ijettermenis to
existing equipment, $17,291,294: to aid in making iulditions and iHJtterments to way and structures, $60,670,443. Applications for loans aggrcgaring $51 ,653,594 are pending. The sum of $40,000,000 has been reserved
——
—
:
.
THE CHRONICLE
256
temporarily to moct claims and jiici(ancnts arising out of operations during
the period of Federal control
The Treasury Department statement reports the total payments on loans from the KevolvlnR Fund as $160. -l-ir). 9:17
to Jan. H.
Soo list of loans. "Uost. N. 15." Jan. K, p. 4. 'Wall St. Jour."
Jan. 11 p. K. and "Hy. Age", p. (»5 to 100.
h-Ccnl Fares and Bits Lines in N. Y. City. Mayor Hylan's review.
'Tlinos" Jan. 9. p. 1.
Review tif Uailway Dtvelopmenls for 1920 (Summarized from "Ry. Age" Jan. 7).
In 1920 operation was
Railwail Lines Built Abandoned. A-c. in 1920.
di.scontlnued on SS.'j miles of main line railway In the U. S. and .S.") in <'anada,
In 1919 operation stopped on 8G7 miles.
239 miles of road being junked.
Including 178 not reported till 1920.
Since 1917 there have been 4.032 miles of road abandoned f Including
possibly 225 miles restored to service following the end of Federal control),
a.s against 2.700 mlle.s of new construction placed in service.
Miles of New Line Completed in tlie United .Stales in Years Named.
Year—
1920. 1919. 191H. 1917. 191B. 191.'). 1910. 190.'>. 1900.
979 1.098
933 4.122 4..388 4.894
Miles
311
(186
721
Receiverships,
On Dec. 31 1920 there were 62 roads in receivers'
hands, aggregating 1.5.401 miles of road. The receiverships established
Include Ml miles of road, owned by 10 companies, and the foreclosure sales
embraced .380 miles, owned by 7 companies.
Equipment Orders. In 1920 U. S. equipment orders compared as follows:
.
—
.
—
.
Ac—
•1)
—
l-oconiotives-— 1920.
Domestic use
For export
1
Jan
192/ to 1936. incl., proceeds to be applied together with the loan of
$180,000 to the purcha.se of 6 super-heated C4>ii.s<)li(latod locomotives costing
S.i20 lOO.and (I)} to issue $180,000 6%, Deferred Lien Kquip. trusts. Ser. (i.
due $12,000 each, Jan. 1 1922 to 1936, Incl., to be plxlgfjd together with
the b(!low bonds, with the Secretary of the Treasury as security for a loan
of $180,000 from the United States.
The following bonds. In aduitlon to the $180,000 deferred lien exjulpment
trust certificates. Series G, are to be pledged with the Se/retary of the
Treasury as security for the 8180.000 fJovt. loan; $30,000 Washburn Ext.
1st Mtge; 5% $165,000 St. John River Kxt. 1st Mtge. 5% bondsand $165.000 Con.sol. Ref. Mtge 4% bonds. V. HI, p. 2040.
I
—
Boston Elevated Ry.
— Commission'
Recommendations.
s
—
The Department of Public Utilities has filed with the I.*gl8lature a report
recommending that the Boston Elevatenl take ovfp the Revere and Chelsea
lines of Ea.stern Massachusetts Street Ry. for the purpose of Improving the
service and bringing about a 10-ceiit fare betwtMjn Revere and Boston.
The Department suggests that Ka.st Boston tunnf be extended practically
to Central S<i., East Bosto.
and that ,5-car multiple trains be operated
through the tunnel. Cost of tne Central Sg. undei taking would be about
$2,953,000.
Also it suggested that the Narrow f;auge be electrified and
i
,
1910.
1913.
1912.
2,910
2,983
3,467
4.515
718
2.704
3.438
cars operated through a tunnel under the harbor.
Investment cost of
Eastern Massachusetts lines in communities affected was .$2,018,000.
V. Ill, p. 2323.
1,781
639
131
126
2,544
109
3,642
143
1.124
43
3.179
38
Bristol & Plainville Tramway Co.
To Increase Capital.
The company has ijctitioned for authority to Increase its capital stock from
1918.
191
84,207 25.899 123,770 79,367 170,054 146,732 234.758
9,056 3.974 53. .547 .53.191 35.314
In aiidition to the foregoing, the Canadian roads in 1920 placed orders
in U. S. and Canadian shops for 189 locomotives, 275 pass, cars and
12,406 freight cars.
"Bureau of Railway Economics" reports
1920 Earnings Far Short ofG%
the total revenue of KRs. in U. S. in 1920 at about -$6. 200 .000 ,000. and the
net operating income, after taxes, .S150.000.000 (as against $1,134,000,000
required to equal ()'",. on valuation) but Ciovt. guaranty for 8 mos. to Aug.
31 will amount to about .$800,000,000. For the 4 mos. ended Dec. 31
(Dec. est.), the net oper. income was about $291,000,000 (4.3''-c). agst. the
"Sun" Jan. 11, p. 3.
agreed $407,000,000 (6%).
Joint Terminals.
The order for ouster of Great Northern Ry. and Spokane Port. & Seattle Ry., &c., from Union Terminal at Portland, Ore.
was temporarily withdrawn by So. Pac. Co. on Dec. 27. pending investigation by I.-S. C. Commission. "Portland Oregonian" Dec. 28; "Ry.
Rev." Jan. 1, p. 33.
Car and Lr.comotive Prices Reach Peak in 1920. "Railway Age" of Jan. 7
(p. 87 to 91) reports that of the RR. orders placed in 1920. two-thirds
were placed in the first six months at a cost exceeding the base price of
1910-14, in case of locomotiv&s, 251%; steel freight cars, 300%; composite
Subsequently a reduction of
freight cars, 313%; pass, coaches. 218%.
about 10% took place. Few oiders have been placed in the last three mos.
For 1920 the "Ago" gives a table showing that for standard equipment
Erominent roads contracted to pay;
ocoraotives weighing from 260,000 to 468,000 lbs
$51 ,000 to $101 ,964
Steel passenger cars
$25,979 to .$34,036
Pullman steel compartment car, $36,539; and dining car
$51,005
100,000-lb. capacity steel box cars
3,660
100.000-lb. capacity steel underframe gondolas
3,003
200.000-lb. steel gondolas
6,000
Higher Rales Fail to Curtail Freight Shipments but Appear to Cut Down
The number of passengers carried one xnile in Oct..
Passenger Traffic.
compared with Aug., shows on Illinois Central a decline of 23.4%, against
11% in 1919; on Atch. T. & S. F., 12.4%, agst. 4%,; C. & N. W., 24%,
agst. 11.07%: on N. Y. Central [with old fcco' rates still in force.
Ed.
"Chronicle" ]; 23.2%,, agst. 18.7%,.
"Ry. Age" p. 69.
Fate
joint
ticket
agencies
and
other
Federal
innoOther Matters.
of
(a)
vations, p. 81-84.
(c)
(b) Valuation developments in 1920, p. 74 to 76.
Section 10 of Clayton Law effective, p. 121.
(d) Labor faces economic readjustments in 1921, p. 77. (e) Present condition of French railways.
p. 122 to 124.
—
—
$1,000,000 to $5,000,000.— V. 110, p. 359.
—
—
—
—
—
—
Brooklyn Rapid Transit Co.
Chicago
Recent statements of earnings of the subsidiary companies indicate that
these companies are on a basis where their combined net earnings are more
sufficient to pay interest on the American Cities Co. 5-6% collateral
trust bonds, after setting aside ample renewal and replacement funds in
addition to adequate maintenance expenditures.
While a complete reorganization plan has been prepaied. the Committee
considers it inadvisable to submit it under the present financial conditions.
The Committee therefore requests and recommends that the Deposit Agreement of Jan. 15 1919, be amended so that the time for the submission of a
plan thereunder be extended to Dec. 31 1921 and that the Deposit Agreement as so amended be extended and renewed with all rights, privileges
and obligations therein contained remaining in full force and effect
V .111.
p. 2137.
,
Loan.
—
—
The I -S. C. Commission has approved a loan of $400,000 to aid the
company in meeting maturing indebtedness of $620,000. The company is
required to finance $220,000 to meet the loan.
— V.
Ill, p. 2227.
Ry. — Goverrwient
St. Andrews Bay
Award
The payment of $103,453 to the company
Sets a Precedent.
by the Government in full settlement of its claims under
Section 204 of the Esch-Cummins Act, is thought by leading
railroad counsel to establish a precedent of great importance
to a large number of the short hne railroad companies which
—
were taken over by the RR. Administration, .Jan. 1 1918,
and were relinquished in .July of the same year by the then
Director-General of Raih-oads, William G. McAdoo. The
New York "Times" Jan. 11 says:
Section 204 of the Act states that short lines privately operated which
suffered a deficit during Federal control shall be entitled to readjustment of
earnings on the basis of standard return, while short lines which enjoyed
operating income diu-ing the period shall not be entitled to this readjustment.
The question raised in the case of the Atlanta & St. Andrews Bay Rys. by
John B. Pruyn. General Counsel, was whether the short Unes were to
compute earnings for the full period of Federal control or for the last 20
months of that time, when they were privately operated, in order to qualify
for the benefits of Section 204 of the Act.
The company enjoyed operating income for the first six montlLs Jan. to
July 1918--but showed an operating deficit thereafter. Mr. Pruyn. on
behalf of the road, contended that the shorter period only should be considered, and his contention was sustained by the I.-S. C. Commission.
In
discussing the decision yesterday Mr. Pruyn said: "This decision is extremely important to many of the short lines which were taken over by the
Government and then turned back to their oNvners by Mr. RIcAdoo's order
The so-called short line contract is ambiguous, in many
of relinquishment.
of its stipulations, but this action by the I.-S. C. Conunission seems to
clarify at least this particular point."
This is the second short line settlement arranged by Mr. Pruyn. Under
somewhat different circumstances, the Little Cottonwood Transportation
Co. received approximately $35,000. These are the only two short line
claims which have been adjusted to date. V. 107, p. 1917.
—
—
Atlantic Ave. RR.,
Brooklyn. —
Protective Comtfiittee.
The committee named below, at the request of the holders of a
amount of the Gen. Consolidated 5% bonds dated April 23 1891, due
—
large
1931,
have consented to act as a bondholders' protective committee and requests
the holders to deposit their bonds with the Oct. 1 1919 and subsequent
coupons attached with the Colimibia Trust Co., 60 Broadway, N. Y. City.
Committee.
George E. Warren, Chairman, Vice-Pres. Columbia Trust
Co., Prank Coemen, Pouch & Co.. 14 Wall St.. William Carnegie Ewen.
2 Wall St., with Pavey & Wells, counsel, 32 Nassau St., and Arthur K.
Hazeltine, Sec, 60 Broadway, New York City.
V. 66, p. 183.
—
—
&
above.
— V.
— Protective Committee. —
RR. — Sale Postponed. —
112. p. 161. 61.
Eastern Illinois
The
foreclosure sale scheduled for Jan. 11 at DanviUe.
postponed to Feb. 8. V. Ill, p. 2519.
—
Chicago Elevated Rys. Collateral Trust.
has been
111.,
— Valuation. —
In connection with the making permanent of the 10-cent fares on the
elevated railroads the Illinois P. U. Commission fixed the valuation of the
properties at $86,280,000.
This does not allow the claims of the companies
of $6,500,000 for bond di.scount or .$4,500,000 asked for contractors' profits.
The Commission placed the original cost of the properties at $71, .500,000.
It determined this cost minus depreciation was $60,775,000. and the cost to
eproduce new as $80,250,000. The allowanee for going value was $6,000.000. and for working capital $1,000,000.
("Chicago Tribune.") V. 112,
—
p. 161.
Chicago
& North Western
Ry.
— Listing— Earnings. —
The N. Y. Stock Exch. has authorized the
authorized) 10-Year
listing of $15,000,000 (total
Secured Gold bonds, dated Jime 1 1920. (See
7%
offering in V. 110. p. 2487.)
Income Account
Operating revenues
Operating expenses
Nine Months Ending
for
.
Taxes
UncoUectable ry rev
Net
Net
30 1920.
$4,327,229
8,364,125
$4,036,896
$63,519
loss
5.205,000 Sinking funds
1.418 Div. on Pref. stock..(3V^%)783.825
1.795.748 Div. on Com. stock.. (2^)3,628,813
rental deductions
Net
Sept.
Gross income
$94,939,094
89,732,443 Deductions
Net rev. from ry oper. $5,206,652
oper. loss
$1,795,515
6,122.744
Non-oper. income
jA
than
Ann Arbor RR. — Government
RR.
See Atlantic Ave.
Deficit
$8,513,052
General Balaam Sheet as of Sept. 30 1920.
for the 5-6% Collateral Trust
p. 577). states:
.
lines in
Six tickets are sold for 35 cents, and 10 school tickets for 25 cents.
Universal free transfers are retained. The fare weis formerly 5 cents cash,
five tickets for 25 cents.
V. 112. p. 61.
Victoria.
American Cities Co. — To Extend Deposit Agreement. —
The bondholders protective Committee
bonds; J. K. Newman. Chairman (V. 108.
—
—
British Columbia Electric Ry. Fare Increase.
0-cent cash fare is now being charged by the company on its
A
.
&
—
2,802
2.086
Dom(!sticuse
For export
Atlanta
Aroostook RR. —Government Loan, &c.
Commission lias aulhorizcxl the company (1) U) Issue at not
than 953^ ami div., $140,000 7% Prior Lien Kqulpment Trust ccrtlfs.
Series (., duo $8,000 annually Jan.
1922 tf) 1926. Incl. and $10,W)0 each
Th«! I.-S. C.
less
272
898
1919.
1,998
(2) ra.ssengercars
Domestic use
For export
(3) Freight cars
&
Bangor
[Vol. 112.
sS^t S
Liabilities
Investments
$456.514 ,426
Ciurent assets
41.447,905
Deferred assets
112,770
U. S. RR. Admmistrat'n 52.991,455
Unadjusted debits
69.853,270
(each
—Total
V, 112. p. 61.
side)
—
Capital stock.
Long term debt
Current liabilities
Deferred liabilities
.$169,993.2.53
303 ,496 ,500
22,452,329
43 ,609
46,391.728
29,438,104
49.104,302
U.S.RR.Administration
Unadjusted credits
...$620,919,826 Corporate surplus
Cincinnati Traction Co
-Seeks
Bond
Issue.
—
reported, is seeking the approval of $3,750,000 7%
3-year Collateral Trust gold bonds, of which $2,250,000 is to be issued to
take up a like amount of short-term notes, the balance, $992,000, to be
used for proposed extensions and improvements. V. 111. p. 1949.
The company,
it is
—
Co. — Fare
—
Columbus (Ga.) Electric
Increase.
The Georgia Railroad Commission has authorized the company to increase
fare from 5 cents to 7 cents, or 15 tickets for SI.
are sold for $1.
V. 108, p. 2629.
its
—
—
Columbus Ry., Power & Light Co.
The present management filed suit in Common
Thirty school tickets
Suit.
—
Pleas Court at
Columbus
on Dec. 8 against the former managers, charging them with illegal expenditures, &c.. of the company's funds amounting to 83.728,952, and asking
V. 111. p. 73.
for an accounting (see "Ohio State Journal" Dec. 8).
Company.
Connecticut
— Public
—
Utilities
Commission
in Special Report to Legislature Suggests End of Federal
Control of Connecticut Co.
System Should be Split up, Taxes
he
Checked
Deferred, and Unfair Jitney Competition
Valuation.
The Connecticut P. U. Commission on Jan. 5
sent to the General Assembly a report of its enquiry into the
electric railway conditions under an act of the 1919 session
in which it makes many suggestions for legislation to relieve
these companies.
The report suggests the termination of control of the Connecticut Company hy Federal trustees and the return of the
capital stock, property and corporate control to the owner
or owners thereof.
Principal Recommendations made in Report of Commission.
Maintaining Highicat/s. Sc. That street railway companies be reUeved
from present statutory obligations of pa^ang. siu-facing and maintaining
pubUc highways, excepting that portion of the highway next to and with 8
inches along side of each rail; also that they be relieved from contributing
toward the expense of construction and maintenance of highway bridges,
excepting that portion of the expense involved in the company's own construction and operation.
Payment of Taxes. That pajTnent of present unpaid taxes due the State
from street railway companies be extended over a term of years without
interest, and that all futvu-e assessment of taxes against street railway
companies be levied on net operating income, obtained under honest, efficient and economical management, instead of on gross revenue as at present.
To Abandon Non-Paying Lines. That street railway companies be pa>
mitted to abandon non-pa>"ing lines or portions of lines, subject to the
approval of the I^. U. Commission.
Municipal Contracts. That municipaUties be authorized to enter mto
—
—
—
—
—
—
—
contracts of guaranty ^\^th street railwaj' companies, affecting gross or net
operating revenues; also to subsidize or otherwise take over the control and
operation of non-paying Unes of street railways within their respective cor-
porate limits.
—
To Operate Btises. That street railway companies be authorized to operate as common c jriers automobile buses or other form of approved street
transportation, through and along highways over which they operate street
railway service, either as substitute for or auxihary to such servnce; also to
»
THE CHRONICLE
Jan. 15 1921.]
operate such bust« or other approved form of transportation over and alont;
adjacent and a<lditioual hiKhways and routes, upon finding l)y tho Commission ttial pul)lic convenieni'o and nece.ssiiy require sucli opir.tion
nnd form of public service subject to the regidalion and supervision of the
Commission.
—
Rfijuhuion of Jitneys.
That jitneys, so-called, and all public service motor
vehicles (excei)tinK legally defined taxicabst traivsportlng passengers for pay.
bo de<'lared connnon carriers, and in addition to the re<iuirenients of the
general motor vehicle laws, shall be subject to public regulation.
All public .service motor vehicles rendering inlerurltan service on through
routes from one city or town to another shall be under public reijul.uion
within the exclu.sive jurisdiction of the 1'. I'. ( 'oniniission as to public
convenience and iiectMsit.v. rates, schedules and routes.
Ayaiiisl "Sirrice at Cost" /V(i;i .— -The Commission does not favor government or municipal ownership of street railwa.vs and does not recommend the
so-called ".service at cost" plan.
So Utile llcconinuiidfitioiis. The (piestion of rales, the system of collection, and the most equitable manner of apportioning the rale schedule, are
executive and administrative problems, as yet so far unsolved by actual
experience or tmiformit.v of de.cisions that it would be unwarranted and
iincMlled for in this report to atlempl to indicate any standard i)olicy.
Whatever course is adopted must in a large measure. de|>end upon local
conditions and upon suggested legislative relief pertaining to the regulation
of eoni|)etin!; transiiortalion, abandonment of nou-paying lines and the
right to substitute or supplement motor vehicle service.
It is fimdamental.
however thai the rendition of adecpiale and deiiendable .service re(iuires
sufficient revemie to pay for the capital, labor and material necessary to
protluce such service.
—
,
Suggestions Applicable to the Connecticut Company.
Divide the company's entire system into a suitable number of specific-
1
ally definwl operating divisions.
2. Cii\e each division manager the nece.ssary authority and full power to
act on all matters pertaining to the efficient operation of cars, and hold
him responsible for the successful operation of his division.
3. Keep the accounts pertaining to operating revenues and expenses of
each division separate.
(live greater attention to the routing of cars
4.
and maintenance of
Mathews
lines.
—
Termination of Federal Control of Connecticut Company.
That the Attorney-General, acting for and in behalf of the State of t)onnecticut. be au.-ind diretrted to request the Federal department of justice to reopen
and modify that portion of the judgment issued by the U. S. District Court
for the southern district of New York, in the case of the U. S. vs. the New
York New Haven & Hartford KK. and others, decreeing the a.ssignmenl and
transfer of all shares of the capital stock of the Connecticut Co. to a designatetl board of five Federal Trustees.
Also that certain powers be delegated to said trustees pertaining to the
mana.gement of said the (^onncK'ticut Company, whereby said shares of stock
and the management of said tho Connecticut Company shall revert to the
New York New Haven & Hartford RR., or to take such other proceedings
as may be deemed necessary to bring about a termination of Federal control
of the (Connecticut Company and have the capital stock, property and
corporate control and management of said company returned to and reinvested in the owner or owners thereof.
Valualion of the Connecticut Company as Reported hu the Commission.
Valuation
Valuation
Historical
1010-1914.
Cost 1919.
1919.
Connecticut Company owned lines .S3().135,897 .?6,'), 044, 614 $41,011,81.5
Connecticut Railway & Lighting Co.
lines leased to Connecticut Co
15,781,829 28.407.292
19,741,537
thorized
Conn. Co. owned and leased lines... $51
—V.
,917, 726 .893,451,907 $60,753,3,52
111. p. 2323.
Cuba Company. — Regular
Cuba Railroad above.
See
— V.
Cuba RR. — Preferred
The
Preferred Dividends.
—
Dividends.
—
&
—
affairs, an official of the W< stern Pacific RR. states:
"It has never been i)roposed that the holders of the Refunding and the
Adjustment bonds were to reduci- Ihi'ir hohliiigs by ,5<)'; and then ac(«pe
in excJiange for their reduced lioldings an i<iual amount of I'n-f block.
The plan (V 111. p 1H52) statexl that the eonimitte*- reprtw-ntiuK the
Refunding bonds had agreed to recommend a n-ducllou of the |jond<-<l debt
to the extent of ,50'
and the substitution of 7' i'ref stock in lieu of i>uch
bonds, while the comiulltee representing the Adjustment tKjnds had agreed
toac<-ept an offer to exchange such 7% bonds for 4% 10-year notet> of the
Western Pacific RR Corporation "
.\c<-ording to the report in circulation, it was proijosed to wipe out the
Refunding and -Vdjustment bonds entirely, giving tho holders only 58%
,
in I'lvf
<
stock.
Statement by Climn. Jefferson M. Levy
"With
all
due respect
of
Denver .V Rio (irande and the official qu(Jted above, the following
earnings show that the bondholders of all classes need ha^e no appr«'hension
that they will not receive the full interest on their bonds, refunding and
otherwise, even the 7',i Adjustment bonds.
The earnings still continue
lo increase
"For 11 months tho increa.se in gross revenues over 1919 is $6,321,754.
Net earnings after taxes are $5,476,308. Total interest requirements, including th.it on the 7',; Adjitstmejit bonds, are $5,594,397
It Is expected
that the net earnings of the last month of the year will amount to fully
$1,000,000 net, making for the year $6. 476, 308
This leaves a surplus
over all interest and all charges of $881,971
No class of bondholderstherefore, is reciuired to scale their bonds or their interest"
V. 112, p 161'
—
Duluth (Minn.)
Ry. —Conncil Cancels Referendum.
St.
—
to
1
1
commencement of operaThe report shows:
Bonds and Notes Outstanding Dec. 28 1920 ($4,892,289).
Held by the Equitable Trust Co.. tru.stce, due on or before
Dec. 1 1927, secured by mortgage on all company's property.
Borrowed to be spent in rehabilitating property in accordance
with franchise provision. Int. at 7%
$1,000,000
(6) Held by State Street Trust Co., trustee, due Jan. 1 1921. secured by mortgage on Interurban terminal. Assumed by company In the purchase of terminal. Int. at 6%
750,000
(c) Held by Old Colony Trust Co., trustee, due on or before
Apr. 1 1922. Given as part of purchase price of property.
Tne.se notes are unsecured.
Int. at 6%
2,529,869
(d) Heldby American Exchange National Bank, due Jan. 21 1921,
%V2%, $83,333: held by Security National Bank, duo Jan. 21
1921. 6J^%, .S83,333:heldby City National Bank, due Apr. 21
Borrowed to make cash payment on
1921, 6K%. $83,333.
,50 new cars and to do Masten Street work.
Secured by Indorsement of Strickland & Hobson. Int. at 6i4%
150,000
(e) Held by company, due on demand.
Borrowed to construct
addition to Interurban Building. Company pledges itself to
use net Income from addition toward the payment of these
notes and the amount of the notes is being reduced monthly by
the amount of such payments. Int. at 10%
113,087
Given In
tf) Held by Fidelity Trust Co., trustee, due monthly.
connection with the purchase of 50 new cars. Secured by a
lien on said cars.
Amount being reduced by monthly payments of $7,666 67. Int. at 8%
249,333
Earnings, Period Oct. 1 1917 to Dec. 1 1919.
Railway earnings
$7 ,239 ,404
Railway expenses and accident and repair reserves
6,213,984
Net from railway operation
Interurban terminal net earns, and non-oper. Income
$1 ,025,420
178,016
Available for authorized return
Authorized return under franchise,
$1,203,436
7%
per
annum on property
1,838.541
Deficit in authorized return
Rate of return earned on property value of investment (per an.)..
Percentage of railway gross receipts expended on maintenance
$635,105
4.58%
(minimum franchise requirement 10%)
17.80%
Disposition of fiarni/iffs.
Disposition of return of 4.58% earned on property value during 38 months of operation, Oct. 1 1917 to Nov. 30 1920:
Amount of return earned
$1,203,436
Disposition of return earned:
Rent for Oak Cliff lines (three years at $115,000 p. a., two
months at $120,000 p. a.)
$365,000
Interest on above notes
753,239
Three monthly payments of $7,666 67 each on principal, cost
of 50 new ciirs
_ _
23,000
Monthly payments to Dallas Electric Co. on principal of 10%
demand notes, as per agreement
6.913
—
Commission and expense
—V.
In
112, p. 161.
Dayton Coal, Iron
B.
connection with V
procuring
"*
&
Ry.
— Foreclosure
new money
Sale.
55,284
—
general creditors, on Jan. 4 bought in the company
at foreclosure sale for $250,000. The sale was ordered by Federal Judge
E. T. Sanford under the provisions of a deed of trust issued by H. S
J.
jVllen, trustee for
—
Eastern Massachusetts Street Ry.
Sale.
have voted to recojiimend to the directors a sale of the socalled Sass,i(|uin line to the Union St. Ry., for a price agreed upon.
The
line runs between Lunds Corner and the Freetown line.
It will lake some
time to obtain favorable action on the part of various interests involved
and to complete^ the details of the conveyance. Meanwhile, the Union
Street Railway Co. will operate the line by permission of the Eastern
Massachu.setts Street Railway.
II. Jl. Crapo. I'res. of Uiiion Street Ky.. explains: "If and when the
(onveyance is completed the Uhion company will commence to regabilitate
the property. The Union company has taken on this burden of service
without anticipation of present profit and with the knowledge that the
The
trustees
existing rates of fare are barely sufficient to cover tlie operating expenses."
("Electric Railway Journal.")
V. Ill, p. 2423.
—
—
El Paso South'western Co.
Applies to I. S. C. Cowmission for Permission to Exchange Present $100 Par Value
Shares for Shares of No Par Value.
The company has applied to the I.-S. C. Cemmission for permission to
create no-par value shares to the amount of I.CjOO.OOO and to exchange the
—
Federal Valley RR.
The
— Notes
Authorized.
—
O. Commission has authorized the company (1) to issue three
promissory notes aggregating $24,940, dated Dec 20 1920, int. at rate of
a.
Principal
payable to order of Lima Locomotive "ft'orks not later
7% p.
than 18 months after date; proceeds to be used solely for the purpose of
paying for one 60-ton Shay locomotive; and (2) td issue within 60 days a
7% promissory note of .$3,000, to be payable to order of Ohio National
Bank, Columbus, not later than 4 months after date of issue; proceeds to
be used solely in making payments of the purchase price of one caboose.
I.-S.
V. Ill, p. 2041.
—
—
Traction Co. Fare Increase.
The .Arkansas Corporation Commission has authorized the company
to
increase its fare from 6 cents to 7 cents. Children between ages of 5 and
12 years are carried for 4 cents each.
V. 110, p. 2657.
—
(a)
amount invested
—
Duluth City Cotincii on Jan. 3 rescinded its action calling a special
referendum for Feb. 3 to j)lace a proposition for a 6-cent fare again before
the people. The Council decided on this action when representatives of the
Federated Trades and Labor .Assembly charged that the <:ouncll would be
violating the Corrupt Practices .Act if it conducted an election, the expenses
of whicli were paid by a i)rivate ojrporation.
See V. 112, p. 161.
Tlie
Dallas Ry. — Report of Operations from
1917
Dec.
—
1920. — The committee of the directors has made public the
Fort Smith Light &
value, or
Stockholders Committee.
committee of the
lo the assenting bonilholders'
—
,
operations of the company since
tions Oct. 1 1917 to Dec. 1 1919.
—
Rio Grande RR. Rumors Denied. In response to nunors in circulatitjii ntjanling the dispositio.i to be
made of the Denver tt Hiu (Jramie .j'^ Hef. bonds and 7%
Adj. bonds in the jx-udin)? readjustment of the company's
Denver
Cuba
Oct.
—
.
present outstanding $25.0J ,,000 stock authorized $35,000,000. par SlOO)
for the new slock in the proportion of three no par value shares for each
$100 par value share. This would leave 250.000 no par value shares to
be issued for future needs. V. Ill, p. 386.
Ill, p. 2142.
Co., which company owns all of the ovitstanding 815,800.000 Common stock of the Ctiba RR.. have declared the
regular semi-annual dividend of 3^;% on the I'referred stock of the holding company, jiayable Feb. 1 to holders of record Jan. 15.
