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finantial
The.
allitturct31
INCLUDING
Electric Railway Sectio)
State and City Section
Railway 8c Industrial Section
Bankers' Convention Section
Bank 8c Quotation Section
Railway Earnings Section
VOL. 110.
tf/rontrie
NO. 2847
SATURDAY, JANUARY 17, 1920
T1u (Chronicle
Week ending January 10.
Clearings at1920.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
$10 00
For One Year
6 00
For Six Months
13 50
European Subscription (including postage)
7 75
European Subscription six months (including postage)
$11 50
Canadian Subscription (including postage)
NOTICE.-On account of the fluctuations in the rates of exchange,
must
be
made
advertisements
remittances for European subscriptions and
In New York funds.
Subscription includes following SupplementsBANE AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(semi-annually)
RAILWAY EARNINGS(monthly) ELECTRIC RAILWAY (semi-annually)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
1919.
Inc. or
Dec.
1918.
1917.
$
$
453,583,5121 477,363,729
42,277,169
40,164,042
65,140,338
76,004,189
48,721,834
53,101,570
25,560,726I 24,916,920
13,931,474
15,253,000
10,632,100
10,380,700
9,652,136
10,418,797
4,534,312
4,400,000
5,383,034
4,695,324
4,210,460
4,133,378
3,058,816
3,625,548
4,114,879
4,288,745
1,798,686
1,289,345
2,165,416
2,212,148
1,405,583
1,716,533
5,166,000
5,008,000
1,998,512
1,736,304
3,152,223
3,450,000
1,021,951
1,282,662
1,238,371
1,146,253
1,431,420
1,388,455
887,976
970,207
1,053,584
1,004,424
803,973
950,251
526,314
500,000
369,728
442,912
750,000
825,000
452.595
530,449
1,365,202
1,064,647
81,128
85,000
1,316,260
798,216
679,175,189 538,549,131 +26.1
Chicago
70,635,626
58,701,173 +20.3
Cincinnati
148,937,725 103,627,146 +43.7
Cleveland
66,925,639 +64.4
110,000,000
Detroit
32,949,975
31,878,816 + •
Milwaukee
16,952,000 +12.0
18,984,000
Indianapolis
10,918,200 +39.8
15,265,100
Columbus
11,978,554 +41.8
16,989,427
Toledo
6,554,125 -8.0
6,031,293
Peoria
5,305,884 +37.8
7,313,496
Grand Rapids_
5,415,091 +37.4
7,438,224
Dayton
4,542,989 +38.5
6,303,709
Evansville
7,225,243 +5.8
7,646,202
Youngstown _ _ _
1,373,594 +60.2
2,200,206
Fort
Wayne
Terms of Advertisind-Per Inch Space
2,143,434 +46.0
3,128,948
__
Ill_
Springfield,
$4 20 Lexington
Transient mattet per inch space (14 agate lines)
3,901,237 -10.3
3,500,000
Discount on contract matter5,991,000 +123.3
13,375,000
Akron
4 discount; 26 consecutive insertions
12 consecutive insertions 100
2,000,000 +2.0
Rockford
2,040,000
15% discount; 52 consecutive insertions 20% discount.
4,200,000
+40.0
Canton
3,000,000
175 00 Quincy
Business Cards,twelve months(52 times) per inch
2,083,126
1,643,013 +26.8
1,246,914 +44.4
1,800,000
South Bend
CHICAGO OFFICE-39 South La Salle Street,Telephone Majestic 7396.
1,524,291 +55.4
2,369,763
Springfield, 0
LONDON OFFIcit-Edwards & Smith,1 Drapers' Gardens, E. C.
Mansfield
1,300,000
1,050,000 +23.8
WILLIAM II. DANA COMPANY, Publishers,
1,950,017
1,951,255 -0.06
Bloomington
1,664,171
1,216,549 +36.8
Decatur
Front. Pine and Deperster Sts., New York.
825,000
550,000 +50.0
Danville
647,503
694,963 -8.8
Published every Saturday morning by WILLIAM B. DANA COMPANY. Jacksonville, Ill
943,943 +43.0
1,349,093
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and Lima
449,893 +44.5
650,000
Ann Arbor
Secretary. Addresses of both. Office of the Company.
1,802,903 -6.3
1,690,051
Owensboro
126,670 +97.2
250,000
Adrian
CLEARING HOUSE RETURNS.
1,450,837 +42.9
2,073,862
Lansing
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearings houses of the United States for the week ending to-day
Tot. Mid. West 1,174,766,706 901,634,487 +30.3 727,249,652 745,682,808
have been $9,891,911,055, against $9,818,599,631 last week and $7,637,425,936
79,653,941
93,377,891
the corresponding week last year.
San Francisco_ _ _ 168,094,531 122,030,236 +37.7
30,850,000
30,279,000
36,308,000 +103.9
74,053,000
Los Angeles
18,288,784
27,209,277
37,346,521 +24.2
38,250,515
Seattle
Per
Clearings-Returns by Telegraph.
15,463,821
18,901,018
25,593,935 +37.0
35,073,357
Cent.
Portland
1919.
1920.
Week ending January 17.
6,365,807
8,143,866
9,044,640 +38.2
12,500,000
Spokane
15,168,932
16,467,766
15,194,563 +26.1
19,161,665
$4,550,546,610 $3,541,663,310 +28.5 Salt Lake City_
New York
2,763,102
4,070,316
-7.0
4,891,584
4,510,783
Tacoma
+25.3
482,658,799
604,663,182
Chicago
5,893,281
5,957,744
7,846,348 +34.7
10,572,470
•
364,082,122 +25.0 Oakland
445,221,647
Philadelphia
3,184,078
4,376,683
4,874,649 +57.7
7,688,460
311,007,242 +21.9 Sacramento
378,983,021
Boston
3,541,523
2,455,632
3,182,747
2,200,000 +44.7
173,037,448 +30.2 San Diego
225,229,880
Kansas City
1,288,365
1,151,982
2,409,435
1,188,608 +102.7
+1.8 Pasadena
165,000,000
167,972,439
St. Louis
2,091,649
2,601,185
+66.8
3,927,763
6,549,700
Fresno
+33.8
121,119,614
*162,000
,000
Francisco
San
1,604,549
2,316,657
+202.9
2,042,705
6,187,900
+14.0
Stockton
116,689,430
133,018,808
Pittsburgh
943,399
1,399,583
1,284,927 +127.0
2,916,076
60,000,000 +69.6 San Jose
*101,789,811
Detroit
632,538
697,723
1,048,264 +93.8
2,021,950
73,432,926 +10.5 Yakima
81,168,666
Baltimore
472.494
525,000
+80.6
631,483
1,140,297
72,118,308 +30.3 Reno
93,996,090
New Orleans
710,587
1,038,335
1,358,706 +163.0
3,573,927
Long Beach
$6,944,500,152 $5,480,809,199 +26.7
397,886,813 276,812,930 +43.7 220,969,658 188,916,850
Eleven cities, 5 days
Total Pacific
975,248,417 +37.9
1,345,107,642
Other cities, 5 days
272,798,3119 194,230,451 +40.5 193,739,009 139,840,957
Kansas City
30,800,620
34,828,626
8,289,667,794 $6,458,057,618 +28.4 Minneapolis
43,551,153 +20.6
52,522,256
Tota al cities,5 days
1,181,368,320 +35.6 Omaha
35,000,000
1,602,243,261
46,000,000
48,500,000 +32.5
64,279,490
All cities, 1 day
14,196,625
14,739,905
16,999,219 +23.2
20,939,354
St. Paul
a
4-90
42A_SUIR
11:17
17
AAA
nit
ROI
IRO
15,419,368
Total nil cities for wook
18,596,909
19,644,105 +25.3
24,620,319
Denver
4,696,698
4,911.679
-47.8
13,911,468
7,359,072
Duluth
• Part Iv esilIT'ated
14,253,330
19,140,356
19,682,959 +16.5
22,928,649
The full details for the week covered by the above will be given next Saturday. St. Joseph
7,701,046
9,054,992
9,909,565 +47.7
14,633,771
We cannot furnish them to day, clearings being made up by the clearing houses Des Moines
13,687,461
7,907,764
10,981,768 +17.2
12,866,474
at noon on Saturday, and hence in the above the last day of the week has to be in Sioux City
6,418,279
10,285,319
9.482,716 +105.4
19,476,396
Wichita
all cases estimated, as we go to press Friday night.
3,707,206
4,287,689
4,385,194 +42.9
6,264,925
Lincoln
Detailed figures for the week ending Jani,ary 10 follow!
2,803,256
3,952,028
3,164,035 +86.5
5,896,309
Topeka
2,550,705
2,070,707
2,473,372 +19.7
2,959,476
Cedar Rapids
Week ending January 10.
2,022,735
2,134,852
3,027,506 +2.4
3,100,000
Fargo
Clearings at
2,193,065
2,233,167
1,478,724 +43.6
2,122,189
Waterloo
Inc. or
2,032,802
2,124,820
2,820,021 -11.6
2,493,150
Helena
1918.
1017.
. 1919.
Dec.
1920.
1,178,502
877,788
782,893 +66.4
1,302,217
Colorado Springs
655,673
729,751
726,286 +39.1
1,009,812
Pueblo
$
$
$
%
$
810,647'
937,710
+33.7
726,346
971,789
Fremont
5,557,962,191 3,977,910,947 +39.7 3,436,340,122 3,547,655,842
New York
494,976
528,928
+63.1
536,997
875,545
496,422,540 410,370,828 +21.0 343,949,442 319,738,487 Hastings
Philadelphia
1,004,141
1,348,553
1,342,619 +4.2
1,400,030
72,798,895 Billings
71,358,263
157,815,791 127,719,646 +23.6
Pittsburgh
889.147
1,188,544
1,633,209 +20.8
1,973,404
42,922,337 Aberdeen
43,358,503
91,7743,037
82,469,737 +11.3
Baltimore
20,795,194
Tot. 0th. West 542,792.996 409,847,981 +32.4 381,629,096 295,357,299
22,268,859
29,139,208 +73.0
50,404,786
Buffalo
4,801,723
5,217,839
+24.3
4,964,125
6,170,468
Albany
175,591,280 172,676,565 +1.7 145,095,112 128,718,36§'
10,556,361 St. Louis
13,203,132
15,568,290 +21.3
18,888,590
Washington
36,568,918
54,864,751
60,929,167 +36.9
83,407,606
7,070,335 New Orleans_ _
6,900,904
8,493,227 +48.8
12,465,572
Rochester
26,220,728
24,661,151
26,895,058 -21.7
3,973,011
21,054,896
Louisville
4,050,936
4,866,839 +49.3
7,283,744
Scranton
14,000,000
21,000 000
20,355,048 +45.6
29,634,233
4,597,738 Houston
5,036,851
4,906,569 +33.6
6,558,254
Syracuse
4,939,102
7,800,000
+29.7
7,400,000
2,718,288
9,600,000
2,695,322
Galveston
+57.4
2,505,764
3,943,088
Reading
23,542,571
35,435,896
+41.1
53,598.082
3,252,386 Richmond
75,647.315
2,945,343
3,413,323 +16.9
3,090,267
Wilmington
13,070,750
15,520,826
22,552,878 +85.6
41,884,051
2,072,948 Memphis
2,214,805
2,948,428 +21.8
3,891,174
Wilkes-Barre _ _
28,810,773
55,016,477
67,528,727 +39.2
93,989,361
3,278,470 Atlanta
3,684,645
3,370,660 +59.4
5,371,861
Wheeling
11,308,120
17,857,802
15,260,818 +71.0
2,550,383 Fort Worth
26,099,567
2,985,273
2,282,970 +68.3
3,842,164
Trenton
5,183,104
9,288,373
6,650,759 +119.6
1,094,917 Savannah
14,603,527
1,299,622
1,284,014 +34.4
1,699,616
York
10,406,390
15,133,618
+72.0
19,351,453
.1,633,722
32,283,004
2,028,580
Nashville
+19.5
2,204,553
2,034,772
Erie
6,006,747
7,095,812
10,676.509 +47.4
1,392,501 Norfolk
15,742,239
1,538,056
1,535,673 +10.7
1,700,000
Chester
5,146,250
6,101,127
14,306,577 +57.2
860.464 Birmingham
22,486,701
-950,000
1,050,123 +19.0
1,250,000
Greensburg
2,080,045
4,384,473
+63.4
3,782,769
1,007,900
6,199,542
990,100
Augusta
840,200 +68.2
1,428,200
13inghamton
3,459,673
4,000,000
6,164,380 +109.2
12,892,695
600,000 Little Rock
700,000
871,017 +14.1
994,985
Altoona
4,581,723
5,291,323
+43.4
8,391,079
2,234,629
12,431,101
2,472,022
Jacksonville
+25.5
1,013,113
2,400,000
Lancaster
2,348,555
2,865,629
+29.1
2,775,547
3,582,611
644,936 Knoxville
621.320
400,470 +34.6
538,972
Montclair
2,921,551
4,053,241
4,606,289 +25.9
5,800,000
Charleston
Total Middle__ 6,439,111,072 4,691,018,724 +38.1 3,976,809,939 4,058,251,467 Mobile
1,325,942
1,713,529
2,030,873 +32.2
2,683,654
4,262,677
4,814,230
6,187,882 +29.3
8,000,030
Chattanooga __ _
250,226,036
267,479,959
+35.0
304,236,080
410,623,218
Boston
6,031,323
8,810.208
+71.7
9,120,180
16,565,969
Oklahoma
12,567,600
11,854,200
10,686,800 +46.1
15,614,700
Providence
1,560,342
3,300,000
2,500,000 +180.0
7,000,000
8,691,713 Macon
7,925,557
7,484,911 +45.2
10,871,441
Hartford
4,000,000
5,600,000
4,200,000 -33.3
2,800,000
5,584,854 Austin
5,138,584
7,094,142
4,874,601 +45.2
New Ilaven
' 5,565,274
6,671,319
+23.6
10,472,944
12,945,059
Tulsa
4,054,447
3,767,557
3,836,036 +36.7
5,242,697
Springfield
627,110
809,417
677,372 +39.1
942,812
3,009,146 Jackson
2,760,000
2,703,504 +14.7
3,100,000
Portland
365,009
713,185
506,98(3 +6.3
538,984
4,194,978 Vicksburg
3,375,129
3,639,085 +38.7
5,0413,722
Worcester
1,639,990
2,702,112
+107.3
2,712,426
5,623,179
Muskogee
2,739,905
2,392,440
3,480,052
1,762,861 +9/.4
Fall River
15,713,456
18,956,486
20,000,000 +146.7
49,340,544
Dallas
2,266,774
1,966,435
+18.0
2,064,901
2,436,372
New Bedford_2,902,953
3,510,640 +88.3
6,610,521
1,130,441 Shreveport
1,318,513
1,262,594 +21.0
'1,527,249
Lowell
1,171,380
766,067
Total Southern 796,980,451 585,821,008 +36.0 492,468,050 370,404,488
772,329 +42.5
1,100,000
Holyoke
794,003
795,435
5,955,044,129
+20.4
768,073
6,108,655,771
025,000
Bangor
9,818,599,631 7.209,370,430 +36.2
Total all
Outside N. Y__ 4,260,637,440 3,231,459,483 +31.8 2,672,315,649 2,407,388,287
Tot. New Eng. A117 Oill Ang .41A nno II7A .L'557 'MO A/0 17n 90A 411 977
•
,
•
190
THE CHRONICLE
[voL. llo.
deposits through the paying out of the money by the
THE FINANCIAL SITUATION.
Governmentand 13%reserve had to be kept against the
The money and credit situation is again exercising same this would add $39,000,000 to the reserve
an overshadowing influence upon affairs. Quite requirements and the deficit instead of being $2,unexpectedly the Clearing House bank statement last 912,680 would be raised is $42,000,000.
Saturday once more showed a deficiency in the
The situation is plainly one which suggests caution.
reserve requirements. The deficit was brought about It also requires careful handling. All the week rumor
in the same way as all other deficits in recent months, has had it that the Reserve authorities, either
here
namely, by the Clearing House institutions reducing at New York or in conjunction with the Reserve
their borrowings at the New York Federal Reserve Board at Washington, were giving consideration to
Bank. This action was in response to the demand the proposition of a further advance in discount
of the latter, inasmuch as its return of the previous rates. It is assuredly the duty of the Reserve
week had made it plain that strengthening of its officials to take every step and to adopt every means
condition was imperative. The process by which for correcting the present monetary dislocation. For
the Reserve Bank and the Clearing House institu- ourselves we are inclined to think the situation is
tions have been alternating in making good and bad now more assuring than for some time past. For
• returns has been going on for several months. When two successive weeks there has been a substantial
the Clearing House banks would make an unfavor- reduction in the volume of Federal Reserve notes in
able return the Reserve Bank would present a favor- circulation. In noting the reduction the previous
able exhibit, the banks having diminished their week we observed that it was not entirely satisfactory
drain upon the central institution; vice versa as these standing by itself, inasmuch as it had not been acClearing House banks improved their reserve position companied by any diminution in the borrowings of
by making new demands upon the Reserve Bank the the member banks, but rather had been attended
condition of the latter would again reflect the fact by a further increase. Last week, however, there
in a very poor return.
was both. a large reduction in reserve note circulaOn this occasion, however, the poor Clearing House tion and in the bill holdings. Thq liquidation of the
statement did not prove synonymous with a good bill holdings aggregated over $151,000,000 besides
return on the part of the Reserve Bank. On the con- which there.was a reduction in Federal Reserve note
trary the statement of the Reserve Bank,when made circulation of $84,600,000 following a reduction of
public, showed that the ratio of reserves to deposit $58,600,000 the previous week. It is only necessary
and Federal Reserve notes liabilities had been further to continue hewing along these lines with unrelenting
slightly reduced, bringing it down to the unprece- vigor and determination and thjVituation will be
dentedly low figure of 38.6%—and this on the basis quickly on the mend.
of gold and lawful money combined. On the basis
of gold alone the ratio would stand much lower. The
Transvaal gold mining operations in December
bill holdings of the central institution recorded a very 1919, reflectirrthe continuation of the conditions
substantial reduction, dropping from $1,020,375,00 that have been responsible for restricting productions
to $956,099,220. Unfortunately, however, the Re for some time past, covered the smallest per diem.
serve Bank suffered a reduction in its gold holdin
output for any month since December 1910—only
because of gold exports and other adverse ci excepting that of the corresponding month of 1918.
cumstances.
As cabled from London, the aggregate yield for DecWith the Clearing House banks and the Reser e ember 1919 was 650,191 fine ounces which compares
Bank both in straitened condition and called upon to with 641,245 fine ounces a year earlier, 722,419 fine
improve their reserve position, the tension natura ly ounces in 1917 and 774,462 fine ounces in 1916.
became increasingly severe. And this fact 4s For the twelve months, therefore, the total reaches
promptly and emphatically reflected in the mon y only 8,330,091 fine ounces against 8,420,659 fine
market. On Monday call loans on the Stock E
ounces, 9,022,263 fine ounces and 9,295,538 fine
change touched 18%,and both on Tuesday and We
ounces respectively, one two and three years ago,
nesday a high figure of 15% was recorded. Tile the falling off from 1916 (the high record year,being
stock market tumbled, and tumbled badly, further 965,447 fine ounces. This result, combined with the
sharp declines occurring on top of the declines suffere figures for Rhodesia and West Africa, where an
the previous week.. And the break in stock price aggregate falling off of about 40,000 fine ounces is
was renewed again and again, a further drop occu
now indicated, seems to warrant the conclusion that
ring yesterday, though money rates were easie the output for the whole of Africa for 419 has been
The reason for the depression on the Stock Exchange less even than in 1911, returns from Madagascar, &c.,
is, of course, perfectly obvious. Much of the de i- which will not be available for some little time, being
ings there is conducted on borrowed money, a d looked upon as a negligible factor in the situation.
with both the member banks and the central bank in These African figures tend to confirm our intimation
an over-extended condition, not only are new bor- of last week,in presenting the preliminary estimate
rowings out of the question, but speculative commit- for the United States, that our forthcoming [rements have to be reduced. What made the deficit view of the world's gold prlduction in 1919 will
by the Clearing House banks worse was that it carle show an output not only much less than that/of
at a time when there is a large return flow of mondy 1918, but under all years back to and including
from the interior. Furthermore, the deficit is con- 1905.
current with large Government deposits in the banks.
Against such deposits the banks are not required to
The long expected ceremony of putting the Treaty
hold any cash reserves. The total of these deposits of Versailles into effect was held in Paris a week ago
last Saturday was only a little less than the previous this afternoon. According to advices from that
week, being $302,303,000. Obviously, if these de- centre the exact moment at which a state of peace
posits should be converted into ordinary commercial between Germany and the greater Powers, as well
JAN. 17.1920.]
THE CHRONICLE
191
as most of the smaller ones, actually became effective of Versailles fails to elicit any expression of joy from
was 4:16 o'clock. Following a brief preliminary cere- the London papers." General regret was expressed
mony, at which the protocol was signed, and at over the failure of the United States to ratify and sign
which "only seven delegates of the interested Powers the document. The "Telegraph" said that "the
were present," came the principal ceremony in the failure of America to sign and to ratify the treaty
Clock Chamber of the Foreign Ministry: There, stands for the bitter disappointment of the hope that
around a special horseshoe table, were seated the glowed with peace for humanity a year ago." In a
Allied plenipotentiaries, both those representing the special cablegram to the New York "Times" Tuesnations that had ratified the treaty, and those who day morning the correspondent said that a similar
had not. The United States was the only great feeling existed in the French capital and observed
Power that was not represented at either ceremony. that "it is true that the League will be brought into
An invitation was said to have been sent to Ambassa- being next Tuesday, when the Executive Council
dor Wallace, but the Paris dispatches stated that he will hold its first meeting; but the absence of the
returned it, not having received instructions from father at the birth of the child threatens the life of
Washington as to what he should do. Naturally, the infant." He also added that "it promises to be
Premier Clemenceau, as President of the Peace Con- very puny in the first days. For the League of
ference, presided. With characteristic brevity, he Nations was planned as something infinitely bigger
outlined "the final points of the signing of the treaty." than the Treaty of Versailles, and it appears now as
The signatures of the Allied representatives and of the 'something much smaller. Instead of the Treaty of
two German plenipotentiaries were quickly affixed, Versailles being one of many world agreements to
whereupon "with the ceremony officially ended, there rest under the aegis of the League, the League finds
was general hand-shaking among Allied and German itself a mere tool for the enforcement of the treaty
with Germany." The "Journal des Debats" of
representatives, followed by a buffet tea."