No action was
taken by the directors of the Cuba RR. on the declaration of the semiannual dividend of 3% also due on Feb. 9. on the Pref. stock of that company. An official states, however, that the Preferred dividend probably
may be declared before the month is out. V. 112, p. 61.
directors of the
to the <"itUens' Trast <'o
Chattanooga, with F. A. Nelbon as
^ale convi-y.- title u> all projieriy of the co.
V. 102, p. 70.
Tim
tru.->toe.
schedules.
5. Obtain accurate information relative to non-paying lines and .substitute
and develop motor vehicle service wherever and whenever practical on such
257
Gary
&
See Gary
Gary
— V.
Valparaiso Ry. below..
&.
&
— Leased. —
Ry. — Leases Road. —
Connecting Rail'way.
Valparaiso
106, p. 295.
The company owning and operating 12 miles of interurban railway between Valparaiso and Chesterton. Ind.. has recently leased for 20 years
tho Gary Connecting RR. ITnder the lease, the Gary & Valparaiso Ry.
will operate and maintain the entire 16 miles of interurban railway, paying
a rental to the Gary Connecting RR.
"Electric Railway Journal.")
i
V. 106, p. 295.
Georgia
&
Florida Ry.
Men
Refuse
Wage
Reduction.
—
reported that national labor leaders take the position that it is better
that this 400-mile road should be abandoned and sold for scrap, regardless
of the losses of the people along the line, rather than permit the employees
of the road to accept a 25';2 reduction in wages.
The 25% reduction in
wages, the officials of the road held, would so reduce operating expenses as
to leave an operating profit and thus secure a Government loan, which was
refused on the ground thai the companv is operating at a deficit.
V. Ill,
p. 2228.
It is
—
Georgia Ry.
Officials of the
& Power
Co.
— Wage
Increase.
company and the men have signed a
—
ne'w agreement for
1921 granting the men a wage increase of 2 cents an hoiu". The new wage
for the year 1921 will be as follows: For the first 3 months in service, 44c.
per hour; for the next 9 months in service. 46 cents per hoiu:; after one yea*
in ser\ice. 48c. per hoiu'.
The increase in wages >viU amount to an increase
of approximately $75,000 in the annual pajToU of the company in the railway department. V. Ill, p. 2520.
—
Grand Trunk Rail'way of Canada. — Equipment Trusts
Tlie bankers named bi-low are offering at 9.5.40
Offered.
and int., to yield 7%, $12,000,000 15-Year 6K'% Equip.
—
Trust Gold Certificates, Series F, issued under the Philadelphia plan.
The bankers state:
Bankers Making Offering.
Dillon, Read & Co. (formerly 'Wm. A. Read
& Co.), National City Co.. Guaranty Co. (of N. V.). Blair & Co.. Inc.,
Lee, Higgin.son & Co.. Bankers Trust Co.. New York; Continental & Commercial TriLst & Sa\ings Bank, Chicago, and Union Trust Co., Pittsburgh.
—
Dated Feb. 1 1921. due Feb. 1 19:56. Denom. $500 and SI. 000 (c*).
Dlvs. payable F. & A. at office of the Fidelity Trust Co., Phila., trustee,
and at office of Dillon. Read & Co. Semi-annual payments of $-100,000
provide for the retirement of the certificates by matiu-ity, but the issue
IS not callable.
Security.
Certificates are issued again.st the following new standard
equipment costing $16,000,562, of which company makes an initial cash
payment of $4.000, .562 (25%):
110 24-stall horse express cars
35 switching locomotives
5 expre.ss refrigerator cars
3,000 40-ton automobile box cars
1,000 50-ton steel underfr. flat cars 50 baggage and express cars.
V. 112, p. 61.
—
—
Huntingdon & Broad Top RR. & Coal Co.— Pref.
13^% to be Paid Feb, 15.—
Dividends Resumed
—
—
•
TJW. CIIUONICIJ':
358
The dlroclors liavo doolarwl a dividend of 75 cpnts per share (1 yj%)
1 5 lo holders of record Feb
1
This Ik
the first dividend paid on lh<! rrcferrod stock since Jan. ^H 1908 when a
distribution of ;{H% was made.
I'rosldont Oarl M. GaKO says: "The earnings are exceptionally Rood.
We are gottUiK along very comfortably and have a considerable surplus.
There Is no unpaid indebtc<lncss outside of funded <lebt and altogether the
company lain a much Ijclter position than for several years." V. 112. p. 01.
on the Proforrod stock payable Feb.
,
Knoxville Ry.
The
&
.
Light Co.
— Vnluntion. —
report on the appraisal of the property
file;!
.
—
by Albert
Ulchey
S.
H. I'crkTns rcnrcscmtini? the company, with
the Tenne-sseo
U. ("ommisslon shows the following figures:
Value of proijcrty based on inventory as of July
1920. $6.2.34.141,
under the original or historical cost basis, divided $4,203,247 to the railway
department and $2.0:{0.S<)4 to the lighting dep.irtment. Exclusive of unamortisi'd super.se<le<l i)roportv, which was found to l)i" .S5.54.207. the investment totals S5.()79.0/i4. of which S3,73.S.3.51 la credited to the railway and
$1,941,583 to the ligliting department.
On the reproduction cost basis, using prices current during the first six
months of 1920 with a <loductlon for accrued depreciation or lack of newness, so called, amounting lo .^1 .9(j7.522. the value determined upon was
$10,362,964, of which .S6.992.9H(> was found to be represented by the railway and $3,369,978, by the lighting department.
The historical or investment value foimd checks within 2.35% of the actual
money put into the proi)ertv bv the present owners. The actual expendiropre-sentlng the State
and
.1.
In addition to these two l&sucs of bonds there will be some equipment
trust maturities during the year. Including the maturity of the first issue of
trusts which were given to the f;ovcrnment In payment of equipment
allocated to the company by thr- Government.
Those certificates run for a
jHiriod of 15 years, bear interest at the rate of
per annum, and onefifteenth mature ca<;h year.
The total cost of such equipment taken over
6%
by the Pennsylvania RK. and other companies
tures since acquisition Sept". 1 1905. total .56.087,600, divided as follows:
at the time of actpiisition, $1,770,9.50: imdcrlying securities assumed, $1,1.50,000; property additions from that time to the date of appraisal, .S3,166,650.
The engineers also found that to bring the property into a state of normal
operating efficiency as of July 1 1920. it would take an additional expenditure of .$235,000 in the railway and $45,000 in the light department.
The cngine(>rs found that the original cost of the renewable property was
$4,012,420 and that on the reproduction basis it would be $8. 422. .596. The
engineers believed that $1,50,000, or 3.75% of the cost of renewable property, would JO a proper annual allowance for the renewal and replacement
reserve, but such annual percentage allowance should be varied from time
to time so that the reserve may never be greater than 6% nor less than
2.5% of the original investment in renewaole property of the company.
"Electric Railway Journal."
V. 110, p. 2387.
—
Louisville
&
— Has Appropriated $33,000,—W. L. Mapother, Executive
Nashville RR.
000 for ImprovemcntH, &c.
Vice-President, in a letter to the "Manufacturers' Record"
Dee. 30 says in part:
When the return of the railroads to tlieir owners became assured, the
company immediately set about restoring its property and making, as far
as possible, the improvements which the pro.spects seemed to warrant.
Notwithstanding the excessive prices of materials and labor, as compared
with pre-war times, and the resulting shortage in the purchasing power of
the dollar, it has, since March 1 1920. actually acquired, contracted for or
authorized improvements designed to expand the transportation capacity
of its existing lines, aggregating a total of $33,300,000.
This vast sum, constituting a definite, specific program, is more than
three times greater than any similar expenditure or authorization heretofore
decided upon, and represents a total of more than 46% par value of the
outstanding stock. Nearly $20,750,000 of this amount comprises the acquisition of locomotives and cars.
A part of these have already been delivered,
and the remainder will be placed in service at the earliest practicable date.
The equipment consists of the following: 71 locomotives, 7 postal cars,
12 baggage cars, 30 coaches, 7 dining cars, 2.300 coal cars. 2,000 box cars.
300 coke cars, 100 stock cars, 1 50 cabooses. The remainder of the $33,000,000 covers the creation of additional terminals and yard facilities and the
construction of second tracks and various other improvements designed to
facilitate and expedite the movement of traffic.
V. 111. p. 2324.
—
Michoacan Ry.
&
Mining
Co., Ltd.
— Reduces Debt. —
holders of the £103.000 4% Mortgage Debentures on Jiuie 28 1920
approved the following proposals: (1) that £50 of each £l00 Debenture be
repaid as at July 1 1920; (2) that all arrears of interest to that date amounting to $74,160 be canceled; (3) that the remaining £50 of each Debenture
be renewed to July 1 1930, with interest at 4% and to be repaid on or before
that date at £75 for each £50 and (4) that, after providing for debenture
interest and working capital, the available funds be employed in further
reducing the debentures, such payments to be made at any time on one
month's notice by the company.
The amount of the 4% Mortgage Debentures remaining outstanding
Nov. 30 1920 was £51,500.
The
New York
Central RR.
A loan of $3,000,000 at 6%
—
—
Sub. Co. Real Estate Loan.
and due in 1938 has been made by the Metro-
&
politan Life Insurance Co. to the New York State Realty
Terminal Co.. a
subsidiary of the New York Central RR., on the property on the west side
of Park Ave. between 49tl- and 50th streets. Plans for the improvement
of the block by the New York Central interests with a 17-story apartment
hotel were filed with the Building Department last April by arthitects
Warren & Wetmore, who estimated cost at $2,500,000.—V. 112, p. 162, 62.
New York New Haven &
Hartford RR.—P. U. Com-
mission Recommends Return of Connecticut Co., &c.
See Connecticut Co. above.
— V.
Northern Securities Company.
1920.
x.S289,498
18,126
12,804
Total receipts
Taxes
—
112, p. 62.
— Annual Report. —
1919.
xS288,297
15,739
12,789
3,149
1918.
1917.
$248,779
8,538
12,634
$271,046
11,783
Administration expenses
12,624
Interest on loans, &c_.6,258
2,141
77
Dividends
(7%)276,766(7%)276, 766(6^)256, 997 (3 >$)138,383
Loss on securities
2,896
Balance, stir, or def...def. $24,456 def.$20,146 def..$34,427sur.$108,179
X Total receipts in 1920 include regular 8% dividends from C. B. & Q.
RR. (as in all years). $119,704: dividends from Crow's Ne.st Pass Co. (as
in year 1919) (6%), $165,312; and interest, .$4,482, against $3,282 in 1919.
The company on Dec 31 1920 had no bonded or floating indebtedness,
and holds in the treasury in addition to the 14.963 shares of C. B. & Q.
RR. stock and the 27,552 shares of Crow's Nest Pass Coal Co., Ltd., .stock,
certificatesof indebtedness and $77,176 cash.— v. 110,
$100,000U. S.
5M%
p. 567.
—
—
Ohio Electric Ry. Sundimte to Sdl Collateral.
.syndicate managers, the Ohio syndicate, under
Ervin & Co., Phila
date of Jan. 3, notified the members of the pa'-ticipating syndicate in the
Ohio Electric Railivay Sristem, advising hem that the securities owned by
the syndicate would be sold at public auction in Philadelphia on Jan 12
in o de to raise funds to pay off the indebtedness of the syndicate, the
securities having been put up as collateral against the notes of the syndicate.
The securities consisted of stocks, bonds and notes of the Ohio Electric Ry.
and its subsidiary companies, aggregating $14,266,800
The liabilities of
the synd cate amoimt to $3,098,382, consisting of a collateral trust note of
V. Ill, p. 2424.
$1,530,000, and various notes and liabilities of $1,568,382
—
—
Ottawa Electric Ry. Municipal Ownership Voted Down.
The taxpayers on Jan. 3 defeated a by-law to purchase the railway at the
expiration of
its
— V.
franchise in August 1923.^
—
Ill, p. 1567.
Pennsylvania RR. Financial Program.
phia "News Bureau" Jan. 7 says:
—The
Philadel-
Pennsylvania's financial program for the coming year will take care of
the following requirements:
H* (1) Cover financing with the Government for advances made by the
latter during the period of Federal control for construction work and improvements. It is too early to say what form this financing will take and
the accounts have yet to be certified. The financing may take the form of
a'streight note given by the railroad to the Government or it may be in the
form of an obligation secured by Treasury assets of the company.
These are not large with
(2) Retire $6,294,900 maturing obligations.
the Pennsylvania itself and include:
April
due
1
Cornwall & Lebanon RR. 1st 4s,
$764,900
Phila. Wilm. &Balt.RR.4% stock trust certificates due July 1 . . 5,530,000
In the system was reported
wiis not fully dellverwl nor
at $62,000,000. but as the allocated e(|ulpmcnl
negotiations therefor concluded at the clo.sc of 1919 the eciuipment trust
obligations did not appear on the company's balance sheet as of Dec. 31 1919.
f3)
Capital cxpendltuns which
may
be made by the Peimsylvanla
RR.
for new equipment which may be purchase<l.
to increase the deV)t docs not mean that the net debt will be
the amount of new financing as In some cases It will provide
new work and
this year for
Authority
1'.
1
[Vol. 112.
incroa,sed by
for oxpenditureK already ma<le
and which now appear on the balance sheet.
For instance, on Dec. 31 1919 the I'rnnsylvania UK. included In current
liabilities "Loans and bills rayaV)le" of $51 .327.023. and this item included
.some bills payable to the Government for expenditures ma<le by the Government for capital account and which are included in property investment.
In such case there will be a change In the form in whlcn Items are carried
for instance, bills payable to Ciovernment
may be covere<l intf) a note
or other form of obligation and bills payable be decrea,sofl accr)rdlngly.
So far as general financing is concerned. Its form and details will be
determined by conditions prevailing at the time the funds are needed, and
not by pre-arranged plan. The Pennsylvania RR. management ha.s for
years been noted in banking and investment circles for its conservative
financing, and authority to increase indebtedness now asked wi'l give
directors leeway to meet any contingency and without further recourse
to stockholders.
See V. 112, p. 162.
—
Andrew W. Mellon
Director
Resigns.
—
directors on Jan 12 accepted the resignation of Andrew W. Mellon,
of Pittsburgh, as a director
An official announcement says: "Mr. Mellon's resignation wa.s presented
so as to save both him.self and the Penn.sylvania
from any possible
embarrassment that might arise because of the stringent and as yet undefined requ rements of tlie Federal (Clayton) laws which became effective
on Jan i 1921, respecting so-called interlocking directors and so as to give
him more time to devote to other comipanies in which he is a director "
[Mr. Mellon is a director in the American Ix)comotlve Co Crucible Steel
Co. of America, Forged Wheel Steel Co Middletown Car Co., Pittsburgh
Coal Co., Standard Steel Car Co. and Steel Car Forged Co.) V. 112, p. 162.
The
RR
,
,
Philadelphia Co.
— Financing Plans. —
—
Press reports state that the directors have adopted a financing plan calling
for the creation of a new mortgage and caring for about $20,000,000 of
securities maturing in 1922.
According to the report, the plan, which will
be announced when market conditions warrant sale of the new securities,
calls for a blanket mortgage with a sliding scale of interest rates iastead of
the fixed limitation of 5% under present outstanding obligatiors. The
plan will require the issuance of new mortgage bonds of about $.50,000,000,
part of which will be sold to the public and part exchanged for present outstanding debt amounting to $44.270.000. ^V. Ill, p. 389.
—
Philadelphia Rapid Transit Co.
— Rental Case. —
The
State .Supreme Court has grai^ted to the city of Philadelphia the
Pennsylvania P. S. CommLssion and the L'nited Business Men's A.ssociation the right to appeal from the decision of the Superior Court refusing the
Commission power to iuvastigate rentals paid by the P. R. T. to the Union
See V. 112, p. 163.
Traction and other underlying companies.
Port Bolivar Iron Ore Ev.
—
—
Files Claim.
a claim with the Secretary of the Interior at
which
is
said
Washington for $183,763,
to be due the road for rental and
V. 110, p. 1527.
for damage resulting from Government operation.
The company has
Rhode Island
filed
—
Company. —
—
Securities at Auction.
block of $72,000 ,5-year 5% Collateral Trust notes of March 1 1916
were recently sold at auction to Benjamin R. Jackson, for the Providence
Banking Co., for $7,200. The notes are part of an issue of $1,662,000
which are secured by 20,783 shares of United Traction & Electric Co. stock.
March 1 1919 and subsequent interest defaulted. V 111, p. 1473-
A
—
Rutland Ry., Light & Power Co. — Employees Take
Stock.
Since early in October, when the company began to sell its 7% pref stock
to employees and customers, 422 shares were sold. 233 shares for cash and
V. Ill, p. 1662.
189 shares on a monthly investment plan.
.
—
Sacramento Northern 'R'R.— Committee
gainst Sale.
—
special committee. Miles Standish, Chairman, appointed to consider
the offer made by the Western Pacific RR. to purchase the road, has
recommended against the terms of sale, holding that "the Western Pacific
Compara
price is inadequate and we are unable to get any better offer."
V. Ill, p. 2042; V. 109, p. 1274.
The
San Antonio Public Service Co.
— Capital.—
State authorities have authorized the company to issue $2,300,000 additional capital stock, the funds realized therefrom to be u.=ed
for extensions and betterments and to pay the company's portion of the
cost of constructing eight new conciete bridges that the City of San Antonio
Of the
will build, as well as one-third of the cost of paving certain streets.
proposed new issue $2,000,000 -will be 8% Preferred stock and $300,000
in
being
subscribed
is
stated,
it
of
the
latter,
Common stock. $100,000
This new issue will raise the capitalization of the company to a total
cash.
of $7,000,000. The present $4,700,000 Conmton stock is practically all
owned by the American Light & Traction Co. V. 112, p. 63.
The Texas
Seaboard Air Line Ry.
—
—
Listing.
—
listing of $27,777,500 First
Consol. Mtge. Gold bonds. Series A, with authority to add $16,230,500,
making the total amount applied for $44,008,000. All of the $27,777,500
bonds were issued and sold prior to June 28 1920. Authority of the I.-S.
C. CommLssion will be obtained before sale or final disposition is made of
the $16,230,500 bonds in the treasun' or pledged as collateral.
Pvrpose. The bonds were issued to pay. purchase or retire:
(1) $5,725 000 various issues of 1st M. 6% bonds of Carolina Atlantic &
Western Ry. (These bonds have been canceled and the mortgages securing the same satisfied.)
(2) $6,000,000 Seaboard Air Line Ry. 3-Year 5% Secured Notes, due
March 1 1916. (The.se notes have been canceled.)
(3) $4,660,000 Seaboard Air Line Ry. 4% Ref. bonds, due Oct. 1 1959.
(These bonds are held uncanceled by the corporate trustee.)
(4) $285,000 Seaboard & Roanoke RR. 6% certificAtas of indebtedness,
due Aug. 1 1916. (The.se certificates are held uncanceled by the corpor-
&
The N. Y. Stock Exch. has authorized the
—
•if-Q
'tnistyPG
)
$55,000 Roanoke & Tar River RR. 1st M. 6% bonds, due Apr. 1
(These bonds are held uncanceled by the corporate trustee.)
issues.
(6) $5,808,000 Equipment Trust notes and bonds of various
C,
(7) For the cost of construction of the line between Charleston. S.
and Savannah. Ga.; for Improvements, betterments and equipment and for
other corporate purposes. V. Ill, p. 2424, 2230.
(5)
1917
—
Toronto Railway.
— Ratepayers
Approve Purchase.
—
ratepayers of Toronto, by a vote of 28.609 to 1,864, decided in favor
of the purchase by the Hydro-Electric Power Commission of the Toronto
and Niagara power and raidal railway interests controlled by Siw WUham
MacKenzie. Details given in V, 111, p. 2424.
The
Union Street
Ry.,
New
Bedford.- -Purchases Line.
See Eastern Massachusetts Street Ry. above.
Twin City Rapid Trans.
—
— V.
Ill, p. 1853.
—
Val'n of St. Paul City Ry.
Co.
\ L Drum & C^o.. consulting engineers. Chicago, have reported to the
T^^in City Rapid Transit Co. the value of the total property of the St. Paul
(Minn.) City Ry to be $32,083,389 on the basis of cost to reproduce new as
A second figure submitted,
of Jan 1 1920. inventory and unit prices.
of
baser! on the cost to reproduce new as of Jan. 1 1916, using the inventory
Jan 1 19''0 and average unit prices of labor, material, apparatus and eqmpthe
men't which prevailed during the 5 years from 1911 to 1915. inclusive, or
In either case the figures
10 years from 1906 to 1915. incl.. is $21,368,781.
represent the minimum amount of capital that would have been required
actually to renroduce the physical property as of Jan. 1 1920, plus the
capital invested in development.
.
THE CHRONICLE
Jan. 15 1921.]
Reproductioji Valuatian of St. Paul City Ry., Ezclusive of South St. Paul Line
]nc. 1 920
Cost to RvpTodnce .\cw
Ortr lOKi.
19->0.
1916.
Item—
K4.17
S6,I5n.07K
- $3, :!:«, 977
Track
13(),701
l'3.(».<
111,11*)
UridKes and subways
—
Tunnels
—
:-iO'l.r>lH
-
1,^07.
I'avinK
Kleoirical distribution system
I,33n.s95
2.Wi2,979
40S.S:n
KolliiiK stock
Sub-station equipment.-
Shop machinery and
Total exclusive of land
5,sr)(i.r)42
t>2r>.2S()
ll'.t.'.l2
47. .')7
<>().19
M.13
S18.S22
70.73
1,65(1.282
.17.35
61 ,803
88.032
831,423
127,105
42.30
5.18
-$12 ,488,(iH $21 ,614 .787
73.07
26.02
42.94
790,440
127,105
519,3,50
0,54,495
279.428
300.000
390,402
2.494,318
440,000
$2,608,090
1,087.014
$3,988,245
1,087.014
1
_
Total.-
(>_>.,')()
497,1S.S
Admin., orpranlzatlon and legal expense.
Taxes during con.slruction
liUercst duriiif? construction
Working capital -
-lOS.OJf)
2,(j(i7,472
2.1.3J.(V22
1.052.040
tools
HuildinRs.
Furnllurc, fixtures and off ice efiuipnientStores, float iiiK tools and ndscel. ennip _
Mi-scell. items not incl. in Inventory
-
LK»nd.-
SM
,
„509.312
00
t)5.26
46.67
52.92
00
259
Production of anthracite and Ijituminous in 1920 iistimated at 64f),000 000, agst, 652,000 000 in 1917 and 078.000,000 in 191H. previous banner
years.
The Pennsylvania Coal & Coke Co.'s men have votud to call a strike Jan.
15 and the strike of tim 7,000 miners of Lehigh Coal & Nav. Co., begun
Jan. 3, Is said to be reducing the supply 12,000 tons a' day.
United Mine Workers of Am. levy $1,000,000 assessment f/r Ala. and
W. Va.
strikers.
"Times" Jan.
— lianner
Grand
total
(within
city
64.92
limits).. .$16. 183,715 $26,690,045
552.805
63.17
Total physical property
$16..528,243 $27,242,851
Capital Invested in develop, of property. x4,840,.53S x4.840„538
64,82
Total
344.,528
,00
$21,368,781 $32,083,389
50,14
X Itemized as follows: For horse-car lines. $1,384,778; for cable lines,
$1..564.808: for initial cle<-trical development. .'^1,242.677, and for track
reconstruction destroyed and replaced owing to new paving laid by the
city. S618.275.
The principul prDperty of the St. I'aul City Rys. a-s of .Tan. 1 1920 is
.shown to consist of 108.37 miles of single track: 367 pa-ssenj^or cars; ;iS
ini.scclianeotis service cars;, 4 sub-.stations containing conversion ai)par;itns
having an aggregate rated capacity of 20,400 k.w.. all I'rimary power beint:
furnished by the Minnci'polis Street Rv. froiM its iimiii stntioTi localel in
Minneapolis: car houses, office, shops and niiscel. buildings. V. 111. p. 2230.
United Rys. Co. of
St. Louis.
— Rapl'l
—
Transit Plans.
—
The "Electric Railway Journal" Jan. 8 has an iirticle. with charts, giving
a synopsis of two imienondent reports for the devclooment of high-sneel
service for the relief (>f metroi>olitan congestion.
A feature of each plan
provides that sul)ways replace surface cars.
As a means for financing iho
undertaking, it is suggested that a direct payment of one cent extra on each
fare bo made.
St. Louis Valuation between $.50,000,000 rnirf SGO,000,000.—
The valuation of all the physical properties of the United Railways, in-
cluding .subsidiary and county lines, has been fixed by the Mi.ssouri P. S,
Conmilssion's experts at a figure between .?50.000.000 and .feO.OOO.OOO.
The valuation figtu-es were arrived at after nearly two years' work by
engineers of the Commission, going over all the lines in St. Louis and
verif.ving the findings from the company's books.
The results are now
being tabulated, but will probably not be ready to give out in detail for
several weeks.
The valuation arrived at by the Commission is based on the
actual cost of propcrtV and not on its present or replacement value.
("Electric Railway Journal.")
V. 112. p. 63.
—
Virginia Railway
& Power
Co.
— Subsidiary
Co7npany
8%
Cwm. Pref. Stork at Par (SlOO).—
Offers .?500,000
The City Gas Co. of Norfolk, a subsidiary of the Virginia Ry. & Power
Co., for the purpose of financing large expenditures for extensions and improvements already made to the gas plant and for future improvements
and developments, is offering at par a block of S500,000 8% Cumul. Pref.
stock to Norfolk investors.
The only lien obligation ahead of this Preferred stock is an issue of
8,500.000 6% bonds, whereas the value of the plant as of Jan, 1 1920, under
the recent agreement, is $2,123,350.
The N. Y. Stock Exch, has authorized the listing on or after Jan. 20
of $480,000 additional 6% Non-Cum. Pref. stock (authorized $9,000,000),
par SlOO, on official notice of is.suance as a 6% stock dividend, making the
total amount applied for $8,480,000.
The dividend is payable Jan. 20 to
holders of record of the Preferred stock Dec. 31 1920. beine a dividend on
the Preferred stock for the period from Jan. 1 1920 to Dec. 31 1920.
V. 112,
—
p. 63.
Washington Railway &
Emory
Electric Co.
— Neiv Directors. —
L. Coblentz of Frederick, Md.. and Bates Warren. Vice-Pres. of
the Continental Trust Co., have been elected directors to succeed Allan O.
Hoyt, of N. Y., resigned, and the late Major Guy T. Scott. V. 112, p. 163.
Western Maryland Ry.
I.-S.
C
—Government
—
Loans,
&c.
— The
Commission has authorized the company:
$2,700,000 1st & Refimdin;? Mtge. 5% bonds. Series
To issue
A, and to
pledge the same with the Secretary of the Treasury as security for loans from
the United States, as follows: (o) $1,950,000 of said bonds as security for a
loan of $1,372,800, comprising ,$622,800 for additions and betterments, and
$/ 50,000 to as.sist the company in procuring 20 Mikado locomotives: and
(ft) $750,000 of said bonds, as security for a loan of .'5750,000 to assist
the
company in procuring 20 additional locomotives. -V. 111. p. 2425.
—
Western Pacific RR. CoTT^.—Com-pany's Offer
Sacramento Northern RR. Rejected.
See Sacramento Northern RR. above.
V. Ill, p. 2326.
—
—
to
Purchase
1920 was the greatest year in the history
of th< oil induBirv.
Domestic production of crude oil is cstimatod at close
ti> 4,50,000,000 bbls., with a value in excess of $1 „i00,000.0((0. compared
with .< 7 7, 700, 000 bbls. in 1919 with a value of $789,000,000.
Imports
from Mexico are esilnialiHl at over lOO.OOC.OOO bbls., whidi was an increase
of more than 100''; over 1919.
The total ri'<|iiirem<'ias of the American
I)etroleum trade were, therefore, 5,")0,()00,00() bbls of irudi- oil, with an
<^stlnlate(i value of close to SI ,.50(),000,()OI). compared with requirements of
430,000, 000 bbls. In 1919 of about $800,000,000 value.
"OftlK- 1921' re(|uiremeiits, approximately 70,0('0,(K)0 bbls. were exported
Exports broke all previous records bolli for volume and value, tlie total
value, the tot.il \alue umouiiting to ajiproxiinau-ly S.^OO.OOO.OOO.
"Oil ai:d g.is well coniiili^tions in 1920 amounted to
compared with
.'.HA'>
28,462 in 1919.
At an eMlmatel cost of at least $20,000 per well, the cost
of drilling in 1920 was
On Oct 31 there were in
excess of $700,000,000.
ojieralion
rel'ii. erics with a caiiacity of 1,700.000 bbls. daily, an Increase
of 42 refinerii« and 3.50.000 bbls, daily capacity.
"At the beginning of the new ye.ii there is a seasonal excess of production
over conKtimiUion. Most of the big oil-purchasing companies have cut
down th(t amount of their luirchases and the:-,! is uncertainty in the :rade
regarding future prices.
.\ re<luction in prices is possible, but any radical
decline seems unlikel.v, as it would almost certainly be followed by such a
serious curtailment of drilling operations as to create a shortage of f41.
It
would aj)pear that the priinar.v consideration in the action of the purchasing eompanies in reducing runs is a financial one."
Call II. i'forzheimer
& Co., N. v., Jan. 8.
Pennsylvania criule oil was cut in price from $6 10 to $5 75 on Jan. 10.
Ga.soline prodnc.ion in U. S. in 1920 is estimate<l at 110.000,000 bbls.,
an ieerease of Ki. 000. 000 over 1919 and of 4.';o% over 1911. Number of
motor V(>hicle.« in usi' in tin,' country increased from 700.000 in 1911 to 8,500.