Baron von Lersner, head of the German delega- Paris,in a leading article the first of the week, advised
tion, in an interview subsequently, was quoted in Europe "to cease throwing stones at President Wilson
part as follows: "I am naturally happy that peace on the one hand and at the Republican Senators on
finally has become effective. My great regret is that the other." The paper observed also that "if Europe
the United States is the only country with which wants American partnership in the regeneration of
Germany is still in a state of war. Execution of the world affairs, abusing America is a very poor way to
Treaty of Versailles imposes upon Germany the obtain that partnership."
heaviest sacrifices ever borne by a Government in
At its session Tuesday morning the Supreme Counmodern times, but I can say that Germany will go
to the utmost limit of possibility in fulfilling all obli- cil was reported to have considered "a plan for the
appointment of a Committee of Ambassadors to
gations she has incurred."
complete the details for the presentation and signing
It became known also last Saturday that the Su- of the Hungarian Peace Treaty and to carry through
preme Council had decided that "the putting of the the other unfinished business of the Peace ConLeague of Nations into being will occur in Paris at ference." It was added, however, that "the de10:30 o'clock in the morning of Friday, Jan. 16th." cision was left to the heads of the principal Powers."
Leon Bourgeois was to call the first meeting to order, The additionalstatement was made that"the necessity
to preside and make a brief address. Earl Curzon, for the return home of the Italian and British members
British Foreign Secretary, was scheduled to speak of the Council was advanced as the reason why another
also. The Council of the League of Nations, it was organization should be created." The Hungarian
announced, was to meet at the call of President Treaty was said to be finished and already in the
Wilson. He caused it to be sent out from Washing- printer's hands. At that time the opinion was exton to the various Governments Monday afternoon, pressed in Peace Conference circles that the docubut the text was not made public until Tuesday ment would be ready for delivery "before the end
evening. The first meeting was to be held at Quai of the week." The first meeting of the Council of
d'Orsay, Paris, at 10:30 yesterday morning. Ac- the League of Nations was held yesterday morning
cording to Washington dispatches early in the in the Clock Chamber. Representatives of the press
week, there "was a fair prospect" that Brussels in- were admitted.
Announcement was made in a Paris dispatch Thursstead of Geneva would be selected as the seat of the
League of Nations. The Secretariat of the League day evening that during the afternoon the Hungarian
was expected to make a decision soon. A special Peace Treaty had been handed to representativeso
Berlin cablegram to the New York "Times" stated that country. Premier Clemenceau, as President o
that in general the press comments on the peace the Peace Conference, it was stated also, had "inceremony in Paris were bitter, "though not all for the vited the Hungarians to sign immediately." Count
same reason." Word came from Lincoln, Neb., that Apponyi, head of the delegation, was reported to have
W. J. Bryan was strongly urging the adoption of the protested, "urging the necessity for discussion."
treaty by the American Senate by Jan. 16. Marshal Premier Clemenceau finally agreed that the HungaFoch gave an interview to "Excelsior," a Paris news- rians should present their claims yesterday afternoon
paper, in which he urged preparedness for war and at 2:30 o'clock. The situation was aggravated somewas reported to have said, "With the best wish in the what by a letter which the Count sent to Pau 1
world war is not always avoidable," and to have Dutasta, Secretary General of the Peace Conference,
added that "war has ceased to be an art and has "demanding to know where America stood with
become a science and an industry, and as such it can regard to the Hungarian treaty."
be evolved indefinitely."
With the Peace Treaty out of the way Premier
Through a cablegram from London Monday after- Lloyd-George, Clemenceau and Nitti resumed their
no onkbecarne known that "ratification of the Treaty discussions in Paris of the Adriatic problems. Ac-
192
THE CHRONICLE
[vol.. 110.
cording to a dispatch from the French capital filed stated that "quiet prevailed during the night. The
there last Sunday "they expect to finish this part of street patrols were heavily reinforced." Toward the
their work by Wednesday." About the same time end of the week very little information was received
Gabrielle d'Annunzio issued a statement in which he direct from Berlin relative to conditions there.
poured out abuse on President Wilson because of his London heard both on Thursday and yesterday that
attitude on the Fiume situation, and in which he also "the large factories were working normally and that
attacked France and the Peace Conference. The the railway and tram services were not interrupted."
opinion was said to exist in Rome that a crisis would
On Thursday evening the Associated Press sent
develop in Italy if Premier Nitti failed in his negotia- out a rather alarming dispatch from London which
tions with Premiers Lloyd George and Clemenceau. began as follows: "Before Peace.with Germany is a
The outcome of those negotiations was reported to week old the British public has been brought up
have been awaited in Rome and in the other large sharply against the possibility of another war."
Italian centres with "feverish expectancy." In a It was stated that Premier Lloyd George had sumcablegram from Paris Wednesday morning it was moned Winston Spencer Churchill, Secretary for
declared that "the announcement of the Adriatic War; Walter Hume Long,First Lord of the Admiralty;
agreement by the three Premiers is expected to-day Baron Beatty, Commander of the Grand Fleet,and
or Thursday." The correspondent further said that Field Marshal Sir Henry H. Wilson, Chief of the
"it is understood that this plan will make a free city. Imperial Staff, to Paris for a conference "on imof Fiume, placing it on much the same footing as portant military and naval matters." It was beDanzig, and will give to the Jugo-Slavs a strip lieved that the conference was decided upon because
running between Fiume and Trieste, the latter of of "Bolshevik military successes which have given
which will be Italian." The plan as he had heard it the Soviets virtual mastery of the whole of European
"provides for the division of the Adriatic islands be- Russia."
tween Italy and Jugo-Slavia," while, "in return for
concessions Italy would get a mandate over Albania."
The railway labor situation in several of the
The Jugo-Slavs were said to be pleased and the larger countries of Europe is bad, according to cableItalians disgusted with the terms of the reported grams from the principal centres in those countries.
agreement. A Paris cablegram Thursday morning In Spain "an official notice of a strike of the railway
claimed that Italy had accepted the proposed Fiume men, to be effective Jan. 20, was issued by the Comagreement and that it had been handed also to the mittee of the National Federation of Railwaymen
Jugo-Slavs, who had forwarded the text to Belgrade. here to-day" (Monday). From Berlin came word on
A reply was expected yesterday. Premier Nitti was Tuesday that "the Government has issued a maniquoted in Paris the same day as saying that "the festo urgently calling upon the striking railwaymen
settlement of the Adriatic question now lies ex- to resume work immediately." The situation was
clusively with the Jugo-Slavs."
made the more serious by a strike of telegraph employees in the Dusseldorf, Dortmund and Munster
Near the close of last week unconfirmed rumors districts. In Great Britain the situation was so
reached this centre of a revolution against the exist- critical that Sir Eric Geddes, Minister of Transportaing Government in Germany. Subsequently positive tion, and Sir Robert Horne, Minister of Labor, went
denials were received from various points. Nothing to Paris to confer with Lloyd George, although he
more of a definite character was heard about the was to be in the French capital only a few days.
matter until Wednesday morning when it was re- They returned to London Monday night. It was
ported in dispatches from Berlin that a demonstration stated that the whole matter would be taken up by
of the Bolsheviki before the Reichstag had occurred the British Cabinet at its meeting on Tuesday, with
the day before, during which 30 of the mob were said the intention of deciding the Government's attitude.
to have been killed and more than 100 wounded. Cablegrams Wednesday morning stated that the
The occasion of the demonstration was "the second Government did not make known its decision on
reading in the Upper House of the Reichstag Act, Tuesday. J. H. Thomas, head of the railwaymen's
creating factory councils." According to the Berlin union, was quoted as saying "there will be every
cablegrams "Independent Socialists declare that the effort to avoid a rupture." According to the "TriAct does not meet the demands of the workmen." buna," a Rome newspaper, a general strike of the
The crowd was more specifically incited by "Die railway workers in Italy was threatened for Jan. 15.
Freiheit," a radical Socialist organ, which "published Advices from that centre stated that the Government
an appeal in the name of 15 unions to all workmen had decided to give the men three representatives in
to stop work at noon and assemble in front of the the Advisory Council of the State Railways and to
Reichstag at 3 o'clock." The crowd was reported to "distribute 100,000)000 lire among the employees,
have attacked the guards. Later machine guns pending the settlement of the wage issue." Word
were turned loose and 40,000 of the radical Socialists came from London yesterday morning that "delegates
were scattered. At that time further trouble was of railwaymen's unions have accepted the Governfeared. Wednesday afternoon's cablegrams from ment's offer in settlement of wage demands made by
Berlin seemed to confirm the earlier dispatches re- employees in the lower grades of service." From
garding the political disturbances there. Announce- Rome came the report that "the situation in the
ment was made that on Tuesday night "the Govern- threatened railway strike is very acute."
ment proclaimed martial law in all sections of Germany," and that "Gustave Noske, Minister of DeFor some little time the London cablegrams have
fense, has been appointed Commander-in-Chief for indicated that the British trade position was imthe Greater Berlin District and Brandenburg Prov- proving rather rapidly. A few days ago the Board
ince." It was added that "street parades, meetings of Trade "Journal" predicted that "England will
and demonstrations of all kinds have been prohi- close the year 1920 with a favorable trade balance
b ted." Thursday morning the rgports from Berlin of nearly $1,000,000,000," and added that "England
JAN. 17 1920
THE CHRONICLE
193
practically is now on a pay-as-you-go basis." The against £785,810,000 last week and £458,680,000 the
paper presented an analysis of British trade, in which year previous. We append a tabular statement of
the invisible income for 1919 was estimated at $2,- comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
600,000,000. It was pointed out that this would
1920.
1919.
1916.
1917.
1918.
reduce the apparent adverse balance from $3,Jan. 15.
Jan. 14.
Jan. 19
Jan. 17.
Jan. 16.
300,000,000 to only $700,000,000. The "Journal" Circulation
88,249,000 69,698,840 45,325,380 38,831,640 33,909,655
18,657,000 28,168,380 41,416,146 51,324,995 59,474,227
estimated also that "the invisible income at the end Public deposits
Other deposits
127,434,000 124,797,382 121,589,360 137,699,276 100,782,235
of 1920 will be $3,200,000,000 and forecasts that the Government scours_ 54,709,000 62,666,244 56,768,151 133,883,190 32,838,661
securities__ — 84,780,000 78,886,493 92,278,457 37,381,804 109,724,797
excess of imports will not be more than $2,259,000,000, Other
Reserve notes & coin 24,487,000 29,295,376 31,892,728 35,733,648 35,708,398
leaving England at the close of this year with a Coin and builion 94,287,105 80,544,216 58,768,108 56,115,288 51,168,053
Proportion of reserve
favorable trade balance, all factors considered, of to liabilities
16.76%
19.57%
19.14%
18.91%
22.28%
Bank rate
6%
5%
5%
5%
E46%
nearly $1,000,000,000."
The Bank of France reports a further gain in its
gold item this week, the increase being 245,000francs.
The Bank's total gold holdings therefore now amount
to 5,579,404,125 francs, comparing with 5,496„206,725 francs last year and with 5,359,127,410 francs
the year before; of these amounts 1,978,278,416 francs
were held abroad in 1920 and 2,037,108,484 francs in
both 1919 and 1918. Bills discounted during the
week increased 87,839,763 francs, while Treasury
deposits were augmented to the extent of 9,051,976
francs. On the other_hand, silver decreased 3,207,551 francs, advances fell off 11,041,430 francs and
general deposits were reduced 94,947,515 francs.
Note circulation took a favorable turn, a contraction
of 109,302,230 francs being registered. This brings
the total outstanding down to 37,900,604,716 francs,
contrasting with 31,699,903,225 francs last year and
with 23,062,503,760 francs in 1918. Just prior to
the outbreak of war in 1914 the amount outstanding
was only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement
of last week and corresponding dates in 1919 and
There has been no change in official discount rates 1918 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
at leading European centres from 5% in Paris, BerChanges
Status as of
for Week.
Jan. 15 1920. Jan. 16 1919. Jan. 17 1918 .
lin, Vienna and Copenhagen; 532% in Switzerland,
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
Inc.
France
245,000 3,601,125,709 3,459,098,240 3,322,018,925
6% in London, Sweden, Norway and Petrograd, and In
No change
Abroad
1,978,278,416 2,037,108,484 2,037,108,484
43/2% in Holland. In London the private bank rate Total
Inc.
245,000 5,579,404,125 5,496,206,725 5,359,127,410
Dec. 3,207,551
316,870,332
261,332,628
245,071,774
has been raised to 53.i% for sixty days and 5%7
0 for Silver
Bills discounted_ _ -Inc. 87,839,763 1,705,006,237 1,334,359,893
888,323,052
Advances
Dec. 11,041,430 1,535,790,820 1,212,330,587 1,221,176,082
ninety days, against 5% for sixty and ninety-day Note
circulation_ Dec. 109,302,230 37,900,604,716 31,699,903,225 23,062,503,760
deposits..Inc.
21,616,397
9,051,976
47,419,566
48,064,695
bills alike last week. Money on call in London is Treasury
General deposits_ _Dec. 94,947,515 3,031,024,184 2,533,116,496 2,857,076,61 0
also firmer, and is now quoted at 3%@4%, as compared with 33/2% a week ago. No reports have been
Noteworthy changes were shown in last week's
received by cable of open .market discount rates at statement of New York Clearing House banks and
other centres, so far as can be learned.
trust companies, issued on Saturday, among which
may be mentioned a loss of more than $57,000,000
For the first time in a number of weeks the Bank in surplus, once more wiping out that item and
of England statement recorded a substantial increase leaving a deficit below the required reserves. Net
in its gold holdings, totaling £3,006,584, while total demand deposits were brought down $46,775,000
reserve was expanded by no less than £5,105,000, to $4,145,682,000 (Government deposits of $302,there having been a reduction of £8,098,000 in note 303,000 deducted), and net time deposits decreased
circulation, while the proportion of reserve to liabili- $6,008,000, to $250,418,000. Active calling in of
ties advanced to 16.76%, which compares with loans by the banks resulted in a reduction of $22,12.20% a week ago and 19h% last year. The 579,000 in the loan item. Probably the most notable
deposit items were all lowered, public deposits falling feature of the statement was the contraction in the
off £2,806,000, and other deposits £9,862,000. Gov- reserve of member banks with the Federal Reserve
ernment securities declined £6,231,000. Loans(other Bank, amounting to $63,292,000, which brought that
securities) showed a contraction of £11,502,000. account to $525,072,000 and was mainly responsible
The Bank's stock of gold on hand now stands at for the elimination of surplus reserves. Cash in
£94,287,105 and compares with £80,544,216 last own vaults (members of the Federal Reserve Bank)
year and £58,768,108 in 1918. Circulation is £88,- gained slightly, viz., $2,958,000, to $111,039,000.
249,000. Last year it stood at £69,698,840 and in Reserves in own vaults of State banks and trust
1918 £45,325,380. Reserves total £24,487,000, as companies, declined $506,000, to $11,522,000, while
against £29,295,376 and £31,892,728 one and two the reserve in other depositories of State banks and
years ago, respectively. Loans aggregate £84,780,- trust companies increased $209,000, to $11,425,000.
000, in comparison with £78,886,493 in 1919 and There was a reduction in aggregate reserve of no less
£92,278,457 the year. preceding. Clearings through than $63,589,000, to $548,019,000. As shown above,
the London banks for the week were £758,300,000, the decline in surplus, although somewhat lessened
In its statement for the first ten days of the
New Year the British Treasury figures show only a
slight difference between income and revenues and
expenditures and outgo. For the ten-day period
expenses totaled £32,395,000, while the total outflow,
including Treasury bills, war savings certificates, &c.,
repaid, and .other items, was £201,978,000. Receipts from all sources equaled £201,639,000, of which
total revenues yielded £40,460,000, savings certificates £2,000,000 and other debt £1,639,000. Victory
bonds contributed £900,000, and the new funding
loan £400,000. From advances a total of £22,000,000 was received. New issues of Treasury bills
amounted to £134,238,000, and as this was substantially in excess of repayments, there was an expansion
in Treasury bills outstanding to £1,144,881,000, as
against £1,105,784,000, the amount held on Dec. 31.
Temporary advances from the Bank of England are
now reported at £209,074,000. Exchequer balances
now stand at £3,831,000, which is an increase of
£339,000 over the previous total.
The predictions late last week of the probability
of higher rates for call money at New York this week
have been realized. Loans were called pretty generally, particularly those with a substantial amount
of oil and other highly speculative stocks as collateral.
Those issues experienced severe declines in the dealings from day to day. Yesterday and the day before
the call money rates were somewhat easier. Time
money quotations were firmer all week and the
offerings were inconsiderable in comparison with the
amounts desired, even at the high rates quoted.
The whole money situation is still in a very uncertain
state. Naturally this fact has had a distinctly disturbing effect upon speculation in securities, particularly at this centre. This is the only place where
anything like the rates for call money that have prevailed this week have been obtained by lenders.
Western that bankers have been quoted asasserting the
high rates here were not justified by the actual monetary position in this country. The stock market
was upset more or less on Wednesday by well defined
reports that the New York Federal Reserve Bank had
recommended an increase in its rediscount rates on
commercial loans. It was impossible to learn anything from the officials of the institution as to what
they had or had not done. Governor Harding of
the Federal Reserve Board was quoted in a Washington dispatch as saying that he had received no
communication from the New York bank regarding
the reported increase. .It was reported on Thursday and yesterday that probably nothing would
be done toward establishing a higher rate just now.
The Federal Reserve Board continues to issue warnings against further extensions of credits. Apparently, however,these warnings have not accomplished
much in the way of liquidation of loans made by
Southern bankers for speculation in cotton. It is
claimed that large sums have been loaned for that
purpose at 6%. According to all the reports there
has not been much liquidation, either in commercial
or mercantile loans. The heaviest liquidation has
taken place in Wall Street, but still the Federal authorities appear disposed to withhold funds as much
as possible from use for Wall Street purposes, and not
to force the release of money tied up in other lines,
many of which are as highly speculative as transactions in stocks on a marginal basis. In spite of the
monetary situation the bankers report good results
again this week from their offerings of domestic
securities. The $25,000,000 Belgian notes put out
by a powerful syndicate headed by J. P. Morgan &
Co. were quickly taken and it was authoritatively
stated that no part of the entire amount remained in
the hands of the syndicate.
Referring to money rates in aetail, loans on call
this week covered a range of 6@18%, as against
6@10% the week preceding. On Monday there was
a sharp advance to 18%, which was the high, while
the low was 7% and renewals 9%. Tuesday and
Wednesday the range was 8@15%, and renewals
still at 9% on both days. A slight relaxing in the
tension was shown on Thursday and the maximum
for the day was 9% with the minimum 6%; the renewal basis, however, continued at 9%. Friday's
rates were 8% high, 6% low and 8% the ruling quotation. The above figures apply to Mixed collateral
and all-industrial loans alike. In time money no
changes were noted during the opening days of the •
week, but later on funds became so scarce that rates
were forged up to 73/2% for mixed collateral, all
maturities from 60 days to 6 months, while loans on
all-industrials ranged at 8@8%. Even at these
levels very little trading was put through and the
market was a dull, monotonous affair with quotations largely nominal. Lenders show no disposition
to put out funds in any considerable amount; hence
business is confined almost exclusively to renewals.
Mercantile paper was dull but firm with 60 and
90 days' endorsed bills receivable and six months'
names of choice character, also names less well
known still at 6%. Trading was light and most of
the important local institutions were temporarily
out of the market.
Banks and bankers' acceptances remain unchanged.
Transactions in the aggregate attained very moderate proportions, there having been a falling off in
the demand concurrently with the renewal of stringency in the call loan market. Brokers do not anticipate any improvement to speak of until interest
rates are substantially lowered. Demand loans for
4%.
bankers' acceptances continue to be quoted at 43
Quotations in detail are as follows:
Spot Delivery— Delivery
within
Thirty
Sixty
Ninety
30 Days.
Days.
Days.
Days.
534 bid
0444
5
5305
53404%
544 bid
54404%
.5% 5% 53405
644 bid
6%0544 634@5% 6%6534
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
The only changes made in discount rates during
the past week so far as we are aware were those made
by the Federal Reserve Bank of Chicago (effective
Jan. 12) and the Federal Reserve Bank of San
Francisco (effective Jan. 12); both of these Reserve
4% for all classes
banks have established a.rate of 43
of paper and all maturities, except for agricultural
and live stock paper of 91 days to 6 months, the rate
for which remains at 53/2%, and for paper secured
by War Finance Corporation bonds, the rate in this
In the following we show the
case being 59/
0*
—4 ,°7
prevailing rates of discount, so far as our knowledge
goes, for the various classes of paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE RANKS.
•
I
by a decrease of $6,197,320 in reserve requirements,
totaled $57,391,680 and resulted in a deficit of
$2,912,680, which compares with $58,610,000 excess
reserves held last year. The figures here given for
surplus are on the basis of 13% legal reserves for
member banks of the Federal Reserve system, but do
not include cash in vault amounting to $111,039,000
held by these banks last Saturday. Rediscount
operations of the Federal Reserve Bank showed another heavy reduction, namely, $64,000,000. This
total includes bills bought in the open market as well.
[voL. llo.
THE CHRONICLE
CLASSES
•
OF
DISCOUNTS AND LOANS. 1
Discounts—
Within 15 days,incl. member
banks' collateral notes____ 494
16 to 60 days' maturity— 4%
61 to 90 days' maturity._ 4%
Agricultural and live stock
Paper,91 to 180 days Incl_5
3ecured by 444% U.8, certificates of indebtedness—
Within 15 days, including
member banks'collateral
454
notes
3ecured by 434% U. B. Certificates of Indebtedness,
Lib. bonds & Vie. notes—
Within 15 days, including
member banks'collateral
484
notes
434
16 to 90 days' maturity
Trade Acceptances444
15 days' maturity
434
16 to 90 days' maturity
New York.
194
.4
•
,.
,5
1
it
1
U
•
.
l
1 4
1
41Ii
1
454 494 454 434 4% 494 434 434 534 5
444 4% 4% 444 4% 4% 494 444 534 5
534 5
4% 434 4% 4% 444 444 4% 5
5
5
534
— 534 5% 534 534 6
434
4%
444
634 534
454 494 434 4944% 134 434 434 4% 434 434
434 184 484d 454 4845 454 4845 454 5%e Sc 454
434 4% 434(1 434 4% 454 434 4%834e 5 434
434 434 444 4% 4% 444 43.4 434 534 5
434 434 454 454 434 454 434 434 534 5
I Rates for discounted bankers' acceptar ces, 434%.
Note 1. Acceptances purchased In open market, minimum rate 4%.
4%
4%
JAN. 17 1920.]
THE CHRONICLE
195
As to quotations in greater detail, sterling exchange
on Saturday of last week was slightly firmer and demand bills rallied to 3 7332@3 7434, cable transfers
to 3 74%@3 75 and sixty days 3 6834@3 69. Monday's market was dull and uninteresting but the undertone was steady and the range somewhat higher,
at 3 74@3 7434 for demand, 3 7494@3 75 for cable
The sterling exchange situation, taken as a whole, transfers and 3 6894@3 69 for sixty days. No inremains without fundamental change, and weakness crease in activity was noted on Tuesday and quoagain figured prominently in the week's dealings; tations were again marked down, with demand at
with a further recession to 3 6834, for demand, or 3 73%@3 7434, cable transfers 3 74/@3 75 and
2@3 71. On Wednesday further
more than 5 cents in the pound under the close on sixty days 3 703/
as a result of heavy offerings
developed
'weakness
and
other
Friday last. Continued offering of cotton
bills, also lower cable quoand
foodstuffs
cotton
of
mainly
responcommercial bills on a large scale was
there was a decline to
and
from
London,
tations
while
coupled
movement,
the
for
downward
sible
with this was the receipt of lower quotations from 3 7234@3 7334 for demand, 3 73@3 74 for cable
abroad and persistent stringency in monetary con- transfers and 3 68@3 69 for sixty days. There was
ditions in this market. Lack of certainty regarding another break on Thursday, this time of 2 cents
the outcome of the treaty fight and the possibility, in the .pound to 3 7034@3 7134 for demand bills,
notwithstanding numerous optimistic predictions while cable transfers ranged between 3 71 and 3 72
to the contrary, of a still more protracted delay on and sixty days at 3 67@3 68; trading, however, was
the part of the contending factions in the U. S. Sen- not active, the demand being very light. Friday's
ate in reaching a satisfactory compromise settlement, market was quiet but irregular and weak; demand
also a fresh outbreak of political unrest in Germany again receded, losing another 2c. to 3 6834@3 6934,
were potent factors in depressing market sentiment cable transfers to 3 69@3 70, and sixty days 3 65@
and restricting the demand for bills, with the result 3 66. Closing quotations were 3 65 for sixty days,
that much of the time the market was almost bare 3 6834 for demand and 3 69 for cable transfers
Commercial sight bills finished at 3 6794, sixty days,
of buyers.
According to an official announcement from Wash- at 3 6334, ninety days at 3 6134, documents for
ington applications for Government export loans by payment (sixty days) 3 6294 and seven-day grain
American exporters may now be made to the War bills 3 67. Cotton and grain for payment closed
Finance Corporation. This practically confirms the at 367. Gold engagements were light this week,
belief that what amounts to a new and broader totaling only $80,000 gold coin for shipment to South
policy has been adopted by the organization in ques- America and $770,000 to India, in all $850,000.
tion under which bona fide loans for the financing
In Continental exchange the outstanding feature of
of essential export shipments from the United States
will be granted, providing adequate security is an otherwise quiet week, has been the sensational
forthcoming, and is in line with the action of the drop in rates for German marks, which under reCorporation in granting loans amounting to over newed attempts to sell on an unresponsive market,
$17,000,000 a week ago. Nothing further has as broke to 1 67 for checks, or 29 points below the preyet developed concerning the Edge Act rules, though vious extreme low record established during the
the understanding is that the tentative draft of the height of the speculation some months ago. Ausregulations to be adopted by the Federal Reserve trian kronen shared in the weakness, declining to
Board will be ready for issuance by the latter part 00.38, a loss of 9 points for the week. Unquestionably, the reports of serious rioting with accompanyof the coming week.
ing
disturbances in Berlin and other large German
loan
Belgian
$25,000,000
News Thursday that the
had proved a success in every respect and been centres, had much to do with depressing quotations,
promptly and heavily oversubscribed created an bankers here showing a not unnatural reluctance to
excellent impression, and was interpreted as an taking on new commitments in this direction until
indication that under proper conditions foreign quiet ha,s again been restored. The exchanges of the
loans may now be floated in this market. It is con- new Czecho-Slav and other Central European Repubceded, however, that Belgium is making rapid and lics were all unfavorably affected and registered more
substantial progress in recovering from war condi- or less spectacular declines in rates. French francs
tions and that the terms offered were extremely and Italian lire ruled weak and closed substantially
favorable, and opinion is somewhat divided as to the lower for the week. Belgian exchange was sustained
advisability of further extensive attempts at financing in the early dealings on loan prospects, but eased off
on the part of other European Powers at this time. in the final transactions, indicating that this had
Considerable interest was evinced in rumors to the already been discounted as an influence. A cableeffect that the Italian Government is contemplating gram from the American Commercial Attache at
the issuance of dollar bonds in the United States to the Hague states that the requirement that Geran indefinite amount and not exceeding a five-year man import duties be paid in gold, reported as
maturity. It is alleged that the plan is to reach the suspended a short time ago, has been reimposed,
Italians resident in this country through the numerous and that commencing with January of this year,
Italian-American banks scattered throughout the duties paid in paper instead of gold will be liable
United States and the understanding is that all that to a sur-tax of 900 paper marks for each 100 marks
is needed for the carrying out of this scheme is the for the period ending January 10th. It is rumored
official sanction of the Treasury authorities. .A dis- that a memorial is being drafted by the bankers
patch from Rome states that the distribution of the, of Berlin for presentation to the National Assemnew internal Italian loan is proceeding favorably bly protesting strongly against the adoption of the
national emergency levy proposed by Minister of
and promises to exceed the amount originally set.
Note 2. Rates on paper secured by War Finance Corporation bonds, 1% higher
than on commercial paper of corresponding maturities.
Note 3. Whenever application is made by member banks for renewal of 15 day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90 day
Paper of the same class.
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.
S Rate on 15-day advances secured by 434% Certificates of Indebtedness.4 4%
d Rediscounts (up to 90 days) secured by certificates of indebtedness, 4J %.
4 %.
e Paper secured by Treasury Certificates, 45,
196
THE CHRONICLE
Finance Erzberger, which it is charged will deprive
the nation of capital sorely needed to carry on
production and provide credits for the promotion
of legitimate enterprise.
The new working arrangement between a prominent and well-known firm of American exporters and
its representatives in France for the furtherance of
exports from this country, details of which became
known this week for the first time, came in for a
good deal of attention and discussion. In brief, the
plan is to ship goods and invoice same in dollars.
The French firm does not, however, remit dollars or
francs in payment, but deposits with a local bank,
for account of the American firm, an amount in francs
corresponding to the amount of the dollar invoice at
the current rate of exchange. Each month this
amount is corrected to agree with the fluctuations in
the rate of exchange; that is, when dollars rise, an
additional deposit is made to cover the difference in
exchange. Invoices are,treated in a similar manner.
The money which is deposited in a bank having correspondents in the United States, is to be transmitted
whenever exchange rates shall have reached a level
satisfactory to the importer, and the American firm
is permitted, if it so desires, to borrow money in the
United States against deposits standing to its credit
in France. As the French deposits bear interest, the
American firm incurs practically no expense, since the
interest paid in France serves to offset what may have
to be paid in this country. The agreement is for
two years, at the end of which time, if exchange has
not fallen sufficiently to allow of settlement without
loss to the importing firm, a further agreement will
be drawn up. The American Charge d'Affaires in
Belgrade announces that the Serbian Foreign Office
has re-established complete resumption both of transit facilities and of trading between Jugo-Slavia and
Rumania.
[VoL. 110.
firmly maintained and Spanish pesetas ruled about
steady.
Bankers' sight on Amsterdam closed at 37%,
against 37 5-16; cable transfers at 3732, against 3732;
commercial sight at 37 5-16, against 37 5-16 and commercial sixty days at 36 15-16, against 36 15-16 a week
ago. Swiss francs finished at 5 55 for bankers' sight
bills and 5 53 for cable transfers, in comparison with
5 67 and 5 65 last week. Copenhagen checks closed
at 17 55 and cable transfers 17 70, against 17.95
and 18.10. Checks on Sweden finished at 20.55
and cable transfers 20.70, against 21.05 and 21.20,
while checks on Norway closed at 19.25 and cable
transfers 19.35, against 19.70 and 19.85 on Friday
of the previous week. Closing rates for Spanish
pesetas were 19.10 for checks and 19.20 for cable
transfers. Last week the close was 19.05 and 19.15.
As to South Awrican exchange, the range remains
essentially unchanged, with the check rate on Argentina still at 43.00 and cable remittances at 43.10,
against 43.15. For Brazil the rate for checks con2, the same
tinues at 27.75 and cable transfers 27.873/
been
advanced
has
as a week ago. Chilian exchange
to
against 20% last week while for Peru the
rate is now 5 00@5 05, against 4 90@4 95. Advices
from Bolivia state that the Bolivian Congress has
enacted legislation to make the United States gold
dollar legal tender at that centre and that the rate
of exchange has been fixed at 2.57 to the dollar.
Far Eastern rates are as follows: Hong Kong,
963/2@97, against 98@99; Shanghai, 1593/2@1603/2,
against 159@161; Yokohama, 49%@503/2, against
50@5034; Manila, 49@493'1; (unchanged); Singapore, 50@503, (unchanged); Bombay, 44@44,
against 44@45, and Calcutta, 44@443/2, against
44@45 a week ago.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $9,829,000 net in cash as a result of the currency movements for the week ending Jan. 16.
Their receipts from the interior have aggregated
$13,478,000, while the shipments have reached
$3,649,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which together occasioned a loss of $248,711,000, the combined result of the flow of money into and out of the
New York banks for the week appears to have been
a loss of $238,882,000, ae follows:
The official London check rate in Paris closed at
42.89, which compares with 41.85 a week ago. In
New York, sight bills on the French centre finished
at 11.62, against 11.14; cable transfers at 11.60,
against 11.12; commercial sight at 11.65, against
11.17, and commercial sixty days at 11.73, against
11.25 last week. Belgian francs closed at 11.57 for
checks and 11.55 for cable transfers. Last week the
close was 11.08 and 11.06. The closing range for
Reichsmarks was 1 76 for checks and 1 78 for cable
Net Change in
Out of
transfers, which compares With 1 97 and 1 99 the
Into
Week ending Jan. 16.
Bank Holdings.
Banks.
Banks.
week previous. Austrian kronen finished the week
$3,649,000 Gain $9,829.000
$13,478,000
Banks' interior movement
at 00.42 for checks and 00.44 for cable remittances, Sub Treasury and Federal Reserve 21,161,000 269,872,000 Loss 248,711,000
operations and gold exports
against 00.48 and 00.50 a week ago. Exchange on
$34,639,000 $273,521,000 Loss$238,882,000
Total
Czecho-Slovakia closed at 1 65, against 1 90; on
the amount of bullion
indicates
table
following
The
Bucharest at 2.20, against 3.00; on Poland, at 85,
banks:
European
principal
the
in
against 1 05, and on Finland at 2 80, against 3 10
Jan. 16 1919.
Jan. 15 1920.
in the preceding week. Final rates on lire • were
Banks of
Silver. I Total.
Total.
Gold.
Silver.
Gold.
13.71 for bankers' sight bills and 13.69 for cable
z
13.40
and
13.42
remittances. This compares with
4
94,287,105 80,544,216
I 80,544,216
4
England. 94,287,105
a._ 144,045,026 10,440,000 154,485,026 138,363,929 12,040,000 151,003,929
last week. Greek exchange has not been changed France
972,260 113,831,560
Germany _ 54,480,650 1,052,550 55,533,200 112,859,300
•__ 129,650,000 12,375,000 142,025,000 129,650,000 12,375,000 142,025,000
from 6 55 for checks and 6 50 for cable trans- Russia
Aus Hun.c 10,944,000 2,369,000 13,313,000 11,008,000 2,289,000 13,297,000
Spain __ 97,832,000 25,220,000 123,052,000 89,134,000 25,686,000 114,820,000
fers.
32,200,000 3,006,000 35,206,000 37,071,000 3,000,000 40,071.000
Italy
600,000 58,035,000
581,000 53,408,000 57,435 000
52,917,000
Very little business is passing in the neutral ex- Netherl'ds.
600,000 15,980,000
Nat.Bel. h 10,656,000 1,076,000 11,732,000 15,380,000
18,927,000
2,365,000
16,562,000
23,640,000
2,971,000
20,678,000
Switz'land.
changes and trading was dull and featureless, al- Sweden_ 15,621,000
15,873,000
15,621,000 15,873,000
130.000 10.554,000
12,789,000 10,424,000
184,000
12,605,000
_
Denmark
6,722,000
though considerable irregularity was noted, espe- Norway .._ 8,141,000
8,141,000 6,722,00
60,657,260781,683,705
cially at Scandinavian centres, where Copenhagen, Tots'week 684,056,781 59,274,550743,331,331 721,026,445
week 680,426,399 59,322,550 739,748,940724,504,952 01,073,010785,637,002
Stockholm and Christiania remittances suffered Prey.
a Gold holdings of the Bank of Franco this year are exclusive of £79,131,137
abroad.
severe declines and were all marked down to new low held
• No figures reported since October 29 1017.
c Figures for 1918 are those given by "British Board of Trade Journal" for Dec. 7
levels. On the other hand, Swiss francs showed 1917.
recoveries of from 12 to 14 points, while guilders were h Figures for 1019 are those of August 0 1914.
JAN. 17 1920.]
THE CHRONICLE
THE LEAGUE OF NATIONS IN OPERATION.
Yesterday was marked by an event of unusual
and world-wide interest, in the assembling and organization at Paris of the delegates to the League
of Nations. The governments represented at the
inauguration of this undertaking were those of Great
Britain, France, Italy, Spain, Belgium, Portugal,
Greece, Japan and Brazil. The chairman of this
first meeting, the French statesman Leon Buorgeois,
pointed out in his address to the delegates that the
organizing of the League will not be complete until
the Assembly of all the States to be represented in
it shall have convened. But he referred to the date
of Jan. 16 1920, as one which "will go down in history
as the date of a new world," described the occasion
as the first in history which has witnessed "all free
nations leaguing themselves together to substitute
right for might," and the meeting at once began official business by the appointment of a commission
to consider certain boundary questions under the
Treaty of Peace.
It will strike a good many people as anomalous
that the first meeting of the assenting members of
the League should have been personally called by
the ruler of a country which has not as yet assented
to it. But that, as it happens, was a result of explicit provisions in the covenant itself, as adopted
at Paris on the 28th of last April. "The first meeting of the Assembly and the first meeting of the
Council," it was then provided, "shall be summoned
by the President of the United States of America."
Mr. Wilson's summons was formally issued this
week and cabled to the American embassies, for
delivery to the nations whose governments have
accepted membership in the League. Its text declared the call to be made "in behalf of those nations
which have .deposited their instruments of ratification in Paris, as certified in a proces verbal drawn
up by the French Government, dated Jan. 10 1920."
To each of the assenting governments the President
expressed the hope that it would be "in a position
to send a representative to this first meeting."
Furthermore:
"He [the President] feels that it is unnecessary
for him to point out the deep significance attached
to this meeting, or the importance which it must
assume in the eyes of the world. It will mark the
beginning of a new era in international co-operation,
and the first great step toward the ideal concert
of nations. It will bring the League of Nations
into being as a living force devoted to the task of
assisting the peoples of all countries in their desire
for peace, prosperity and happiness."
The convening of this assemblage undoubtedly
marks a step in many ways new in history. It is
supplementary to the original establishment and the
subsequent periodical reconvening of The Hague
Conferences; with, however, this important difference, that the international conventions of The
Hague and the tribunal which was created by them
were expedients adopted in time of peace and as a
result of peace-time discussions of how war might
be averted; whereas the present assembling of the
League of Nations is a direct outgrowth of the greatest of wars and is an integral part of the prescribing,
enforcing and administering of the terms of peace.
That the powers of the League, moreover, are far
greater than were ever committed to The Hague
Conferences every one is aware. .
197
Taken merely as a formal international statement
of policy, on the termination of a great war, to prevent by united efforts the recurrence of such a conflict, it might be said that the only analogy is the
so-called "Holy Alliance" which followed the ending
of the Napoleonic conflict. But even with that
episode the contrasts are vastly greater than the
resemblances. In its essential parts the wording
of the declaration given out publicly at Paris on
Sept. 26 1815 by the Czar of Russia was as follows:
"The sole principle of force, whether between the
said Governments or between their subjects, shall
be that of doing each other reciprocal service, and
of testifying by an unalterable good-will the mutual
affection with which they ought to be animated."
But this was supplemented by the declaration of
the authors of the manifesto that "the three Allied
Princes look on themselves as merely delegated by.
Providence to govern three branches of the one family, namely, Austria, Russia, and Prussia." and it
was followed by the pledge that "the three contracting monarchs will remain united by the bonds of a
true and indissoluble fraternity, and, considering
each other as fellow countrymen, they will on all
occasions and in all places lend each other aid and
assistance," also by an extremely vague promise to
govern by the Christian religion and "to take for
their sole guide the precepts of that holy religion,
namely, the precepts of justice, Christian charity
and peace." In other words, the Holy Alliance was
hardly more than reaffirmation of its claims by
European autocracy, and it had results in European
politics which might have been expected from such a
declaration.
At the moment, the attitude of the United States
makes it difficult to measure the immediate possibilities of the new League. It is admitted, by the
European nations themselves, that a world league
cannot possibly perform the functions which are
hoped for from it, except with the presence and cooperation of our Government. But assuming the
eventual joining of the League by the United States,
what are we warranted in expecting as a result of it?
Orderly administration of the terms of the indemnity, for one thing; with a tangible authority in
sight to decree relaxation of the terms if (as this
week's declaration of international financiers on the
financing of Europe intimated might be the case)
those terms should be found to be beyond the power
of Germany and her recent allies to meet. Settlement of questions which are sure to arise regarding
the allotment and distribution of the indemnity
payments will be another essential duty. These
functions, it is true, are already committed largely
to the Reparations Committee. But that committee's own authority could not possibly be the
same if it merely exercised its rights by virtue of the
vote of an adjourned conference as it would be with
the active and organized machinery of the League in
force.
In the larger and permanent purposes stated in the
preamble to the League agreement, time will in any
case be needed to show how its machinery will work.
The League will inevitably be regarded both by its
members and by the rest of the world as an experiment until it shall have been tested in the course
of events. Its function in promoting international
peace and security is declared in the preamble to be
dependent, not only on the maintenance of just and
open relations, and of recognition of international
198
THE CHRONICLE
[voL. 110.
law, but by "the acceptance of obligations not to of which nobody, gives an authoritative definition
resort to war" and by enforcement of "scrupulous and few have attempted an intelligible one. In a
general way, a Socialist believes, or professes to
respect for all treaty obligations."
the
believe, in the superiority of combined over indiall
with
seen—even
be
to
remain
It would
civilized nations in the League—how pledges of this vidual effort, as all of us do when the action proposed
nature will be observed, and what will actually be is precise and feasible. He apparently seeks to
done in case they are violated. The power of the establish, in defiance of the mathematical axiom,
Council is necessarily limited. In many cases it that the whole is more than the sum of the parts.
is expressly arranged to be advisory rather than man- He is against classes, while striving to establish
datory. All of this will necessarily increase the ex- another class. He is always against wealth and
capital. In the most sensible of the cult, there is
perimental nature of the undertaking.
Nevertheless, after all is said,we have as evidence a reliance upon the coming of a time when all instruthe present attitude of European statesmen who were ments of production shall belong to all the people,
skeptical originally as to the practical value of such through the State, which is a consummation conan organization, but who have since, in the light of ceivably to come (some day) through co-operation,
political events in Europe even since the armistice, and one not to be feared by anybody if permitted
admitted it to be indispensable, if we would keep to come of itself, for it can so come only by gradual
Europe from drifting or rushing into another period steps. A streak of communism, of hostility to
of armed hostilities. European public sentiment individual property as being robbery, and of abhorrence of labor, runs through Socialism, rising in
has developed in the same way.
It does not expect the unattainable, and probably virulence as the cult approaches a violent denundoubts the prospect of the League achieving, in our ciation of the present social order. It. is imagined
time at any rate, even all of its expressed purposes. that in some indefinable way the paternal "State"
But the conviction is very strong that dependence may and will support us all, converting life into one
on the balance-of-power idea in Europe will not long and jubilant holiday. At one end is this fuzzy
hereafter be possible, and that dependence on an 'dream which not even the dreamers can state intellioverwhelmingly strong alliance of two or three states gibly; at the other end are Berkman, Berger and the
would be altogether dangerous in view of conflicting rest of them.
A new "sedition" bill, apparently going to enactinterests and the jealousies of other powers. If this
be
should
ment, supplies the test by providing death or imis so, the plan for a mutual league which
a
have
should
prisonment for whoever starts or engages in "the
all
which
open to all nations and in
possible
use
of force or violence" with •intent to overthrow
only
the
be
to
seemed
voice, has evidently
the Government, "to destroy or cause to be debulwark left.
stroyed or changed or cause to be changed or to
THE EXPULSION OF THE SOCIALISTS FROM overthrow." But the distinction between peaceful
and violent methods of seeking change is so clear
THE NEW YORK LEGISLATURE.
nobody should confuse the two.
that
In the same words as used in the Federal Constia hater of slavery, Lincoln was so deAlthough
tution, the Constitution of this State makes each
Union of States that he was willing
the
to
voted
legislative house "the judge of the elections, returns
or to save that institution to predestroy
to
either
and qualifications of its own members"; it is "the"
Our enthusiasms may sometimes
Union.
the
serve
judge, observe, thus indicating no outside particiwhen we cease to reason with our
but
away,
us
carry
no
is
pation in or review of the judgment. There
down to the substance we must
come
definition of the "qualifications," and however emotions and
is anything more than an
government
no
that
palpably 'wrong the view a legislative branch may admit
ends, as well set
certain
necessary
for
instrument
take of those in any case, or however wrong its view
Constitution.
to
our
brief
Preamble
the
in
forth
of the regularity of the election or the return, it is
and
expediency
of
matter
practical
a
is
Government
a very nice technical 'question whether any legal
theories.
ethical
or
turn
any
contain
upon
does
not
recourse can be found whereby to narrow or disturb
When all men govern themselves according to the
so broad a constitutional grant of power.
laws
of God the Millenium will have arrived; until
Apparently the Assembly of this State is within
there must be some external control for those
then,
its powers in excluding elected persons because of
who
it, and the less of such control the better.
need
any kind or degree of unsuitableness; yet in every
have been tried—tribal leadership,
forms
Many
aspect of reason or good policy that body is wrong
sovereignty—and in nothing
absolute
aristocracy,
as to the excluded five Socialists. If the pictures
poorly as in government.
of these persons as printed in one journal do not has mankind succeeded so
shown that the only
to
seems
have
belie them they could not be successfully accused Experience
and democ"popular,"
the
is
sovereignty
enduring
of possessing intelligence, and they are not so acstuff so
poor
is
It
is
left.
that
be
all
to
seems
racy
cused; but they may be presumed to match their
is
democracy
of
the
evils
for
only
cure
the
yet
far;
East Side constituents in this respect (as Mr. Victor
parties
political
all
Mainly
because
democracy.
more
Berger matches his in all respects), and if a short
confused two
stock of intelligence is to be the test of fitness to constantly hunt for votes, we have
protection
of
hold office we must set up a new rule and wander entirely different rights, the right
the
making
in
share
to
right
the
under the law and
into a very difficult field of inquiry.