000 at end of 1920. or 1,1 M7c. "liost. N. B. " Jan. 12.
Price."!.
"The extraoniinary recession in commodity prices the past six
months is mirrored by the jirice index kept bv Bradslreet's, which shows
between July 1 1920 and Jan. 1 ]9V1 a drop of 34. ('>'-;
The greatest decline in any one month w;is 13% for November,
In December an<l October tli(> resj>ectlvc declines were about 7% ." See tables In "Boston News
'.i'.i
Department"), either concurrently or as early as practicable
matter becomes public. New Packing Plan See
Co. below.
—
.
Bureau" Jan. 14. p. 2.
CJorn, No. 2 yellow, on Jan. 13 got, down to 92J^c.. agst. $2 31 ?< in May
while refined sugar was reducfd by N. Y. refiners on Jan. 13 to 7?4c.
Last,
less
for
2% —
cash.
—
Lobar
Wo(ies. Ac.
(a) Am. Woolen Co. wage reduction, sec that company below: Lawrence. Mass.. operatives propose to fight, (b) Sheet mill
v.orker.s at Yoiiiigstown, ()., reduced 9 H % as per agreement on lower prices.
'c) Mount Venion-WoodbcTry Mills wages have been reduced 17i-j7, from
war level, (d) Union sill; ribbon weavers at I'aterson, N. J., refuse 48Ijour week and wage redi ctlon of 10 to 20%.
"Times" Jan. 10. p. 11;
Jan. 8, 0. IG,
(e) Yale f- Towne Mfg. Co. have cut their force 25% and
wages 20%j, (f) Am. Smelting & Ref. c:;o.. see that co. below, (g) Boston
lilasterers on Jan. 3 ftruck t. r $1 ,)0 an hour,
(h) Plants of Remington
Arms-L'nion Metallic Cartridge Co. at Bridgeuort. Conn., and llion. N. Y..
have been closed .sin< e th.! n.iddle of Sept. (i) Winchester Repeating Arms
Co. on Jan. 4 annoi nee a wage reduction of 10^ effective Jan. 10.
Matters Covered in "Curoniele" of .Jan. H.
(a)Secondary Boycott Decision,
(b) Cuban conditions, p. 102,
p. 90, 114.
(c) War Finance Corporation
revi\cd, p. 101.
(d) Foreign Trade Financoing (^orp., p. 107.
(e) Replogle Steel Co., weak holdings taken over, p. 109.
(f) Sugar prices at
—
1
.
end of 1920, p. 112. (g) Wage increase for N. Y. printers, p, 112. (h)
Kentucky Tobacco incident, p. 113, (i) Rubber industrT,', in 1920, p. 114.
(i) Open shop move in Scranton. p. llfi.
(k) IJ. W. Woolley retires from
I.-S.
C. C^ommission, p. 116.
Acme Packing
(1)
Anthracite trust decisions, p. 116.
Co., Chicago.
— Consolidation,
Etc.—
See Indian Packing Corp. below.
Company has obtained a 9-year 8% loan of $1,850,000, secured, it Is
understood, by mortgage to the Continental & Commercial National IJank,
Chicago, as trustee, on properties In Chicago, Green Bay, Wis., and Providence. R. I., valued. It Is said, around $3,500,000.
V. Ill, p. 2522.
—
Adirondack Power
&
Light Corr).
To Increase Capital.
.stockliolders will vote Jan. 27 on increasing the authorized capital
from $13,800,000 (consisting of $9,500,000 Common and $4,300,000
Pref.) to ,$23,100,000. to consist of $9,500,000 Common and $13,600,000
The
.stock
7%
Preferred.
A circular to the stockholders states; "It has seemed wise to Issue $5,000,Pref. stock and the company plans to Interest Its customers In this
000
Issue.
It Is planned to provide an issue of an additional $4,300,000 of the
Pref. for exchange with the present 7% Pref. by those holders of
same
the 7% Pref. who elect to pay $12 50 per share for the privilege." V.
Ill, p. 2043.
8%
8%
—
—
—
Aetna Explosives Co,, Inc. Sale.
The Hercules Powder Co. has filed a petition in the U.
S. District
Court
at Wilmington asking permission to acquire the business and plants of
Aetna Explosives Co as already agreed upon. Hearing has been set for
Feb. 14 —V. Ill, p. 2522.
Aetna
Watertown, Mass.
Mills,
— Dividends
Omitted.
—
of the regular quarterly dividend of 2% on the outstanding
.$900,000 Common stock, par $100, and the re;?ular semi-amiual dividend of
3% on the Preferred stock, par $100, was omitted Jan. 1. V. 109, p. 1081.
The pajTnent
—
—
—
&
,'i;-i_'
— New President, &c.
C. E, Adams, formerly Vice-President, has been elected President, succeeding A F. Blagden.
John McHugh, Vice-Pres of the Mechanics &
Metals National Bank, has been elected a director, succeeding H. R. Hoyt.
V. Ill, p 2522.
General Industrial and Public Utility News. Tho
folbwing table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pa.ge9 under the caption
"Current Events and Discussions" (if not in the "Editorial
Swift
,
)
Air Reduction Co., Inc., N. Y. City,
INDUSTRIAL AND MISCELLANEOUS
after the
«j.
Year. — "The year
I
Cost to reproduce new (outside of city
limits— the South St. I'aul line)
10, p, 2,
Labor view of British coal settlement, "EnK. Nows-Record" Jan.
p. 20.
Oil
—
—
steel and Iron.
"Iron Age" of Jan. 13 says in brief: "In the Pittsburgh
and nearby districts independent companies are rimning at about 25 '"J of
capacity, the good work of the pipe mills pulling up lower percentages in
other lines.
The Steel Corporation continues to operate most of its mills
at more than 90% of full capacity.
The daily average of ,50,000 tons of
product holds up, and new bookings are somewhat imder the 25.000-ton
daily rate, which was reported for a good part of December.
How long the
Steel Corporation price level will be held is an uppermost question.
On
plates other makers have quoted 2.50c.. representing a cut of $3 a ton.
December steel output fell off but IIS^^ from that of November, so th;it
an mgot production of 40,000,000 tons for 1920 is indicated, again.st 33 700,()00 tons in 1919."
.\s to U. S. Steel Corp. orders, see "Trade
and Traffic Movements" above.
l*ig iron prices are still lower.
Valley No. 2 sold at $32 75, agst. $36 96
as average price in Dec. 1920, $50 15 Oct. and $40 40 Jan. 1920.
Sheet
bars quoted at $47, against S63 75 in Oct. 1920 and $53 40 in Jan. 1920.
Cobe was emoted Jan. 12 at $5 25 (down to $4 for a time on sidings),
against $6 25 Dec. 1920, $15 10 in Oct. and $6 ui Jan. 1920.
"Iron Trade
Review" Jan. 13, p. 131.
Chairman Gary of U. S. Steel Corp, takes favorable -^iew of situation.
Boston News Bureau" Jan. 14, p. 14.
Employees of Colorado Fuel & Iron Co. agree to 159^ wage cut, effective
Jan. If).
"Iron Trade Review" Jan. 13, p. 147,
A half-dozen ore companies now have reduced wages. The Steel & Tube
Co. of America has reduced from 14 to 27%, the average being 20.
Coa;.-— Calder licensing bill grants power to fix fuel prices.
His charges
resented. "Times" Jan. 13. p, 17; Jan. 14, p. 21.
All
An
America Cables, Inc.
— Bonus
to
Employees.
—
statement dated Jan. 4 announces that the employees will
receive a bonus of 10% on all flat salary amounts earned during the year
Except in cases where employees expressed their preference foi stock
1920.
prior to Jan. 1 1921 the payment wih be made in cash.
The trustees of All America Cables Thrift, which was recently established
to aid employees In saving, will distribute the bonus.
If the bonus is to
be paid in cash, one-half will be paid this month and the remainder in July.
If the employee elects to be paid in =tock, the stock, with Jan. dividend.
will be issued this month, and the certificates dtlivered to All America
Cables Thrift subject to the jrder of tlie officer or employee in whose name
it is is.sued after July 1 1921.
Fractional amounts of $100 will be treated
as a cash bonus, but the employee may obtain a share of stock by pajang.
before Jan. 15 1921, the difference between such fractional amount and
SlOO. Also, for a period of five years, an e.xtra cash payment of $3 a share
will be given on the stock bonus held by employees.
The bonus affin-ts
900 employees of the company.— V. Ill, p. 2231.
official
,
Allied Packers, Inc—Will Show Loss for 1920.— The
Boston "News Bureau" Jan. 11 says:
Relieved from pressure of tax selling, which became so pronounced in
the last week of Dec, the 6% bonds of Allied Packers, Inc. have advanced
virtually 7 points from the low of 49
touched a fortnight ago. There are
no bonds offered today under 58.
'.i
From the standpoint of earnings, the fiscal .vear ended Nov, 1 1920. of
Allied I'ackers was nothing to Ijrag about.
The annual report to be issued
after the stockholders' meeting Jan. 26 will show an operating loss, but in
this instance the companv is virtually no different froiu the rest of the
packers.
V. 110. p. 2567.
—
American Agricultural Chemical Co.
— Listing. —
The N. Y. Stock Exch. has authorized
the listing on or after Jan. ISTof
$639,500 additional Common stock (authorized $50,000,000). par $100
each, on official notice of issuance as a 2% Common stock dividend, making the total amount applied for $32,618,900.
See V. HI. p. 2327.
American Cigar Co.
The companv has
authorized capitalization
— Capital
—
Increased.
Richmond. Va.. increasing the
from $20,000,000 to $60,000,000; of which $10.-
filed
a
certificiite in
—
THE CHRONICLE
200
000,000 Is Preferred atin $50,000,000
p. 2142. 1853.
American Coal Co
i^
(
OimnDn
Compare
.slock.
of Allegany Co.
A
V. Ill,
— Dividend. —
h%
8%
—
—
Amer. District Teleg. Co. of N.
Div. Ijirretiscd.
J.).
has l)eeii declar(!<l on the outstanding .$9,965..351 Capital stock, par $100. pavablu Jan. 29 to holders of rocorcf Jan. 15.
Dividends of J4 of 1
have been paid <iuarte.lv from Oct. 1919 to Oct.
The Western Union Telegraph Co. owns 81.37% of the
1920. inclusive.
(]Uartorly dividend of
%
1
%
stock.— V. 110.
p. 1644.
American Fuel
Oil
An
has
Initial dividend of
l)eon declared on the
April
,'-;.
1
&
Transportation Co.
of
l''t
March
—
Initial Dir.
ending March 31 1921
stock, par $10. payable
for the quarter
outstanding
to holders of record
31
American Locomotive Co.
—Common
V. Ill,
— Plans
p.
18.54.
Neio Plant.
stated that thi' company is i)laiininK to
Louis at an initial cost of between .55,000.000
ultimate expenditure of $25,000,000.
It is said
on four tracts each of .ibout 200 acres. V. 111.
It is
—
—
build a large i)lant in St.
and SIO.000.000 with an
company has options
the
p. 1663.
—
American Multigraph
Official
Co., Cleveland, O.
Statenicnt of Dec. 7 1920.
In ('ounectioii witli the recent
offering of $500,000
gold notes, due serially Dee. 1.5 1921
to 1925 incl. (V. 111. p. 2327) President Henry C. Osborn,
Cleveland, Dec. 7 \\TOte in substance as shown in circular
printed entirely on the multigi-aph from sterotypes:
—
in exchange for $200 conv. 7 year 6% bonds due 1925. c:anc<!lcKi.und
list, making total amount of stock lixted $442 H19 600
and reducing amount of ixjnv. 4 Mi % bonds listed to $12,205,400. and
7-yt!ar V)<:'„ conv. bonds IlKtcd U> $48,194,800.
See Northwestern UeP Telephone (;o. below. V. 112, p. 164.
$200
—
—
Company. Incorporated in Ohio in 1902; engaged in manufacturing and
selling multigraphs. office printing devices, type-setting machines, paper
folding machines and a complete line of multigraph and office printing
supplies.
The largest company of its kind in the world. Has more than
50 branch offices in the U. S. and Canada, doing bu.sincss through (a)
American Multigraph Sales Co. in South America, Africa, and Asia; (b)
International Multigraph Co. in Great Britain and Continental Europe,
except Germany, (c) in Germany through the Deutsche Multigraph Gesellschaft.
All of these companies it owns or controls through stock ownership.
Notes.
These
notes issued for additional working capital. wiU be a
As sinking fund
direct obligation and constitute its only funded debt.
there will be paid to the trustee quarterly sums sufficient to retire these not&s
Dated Dec. 15 1920. and
as they severally mature with interest charges.
will mature 1921 to 1925 incl.. $100,000 each Dec. 15. but redeema^ile at
102 and int. on any interest date upon thirty days' notice, either all or
part in inverse numerical order.
Balance Sheet as of Oct. 31 1920. After Giving Effect to Present Financing.
that a wage n^duction of
—
Liabilities.
i
& equipment- .$1,244,048 Preferred stock $1,000,000 $654,800
developments.
453,189 Common stock $2, .500, 000 1,281,500
153,955
1.842.164 Stock subscrip. unissued.
Investments
50,920 7% gold notes due 1921-25
500,000
Cash
140,807
679 ,3 1 1 Taxes payable
Accoimts receivable
400,000
660 1 50 Bills payable
accounts
payaole.
Current
do Common stock
261,607
146,376
Notes receivable
487.376 Reserves for depreciation.
529,893
Other assets
124,471 Reserves for taxes, &c.
556.123
Capital surplus.
64.365
Total (each side)
surplus
Earned
1.144,954
$5,688,005
This balance sheet indicates net assets of $3,376,278, exclusive of patents
and net quick assets of $2,132,230. A recent appraisal by the Manufac"
turers Appraisal Co. shows a plant valuation of over $700,000 in excess of
the amount shown in the above balance sheet. Patents and franchises are
stated at the amount of the actual cost thereof after very large ammortlzation charges.
An extensive experimental department is constantly developing improvements to the Multigraph and other prodticts; $700,000 of
oiur patent and development accoimt has been charged off since 1911.
Net Earnings for Past Five Calendar Years After Federal Taxes.
Patents
&
Inventories
!
,
(1920 3 Months Est.)
1917.
1919.
1918.
1916.
$487,594
$441,000
.$495,636
$495,903
$685,601
8319,831
Net profits after providing for Federal taxes and every contingency as
thus shown are equivalent to more than 13 times the interest requirements
on this issue of notes.
Dividends.
On Pref. stock at rate of 7% regularly since its organization.
On Common stock were paid at rate of 5% in the years 1913. 1914. 1915.
and
at
1916,
8% thereafter. Extra dividends of 20% on the Common stock
were paid in 1917 and 1918, 2% extra in 1919, 1}4% extra in 1920, and
20% Common stock dividend was paid in June 1 1920.
The figures above are based on the audit prepared by Haskins & Sells
June 30 1920, and extended to date by company's own auditor to show the
effect of present financing as of Oct. 31 1920.
Management. The active management will remain in the hands of those
who have been responsible for past success. Officers: H. C
Osborn,
President; R. G. A. Phillips. 1st Vice-Pres.; W. C. Dunlap. Vice-Pres. in
charge of Sales; R. G. Pack. Vice-Pres. in charge of Production; S. H. Mansfield. Secretary; E. F. Koenig. Treasm-er.
Directors: C. K. Arter. W. C.
Dunlap, A. B. McNairy, S. T. Nash, H. C. Osborn, E. H. Parkhurst,
R. G. Pack, R. G. A. Phillips, H. W. Stecher.— V. Ill, p. 2327.
Yearly Av.
1920.
—
—
American Pipe
The stockholders
&
—
—
Construction Co. Sub Co. Capital.
American Pipe & Construction Seciu-ities Co.
of the
on reducing the authorized common stock of the latter
to $1,000,000 by the reduction of the par value
of the stock from $100 to $50. The purpose of this reduction is to save
taxes.
All of the stock is owned by the American Pipe & Construction Co.
The reduction in the par value of the Common stock of the Securities Co.
will in no way affect the position of the $1,000,000 of 8% ciunulative
Preferred on which the Pipe Co. guarantees payment.
V. Ill, p. 1663.
will vote Jan. 20
company from $2,000,000
—
American Public Service Co.
— Trustee of Bonds. —
The New York Trust Co. has been appointed trustee under mortgage
dated Dec. 1 1920, securing an issue of General Lien 6% gold bonds series
"A" due Dec. 1 1942.— V. 110. p. 2194, 2077.
American Rolling
Mill Co.
—New
Tresurer.
—
Calvin "W. Verity has been elected Treasurer, succeeding R. C. Phillips.
—V. Ill, p. 2327.
American Smelting
&
Refining Co.
Karl
— Wage Cuts. — Reply
—
Eilers, Former Vice-President.
The company the first week in Jan. announced a flat 15% cut In salaries
for office workers and other salaried employees receivtag less than $5,000 a
year. The company also announced wage cuts to the day's pay men at its
various smelters and refineries that also average about 15%.
For the statement of Pres. Simon Guggenheim In the suit of Karl Eilers,
a former Vice-President, see tmder "Reports" above. V. 112, p. 65, 164.
of Pres. Guggenheirn to
American Telephone
&
—
Telegraph Co.
—Earnings. —
President H. B. Thayer, says:
"During 1920. the improvement of the telephone service furnished by the
System has been our first consideration. Circumstances over which we
had no control made this problem extremely difficult. It has taxed the
skill and knowledge of the most expert and experienced telephone traffic
engineers and managers. It has required the patience and loyalty of the
thousands of chief operators and the tens of thousands of young women who
Bell
operate the swtichboards.
Improvement
in service
has been general and marked. In many places
We expect to pass them. With the
we are approaching pre-war standards.
service approaching a condition satisfactory to the subscriber, the
owners of the properties comprising the Bell System are assured of the
continued financial prosperi'^%' of the business.
"It is impossible to furnis i complete and final earnings figm-es for the
year 1920 at this time. Ttiere is. as usual, a substantial margin above
dividend requirements."
The
Pbila. Stock
Exchange on Dec.
stock; $204,800 in exchange
31, listed $205,000 additional Capital
for $249,300 conv. 4Ki% bonds due 1933, and
22^%
affecting the
company's
wage workers
in all the mills will be put into effect
.Jan. 17.
Pres.
said in part:
We have been giving for some time, carc;ful thought as to the probable
(!ffo<-t of pri-sent stagnation in trade on your wages,
i'ractically all our
mills have been closed for the la.st six months.
Those In Lawrence and one
or two others have; been running on a minimum of production.
In spite of this the eomi)any has been accumulating elolh.
It has been
unable to resell its canceled orders or to secure new orders for what little
cloth we have been manufacturing.
We have be<-ii waiting for businc^ss. but
no business comi-s. so we have decidi-d to do Wimething to start busin«sis. if
it can he. done. First, we propose immediately to sell the cloth on hand at
greatly reduced prices.
This will be done at a substantial loss but will be
the comitany's lo.ss alone.
It will In no way affect wages.
Thc^n we propose
immediately to make the biggest effort we have ever made to get business
to run our mills.
But we are convinced our b(!St efforts will not bring business unh^s we reduce the prices on our now season's gotxls.
To do this,
we must reduce not only our profits, but our costs as well, and among others
labor costs.
If we do not do this, we must close our mills.
.54,(XX)
Wood
Operatives to Fight
22>4% Wage
—
Cut.
The organized
section of textile workers at Lawrence hare declared that
they will not accede to the above 2214% reduction in wages. Officers of
the local branch of the Amalgamated Textile Workers of America declared
that the workers recognize in the recent wage reduction notice of a redeclaration of war. and that the wage reduction "is a human outrage that
would makf; permanent the present condition of poverty."
It is stated that the Amalgamated is considering the question of a" counter
strike" apains;. the textile manufacturers, who. tney charge, are conducting
a "strike against workers and consumers by shutting down their mills rather
than take the loss incident torestorationof peace time conditions." 'V. 112
p. 158.
Arizona Copper Co.
7%
Assets
Real estate
—
American Woolen Co. -Reducen Wages 22 ^';v,. Pres.
William M. Wood in a statement issued .Jan. 11, announced
7%
—
[Vol. 112.
Ktrlckon from the
dlv-idoiul of 'I'Ij has boon dodarcid on iho oulstandiiiK $1,214,950
Capital .stock, par §25. payable Fob. 1 to holders of record Jan. 12.
In
March last, an
ca.sh dividend was paid, as against
each paid In
1918 and 1919.— V. 111. p. 992.
A
—
1920
Dec.
— 1919.
— Copper Output
Decrease.]
1920— 12
2.50.000 35.250.000
2,6.50.000
2.900.000
V. Ill, p. 2327.
—
1
(in lbs.)
—
— 1919.
33.500.000
Mos.
Increase.
1,750,000
—
—
Atlantic Petroleum Corp. Earnings.
Net earnings for the 11 months ending Nov. 30 1920. are reported
$2,400,502, compared with $,569,911 in 1919.
See V. 112. p. 164.
Atlantic Sugar Refineries, Ltd.
— Dividend
Outlook.
as
—
of Toronto. Dec. 31. says in substance: "We learn
that the current di\idend on the Preferred stock will be passed as well as
on the Common: indeed, the subject of dividend paj-ments was not even
considered by the directors. This result, even so far as the Preferred was
concerned, has been generally expected."
An initial dividend of
was paid on the Common stock in Oct. of
1920. together with the regular quarterly dividend of lJi% on the Preferred shares.
See V. 111. p. 495.
Manuel Rionda and W. A. Hobbins have been elected directors. V.
111. p. 2426.
The "Financial Post
"
2K%
—
Barnsdall Corp.
— Earnings— New
Director.
—
after taxes for the 12 months ending Dec. 31 1920 are
officially estimated at S2. 778. 425 [as compared, it is understood, with $1,406,967 for the year ending Dec. 31 1919. Ed.].
I^redeiick AV. Allen of Lee, Higginson & Co.. John L. Gray. President of
the Bigheart Producing & Refining Co.. and MajTiard S. Bird of Maynard
S. Bird & Co.. Portland. Me., have been elected directors.
V. 112, p. 164.
Net earnings
—
—
Bausch & Lomb
Optical Co., Rochester, N. Y.
—
Stock.
The
capital stock has been increased from $600,000 to $6,000,000. "the
purpose being to make the capital more nearly representative of the investment in the plant." The company is a close corporation.
—
—
—
Bibb Manufacturing Co. Capital Increase Earnings.
The stockholders on Jan 6 voted to increaes the capital stock from
$6,000,000 to $7,500,000, and to offer the new stock at par to the present
stockholders in the proportion of one new share for each four shares held,
payable on or before Feb. 15.
A report submitted showed that net earning from Sept 30 1912 to
31 1920, after deducting all depreciation charges, amounted to
$16,583,423; cash disbursements for additions to property and plant from
Jan 1 1913 to Jan 1 1921 amounted to $9,669,690; cash dividends paid to
stockholders diu-ing the same period amounted to $2,579,394 stock dividends issued to shareholders dm-ing the same period amounted to $4,500,000,
and that $250,000 of pref. stock of the co. hadbeen retired. V. 106, p 2562.
Aug.
—
Birmingham
(Ala.)
Water Works Co.
— Capital. —
The company has given notice of its intention to increase its capital from
$1 .829,700 to $2,529,700 by the creation of an issue of $700,000 8% cxmaulative Pref. stock {par $100) proceeds to be used to retire existing obligations
amounting to $272,683 and the balance to be used for improvements.
V. 112. p. 164.
,
&
Black
Decker Mfg.
Co.
— Business—Outlook,
&c.
—
President S. D. Black Jan. 3. wrote in substance: "The year 1920 has
been a prosperous one despite the general slomng up of all business during
the latter months. Prospects for 1921 are bright and we expect to experience
a gradual return to normal during the next few months.
"For these reasons your directors have seen fit to declare at this time a
dividend of 2% on the Common stock to 'ill stockholders of record as of
Dec. 30 1920. In view of the fact that dividends, approximately equivalent
to 5% on the present outstanding Common stock were paid during the early
part of 1920. this 2% mentioned above will bring the total Common stock
dividends for 1920 up to about 7%. V. Ill, p. 2426.
—
Brooklyn Borough Gas Co.
— Decision. —
Division has handed down a decision holding that the $1 .40
rate for gas charged by the company is invalid and that the lower covut was
justified in issuing an injunction restraining the company for making the
charge, also that the city has a right to intervene in all lighting litigation
The injunction against the company was issued by Justice Scudder of the
Brooklyn Supreme Court on Sept. 10 on the application of Gerald Morrel
a customer. See V. Ill, p. 1372, 1474.
The Appellate
.
—
Bunker
Hill
&
Sullivan Mining
&
Concentrating Co.
M.
Smith, smelter director, has announced that the company will
erect a million-dollar electrolytic zinc refinerj' at Kellogg. Idaho, and
through the purchase of an interest in the Northwest Lead Co. of Seattle
has entered into the manufacture of lead pltunbing material. V. 107.
Frank
—
p. 1922.
Bush Terminal
Co.
—
Listing.
—
The N. Y. Stock Exch. has authorized the
listing on or after Jan. 15 1921
of $160,000 additional Common stock (authorized $7,000,000), on official
stock dividend, mkiang the total amount
notice of issuance as a 2
applied for $6,560,600.
on the
On Dec. 30 1920 the directors declared a stock dividend of
Common stock, payable Jan. 15 to Common stockholders of record Jan. 7.
Income Account of Bush Terminal Co. & Sub. Cos. for 10 Mos. end. Oct. 31 '20.
Bush Term. Bush Term. Bush Term. Exhibition
Total.
Co.
Bldgs.Co.
RR. Co. Bldg.. Inc.
.$262,055 $5,150,890
Gross earnings. -$2,239, 199 $2,460,284
$189,350
Earns, from oper.$l, 548,590
$898,534 df.S70.607df.$215.672 .$2,160,845
Total net earns.. $1,792,964
$992,571 df. $70,391 df. $215,672 $2,499,478
675,661
410,978
219.267
28,224
Taxes-.
17.198
900,167
382,.500
27.844
Interest
489,824
135.928
Sinking fund
24.175
111,753
K%
2H%
.
xlO.792
Other deduction.
xlO,792
.$776,930
Surp.for lOmos. $867,987
$268,271 df.$87.589df.$271.739
X Bush Term. Bldgs. Co. accrued dividend reported in Bush Term. Co.
under other income. V. 111. p. 297.
—
THE CHRONIC I.P:
Jax. 15 1921.]
York
—
New
Co. — Capital. —
Co., Boston, M&ss.—Ohiluary.
Cabot Mfg.
Anor\-. fornuTly J'lt-^idciu and a dirwtor, died Jan. 7 in
Cily.— V. 112. i). Itil.
Francis
1.
California
& Hawaiian Sugar
Refg.
It is rei)ortod that tho company intends to incrciiso its capital from S7.500.000 to $12,500,000 in order to provide the necessary worklUK capital
Since 190(>. it is stated, the operto take care of increased business.
ating capacity of tho company's plant has been increased from 20 tons
The value of raw sugar handled this
of raw sugar dally to 2.000 tons daily.
year is reportetl at $150,000,000. compared with S.-iO.OOO.OOO in 1914.
The company, it is stated, is owned by tlie Sugar Factors Co.. which
comprises the representatives of a number of Hawaiian plantation companies, notably Hawaiian Commercial & Sugar Co.. Pioneer Mill Co.. Ononiea
Sugar Co.. Oahu Sugar Co., &c. All the stock, save directors' qualifying
shares, it is said, is owned by the Sugar Factors and the i-state of Z. S.
Spauiding (deceased).
According to a decision of Judge lienjaniin F. Hledsoe of the U. S. District Court at San Francisco, handed down Uec. 28. the contract signed
last May by the Continental Candy Co. with the California Sugar Co. is
"I'lie company had contracted with llie
valid.
sugar company for 1.250
tons of Java sugar at $19.86 per 100 lbs. but in Nov. last sought to repudialu
The court held the Candy
the contract when the price of sugar declined.
c-ompany should fill its contract
Let ters of credit to the extent of .?,")00.()00
covering the contract were involved, but it is said only $250,000 was
V lO.S. p 7Ht>
sought in the suit
—
California Petroleum Corp.
Income Account
for
— Earniugs. —
yine Xlvnths Ending September 30.
1917.
1920.
1919.
1918.
$4,498,477 $3,452,591 S2.924.92() $2.142,'2t)4
1.612,402
1,012,496
079,640
473,7;J2
Gross earnings
Operating expenses
Net earnings
$2,886,075 $2,440,095 $2,245,286 $1,668,532
Depreciation, depletion. &c..
659,603
$680,828
517,544
Bond interest
68.367
55,619
77. .Wl
72.982
Subisidary co's share
8.8(>7
34,981
5,885
4,178
Federal taxes
369,569
192,812
203.875
Balance surplus
.$1,795,399 $1,489,221 $1,446,707 $1. 556,0-17
—V. Ill, p. 893.
Caracas Sugar Co. of Cuba.
Central Aguirre Sugar Co.
— Report— Ohiinary. —
—
Chalmers Motor Corp.
— Plan
See Maxwell Motor Co., Inc. below.
—
Operative.
—
— V. Ill, p. 1372.
—
Cities Service Co.
23rrf Monthly Distribution.
The 23rd monthly distribution on Cities Serivce Co. bankers'
1
Consolidated Shirt Corp. of Dela.
— Consolidation. —
The above company, it is stated, will be incorporated in Delaware and
acquire as of
1 1921 the following three shirt manufacturing companies. Jacob Miller Sons & Co. and L. Needles Brooker Co. of Philadelphia, and P^xcello Shirt Co. of New York.
The capitalization will consist
of $3 .000.000 Pref stock and IO.jOO shares of Common stock (no par value)
The officers are. President, Simon Miller; V. -Presidents, Walter S. Cohen,
Aaron Miller, Lewis Needles and Isidore Weil; Sec., Alphonse B. Miller;
May
will
latter of mill construction, erected only a few
years ago. contain about 87.000 sq. ft. of floor spaie.
Ttie sellers purchatitxl
last year a site in the Northwestern section or the city on which they are
planning to erect a large plant to meet their growing requirements as soon
as building condition.s permit.
I'ntil such time, however, they have taken
a lease on the bnlkiiiigs just sold to the Siaiiely Works.
"Chicago Economist."
V. HI, p 2427.
Crocker-Wheeler Co.
— 10^^
10'
D. Peyser.
Consumers Gas Co.
of Toronto.
— Stock
Offering.
—
that the company has received satisfactory tenders for the
sale of 12.786 shares of stock (par .S50).
"The new capital will assist the
company in providing necessary extensions, which will be of benefit to the
present gas users, and will enable the company to take care of the natural
mcrease in business, incident to the city's domestic growth, as well as to
cope with the very large call that has arisen for gas for industrial purposes."
—V. 111. p. 2525.
It is stated
—
—
Continental Candy Co. Must Fill Contract.
& Hawaiian Sugar Refining Co. above. —V. Ill, p. 2525.
Continental Portland Cement Co. Bonds Offered.
See California
—
—
Steinberg & Co. and Pape, Potter & Kauffman, Inc., St. Louis,
are offering at 100 and int. to jaeld 8% according to maturity $500,000
1st Mtge. Serial 8% Gold Bonds.
Dated Jan. 1 1921. Due serially
Jan. 1 1922. to Jan. 1 1927, incl.
Int. payable J. & J. at Liberty Central
Trust Co., St. Louis, trustee, or at Chemical National Bank. New York,
without deduction for nonnal Federal income tax up to 2%. Denom.
$1,000. $500 and $100. (c*).
Red. at 102 all or individual maturities
(last maturity first), on any int. date, on 30 days' notice.
Data From Letter of David A. Marks, St. Louis, Dec 20 1920.
Company. Established in 1908. Plant at Continental. Mo., daily
capacity 2.000 barrels Portland cement, at present being remodeled and
enlarged to capacity of 4.000 barrels daily output, will be in complete
operation not later than April 1 1921
Company is also in gravel and sand
business with plant at Valley Park. Mo.
Mark C.
—
.
Capitalization.
Authorized. Outstanding
Authorized. Outstanding
1st M. 8'"c bonds$500.000 $500,000 Cum. Pref. 7% stk$500.000 $500,000
2ndM. 8% bonds,
Common stock.. 500,000 495,300
due 1929-1930 . 300,000 300,000
Purpose.
To complete payment for remodeling and enlarging of cement
—cost about $1,150,000).
plant
Earnings. — Company
4 years' period ended June 30 1920, earned
•643,830 applicable to
charges, which
at average annual rate of
(total
for
interest
$160,956 or 4 times interest requirements.
is
For year ended June 30 1920
earned $197,680, or at the rate of about 5 times
on 1st mtge bonds.
Corn Products Refining Co.
The company,
maximum
'
interest charges
— Acquires Plants in Europe.
learned, has concluded negotiations for the purcha.se
of plants in England, France and Germany at a cost of several million dollars.
A comprehensive program has been worked out to invade the European markets on a big scale in order to overcome the high duties exacted
for doing business between the United States and foreign countries.
Negotiations looking to the acquisition of the plants in England, France and
Germany have been in progress for several months. ("Journal of Commerce.")
V. 112, p. 66.
—
The stockholders
— Recapitalization Plan. —
vote Jan. 19 on approving a plan for recapitalization, changing the Common stock from $100 par value to no par value.
Four shares of the new stock, it is stated, will be issued in exchange for each
will
share held.
At present there are 30,000 shares of Common stock outstanding, par
$100 each. This will be increased to 200,000 shares of no par value stock.
The exchange will require 120.000 shares, leaving 80.000 shares in tho
treasury, a portion of which, it is reported, will be offered for sale to stockholders pro rata at S22 50 a share.
—
—
Earnings Sale of Plant Lease Pending New Construction.
The report for the fiscal year ended Nov. 30 1920. it is stated, snows total
surplus of $2,003,826. an increase of $569,174 over the previous vear.
The company has declared a quarterly dividend of 2% on its outstanding
»3, 000,000 Common stock, par $100. payable Jan. 10 to holders of record
Jan. 1
Quarterly dividends of 1 J^
have been paid on the Common stock
since April 1888, an extra of 5% was paid in Jan. 1920.
.
%
;
'
Cromwell Steel Co., Cleveland, O.
— Creditors
Comm.
—
A
creditors conunlltiH.' consisting of Walter L. Florry, Sec., Cleveland;
(ieorge Steele, J. H. Putnam. William Rothenherg. C. W. Cottrell. H. E.
Stuhler. Ira C Taber and E. (i. Yockley, has been formed in order to solve
the comi)anys present financial tlifficulties and avoid a rtx-eisershlp.
An agreement to wliich all uu.securod creditors are a»sked to subscribe to
provides that all claims be abated for a period of three months ending
March 14 next. V. HI. p. 695.
—
—
—
Detroit Edison Co. Bonds Sold. SiK'uc-er Trask & Co.
Now York, Coffin ik Burr, Inc.. Boston, Security Trust Co.
and First National Co., Detroit, have offered and sold the
8%
unsuh.seribed portion of .So,532,()00 l()-year
('onv.
Cold Debs, not taken by thestoekliolders. A circular shows:
Dated Jan. 10 1921.
Due Jan 10 1931. Int. payable J. & J. at office
of company. New York.
Denom. $100 and .SI. 000 (c*). Conv. between
Jan. 10 1923. and July 10 lO.'iO. into capital stock at par.
Red. (on 60
days' notice) on Jan. 10 1923 and thereafter piior to Jan. 10 1924 at a premium of 5''f and on Jan. 10 1924 and at any time iheiiafter at a premium of
K' '"( for each year or unexpired jiortion thereof to maturity; w hen so called
for redemption the bonds may. provided the time for conversion has not
expired, be converted into slock at par at any time before the date named for
—
Company has from time to time issued $21,903,500
convertible bonds (exclusive of the present issue of $5.532.600) all of which
except .i?10.143.10() still outstanding (of which $8,103..')00 are not yet convertible) and $111,400 called for payment or redeemed at maturity, have
been converted into capital stock. There arc al.so outstanding $10,000,000
1st (clo.sed) Mtge. 5% bonds, due 1933; $16,665,000 First & Ref. Mtge.
bonds 5% Series A. due 1940: $10,000,000 Isl & Ref. Mtge. bonds
Scries B. due 1940; .SI.OOO.OOO Eastern Michigan Edison Co. 1st (closed)
Mtge. 5% bonds, due 1931. and .$27,663,000 capital stock.
1919.
1912.
1908.
1903.
1918.
1916.
s
s
s
$
s
s
Gr earn. ..16,498,391 13,801,527 10,066,786 4,.385.615 1.788.812 533.847
Earnings for the 12 Months Ended Xovember 30 1920.
Gross revenue
$21.412 ,599
Operating expenses, incl. maint. depreciation reserve & taxes.. 17.060.116
Interest on mortgage bonds
1.573,203
.
$2,779,280
The surplus over mortgage bond
interest for the 12 months ended Nov. 30
1920 was equal to over 2 ^-s times the annual interest requirements of all the
outstanding debenture bonds, including the present issue. c:'ompare
V. Ill, p. 22,33. 2.i25.
—
Dodge Bros. (Detroit.
— New Pres. — Bonus
to
Employees.
—
Frederick J. Haynes, formerly Vice-Pres. & Gen. Mgr.. has been elected
President, to succeed the late Horace F. Dodge.
The company on Jan. 10 distributed bonuses in the form of Liberty bonds
at the rate of 10% to 15% of the vear's salary, involving, it is stated, more
than $1,000,000.— V. Ill, p. 2428.
—
—
Downey Shipbuilding Corp. Receivers Appointed.
William G. Coxe, Wilmington, Del., and J. Ernest Allen
and William F. Purdy of New York w'ere appointed receivers bv orders of the U. S. District Court at Wilmington,
on .Jan. 7 1921.
"Resort to receivership is a friendly proceeding to conserve the interests
of all concerned in the present financial embarrassment resulting from delay
in making collections of large outstanding accounts.
It is understood considerable money is due the company on Government contracts.
Compare
V. 110, p. 564.
Del.,
"
—
Du Pont Chemical Co.—^Dividends
No. 2 Director.
each have been declared on the Common and
Initial
Preferred stocks, both payable Feb. 5 to holders of record Jan. 25.
dividends of 10%, each were paid on both stocks in Nov. last.
Clifford Mclntyre has been elected a director, thus increasing the directorate from 7 to 8 members.
It is repotted that the company has decided
to discontinue, on Feb. 1 the extra compensation paid to employes, .since
1919.— V. Ill, p, 1569.
Cash dividends of
4%
—
—
Motors, Inc. Chartered. Incorp. in New
13 1921 in the interest of William C. Durant,
former President of the General Alotors Corp., with an
authorized capital of 1,000,000 shares of no par value.
Mr. Durant in a recent letter to his friends said:
"While I am not ready at this time to make an announcement, it will
probably not surprise you to know that I am still an interested and rirm
believer in the motor industry, and that I am organizing a company controlled by myself and several of my good friends which will be in active
operation Aug. 1. I cannot go into details regarding the corporation at
this time, other than to say it will bear the name of the Durant Motors.
Durant
York Jan.
Inc.. with one kind of stock, with every subscriber to the initial offering
basis as to price, with no commissions, bonuses or
reservations to myself or associates issued for experience, abiUty or performThe Durant Motors. Inc.. will be incorporated under the laws of
ance.
the State of New York with authorized capital of 1.000.000 shares of no
par value, 500,000 shares constituting the initial offering."
While nothing official was given out, it is state<l that it is proposed to
erect or buy a factory in the Middle West for the manufacture of a fourcylinder automobile to sell for less than $1,000. See also General Motors
upon exactly the same
Corp. below.
Durham Hosiery Mills. — Balance
it is
Creamery Package Mfg. Co.
—
,
.
Treasurer, S.
Stock IXindend.
slock (liMdend has b(H>n di>olared on the Common stock, in addition to the regular ((Uarterly dividends of Hi
ou the Pref. aud 2';; on the
Common stock, all payable Jan. 15 to holders of record Jan. 4. See Chronicle
V. I 10, p. L'.OTo
A
Surplus over mortgage bond interest
shares
to bankers' shares of record Jan. 15 will be 34 cents a bankOn Jan. 1 last a distribution of 39 cents a bankers' share
ers' share.
was made to 16.914 holders, as against 5.538 holders of bankers' shares
Jan. 1 1920.— V. Ill, p. 2046.
payable Feb.
and a six-story buildings, the
6%
See annual report under "Financial Report" and "Reports and Documents" in this issue.
President John D. H. Luce, who was injured in an automobile accident
Jan. 8 last, died at the St. Anne's Hospital. Fall River, on Jan. 11.
V. Ill
p. 1281.
The Stanley Works of lIlinoLs. which recently acquired the business of the
Rule & Level Co.. has purchased the premij>«i> now o<-cupie<l by the
company at 61 to 67 West Kinzie St.. <"hicago, for $;500.000. The four
.Stanley
redemption.
Otdslanding Debt.
— Dividvnd No. —
2.
A quarterly dividend of SI per share has been declared on the outstanding
Capital stock, no par value, payable Jan. 15 to holders of record Jan. 8.
An initial dividend of like amount was paid in Oct. 1920. Compare V. Ill,
p. 192.
261
Sheet as of Sept.
30 19205
In connection with the offering of additional Class B Common stock
to the Common stockholders (V. 112, p. 66), a circular issued by the company permits the following comparison:
Consolidated Balance Sheet. (Including Subsidiaries.)
[Dec. 31 1919 inserted by Ed.)
ySept. 30'20. Dec. 31'19.
y Sept. 30 -20 Dec. 3V 19.
Ltal>ilUies—
Assets
S
S
3,400,000 1,450.000
Cash
855,662
623,509 Notes payable
—
Acc'ts receivable..
U,
!^.
809,899
scpurities
1.299.641
ti8r,,433
Aec'ts payable
Accr'd
tiuxos,
&c..
64,007
2,910,000
15,000
1.250.000
3.750.000
2.454,489
124.293
314,371
3,000.000
38 1.200
1.250.000
3.252.S50
1.093,728
4,249,486 Preferred stock...
478,277, Old Pref. (called).
Com. "A" stock..
A-cle-ss reserve- 7.482,274 2.972.649 Com. "B" stock..
xTrade-marks
520,000 Surplus
142.893
Deterred charges. .
195,695 Cap. stock & surp.
of affil. COS. not
158.249
545,698
owned
Total (each side) 14.389. 193 11,024.691
x Cost to Sept. 30 1920. $927,478.
.
,
, ^.
^
y After giving effect to the sale of $302,800 par value stock of North
"B"
State Knitting Mills, Inc., a subsidiary, and 9,943 shares of
stock of the Durham Hosiery Mills (see V. 112. p. 66). Of the cash received by the North State Knitting Mills. $181,138 was used in liquidation
the debt of that company .fLCompare V. 112, p. 66.
Inventories
Other assets
Real est., bldgs.,
5,058,920
39,545
Common
—
.
THE CHRONICLE
26S
Edison Electric Illuminating Co.
A
Brockton.
of
of 2yj"/o hits been (Iccl.irod on th<! outstandinK
$1,476,000 ('ai)ital stock, par .?100. payable Vfh. 1 to holders of record
Divlicnds of 2% each have l)eon paid quarterly from Fob. 1 1919
Jan. ir>.
An extra dividend or !>% was also paid In May
to Nov. 1 1920. bidiisive.
V. 11 1 p. 2329.
last, inakinK total dividends paid durlnj? 1920 of 137o
qiiartcrlv
<livl(lcii(l
•
Emerald
Oil Co. of
Del.— Addilionnl
—
,
Stock Offered.—
Co., New York, are offerinR at iOO per share a
block of 1 ,0()() pref. share.«i (par $100) giving 2 shares of common stock as a
eji<-h
with
share
of
Pref.
bonus
Authorized. Outstanding.
Capitalization
$.-?. 000,000
.$7,000,000
Preferrwl stock 7% cumulative (par $100)
Commonstock (par $2.5)
.5. .'500. 000
:j. 000. 000
ITho company filed notice of Increase in capital at Austin. Tex., on Sept.
28 from $10,000,000 to $12..')00.000 .1
Company has leases on 128.H40 acres of proven oil lands in the Unite<l
States; oil. gas and mineral rights and owns 1-lOth of the fee on 1.500.000
acre? on the Magdalena Hiver, Colombia. .S. A.; and a small tract in
Mexico. In the Mid-Continent field, company has 9 wells completed in
the Teeter pool, producing 800 bbls. of oil daily, with 4 wells drilling. In
O.sago County, Okla., in the I'awhuska field, company has (i wells producing
100 barrels in which they own a 40% interest. See V. 110, p. 662, 1.529
Douglas Kenwlck
fc
—
Empire District Electric Co.
— Bond
Offering.
—-Tlalsey,
Stuart & (^o., Now York, and Arthur Porrv & Co.. Boston,
arc offering at 98 3<C and int., yielding over 8.1.'">%, %^ ,725,000
gold bond.s.
l.st Lien & Gen.
Dated Nov. 1 1920. duo Nov. 1 1949. Int. payable M. & N. in New York
without deduction for Federal income taxes now or hereafter deductible
Denom. .SI .000, .S500 and .flOO c* & r*.
at the source not in excess of 2%.
$1,000 or multiples thereof. Rod. all or part on any int. date upon 60
days' notice, at 110 if redeemed on or before Nov. 1 1925: at 1073^ if red.
on or before Nov. 1 1935: at 105 if red. on or before Nov. 1 1945; and if
redeemed thereafter, at % for each complete year intervening between the
Equitable Trust Co., N. Y., and
dat(5 of redemption and Nov. 1 1949.
ConqiKTor Trust Co.. Joplin. tru.stces. Tax refund in Penna.
Data from Letter of Pres. Henry L. Doherty, New York, Dec. 28 1920.
Compnnii — Incorp. in Oct. 1909. Supplies, practically without compe"
lition, electric light and power to a territory centring i7i .Joplin, Mo., embracing portions of southwestern Missouri, southeastern Kansas ana
(through its subsidiary), northeastern Oklahoma, having an area of over
M 8%
.
1
.-
In addition electric current is sold at wholesale to various
1 .000 sq. miles.
public utility companies, including those serving the cities of Springfield,
Mo., Pitt.sburgh, Kan., and adjacent territories. Sales of electric current
during the last 10 years have increased from 32,279,925 k. w. h. for 1911 to
125.741.470 k. w. h. for the 12 months ended Oct. 31 1920. Population
served over 100,000.
Authorized. Outstanding
Capitalization after This Financing—
Common stock
$3 .000 .000 S3 ,000,000
Preferred stock. 6% ctimulative
1,003.900
6,000.000
First Lien & Gen. M. 8% bonds (thisissue)
1.725.000
(a)
1st M. 5% Sink. Fund gold bonds, due 1949-(b)
3,069,000
Divisional mortgage bonds
Closed
722,500
a Issuance of additional bonds restricted by provisions of the Mortgage
referred to below,
b Authorized $6,000,000; i.ssued, .S5. 129. 000. of which
$1,800,000 deposited as collateral for First Lion & Gen. M. 8% bonds and
Company agrees that no additional
•$260,000 are alive in the sinking fund
First M. 5% bonds will be issued except for pledge to secure First Lien &
Gen. M. bonds or for deposit in the sinking fund.
Purpose.
Proceeds will be used to reimburs' the treasury for expenditures
for improvements and extensions recently made, including additions to
—
Riverton power station.
Earnings for 12 Months ended
Gross eaniings
31
Oct.
Management.
—Company
is
controlled
pare V. 112, p. 165.
by the
$2, .5.32,939
$663 .223
Cities Service
—
Co
Com-
.
—
Fayette Co. (Pa.) Gas Co. Extra Dividend.
An extra dividend of 2%,, payable in Victory bonds, has been
in addition to the regular
monthly cash dividend
of 2-3 of
a share), both payable Jan. 20 to holders of record Jan. 15.
declared,
1%
—
(66 2-3 cents
V. 107, p. 1923.
Fisher Body Corp. — To Exchange Common Stock fo
Fisher Body Ohio Common Stock and Acquire Common Stock
Dividends. —
Not Already Controlled— Guarantees
Body Ohio
below and compare V
Fisher Body Ohio Co. — Fisher Body Corporation
Acquire Uncontrolled Common
and Exchange
for
Own Common
— Otis & Co., Cleveland, in an
Pref.
See Fisher
Co.
112, p. 165.
offers
Slock
to
it
Stock.
its
announcement urging the
Common
Body
their stock for Fisher
stockholders to exchange
Corp. stock says:
Body Corp.. now the holder
of 55% of the common stock of Fisher
Body Ohio Co.. proposes to issue to holders of its own common stock 5
shares of new common stock having no par value, for each share of prenent
stock, and to increase the number of its shares by an amount sufficient to
make the exchange referred to below. After such increase, Fisher Body
Corp. will give for eacli share of common stock of Fisher Body Ohio Co. one
share of the new common stock of Fisher Body Corp., plus $2 50 in cash,
such exchange to be effective only in the event that holders of at least
40,000 out of the 45,000 shares now held by persons other than Fisher Body
Corp. surrender their stock for such exchange. The terms of the exchange
have been approved by directors of the Fisher Body Ohio company.
In consideration of this exchange, the Fisher Body Corp. will guarantee:
(1) Full payment on the p^-ef. stock of Fisher Body Ohio Co. not later
than Jaly 1 1922. of all accumulated dividends up to and including dividend
payable Jan. 1 1921.
(2) Current quarterly dividends upon the same stock as the same accrue
up to and including the dividend payable July 1 1922.
The common stockholders of Fisher Body Ohio Co. are requested to forward their certificates to Union Trust Co., Cleveland, O., depository, who
will hold the stock surrendered subject to the direction of Otis & Co., to
be delivered in consummation of the exchange, or in the event that the
exchange is not made prior to Feb. 1 1921, return the stock so smTendered
The right is reserved to postpone the date of exchange until not later than
April 1 1021.— V. 112, p. 166.
Fisher
—
—
Ford Motor Co.^ Distributes Bonus to Employees.
The company this week distributed between $7,000,000 and $8,000,000
among its employees in the form of bonuses, as their share of Ford Co.
profits for 1920.
The holders of Ford certificates also received 6% on their
investment, which, with the 8% received last July, makes a total of 14%,
or $1,400,000 for the year, on their $10,000,000 holdings.
Bonus depends
on length of service of each employee and ranges from $60 to $300.
It is stated that the Ford aj^scmbly plants throughout the coimtry have
re.sumed operations, after having been closed since before the holidays.
There are 35 Ford branches In the country, employing about 13,000 men.
1920 Sales.— The "Wall Street Journal" .Jan. 10 said:
While production of cars and tractors by Ford Motor Co. is generally
known, very little is heard by the public as to what these acti\ities represent
in dollars and cents, or what production means from the standpoint of sales
to the consumer.
Based upon the sales prices of the company during the past year, both
before and after the September price reduction and based further upon the
assertions of Ford dealers, it is possible to say the total sales of Ford products cars, trucks, tractors and parts amounted to not less than $625.000,000 in 1920.
Of the 1,027,677 cars made approximately 722,279 may be considered to
have been sold by Ford dealers at an average price of $575. On this basis
—
[Vol. 112.
The s,iles price of th<; 69.123 tractors Is figured on the basis of $800, for
the old price was SH50 and the new price is $790. This adrls $5.5.298 000
for tr.-ictor miUis.
In addition there Is U> be figured the sale of Ford part«
for cars and tractors, on which iwint th<;re Is great diversity of opinion
but which In the majority of cas** the dfjalers estimate at $25,000,000 for
the past year, and which brings up the total sales value of the Kordproducta
to the enormous flgurt; of $625.000.000.— V. 112, p. 106. 66.
(H. H.) Franklin Mfg. Co., Syracuse, N. Y.— Stock. &c.
The company, maker of the Franklin aiuomobile, recently offered additional Pref. stock at par, with the privilege; of purchasing one share of Common stock at $50 with every two shares of Pref. subscribed for. An offishows;
Approximate Capitalization After Present Financing.
cial circular
(No bonds or mortgages.)
Authorized.
Outstandimi.
Preferred stock ($1()0 par)
..$15,000,000
$5.000.(X)0
Commonstock (no par).
600.000 sh.
280,00f) sh.
Plant.
The large unit now nearing completion will bring the space up
to about 1,600,000 sq. ft., or about 34 acres under roof.
Record of Sales of Cars.
Year—
1902.
1907.
1914.
1919.
1920 (11 Mos.)
Cars
13
1 ,.509
2. .505
9.173
9,505
Earnings. Net earnings have been as follows:
Year—
1917.
1915.
1918.
1919.
1920 (est.)
Net earnings
$9.58.528
.$943,734
$528,992 $1,841,000 $1,200,000
Condensed Consolidated Balance Sheet, Including Subsidiaries.
Sept. 30 -20. Dec. 31 '19.
Sept. 30 '20. Dec. 31 '19.
Assets
LiabilUies—
S
$
S
Cash.
1.722,402
1,156,7.50 Acc'taA notes pay. 7.865.132
4.322,730
Sight drafts aeatnst
Federal taxes
224 1 4
900,000
bills of larting...
413.619
Other liabilities...
18.i,04S
117,269
Acc'tsA notes rec.
337.211
1,361, .580 Deprec'n reserve..
988.489
924,202
U S Go vt securs 967 .900 1.030.311 Fed. tax res. (1920) 721.000
—
—
—
.
.
.
.
.
Invnntorles
6,384,447 MIscell. reserve...
384.132
223.239 Prererre<l stock... 3.271.200
121.232 Common stock
x7. 169.575
1 Surplus.
1.392,874
10.892.801
Deterred charges.
Misc. Investments
870.332
Patents* Kootl-wlU
Subsld. COS. (pafs)
1
2,000,000
1,858,700
4,223.283
10.125
Land.
buildings,
CQulpment, Ao. 6,987.199 4,068,625!
Total (each 3lde)22.201. 591 14.346.185
X On June 21 1920 the stockholders converted the Common stock of
$100 par into no par value shares and exchanged the new shares for the old
ones in the proportion of four nev/ for one old share. V. Ill, p. 2525.
—
— Sulphur
—
Union
—
Fulton County Gas & Electric Co. — Merger. —
merging
Cayadutta
Co.
County Gas &
was
Albany
—
—
General Asphalt Co. — Bonds
Freeport Texas (Sulphur) Co.
Sulphur Co. below.
See
Generating
Dec. 31.
Notice of the
of
Electric Co.
Statistics.
V. 111. p. 1954.
filed at
with the Pulton
V. Ill, p. 993.
Sold.
Drexel & C'o.. PhilaxJflphia. as syndicate managers, announce that all
of the issue of 8% lO-yr. sinking fund gold bonds have been sold.
See
offering in V. Ill, p. 2.525
—
Geneva Cutlery Corp.; Geneva, N. Y.
— No
Pref.
Divs
The
regular quarterly dividend usually paid Jan. 1 on the Preferred stock
was omitted on that date.
Secretary H. L. Henry Jan. 3. says; "The directors, after careful consideration by the full board of the matter of quarterly dividend upon the
Preferred stock, have decided that, while the net earnings for the year would
be in excess of 8% upon the total amount of Preferred stock outstanding,
in view of prevailing business and financial conditions, it is absolutely
necessary to conserve cash resources and that it would be unwise to declare
any dividend on the Preferred stock at this time." V. 109, p. 1703.
—
1920.
Net earnings after maintenance and all taxes
Annual int. on ratge. debt outstanding, incl. this issue, requires. _
327,965
Since 1914 gross and net earnings have increa.sed 212% and 90% respectively.
—
1
1
—
the pre-Septeniber car sales totaled $415,425,000. Sales after the cut in
price in September apply to 305.398 cars for which the average price was
figured at $500, giving a total of $152,699,000.
Gillette Safety
creased from $2
.50 to
Razor Co.
$3 but
No
—Regular
Dividend Rate In-
Extra Declared.
—New
Director.
A
quarterly dividend of $3 per share has been declared on the outstanding
250.000 shares of capital stock, no par value, payable Mar. 2 to holders of
record Jan. 31.
Dividend record for 1920: March and Sept.. each $2 50
per share; June and Dec. regular dividends of .$2 50 per share and extras
of $1 per share: total. $12 per share.
Channing Wells. President of the American Optical Co. of Southbridge.
Mass., has been elected a director. V. 111. p. 1954.
—
Gilliland Oil Co.
— Earnings— Acquisition,
&c.
—
During the year ending Oct. 31 1920 the company produced 5.461,100
bbls. of oil, of which the company's interest amounted to 3,080.092 bbls.
Gross earnings were $10,968,562 and net profits after deducting estimated
Federal taxes of $300,000 and -54,474,830 for depletion, amotinted to
$1,673,192.
The company has acquired 100.000 shares (representing approximately
one-third interest) of Common stock (par $25) of the Paragon Refining Co.
Col. P. J. Hurley, Vice-Pres., and J. W. Gilliland. President, both directors of the Paragon, will represent the interests of the Gilliland Co. on the
Paragon board. The purchase of stock in the Paragon Co. will require no
new financing by the Gilliland. V. 112, p. 166.
—
Goldwyn Pictures Corp.
— Balance
Sheet.
—
Balance Sheet June 30 1920. Showing Effect of Issuing $1,788,490 Notes.
June 26 '20 Oa. 30 '20
June 26 '20 Oa. 30 '20
—
A ss&is
Lidbililies
S
S
1,788,490
2-year conv. notes
3.694,109]
Other curr. assets. l,324,645fll,240.113 Current liabllities.Sl, 717,290 1.527.330
Capital & surplus, 9.713.763x10,305,493
Inv. In theatres, &c 3,909,545)
Goodwin
2,381,600 2,381,600
Inventorj'
Total
.11,431.053 13,621,713
Total
11.431,053 13,621,713
The stockholders of record Nov. 17 were given the rights 'to subscribe
at 95 UD to Dec 20 to $1,788,490 2-year Convertible Notes to the extent
of $3 50 of notes for each share of stock owned by them, respectively.
which would apparently indicate as outstanding approximately 510.997
Compare V 111. p 2329. 2047
shares of stock, no par value
Gordon Ironside &
Fares, Packers,
Ltd.
—
Interest.
—
A
Winnipeg dispatch states that the interest due June 1 on the Gordon
Ironsides & Fares Co.. Ltd.. 1st 6s. was not paid on that date, but will be
paid soon.
Gray
— V.
&
106, p. 1581.
Davis, Inc., Boston.
—
Business Outlook Improved
Gray & Davis have received several "releases" from Western automobile
manufacturers for equipment ordered and on which deliveries had been
postponed in sufficient volume to make imlikely further cmtailment at the
Cambridge plant.