Having
suffrage.
to
universal
gone
have
Something is said of specific charges of unfitness law, and
consistently
through disloyalty or otherwise, but if any evidence taken this irretrievable step, we cannot
The scum
workings.
its
with
quarrel
successfully
or
of such is available it should have been produced
results
the
harms
and
pot
boiling
a
of
top
the
to
rises
at the beginning and a trial thereon instituted
of the
free
itself
boil
must
pot
the
but
cooking;
the
of
The only charge thus far is that the five are Socialists
patience
in
and were chosen as such. It is not denied, and they scum and we must endure the process,
call themselves by that hazy and indefinite term and hope.
JAN. 17 1920.]
THE CHRONICLE
199
No careful observer can be sure that our own proposed: 1, a registering or licensing of all offerings
form of democracy is past its trial stage or that the to the public, the persons offering being required to
evident dispersive forces within it may not change file with some public official specific information
or even shatter it before the century is over. To try before anybody may deal in the particular securities
detail to be
to "change" it is no moral offense and cannot be in this State; 2, a still more elaborate
civil and
both
with
precedent,
condition
a
as
filed
tinkering
a
made a political one. We have struck
the
statemaking
the
on
persons
liability
criminal
have
We
changes.
mania, and are proposing many
the
crooked
at
aimed
particularly
last
this
ments,
of
ones,
which
wise
and
not
some,
already rushed into
that "every person who deals
the "direct" election of Senators is particularly business and suggesting
be licensed by some State
first
shall
wanton and disturbing, and it is the fashion now to in securities
official."
propose constitutional amendments with hardly
This State, as having here the financial centre,
more thought than is given to an evening's social
proceed cautiously and "cannot afford to adopt
must
engagements or sometimes to matrimonial ones.
legislation of the character adopted in
experimental
This is folly, but it is not crime.
experience has demonstrated the
States;
Western
our
is
trial
to
The effect of an ecclesiastical heresy
drastic regulations upon enterplacing
of
unwisdom
preacher's
audiences.
increase the size of the accused
an
endeavor to exclude a modiin
whole,
a
as
price
of
suspect
will
nobody
whom
Ex-Judge Hughes,
Freedom must be prefraud."
possible
of
lacking either Americanism or of courage, is clearly cum
is how far this
question
broader
the
and
served,
right in condemning the action of the. Assembly as
capital from new
discouraging
towards
go
should
State
"virtually an attempt to indict a political party
abolish
cannot
ignorance or
Legislation
ventures.
and deny it representation," and in pronouncing
touches
one very
report
the
and
cupidity,
eliminate
this not American but contrary to the spirit of our
some
in
Western
States
that
saying
in
point
practical
in
condemning
institutions. He is right, further,
and
licenses
obtained
then
have
to
are
believed
crooks
activity
.and
the
this action as liable to .increase
by
the
certificate
as
a
practical
those
used
have
to
and
challenging
by
angering
cult,
spread of the vague
as
be
may
accepted
true.
all
say
they
that
it. To shut out its elected representatives (though State
As for registering or licensing securities, the comit represents nothing but empty folly) "is merely to
unanimously deem that non-protective and
mittee
multiply Socialists by the thousand; instead of prorestrictive of legitimate enterprise" and
"unduly
also
tecting against revolution, it will do more to enexperience has so proved it. As for
that
understand
courage the spirit of revolution and to strengthen
detail, this would hinder
statistical
elaborate
filing
the advocates of violence than any conceivable
dealers, while leaving the
and
offerings
legitimate
besurely,
Most
propaganda could accomplish."
unshackled; for instance, no such requirement
cause it supplies the ranters with a visible grievance. crook
doing business here by outsiders tlirougii
hinder
could
The stand of the Bar Association on Tuesday
honest and careful dealer is placed in
"the
mails;
the
night was also sound, although marred by a fear
the crook and the careless man is
while
shackles,
of misunderstanding which would hardly have been
" As for licensing dealers, the
unhampered.
virtually
expected among the Bar, since lawyers must feel
declared that in order to
repeatedly
have
courts
shall
have
that insistence that one indicted for crime
by the State it must
an
interposition
such
justify
by
sane
any
his legal rights cannot be interpreted
by the public interest
appear
demanded
to
minds as sympathy with • crime. We have disloy- be made
is
than the disease;
not
worse
remedy
the
alty to deal with, of the violent kind which would and that
confers an arbinecessarily
system
licensing
such
any
overthrow all organized society; it does not realize
is un-American
This
on
some
official.
power
trary
its own madness, as madmen never do, but we must
has been freis
and
to
abuse,
principle,
liable
in
meet it, and our error hitherto has been in trying
believe,
committee
the
judicially;
condemned
quently
to parley with it or overlook it. But in dealing with
the
crook
that
manages
West,
from
the
information
on
it we need to keep our own senses and preserve real
his license, and they are not prepared to
differences and orderly methods. The action of the to get
young men who are preparing
Assembly is a tactical blu der, which can be mini- recommend that many
of dealing in securities be
the
business
enter
to
mized only by confessio and withdrawal.
brought under the ipse dixit of some official.
What the committee favor and recommend is that
jurisdiction over commercial transactions be given to
PREVENTING FRAUDULENT ISSUES OF
the Banking Department and the Attorney-General,
SECURITIES.
checking as far as possible fully empowering them to investigate transactions,
r
The suppression o'—'tlie
of the marketing of worthless securities is an import- and requiring them to do so as to any particular one,
ant subject, still undisposed of, and was dealt with in on complaint by any citizen. The legislature should
a report lately submitted to Governor Smith by a also provide in the Attorney-General's office one or
special committee of twelve of the most representative more special deputies competent for this work and
men in the banking circles of the city, whom he had solely charged with being so and with keeping watch
asked to give the subject the most careful considera- on transactions; if this is done, these deputies will
tion and accord him the benefit of their advice. surely become acquainted with the persons engaged in
This committee was headed by Mr. A. Barton Hep- negotiating securities, "and from time to time they
burn, and in competence as well as in earnest desire can readily single out the crook or the unscrupulous
to do something for suppression of the evil trade, dealer." Common sense dictates that the State
"shall not place its dependence on legal traps comwas as fit as could be found in the State.
posed of words, which, no matter how well chosen, .
usual
and
The committee report that the formal
notoriously easy of evasion; what is needed is a
are
to
confer
is
kind
of
fraud
any
with
method of dealing
on State officials a supervising jurisdiction over com- flexible, virile fraud-hunting State machinery, driven,
mercial transactions, with powers of investigation, not by statute, but by human intelligence and human
As to issuance of securities, two remedies have been activity."
200
THE CHRONICLE
The penal statutes, says the report, "should be
fortified in every possible way," but only three of the
committee are lawyers and no specific suggestions are
made; a minority of four, among whom was Mr.
Hepburn, dissent so far as to approve the filing of
statistics and the licensing of dealers. Brokers are
said to generally stand with the report, although
Assistant District Attorney Kilroy pronounced it "a
prayer to allow the predatory Wall Street interests
to continue their pillage without hindrance," a
characterization obviously unfounded and unjust.
Now Mr. Huston Thompson, of the Federal Trade
Commission, spoke to the Life Presidents' Association about a month ago, on "protecting the public
by informing the investor." He began by quoting
some sentences descriptive of an orgy of speculation,
luxury, high prices, gambling, reckless spending, and
headlong waste, sentences which might apply measurably to the present but are from descriptions by
Noah Webster and the historian Green, of the period
directly following the American Revolution; wars
since have more or less reproduced these evils, so
we may take courage in the knowledge they are the
aftermath of conflict and must pass.
Proceeding with his topic, Mr. Thompson recalled
when emergency calls from the Treasury and some
other public sources pronounced the Liberty Loan
in jeopardy from "wildcat" stuff. The Commission
took hold, and sent out a searching questionnaire; of
the hundreds of corporations that replied, forty said
they had stopped selling and would refund money
taken; others kept on until complaint was issued,
while a small group have joined issue and contest the
Commission's right to order them to cease. One
"Wallingford" knew the miriness of his footing, but
feared most the publicity of the Commission's complaint, yet he was agile, and he did this:
"He circumvented publicity by putting on a sales
campaign with such rapidity as to make his clean-up
and get away while the Commission's investigation
was going on. Instead of a large capital stock he
put on sale an issue the par value of which was usually
about $100,000; intensified and shortened his advertising campaign to a week or ten days; spread his
salesmen out over the territory, and reaped his harvest. Then he disappeared from that jurisdiction,
but invariably reappeared in some more distant State
behind the barrage of a corporation with a name unrelated to that which had been the cause of his recent
campaign."
The rascal has the nimbleness of the flea, and when
the sledge has descended he has skipped from under.
Hundreds of concerns, for all sorts of ostensible
propositions, are organized every year; "reflect on
the rapidity with which the Department must function in order to be effective." Further, "to limit
speculation would destroy individual initiative," says
Mr. Thompson, and he cites a recent notable case
of a concern selling oil stock on a "shoestring", owning
only a prospect, a piece of land in unknown territory
and some machinery that really was sinking a well,
but 'with undoubtedly much more surprise to the
promoters than to the stockholders, that well in one
day produced 1,000 barrels of oil."
Now, said Mr. Thompson (and the sane and
unusual quality of this should be noted) "as a Government official I would not want to have the power
and responsibility of passing upon the issuance of a
security in advance." Suppose approval were denied
because of speculative value only, that "might pre-
[voL. llo.
vent development of mining territory and oil fields
which otherwise would become valuable national
possessions;" per contra, approval of an issue would
be "read by the public as an endorsement by the
Government." Further, if the official were really
careful he would "want a department, the cost of.
which would require a prohibitive appropriation."
He was himself once adviser to the Insurance Commissioner of a certain State, and that official, a man
who kept one specific (publicity) called Mr. Thompson, on an hour's notice, in a case where certain
agents were charged with misrepresenting to some
farmers the terms of an insurance policy. Both of
us, he said, had our doubts of the constitutionality
of the recent statute forbidding misrepresentations,
but the arrest had been made and the DistrictAttorney "had deserted us." They feared reversal
of conviction, and were relieved when the jury freed
the accused after twenty-two hours' cogitation. Yet
he was lately told that the practical effect of this
unsuccessful procedure was the elimination of the
bogus insurance man from that district to this day;
"conviction rarely helps, publicity is the effective
remedy."
Of the pending Taylor bill, which requires filing
certain information with the Treasury, Mr. Thompson says it is not new in design, being borrowed from
a British law; its effective part is in requiring promoters to say what assets are behind their offerings,
the names of the parties and underwriters, the commission rate to be paid, and the net sum to be received "by the original entity issuing the security."
Thus amended, Mr. Thompson thinks this bill will
go as far as is possible, but the officials must not have
a discretionary power; "to allow exceptions means to
determine in advance, and to place in the hands of a
public official the power to determine in advance
will underwrite its failure."
To the prospective purchaser Mr. Thompson would
say this: Beware of the glib salesman, of the prospectus that promises much, and remember that a
real investment will keep; so, do not be in any hurry.
Communicate with the Blue Sky Commissioner, if
your State has one. If you are an employee, consult
your employer, or a banker, or the nearest rem business man; if a farmer, go to town, and see your lawyer. Make the salesman put in writing the commission he is getting, and so on; strike out of the prospectus all except what tells just what cash the company has, what its property is and where, and what it
has already done in work. Then consider your bank
account; your family needs; consider how much the
loss of the money will hurt you; then consider awhile
further.
Now all this is very sensible, and also very unofficial, so unlike the disposition of the average officeholder to take himself seriously and expand his own
job that it is almost difficult to take it as coming
from any official, especially from a member of the
Federal Trade Commission. Would that Mr.Thompson's unwillingness to rush in might become contagious among all public office holders!
REVERENCE FOR THE LAW.
Is it not high time the people of the United States
teach themselves to approach The Law with unsandailed feet? We do not say "our laws," nor do we
at the moment refer to the majesty of the law. It
is the law, any and all law, that we now consider.
For it is one thing to make a law, another to obey it,
JAN. 17 1920.]
THE CHRONICLE
and another to use or abuse it. That "rule of right
action" by which we are to be guided, what is it?
We say the common judgment of the citizenry, often;
and we provide penalties for failure to obey. We
stake our national fate upon the maintenance of
"law and order." And yet there are evidences all
around us that the law is becoming an instrument for
the enforcement of majority opinion. We enact
laws with little hesitation for the purpose of curing
our ills. Yet rightly considered it is not an agency
to accomplish anything—simply a declaration of
principle arrived at by wise deliberation. Are we in
danger of losing a proper respect for The Law by
investing, and infesting, it with a swarm of little
statutes?
There are so many examples of hasty resort to the
power of laws, in our current affairs, that some of
tkem will occur to every reader. In part, we may
say, as indeed we do of almost everything, "It is the
war." There is, however, one condition and practice
directly traceable to the exigency of war, that ought,
at the very beginning, to give us pause, and this is
the practice of making laws retroactive. No principle has been more sacredly guarded than that laws
shall never be retroactive. And yet more than once
the field over which a war measure was stretched was
the past. Taxation is a solemn obligation of the
citizen—but only under the explicit letter of direction by law, to be met in the future, and to be held
to a rigid interpretation, and with the minimum of
discretion by the representatives of the Government.
In a word,since taxation is a burden and not a benefit
(the latter no government can rightfully convey) the
citizen should be deemed exempt until the law is
fitted to his particular case.
This cannot be true, if laws can be made retroactive, and taxation can become a dragnet for the purpose of raking in everybody without regard to property, or condition of residence, or proportionate and
just liability to a reasonable levy. It is true that personal injustices must occur in every law, but no tax
law should set out with the intention of pursuing an
income so far as to penalize it, while, as is sometimes
the case, exempting the property that produces the
income, or compelling the assumption of a residence
that does not exist. If we dated our laws back
during war, we should certainly never do so in peace,
and failure to observe this will ultimately bring all
law into disrepute. Yet this is but one phase of a
broad question. We might take our text from the
present excitement to enact drastic State and national laws to rid the country of "agitators," enemies
of the Government, who advocate "direct action,"
"force," or "revolution," and who conspire, as well
as who utter, in hate and enmity, for overthrow.
Here is a place where law should be handled with
care, not with heat and frenzy. And thoughtful
persons are even now asking: "Are we in danger or
only scared"? Not for a moment is treason or conspiracy to overthrow to be dealt with leniently. The
Constitution is not wanting in this regard. But
always Justice is more judge than prosecutor. And
a Russianized secret service on our soil, should it
eventuate from too much incipient zeal by interpretative officials, would be a disgrace. The point is
that the law is not a cure-all. Well might the
observing citizen ask whether the dumping by wholesale of anarchists on foreign shores is making the
"world safe for democracy"? Nor should enforcement of the law .ever become either actively or
201
passively a means of political preferment. Yet,
while we may grant to local and larger "attorneys" in
every case a fidelity to duty, we have only to look
back a decade or two to discern cases where the cry
of "civic righteousness" in some form or other, after
the fact of the duty rendered, has been used as a
means of further official reward. It is important if
we are to continue in our reverence for law that we
remember it is neither a cure nor a club.
The Law is supreme. It must be obeyed, whatever
it is. It is savior, not oppressor. And it belongs to
all the people. It is not a class organ. It is not the
prerogative of use to any "Administration." Yet
we read every day of referring industrial disputes to
"the President," and classes have come in some instances to overleap, in their haste to get the ear of
"the Executive" (a department of Government, not
a man), the very arbitrament agencies advocated by
themselves. This is both using and abusing the
law, for it is annulling the spirit of the observance of
law. In this scramble to secure interests and advantages where only rights are at stake, whether
intentionally or not, the Law becomes, or tends to
become, oppressive, and the addled mind of the
Anarchist bursts into flame of resentment where
there should be respect. For it is conceivable that
be the man Socialist, Communist or Anarchist
(advocating never the use of force for overthrow)
may so dwell on the incidental or outstanding injustices as to be honestly convinced, though mistakenly, that another system of law is better, or even
that no law at all is a preferable state.
If laws should be universally obeyed, the infractions must be properly punished, but neither the
law nor its power nor its observance should be made
the agency of collateral reforms. One law ought not
to lead another. That way lies a multiplicity of
statutes enmeshing the citizen in coils that strangle
him. The mission of any single law is ended when
that law is enacted, obeyed and enforced. And since
law is a "shield, not a sword," it is to be enacted
deliberately. Much unjust criticism is indulged in
against the Senate of the United States. Criticism
is constructive, or should be. How much injustice,
how many bad laws, and bad parts of good laws, has
this co-called "interminable debating" saved us?
Rushing wildly to the favor (for this is what is really
sought) of the Executive, and hammering in haste
at the Chieftan's door; hurling anathemas at Senators
who weigh and analyze, who even doubi as they
deliberate, tends to lessen, not increase,reverence for
The Law.
It is easier to foster love of law than abject fear
of it. But law which turns as the wind of opinion
blows upon it can have only the respect which is
accorded a changeling. The tremendous responsibilities thrown upon the nation and people by the
war require definition. And duty is never so clear
as when simply stated. Millenial dreams are not
the substance out of which practical principles of
Government flow. The consciousness of a "new day"
cannot obliterate the impelling forces of all our yesterdays. To turn a leaf in the book of time is not
to make a new law to meet a new issue scarcely yet
defined. To pay our war debts, to provide an
economical government, to let the "equality of ppportunity" assert itself to free men by safeguarding
'initiative, enterprise and ownership," these demand
few.and 'plain laws. It is,certain we must revise our
attitude toward The Law ,or lose .our ,reverence.
202
THE CHRONICLE
"THE INEVITABLE LEAN YEARS NOT FAR
AWAY."
The extracts from a New Year's message by Elliott
C. McDougal, President Bank of Buffalo, which
we printed on page 27 of our recent issue, are so
charged with sound advice that we may be permitted
to dwell upon them at further length. "Do not
delude yourselves," he says in conclusion, "let no
one delude you, into the belief that the present era
of high wages, with easy lobs, of high prices, with
large and easy profits, can continue. Every wage
earner should at once commence to save part of his
earnings for the inevitable rainy day. Every business man should leave a good percentage of each
year's profits in his business, for the inevitable lean
years not far away." Banker, business man and
toiler, we think, mayTwell take heed. Come what
may, it is well for every man to know that in the
midst of turmoil he is still put upon his own mettle.
The predominating good in this advice is its detachment from what we term national and international affairs, from economics, politics and government. It follows natural law, is grounded on principle rather than expediency; it is removed from the
universal cures, and is really independent of the conditions to which it is, for • the moment, applied.
Every one remembers how "once upon a time," out
of the celebrated "Death Valley" of the West there
came, rushing eastward on a special train, a spectacular individual scattering shining gold coins in his
wake. He seemed to have found some lost Eldorado,
but would not tell where it was. He was the sensation of a day, a flaming meteor of prodigality, vanishing as swiftly as he came. To this hour no one
knows what was behind his advent, but Eldorado
still remains where it has ever been—somewhere we
know not where, possibly beyond the valleys of the
ra9on.
Business, like water, seeks its level. We may
speculate as we will about the great movements in
the currents of trade, but individually we cannot
control them. And while we are irresistably borne
along the most we can do is to try to consider our
immediate relative conditions and compass our own
safety and perpetuity. The fact of the matter is
that personally we are not compelled to solve the
world's problems. And we often lose our proper
perspective when we attempt it. We can idealize
so much we do not know how to "act in the living
present." In the same way we can become so avid
to seize a temporary advantage that we are incapable
of realizing the main chance. Every sane man who
"stops to think" knows the conditions under which
we now live cannot last. Can a world-war turn a
world topsy-turvy, a convulsion occur, and render
all the old forces of life and effort inoperative? And
if they reassert themselves where then will they bear
the individual but back to old ways and works?
We have tried again and again to point out the
influence of races and continents on production. It
is only partially true that peace is a reaction to war.
Peace is the static condition of eternal forces in
equilibrium. Production is not so much reaction as
natural resumption. Man with all his imperial
powers is not wholly master of his environment in
a physical world. If nature were to go on strike for
a single year he would starve. And when he refuses
. [VOL. no.
to live in the false and fickle "opportunities" that
follow in the wake of war and returns to the old
simplicities of production he is merely aligning himself with the permanent and thus joining hands with
the prosperous. A burst of speed may only wind
the runner. He may win the race—but will never
win or even run another. No unnatural profit can
be retained permanently—for it is against the constancy of production—and all the future years will
pull it down.
As to the wage-earner—it is gradually dawning
upon him that for all his increases voluntary and
arbitrary, he is really "no better off' than he was
before. And when these pushing and pulling forces
of universal exchange reduce prices, not "all the
kings horses and all the kings men" can set them up
again. The snows of a single winter may formom
avalanch which a sound will shatter. A glacier is
age-old and slow of movement—but irresistible.
Men say prices will never go back to the old level.
Why? As far as we know that "level" was the final
gauge of a civilization which had most nearly reached
a condition when it was not at war with itself. The
apparent truth is that under the promptings of the
natural law "the greatest service at the least cost in
labor," when the equilibrium is again restored,
aided by the inventive genius of man, the level
reached will be lower than ever. It is a fulfillment
of "the greatest good to the greatest number."
Now, for the business man and wage-earner two
truths stand out. He must give heed first to his own
personal endeavor and in so far as by collective action
he may influence a return to pre-war conditions he
can do so by aligning himself with these natural
forces and not by seizing power through temporary
advantage. And a long and a wise look should
admonish labor unions to prepare some way to get
the wage-earner safely down from the mountain top
of sudden affluence into the valley of comfort and
content. Scarcity may make high prices; wages may
follow, but when plenty pushes prices down, the pull
and the push both fall on wages. When this is
applied to a stock of goods, realizing the part credit
plays in every merchant's affairs, disaster waits
around the corner. Nothing can be truer than that
the "lean years" are "inevitable." And he is a
gambler with fate who refuses to recognize the law
and the fact.
Is it to be supposed that because an awful war
has suddenly intervened that the old universal
omnipresent law of trade, of "giving the most value
for the money" is forever relegated to the limbo of
forgotten things? Is it to be supposed that theories
of economics, theories of right relations, boards of
conciliation, arbitration or control, collective bargaining whether inside or outside the plant, governmental interference whether continuous or spasmodic, can ever abrogate the law and truth contained
in that other maxim:"When two employers run after
one workman wages rise, when two workmen run
after one employer wages fall"? And the difficulty
is that men who would organize the world into an
international labor unit do not see that this would
hasten the action of the inevitable law. For the
rest, what better advice could any man give than that
we have quoted. Surely the little ships must keep
near the shore. Certainly he who will not save when
he can will live to be a poorer man.