Unfilled orders now amount to over $4,000,000, but, of course, are
The adjustment with the
subject to instructions with respect to delivery.
Government, which has been pending since the armistice, has finally been
adjusted, and Gray & Davis will receive something over $100,000 in settlement of its claim. ("Boston News Biu-eau.") V. Ill, p. 2143.
—
Great Eastern Paper Co..
Ltd. — Preferred
—
Stock.
patent have been Issued under the seal of the Secre*
Canada
dated
Dec.
amending
the
letters patent
of
29
1920
of
State
tary
dated Feb. 17 1920 by changing clause No. 4 to read as follows:
"Dividends and money payable for redemption of shares shall be payable
in Montreal and(or) In New York to shareholders in Canadian currency,
but during such time as currency of the United States Is at a premium In
Canada all such dividends and money paj-able for redemption of shares
shall be so paid In currency of the United States or Its equivalent."
V. 110, p. 2080. 2295.
Supplementary
letters
—
—
Greene-Cananea Copper Co. Production.
1920— Dec— 1919
1920— 12 Mos.— 1919
Copper
Silver
Gold
—V.
(lbs.)
(ozs.)
(ozs.)
111. p. 2526.
3.700.000 3.600.000 43.358.000 41.300.000
164.000
124.100 1.760. .570 1.709,933
9.020
10.010
990
620
—
—
—
Haytian American Corp. Proxies Opposition to Plan.
The Stockholders' Protective Committee, John H. Flagler,
THE CHRONICLE
Jan. 15 1921.]
Chairman, is lu'ckinjf proxies with a new to a ciiangc in
pohcy and nia!i:if?enitnt and in opposition to the "financial
Elan" which accompanies a letter to stocUliolders dated
ec. 31 1!)20 and signed "C. Edgar Elliott. President."
The
coniinitteo in firculKr of Jan. 7 statt>s Its bolit-f llial llie proiMJ.sfd
lH«auso. not havis entirely Iniiiracticable and cannot be carried out
underwrincn. il will become void in case \)0^', of the outstandiuM;
been
ing
Three to Flve-Yoar 7'." <"'Old Notes do not assent before March 20 lOJl.
This committee, as soon as (he same can be done properly, intends to formulate or join in a workable plan ilia* can be carried out.
[Committee. John 11. Klai,'U-r. Chuirman; I'hlllii) W. Henry, II. K. Tippenhaiier and K. AV I.udwiK. with \'lctor J. Niatthews, 2.') Broad St..
V. Y. City. Secretary, and Wollman & Wollman. counsel. V. Ill, p 2520
plan
.
.
— Acquisition. — —
Co. above. — V.
Mills. — B(inknt/>lcy Sale. —
Lawyers Mortgage Co., New York
J
Fur Year
Hudson Paper
By
order of the V. H. Histricl Court. Oliver G OnrNin, trustee, will
up to Jan. 10 for the sale of the entire property. includinK a
.
Ice Service Co., Inc.
National Ice A Coal Co.
The company has acquired a
—
— Acquires
and oiiulimieut
Controlling Interest
controlling interest in the National Ice
in
&
throuRh a purchase of stock from S. M. Schatzkin and his
Mr. .Scliat^kln and his as.sociate.s. il is slattxl, are rctirinK from
the board and from the management of the National Ice & Coal Co. 'i'iie
two companies will continue to operate separately and no consolidation of
the two companies is conteniplatiHl.
The Ice Service C^o., Inc., was organized early In 1920 in Delaware as a
Coal
(\).. Inc..
associates.
consolidation of Elder & Wells. M. 1*. Sheehy. 1. I'ringle. Inc., Atlantic
Hygienic Ice Co., and Bay KIdge Ice Mai\ufa<'tin-iiig Co. Capitalization,
auth.. 2.')0.000 shares common (no par) and $12,000,000 ~'"c Cumul. pref.;
outstanding at latest accounts. 25.920 conmion shares and $2,592,000 pref.
The National Ice & Coal C-o.. Inc.. was organized Feb. 15 1916 in New
York by S. M. Schatzlvin as a con.solidatioii of the former National Ice CJo.
with the Foster-Scott Ice Co. and the ice department cf Burns Brothers.
Ha-s outstanding about S3, 7,50. 000
common
stock. $975,000
7% cumul 2d pref.
Imperial Oil Corporation. Status,
and S937.500
Ist pref.
—
7%
balance due for legal charges and disbursements there. There is, therefore,
no possibility of any further distribution being made to the bondholders,
and the bonds are now entirely valueless.
In these clrciunstances tliere would seem to be no use in incurring the
expense of having the bonds returned to England and distributed to the
holders of the committees certificates, and it Ls consequently proposed to
Any bondobtain an order of tlie Court for the destruction of the bonds.
holder who so desires can have his bonds returned to him, if he will notify
in
which
event
arrangeeffect
on
or
before
Jan.
1.
the committee to that
ments will be made to have the bonds retm-ned on the holder paying his
Failing such a notification the
proportion of the expense of shipment.
bonds vriM be destroyed in due coiu'se. There is a simi of £135 to the credit
in
and
tliLs
small
sum will be expended as the
London,
of the comntittee
committee mav decide. (London "Stock Exchange Weekly
gence.")— See V. 108. p. 385.
Official Intell-
—
Indian Packing Corp. Consolidated with Acme PackPres. F. L. Peck, Jan. 12, says:
To Dissolve.
ing Co.
The stockholders on Jan. 3 approved the proposal to sell all of the propOn Jan. 10 the transfer was made.
erty and assets to Acme Packing Co.
As a result Indian Packing Corp. is now in this position: Its a.ssets con-
stockholders.
It is the intention, as soon as the dissolution has been effected, to offer
the stocliholders the right to purchase 127.500 shares of Acme Packing Co.
stock at the rate of 85 per share, and thus prociu-e the funds wherewith to
pay off the loan. By exercising this right shareholders will receive 10 shares
of Acme Packing Co. stock for each 10 shares of Indian Packing stock accompanied by $15 in cash. Otherwise shareholders will receive 7 shares of
Acme Packing Co. stock for each 10 shares of Indian Packingfstock held.
(The stockholders will vote Jan. 29 on dissolving the co.) -V. Ill, p. 2526.
—
—
Products Co. Arranges Underwriting
The Boston "News Bureau" Jan. 12 says:
of Note issue.
"It has been n^cre cr less on open secret for weeks that company would
We
require substantial amounts of new capital in order to keei) going.
International
—
understand that company h»s arranged the underwriting of a note i.s.sue of
•$2,240,000 which is contingent upon the succe-ssful issue of negotiations
for a revolving credit from tlie banks.
The proceeds of note issue would be
applied to the cosi of the company's two boats and the revolving credit, if
secured, would finance ci:rrcnt Gi'eraticns."
— V. Ill, p. 1857.
— ——
Inc. — Common Div.
Jones Bros. Tea Co.,
Omitted.
—
directors on Jan. 10 voted to omit the payment of the quarterly
dividend usually paid Jan. 15 on the outstanding $10,000,000 Common
Quarterly dividends of 3^ of 1% have been paid from
stock, par $100.
Oct. 1917 to Oct. 1920, incl.
Statement Made by President H. L. .lones.
This action was prompted by the desire to conserve the cash assets of the
company and to maintain a strong position the present period of price
readjustment. The company has suffered no substantial los.ses except in
sugar, where the decline was more rapid and extensive than In any other
commodity that the company handles.
All inventory losses have been absorbed in the earnings of the months
where such dei)reclatlon occurred, and all stock Is carried to-day at or under
current market prices.
Inventories on Dec. 31 1920 stood at the lowest figure In many years
and obligations of the company were correspondingly reduced. With
reduced capital requirements, lower unit prices, Increa.sed volume of business, and favorable margins of profit, which are the result of the readjustments, which the company has made, the officers anticipate very satisfactory results during the coming j-ear.
Net sales for the year, It Is estimated,
will approximate $22.000,000.
V. Ill, p. 2429.
The
—
Juniper Coal Co.
— Foreclosure
Sale.
—
Albert G. Craig, Special Master in Chancery appointed by the U S.
District Court for the District of Colorado will sell at public auction for
<ash in hand to the highest bidder, near the Haybro Station on the Denver
Salt Lake RR. Routt County, Colo., on Jan. 22, all the company's
property real and personal
&
Kay Counties Gas
See Marland
OU
Co. — Plan
Effective.
Co. below.— V. Ill, p. 2234.
Knickerbocker Ice Co. of Chicago.
—
— New President, &c.
Charles C. Small has been elected President, succeeding W^esley
"Who becomes Chairman of the board.
V. 96, p. 556.
—
446,513
527.3ti2
Co,, Chicago.
-.S7<^(/:
IHiidend.
st<)<-k
—
—
—
Quarter endiny Dec. 31
Sales
1920.
—V. Ill, p. 1570, 1188.
Los Angeles Gas
1919.
Increase.
$229,882
$2,342,073 $2,112,191
&
Electric Corp.
— Stork Application. —
The
California UK. Commission has authorized the company to issue
$1 .000,000 of its 0% prof, stock, proceeds to be used to Improve and extend
its .system.
V. 1 10, p. 2081
—
McCrory Stores Corp.
1920 Dec- 1919.
$2,282,771
!»2. 048,410
—V. Ill, p. 2430.
(W.
H.)
and
— December Sales. —
1920—12 Mos.— 1919
Increase.
$234.361 $14.369 .327 $12,081,741 $2,287,586
Di(reasc.\
1
— Common
Reduced. —
McElwain Co.
Outlook — Wages
Dividend Omitted
—
usually paid Feb. 1 on the oiit.standing $3,500,000 (Common
stock, par .«50. will, it is announced, be omitted.
In Nov. 1920 a quarterly
dividend of \\i% was paid, compared with 3% each paid in Fel)., May
and Aug. 1920.
The regular dividend of 1 %
has been declared on the First Pref. stock,
payable l<'eb. 1 to holders of record Jan. 15. Both the Common and
2d Pref. stocks are not publicly held to any great extent, the 1st Pref. stock
being the only issue in which there is general public investment.
Statement Made by President J. F. McElwain.
The worst in the .shoe industry seems to have passed, it was among the
first industries to be affected by the depression and therefore .should be
among the first to recover.
The fact that hides and leather have been liriuidated to an extremely low
point Is the basis for sound values, increased activity and restored confidence.
As soon as this is fully reflected down the line to the consumer it is bound
to rise in greater activity.
In spite of this fact and of substantial surplus account which would justify
the ordinary distribution to Common stockholders at this time, the directors have deemed it wise to take the conservative course and con.serve such
resources by deferring action on Common dividend.
Announcing a general wage reduction (effective Jan. 10 1921>. the company in a statement to its employees says in substance: "The slioe manufacturing business is nearly at a standstill and we must for each other's protection and welfare do all that we can to break this deadlock at the earliest
moment. Confidence in values prevailing during the period of high prices
has been destroyed, resulting in the most drastic decline in prices in the
history of the shoe business.
Under present conditions the farmers and
other consumers cannot and will not buy shoes freely unless shoe prices
show a marked decline. The demand will not be adequate to assure normal
production on medium grade shoes during the spring season of 1921 Manufacturers who can meet the public's requirement are the ones who will secure the available business. W'e intend to be in this class. V. Ill, p. 1570.
%
.
Mackay Companies.
Pres.
Clarence H.
— Cable
Mackay
Control.
—
—
before the Senate Inter-State
Commerce
Committee in regard to legislation controlling cable Tandings. stated that
American cable companies have been making rapid strides in the past 20
years, until at the pre.sent time the total cable mileage owned and controlled
Ijy American companies is 70,943 miles.
Briti-sh companies own and control
128,976 miles, and 23,8.59 miles are owned and controlled by companies of
all
other nationalities.
— V.
112, p. 167.
Manhattan Shirt Co.
Years end. Nov. 29
Total net
Deduct
Annual
1920.
—
Report.
—
$1,695,102
$1,076,776
$43,799
$156,800
Federal taxes
526,000
115.000
Pref. dividends (7%).
112,000
112,000
Common dividends.. (7%)350, 003 (6 3-4)312, 500
$50,732
365.000
112.000
$845,896
Interest
Balance, surplus
$112,093
f4)2(!K).000
$28,838
175.000
120,750
(4)200.000
$349,044
5468,376
$700,802
V. 112. p. 67.
Manicopy Typewriter Co. — Registrar.
The Columbia Trust Co.
of $2,000 .000 Pref. stock
of
—
N. Y. has been appointed
and 85.000 shares
—
registrar of an Issue
par value.
Common stock no
& Telephone
&
Maritime Telegraph
1917
$992,964
1918.
1919.
Co.,
Ltd.
— Bond
Harris, Forbes
Co., Boston, &c., and Royal
Offering.
Securities Corp., Ltd., Montreal, are offering at 9734 and
int. (payable in Canadian funds; $500,000
25- Year Ref.
Mtge. bonds, due 1945.—V. Ill, p. 2048.
7%
Merger.
(Bell) Telephone Co.
See Northwestern Bell Telephone Co. below. 'V. 103, p. 496.
Iowa
741,310
—
1918.
..583,970 $1,211,391 $1,()47,«H2
Loft, Inc. (Candy), N. Y.
Initial Dindcnd
Earnings.
An initial dividend of 25 cents per share ha.s bwn declared cm the outstanding 050 OOO shares of Capital stock, no par value, payable March 31
to holders of record March 15.
Acme Packing
Co. stock; it has borrowed $637,500.
This loan was effected without cost to the corporation and is represented
by a 60-day note which bears no interest: it is secured by the deposit of
127.500 shares of Acme Packing Co. stock as collateral, being part of the
425,000 shares above referred to. All of the corporation's liabilities and
obligations, except for this loan of $637,500, have been assiuned by Acme
Packing Co.
Directors deem it advisable to dissolve the corporation, pay off this loan
and distribute the balance of the Acme Packing Co. stock among the
425,000 shares of
Report.
1919.
The dividend
etc.
—
sist of
20(1';;
Status
Imperial Paper Mills of Canada, Ltd. Bonds Valueless.
The bondholders' committee report that since the date of the last distribution, every endeavor has been made to obtain a final winding up of the
The
affairs of the company and the Northern Sulphite Mills of Canada.
small amount of cash on hand in Toronto will be barely sufficient to pay the
—
Annual
1920.
dividend has been declared, payable at once on the outstanding $,5()().()()0 Capital .stock tpar $1001 of r<-<-ord Dec. 22 1920.
We are informed that another stock di\idend of $1,000,000 is exi)ected
to bo declared early this year.
Company's offices are at 332 So. Michigan Ave.. Chicago. III.
cumul.
See Middle States Oil Corporation below.
This company was incorporated in July 1920 with an authorized capital
Has under ownership or firm contract 8,800 acres of land
of $10,000,000.
Is affiliated with Middle
tn Oklahoma, Texas. Kentucky and Indiana.
fltates Oil Corporation.
—
—
Not tiarnlngs. $842,660
$705,878
$.520,320
Capital NtocJc Dec. 31 1920. $6,000,000 surplus, $3,000,000 undivided profits, $600,478.
Since the company was organized It has guarantuud $616,423,124 of
mortgages, of whic'h $478,015,887 have been paid lu full, leaving now
outstanding $137,807,237, divided among 0,097 customers. aH followb;
.57 savings banks. $18,751,238
1.557 truhte«-s. $31,;«5,.537 5,131 mdivlduals. $02,080,982 217 charitable Institutions, $12,321,128 17 Insurajice
compaule.s, $6,291,750 18 trust c«s., $7,020.0(KJ -V. 111. p. 2527.
A
receive bids
pre.s.se«
Dec. 31
Leonard Construction
Ill, p. 2526.
fully equipped paper-converting plant, hydraulic
pumps, fittiuKs. valves, paper, auto truck, &c.
entliiig
(iross ejtrnlngs
Expenses, Including reserves.
Hercules Powder Co.
See Aetna Explosives
'^G3
M.
Oler,
—
—
Marland Oil Co. of Delaware. P/an Effective.
The con.solidation of the Marland Refining Co. and the Kay County
Gas Co. was declared effective Jan. 3. It was officially annoimced that
92% of the stock of both companies has been deposited imder the
consolidation plan.
Because of requests from many stockholders who were unable to deposit
their stock on or before Dec. 26 1920, it was decided that stock of Marland
Refining and Kay Cotmty Gas companies would be accepted upon the same
terms if .sent to W. H. McPadden, care of Marland Refining Co. at Ponca
City for exchange diu-ing the month of January. V. 111. p. 2234.
over
—
—
— Plan
Marland
Co. above.—
Rad. Business.
Marlin-Rockwell Corp. — Decision. —
Marland Refining Co.
See
Effective.
V. Ill, p. 2234.
Oil
Sells
New Haven,
Conn., has handed down a decision in the
case of New Dcpartui-e Mfg. (^o., Bristol. Conn., vs. Marlin-Rockwell
Corp. et al.. which providas that the defendants are enjoined from manufactiu-ing. using or selling double-row ball bearings, which infringe New
Departure patents: that an account be given the New Departure company
The action
as to profits, and that the defendant pav the costs of the suit.
brought was to restrain the defendants from an infringement of a patent
for improvements in anti-friction bcjirings." ("Iron Age." Dec. 30).
The company, it is stated, recently disposed of its radiator business and
\ Ill, p. 1477
sold its radiator department equipment at auction Dec. 17.
The U.
S.
Court.
Maxwell Motor Co.,
Inc. — Plan
—
Operative
—Over 87%
.
of
Deposited.
Tiie managing: and reorganization committee, Walter P. Chry.sler, Chairman, under date of Jan. 12
1921, declaring the plan (V. HI, p. 1375) for the reorganization and merger with the Chalmers Motor Corp. operaSlocks
tive, states:
—
—
THE CHRONICLE
264
In vlc'W of the (h'posit iindor the plan of all but a <-()nii)arat Ivoly small
percentaKt^ of iiiiscctind notes and claims oxopoxlInK S.'i.OfK) which It Is Intended lodcal with uncl<'r the plan and of over K7% of the oiilstandlnK shiires
of th(! above companies, the committee has de<;lared the plan operative.
Htcps will now be taken to organize and vest In the new company the title
to the properties It Is to acquire.
The tinu! to make d(!poslts of stock and of unsecured notes and claims
with (-entral I'nlon Trust Co. of N. Y., depositary, has been extended,
without penalty, until Keb 1 1921.
Initial payments n^iulred upon the exercise of minimum rlKhts of purchase conferred by the plan may bo made to the depositary until Fob. 1
1921 but only upon the payment of a penalty equal to li4% of the amount
of the Initial payments.
The time to file the forms of application attached to application certlflcat(vs for new stock In exc(sss of the minimum rlnhts of purcha.se and to majfe
the Initial payment of an amount c(|ual to .$10 In respect of each share of
('lass A stock so applied for, has been extend<!d. without penalty, until
Fob. 8 1921. It Is anticipated that notice of allotment of stock so applied
for will be Klven about Feb. 10 1921.
Statement by J. R. Harbeck, Vice-Chairman of the Committee.
The new company Is now placed In an extremely fortunate position to
face the conditions confronting the automobile Industry.
The net outstanding obligations of the Maxivell and Chalmers companies have been
reduced, through lUiuldatloii, by approximately .$11,000,000, largely
through the sale of cars in dealers' hands, resulting In a reduction of the
companies' obligations arising from the discounting of dealers' notes, paper.
&c. The merchandise and bank creditors are to be amply protected
through substantial ca.sh payments and the funding of the balance of the
obligations upon a one, two and three-year serial note basis.
The now company's current balance sheet shows net current assets of
about $41,000,000, after depreciation, and net current liabilities of about
$6,000,000, the ratio of current as.sets to current liabilities being approximately .seven to one. Inventories have been substantially written down .so
that the reorganized company will not bo handicapped by having to take
Into 1921 operations, losses chargeable to previous years.
An analysis of the balance sheet, after excluding good-will and allowing
$100 per share for the "A" shares, which are preference shares, shows
a book value for the "B" stock of approximately .$.30 per share.
The reorganized company may be regarded as being upon a sound basis
During the
for profitable operation on the basis of reduced sale prices.
reorganization period points of contact with the public have been more than
doubled through establishment of additional selling agencies and branches,
and the sales prospects are now considered to be as good as those of any
company in the industry. V. Ill, p. 2144.
.
—
Memphis Gas &
Electric Co.
— Valuation. —
report of the valuation of the properties made by Hagenack &
Erickson, Chicago, on behalf of the company, shows the following figures:
(0 ) Historic cost of the property $9 5 1 .3 54 2 to which was added $600,000
working capital, and $1,250,000 as a reasonable valuation to be placed on
the fact that the company was a going concern, thus bringing the total
value of the property at present, based on its historic cost, to $11,363,541.
(6) Cost of replacement of property computed upon an average extending
over five years. S9,71 1 ,741 without taking into account depreciation of the
property, and at S". 814. 019 allowing for depreciation.
This, with the
items listed above providing for a working capital and value as a going
concern, brought the total, without depreciation, to $11,561,741; with
depreciation to .$9,664,019.
(c) Cost of replacement figured for the year 1919-20 without depreciation,
$11,871,364; with depreciation, $9,519,713. Adding the items for working
capital and value of a going concern the totals are $13,721,364 and $11,369,713, respectively.
2. The report of F. G. Proutt. expert on behalf of the city shows the
historic cost and the replacement cost on both a five-year average and on
the average for the two past years. That is the historic cost, $9,513,542;
the replacement cost on a 5-year average with no account taken for depreciation, $9,711,741, and with depreciation. $7,814,019, and the replacement
cost without depreciation on the 1919-20 basis, 811.871,364, and with
depreciation. $9,519,713.
On the basis of historic cost Proutt does not think the items of working
capital and value of a going concern should be added: whereas, he thinks
an item of over $600,000 in superseded property should be deducted. On
the basis of replacement on the 5 and 2-year bases, in.stead of adding $600,000 for working capital and $1,250,000 for value of a going concern, places
these two items at .$468,841 and $276,000.
This brings his total estimate of the value of the property on the basis
of historic cost to approximately .$8,913,541. or $2,450,000 less than that of
Hagenach. On the basis of replacement cost on a 5-year average Proutt's
figures for the total valuation of the property, taking no account of depreciation, are $10,4.56,555. and .$8,558,860 with depreciation, or $1 ,105,186
less than riagenach's, with no account taken of the item of $600,000 in
superseded property.
Taken on the cost of replacement estimated for the years 1919-20, Proutt's
figures for the total valuation without depreciation are $12,616,205; with
depreciation, $10,264,554.
3. The Tennessee P. U. Commission has fixed $9,300,000 as the valuation of the properties for rate making purposes.- V. Ill, p. 1857.
O
t
.
,
,
.
—
—
—
Profits English Co.
The Linotype & Machinery. Ltd., taken over by the American company
during the year 1919-20. subject to the debenture indebtedness (some
£556.000 414 Class A and £573,000 43^2% class B) reports for year ending
June 30 1920' Profit after deducting reserves and depreciation (including
£18,351 for income tax and corporation profits tax), £101,697 as compared
with £103,639 in year 1918-19. Deduct £74.787 was absorbed in providing
for interest on Debenture stock, payments to the trustees for the Debenture
stockholders, and the guaranteed dividend on leased company's shares
leaving a profit of £26,910 which, added to the £253,748 brought forward,
makes a total credit balance of £280,658 to be carried forward. Compare
V. 111. p. 2224.
—
—
Mexican Eagle
1
at the rate of $2.6865 per share and includes a final dividend of 49% for
the year ending June 30 1920 and an interim dividend of 5% for the current
year.
See also "Financial Reports" on a preceding page. V. 112, p. 167.
—
Mid-Colombia Oil
& Development
Co.
— Incorporated. —
Incorporated under Delaware laws Jan. 12 1920 with 1.600.000 shares of
no par value capital as a subsicJiary of the Transcontinental Oil Co. The
new company, it is stated, will take over from one of Transcontinental 's
subsidiaries more than 1.000,000 acres of land in Columbia on which development work is under way.
F. B. I'arriott, Preisdent of the Transcontinental, is quoted as saying:
"The Transcontinental, through its subsidiary, will own 1.200.000 shares
of the new company and 200,000 of its shareswill remain in the Mid-Colombia's treasury.
The remaining 200,000 shares will be offered for subscription to Transcontinental stockholders for $5 a share.
The offering has
been underwritten and the underwriting group has agreed to pay for all
stock not subscribed for at $5 a share, without commission or compensation.
The purpose of the plan was to proceed with the immediate and rapid development of those Colombian properties."
Middle States Oil Corp.
— Additional Stock
Underwritten
The
stockholders of record Jan. 18 are given the right to subscribe on
or before Feb. 1, at $11 per share, for 250.000 shares of capital stock (par
$10) being at the rate of one share of new stock for each four shares held.
Payment of the subscription price must be made at office of corporation,
347 Madison Ave., N. Y. City, in New York funds, either in full or 50%
thereof at the time of making subscription, before Feb. 1 and 50% thereof
before Mar. 1.
The above shares have been underwritten at $11 per share free from any
commission, expense or other charge.
,
,
Extracts from Statement by President P. D. Saklatrala, Jan. 8.
For the last few months the management have found unusual favorable
opportunities for the acquisition of well-known proven producing oil properties and interests In properties, where your company was already part
owner, and acquiring ownership in such property where, through the holding of security for loans, we have converted such loans into purchases of
the interests so held as security.
In addition to the acquisition of additional properties in subsidiaries
not already completely owned, we have since June 30 1920 increased our
ownership in the Texas Chief Oil Co., Dominion Oil Co., and Ranger Texas
,
of the abov<. 2.50.000 sfiar.-s acidlllonal stock, which the dlr.itors
fiavo 1^
thorized to be ls.sucd and allott«i by preference first to the
stockholders.
—
—
Cajnlalization and Earnings
Dividends Paid. Chairman
Charles N. Haskfjll, in an advertisement says:
f^lat™. oil f-'orp began business In March 1917. with a capital
of
*r^?.'',l','.!^
,
$610,000. and the first three months' income wa« $10,294.
For
three
months period from July to October 1920, the cai)ltal stock was %Hthe
000 000
'^''^';'' months' Income was $2,524,157.
The
value
of
as,M:is
Sepl
'i^'^r^^^'
30
1920 was .$.11 .849.496. with no debt of any kind and a substantial cash
Dal.-incc in the bank.
In the past two years the corporation has distributed
to shareholders holding $1 .000 of stock, $1 ,921 additional slock and
.$175 70
m cash dividends.
Imprrial Oil Corn.— This company was organized by the same InteresU
which have made Middle States such a success. In addition to producing
crudeoil. of which it has a large s<!l led production, the company will operate
casmghead gasoline plants, refini-ries, pipe lines and storage plants
Cash dividends on its sto<-ks were inaugurat<-d in Oct. 1920, and since
continued at 2% quarterly on the i)referred and
monthly on the common
The .same provisions for occasional free stock allotments apply to Imperial
I
1
%
as to Middle States.
Both of the above-named corporations have no bonds, notes, bank loans
or other obligations ahead of their stocks, and have ample cash resources
for all needs,
V. 112. p. 167, 67.
—
Minerals Separation North American Corp.
Dividend.
The directors recently decided to distribute to the voting trustees as
registered shareholders the equivalent of $1 per share in United States 4 Ji
Victory Loan Notes, of which 75 cents per share represents return of capital
as,sets and 25 cents per share earnings.
The distribution was made to all
registered holders of voting tru.st certificates of recfird Dec. 20
V. 109
p. 1084.
%
—
— New Debenture Issue. —
Mississippi River Power Co.
The company, it is reported, has sold
S3. 600. 000 1 5 -year 7% sinking
fund gold debentures to a syndicate of New York and Boston bankers,
and will be offered for public subscription at an early date. Compare
V. 112, p. 167.
National Ice
—
Acquired.
&
Coal Co., Inc.
See Ice Service Co.. Inc., above.
Nash Motors Co.
A
— V.
— Controlling
Interest
110. p. 1855.
— Larger Common Dividend. —
dividend of $10 per share has been declared on the outstanding 54,000
Common stock, no par value, payable Feb. 1 to holders of record
Jan. 20. In Aug. la.st $6 per share was paid, compared with .$10 in Feb.
1920, .$6 in Aug. 1919, $10 in Feb. 1919, .$15 in May 1918 and $6 per share
in Feb. 1918.— V. 111. p. 1284.
shares of
—Obituary. —
—
Co., Toledo. — Acquisition. —
National Lead Co.
Secretary Charles Davison died Jan. 8 in Atlantic City.
National Supply
V. 110. p. 1524.
The company, it is stated, has acquired the interest owned by the Union
Oil Co. of California in the Union Tool Co.. which operates a chain of oil
well supply stores in California.
The consideration is said to approximate
$5,000,000. The Union Tool Co. also does a large business in Japan and
throughout the Orient. V. 110. p. 1093.
—
— Merger. —
—
Dividends— Coal
Nebraska
(Bell) Telephone Co.
See Northwestern Bell Telephone Co. below.
New
The
River Co.
— Accumulated
V. 107, p. 1842.
Output.
—
have declared Pref. div. No. 37 of $1.50 per share (due
it is understood Aug. 1 1915) payable Feb. 1 to holders of record Jan. 20.
This distribution will reduce back dividends to $31.50 per share. On
Jan. 1 last a div. of $1.50 per share was paid on account of accumulations
Coal Output in 1920
Dec.
Nor.
Oct.
Sept.
Aug.
Tons produced
170.000 170,000 189.000 168,000 180,000
— V.
directors
Ill, p. 2331.
New York Air Brake Co.— Results for 1920.—
The following has been officially confirmed for the "Chronicle":
Sales for 1920 with December billings partly estimated, will be over
$6,500,000 against $3,551,668 in 1919.
Inventories, amoimting to $5,937,763 a j^ear ago, have been reduced
approximately 33% and now stand in the neighborhood of $4,000,000.
The inventorias for the most part are not of a character affected materially
by fluctuations in commodity prices
They consist of some raw material
and brakes and repair parts ready for delivery
These are carried at cost.
The cash position is strong, cash on hand and in banks being about $1,which
is
ample
for
all
requirements.
000,000,
Earnings for 1920. it is
estimated, will be nearly double dividend requirements of $10 a share.
[The company has annoimced a 10% reduction in wages effective immediately and also the distribution of approximately $33.()00 in bonuses to the
employees
V. Ill, p 2049
]
N. Y.
—
& Honduras
Rosario Mining Co.
— Xo Extra Div.
of 3% has been declared on the outstanding
capital stock, payable Jan. 28 to holders of record Jan. 18.
Dividend
record for 1920; Jan., April. July and Oct., regular dividends of 3% each
were paid, together with extras of 2%; total. 20%. An extra of 2% was
also paid in Jan. 1919— V. Ill, p. 2.528, 1571.
The usual quarterly dividend
—
—
Niagara, Lockport & Ontario Power Co. Control.
A substantial block of common stock which cairies the controlling interest
—
—
Dividends.
Oil Co., Ltd.
Report,
The American Exchange National Bank, N. Y. City, is paying the dividend coupons from the Ordinary and Preference shares. The dividend is
[Vol. 113.
Co. .$2,, 01 ,2.1. and olh.r producing proijerties and intenwisi n
proncrfs already acqul^(^d or held und.r op>lon. make It desirable
to
comnany's producing areas and lnc^,me by the complete
vto'm^
,
Mergenthaler Linotype Co.
.
Ihc-se addltlon.s to
The
1.
—
—
has been sold to a group of Buffalo and Nov.- York bankers. The stock was
purchased from the Albright interests who are credited with controlling the
company for many years. The purchase is understood to have been made
for the account of General Electric Co.. the Aluminum Co. of America and
the Schoellkopf interests of Niagara Falls, the General Electric Co. taking
("Wall Street Journal").— V. 110, p. 1978.
the largest interest.
(Charles F.) Noble Oil
The company,
& Gas
Co.
— Contract—Output. —
reported, has closed a contract for the sale of 880,000
per gallon, f. o. b., Quay. Okla.;
gals, of absorption gasolene at 21
thus making 110 carloads to be delivered at the rate of 10 carloads per month
The casinghead gasolene plant at Quay at present
until contract is filled.
has a capacity of 5.000 gals, per day. which is one- tenth of the capacity of
the Burbburnett plant.— V. Ill, p. 2049.
it is
He
North Butte Mining Co.
—
1920 Dec. 1919.
750.840
485,686
V. Ill, p. 2331.
—
— Copper Production
—
(in Lbs.).
Increase.
1920 12 Mos. 1919.
2,266,073
265,154116,597.140
14,331,067
Decrease.
I
—
—
—Bonds. —
Northwestern Bell Telephone Co. — Merger—
Northern Sulphite
Mills of Can., Ltd.
See Imperial Paper Mills of Can., above
—-V.
108, p. 274.
Bo7ids Sold.
— The
bankers named below this week offered and sold at
963^ and int., yielding over 7.30%, S30,000.000 First Mtge.
20-year 7% bonds. Series "A."
(See advertising pages).
Bankers Making Offering. J. P. Morgan & Co., Kuhn, Loeb & Co..
—
Kidder. Peabody & Co., First National Bank, National City Co., Bankers
Trust Co., Guaranty Co. of New Y'ork, Harris, Forbes & Co.. Lee. Higgin.son & Co.
Dated Feb. 1 1921, due Feb. 1 1941. Interest payable F. & A. in N. ^
Denom. $1,000, $500 and SlOO c*&r*, $1,000, $5,000 and $10,000.
City.
Red. as a whole only, on any int. date upon 60 days' notice, at 107 J^ and int.
Data from Letter of President W. B. T. Belt. Jan. 7 1921.
Company. Is a recent successor of several important companies of the
Bell Telephone system, operating a comprehensive net-work of lines in
Iowa, Neb., Minn., South Dakota and North Dakota. [The companies
merged are evidently (a) Northwestern Telephone Exchange Co., operating
inN. Dak., S. Dak. and Minn.; outstanding capital, $16,150,000. (6) Iowa
Telephone Co.. operating in Iowa, outstanding capital $15,000,000; and (c)
.
—
THE CHRONICLE
Jan. 15 1921.]
Nebraska Telephone Co., operatiiiK in Nebraska. oiit.standiiiK <'apital
$11.000,000.
The .stnt-ral coniiiaiiies now iiu-liidixl in the i)rt\scnt
Kd.)
Northwi«U!rii company had bwn opcralini? sucfcssfully in ttit-ir rt'spcctivc
fields for many years, the oldnsl having btvun operations in IKSH.
As a
part of the general Hell Telephone .System, the Northwestern eompany has
the benefits afforded by connection with the system's companies operating
througlioiit the I'. S. and in Canada.
Although about half of company's stations are locattxl in cities having a
population of 50. 000 or over, including Davenport. Sioux City and lies
—
Aloine-s.
Iowa.
Omaha, Neb., and Minneapolis and
Minn.,
Diilutli,
tlie
territory servwl is piimarily an agricultural one.
The biLsiness has grown
steadily, as has been reflectKl in the number of stations in operation at the
close of the calendar years as follows: 1910. 210.000 statioiLS. igiT). :j:i7.00()
stations; 1920. 4(),'>.00() stations.
I'lirpose.
The property has bet>n developed largely rJirough the issuance
of stock, but in order to satisfy the greatly iner»>ased demand for telephone
facilities during the last few years, considerable sums have been advanc«l
by the American Telephone & Telegraph Co. for construction purposes.
It Is to repay advances and to provide funds for new construction that the
although, it is stated, the accumulate*! surplus ca^Ji potsition would juiitify
a (leclaratiiin of dividend in more nt^irmal time.>.
ijuarterl.v dividends of :.'5 cents j^t-r share were paid on the Common
stock in 1920, making a total for the year of $1 per share, as compared with
$11'.. paid in 1919.— V. 111. p. J136.
Pan-American Petroleum
The Columbia Trust
is i.ssuing
—
—
—
—
—
,
—
Northwestern
(Bell)
Telephone Exchange Co.
See Northwestern Uell Telephone Co. above.
— V. 108,
— Merger.
p. 274.
O-Cedar
Mills Co.~Bonds Offered.—
G. Souders & Co., Chicago, are offering the unsold portion of serial
Mtge. Bonds at prices to yield 8%. See "Bank & Quotation" Section
Jan. 8. p. 9, and compare V. 110, p. 2082; V. lU, p. 994, 2431.
W.
1st
Oppenheim, Collins
&
Co.
— Stock
Dividends by Five
Allied Corporations — Status — New Construction. — The
statement cited in part
"Five of the Oppenheim,
their Conmion stock, and out of this increase have paid
stock dividends as follows o holders of record on Dec. 31 1920:
Increase in Common Stock and Dividends Declared Payable in Common Stock.
Add. Common Auth.
Dividend Payable Therefrom
xAmt. Div.
$2,000,000 New York
350% on $500,000 Com stock
$1,750,000
1,000,000 Brooklyn
1250% on
60,000 Com stock
750.000
500,000 Buffalo
50,000 Com. stock
5007c on
250,000
250,000 Cleveland
50% on 225,000 Com. stock
11 2. .500
150,000 Philadelphia
60% on 150,000 Com. stock
90.000
increased
Common
Total
$3,900,000
(x Inserted by Ed
$2,952,500
)
Preferred Stock Outstanding Dec. 31 1920
New York
$2, 200,000 [Buffalo
Philadelphia (incl Pittsb'g) 1 ,245,000 Cleveland
{No Change).
$700,000
450.000
250,000
"This Preferred stock was issued at various times between 1911 and 1919
"The New York company on moving to 34th Street, purchased its real
estate in 34th St then assessed at about $1,000,000, but has increased its
holdings of real estate by various sub,sequent purchases in 34th St
and
35th St and by the erection of additional buildings, so that now the value
of its real estate exceeds $3,500,000, and includes the building and additions on 34 and 35th Street, and a garage on 32nd St
"The Brooklyn Company had an original exceedingly small capitalization
of $60,000
Common stock, which has remained unchanged since 1906,
although in the meantime, the company purchased the real estate occupied
by It
Brooklyn and erected its present building. The assessed valuation
of Its property is over $1,000,000 and the company is about to erect an
additional building, which will cost over $500,000
"The Buffalo company in 1919 purchased the property which it had
occupied under a lease since 1905, and its original capitalization of $50,000.
Common stock was not increased until the present increase
"The Philadelphia and Cleveland companies occupy leased premises,
and their increase of Common stock was not so large.
.'It is contemplated that the increase of capital stock not yet i.ssued will be
utimed for the purpose of paying stock dividends in the future, as additional
.
J
I
.
Brooklyn
,
m
resources are
accumulated"
Owl Drug
The
Co.,
— V.
112, p. 168.
San Francisco.
— Dividends— Bi/siness.—
regular semi-annual dividend of 4% on the Preferred stock was paid
Jan. 1 together with a quarterly dividend of 1 ?i
on the Common stock.
business for the year ended Dec. 31 1920 amounted to about
o,Y^'^.?l'^„2^
New stores have been opened in Los Angeles, Salt Lake
$10,000,000.
City and Chicago, and a new laboratory has been installed in San Francisco.
San Francisco Chronicle.") V. 109, p. 483.
(
%
—
—
—
Pacific Coast Co.
Common Dividend Omitted.The quarterly dividend of 1% due Feb, 1 on the outstanding $7,000,000
Conmion stock, par $100. will be omitted on that date. The regular
quarterly dividends of 1 ],i ^^ on the First I'ref and 1 % on the Second
Preferred stocks were declared payable Feb. 1
An official statement says: "In view of the business depression which in the
btate of Washington includes coal production and sales, no dividend was
declared on the Common stock."
V. ill, p. 1657, 1667.
.
—
Packard Motor Car Co.
The
on
— No Common Dividend.—
directors on Jan. 14 decided to defer action on the quarterly dividend
the Common stock because of existing general business conditions,
— Bonds. —
Pathe Freres
may now
— .Acquisitions, —
Phonograph Co. — Tendirs. —
etc.
V. 111. p. 2431.
-
The
Liberty National Hank of N. V.. as trust«<e will until Jan. 26 r«-eive
bids for the sale to it of 3-year H' sinking fund gold not<»s at not exceeding
V. 112. p. 168.
101 !- and int. to an amount NUfflcicnt U> absorb $_'00,000.
;
Penn Iron &
Steel Corp.
—
— Htcvivership. —
A despatch frMin I.ancasicr. I'a. states that a receiver has been appointed
for this conipanv. an Illinois coriioration with a plant at Lancaster.
Assets
are given i.s .$;<S5.000 and liabilities as $;i47,0(K).
A strike that lasted six
months together with deproj'iaiion in prices, are given as the causes for the
trouble.
Penn Seaboard
Steel Corp.
— New ('hainitnn,S:c. —
A. p. Sloan. Jr.. Vice I'rcsidenl of the General Motors Corp. and l*resident of the I'nited Motors ('orp. has be<>n electexl a director.
Pre.sident J. H. Warren, however denie.^ the reix)rl lliat General Motors
Corp. have acquired a substantial bUx-k of stock of the Penn-Seaboard Co.
Col. \V. P. Harba. former Vice-President of the Midvale Steel & Ordnance
has been elected Chairman, succeeding Koduey Thayer.
V. Ill, p. 2331 <
—
Penn Traffic Co. of Philadelphia. — Extra Dividend. —
An extra (li\ i<lcn<l of 1
li:is l)cin declared on the capital stock, together
with the regular semi-annual dividend of 3"', both payable Feb. 1 to holders of record Jan. 15.
A like amount has been paid extra with the regular
semi-annual dividend since Feb. 1918.
V. 111. p 300.
'
,
.
—
Peoples Gas Light
& Coke
Co., Chicago.
— Rates. —
denied the petition of the company
for an
thousand cubic feet of gas to $1.40.
The c'ompany asked for new rates on the basis of a valuation of $144 .000.000.
This figure was denied by the commission, the value being placed at $85.000. Ono.
The company has appealed to the Sangamon County Court
from the ConimiKsion's decision. See V. 111. p. 2145.
The
Illinois P. I'. Commi.ssion has
increase in rates from .SI. 15 a
—
Prairie Pipe Line Co.
Month of
Shipments
— V.
— Oil Shipments. —
Dec. 1920 Nor. 1920 Inc.
4,585.067 4.498,773 86,294
(bbls.)
Ill, p. 2145, 2049.
Precision Die Casting Co., Inc., Fayetteville, N. Y.
Hamilton Sanford, Syracuse, has been named receiver by order of Judge
Kay of V S. Court at Syracuse. This action was instituted, it is stated, to
conserve company's assets during period when collection of accounts due
from large automobile corporalions is at a very low ebb. Assets exclusive
Liabilities. $215,064.
of good will, are figured at $347,243.
.
—
—
Providence Gas Co. Stock For Customers.
The company is offeringits customers an opportunity to become stockholdCustomers
on the following terms:
ers
may
purchase for themselves or
members of their families, not more than 5 shares for any one person.
The slock is offered at exact cost to the company. $53 per share, payable in
cash when the application is accepted or in equal payments on Feb. 1 May
Interest at the rate of 6% per annum will be
2, Aug 1 and Oct. 1 1921
allowed on all partial payments. V. 110, p 975.
,
Rand
Mines, Ltd.
—
—
—
Output.
''American'''' Shares Ready
Co., 14 Wall St., N. Y. City, announce that "American" shares and Ordinary (English) shares are now interchangeable in the
ratio of two "American" shares for each five Ordinary .shares upon pajnnent
to the Bankers Trust Co. or its agent in London of the charges provided in
the deposit agreement.
1918.
1917.
Month of December—
1919.
1920.
641,245
722,419
Gold output (ozs.)
632,000
650.191
V. Ill, p. 2528.
Bemhard,
Scholle
&
—
—
"Week Marginal"
109— V. 111. p. 1571.
Coke & Chemical Co.
Replogle Steel Co.
See "Chronicle" Jan. 8
official
week further says in substance:
Collins & Co. corporations on Dec 31 1920
last
Co.
X. \. City, announces that
Paragon Refining Co.
Sec (iilljlanc Oil Co. abov.
.
—
& Transport
lir<iad«ay.
,su
—
these bonds.
*Nel Earnings {After Dt-precUilion and Taxes) Arailablr for Int. {Cal. Years).
1913
$2,241,151 1916
$3.22S,36S 1919
$4,299,463
1914
2,t>74,517 1917
3,330,415 1920 (Decem1915
2,940.415 191K..
ber e.st.) .. 3.73S.000
3,700.234
• Net earnings from the property now operated by the Northwestern Itell
Telephone Co.. including earnings from its investments and the rental received from the United States Government for the use of the company's
plant in 191S and 1919.
Rale Increase, itc— In Nebraska a lO^i increase in exchange service rates
has been allowed, effective Dec. 1 1920. and applications providing for a
substantial advance in rates are now pending in several States in which
company operates. The.se advances, if gi-anted. should retiult in a further
considerable increase in net earnings.
Company expects that the increased
rates will yield a net return of not less than $5,500.(100 per annum.
Valuation.
The apiiraised valu(> of the plant, the only valuation that
may be used in rate making is largely in excess of the book cost, whicli
amounts to over $73,000,000. During the last seven years, sunLs aggregating nearly $9,000,000 have been added to the depreciation reserves.
Company has surplus and reserves aggregating S14.500.000.
Security.
lionds will cover as a first lien (.subject to minor purchase
money debt which will be paid or provided for by July 1 1921 out of the
proceeds of this issue), the entire physical property constituting the telephone plant in Iowa. Minnesota. South Dakota and Nebraska. Company
also covenants not to create any mortgage or other lien upon its telephone
plant in North Dakota (in which State the investment is about $4,000,000)
unless such mortgage or lien shall specifically .secure these bonds in priority
to any other obligations.
Additional lionds.
Additional bonds of other scries may be issued for
additional property (including slocks and securities) acquired in connection
with the Telephone company's business, but not in excess of 75% of the
actual cash cost thereof, provided: (1) The bonds outstanding under this
mortgage shall not exceed the outstanding fully paid capital stock ani
surplus, and the bonds issued for slocks and securities shall not exceed in
amount 10% of the outstandihg bonds: and (2) the annual net earnings after
depreciation and taxes shall be not less than 1% times the annual int.
cliarge on the outstanding and proposed bonds.
Additional bonds issued may be in different series, with such interest
rates and maturity dates (not earlier than Feb. 1 1941 nor later than Feb. 1
2020), &c as directors may determiKe.
Sinkirtg Fund.
Company will pay into the sinking fund for this series
$300,000 p. ann. insemi-aimual installments on Aug. 1 and Feb. 1. beginning
Aug. 1 1921, to be applied to their purchase in the market at or below par
if so purchasable.
It bonds are not so purchasable, the moneys held for 6
months in the sinking fund in excess of $300,000 may be withdrawn by the
company for capital expenditures. Bonds purcha.sed by such sinking fund
will continue to draw int., which int. will be added to the sinking fund.
Capitalization.
Company now has outstanding capital stock of $42,150.000, equal to the aggregate of the formerly outstanding stock of the companies whose properties are now owned (.see above)
The amount of the
Qividends paid on such stocks since 1914 has averaged approximaetly 6%
Control.
The present outstanding capital stock is entirely owned by
American Telephone & Telegraph Co.
Co..
temporary 1st Lien lO-Yejir Marine Equip. 7'^ Conv. gold bonds
V. Ill, p. 2331.
be exchanged for bonds In definitive form.
—
company
2^5
St.
Louis
Stock Taken Over.
— Blast
Furnace
—
The "Iron Age"
of Jan. 6 contains a 7-page article on "Substantial construction, labor saving equipment, facilities for ore dust recovery and water
conservation" V. Ill, p. 301.
—
—
Regular Quarterly
Sears, Roebuck & Co., Chicago.
Scrip.
Dividend of 2%, Payable Feb. o in
The directors on Jan. 13 announced that the current quarterly dividend
6%
—
of $2 per share (2%) on the Common stock will be paid in scrip Feb. 5 to
shareholders of record Jan. 3. The scrip is due and payable on oi before
Cash dividends of 2% have
Aug. 15 1922. with interest at the late of 6'^;
been paid quar. on outstanding $105,000,000 Common stock, par $100.
Statement Issued in Connection with Div. Declaration.
After allowing for adequate depreciation, net profits for 1920 are about
$11,750,000. After payment of all dividends and expenses, surplus for
the year will be about $7,500,000. showing a net addition for the year to
previous surplus of about $4,000,000. In order to maintain cash resources
the directo.s decided it would be more conservative tj pay the February
•
dividend in scrip.
The company's stock of merchandise, although large, is safely adjusted
The obligations on open
is of a nature which makes it readily salable.
account are extremely small and outstanding contracts for goods to be deliverel are almost nil.
Tliis will permit substantial reduction in inventory
and. together wi.h accruing profits, will materially reduce the amoimt
owing for boi rowed money. V. 112, p. 67.
and
—
Selznick Corp.
— Notes
Offered.
—Utiea
(N. Y.) Invest-
and int. $2,000,000 10-year 8%
Coll. Trust Sinking Fund Gold Notes.
Dated Jan. 1 1921, due Jan. 1 1931. An adv. shows; Int. payable
J. & J. without deduction on account of any normal Federal income tax
ment Co.
is
offering at 100
upto2%. Denom.
$1.000,8500 and $100. Bankof America. N. Y.. trustee.
one of the largest producers and distributors of motion
pictures
U. S. Owns outright through stock ownership Selznick
Pictures Corp., Select Pictures Corp.. Republic Distributing Corp.. Select
Pictures Corp., Ltd., of Can., Selznick Studios. Inc., and CKY Film Corp
Earninqs. Net earnings based on the accountant's audit from Jan. 3
1920 to Oct. 3 1920. after deducting adeiiuate depreciation of cost of studio
equipment, negatives and positives, amounted to $1,155,319, wnich Is
more than 7 times Interest requirements of this issue and at least 4.'i times
such requirements after liberal provision for Federal and State taxes.
Collateral.
Notes will be secured equally and ratably by pledge of not
less than 51% of the cajpltal stock of Select Pictures Corp.. Selznick PlC;
tures Corp., Republic Distributing Corp.. Selznick Studios. Inc.. CKi
Film Corp. and Select Pictures Corp., Ltd.
—
m the
Company.
Is
—
,
—
— Rights
—
(Walden W.) Shaw Corp.
Company's Class B Stock.
sidiary
to
Subscribe
Sub-
to
will vote Jan. 28 on the fi-r.owing propositions:
Authorize the directors to vote all of the shares of the capital stock
Cab Manufacturing Co. that are ow ntxl by \\ alden W Shaw
Corp. in favor of increasing and changing the capital stock of the FellowCab Mfg. (^o. from S675.000 Common slock vpar SlOO) to SI .1 o.OOO.
The 6.750 shares of now outstanding Common sto<-k shall thereafter be
known and designated as Class 'A stocli. and 50.000 shares of the par
value of $10 each shall be authorized, designated and issued as Class"B
(2) Authorize the directors to waive any rights to subscribe for. purchase or
otherwise acquire any of Class "B stock, and to re<iuest the directors of
The stockholders
(1)
of the Yellow
.
,
"
.
"
—
THE
'^G6
—
W
nXOfU for
Iho Yirllow Cab Mfn. <"". lo olTcr tliii TillMHlO shiircK <.f CIiish
lit Iho ratr of SIO 'iu^li pir Nl)arii lo tin- HtcKkholdcrs of roconl of Waldi-n
W. Hhaw Corp. I''<-1). 10, in llic ratio of oiii- share of ChiKs "IJ" slock lo four
shariw of Waldcii W. Hhaw Corp. stock.
Tlu' Class "A" stock shall he cnililcd (o ciiiiuilallvc filvldcntlK at ralf of
7% por annum, payahic (lu.-irlcrl.v .)., I'tc, and has i)roforoiicc over <;ia.ss
"IJ" slock in di.s.soliillon or li(niidatl<m lo llic extent or par and divs.
Hcd.
all or |)art on any div. day at i)ar and div.
lias eciu!" volliiK jKJWor with
stock.
Class "IJ"
This corporation is the owner of all iexce])l directors' qualifylnK shares)
of the iiresoni .fliTrj.OOO cai))tal stock of ilie Yellow Cab Manufacliiring Co.
fa Maine corporation).
The business of the 'S'ellow Cab Mfg. <"<>. (the
manufacture of taxlc:;bs) has ni'cally liurej se<l ami ll has l)e<Mi deemed by
its directors desirable to procure additional working cajjital through the
issuance of the above ('lass "li" stock.
Tht^ stockholders of record I'eb. 10
of the Shaw Coriiorntion nns (jivcn tlx- rlKhl lo subscribe on or before
i.?10)
in the proiiortlon above stated.
Man-h 1!) to this CliUiS "IJ" sloc-k at par
SubscriiJtions arc; payable at the off ice of Flr.st Tni.st & Savings IJank, Chic.
President John Hertz, Dec. '.'2 lO'JO, says: "Thi; busint.ss of the S'ellow
Cab Co. and the Yellow <"ab MfK. Co. for the Inst (i months has been the
be-st in the liistory of your corporation, and the Manufacturing C^o. has no
inventory to write off."
V. Ill, p. 2010.
sale
—
Sheffield
Farms
Business. —
Co., Inc., N. Y.
Lolon Horlon, Doc
29, wrote in substanoc:
Extensive alterations and iniprovcmenls have been made in many of our
During the year we have been' able to complete our new
city plants.
Brooklyn station and we believe this to be absolutely the last word in milk
handling and pasteurizing equipment. The United Dairies <'o. which
bandies 80% of London's milk supply has .selected this plant as their model.
and our chief dairy engineer is now in London supervising the installation
of this duplicate of our Brooklyn plant.
The year has seen an increase in milk prices to a point higher than NewYork has ever known. We are glad the peak has been passed, and that the
Notwithstanding the
return to normal conditions has definitely set in.
price increases, the demand for Sheffield Service has been greater than our
ability to provide equipment, therefore our increase of business alone
represents a volume larger than the entire disti'ibution of any other milk
concern in New Y'ork excepting two.
To those who are interested in certified milk we want to announce the
addition to our Certified Milk suppl.v of two new farms owned and operated
by ourselves, (a) at Pawling. N. Y .. on the Harlem Division with accommodation for 250 cows; (b) the other at Pompton Plains. N. .1., where we will
eventually have 400 cows. The latter farm, only 22 miles away will permit
working out some ideas we have for milk production near the city. There
Motor trucks will be operated over the
will be no railroad to reckon with.
There will be no change in transport between Farm and City.
entire route.
The Sheefield Stores have grown to an institution of over 200 stations
where milk can be bought in your own container without the charges for
This combination of store and wagon service has
bottling and delivery.
made New York's average milk bill lower per quart than any other city in
the East.
A few years ago we had but 60 stores doing a business of about .11 ,000 .000
a year. Now there are over 200 and doing nearly 810,000,000 a year.
lA press report says that the distributors getting their milk from the
Dairymen's League will continue to charge in .Jan. I'T cts a quart for Grade
B and 20 cts. for Grade A milk unless the drivers get their advance of SIO
a week In wages in which case milk will go up 2 cts. a quart to the consumer. Ed.) V. Ill, p. 79.
I'rcsidont
,
—
—
—
Production.
Sinclair Consolidated Oil Corp.
The company produced 14,711,148 gals, of casinghead gasolene during
The production in Dec.
1920, compared with 10.643.669 gals, in 1919.
largest on record, averaging 52,700 gals, daily,
V. Ill, p. 2332.
or an increase over Dec. 1919 of more than 72%
was reported to be the
.
—
Singer Manfucaturing Co. — Cuts Productioii and Wages.
—The
Company
has issued the following statement:
"Orders we have been receiving do not warrant this factory working one
day a week. Our stock of machines is already more than we should carry
and wa.-5 built at the highest cost. The company has decided to reduce
It is \villing to put some
selling prices at once in hope of .stimulating sales.
more machines in stock in order to help its employees, but at lower ccst
been
prepared
for
building
sewing
has
machines,
which will give
schedule
A
work for a little more than 25 hours a week. Therefore, commencing Jan.
17. this (Bridgeport) factory will run Mondays. Tuesdays and Wednesdays,
Extra pay for overtime will be discon9 hours a day, or 27 hours a week
Hourly rates will be reduced one-sixth, or 16 2-3% and piecework
tinued.
eaiTilngs reduced the same amount by discontmuing adding percentages to
piecework earnings allowed, due to war conditions." V. Ill, p. 2529.
,
—
Southern California Edison Co.
—
.
— Power Pmaraw ,&c. —
applied to the California RR. Comm. for authority to
is.sue $10,000,000 in bonds and 100,000 Common stock, par ,$100, to provide
funds with which to finance hydro-electric power development on the San
Joquin and Kern Rivers and to make additions to its transmission and distribution systems.
In connection with the stock application the company
declared that the cost of its operative properties as of Oct. 31 last is .S102,-
[Vol. 112.
stock, and ii,n Worth Power & Light Co. h;i« oulHtandlng in hands of
public .$.•{.490,000 Lsi Mtgo. i','/, Ixinds. due Aug. 1 1931. $1,470,300 7%
Cum. Pref. stock and 81«1,700 Common Htock.
Siciirilii.
Secured by .^1 .2.Of). 000 Isl Lien 30-Voar 5% gold bonds due
June! 1943 and SI. 2.00.000 Ooii. Lien bomlH due Jan. 1 1941 'with the right
of the company lo deposit cash In whole or in part. In llci of Isl Lien
—
30-Year
bonds).
5',';,
/'iir/w.vc—-Proceeds will provide funds for exIenslonH and Improvc-menUi
to properties of the subHJdiary companies and for other corporate purpoiMat.
Earnings 12 Mimths ended
.394,923.
It is reported that the Federal
Power Commission at Washingion, D C
has accepted tne company's oreliminar/ permit to develop 2,500.000 r p
The company, it is stated,
of electric energy from the Colorado River.
plans to make the electric energy available in California, Utah, Arizona,
Nevada, and Colorado.
President John B Miller is quoted as saying "The stoiage basin will be
more than 200 miles in length impounding more than 40,000,000 acre-fee^
Tae total possible hydro-electric development of the Colorado
of water.
River is more than 4.000.000 horsepower, which is equal to one-half the
total hydro-electric power now generated in the entire United States.
V. Ill, p. 1190.
.
balance
$523. .503 $1.102.8.53 $l.fl2«.41«
X Properties of companl(!s all of whose securities are owned and pledged
under First Lien bonds, .v Properties controllofl through stock ownership
and having hour's anfl stock in hands of i.iibllc.
Net earnings for the 12 months ended Nov. 30 192i) of the companies,
all of whose outstanding s<>curilies are ijl'-dgcfl under the Ist Lien Mtge..
were $973,413. as compared with annual int. chargeti on the 1st Lien bonds
and Bond Secured notes aggregating $449,850. Total earnings find, those
of the controlled companies) apiilicable lo these inlcres* charges. $2,076,266.