JAN. 17 1920.]
(atrrent
.THE CHRONICLE
.entS inta PISCXXSSIOU.S
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
ay British Treasury bills
ninety-d
of
offering
usual
The
was disposed of this week by J. P. Morgan & Co. on a discount basis of 6%, the7sameras in other recent weeks. The
bills in this week's offering are dated Jan. 12.
CONTINUED OFFERING OF FRENCH TREASURY
. BILLS.
Another block of French Treasury bills was disposed of by J. P. Morgan & Co. this week. They were
again disposed of on a discount basis of 6%, the figure to
which the rate was advanced some time ago. The bills in
this week's offering are dated Jan. 16.
SUBSCRIPTIONS TO ITALIAN LOAN.
Subscriptions to the Sixth National Loan which is being
offered in Italy were said to have surpassed 10,000,000,000
fire on the 13th inst. The loan was opened last week; the
amount sought is 15,000,000,000 lire. Rome cablegrams of
the 13th inst. stated that the Vatican had subscribed 20,000,000 lire to the loan, according to "Ii Messagero." This
is the first time, the newspaper stated, that the Vatican
has participated in such a loan.
203
6% gold notes, due Jan. 1 1921; the'15-year notes are offered
at 953 and interest, yielding over 7%,and the 1-year notes
at 99 and interest, also yielding over 7%. The relative
amounts of both—the aggregate not exceeding $25,000,000
in principal amount, are to be determined by J. P. Morgan
& Co. and the Guaranty Trust Co. at the time of the closing
of the subscription books. The notes, in coupon form in
denominations of $1,000, are dated Jan. 1 1920, and interest
is payable Jan. 1 and July 1. Both principal and interest
payable in New York in United States gold coin of the present
standard of weight and fineness, either at the office off J. P.
Morgan & Co. or the Guaranty Trust Co. of New York,
n
Fiscal Agents of the Belgian Government, without deductio
for any Belgian taxes, present or future. The circular issued
by the syndicate says:
at par.
These notes are payable by the Belgian Government at maturity,
noteholder,
in United States gold coin, in the City of New York. The
respectivehowever, has the option, at any time until maturity of the notes,
Agents, under
ly, of surrendering his notes and of requesting the Fiscal
per $1,000
francs
regulations to be prescribed by them, to sell 11.000 Belgian
less favorable
note at such rate in the market as may be obtainable, but not
approximately the
than 11 francs per dollar (i.e., 9.09 cents per franc),
receive par and
present exchange rate. Upon such sale the hoteholder will
exchange (repreon
accrued interest for his notes and one-half of the profit
of 11 francs
senting the difference between the sale rate and the fixed rate account of
for
to the dollar), the other half of such profit being retained
commisthe Belgian Government. The noteholder is to pay customary principal
the
sions for the sale of the Belgian exchange, not to exceed X% of
amount of the surrendered notes.
the life of the
This option operates as a call on Belgian exchange during
profits arising from
respective notes, entitling the holder to one-half of the
advance from the
the sale of Belgian exchange as above indicated upon any
rate of 11 francs to the dollar.
amount which the
The following schedule indicates the gross principal
exercising his option
noteholder would realize upon each $1,000 note upon
at varYing rates of exchange:
Principal Amount Realized
Exchange at Francs
per $1,000 Note*.
per Dollar
$1,050 00
10.00
1,111 11
9.00
1,187 50
8.00
1,285 71
7.00
1.416 66
6.00
1,561 50
5.18X (par of exchange)
UNITED STATES TREASURY AUTHORIZES SALE OF
ITALIAN BONDS.
It became known yesterday that the floating in the United
States of $25,000,000 of Italian bonds had been authorized
by the Treasury Department at Washington. Earlier in
the week reports of the likelihood of such authorization had
been current. The proposed issue is to be known as Series
A and is the first installment of a complete issue of $100,exchange profit.
000,000. The issue, it is said, is underwritten by a group
* Represents principal amount of note plus ono-half of
it shall offer for
The Belgian Government agrees that if in the future
of leading Italian banks comprised of Banca Commerciale,
revenue or
specific
any
by a lion on
secured
loan
any
on
subscripti
public
di
secured ratably with
Credito Italiano, Banco do Natoli and Banco. Italiano
asset of the Government, this present loan shall be
Sconto. The bonds are dated Feb. 1 1920 and mature in such loan.
agreements, the Belgian
Under provisions of the Peace Treaty and related
five years. They are issued at par and bear interest at the
of practically its entire war debt incurred
relieved
be
to
is
nt
Governme
rate of 63/2%. The offering will continue until the entire prior to the armistice. In addition, it is to receive the first 2,500,000,000
from the Gorman
amount is absorbed in this country. The bonds will be sold francs (at par of exchange $482,000,000) of payments
of advances made to
liquidation
toward
part
in
applied
be
to
,
United
reparation
the
in
here through 5,000 or more Italian banks
Belgium by Allied Governments since the armistice.
payments,
States. The Italian Discount-Trust Co. will sell the bonds
The Peace Treaty indicates the purpose, through reparation
economic Posi5,000,the
reach
to
is
it
is
said,
aim,
The
to restore Belgium to her pre-war financial, industrial and
over the counter.
normal
its
regaining
The diversified Belgian industry is rapidly
000 to 6,000,000 Italians in the United States who hereto- tion.
, which should enable Belgium to resume her prominent Place
production
fore have been forwarding to Italy for deposit in Italian in world trade.
during the years
The 3% perpetual bonds of Belgium sold in Brussels
0,000,000 and $100,000,000 a year. Inbanks between
not
over 3.15%; in the years 1908-1912,
not
yield
to
prices
at
1901-1907
seeks
ent
on approximately
stead of this transfer of funds the Italian Governm
4%; and at the present time are selling in Brussels
over
to establish in this country credit effective by the subscrip- a 4.35% basis.
debt,
Information relative to the finances of Belgium, its
tion to these bonds and to make purchases of American
above
merchandise against these credits. The bonds are in de- &c., is contained in a folder issued along with the
nominations of $50, $500 and $1,000, and there is an option circular, and from this folder we take the following:
clause which permits the holder to convert his bonds at maBELGIUM
Authorities.
turity either into dollars at face value or lire at 7 lire to
Some Sszential Tacts—Compiled from Recognized
the dollar.
Industry and Wealth.
in 1914
with an area of 11,373 square miles, had a population
Belgium,
area was under cultivation.
OFFERING OF $25,000,000 BELGIAN LOAN BY J. P. of 7,500,000. About throe-fifths of the totalprobably
the most intensively
is the most densely populated and
Belgium
CO.
TRUST
NTY
GUARA
AND
&
CO.
N
MORGA
widely distributed,
cultivated country in the world. Land ownership is
thrift and
Public offering came this week of the $25,000,000 King- one man in six being a land-owner. Their spirit of enterprise,
and
to obtain a marked industrial development
Belgians
the
looked
enabled
been
skill
has
which
loan,
gold
external
dom of Belgium
gave the country a
the diversified manufacturing and related industries
eannounc
Formal
coal
output of
for in financial circles for some weeks.
prominent place among the commercial nations. The
requirements. Notwithtnent of the offering was made on Tuesday in behalf of the normally averaged over 85% of the country's
imported from
was
ore
iron
of
the fact that the major portion
syndicate headed by J. P. Morgan & Co. and the Guaranty standing
wherever high
Luxemburg, Belgian stool became known the world over,
offices
at
the
activity is given
Trust Co.; the subscription books were opened
grade steel was used. A measure of Belgium's industrial
Belgian
,000.
in 1912 was $1,723,000
of both Messrs. Morgan & Co. and the Guaranty Trust on by her total foreign commerce, which
a great variety of enterprises in other countries, such as
in
found
Is
capital
such
of
s
were
response
the
and
Thursday the 15th inst.,
&c., the total
mines, railways, electric power enterprises, tramways,
par
volume as to effect an oversubscription on the first day of foreign investments being estimated now at 8,500,000,000 francs (at
at 55,estimated
is
wealth
The national
receipt
the
for
,000).
time
$1,640,000
to
allow
,
exchange,
however
of
in
order,
offering;
the
francs (at par of exchange, $10,769,000,000
of applications from out of town subscribers, the subscrip- 800.000,000
Belgian Congo.
n
tion books wore held open until 3 p. m. yesterday afternoo
Congo, with
Belgium has an important colonial possession in the Belgian
P.
J.
of
consists
notes
the
offering
e
syndicat
The
that of Belgium.
(Jan. 16).
a population estimated at 15,000,000 and an area 80 times
Katanga
the
Naof
First
deposits
York,
New
copper
of
The
Co.
Morgan & Co., Guaranty Trust
rich in variety of natural resources.
of the Belgian Congo are being opened up, the production In 1917
tional Bank, Now York, the National City Co., New York, region approxima
copper
tely equal to Belgium's pro-war importation of
being
National Bank of Commerce in New York, Bankers Trust With the development of this region, which now has four trunk rail and
west and south coasts of Africa,
Co., the Chase National Bank, the Liberty National Bank, rail-water lines connecting it With the oast,
for export
Belgium will have increased supplies of a variety of raw materials
Central Union Trust Co. of New York, Lee, Higginson & Co., and
red prodfor use at home, and will have new outlets for her manufactu
Read
A.
Wm.
Co.,
&
developthe
Forbes
ing
Harris
Kidder, Peabody & Co.,
ucts. The expansion of trade and commerce accompany
wealth of
& Co., Halsey, Stuart & Co., Continental & Commercial ment of her colonial possessions should increase the national
Trust & Savings Bank, Chicago, Central Trust Co. of Belgium.
Railways.
gauge
Illinois, Chicago, First Trust & Savings Bank, Chicago, and
The Belgian Government owns more than 2,500 miles of standard
loan
This mileage
The
railways, approximately ono-half of which is double-tracked.
the Illinois Trust & Savings Bank, Chicago.
operation
The
country.
the
of
milage
consists of 5-year 6% gold notes, due Jan. 1 1925, and 1-year represents 90% of the standard gauge
204-
THE CHRONICLE
[voL. 110.
of the State railways before the war was successful financially,
a substantial
surplus having been accumulated after payment of interest and sinking tion, with his return to the United States at the end of December, when he is said to have brought back with him the
funds on the debt which the Government incurred in the developmen
t
of the system.
signed contracts. The New York "Times" of Dec. 26, in
The Belgian Government also supplied approximately 44% of the capital
reporting his return, and the details of the financing, said:
expended in the development of 2,471 miles of light meter-gauge
roads,
The purchase is being financed by the Belgians by the
which form a network of lines through the farming regions and serve
use of five-year
as 6% treasury notes, the
feeders for the standard gauge railroads.
principal and interest being payable in dollars at
the offices of the Belgian Government's fiscal agents,
J.
P.
Morgan & Co.
Pre-War Debt and Finance
and the Guaranty Trust Co. Mr. Muchnic considers
that the notes will
The debt of the Belgian Government in 1914 was approximate
probably
be
taken
up
before
maturity.
ly
In addition to this order he granted
000,000, of which only $58,000,000 was external debt. The major$943,- an option for 50 more locomotives
, and if these are eventually ordered the
part
of the funded debt was in the form of 3% perpetual bonds.
transaction will involve about $11,600,000, each engine
costing, with its
The long period of peace which Belgium had enjoyed enabled the State accessories, in the neighborhood of
$58,500.
to devote a large part of the proceeds of its borrowings to public improveThe
"Times" also quoted Mr. Muchnic as saying, among
ments, and its investment before the war in railways, telephones and
telegraphs approximated $600,000,000. In the ten years prior to 1914 the other things:
Before leaving Brussels I had an interview with the very capable Premier
net return of railways, telegraphs, telephones, post offices and other
investments averaged about 90% of the total interest charges on the debt of and Minister of Finance, M. Delacroix. He confirmed the news of the
successful flotation in England of the £50,000,000 loan. This loan
the Belgian Government. For this period the interest and sinking
bears
fund
charges on the total Government debt, if the net return from State utilities Interest at the rate of 5%, matures in 25 years and is payable at maturity
and investments had been applied to such charges, would have required In Belgian francs at the normal, or pre-war, rate of 25.25 francs to the
pound sterling.
on the average only 13% of the remaining net Government revenues.
This
In granting this important loan to Belgium and on such favorable
Is a conservative figure and an indication of a sound basis
terms
for Government
credit. Relatively speaking, taxes were light and for the most part indirect, the British bankers and manufacturers have again demonstrated their
leaving a wide range of possible expansion of State revenues through ability to take the long-range view of their commercial possibilities and
taxation. From 1886 to 1913 the ordinary receipts were in excess of the relations with Belgium, and'were apparently not at all dismayed by the
ordinary expenditures, such excess receipts being applied to capital ex- present but temporary demoralization of European exchange. The loan
will prove a potent factor in bringing about a gradual adjustment
penditures.
of the
present disparity between British and Belgian exchange.
War Finances.
M. Delacroix referred to another financial operation, which is
During the first weeks of the war, the Belgian Governmen availed itself
it
expected
t
of advances amounting to $38,600,000 from the National Bank of Belgium, will result to the benefit of his country: the sale of some seven billion German marks current in Belgium at the termination of hostilities.
but for the remainder of the war up to the armistice financed itself
The sale
by means of these marks was made on
the basis of the pre-war or normal rate of 1.25
of advances from France, England and the United States,
the total amount- francs to the mark. The
Belgian Government, as I understood M. Delaing to about $941,000,000 at par of exchange.
The Peace Treaty, Article 232, provides that Germany shall reimburse croix, is to receive from the German Government 20-year 5% bonds to the
amount of 8,750,000,000 francs. These bonds are to be amortized
the Belgian Government for all sums borrowed from the Allied and
in
Associated Governments up to Nov. 11 1918. This reimbursement is to be forty installments on each semi-annual interest date. The German Government
will, however, have the option of extending the maturity of tte
in the form of a special issue of bearer gold bonds. Mr. Wilson,
ClemM.
enceau and Mr. Lloyd George advised the Belgian Government that they bonds by ten years.
These two financial operations place the Belgian finances on a
would recommend to their respective parliamentary bodies that
very
the Govern- strong foundation, except
for the dollar payment she has to meet now and
ments of the United States, France and Great Britain should accept in
in
the immediate future. It is to be hoped, therefore, that our bankers
satisfaction of all advances made to the Belgian Government up to Nov.
11
1918 an equivalent amount of bonds of the German Government delivered and the investing public will not delay much longer the granting of a subon account of reparation. Under these provisions the Belgian Government stantial loan to Belgium. Such a loan would prove not only a sound and
safe investment, but would permit the sale of foodstuffs, manufactures
is to be relieved of practically its entire war debt incurred prior
and
to the raw products
for use in manufacturing to Belgium. From what I could
armistice.
Shortly after the armistice was signed the Governments of France, Eng- observe during my very short stay in Belgium, its industry and commerce
land and the United States made additional advances of approximately are rapidly getting back to normal.
It was refreshing to talk to business men—manufacturers and bankers
$252,000,000 to the Belgian Government for the purchase of food, raw
materials and other necessities to assist in re-establishing Belgian industries. in France and Belgium—who lived through all the hardships and horrors
In addition to the reparation payments above mentioned, the Belgian of the recent war, and to note their optimism, their unbounded faith in
Government is to receive 2,500,000,000 gold francs ($482,000,000) in the future of their countries, their industries and their foreign commerce.
priority to all other reparation payments, which amount is to be applied Of course they need credit, just as any sound and growing enterprise is
always in want of more capital for the conduct of Its business; we, fortuin part toward liquidation of advances made by Allied Government
s since nately, are in
an excellent position—if we only have the faith and courage
the armistice.
Since the armistice the Belgian Government has assumed interprovincial to grant them the credits desired in the form of our manufactures—raw
materials
and food supplies. To do so would be sound business and profitloans aggregating 2,347,800,000 francs issued during the war for payment
of war taxes imposed by the German Military Government. The Peace able investment for our people to make. If we should deny them such
Treaty provides that these forced loans are to be included in the total claim assistance they would get on the best way they can, their process of reconstruction would perforce be slower and fraught with greater. difficulties,
for reparation. An internal loan for 3,040.000,000 francs was issued
.
at
par in the form of 5% 3-year Treasury bonds, chiefly for the purpose of but the ultimate loss would be largely ours.
retiring German marks from circulation in Belgium. The Belgian Government has already received 5% Treasury notes of the German Government
in part compensation for marks issued during the German military
occupation. Germany is pledged by the terms of peace and related arrangement BANKERS TRUST COMPAN
Y ON FINANCIAL STATUS
to make "complete restoration for Belgium." A "reconstruction loan"
OF BELLIGERENTS.
has been issued for 1,450,000,000 francs of 5% bonds at 95, redeemable
by sinking fund in 49 years. The Peace Treaty indicates the purpose.
The Bankers Trust Company of New York has just pubthrough reparation payments, to restore Belgium to her pre-vrar financial
lished a brochure, "Financial Status of Belligerents," by
industrial and economic position.
Debts of the Belgian Government as of Aug. 30 1919.
Francs.
4,887,254,000
Debt previous to the war
Interprovincial loans (forced by German
Military Government) assumed
2.347.800.000
Monetary restoration loan, Nov. 1918_ __ -*3,040,000,000
National restoration loan, April 1919
1,450,000,000
Advances by the Allies from the time of the
armistice up to June 12 1919
1,255,000,000
Treasury notes
500,000.000
Total
Equivalents in
Dollars at Par
of Exchange.
$943,240,000
453,125,000
586.720,000
279.850,000
242,215.000
96,500,000
13,480,054,000 $2,601,650,000
* Approximately 1,600,000,000 German marks (at the rate of 1 franc
25 centimes per mark) retired by this loan.
Louis Ross Gottlieb, setting forth the debt, revenue and
expenditures, and the note circulation of the principal belligerents in the world war. In an introductions Prof.
Edwin R. A.Seligman of Columbia University says in part:
The good points of Mr. Gottlieb's study are so numerous that I have
no
hesitation in declaring it to be the most valuable study that has thus far
appeared on the public finances of the war.
In his treatise Mr. Gottlieb says:
Since the beginning of the war sixteen of the belligerent countries have
contracted new obligations to the extent of $212,268 millions, or $329.91
per capita. The contribution of Allied countries to this total is $149,357
millions, or $300.85 per capita, and that of the Central Powers, $62,911
millions, or $428,05 per capita.
The distinction of having the lowest per capita debt of all the belligerents
during the pre-war period falls to the United States. At the most recent
date, Great Britain leads all its allies and associates as well as its former
opponents in per capital indebtedness; France comes next, with New Zealand
and Italy closely following. In the group of Central Powers, Germany
occupies the unique position of having both the lowest per capita debt at
the outbreak of the wat and the highest per capita debt among its allies
at the present time.
A rough comparison of the per capita debt of the principal belligerents
at the outbreak of the war and at the most recent date indicates the following
approximate increases: Germany, thirty-three-fold; United States, twentyone-fold; Great Britain and Russia, ton-fold; Austria and Hungary, fivefold; and France and Italy, four-fold. Only one nation has emerged from
the great conflict unscathed financially, namely, Japan.
INTERNAL LOAN TO BE FLOATED BY BELGIAN
GOVERNMENT.
A dispatch from Brussels on Jan. 7 to the State Department at Washington is said to have announced the approval
by the Belgian Cabinet of a proposed popular loan of 2,500,000,000 francs. The proposal will be submitted to the Belgian
Parliament and to the people for ratification. The loan,
The increase in tax receipts during the latest full fiscal
payable in 75 years, carries 5% interest, with a sur-pre- year
for which data are available as compared with the fiscal
mium of 50%, so that at maturity 750 francs will be paid year immediate
ly preceding the war Mr. Gottlieb presents
for a 500 franc bond.
figures to show as follows: United States, 569.6; Great
BELGIAN'S PURCHASE OF LOCOMOTIVES IN U. S.— Britain, 380.2; Germany, 283.7; Italy, 264.9; Canada, 85.7;
Japan, 30.8; France, 26.5. The booklet shows the note
BELGIAN LOAN FLOATED IN GREAT BRITAIN.
circulation of thirteen belligerent Powers at the most recent
Information as to the financial arrangements whereby the date to total $77,954 millions,
as compared with $4,998
Belgian Government contracted for 150 locomotives from the, millions before the
outbreak of the war. In the same interval
American Locomotive Company and the Baldwin Loco- the amount of
note circulation per head of population rose
motive Company, was furnished by Charles M. Muchnic, from $7 95
to $121 16. The highest figures per capital in
Vice-President of the American Locomotive Sales Corpora- the pre-war period
is shown by the Allied group, while at
JAN. 17 1920.]
THE CHRONICLE
the Central
the most recent date the tables are reversed,
.
20.8%
by
larger
Powers having a circulation
Russia leads
Of all the nations, according to the booklet,
recent date,
most
the
at
capita
per
in its note circulation
war. France
although its order was third last before the
closely behind.
follows, with Austria-Hungary (combined)
countries
larger
the
of
ation
circul
The increase in 'the note
six-fold;
may roughly be put as follows: Russia, fortyen-fold;
eighte
ny,
Germa
fold;
y-onetwent
ary,
Austria-Hung
ld;
five-fo
each
Italy,
and
e
Franc
Great Britain, nine-fold;
Speaking
United States, four-fold, and Japan, three-fold.
shows that
of banking in the United States, Mr. Gottlieb
gold imports
from Aug. 1 1914 to Sept. 10 1919 the excess of
of silver
over exports was $919 millions, whereas the excess
$389
was
period
same
the
during
s
exports over import
ean belmillions. Very heavy purchases made by Europ
ent of large
ligerents in this country necessitated the shipm
especially
es,
balanc
e
advers
ate
amounts of gold to liquid
From
during the period of neutrality in 1915 and 1916.
United
the
in
gold
of
stock
the
191.4
1
July
on
04
$1,890,678,3
entered
States rose to $3,088,904,808 in April 1917, when we
exthe war. The total stock of money in the United States
sed
ry,
increa
Treasu
States
United
the
by
held
clusive of that
41 on
from $3,419,168,368 on July 1 1914 to $4,702,130,9
which
April 11917, representing a rise of $1,282,962,573, of
d to
83,481,028 was in gold. Several chapters are devote
ies affected
present conditions of banking in the other countr
the
by the war, and the booklet contains valuable tables on
e
on,
revenu
taxati
ng,
standi
ial
financ
t
public debts, presen
es of the
and expenditures and note circulation and reserv
belligerent Powers.
205
it, and under his leadership
In London. He knew exactly how to meet
no panic in London.
London met the situation, and there was
origin. You don't have panics in
"American panics are of American
London. You have crashes in the
Europe or England, nor yet in Paris or
Kaffir circus—and you have
Kaffir market in London—they call it the
and France never know them
debacles on the Bourse in Paris; but England
s of the country.
as panics, because they do not affect the busines
System.
Value of Federal Reserve
system which expanded our
"We formerly had an absurd financial
it up when it was needed.
money when it was not needed, and locked
Reserve system. We have
Now we have remedied this by the Federal
the gold of the country behind
massed the resources of the country, and
our affairs without panic Just as
a central direction, and can administer
are administered without panic if
readily as French and English affairs
n from Washington.
only we have common sense directio
has escaped the throes of in"But Prof. Taussig says 'Not a country
How do you meet that?" asked
flation, and not a country can escape.'
the reporter.
inflation in Canada, South Africa
Mr. Barron replied: "I don't see any
I don't see any inflation in Spain.
or England that amounts to anything.
been broken up. but it is econoor Scandinavia. Russia. of course, has
y in the world's currency, and
nomically wrong to include Russia's currenc
true concerning Germany.
I think the same to a less degree holds
France is rapidly recovering.
"The mark has gone out, like the ruble, but
think Holland faces disaster,
Belgium is nearly on her feet, and I don't
continents of North and South
nor do I see any for the United States, the
respects currency."
America, or indeed, India, China or Japan, as
Rise of Silver a Blessing.
9,
"What about silver?"
by the advance in the price
"I think a blessing has come into the world
ion is had, we can again unite
of silver, so that if wise international legislat
the world's monetary systems."
silver and gold on a reasonable basis, in
the peak of high prices has been
"Do you agree with Prof. Taussig that
reached?"
I cannot yet see clearly the
"I hope so," responded Mr. Barron, "but
still in a period of high prices.
are
we
nt
judgme
my
In
it.
of
e
evidenc
Most people in this country
The aftermath of war runs on for many years.
n of war's demands and war's
thought the armistice meant the cessatio
Steel Co. and the American
prices, and many concerns, like the Crucible
ies. Later they had to
inventor
their
down
marked
sharply
Co.,
Woolen
for the demand absorbed
mark up their inventories and face right about,
Hines of the Railroad Adeverything in sight. You will recall that Mr.
commodities. But the
ministration fought over steel rails and other
and have since been advanced.
low
were
quoted
IN
S
prices
the
TAXE
that
NCE
shows
RITA
record
HIGH INCOME AND INHE
s do not cease with war.
"The reason is perfectly clear. War's demand
GERMANY.
are empty. Instead of steel
The currents shift. The shelves of the world
g.
ed in for shells and guns, it is steel for rails, locomotives and for house buildin
The following from Berlin, dated Dec. 25, appear
out by the war.
s of the whole world have been worn
railroad
"The
years, and
the daily papers of Jan. 12:
house building throughout the world for five build the
be a hard one under the There has been no
to
The lot of the multi-millionaire in Germany will
for seven years. It will take three years
little
in
country
this
Pinner,
Felix
Dr.
taxes.
It will take five
new emergency levy and income and inheritance
railroad equipment that the world needs.
es that under these taxes a locomotive and
apartment houses, theaters, warehouses
hotels,
financial writer of the 'Tageblatt,'estimat
homes,
the
build
to
years
under the
would be reduced by 1925
that the world needs and has gone without
German industrial fortune of 10,000,000 marks
State had taken nearly and public buildings
to 3,114,000 marks. This would mean. that the
of war."
sion
compres
trethe
solve
Mr.
to
d
panic,
designe
n
e in predictions of
7,000,000 marks by various form of taxatio
"Then you place absolutely no credenc
faces. Of the amount so
mendous financial problem which Germany
?"
Barron
be
2,827,900 marks would
since the war I have ancollected by the State Dr. Pinner estimates that
"Wherever I have been asked about conditions
would take 2,737,000
fear of a panic. Speculataken as taxes on war profit , while the emergency levy
swered directly that business men need have no
pinched
oil stocks or in merchandise may get
marks.
al leaders who own tors in equities or wildcat
down in
Dr. Pinner points out, however, that the order industri
will be sharp fluctuations both up and
there
for
there,
and
here
of
years
in the first ten
But it ought
most of the German industries would probably die
Demand and prices will be irregular.
levy then remaining many commodities.
l panic cannot prevail under
the thirty-year period, whereupon I hat part of the
to be common sense that conditions of universa
with the
pledged
State.
. The Government is
unpaid would be taken by the
and should leave conditions of universal demand to prevent another 1907 'money panic,'
it
If the owner of this fortune were to die, say, in 1925,
behind
Act
Reserve
Federal
tax
nce
to the State as inherita
the necessary
byt one son, the son would have to pay
moving to market could not command
taxation had been completed is when merchandise
1,289,000 marks. The balance after all
al credit."
industri
the
of
family
the
which
marks
.
00
placed by Dr. Pinner at 3,114.0
Supply Must Catch Up With Demand
.
will again disappear
leader would have left to cont nue their business
"Then you don't believe it possible that money
that this would be insufficient
out
points
tator
commen
att's"
"Tagobl
The
of
capital
a
1907?"
d
in
as
require
had
Federal Reserve system
to continue an industry which in peace times
"There is and will be plenty of credit under the
weaken the productive power
were the shelves of
7,000,000 marks and that this operation would
only you will have to pay higher prices for it. Not only
wealth.
their
of
ion
liquidat
vere
over-se
by
s
of industrial concern
of the world has been used up.
capital
the
but
war,
by
and
bare
laid
income
world
the
which
"The high-capital taxes will saw off the limb upno
for food, fuel, clothing
and it is not being rapidly replenished. The demand
ndustrial taxes should sit," concludes Dr. Pinner.
demand for capital is far
and shelter is still ahead of the supply and the
enough in Uncle Sam's
ahead of the supply. But there will be money
and consumer, although there
r
produce
between
as
SIG
around,
TAUS
go
PROF.
to
ns
TO
dominio
W. BARRON IN OPPOSITION
cost of labor in this
will not be enough for rapid construction, under high
bf high prices cannot be
MAINTAINS NO PANIC FEARS.
country or throughout the world. The peak
until the supply approaches the demand.
a few months ago it
An interview, which a reporter of the Boston "Herald", reached
"Think for a moment of the wheat situation. Only
was
fears,
panic
of
t
might cost a billon of
subjec
the
was figured in the budget of the United States that it
had with C. W. Barron on
of
of Jan.13: dollars for the Administration to make good its promise to the farmers
published as follows in the "Boston News Bureau"
to eat all that wheat
is
going
world
the
that
is
seen
it
Now
Barron, "because they say It is $2 25 for wheat.
ment
"People are predicting panic." said Mr.
had, with the removal of Govern
only way to force longer hours at 32 25, and If shipping could be
of $2 25
the only way to remedy the situation—the
prices, you would have $3 wheat instead
wheat
on
ions
the
down
restrict
cut
will
money
of
value
the
and larger production, that raising
war upsets everything and wheat."
ion?"
value of commodities; but they forget that
"But why does not the price stimulate larger product ed Mr. Barron.
hat."
respond
knocks the economics of peace into a cocked
"On the contrary, it works Just the other way,"
sooner or later?"
that $2 25
wheat,
$1
in
"But has not every great war been followed by a panic
wealth
of
rance
"The farmer thought, with rememb
settle his labor account and
asked the reporter.
from overproduction wheat was a bonanza: but when he came to
panic
delayed
a
is
such
was less
whether
there
tell
"But you cannot
had passed and that
d Mr. Barron. The panic of" supply bills he found that the old days
a reor a panic incidental to the war," returne
than formerly in $1 wheat. The result is be
wheat
25
$2
in
now
sts.
money
economi
some
to
ng
accordi
Wheat can
1873 had no relation to the Civil War,
more than 20% in the winter wheat acreage.
of
in
the
ction
duction
constru
of
railroad
n
always
cessatio
the
Prof. Mayor believes that
family farm labor which has
abloness of a large part of raised profitably only by the unpaid
'United States and the discovery of the unprofit
part of the food products of the world.
had undertaken in this country raised the dairy products and a largo
capital
foreign
that
tion
construc
railroad
the
or hired labor, an eight-hour day and you
depression that followed over the Give the farmer and his family,
'were the causes of the 1873 panic and the
high prices.
of
era
an
insure
not
and
estment
and
overinv
lding
overbui
unless you increase
-world. His view is that it was
"The world cannot raise its food on an eight-hour day
any surplus labor?"
.a direct result of the Civil War.
the number of people in agriculture; and have we
War Stimulates Adventure.
concluded Mr. Barron.
energies of the people,
"My own view is that every war stimulates the
of
fear
the
away
takes
and
re,
adventu
of
Increases their daring, the spirit
.
is thrown ta the winds, F. A. VAkDERLIP SEES EUROPE IN CRITICAL NEED
borrowing, The result is that business conservatism
the basis of hope, whereas
on
on
e
n
continu
Bosto
tion
of
construc
Club
and
City
ng
the
at
borrowi
ing
and
In addressing a gather
business proposition is clamly
In a community not stimulated by war a
ent of the
a generation and investments Jan. 12, Frank A. Vanderlip, formerly Presid
viewed, according to the average progress over
his belief
sed
expres
again
York,
basis."
New
ative
of
Bank
conserv
City
National
made upon a more
will come some time?"
ely critical condition" and
"Then you agree with Prof. Tauss g that the crash
extrem
an
in
is
pe
"Euro
that
Edward
Sir
late
"The
"Emphatically I do not," replied Mr. Barron.
rable
went to the United States to declared that "the difficulties seem to be almost insupe
Holden told me in London that he always
,investigations
and
$4,000
ed
States
suppli
have
United
we
the
in
that
ed
panics
had
observ
we
He
for
study panics,
without help."
few people read. The
ng it, and asserted
afterward, and very intexosting reports which
knowi
ly
t
scarce
withou
credit
of
0
000,00
ned
threate
was
a
and
panic
result was valuable to him when the war opened
206
THE CHRONICLE
that "we mist sustain this and create a lot more if our exports are to go on.", The demand, he said "is insistent and
it must be met in part if Europe is to live." The Boston
"News Bureau"rof the 13th inst. quotes from Mr. Vanderlip's
remarks as follows:
•
We are in a period of tremendous activity. Every manufacturer is busy
with orders, every worker is employed. But still we find people inclined
to look into the future with great doubt. We find criticism of the credit
situation, that it is seriously expanded.
When it comes to opinions of affairs in Europe, the divergence of opinion
is still wider. One advises letting Europe alone and says we do not want
to be involved in the Old World's affairs. Another view is that the whole
civilization of Europe is in danger of such collapse as will involve us in a
ruinous situation. From my own point of view, I believe that Europe is
In an exceedingly critical situation. Europe lacks food and will continue
to do so until it gets to work and makes something to exchange for food.
Europe cannot live from its own fields, and industry is absolutely essential to its life. Government expenditures in every nation vastly exceed
Income and the deficit is being made up with the printing press. They
have difficulty in getting raw materials because they have nothing to exchange for them. The difficulties seem to be almost insuperable without
help.
Italy still has 2,000,000 men under arms, which she dare not disband
because they will go into idleness, possibly into revolution. Poland
without a shirt to its back, has a million men under arms facing the wave of
Bolshevism.
The German Government, like every other government, is subsidizing
wheat. Wheat is being sold in Germany at a gold equivalent of 32 cents
a bushel. One pound loaves cost one cent, gold equivalent. The Government has to make up 3,500,000,000 marks and if it stops there will be a
revolution.
There is the same situation in less degree in England. England has for
many months paid £1,000,000 a week in wheat subsidies. Czecho-Slovakia
Is selling wheat at a gold equivalent of 38 cents a bushel. There can be no
sound basis of credit for a nation until it can control its budget, so that its
Income is equal to its outgo.
In the last year we exported $8,000,000,000 and only imported half that
amount. Now somehow we supplied $4,000.000,000 of credit without
scarcely knowing it. The Government supplied $1,750,000,000; over
$2,000,000,000 of credit has been supplied by merchants, manufacturers
and bankers. Those are largely short-term credits. We must sustain this
and create a lot more if our exports are to go on.
The demand is insistent and it must be met in part if Europe is to live.
We have seen the exchanges collapse and we are apt to see them collapse
still further, because Europe has so inflated its currency that it no longer
represents anything like the old figures.
If those nations are going on, trying to balance their budgets with the
printing press, there is no limit to where these exchanges may go. And if
they go on down the difficulty of keeping up our exports becomes very
terrible. So we need that information. •
We lack leadership. If it were possible, there might be asked in Congress:
"Will the Government give a statement of the actual food. situation?
What is necessary to prevent widespread starvation? Are there any
countries in Europe with a food surplus? Is internal transportation capable
of handling food, if it is furnished? What are the facts regarding industrial
plants? What are the minimum financial needs of the other countries to
furnish food and raw materials for them to start at once? What do the
several countries require in the way of credits to resume work?
"Has the large influence of the Government with the Federal Reserve
Bank been used to prevent inflation? Has the desire of the Treasury to
issue short-term obligations at low interest rates led to the Government
using its influence to hold down the Federal Reserve Bank's discount rates
and have these low discount rates encouraged commercial and industrial
expansion, dangerous stock flotations, fostered speculation in commodites
and credits and contributed to a general orgy of extravagance by Government, corporations and individuals until we now find we have used up our
available credits and are unable to grant the aid Europe needs?
"The complications of the European situation are so great that it is
beyond the power of business men to collect the data and shape their course.
We are entitled to have the facts so clearly presented that there shall no
longer be such wide diversity of opinion. We are entitled to leadership,
to sympathetic and helpful co-operation from the Government. If the
Government cannot furnish this, ought not the business community to
unite in an effort to make an intelligent survey and take the necessary steps?
"I think the Government ought to furnish that leadership."
[VOL. 110.
Is how can American goods be paid for until the productive power of Europe
Is restored. That this problem will not settle itself is evident from the
great fall in the value of exchange.
A complete breakdown of the exchanges will mean that American farmers, planters and manufacturers will be left with vast quantities of produce
and goods upon their hands and that Europe, deprived of American food
and material will be destroyed by starvation and anarchy.
The situation demands: First, that America sell her products for securi-.
ties of unquestioned value, so that the American people may be sure that
they will on the maturity of the securities receive prompt payment;second,
that the power to issue such securities shall be equal to the needs of the world
in general, including the United States and of Europe in particular; third.
that the funds provided shall not be used for ordinary governmental purposes as they were used during the war, but shall be exclusively devoted
to the work of restoring Europe's productive power and will thus enable
Europe to pay her way at the earliest moment possible.
The organization capable of carrying out this work is, in my judgment.
the new League of Nations, whose birth was provided for in the treaty of
peace.
The Supreme Economic Council should now be made an essential part of
the League of Nations and be intrusted with the work of ascertaining the
heeds of the various nations of the world unable to pay in goods for the prodice they require to import and of arranging credit on such a basis that credits granted to these nations shall be fully and adequately secured. The
Reparation Committee set up under the treaty of peace should also be made
a committee of the League of Nations and intrusted with the task of ultimately employing all the credit granted to Europe for the pruposo of reconstructing the devastated districts.
How much credit will be needed for this purpose cannot now be determined. If Europe were to purchase as much produce from the United
States in 1920 as she did in 1919 and wero unable to expand her sale of
goods to the American people the amount of securities which America alone
mould require in payment for her surplus would ho $4,500,000,000 in the
coming year. A very considerable expansion in America's imports from
Europe, however, may be looked for, and America's surplus for 1020 to be
settled in securities should be much smaller than in the last year.
But it is unlikely that Europe will be able to create in a single year an
equilibrium between what she needs to buy and what she is able to sell.
and any comprehensive plan that is devised to take care of tho situation
must provide for the continuance for several years of America's ability
to sell a much larger quantity of her products than she is able to willing
to buy from other nations. Consequently the amount of credit facilities
to be arranged for must allow for the continuance of an American surplus
of exports over imports for several years, and must also allow for the continuance of a surplus of exports over imports by the other countries of the
world which supply Europe with food and raw material.
If one takes the needs of Europe as a whole, her present need to purchase
food and raw material in order to maintain life and to restore her industries
and her subsequent need to purchase a largo part of the material required
for the reparation of the devastated districts, it is clear that a total sum of
$20,000,000,000 is not an excessive estimate, especially when spread over
five or even ton years. Such an estimate merely moans that America will
continue to have power to sell her surplus productions of food,raw materials
and manufactured goods for a number of years without needing to buy a
corresponding amount of goods from Europe in exchange.
Experience will probably shpw that from the level of $4,500,000,000 of
America's surplus exports in 1919 the amount will probably decline year
by year until America is again purchasing from Europe goods and services
to the extent needed fully to cover Europe's purchases from America.
The security which would undoubtedly find the greatest favor in the
United States as well as in other countries would be a bond free of all taxes
both in the United States and in all other countries, and therefore of great
value for the purpose of international payment. At what rate of interest
such bonds would have to be issued can be gained only by experience, but
It is evident that a League of Nations bond, interest and principal of which
was guaranteed by every member of the League, would be the finest security
that could be issued. Its issue would assure to American producers prompt
payment of their accounts. At the present moment the chief security for
the American credits created is the purchaser and the seller of the goods.
Under such a plan as I have sketched the security would not only be that
of the purchaser and seller of the goods, but the collective credit of every
member of the League of Nations. Having regard to the state of exchange
and the state of the money markets of the world, the adoption of some
comprehensive plan for adjusting the situation cannot be further delayed
without involving the danger of catastrophe.
In his remarks before the American Manufacturers' Export Association, Sir George said:
You have been told recently that Europe is not in any very serious condi-
tion as regards its food supply. I would ask you to note, and I challenge
SIR GEORGE PAISH ANEW ON NEED OF CREDITS denial;
1 would ask you to note that the food production of Europe during
FOR EUROPE—LEAGUE OF NATION BONDS.
this war, according to the Governmental figures, has gone down nearly
40%, and without your food we will be starved. Are you prepared to
Sir George Paish, the English financial writer, who is grant
the credits to enable us to buy your food and to avoid starvatioh?
now on a visit to the United States, was a speaker at two Are you prepared to grant
us the credits to enable us to buy your food and
important gatherings in this city this week—the dinner to void anarchy? If we have starvation and anarchy, then good-bye to
your
foreign
trade.
given at the Hotel Astor on the 13th inst. under the auspices
of the Council on Foreign Relations, and the luncheon- • The idea that Europe is bankrupt, he said, "is a myth."
conference at the Hotel Pennsylvania on the 14th inst. under "It isn't true," he continued, "Europe is not bankrupt."
added in part:
the auspices of the American Manufacturers' Export Asso- He
What a nation can do depends upon its character, and the rccord of
ciation. At the first-named function speeches were also Europe In the past does not indicate that we have the character of a bankmade by Moreton Frewen, the English economist; Frank A. rupt. Europe intends to pay its way and to pay for everything that it buys.
I am not here to beg, I am here, it is true, to ask you to assist these starving
Vanderlip, Otto H. Kahn, Senator Walter E. Edge, A. C. people
of Vienna to get through this particular time.
apart from AusPearson, of the "Dry Goods Economist," and Herbert S. tria, I am not here to ask for gifts. I am hero to tollBut
you that we do not
Houston. The remarks of Sir George at both affairs have want your gifts. I am hero to tell you that wo shall be able and ready
to pay for everything you send us. There is, in my judgment, no doubt
attracted, of course, more or less attention. His declara- about
tbat at all. What we want you to do is to send us your food, your
tion at the luncheon of the American Manufacturers' Export raw material, your manufactures.
But the question is, how we are to pay for it, and that is the big factor.
Association were answered by Eugene Meyer, Jr., of the
During the past year, as the Secretary of Commerce has told us, your
War Finance Corporation, who followed him on the pro- supports have
been enormous. If I estimate, if I add to his figures and
gram, and we give under a separate heading Mr. Meyer's estimated the sum for December on the basis of November, you have sold
abroad to the world, during this year eight billions of dollars worthTof
observations. At the gathering held under the auspices of goods
and produce. You have bought back from the world less than four
the Council on Foreign Relations, the subject of discussion billion dollars worth, you
have a favorable balance of four billions of dollars.
was "The Financing of our Foreign Trade." Sir George, In my judgment, that should again be the result for 1920, if you do not ask
us to send you back things we need ourselves. But, how are you going to
speaking before the council, said in part:
finance a favorable trade balance of hour billions of dollars in
America's power to supply the world in general and Europe in particular
with the necessities of life was never greater than to-day.
The question now is not whether the American people are willing to sell
their products or the willingness of the peoples of Europe to buy them. It
the coming
year? During the past year you have financed that great sum, because the
American Government has supplied credit to Europe to the extent of two
billions of dollars, through American Government loans. You have supplied the balance by means of bankers' credits and by sales of securities of
JAN. 17 1920.]
THE CHRONICLE
and de
all kind and description. By purchases of securities of all kinds
Has America
scription. What are you going to do in the coming year?
the power to finance so great a trade?
I beIn my judgment, and I have studied the question very carefully,
I hope you
lieve America has the power to finance so great a balance and
and
produce
of
worth
of
dollars
will again sell to the world eight billions
realize
goods. But how can it be done? It is essential that you should
purpose
that your bankers cannot do this. Bankers' funds are not for the
credits.
offinancing long credits; they are for the purpose of financing short
the
take
should
banker
the
then
In so far as imports are paid by exports,
They
bills and discount the bills for imports, knowing that it will be paid.
should finance the bills for exports, knowing that those bills will be paid
by imports.
But as regards a favorable trade balance, that is not the case, that is not
questhe question for the banker except for the investment banker, it is a
have had
tion for the investors of the United States. We in England
taken
always
have
favorable balances for a groat number of years, but we
Great
payment for thorn in permanent securities: that is the reason that
investments
Britain has accumulated twenty billions of dollars of foreign
great
which it held prior to the war. And, if you are to maintain this
question is,
trade you must also take permanent investments. Another
I
are your Investors prepared to take such a vast quantity of securities?
have no doubt what the answer wi I be. I have no'doubt whatever.
Out of
' Your savings, the growth of wealth in this country is fabulous.
that vast growth, I don't wish to put it at an excessive figure, before the war
Britain
Great
in
we
that
amount
the
you saved in this country four times
saved. Before the war we in Great Britain out of four hundred millions
of savings a year supplied the outside nations with one-half of that, two
hundred millions a year. If the growth of your savings is no greater than
it was before the war, and your investors supply one-half of that as we supplied in Great Britain before the war, then you will be able to finance this
favorable trado balance of four billions of dollars. I am convinced that if
you will do it, if you wish to do it, if you, the manufacturers, make it clear
that you can't sell your goods unless the investors of this country supply
the means to enable you to sell them, if beyond that you make your investors realize that the issue at stake is not the mere question of investment
but preservation of civilization from destruction, I am sure they will find
the means of enabling you to sell and the peoples of Europe to buy all the
food, raw material and manufactured goods they require to restore theirproductive power and to pay their way in the future.