Manngemfnt
Operation under direction of the Electric Bond & .Share Co.
Compare
—
"A" notes in V. Ill, p. 699.
Spartan Mills, Spartanburg, S. C. Crijdtnl Irccrensed.
The stcckholders voted Dec. 15 to increase the authorized capital stock
rom $1 .000,000 (all outstanding) to .$3,000,000. par $100. Of the additional
stock only $1 .000,000 is being i.s.sued, "which is pro-rated among the pi esent
offering of §2,000.000
— Incorporated. —
Incorporated Dec. 16 1920, in Maine with an authorized capital of
$1^600,000 common stock and $2,500,000 Preferred, par $100.
Directors: Ernest L. McLean, S L Fogg, Frank E Southard,
Leavitt, L. E. Haskril.
The Corporation Trust Co is the company's Maine representative
&
Southwestern Power
Bonbright
&
Light Co.
Co., and Halsey. Stuart
offering at 97
and
int.,
&
to jdeld about
EM
Offered. —
— Notes
Co.
New
York, are
8.30%, by adver-
tisement on another page, $1,250,000 20-year
Secured gold notes, Series "B."
8%
Bond
Dated Jan. 1 1921, due Jan. 1 1941. Int. payable J. & J. in New York,
without deduction for Federal income taxes now or hereafter deductible
Tax refimd in Penn. Bank of America,
at the source not in excess of 2 %
N. Y., trustee. Denom. $1,000, $500 and $100 (c*). Red. all or part on
60 days' notice, on any int. date, at 105 up to and incl. Jan. 1 1926; thereafter at J4 % less each two years up to and incl. Jan. 1 1940; and on July 1
1940 at 101Data from Letter of Pres. F. Q. Sykes, New York, Jan. 10.
Company. Owns or controls a number of operating companies, furnishing
a diversified public utility service in 122 communities, including many
important cities such as Fort Worth, Waco, Wichita Falls, El Paso and
Galveston, situated in the richest and most rapidly growing sections of
Texas. Total population served estimated in excess of 700,000.
Authorized.
Outst'g.
Capilalization after This Financing
1 $5,000,000(81,250,000
20-Year 8%, Series "B" (this issue)
2.000.000
.5-Year8% notes, Ser."A,"duel925(V.lll,p.699).I
1
x
y3,797,000
1st Lien 30- Y'ear 5% gold bonds, due June 11943
12,000,000 4,387,000
Preferred stock, 7% cumulative
H";;,
stockholders, and none of which
is
Series
—
20,000,000 15,125,000
Common stock
X Authorized issue limited by restrictionsref trust deed, y Not including
$3,250,000 pledged to secure Bond Secu.d notes.
Note.
(o) Company has issued $2,000,000 Gen. Lien bonds, due Aug. 1
1925, which are pledged to secure the $2,000,000 5- Year 8% Bond Secured
issue $1 ,250,000 Gen. Lien bonds due Jan. 1
gold notes. Series "A." and
1941. which will be pledged as security for Series "B" notes.
(6) Texas Power & Light Co. has outstanding In hands of public $10,205.000 1st Mtge. 5% bonds, due June 1 1937. and $4,000,000 7%Cum.Pref.
—
wU
—
—
—
To Vote on Sale.
stockholders were to vote Jan. 10 (a) on accepting valuation of
$37,000,000 placed upon the company's property by the California RR.
Commission desired by the city of San Francisco; and (6) on selling the
company's distributing sy.stcm and certain of its property to the city of
San Francisco. V. lU, p. 2332.
The
—
Standard Sanitarv Manufacturing Co.
— Capital Inc. —
The
stockholder.^ voted Jan. 13 to increa.se the common stock from $12.000.000 to $20,000,000 and to offer 5.000 shares of common .stock and
1 .000 shares of preferred to employees for subscription at $125 a share for
common stock and $110 for the preferred.
The company has an authorized issue of $8,000,000
non-cumulative
pref. stock, of which about .$1,480,000 is outstanding.
V. 112, p. 68.
7%
—
& Tube
—
Co. of America. Bonds Offered. Dillon.
Wm. A. Read & Co.) this week offered
and sold at 95'<( and int., to yield about 7.40%, $10,000,000
Gen. Mtge. Sinlring Fund 7% gold bonds, Series C. (See
Steel
Read & Co. (formerly
advertising pages.)
Dated Jan. 1 1921. Due Jan. 1 1951. Int. payable J. & J. in New York
and Chicago. Denom. $1 ,000 and $.500 (C*). Red. all or part on any int.
date at 107M and int. Co. agrees to pay the Federal normal income tax
deductible at the source up to 4%. and to refund. 4-mill tax to holders
resident in Penn.
Continental & Commercial Trust & Sa\-ings Bank.
Chicago, and Wm. P. Kopf. Trustees. Annual sinking fund will retire
all Series C Bonds by maturity.
Auth. 850,000,000 outstd, $16,000,000.
Data from Letter of Pres. A. A. Schlesinger, Chiceso, Jan. 10
—
Company. Is one of the three largest manufacturers in the United States
of steel pipe and other tubular steel products.
Properties and their operation include every requirement and process from raw materials to finished
products, including iron ore. coal, zinc and limestone, and manufacture of
coke, pig iron and finished steel products.
Security.
Secured by direct mortgage lien upon the entire physical property now owned or hereafter acquired (including stocks of subsidiaries
owned, and also including lea.ses of iron ore properties in so far as a mortgage of the company's interest in such leases may be lawfully made and
enforced without violating the terms and conditions of such leases)
subject
only to $7,674,000 underlying obligations together with $1,299,812 mortgages assumed on recently acquired properties, and 3605.000 equipment
—
—
trust certificates.
Earnings Calendar Years.
1020:
1917.
1918.
1919.
Profits before int. Fed.
eral taxes & deDrec__. $12,460,180
$9,103,383
$5,969,912 $10,510,054
Annual
int. on present
underlying bonds. &c.
amountsto
584,849
584,849
584.849
584,849
Sll.875.331 $5,385,063 $9,925,205 $8,518,534
int. on $16,000.000 Gen. M. bonds. _. $1,060,000
For the calendar year 1920 profits were 7 'A times the present aggregate
Annual
interest indicated.
Consolidated Balance Sheet. A'or. 30 1920. after giving effect to this issue.
Assets
Liabilitirs
Proi erty account
$17,500,000
$75,723,624 Preferred stock
lnvestm.& sink, fund
1.176.325 Common stk.(972.628,'4
Miscellaneous assets
1 .945.256
shares. S2 par value) . _
259.789
Inventories
38.299.662
21 .873.405 Capital surplus
Accounts receivable
12,921.0.54 Fund. dt.. incl. this issue 23,674,000
Cash
acrecenily
5.229,893 Mtgas.on
Securities
1,299.812
129,107!
quired properties
—
—
2.753.709 Equipment tr. certfs
Minority stockholders
Current liabilities
605.000
393.148
12,576.224
Res f'lr rieprec. & dep 11.436.955
383,450
Miscellaneous reserves..
Total (e.ach side)
11,950,399
$120,066,9061 Profit & loss surplus
Purpose.
Proceeds from the sale of Series C bonds will be utilized in
redemption of 85.000,000 S-Y'ear notes due July 1 1921, and to reunburse
company for expenditures made.
E?!n(,v.— Followed by SI 7. 500. 000 7% Preferred stock and 972.628
shares of Common stock, representing an equity of approximately $67,000.Compare V. 109. p. ISO.
000.
[Chairman Ferdinand Schlesinger died at Las Vegas, N. Mex., Jan. 3.]
V. 111. p. 2529.
Deferred chsrges
I
int.
—
—
.
—
—
offered for sale."— V. 111. p. 1957.
Spring Valley Water Co.
,
'
Nf/v. .30.
rofal 1920.
xl920.
vl9i0.
c;ross earnings
$l.r,93.948 $2,931,431 *6.300.7(13 S9.2:J2.191
Net. after oper.exp.& taxes. $.-.17.3.00
8973.413 $2,389,797 83.363.210
Int. & div. on bondsand slock
ofsub.cos.lnhandsofiublic
1,286,944
1286.944
Annual Int on .«3. 797 .000 Isl
Lien 30-Year ,',"/, bonds and
$3. 2.00.000 Hr'c Pond !<cure<l gold notes
-.
449.8.0O
449.8.00
xl919.
The company has
Southern Ohio Po-wer Co.
—
CIlltOXlCLK
Steinway
&
Sons,
New
York.
— To Increase Capital. —
The
stockholders will vote Feb. 15 on increasing the capital stock from
$2,000,000 to $4,000,000. Company manufactures pianos. Principal
plant at Astoria, L. I. Citj'.
(John
B.) Stetson Co.
New
Secretary.
—
AViiiiam H. Schneider has been elected Secretary to succeed the late
H. E. Depuy.— V. 110, p. 2663.
Stevens-Duryea, Inc.—rPre/.
biske
000
&
7%
Stock Offering.
— H. W. Du-
Co., Chicago, &c., are offering an additional .S2.000,Cum. Pref. (a. & d.) stock, par $100. Bankers state:
Capital before this Financing (No Bds. or Mtges.)
Preferred stock (par $100)
Common stock (no par value) (Class A
Authorized.
Outstand'g.
$5,000,000 $3,001,900
30.000 shs. 30.000 shs.
"(Class B
7C.000shs. 66,337 shs.
Purpose.
Proceeds will be used to liquidate current debt and to fiu-nish
additional working capital, c&c. Compare V. 110, p. 1297.
—
Superior
The
directors
payable Feb. 15
of $1 per share
&
—
—
Boston Copper Co. Assessment No. 10.
have called an assessment (No. 10) of 50 cents per share,
by holders of record Jan. 25. In August last an assessment
was made.
THE CHRONICLE
Jax. 15 1921.]
An official statement, says: "This action is made necessary l)y tlie decrease in the market value of ore shipments owinK to the sharp drop in the
price of coiJper at a time wlien it is highly desirable to continue a steady
and well defined although moderate development program. It Is the
desire of the directors Ki take advantaKe of decreasing development costs
in oxplorinK for larf^er and more permanently iirofitable ore bodies than
any thus far encouniercd. A lar^e assessment is not necessary, as we shall
probably have for some time a substantial revemio from tno silver Hn<l
copper ores of the Foolwall vein." V. Ill, p. 1280.
—
Texas Gulf Sulphur
Co. — Sulphur
—
Statistics.
l'n\on Sulphur ("o. below,
AVhen this compiuiy decided to develop Its new sulplnn- projierty at
MataKorda. Tex., a contract was awarded to the J. ('. White KuKineerint;
Corporation for the erection of the entire industrial unit embracin.i? three
main buildings, comiJrisiiiK warehouse, macliine shop atid power plant
complete, with two brick slacks each 200 feel in heij,fhl. 10. 000 h.p. boilers
and oil-fired furnaces; steam turbo-Kcneralors and four steam-driven air
compressors; also, i)ne miltt from the |)lant, a townsite with a K'"oup of unusually attractive and thoroughly up-to-date homes erected for the housing
The engineers recently issued a pictorial circular regardiug
of woikn)en.
this development ._V. 10<,), p. 2272.
.See
Timken-Detroit Axle Co., Mich.- -Piridouly.
dividend of 2'; has been declared on tlie Common stock, payable
Jan. 16 to holders of retiord Jan. 10.
The directors also ha\e dt^clarcd a 7% cash dividend on the Preferred
stock, payable in tpiarterly installments of H % each on March 1. June 1,
Sept. and Dec-.
to holders of record ten days prior to the date of payment.
- V. Ill, p. 12S(i.
Transcontinental Oil Co. New Subsidiary, &c.
A
1
—
See Mid-Colombia Oil
Union
iS:
l)i
—
Dividends. —
vclopment Co. above.
Oil Co. of California.
— Usu(d
— V.
112, p. 169.
The
regular (piarlerly dividend of S2 per share (2''; ) touelher with an
extra diviiiend of SI iier share (1) has been declared on the capital slock,
payable Jan. 22 lo holders of record Jan. 12. Like amount was paid extra,
Kesular quart(^rly
Oct. last, in addition to a quarterly dividend of 2''/,^
dividends of SI FA) per share (l\i%) have been paid from Jan. lOKi to
July 1920. Extras of .SI per share have also been paid <iuarterlv since
April 1917— Ed.]— V. Ill, p. 1.'573, 1480. 996, 390, 196: V. 110, p. 2.'>74
208;!, loSi. 1195.
I
m
—
—
Union
Statistician.
Oil Co. (of Dela.).
known In the oil Industry for nearly half a century
as "statistician, oil scout, publisher, editor and geologist," has been appointed in charge of the Union's statistical department and Statistical Editor
of the "Union Oil News." a new publication designed primarily to furnish
the company's stockholders with facts concerning Its business and methods.
To accept the appointment, Mr. Taylor resigned his post as Statistician
andOllEdltorof the "Oil City Derrick" of Oil City, Pa. V. lll.p, 2333.
Frank
liawd Feb. 1 1921, due Feb. 1 1923. Deuom. $1,000. Int. payable
F. &. A. at officii of liankers Trust Co., N. V., trasme.
Htnl. on 30 days"
notice, all or in amounts not lo.ss tlian $2,'>0,000 on .\UK. 1 1921 and Feb. 1
1922 at 102 and int. and on Aug. 1 1922 at 101 and int. (^omjwny agreeti
to pay normal Federal income lax not to exce<id 2'! p. a., and also to i>ay
InttTest, fi-o«i of present Penna. Stat<- tax.
Company covenants that wliile
notes are outstanding it will not pledge or dls|K>.se of any of it.s capital as-sets
except to retire notes of this issue or to acqiiire other trapital assets.
i'upitalizatidii ullcr this Fimiitciny
Atitluirized.
Issued.
H'v Two- Year Gold notes (this issue)
87,.')OO.Of)0
$7,.'>00 000
7<; Cumulative Preferred stock (par $50)
15,000.000
ti.KlS^OOO
—
(\)nnnon su>ck (i)ar $50)
61,072,^00 61,029,h00
Data from Letter of Samuel T. Bodine, President of the Company.
Operates and manages electric light and
I'liinpntiii.- -Orgaidzed in 1882.
|>o\ver and gas properties, and has large interests in sex;urilles of electric
light and power, gas and other utility companies.
Engages through a
controlled subsidiary company in con.struction and general engino<;rlag
elei-lric, hydro-electric and gas i)roj)erties.
Ax^tls.
.Net a.ssets (exd. proceeds of this Issue) were valued by cxjmnany ,as of Dec. 31 1920, at more than $95,000,000, which is more than
for
each $1 .000 par value of notes.
S12,500
I'urpusf of y.soi/c— Proceeds will be appUud to the payment of a like
amount of notes maturing Feb. 1 1921.
Karnitiys.- -i<vl income for thti past 10 years has averaged more than
$5, 2.10, 000 I), a., and in no year during thiit period has tho net income
applicable lo payment of the $600,000 interest on this issue of notes been
less than 4'j limes that amount.
V. Ill, p. 2333.
work of
—
United Retail Stores Corp.
1
1
II.
Taylor, well
—
Union Sulphur Co.
— Assessment Affirmed. —
Judge W. (i. Jack of the U. S. Court at Lake Charles, La., on Dec. 14
decided the tax case of tho company in favor of the tax collector of Calasieu Parish and the Stale Board of Affairs.
Judge Jack held that the
parLsh as.ses.sment of between .530.000,000 and 831,000,000 was correct.
He held that at the time the assessment was made the records showed that
the mine had produced diu'iiig the past 11 years 5.000,000 tons of sulphur
Judge Mack in his ruling said;
at a profit of more than Soo.OOO.OOO.
"With over 4.500,000 tons of sulphur still in the groimd, the valuation
placed by the mine owners at .$4,000,000 places further promise in glaring disproportion to past performance.
Furtliermore thai valuation does not
square with plaintiff's action in claiming and receiving in sclllcmcnl of its
income tax with the Federal Government, a depletion allowance of %2 80
for each ton of sulphur taken from the mine.
At this rate the .sulphur mine
would be worth $11,000,000, which with the value of the machinery would
aggregate a figure in excess of 812.000,000, as against S4, 000, 000 now urged
as a fair assessment for the property."
("Oil Trade Journal.")
The "Engineering & Mining Journal" of Dec. 2.5 (p. 1242) said:
The three principal operating sulphur companies in the United States
are the Union Sulphur Co., the Freeport Sulphur Co. and the Texas Gulf
Sulphur Co.. the last named being organized during the war, but did not
begin to produce until after the armistice was signed. Sulphur is founu in
in the Gulf section about 1,000 feet below the siu-face, impregnated in
limestone, and is recovered by the Frasch concentric pipes, through which
superheated water is forced, melting the sulphui', after which it is raised to
the surface by air pressure, deposited in a bin, and readily solidifies after
exposure to the atmosphere.
The pre-war consumption of .sulphur in the United States amounted to
about 3.50,000 tons, but in 1918, at the time the armistice was signed, the
United States was using at the rate of 1,350,000 tons per annum and even
now the consumption is still much larger than before the war, owing to the
fact that the fertilizer companies are utilizing this mineral instead of
pyrites in making sulphuric acid.
Tho United States must also supply the deficit abroad, as Sicily is turning
out only about half the quantity mined in pre-war days. The lack of labor
in Sicily has reduced the output, and the cost of production has increased,
owing to higher wages; in fact, the price at Sicilian mines is much higher
than present quotations here. The Japanese output, during the first half
of 1920, was estimated at 21,000 tons, most of which was used locally.
Prior to the war, the price was S20 per long ton at the mines and $22 at
Eastern seaboard, say New York, Philadelphia and Baltimore; whereas
present quotations are $16 at the mines and $20 to $22 at seaboard. When
the current value of the dollar is considered, sulphur to-day is selling at
practically half of its pre-war price.
23 Uses of Sulphur & Sulphuric Acid.
(1) Manufacture of sulphuric acid:
(2) sulphurous acid; (3) chemical reduction of wood in the pulp mills; (4)
warfare gases, gunpowder and other explosives: (5) fuses and matches: (6)
as a fumi^ant, fungicide and germicide; (7) fertilizers; (8) bleaching; (9)
nibber manufacture; (10) drugs; (11) various colors: (12) vulcanized oil:
(13) used by malt companies: (14) preservative for beef; (15) evaporating
apples; (16) used by glue and photOgraphic-film companies: (17) in certain
proces.ses of smel»^ing and precipitation; (18) bedding heavy machinery;
(19) in storage batteries: (20) carbon disulphide; (21) sulphur chloride; (22)
carbon tetrachloride: (23) other chemicals.
V. Ill, p. 2333.'
,
—
—
United Cigar Stores Co. — Sales. —
See United Retail Stores Corp. below. — V. 112,
United
Cigar
Stores,
p. 169.
Toronto.
Ltd.,
— Unqualified
—
Has Sold Any of Its Properties.
was recently reported that stores of this company had been pm-chased
in the joint interest of two companies doing business in the United States.
President W. B Reid, under date of Jan 11. writes:
"We herewith make
an unqualified denial to any statements or inferences to the effect that the
United Cigar Stores, Ltd., of Canada, has sold, traded or otherwise disposed of any of its assets or stores to any one or any company or corporation
m the world of a similar name or to any company operating retailcigar
stores."
[The comijany is now operating over 170 stores in Canada. Ed.
Denial that the Co.
It
—V. 109, p. 1280.
United Drug Co.
—
— New
Treasurer.
—
W.
C. Watt, formerly Vice-President of the Louis IC. Liggett Co., has
been elected Treasurer, succeeding James C. McCormick. V. Ill, p. 2432.
—
— New
—
Gen. Mgr. and
—
Co. — Listing— Earnings. —
United Dye'wood Corp.
Officer.
Blagden, formerly President of the Air Reduction Co.. has
been elected Vice-President,
a du-ector. V. 110, p. 568.
Augustus
S.
United Fruit
listing on or after Jan. 15 1921
of $49,683 ,500 additional capital stock (authorized $150,000,000), par .$100.
on official notice of issuance as a distribution of stock, making the total
amount apphed for SIOO.000,000.
For consolidated income account for 11 mouths ended Nov. 30 1920 and
balance sheet as of that date, see under reports above.
V. Ill, p. 2529.
—
—
—
— President
Whelan Optimist
on Tobacco Jndiistry This Year Looks for Record Earnings for
Current 12 Months.
President Cleorge J. Whelan says:
I am an ojitiniist on tho tobacco industry for this year.
The tobacco
—
trade
is netudiar in that it thrives on business depression and unemployre<iuires very little readjustment.
When a man works 8 hours in
a factory or place of business he cannot smoke, but if he is out of work he
can smoke 24 hours. The whole history of the tobacco business shows that
in bad timas, even in those of greatest depression, the cigarette business
constantly grows.
The cigarette end of the tobacco industry shoidd show a tremendous increa.s(? should hard times come.
On the basis of the present population in
the United Stales the consumption of cigarettes this year should approximate 112 billions.
Even if business does show curtailment, the total turnover of the United
Cigar Stores, which did a business last year of about $80,000,000,
should grow to a ]) proximately $9(i.()()0.000. If there is not a deijression in
bu.sinass. the United Cigar Stores earnings should grow to about $104,000.000 the current year.
Expansion of our stores would proceed on a greater scale were it not for
the high rents now being demanded.
Should there be a readjustment
in rents the United Cigar Stores should open up a thousand more small
stores.
Rents are higher than they should be.
The tobacco companies have not raised prices within the last year, but
they cannot reduce, owing to the steady increase in taxes, which more than
offset whatever decline may occtn' in the cost of raw material and labor.
The cost of leaf has declined, but owing to the nature of the tobacco business,
the companies can only obtain one-third of the benefit of the reduced cost
of raw material because of the large crops which have to be carried and the
fact that the new crop caimot be used for more than a year.
Experience in the tobacco busir.ess has shown that the consumer does not
reap any benefit from a reduction in prices of cigarettes from 20 to 18 cents
a package, as the decrease in wholesale price is absorbed by the retailer, who
continues to charge the old price of 20 cents a package. The business has
proved that the only lime the consumer receives the benefit of a reduction is
when the price is reduced in units of 5 cents, say from 20 to 15 cents for a
package of cigarettes or from 15 lo 10 cents, &c.
One of the chief aims of the tobacco manufacturers this year will be toward
enlarging their export sales and their efforts will probably be accompanied
with success. If general business contracts in the United Slates ever>- one
will be making an effort to finance foreign trade, which is now in a difficult
way because of the huge discount at which foreign exchange is Quoted.
V. 111. D. 2333.
ment and
—
United States Glass Co,
The usual
— No Extra Dividend. —
%
dividend of 1
has been declared on the outstandin g
$3,200,000 capital slock, par $100, payable Jan. 25 to holders of record
Jan. 15. Dividend record:
•04. '05. '06. '07. 'OS-'Og. '10. '11. •12-'16. '17. '18-'19. '20. Jan. '21.
Reg'r—2%
Extra. _—
V. Ill,
(juart erly
4% 2% 4%
..
..
p. 1480.
l%p.a.
..
4% 2% None. 2%
.......
&
—
—$29,184
.$570,557 $1,703,205
4%p.a.
_
4% 1%
\y,
U. S. Realty
Improvement Co. Earnings to Dec. 31
Net Income after Expenses and Bond Interest (Before Deducting Taxes).
1920— Dec. 1919.
1920 8 Mas.
Increase.]
1919.
Increase.
$599,741
—
V. Ill,
—
—
$470,269
p. 2433.
$1,232,936
—
United States Rubber Co.—Tenders Usual Dividends.
The Central Union Trust Co., 80 Broadway, N. Y., will, until 11 o'clock
a.m. Jan. 28, receive bids for the sale to it of First & Refunding Mtge. gold
bonds due Jan. 1 1947, Series "A" and "B," at not exceeding 105 and int.
and 110 and int., respectively, to amounts sufficient to absorb $690,391 and
$250,000.
"The directors have declared from net profits a quarterly dividend of 2%
on the First Pref. stock and a quarterly dividend of 2% on the Common
stock, payable Jan. 31 to holders of record Jan. 15.
V. 112, p. 169, 68.
—
—
United States Steel Corporation. Record of Welfare
Work. The company's Bureau of Safety, Sanitation and
Welfare, 71 Broadway, N. Y., has issued a pamphlet of 95
—
pages, with nearly 600 pictures, descriptive of the welfare
This pamphlet (Bulletin No. 8)
plants.
summarizes the activities in part as follows:
work at the various
Total of $81,162,943
Welfare
Sanitation
Expended for Employees' Benefit as Below from Jan. 1
1912 to Sept. 30 1920.
$14,011,487 Stock subscription plan.. $11, 246. 859
14,724,964 Permanent pension fund.
8,000,000
Payments in excess of
7,538,241
men, &c, 23,662,027
income from said fund 1,978,765
pensions
The
have aggregated $5,408,597 and additional benefit payments and administration cost, $321,364, not included in total.
The facilities provided for the use of employees included on Sept. 30 1920;
20 churches, 50 schools, 19 clubs, 73 restaurants and limch rooms, 260 rest
and waiting rooms, 138 playgrovmds, 11 swimming pools, 3,016 showers,
103 athletic fields, 105 tennis counts 20 baud stands, 28,260 dwellings and
boarding hou.ses constructed and leased to employees at low rental rates.
Al.so 25 base hospitals, 297 emergency stations. 62 first-aid and rescue
stations, 258 company surgeons, physicians and internes, 101 outside
sm-geons (on a salary), 217 nur.ses (including nurses in training), 75 visiting
nurses, 215 teachers and instructors, 30 sanitary inspectors, 117 safety
Accident prevention
Relief for injiu-ed
time on work,
— Unfilled
Orders. — See
nsijectors, .spending eutu-e
etc.
imder "Current
Events" and "Trade and Traffic Movements" above.
Foreign Holdings
V. 112, p. 109.
The N. Y. Stock Exch. has authorized the
—
267
Utah-Idaho Sugar Co.
— Decision. —
Bv
decision of the Third District Cout, Salt Lake City, "intangible
assets" amounting to $10,000,000 levied against company by County
First of these "intangible" assessAssessor, will be wiped off the books.
ments were levied in 1918, calling for tax pa>Tnent of $198,000: and unpaid
levies .since aggregate $728,000.
By tho decision of Judge Browii, all
these liabilities have been canceled. C^ase will be carried up to the Supremo Court of the State. County .\ssessor takes stand sugar company
has assets valued at $20,000,000 and was as.sessed only $9,000,000 on
tangible assets.
("Wall Street Joiu-nal"). V. Ill, p 2433.
United Gas Improvement Co. Notes Sold. Drexel &
Co., Phila., and Harris, Forbes & Co., N. Y., announce
the sale at 99.4.5 and int., to yield about 8.30So. by advertisement on another page of $7,.500,000 8% 2- Year Coupon Gold notes.
SLFor Other Investment News,
—
see page 271.
—
THE
268
tfioxls
.
.
chrontci.p:
and
[Vol. 112.
^ocxxmitnts.
CENTRAL AGUIRRE SUGAR COMPANY
ANNUAL REPORT TO THE STOCKHOLDERS FOR
TO THE STOCKHOLDERS
CENTRAL AGUIRRE SUGAR COMPANY.
Aguirre, Porto Rico, Dec. 20 1920.
The Directors submit the Twenty-first Annual Report of
the Central Aguirre; for the fi.scal year ending July 31 1920.
The crop harvested
for the season 1919-20 was the largest
amounting to .51,011 tons.
in the history of the enterprise,
We were fortunate in being able to
ship our sugar almost as
result that when the
severe shrinkage in values took place, our crop had already
fast as
it
Extensive improvements have been made in both the
Aguirre and Machete factories, for the purpose of increasing
the recovery of sugar and reducing the cost of manufacture,
and the management expect to make a reasonable profit
on the lower price of sugar.
The Aguirre mill began grinding Dec. 5 1919, and finished
July 17 1920.
Condensed Balance Sheet showing the condition on .July 31
1920, with a certificate of the auditors, will be found below.
was made, with the gratifying
been marketed.
In January 1920, Luce & Co. S. en C. purchased of
Messrs. A. Hartmann & Co. who were hquidating their
business, controlling interest in the Central Machete, a
sugar mill, situated within five miles of Aguirre together wdth
These
sufficient land to yield from 70180,000 tons of cane.
held
by
Luce
and
already
&
Co.,
may
property
adjoin
lands
managed.
The
CentralMachete
economically
be easily and
grows no cane of its own but has contracts with colonos,
In 1920 it made 12,097
insuring its profitable operation.
tons of sugar.
During the past year deflation reserve has been set up,
reducing the cost of lands owned by Luce & Co. to pre-war
value. A reserve has also been set up, sufficient to adjust
all rentals to the expiration of the leases in a hke manner.
1920.
For the Directors,
J. D. H.
LUCE.
President.
Cable Address
"Porlowood'"
W. T.
WOODBRIDGE &
CO.
Public Accountants
Box 54
P. O.
W.
T. Woodbridge
Member
American
San Juan. Porto Rico
Institute
of Accountants
AUDITORS CERTIFICATE
We
hereby certify that, after an audit of the books and
accounts of the Central Aguirre Sugar Company and the
Ponce & Guayama RR. Co. and Luce & Co., S. en C, for
the twelve months ended July 31 1920, the annexed ConsoHdated Balance Sheet is in accordance with the books
and in our opinion represents true conditions as at July 31
1920.
W.
WOODBRIDGE &
T.
Per
CO., Public Accountants.