207
borrowers.
tions, I do not believe that we would be doing a favor to the
market
I think the borrowers must consider their needs and come to the
be found
can
that
s
proposition
with
abroad,
or
place, whether it be here
be, I beacceptable and sound business. Whatever out synpathies may
the needy
lieve that it is more in the interests of the borrowing conutries, of
a
of
question
is
it
where
cases
in
countries, to consider these things, except
on a scale that
pure relief, on a sound business basis. Credit has been used
mobilized,
no one in the world believed possible in 1914. Credit has been
been strained
as have the industrial and main resources, and credit has
could
optimistic
the
think
most
not
do
I
has done wonders, on a scale that
perhaps,
have believed possible. I feel that, at this time, we are placing,
limits even to
too much reliance on the magic word "credit." There are
and sound
credit and there are cbrtainly, in my opinion, limits of safeness
be invoked.
could
it
if
even
of
credit
uses
ness which we should put upon our
helpful, useful.
Credit, I think, is a little like some drugs. It is the most
its powers
and healing thing in the world in the hands of people who know
missuse.
and who know its dangers, but, like some of those drugs, with
most dethe
become
it
can
excess,
to
with carelessness, with indulgence
not
moralizing, disintegrating, and destructive agency in the world. I do
the money
say that this is not a time for the use of credit, but I do say, and
time
a
is
it
it,
show
world
the
markets and the investment markets all over
the war.
when we must begin to use it with more care than we have during
now. We
We could afford to take risks then that we must cease taking
will be balanced
must look forward to the time when our balance of trade
in other ways than by paper.
the idea, and
with
accord
full
in
am
I
now?
What are we going to do
sources
have repeatedly said it, publicly and recently, that the principal
market, and I have sugof such asastance must come from our investment
radical
further
avoiding
gested that at the present time and with a view to
associated with
depreciation in the exchange markets of those most closely
I have suggested
us in the war, England, France, Italy, and Belgium.
public markets
that the internal loans of those countries be listed in our
nothing original
idea,
the
in
under proper safeguards. There is nothing now
which we
processes
and
measures
and
steps
it is merely a reversal of the
country. I am
employed when we were a borrowing instead of a lending
it is a
but
soon',
hopeful that something will be done in this connection and
the reason why
long time since I first proposed this and I don't know yet
It hasn't been done.
DRESDNER BANK ON PRESENTATION OF CHECKS
DRAWN ON GERMANY.
GEORGE
SIR
TO
received from the Dresdner Bank of
ation
A communic
EUGENE MEYER, JR., IN ANSWER
PA 1811.
Berlin regarding the presentation of checks drawn on GerEugene Meyer Jr.; Managing Director of the War Finance many has been made public as follows by the American
Corporation, who was a speaker at this week's luncheon of Foreign Banking Corporation of this city:
the American Manufacturers' Export Association, following
DRESDNER BANK
Berlin, Germany, Nov. 29 1919.
Srr George Paish, took occasion in what he had to say on the
Foreign Banking Corporation, New York, N. Y.
problem of international trade and finance, to answer the American
ult. enclosing a
Dear Sirs —We are in receipt of your favor of the 23d
contentions of the English financier. Mr. Meyer said in newspaper clipping out of the "Journal of Commerce" of Sept. 29th, which
German banks.
deals with the question of presentation of cheques drawn on
part:
to, it is said that the German banks
Sometimes when I read the papers or magazines and listen to the discus
stens of the subject from the other side of the water, in which we are told
what we should do, what we haven't done, what we must do, I wonder fa
it is realized what we have done during the past year. Not only have we
loaned from the United States Government out of the funds collected from
Liberty Loans and taxes $2,365;000,000, but we have sold practically all
of It on credit, about seven hundred million dollars worth of our goods,
food supplies, machinery, motor vehicles, sent to Europe for purposes of
our army and auxiliary organizations. This does not represent a cost to
this country of seven hundred millions, but a sum largely in excess of that
amount. Our Grain Corporation has sold some grain on credit, and our
merchants have granted considerable sums of credit in the aggregate and
our investors have a total of a large amount of securities during the year
You add that in the article referred
and payable in
have instructions not to honor cheques issued in America
Germany if presented two months after issue.
in question
In reply we beg to say that this interpretation of the matter
mentioned in the
is totally erroneous. The time of 60 days (not 2 months)
fide holder of a
article represents the legal period within which a bona
orsers and the drawer
cheque has the right of recourse against the pre-end
balance is existing with
also against the drawee, provided that a sufficient
a cheque loses that
the latter. After the lapse of those 60 days the holder of
remain unpaid
right of recourse against the pre-endorsers if the cheques
question of the German
for one reason or another. There is therefore no
honor cheques issued
banks having received or Issued instructions not to
months after issue.As
in America and payable in Germany if presented 2
which have been issued
a fact we are paying daily quite a number of cheques
cheques are otherbefore a much longer lapse of time, examining only if the
still a sufficient
wise in order and advised and whether the drawer keeps
to the holders
recourse
of
right
the
balance with us. These periods securing
of the cheques;
of cheques are different according to the place of issue
10 days, if
thus if drawn in Germany cheques must be presented within
days and if
drawn in other European countries on Germany within 21
drawn oversea within 60 days.
drawers or preFrom the above it results that in some cases in which
been useful to
endorsers do not offer a sufficient security it may have
of opinion that
are
call the attention to that period of 60 days, but if you
e effect
the warning given in the "Journal of Commerce" had an unfavorabl
you would give
on legitimate transactions we should feel obliged to you if
to rectify the statea necessary explanation to the editor and to induce him
1919.
I don't think that I can be accused of lack of sympathy with the subject
of international trade nor with the needs of Europe, but I do feel that the
people of Europe have had such a reliance on us, a reliance Which we have
not so bountiful and so generously during the war, and for the past year,
that they are deluded into the idea that this is a country with no limit
to resources of Material, money and credit. When Sir George Paish speaks
of our surplus goods, I would like to see them tabulated. There is a shortage of almost everything in the world that we produce in this country today. It is true that the railroad equipment companies can furnish railroad
equipment because they are not running full speed, and I am glad too fo:
Sir George Paish that the War Finance Corporation made a loan for the
purpose of selling locomotives to Poland only the other day, and that
the man who made this sale on credit is now in Europe for the purpose of
ment as far as necessary.
negotiating similar sales and we are ready to help him.
but hold ourselves
We trust that you will now fully understand the matter
I have under discussion now further complications where foreign countries
n you might
the
of
directors
The
with pleasure at your disposal for any additional informatio
are trying to buy railroad equipment here on credit.
We remain, dear sirs,
War Finance Corporation are giving every encouragement with the hope desire.
truly,
Yours very
to be able to bring about some satisfactory results. But I want to say
DRESDNER BANK.
this, that a thousand million dollars from the War Finance Corporation is
the
of
ary
pictures
extraordin
a very limited amount compared to the
equipment as presented by Sir George Paish. Nevertheless I am hopeful.
We have never loaned very much money without getting somebody else HEARINGS ON REPRESENTATIVEMcFADDEN'S BILL
to lend some along with it.
TO REPEAL REPURCHASING CLAUSE OF
During the war when we loaned to corporations we did so in every possible
was
that
PITTMAN SILVER ACT.
industry
the
of
n
co-operatio
the
to
get
trying
we
could,
that
case
borrowing in taking care of its own needs through its own resources as much
begun on Jan 12 by the House Banking
were
Hearings
the
to
get
tried
we
as possible. We tried to got the banks to co-operate,
ee on the bill (H. R. 11226) int,
Committ
security
existing
get
Currency
to
we
tried
and
and
its
share
Investment market to do
helciers and parties interested in corporations to assume their part of the duced on Dec. 16 by Representative McFadden of Penn
burden. As a matter of fact, this whole problem is so big, so vast, that it
sylvania to amend the Pittman Silver Act of April 23 191
calls for the same kind of co-operation now. The companies that are selling
attitude
in
the
believe,
I
profits
stand,
the
and to reduce the standard of our subsidiary silver col
making
are
the goods and that
that I indicated in what I first read. I think that they are willing to do from 90 to 80%. The proposed measure was referred to at
the
their part. In any event, I am always asking them to do it. I think
length in our issue of Dec. 20, page 2313. With the opening
investment market, if called upon in the right way and under the right
and
ahead
going
are
banks
the
I
think
part.
its
do
to
of the hearings before the House committee this week Mr
terms, is willing
setting up special organizations to do their part in helping the purpose that McFadden, a member of the committee and author of the
we are discussing.
bill, explained the purposes of his bill and the Pittman Aos
Gentlemen, it takes more than lenders, it takes borrowers to do business
of
ComSecretary
the
as
country,
this
to
come
must
He said that Act authorized the Secretary of the Treasury
and the borrowers
merce indicated in his remarks, with sound business propositions. With to melt or break up three hunired million standard silver
helpevery consideration of sentiment warranted, with every desire to be
as bullion, and re-purchase a lik
ful, I do not think that complete reliance on open credit, regardless of dollars, sell the product
and
ability
the
to
as
on
at $1 an ounce. Mr.Maack
closest
investigati
the
bullion
,
without
silver
proper safeguards
amount of
the intentions of the borrower to meet their obligations, and without care- declared:
ful scrutiny on how they propose to meet them, without allthese considera-
208
THE CHRONICLE
My bill amends the Pittman Act by requiring that all our standard silver
dollars shall be melted and sold as bullion and repeals the re-purchase
clause.
The phenomenal rise in the price of silver from 48% cents an ounce in
1915 to $1.37% in 1919, has caused our standard silver dollar, worth only
37 cents in 1915. to be worth $1.06 X in gold in 1919. and the silver dollar,
being worth more as bullion than as coin, has driven itself out of circulation
by the operation of the inexorable law announced by Sir Thomas Gresham,
the financial adviser of Queen Elizabeth. Gresham announced that
"Money of less value drives out money of morervalue." This law applies
to the "bimetalic" or so-called double standard of value as well as to worn
coins. As our gold dollar, at the coinage ratio of 1 to 16 with silver, is
now less valuable than the standard silver dollar, the cheaper gold dollar
has driven the more valuable silver dollar out of circulation. So here is a
twentieth century proof of the fallacy of "bimetaltsm."
We had the very same experience in 1852, following the discovery of gold
in California, when all our silver change money was melted up and the public
had to use postage stamps for change. At that time our subsidiary silver
coins—dimes, quarters and halves—were the alloquoit part of the standard
silver dollar. Congress relieved that situation by enacting on Feb. 21 1853
our present subsidiary silver coinage law, which reduced their weight by
7% and sustained their parity with gold by Government credit. When
silver is worth $1.29 an ounce, it is profitable to silver-smiths and silver
exporters to melt full weight standard silver dollars; and when silver is worth
$1.38 an ounce, it is profitable to them to melt our full weight subsidiary
coins, of which we have more than two hundred million dollars out. To
prevent the inconvenience experienced by us in 1852, when we lost all our
change money, I had the bill provide that all future coinage of subsidiary
silver pieces should be on an 80 instead of 90% basis. The Holland Government has laready proposed a bill to recoin their silver on an 80% basis,
and Canada contemplates similar action.
In the debate in the Senate on the Pittman bill it was shown that silver,
under ordinary labor conditions, could be produced at a profit of 50 cents
an ounce, yet the Pittman Act requires the Government to repurchase a
like amount of silver at $1 an ounce. It is my purpose to repeal this vicious
clause of the Pittman Act.
[vol.. no.
and A Domestic Commerce, Department of Commerce;
Thomas W.Lamont of J. P. Morgan & Co., Jason A. Neilson
of the Mercantile Bank of the Americas, J. Russell Smith
of the School of Business, Colum'a University; 0. M. W.
Sprague of the Graduate School of Business Administration,
Harvard University; F. W. Taussig of Harvard, and Elisha
M. Friedman of the War Finance Corporation. Mr. Friedman is Chairman of the Committee. The Committee observes that "the sentiment in the United States is averse to
further loans by our Government; the financing of foreign
trade by the Government," it says, "may lead to further
inflation," and it adds that "the financing of exports through
private channels can be accomplished only through savings,
past or present." Investment trusts, the report says, might
be established, these institutions, it continues, "would invest
in foreign securities and issue their own obligations against
their holdings, which might be either Government bonds,
industrials of the borrowing country, or the pledged securities
of a third country or of its industries." The following is
what the Committee has to say on these points under the
caption "The Immediate Future."
1. Europe needs credit. Europe in part is devastated and everywhere is
short of goods. The war ravaged countries need food and machinery. But
even the neutrals need raw materials. Without food and raw materials
Europe may fall in chaos which may react upon us, industrially and perhaps
politically. Europe must have goods and to get them she needs our credit.
But for purely selfish reasons we must lend. In order to balance our international debits and credits, the courses before us are to curtail exports,
increase imports or to lend. Reduction of our exports seems inevitable.
However, to curtail our foreign sales suddenly would mean stagnation of
E. P. PASSMORE, OF PHILADELPHIA FEDERAL RE- industry and consequent unemployment in many linos, although in some
cases the satisfaction of demands at home deferred during the war would
SERVE BANK ON CONTRACTION OF UNNECESabsorb the slack in production as prices decline. We cannot at present
SARY CREDIT.
buy more, for Europe has less to sell now than before the war. As a temporary
the course open to us is to lend. For the economic welfare
In a circular issued under date of Jan. 6 to the officers of of the expedient
country credits of some sort must be advanced in order to move
banking institutions in the PhiladelphiaFederal Reserve Dis- American goods.
2. The supply of short term credit. Some European statesmen thought
trict, E. P.Passmore, Governor of the Philadelphia Federal
they could borrow from America sufficient funds to restore the devasReserve Bank, pointed out the duty resting upon them of that
tation quickly. Unfortunately that is not the case. The credit needed is
taking advantage of the more plentiful supply of money in of two kinds, long term and short term. The nuotrals and the belligerents
circulation at the first of the year, "to bring about orderly not devastated by the war will not need long term credit to any groat extent. The machinery for supplying short term credit for exports consists
liquidation of bank loans in order that the reserve position of
the facilities afforded by the Federal Reserve system. however, should
in this district may be materially strengthened." We give a scarcity of short term credit for exporters arise there are untapped reserves
in
the discount houses which may accept drafts up to several times their
the circular in full herewith:
The distribution of dividends, incomes and other accumulations of capital. To a great extent those institutions would relieve the banks of
money which takes place at the first of the year, normally brings increased deposit of the risk of too heavy commitments on account of foreign accepreserves and easier money conditions. Therefore, it seems an appropriate tance liabilities in addition to their ordinary commercial risks. Several of
time to bring to the attention of the officers of banks the great opportunity those have been established.
3. The supply of long term credit. Six months' credit, even with a
they now have to perform an important public service; in fact, a real duty
lies upon them to take advantage of such more plentiful supply of money to renewal, would hardly provide for the needs of countries in which factories
bring about orderly liquidation of bank loans in order that the reserve and even cities will have to be rebuilt and re-equipped.
(a). Government Advances.—During the war the United States Governposition in this district may be materially strengthened.
Money rates are such as to tempt continued expansion of loans of a ment made advances to other Governments to the extent of about 1110,000-,
speculative character, and we therefore appeal to your sense of patriotic 000,000. These advances cease with the proclamation of peace. The
duty to forego for the time being the natural desire for increased earnings, sentiment in the United States Is averse to further loans by our Governand lend your potent influence to the exclusion of loans of questionable ment. Our Government has a floating debt of over throe billions. This is
propriety, so that. banking institutions generally may be able to maintain a revolving debt and is responsible in part for the inflation of prices and the
a strong position to meet the unusual legitimate demands likely to be made high cost of living The Government could loan to Europe by issuing
more bonds. Congress would hardly authorize such loans and the public
upon them.
While the Treasury Department is coming to be less and less of a pre- would hardly take such loans if authorized. Conceivably conditions in
Europe
might compel a change of sentiment in the United States. The
dominant factor in the money market, the calls for assistance in the restoration of Europe are insistent, and for humanitarian reasons, as well as for evils of inflation may be less menacing than industrial debility in Europe
attended
perhaps by political disturbances.
our own economic welfare, bring the obligation to economize in our own
(b). Indirect Government Aid—The United States has, however, underconsumption and expenditure, in order that we may render effective help.
taken
to
aid
the exporter indirectly, through the War Finance Corporation,
The problem ahead of us, although different in character, are quite as
Important as those of the past, and are increasingly difficult to manage, as v,hich may make advances to the extent of $1,000.0011,000 for periods of
exceeding
five years, to exporters or bankers upon the promissory note
the concentrated control of the war period is gradually relaxed. There not
fore, at the threshold of the new year, we appeal to you to contribute your of the borrower. however, the difficulty inherent in the Act under which
Corporation operates is that while the country as a whole
War
the
Finance
full share of forward vision, clear thinking, and constructive administtation, to the end that wasteful spending, reckless speculation and unnecessary benefits by the export of goods, the burden of the present unusual risk is
placed
entirely
upon the exporter. Nevertheless the facilities of the Corcredit inflatton may be effectively discouraged, to the untold benefit of the
poration are being utilized.
general situation.
(c). Private Means--The financing of foreign trade by the Governemnt
may lead to further inflation. The financing of exports through private
A. B. HEPBURN RE-ELECTED MEMBER OF FEDERAL channels can be accomplished only through savings, past or present. The
alternatives of war financing, namely, Inflation versus savings, face us
ADVISORY COUNCIL REPRESENTING NEW YORK
again during the transition. Possibly the gravity of the after-war situation may compel a compromise as in war time between those two methods
FEDERAL RESERVE DISTRICT.
financing.
of
The directors of the Federal Reserve Bank of New York
The member banks of the Federal Reserve system have been permitted
have re-elected A.Barton Hepburn Chairman of the Advisory to invest 5% of their capital and surplus
in subsidiary corporations engaged
Board of the Chase National Bank, to be a member of the in the financing of foreign trade. The Edge Law sould authorize the establishment and incorporation under Federal charter of companies to engage
Federal Advisory Council from the Second Federal Reserve in international financial
operations under the supervision of the Federal
District for the year 1920.
Reserve Board.
Investment trusts might be established. These institutions would Invest
in foreign securities and issue their own obligations against their holdings,
COMMITTEE OF AMERICAN ECONOMIC ASSOCIA- which might be either Government bonds, industrials of the borrowing
country, or the pledged securities of a third country or of its industries.
TION DECLARES WE MUST LEND TO EUROPE.
Finally, the listing on the stock exchanges in the United States of outThe need of credit for Europe is stressed in a report of standing foreign securities, under proper restrictions and with adequate
safeguards
of the American investors, would help greatly in accelerating
the Committee on Foreign Trade of the American Economic
the flow of trade.
Association, issued at Washington on Jan. 11. The Com- (d) The Essentials of an Acceptable Foreign Security—If advances are
mittee contends that "for purely selfish reasons we must to be made to countries fiscally weak, or to industries already under heavy
led," and says that "without food and raw materials taxation charges, a priority of lien will be needed to assure the safety of
interest and principal of the new loan as compared with the old ones. If
rtirope may fall in chaos which may react on us." The new loans to weak countries
are to be junior lions funds for Europe will be
report, which has been drawn up after a study of the foreign difficult to obtain.
"The
rate
of
interest
on
loans
to foreign Governments or industrials will
trade situation, is signed by David Friday of the University have to be competitive
with domestic rates. The market ability of securiof Michigan, Eesley Frost of the office of Foreign Trade ties based on foreign loans depend., upon suitable
publicity, and whotnor or
'Aaviser, State Department; A. Barton Hepburn of the Chase not the public will avoid waste and gather funds for investment and whether
or not they are favorably disposed toward the investments from tho viewNational Bank, Phillip B. Kennedy of the Bureau of Foreign point of safety and
adequacy of return.
JAN. 17 1920.]
THE CHRONICLE
209
Resolved, First, we deplore this action of the Federal Reserve Bank in
attempting to place all banks of the sixth Federal Reserve District upon
its par list;
Second, That such action upon their part if accomplished will upset an
economic principle heretofore acknowledged as just and fair to the country
banks of this section; furthermore, affect seriously a legitimate source of
profit and offer nothing in return for this sacrifice upon the part of the small
banks situated throughout the agricultural districts of Georgia;
Third, We further deplore the announced intention of the Federal Reserve Bank as contained in their letter Dec.22 1919, in which they state
upon our failure to submit to the enforced par clearance of our checks
Declaring that "the war has prepared the world for an that
that they will employ methods which will be expensive, embarrassing and
says:
report
the
sort,"
of
some
Nations
inevitable League of
annoying to our institutions ana to our customers, such coercive methods
The war has hastened the growth of industrial self-sufficiency, the decen- are both hostile and repugnant to the principles of democracy and freedom
tralization of trade and the lessened dependence upon Europe of the rest as proclaimed and defended by our Government not only by our fathers and
of the world. The war has hastened the disintegration, not only of political forefathers, but more recently upon the battlefields of France.
imperialism, but of commercial imperialism as well.
Fourth, We regard with grave concern this contemplated action upon the
Decentralization is the prerequisite of federalism. In a more than super- part of the Federal Reserve Bank to usurp the rights, powers and privileges
ficial sense, therefore, the war has prepared the world for an inevitable league guaranteed us under our State charters and by the spirit (might makes
of nations of some sort. As the backward countries of the world become right) enforce upon us nationalization or federalized control.
more industrialized, as the density of their population tends to increase by
Fifth, That it is the settled conviction of the State banks of Georgia,
migration, the economic dominance of Europe will probably decline still here assembled, that it is the imperative duty of all such banks to defend
further, but the interdependence of the nations of the world will increase. with every expedient available against this threatened invasion of their
The process of economic decentralization will prepare for ultimate world vested rights and revenues and the vital interests of their customers and
federalism. More extensive interdependence of the nations will vitalize communities;
a league of nations.
"In order not to be tho lone and solo creditor of the nations of Europe, the
United States might raise a loan jointly with other Powers. The endorsement of the European banker and the guarantee of the foreign Government
may be essential to secure the funds from American investors.
"Such credits as aro granted to Europe should be devoted to industrial
and not Governmental uses. They should be utilized not for meeting current Government expenses, not for the balancing of their budgets where
there is lack of adequate measures of taxation and not for the artificial
maintenance of their inflated currencies at parity in the exchange market.
Credits should be devoted to increasing production."
REPORTS OF FURTHER INCREASES IN DISCOUNT
RATES—NO IMMEDIATE CHANGE ACCORDING
TO GOV. HARDING.