W. T. "WOODBRIDGE,
Member American
Institute of Accountants.
CENTRAL AGUIRRE SUGAR COMPANY— LUCE & COMPANY, S. en C, PONCE & GUAYAMA RAILROAD
COMPANY— CONSOLIDATED BALANCE SHEET AS AT JULY 31 1920.
ASSETS.
Ourrent Assets:
Cash on Hand and
in
LIABILITIES.
Banks
.?!, 209,609
23
3.171,126
8,859
284,278
19,891
99
99
Current Liabilities:
Accounts Payable
$909.936 68
Sundry Accruals
21.882 61
Reserve for Income and Excess Profits Taxes 3,859,171 88
$3,190,528 92
Accounts Receivable
Reserve for Doubtful Ac19.401 93
counts
Less
—
Bills
Receivable
Sugaron Hand
Molasses on Hand.
-$4,790,991 17
Deferred Credits:
Unearned Discounts.
41
.588 32
Investments.
Acceptances and
Bankers'
Certificates of Deposit
$2,308,033 21
P. R. 4% Irrigation Bonds
78 ,400 00
(Par Value $80 ,000) Cost . .
Central Machete Co. Stock
(5,800shares)
580,000 00
Reserves:
For Restoration of Property on leased Lands
For Reduction of Rentals
For Revaluationof Properties
For Insurance Fund (see contra)
.
140,000 00
8,012 27.
-$7,808,211 97
Cap
.
609,136 01
37 ,064 28
—
Balance Aug. 1 1919
$3,373,762 46
Balance from Profit and Loss Statement attached (Exhibit "B")
9,178,491 49
Add
—
$12,552,253 95
—
Mill,
Deduct Dividends declared and
paid
$2.463',887
Reserve for Income and Excess
Profits Taxes
3,233,672
Reserve for Doubtful Accounts.
19,401
Insurance
Fund
for
Reserve
8,012
Reserve for Deflation of Property Values
423,3.53
Reserve for Reduction of Rentals .
300.000
$4,849,898 31
615,16806
$4,234,730 25
Rolling Stock, Portable Track,
Steam Plows, Live Stock,
Carts, Implements, &c
Less Reserve for Depreciation
.
Issued 149, /50 Shares of $20 each
$2,995,000 00
Reserved for exchange for shares of old
Company still outstanding, 250 Shares..
5.000 00
Surplus:
1,589.539 11
—
tal Stock:
3,000,000 00
131,694 90
Fixed Assets:
Real Estate, Roadway and Track,
Buildings and Water Supply
Less Reserve for Depreciation
37
27
Auth orized S6 000 ,000
GrowingCrops
$811,643 92
Construction and Improvements (Not Completed)
00
00
Common
Deferred Assets:
Material and Supplies and Store Merchandise
for Resale
Deferred Charges to Operating.
810,000
300,000
56,885
8.012
374,897 64
,966,433 21
Carlota Purchase Deposit
Insurance Fund (see contra)
$7,588 32
87
$858,807 39
213.884 94
644,922 45
50
10
93
27
50
00
6,448,327 30
4,879,652 70
6.103,926 65
$14,277,403 78
$14,277,403 78
CENTRAL AGUIRRE SUGAR COMPANY— LUCE & COMPANY, S. en C, AND PONCE & GUAYAMA RAILROAD
COMPANY— CONSOLIDATED PROFIT AND LOSS ACCOUNT JULY 31 1920.
Sugar Made..
Sugar Sales
Sugar on Hand
$15,294,727 21
..$15,010.448 80
284,278 41
Molasses Made..
Molasses Sales
Molasses on Hand
70,942 81
^
Cane Sales (To Central Machete Co.)
Miscellaneous Income.
1,668,359 73
236,289 81
$17,270,319 56
87,887,594 72
330,619 85
8,218,214 57
$9,052,104 99
Agricultural, Manufacturing and General Operating Expenses
Administration and Miscellaneous Expenses
T.CSS
Provision for Depreciation on
Roadway and Track,
851,050 94
19,891 87
Mill, Buildings,
Pump
Stations and
Equipment
163 .613 50
88.888,491 49
—Central
Dividends Received
Machete Co. Stock
290,000 00
89.178.491 49
THE CHRONICLE
Jan. 15 1921.]
*^69
MANATI SUGAR COMPANY
ANNUAL REPORT— FOR THE FISCAL YEAR ENDED OCTOBER
112 Wall
New
Street,
The
York, December 31 1920.
To the Stockholders of Manati Sugar Comipany:
The Board of Directors heroby submits its Annual Report
of tho business of the Company for tho seventh fiscal year
cane caused a decrease in our production as
compared with last year. This condition was general
throughout the Island of Cuba.
The Company's total production was sold, delivered and
paid for pre^^ous to the month of August, with the exception of a small quantity of sugar reserved for local consumption.
of
operation,
CANE GROUND.
The
total quantity of cane
with previous crops,
is
ground
this crop, as
compared
SUCROSE CONTENT IN THE CANE.
The sucrose content of the cane this crop was .316 of a
pound more, per 100 lbs. of cane ground, than in the case
of the previous crop and is the highest that has been attained,
with the single exception of the crop of 1915-16. The
sucrose content of the cane for the past seven crops has
been as follows:
.13.535
11.928
14.487
13.994
13.428
14.061
..14.377
1913-1914...
1914-1915
1915-1916
1916-1917.
1917-1918
1918-1919.
1919-1920
The
losses
lbs. of
sugar per 100
lbs. of
cane ground
"
"
'•
"
"
LOSSES IN MANUFACTURING.
in manufacturing during the seven crops
may
0.658c.
0.864c.
..0.878c.
1.045c.
1.404c.
1.670c.
2.131c.
-
"
"
"
'•
"
RATES PAID TO COLONOS FOR THEIR CANE.
According to your Company's contract with the colonos,
they are paid 5 lbs. of sugar for every 100 lbs. of cane deLiquidation of these sugars is made at
bj'' them.
the average price of the sales of sugar effected by the Company.
livered
CROPS MADE BY THE COMPANY.
increase in cost of manufacture, per pound of sugar,
this year is largely due to the lower production attained,
the overhead expenses being spread over a smaller production than last crop.
ENDED
(Production. 374,700 Bags).
Receipts
Sugar Sales. F.O.B. Basis
Molasses Sales
394,297
507,366
374,700
Tons 0/2,240
19.607
28,459
41,134
56,587
56,145
70,422
53.196
$10,871,611 32
120,219 68
212,625 93
31 1920.
Per Bag.
$29,014
.321
.567
$11,204,456 93
$29,902
$4,886,795 2
S13.042
..
(Salaries and Wages, Maand Supplies, Repairs and Renewals)
$916,619 18
S2.446
Crop Expenses (Salaries and Wages, Materials
and Supplies, Fuel, Maintenance, Administration Cuba and United States)
$1,111.972 61
$2,968
—
Year Charges:
General Insurance
Cuban Taxes on Sugar
Cuban Taxes on Molasses
Cuban Taxes on Real Estate
Legal Expenses
$18,599 44
45.202 60
7,521 85
32,707 21
$.049
41.45101
.111
Total Fiscal Year Charges.
$145,482 11
.388
$179,475 76
29,732 00
17,530 03
138.789 51
.479
.079
.047
.370
Total Sugar Expenses
$365,527 30
.975
Total Expenses F.O.B
$7,426,396 44
$19,819
$3,778,060^49
$Tb^83
Fiscal
Sugar Expenses:
Sugar Bags and Packing
Sugar Sliipping Expenses
Sugar Insurance
Selling and Lauding Expenses.
Operating Profit fo) the Fiscal Year...
per
per
per
per
per
per
per
lb.
lb.
lb.
lb.
lb.
lb.
lb.
and a
Profit per
bag of
.121
.020
.087
$5,002
PROFIT ON OPERATIONS.
/6s.
COMPARATIVE RECEIPTS PER POUND OF SUGAR.
For the purpo.^e of comparing the f.o.b. price per pound
obtained during the seven years, the proceeds from "Molasses" and "Other Earnings" are inoladed in the following:
2.344c.
3.634c.
.4.017c.
4.618c.
.4.758c.
5.645c.
9.403c.
OCT.
This compares -nith an Operating Profit last year pf $2,537,661 50
The following tabulation shows the output of raw sugar
during the seven years of the Company's operation:
385,31;^
per lb.
per lb.
per lb.
per lb.
per lb.
per lb.
per lb.
The
terials
"
-
1913-1914
1914-1915
1915-1916
1916-1917
1917-1918
1918-1919. -1919-1920
Dead Season Expenses
to the higher sucrose content of the cane, the yield
attained by the Company in its
seven years of operation. The yield of 96-degree centrifugal
sugar during the seven cropi has been as follows:
11.550 lbs. of 96-degree sugar per 100 lbs. of cane ground
1913-1914
or
follows that,
Tho best way to state the actual increase in the cost of
production is to exclude the cost of cane. On this basis
the cost of manufacturing and delivering the sugars on board
steamers, would be as follows:
Cost of Cane (Per 100 arrobas. $12.641)
Due
Bags.
it
cane is concerned, the cost of production varies in the same proportion as the price obtained
for the final product.
in so far as the cost of
Expenses —
this crop is the highest
1913-1914
1914-1915
1915-1916
1916-1917
1917-1918
1918-1919
1919-1920
greater portion of the increases in cost of production
due to the higher cost of cane. The cane is paid for in
sugar, which subsequently is liquidated by the Company
with tho coljnos at the average price obtained by the Company for its sugar crop, so that the higher cost of cane is
offset by the higher price obtained for these sugars.
Since the cost of the raw material, Cane, is based on the
Total Receipts...
YIELD OF 96-DEGREE CENTRIFUGALS.
..134,757
199.545
280.050
per lb.
per lb.
per lb.
per lb.
per lb.
per lb.
per lb.
is
—
2.447%
2.019%
2.982%
2.933%
2.597%
2.529%
-.2.522%
1913-1914
1914-1915
1915-1916
1916-1917
1917-1918
1918-1919
1919-1920
-
Other Earnings
1913-1914
1914-1915
1915-1916
1916-1917.
1917-1918
1918-1919
1919-1920.
10.322
11.984
11.522
11.282
12.013
12.349
The
1.523c.
2.359c.
2.373c.
2.847c.
3.315c.
4.035c.
6.232c.
-
RECEIPTS AND EXPENSES FISCAL YEAR
'•
be seen by the following figures:
1914-1915
1915-1916
1916-1917
1917-1918
1918-1919
1919-1920
is
j'(
as follows:
price obtained for the final product. Sugar,
as follows:
15.084,788 arrobas, or 168,357 tons of 2,240 lbs.
"
272,598
24,424,795
337,510
30.240,929
"
483,618
43,332,198
•'
495,613
4-4.406,976
"
602,104
...53,948,516
"
431,458
38,658.614
1913-19141914-1915
1915-1916
1916-1917
1917-1918
1918-1919
1919-192©
COST OF PRODUCTION.
on an f.o.b. basis per pound
ars during which your Comi)any has been in
1913-1914.
1914-1915
1915-19161916-1917
1917-1918
191S-1919
1919-1920
the
192().
cost of i)roducing sugar
for the seven
ended October 31 1920.
Grinding operations started December 15 1919 and finl^rou^'ht during the growing season
ished on Juuo 9 1920.
31
The Operating
Profits for the seven fiscal years are as
follows:
1913-1914
1914-1915
1915-1916
1916-1917
1917-1918
1918-1919
1919-1920..
The
$360,642
812,226
1,514.388
.2.244,596
...1,815.663
2.537,661
3,778,060
12
39
41
32
30
50
49
earnings for the year ended October 31
1920 are
gratifying, especially in view of the lower production and
the increased cost of labor, materials, bsigs, fuel and other
items that enter into the production and delivery of sugar.
There has been expended during the past fiscal 5-ear in
Renewals and Repairs the sum of $810,502 37, which, as
customary, has been charged to Operating Expenses.
,
.
THE CHRONICLE
270
LANDS.
area of land owikmI by (lie Coiiipaiiy has hccii
increased during!: tlu* year by piircliuses of 2,r)Sl ('abailerias
(<S(),0()() acres) and the area leased lias bc^cTi increased by
new leases covciriufj 'MiO eaballerias (12,000 acres), ao that
the total area now stands as follows:
Till' total
Acres.
to 207.027
6,210c(iuivalent
"
"
31..T«
940
"
"
37.700
1.131
Caballcrias.
Ownod
Lpa.scd
Controlled by the
Company
"
8,281
•'
276,060
In addition to the abovc^ lands, there are about 1,.5(KJ
caballerias (.'iO.OOO acres) owned by outsiders, which are
situated within the area covered by your railroads, so that
the total zone agf^epates !),781 caballerias (.'J2(),0()() acres),
giving sufficient land to produce more than triple the present output of your Company.
The map appended to this report shows the position of
the lands of Manati, bounded on the north by the sea,
on the east by the Cuban American Sugar Company, on
the south by the Cuba Railroad Company and very close
to the Cuba Cane Sugar Corporation properties on the west.
[Vol. 112.
Ther<' has Ixn-n no arldilional pn;t<rre(l or common .stockissued during the year against such authorized increase in
capital stock.
LAIJOR.
Tlu^ scarcity of lalior is still an important problem, but
your (-ompany continues to provide for its needs by importing laborers from Haiti.
SALE OF SUGAR.
Your Company has sold over 10%
much
at
of the coming
higher prices than those ruling at present.
crop
STATEMENTS.
Attention is called to the annexed Balance Sheet as at
October 31 1920 and tlu; Profit and Loss and Surplus Accounts for the year end<'d that date, certified by the Company's Auditors, Messrs. Marwick, Mitchell & Co. There
is also appended a Comparative Financial Statement for
the s(!ven years of the Company's operation.
Acknowledgment is made of the lojal co-operation of all
officers and employees during the year.
Respectfully submitted by order of the Board of Directors.
R.
TRUFFIN,
President.
INCREASE IN PRODUCTION.
Your Board
of Directors has approved plans for increasLarge tracts of land
the production of the estate.
have been cleared for this purpose and the capacity of the
mill is being increased so that in the course of two or three
years the production of the Company will be around 700,000
bags of sugar a year.
The $1,194,866 94 which appear on the Balance Sheet
as Contingent Liability on Contracts and Orders represent
largely the purchases of machinery to be installed in 1921
and 1922 for the above mentioned increase in production.
BALANCE SHEET AS AT odTOBER
ing
Property and Plant
Investments Advance to Ferrocarril de Tunas
Current As.sots and Advances to Colonos:
Material and Supplies on Hand
$1,478,190
Advances to Colonos
2,325,345
Accounts Receivable
273.075
Company .Sugar on Hand, Estimated
11,960
Cash in Banks:
United States
$727,028 69
Cuba
57,433 23
784,461
—
Deposits with Cuban
Deferred Charges:
RAILROAD.
The railroad now consists of 223 kilometers (139 miles)
connecting the mill with the Company's dock at tidewater
and with the Cuba Company's railroad at Manati Junction
and extending in all directions into the Company's cane
,
25 tank cars.
10 box cars,
Standard gauge 4 locomotives,
4 auxiliary cars,
246,576 92
281,265 89
281,167 88
Miscellaneous Improvements
178,130 77
$2,416,526 93
Less
_
-written off
$2,965 00
138,614 14
141,579 14
4,873.033 19
86,522 05
Unexpired In.surance
$28,163 62
11,558 80
7.0i8 07
Advance Pasrments
Items in Suspense
46.740 49
821,342,702 65
LIABILITIES.
Capital Stock:
Preferred Stock 7% Cumulative:
Authorized .§5,000,000 00, Issued
Common Stock:
Authorized $15,000,000 00, Issued
$3,500.000 00
Purchase Money Mortgages on Cuban Lands*
Current and Accrued Liabilities:
-- $500,000 00
Acceptances against Crop 1920-1921
Drafts Payable
318,083 14
Accounts Payable
344,233 58
Salaries and Wages Accrued, Cuba
65,387 96
Federal Income Tax withheld
219 04
Dividend on Common Stock Scrip
60 00
10,000,000 00
1,175,107 72
1,227.983 72
Reserves:
For Federal, State
For Depreciation
and Cuban Taxes
750,000 00
1,750,000 00
2,500,000 00
2.939.611 21
Contingent Liability on Contracts and Orders for Material and Supplies not yet
$1,194,866 94
Delivered;
$21,342.702 65
* These are Purchase Money Mortgages on lands recently acquired,
payable over a period of years from 1920 to 1933 inclusive.
CERTIFICATE OF AUDITORS.
We have audited the accoimts of the Manati
Sugar Company for the year
ended October 31 1920, and hereby certify that the foregoing Balance Sheet
and the accompanying Profit and Loss Account and Surplus Account are
in agreement with the books, and in our opinion correctly represent the
financial position of the Company as at October 31 1920 and the results
of the operations for the fiscal year ended on that date.
(Signed)
MARWICK. MITCHELL & COMPANY.
WaU Street, New York, December 17 1920.
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED
$2,274,947 79
OCTOBER
DIVIDENDS.
Regular quarterly dividends of
1^%
have been paid on
the preferred stock of the Company since its issue, and on
the common stock 23^% has been paid quarterly beginning December
1
1916.
Profits this year are
— Interest
$3,778,060 49
42,871 33
on Cm-rent Accounts
—
.53
•
Deducting Taxes (United States and Cuba)
Dividend on Preferred shares
$566,800 42
245,000 00
820 931 82
there remains a Balance of
$2,423,131 40
Common
$10,871,611 32
120,219 68
Molasses
Miscellaneous Operating Income
$10,991,831 00
212,625 93
Total Income
Operating Expenses
$11,204,456 93
7,426,396 44
Profit on Operation
Interest on Current Accounts
Add
Stock outstanding.
CAPITALIZATION
In accordance with action taken at the Special Meeting
of the Stockholders of the Company held on the 9th day of
June 1920, the authorized capital stock of the Companv
was increased from $13,500,000, consisting of $3,500,000
7% cumulative preferred stock and $10,000,000 of common
stock, to $20,000,000, consisting of $5,000,000 7% cumulative preferred stock and $15,000,000 of common stock.
The Board of Directors of the Company were authorized
from time to time at their discretion to issue and sell or
otherwise dispose of all or any part of the additional capital
stock of the Company in such manner as they shall deem
$3,778,060 49
42,871 33
—
$3,820,931 82
—
Tax on Capital Stock
Reserve for Taxes
Reserve for Depreciation of Plant
Deduct
811,800 42
leaves a Balance of
$3,009,131 40
This is equal to about $30.09 per share on the 100,000 shares
of Common Stock of the Com.pany outstanding before making
allowance for Depreciation.
After deducting: Reserve for Depreciation
586,000 00
equal to about $24.23 per share on the
31 1920.
Sales—Centrifugal Sugar, F.O.B. Basis
—F.O.B. Basis
GENERAL REMARKS.
advisable.
92
79
Total..-
Adding
17
24
00
Surplus
flat cars.
Sugar Mill and Equipment
RoUing Stock
Railroad Lines and Stations
Shipyard, Railroad Repair Shop, Buildings at "Wharf and
The Operating
86
4 cabooses,
80
PROPERTY AND PLANT ACCOUNT.
The expenditure on property and plant account dming
the past fiscal year was as follows:
Lands (See under LANDS above)
$1,429,385 47
— Sale of Live Stock
Administration Cane Account
--$16,189,573 51
146,833 41
Custom Houses
fields.
In addition to the above 223 kilometers of 36-inch gauge
railroad line, the "Ferrocarril de Tunas" is now constructing
about 60 kilometers (37 miles) of standard gauge raihoad
through the lands of the Company, Avhich, in conjunction
with existing raih'oad lines, will connect Manati Bay with
Victoria de las Tunas.
This railroad will haul cane to our
mill as well as transport merchandise from the Port of
Manati to the inland portions of this section of the Island
of Cuba.
The roUing stock consists of:
36-lnch gauge 29 locomotives,
163 flat cars,
700 cane cars,
6 passenger cars,
31 1920.
ASSETS.
$13, 692
00
553,108 42
586,000 00
1.152,800 42
Profit for Year
Less Dividends Paid:
Preferred Stcck:
\%7o Paid, January 2 1920---S61,250 00
61,250 00
Paid, April 1 1920
61 ,250 00
Paid, July 1 1920
1 54
15^% Paid, October 1 1920 --- 61,250 00
$2,668,131 40
Net
1M%
%
$245,000 00
Common Stock:
214% Paid, December 1 1919-5250,000 00
250.000 00
2H% Paid, March 1 1920
2H%
2H%
Paid, June 1 1920--,-- 250,000 00
Paid. September 1 1920 250,000 00 1,000,000 00 1,245,000 00
Balance carried to Surplus Account
81,423,131 40
SURPLUS ACCOUNT AS .AT OCTOBER 31 1920.
$1,524,652 38
Balance as at October 31 1919
Deduct Balance of Simdry Items in Liquidation of Crop
_
—
1918-19
8,172 o7
$1,516,479 81
Add Balance of Net Profit for the Year ended October 31
1 ,423,131 40
1920 carried from Profit and Loss Account
—
,
Balance as at October 31 1920
$2,939,611 21
THE CHRONICLE
Jan. 15 1921.]
271
COMPARATIVE FINANCIAL STATEMENT FOR THE SEVEN YEARS OF OPERATION— PROFIT AND LOSS AND SURPLUS ACCOUNTS
—
1913-14.
Fiscal Years
Production (Bags)
Credits
—
—
Operating Profits
Interest
Total
1918-19.
280.050
385.313
394,297
$
360.642 12
812,226 39
1,514,388 41
2.244,506 32
1,815,663 30
--
-
1917-18.
1916-17.
1915-16.
199.545
—
Account Previous Fiscal Years
1914-15.
134.757
1919-20.
507.366
374,700
S
S
2.537,661 50 3,778,060 49
42,871 33
"76.478 20
360.642 12
882,704 59
1.SI4.388 41
2.244.596 32
1.815,663 30
92.889 62
118.643 47
187.566 16
3.250 00
233,008 97
161,542 11
2,537,66150
3.820,93182
Debits—
Interest
-
Capital Stock Tax.
AdJu.stmtMits of Colonos Account-s
Reserve for Depreciation
Y25".o'ob'n6
Reeervo for V. S. and Cuban Income Taxes
Loss on U.S. Liberty Bonds
Organization Kxponses
Discount on Bonds
Account of Previous Fiscal Years
2S,000 00
35.000 00
13,333 34
33.116 57
13,692 00
",'')8(>","ooo"66
.0.53,108
42
153,643 47
173.250 00
,')22.5.19 ,55
810,275 25
231,000 00
c39,C00 00
987„535 65
231,000 00
432,112 54
23 1.000 00
M'Ui.OOOOO
66(>0,000 00
"leoVoooo'o
3,295 95
8,172 57
82
1,160.972 99
00
245.000 00
1,000,000 00
1,467,8.')9
234,.';00
197,274 30
555.811 12
a295,151 14
1,163,72107
165,016 11
---
360,642 12
882.704 59
1.514,388 41
2,244.596 32
1.815.663 30
2.537.66150
--
iy414.9"6'8
83
3.820.93182
BALANCE SHEET.
—
$
.7.072,945 16
to Kerrocarril do
402,7.51
.34
421.465 02
Sugar on hand
Molasses on hand
Accounts Receivable
36.070 49
--
5.57,307 72
-
Deposit for Bond Interest
Special Deposits with Cuban Custom Houses
Special Deposit witli Syndicate Managers
United States Liberty Bonds
Deposit for Sinlring Fund
.56
15,017 95
3.58.939 69
617,004 42
221,811 21
$
s
s
s
10,207,157 15 11.412,189 18 13,417,821 88 13,987,733 63 16,189,.573
146,833
7,450 11
2,4.53 38
8.810 84
613,340 48
,596,884 37
678,7,57 61 dl, 478, 190
790.432 00
904.851 35
1.1.53,408 07
2.014.324 03 1,912,767 45 2.325,345
609.365 65
207,500 00
11,960
136,015 35
"6f,"3y6".54
81 ,244 63
75,000 00
34,386 09
982.500 00
Deferred Charges:
insurance. Rents and Taxes paid in advance.
Items in Suspense
Discount on Bonds
Account of Future Operations
"'33,"4Yl'99
286,096 62
120,060 00
62.110 63
75,090 00
18,771 86
'3'5,bb'o'6b
7,000 00
78
85
78
43
187.841 15
625,260 bb
407,779 36
4.235 00
200,000 00
11,569 .56
5,572 60
80.649
115,899
104,115
20,445
'ff2,840"93
104,064 94
00
40,028 17
120,6,54
15.143 85
14,769 34
26,868 68
25,573 23
"uo.bbooo
"l86,66'6"67
"l73,'3"3'3'34
Ted, boo bb
'
11,843 71
86
17
00
"86,52205
28.163 62
7.018 07
53,642 83
145'2"4d47
51
41
273 .075" 24
784,461 92
4.53,610 50
1 ,530 00
11 99
Total.
Liabilities
$
8,8.55,870
Tunas
Cultivation Company Cane
Materials and Supplies
Advances to ('olonos
"ll",'5'5'8"86
9,727,678 28 10,513,913 54 13,045,279 99 14,272,288 04 17,612.564 55 17.469.96121 21.342,702 65
—
Capital Stock:
Preferred Stock, 7% Cumulative, issued
Common Stock issued
Fir.st Mortgage Bonds outstanding
Purchase
13,333 33
13.932 95
178,333 33
-
Property and Plant
Cash
.390,000
720.619 76
376,700 00
0262,018 08
-
Total
00
375.000 00
200,000 00
350.000 00
390 06
—
—
—
Advance
10.310 00
50.000 00
510,000 00
5.'")0.000 00
26.700 46
70,478 20
163.367 82
Dividends on Preferred Stock Cash
Dividends on Common Stock Cash
Dlvldentis on Common Stock Stock
Surplas for year
Assets
157,5,53 41
14,543 63
3,300,000 00
3,300,000 00
2,500,000 00
3,300.000 00
3.300,000 00
4,000,000 00
200,000 00
200.000 00
48.980 11
238.230 88
75,000 00
15,000 00
314,726 67
75,090 00
266,322 10
191.963 61
120.060 00
20',"4'5"3"b4
"'"8",2'7'f5b
00
00
2 500.000 00
3, 300,000
3, 300,000
Money Mortgages on Cuban Land
Bankers' Acceptances
Loan against U. S. Liberty Bonds
Drafts Outstanding
Accounts Payable and .\ccrued Charges
Accrued Interest on Mortgage Bonds
Accrued Interest on Current Accounts
Deferred Earnings
Stock Dividend on Common Stock
Cash Dividend on Common Stock
3,300,000 00
3.960.000 00
4,000,000 00
3,.300,000 00 3, .500. 000 00 3.-500,00000
5,077.100 00 10,000,000 00 10,000.000 00
2.922,900 00
198, .500 00
267,885 00 1,175,107 72
500.000 00
2,000,000 00
600,000 00
231,203 48
336,025 07
249.628 00
120,684 00
171,316 82
217,490 40
2.56,723 29
'3'l"8"b83'i4
409,900 58
88.905 00
16,917 99
1,530 00
418,644 33
715,000 00
562,086 61
1,225,000 00
1,750,000 00
1,786.670 46 al, 524,652 38
2,939,61121
6660,000 00
6396,000 00
Reserves:
Taxes
Depreciation
Cane Field Depreciation
Surplus
47.739 95
197,274 30
28,000 00
125,000 00
3.59,295 62
325,000 00
a457,934 28
1,621,655 35
750,000 00
47,7.39 95
753,085 42
9,727,678 28 10,513,913 54 13,045,279 99 14,272,288 04 17,612,564 55 17,469,96121 21,342,702 65
a Decrease in Surplus due to declaration of stock dividend.
6 Declared Oct. 5 1916, but paid during the following Fiscal Year.
c 1% Red Cross
d Includes value of a large amount of Machinery and Equipment purchased for increase in plant and not installed on October 31st 1920.
Dividend.
—
—
—
(Charles) Warner Co.
No Par Value Stock Dividends.
The stockholders on Nov. 17 1920 authorized the creation of 200.000
shares of no par value new Common stock.
The conversion privilege was
extended to all stockholders as follows:
Holders of
Present $100 Shares
—
Will receive in exchange
Common
of no par value.
37,377 .shares, 4,'v for 1
.Second Preferred stock. 4.428 shares
shares.
4 " for 1
17,712
Common stock. 15.063 .shares
37.657 shares. 2'i for 1
Extra dividends of 25 cents per share have been declared on both the
old $100 and new no par value Common slocks, in addition to a quarterly
dividend of ,50 cents per share on both stocks, payable Jan. 17 to holders
of record Dec. 31.— V. 107, p. 2482.
Neic
First preferred stock. 8.306 .shares
Washington (D. C.) Gas Light Co, — Notes Authorized. —
The Washington (D.
C.) P. U. Commission has authorized the company
to issue S2,000.000 of 5-year
gold notes and the sale of $1,200,000
of the issue at this time.
Proceeds are to be used to riem burse the company
for the costs of new construction, extensions, &c.
The notes are to be dated Jan. 1 1921, and are red. on any interest date
at 103 if redeemed within three years, at 102 if redeemed within four years.
and 101 if redeemed within five years. Denom. of $100, $500 and $i,000.
The capital expenditures which the proceeds of the bonds are to replace
include $120,000 used to purchase the stocks and bonds of the Rosslyn Gas
Light Co., $383,887.50 to purchase the stock of the George
@FedFRASER