While reports have for several days been current in
financial circles that the New York Federal Reserve Bank
contemplated further increases in its discount rates, it was
stated in Washington advices of the 15th that Governor
Harding, of the Federal Reserve Board, indicated on that
date that the Board does not contemplate any immediate
increase in discount rates. These advices also said that
there is a disposition on the part of the Federal Reserve
Board to await action of the forthcoming Clearing House
conference to be held in Chicago the latter part of the month,
before any action is taken by the Federal Reserve Board in
•
changing the present level of discount rates.
Governor Harding, it is said, scouted the report that the
Federal Reserve Bank of New York had dispatched a recommendation to the Board that another increase in discount
rates be ordered. Governor Harding declared that he has
been in constant communication with the New York Bank
and that no mention of such a letter had been made in his
conversation with officials of the New York Federal Reserve
Bank.
In its issue yesterday (Jan. 16) "Financial America"
published the following Washington dispatch:
NEW YORK CLEARING HOUSE ASSOCIATION APPROVES AMENDMENT AFFECTING INTEREST
ON BALANCES.
At a meeting of the New York Clearing House Association
yesterday afternoon (Jan. 16) an amendment to the constitution bearing on the interest rate on balances, whereby
the maximum is fixed at 2Yi% was adopted. The Clearing
House issued the following statement relative to its action:
The Clearing Has° Committee recommended the adoption of the
amendment in view of the request of the Federal Reserve Board, which had
the approval of the delegates from clearing houses all over the country at
the recent conference held with the Federal Reserve Board at Washington,
that there should be no increase in the interest rate paid on balances and
that the maximum rate to be paid under Clearing House regulations should
not increase with an increase in the Federal Reserve bank discount rate for
ninety-day paper beyond a maximum of 2H,%.
The following is the amendment proposed by the Clearing House Committee on the 15th and approved by the members of the Clearing House yesterday:
(Words constituting proposed amendment printed in italics.)
ARTICLE XI—INTEREST ON DEPOSITS; EXCHANGE CHARGES
TO BE PAID BY MEMBERS, &c.
Sec. 1. No member of this Association, or bank or trust company or
others clearing through any member, shall agree to pay, directly or indirectly, on any credit balance payable on demand or within thirty days, or
certificate of deposit so payable, by its terms, issued to or for the acount of
any bank (other than a mutual savings bank located in the Second Federal
Reserve District), trust company or other institution conducting a banking
business, or private banker or bankers, located in the United States or
Dominion of Canada,interest at a rate in excess of 1% per annum when the
then ninety-day discount rate for commercial paper at the Federal Reserve
of one per
Reports received by the Federal Reserve Board and the Treasury De- Bank of New York IS 2% or less, and an additional one-fourth
os the Fedora
partment as to the reaction of the recent advance in rediscount rates, cent for every one-half of one per cent that such discount rate
rate
maximum
the
initiated for the purpose of discouraging unbridled speculation, do not indi- Reserve bank shall exceed two per cent except that
or certificate of deposit
cate that this aim has been fully accomplished. Officials admit that, while paid or agreed to be paid on any such credit balance
per cent per annum;
the effect of the rediscount rate increase has been most marked upon legiti- shall not in any case be higher than two and one-quarter a member, pay or
through
mate business transactions, funds are being used about as freely as over nor shall any member, or non-member clearing
of deposit
certificate
like
agree to pay on any like credit balance of, or
for speculative purposes.
the Second Federal Reserve
That the problem of speculation has assumed decidedly serious propor- Issued to, any mutual savings bank located in
corporation or association,
tions, which in no way have been appreciably lessened by recent Federal District or any person, persons, co-partnership,
above, interest at a higher rate
Reserve Board action, is the firm belief of many officials hero, who have other than those specified and included
deposit, or certificate of
time
been giving close study to the problem. In view of the high rates being than three per cent per annum; nor on any
days from the date thereof,
paid for money for speculative purposes, the wide margin of profit and loss deposit payable by its terms later than thirty
annum. The foregoing
for which allowance is made hi these transactions, and the attraction in Id at a higher rate than three and one-half per cent per
provisions are not intended to apply to the account of, or any certificate of
out for "market money," it is the opinion of officials that, whatever addi
transacting business
and
residing
tional advances in rediscount rates are approved, or whatever other step.; deposit issued to. any person or persons
of Canada, or to any
are taken to reduce speculation, will fall as a heavy burden upon legitimate in any foreign ocuntry other than the Dominion
corporation, association or co-partnership organized and located therein
business, but passed by unnoticed in speculative operations.
nor to affect such interest rates as are or may be fixed or regulated by law.
KANSAS CITY LIVE STOCK EXCHANGE PROTESTS
AGAINST ADVANCE IN RESERVE BANK
DISCOUNT RATES.
In Kansas City advices Jan. 14 the "Wall Street Journal"
said:
Kansas City Live Stock Exchange has forwarded to Secretary of the
Treasury Glass a protes against the advances in rediscount rates of the
Federal Reserve Bank of Kansas City on live stock paper to 5% and 6%.
The protest asserts that production will be discouraged.
President E. W. Iloux of the Exchange asserts that the Federal Reserve
Bank of Kansas City Is following the wrong policy in raising rates on live
stock loans in an endeavor to bring about deflation, main aining that outstanding loans on cattle cannot be liquidated in a majority of instances at
this time.
Under the amendment in force since April 1918 the maximum rate has been 3%. The change follows the conference
held last week in Washington at the instance of the Federal
Reserve Board, details of which were given in our issue of
Saturday last, page 123. A further conference in the matter
is to be held in Chicago on Jan.23.
CLOSING OF SUBSCRIPTIONS TO TREASURY CERTIFICATES SERIES T. D. 1920.
Secretary of the Treasury Glass announced on Jan. 15
that subscriptions for the issue of Treasury certificates
Series T. D. 1920, dated Jan. 2 1920, maturing Dee. 15 1920,
would be closed on the 16th inst. The certificates of this
series bear interest at the rate of 4%. The offering was
FEDERAL RESERVE BANK OF ATLANTA RESTRAINED referred to in our issue of Jan. 3, page 32.
FROM ENFORCING PAR CLEARANCE RULING.
An injunction, restraining the Federal Reserve Bank of
SECRETARY GLASS URGES CREDITS OF $150,000,000
Atlanta from putting into effect (so far as it affects nonTHROUGH GRAIN CORPORATION IN BEHALF OF
member banks) its ruling that all State banks shall exchange
AUSTRIA, POLAND AND ARMENIA.
Judge
by
16)
(Jan.
yesterday
granted
was
all checks at par,
for the enactment by Congress of
recommendation
A
Ellis of the Superior Court at Atlanta. Arguments will be
Grain Corporaheard Jan. 24. The injunction was granted in response to legislation under which the United States
deliver food
and
sell
purchase,
to
"empowered
be
would
tion,
at
which
Association,
pleas of the Georgia Country Bankers'
of $150,000,a meeting held at Atlanta on Dee. 30 adopted resolutions and relief supplies for Europe up to the amount
credit may be
protesting against the action of the Federal Reserve Bank; 000 and that for the supplies so furnished
in a communiis
made
Corporation"
Grain
the
by
extended
these resolutions in part said:
210
THE CHRONICLE
[VOL. llo.
cation addressed by Secretary of the Treasury Glass to the estimated that a bare minimum program of 7,500 tons of flour, together with
Rouse Ways and Means Committee on Jan. 10. In a other necessities amounting to $500,000 monthly, will be required to meet
the situation, and if deliveries are not maintained after the severe winter
previous letter to Representative Fordney, Chairman of the sets
in, orphanages will close and great numbers of deaths will result. At
committee (referred to in our issue of Dec. 27, page 2402), present there are 700,000 destitute people being kept alive by this program
Secretary Glass had called attention to the urgency of sup- and partial aid Is being furnished to many others.
As there are private charitable funds available for Armenia, it is probable
plying food on credit for European countries which are suffer- that
the amount of relief which the United States Government would be
ing a lack of food. In his advices to the committee on the called upon to furnish to Armenia would not exceed $1,000,000. In addi10th he stated that he was of the opinion "from the informa- tion to the three above-mentioned countries or territories where the requirements are most urgent, it may be necessary to furnish some supplies to
tion so far obtainable, that a minimum of $125,000,000 and other
sections of Europe (outside the boundaries of Germany) where the
a maximum of $200,000,000 would suffice to supply the situation is not now so desperate, but where food supplies will be required to
p_prtion of relief to be assumed by this Government, provided carry them through until the next harvest. It is estimated that $25,000,000
would suffice for this purpose.
Congress should grant the necessary authorization to particiIn concluson Secretary Glass said:
pate in alleviating this serious and desperate situation."
In conclusion I may say that while it is impossible now to ostmate definitely
just what will be required, I am of the opinion, from the information
The countries in whose behalf the appeal is made by Secretary Glass are Poland, Austria and Armenia; in the case of so far obtainable, that a minimum of $125,000,000 and a maximum of
$200,000,000 would suffice to supply the portion of relief to be assumed by
Poland the minimum grain requirements are placed at this Government, provided Congress should grant the necessary authoriza300,000 tons, at a cost of approximately $50,000,000; the tion to participate in alleviating this serious and desperate situation.
As any reliefs undertaken, so far as concerns the United States, would be
total estimated requirements for Austrian relief are placed primarily
a question of supplying food, and as it is advisable that the purat $100,000,000, but, Secretary Glass says, "the British chases of food for Europe should be handled
and co-ordinated in such a
manner
as not to increase the prices offood in the United States, I am recomparticipation should reduce the amount of relief to be.supmending in the proposed legislation that the United States Grain Corporaplied from the United States to Austria to about$70,000,000;" tion be empowered to purchase,
sell and deliver food and relief supplies
as to Armenia he states that "it has been estimated that a for Europe up to the amount of $150,000,00() and that for the supplies
so
furnished credit may be extended by the Grain Corporation. If this
bare minimum program of 7,500 tons of flour, together with
proves insufficient to meet the minimum requirements, the Treasother necessities amounting to $500,000 will be required to amount
ury will again submit the matter to Congress for such action as it may
meet the situation." He adds, however, that "as there deem expedient.
are private charitable funds available for Armenia, it is
Norman Davis, Assistant Secretary of the Treasury, who
probable that the amount of relief which the U. S. Govern- appeared before the Committee on the 10th in support of the
ment would be called upon to furnish to Armenia would appeal of Secretary Glass, had the following to say in urging
not exceed $1,000,000." The amount involved in meeting the suggested credits:
The United States has a surplus of food and is the only nation that can
the requirements for furnishing supplies to other sections of
prevent the famine. Great Britain in a formal note to the United States
Europe is estimated by Mr. Glass at $25,000,000. The has
promised to co-operate to the full extent of its ability, which probably
conditions in the respective countries are summarized as will be mainly in supplying ships to transport the supplies, as Great Britain,
France
and Italy already have lent Austria $48,000,000.
follows by Secretary Glass in his letter to the committee:
The condition in Austria is so
Poland.
According to the best information obtainable, the minimum grain requirement necessary to carry Poland until the next harvest, and which
cannot be filled anywhere but in the United States, is 300,000 tons. This
deficiency Is due to a partial failure of the wheat crop and to a lack of fuel
for threshing Poland is at present living under a hand-to-mouth regime,
which can be remedied only by a steady flow of imports from the only
available surplus stocks of food, namely, those in the United States.
The potato crop, which is the staple food of the poorer dames, has been
destroyed by frosts to the extent of50% in many districts, as it is impossible
properly to care for potatoes in transit. Due to delays in transportation,
Poland has been unable to procure clothing since the beginning of the war,
and the result is that during the past five years practically, all clothing has
been worn out and practically all clothing has not yet been replaced.
The food situation in Poland is so serious that the European Children's
Relief Fund has felt obliged to loan Poland small quantities of flour from
the stocks intended for child feeding. The assistance to the children of
Poland rendered through this fund, which feeds 1,300,000 children daily,
Is claimed by its administrators to have been a powerful means of averting
revolutions up to this time, and the failure of the Polish Government properly to ration its adult population has already caused demonstrations by the
Reds in Warsaw. The cost of supplying the 300,000-ton grain minimum
would be approximately $50,000,000. It is possible that a portion of this
requirement may be met through private charity, and that the British
Government may be able to supply some tonnage for the transportation of
this grain from the United States. In so far as this outside aid is received,
the assistance to be furnished by the United States would be diminished.
Austria.
In Austria the acute misery and suffering are probably greater than in
Poland. Two-tenths only of the present Austrian State are self-supporting
in food, and the remaining eight-tenths, even before the war, produced
food to supply themselves for six months of the year at most, and were
dependent for the remaining six months upon importations. Consequently,
the situation to-day, especially in Vienna, has become exceedingly grave,
due to a shortage of coal and food. There is every indication that unless
some relief is afforded immediately the population cannot withstand the
strain of conditions that are already well-nigh intolerable.
Coal and food rations for domestic consumption have been reduced below
a safety minimum and it is only a question of days before existing stocks will
be exhausted, when even the present reduced rations will become impossible
unless new supplies are obtained. Already the forests in the neighborhood
of Vienna are being cut down for fuel, as are also many of the wooden dwellings. Famine riots have broken out in some Austrian towns during the
last months and, although the population of Vienna has shown admirable
patience, this city and large parts of Austria are faced with the danger of a
complete breakdown, which, according to the Chancellor, Dr. Renner,
must unavoidably occur by the end of January unless outside assistance is
obtained.
What the effect of a general social breakdown in Austria would be can, of
course, only be conjectured. That it would be confined to Austria, however, seems highly improbable. and if it spread to Germany, Poland and
possibly all of Europe the result would be no loss than a general disintegration of political cohesion in Western Europe. Such an event would be
fraught with the most serious consequences for the United States, and would
certainly leave in its wake severe suffering and thousands of deaths among
the poorer classes of thef people.
The British Government has definitely proposed to join to the extent of
its ability with the United States Government in furnishing relief to Austria.
The British Government has explained, however, that with the present
depreciation in its exchange, it could not supply dollars for the purchase of
food in the United States, but it can no doubt supply the requisite tonnage
and some relief supplies obtainable in the United Kingdom. The total estimated requirements for Austrian relief are $100.000,000, but the British
participation should reduce the amount of relief to be supplied from the
United States to Austria to about $70,000,000.
Armenia.
Although the population of Armenia is small, the situation there is
desperate, and the winter season will see many deaths unless adequate food,
medical supplies and clothing are received from outside sources. It has been
desperate that she is willing to mortgage her
forests, the tobacco monopoly, the water power facilities, and even the collection of customs, to obtain food. The Treasury does not believe that
customs should be taken because it would cause groat delay to econmoic
rehabilitation. Vienna has 2,500,000 people, and it is probable that many
of these will have to leave because the surrounding country, since the
separation of Hungary, will not support them. Poland deserves help
because site is rendering great service to pie world fighting the 13olshoviki.
SECRETARY GLASS APPEALS TO BANKERS FOR CONTINUED CO-OPERATION IN WAR SAVINGS
•
SECURITIES SALES.
Secretary of the Treasury Carter Glass, in a special message to the bankers of the United States, transmitted through
the current issue of the "Journal of the American Bankers'
Association," the official publication of the organization,
makes an appeal for the continued co-operation of the banks
in acting as agents for the sale of war savings securities.
The Secretary lays particular stress on the desirability of
having the banks urge the attractiveness of Government
securities as investments. The statement says, in part:
With the issuance of 1920 Savings securities—Thrift and War Savings
stamps and certificates and Treasury Savings certificates—the agency
regulations for the distribution and sale of these securities have been simplified and it is believed made more attractive. The wide t possible extension of the agency organization among the indorporated banks and trust
companies is greatly desired. It is felt that, especially with the termination
of the selling methods which characterized the war-time "drives" and the
greater emphasis at present on the desirability of the securities from the
investment standpoint, the banking institutions of the country, with the
Post Offices, are the logical agencies for the sale of those securities. The
bank or trust company officer, especially, can be very helpful in encouraging
investment in Government securities becuase of the constant recourse
which is naturally made to him by those seeking sound investment for their
surplus funds. It is hoped that not only will the desirability of Government securities be stressed, but that the banking institutions will, as agents
for the War Savings securities, lend the additional co-operation of offering
the securities for purchase. Application of appointment as agents should be
addressed to the Governor of the Federal Reserve bank of your district.
The Government savings movement has two objects—first, to stimulate
saving and investment in the War Savings securities, and, second, to dovelop and protect the secondary market for the Liberty and Victory loans
and Treasury certificates of indebtedness, in connection with the second
object also the banks and trust companies of the country can obviously be
of the greatest assistance. They can by advice and counsel promote the
holding and purchase of Government securities and offer facilities for their
purchase or sale under proper conditions. Such service meets two present
needs—first, to protect inexperienced investors from the swindling schemes
of fraudulent stock • vendors who are profit:ng by the present tendency to
reckless speculation, and, second, to provide such investors with reputable
means. readily accessible, for purchase or sale of Liberty bonds and Victory
notes upon fair terms.
At present too many of this now investing public fall into the clutches of
the scalper or the "investment company" of dubious reputation and devious
business methods. More energy by the banking institutions in those directions should among other results have the consequence of securing the
desired distribution among ultimate investors of Government obligations
now held by the banks.
It is hardly necessary for to observe that present-day conditions offer
unmatched opportunity for the expansion of banking development and
usefulness, and I am sure you will appreciate the advantages in this regard
involves in the suggestions for further co-operation with the Treasury in
the particulars I have instanced. These suggestions reiterate the appeal
for your co-operation in meeting the financing task the war has left us, and
I know that now, as in the days of the war, you will lend willing and enthusiastic aid.
JAN. 17 19201
211
THE CHRONICLE
To illustrate:
The treaty is not yet ratified; failure to
the line of battle.
DEVELOPMENTS REGARDING THE PEACE TREATY. ratify would make the treaty a very prominent if not the dominant issue.
If it is ratified the political situation will be very decidedly changed, and
Washington, D. C., Jan. 16 1920.
no one can tell which party will benefit the more by ratification until the
the
in
place
prominent
a
occupying
is
Treaty
The Peace
basis of ratification is known.
•
question
the
minds of Senators, and progress is being made on
As to League Delegates.
of a compromise. On Wednesday a conference between
"If ratified it brings up a new group of questions, upon which the Republiinformal Committees of Republicans and Democrats who can party will have to take a position. If we are to be a part of the League
Nations, how shall our delegates be selected?"
are prominent in the effort to reach a compromise on the of"Have
you expressed yourself on this subject?"
Treaty was arranged. Senator Lodge, the Republican
"Yes, I think they ought to be elected by popular vote in five districts,
section will be represented by a delegate of its own choosing.
each
Wisconsin,
that
so
of
Lenroot
leader, and Senators New of Indiana,
These delegates will occupy a position of influence next in importance to the
and Kellogg of Minnesota met with Senators Hitchcock, President. They will give expression to our nation's conscience on the
Owen and several other Democratic Senators. This con- subject of peace and international relatons. They should be the choice of
favorites of the executive, or the successful contest
ference was arranged by Senator Owen; but nothing definite the people and not thelogrolling."
ants in Congressional
was done further than to discuss the substitute formed by
"Do you think the quetion of universal military training will be an issue?"
"There will be several questions of that class, the two most important
Senator Colt of Rhode Island for Article 10 of the treaty
being
universal military training and a referendum on war. It seems to
and who is a member of the mild reservationists group which me that
the tide is turning strongly against universal military training;
substitute declares that Congress has the sole power to declare and, with woman's suffrage, I believe a referendum on war is sure to come.
territorial
no
assume
will
That is the first element of uncertainty in the situation.
war and that the United States
"Second, the Republican party having a majority in both Houses, must
obligations nor interfere in any controversies between nations have
a program, and the program will have a great deal to do with the shapunless in any particular case Congress should authorize ing of the issues. The Republican party is divided into two parties, reheld
were
actionary and progressive. A majority of the leaders are reactionary;
intervention. Monday and Tuesday conferences
a majority of the voters are progressive. Which element will shape their
on the substitute offered by Senator King, but nothing much legislative
program? Anyone who can answer the question can guess with
is
Alabama
of
Underwood
Senator
was accomplished.
some accuracy as to the Republican position in the national campaign, for
a Republican Congress.
making progress in getting the various Senators together the party will have to indorse the record made bythemselves.
The Demo"But the Republicans will not have the field to
for the purpose of exchanging views. William Jennings crats
form a strong minority in the House and the Republican margin in
conferences
several
in
afternoon
Bryan spent Wednesday
the Senate is so small that a bolt by a few Republican progressives can prevent the enactment of a reactionary measure unless"—
on the Senate side.
"Unless what, Mr. Bryan?"
Senator Owen of Oklahoma had several conferences at his
"Unless the reactionary Republicans are able to get enough reactionary
program
a
been
has
of
which
residence last week, the result
Democrats to offset the progressive defection."
of compromise reservations to be submitted to the Republic- —"Can they?"
"I hope not," replied Mr. Bryan, his eyes narrowing.
ans by him Friday and Saturday of this week, and at a
"Can't you use a stronger word?"
"Not truthfully."
Sunday afternoon informal conference.
WILLIAM JENNINGS BRYAN ON 1920 ISSUES.
The declarations of William Jennings Bryan on the 1920
issues were contained in an interview which a staff correspondent of the Baltimore "Sun" had with him at Miami,
Fla. Mr. Bryan's views as thus enunciated, were published
in the "Sun" (Baltimore) of January 7 from which we take
the following:
sr
"What do you think, Mr. Bryan, of the call from various quarters for a
busieess man for President?"
"I don't think the people are so much interested in the man's occupation
as they are in his attitude on public questions. The greatest difficulty
about a business man candidate is that.the men who talk about such a candidate would not recognize any man as available except a big business man,
and how many big business men have records on public questions that will
commend them to the voters? What big business man has such a record?
As a rule the big business men have been against the reforms that the people
have carried through, and no candidate need be considered who is not a
leader of the people."
Definition of "Leader."
"What do you mean by a leader of the people?"
"I do not know of any better definition than that given by Governor
Oglesby. of Illinois. lie defined a leader as 'one who is going in the same
direction the people are going and a little bit ahead.' In a democracy those
lead who propose the best means of securing what the people want. No
objection will be made to a business man because he is a business man, but
his attitude on governmental business will receive more consideration than
any success which he has achieved in his private business."
Mr. Bryan's insistence upon progressivoism, and yet more progressivoism;
his refusal to discuss the men oftenest mentioned for President; and his
statements that the candidate must fit the platform, and that the fight in
each convention will be between the best representative of progressiveism
and the best representative of roactionarism—these circumstances may suggest that he has his eye fixed intently upon the Democratic nomination and
is prepared to make a fourth try for the Presidency 24 years after his first.
Attitude on Candidacy.
But the impression gathered from talking with Mr. Bryan is very strongly
does
not talk like a candidate, when issues are being
He
contrary.
to the
discussed. He certainly does not use the soft pedal, as is candidatorially
conventional. Ile seems more interested in things than in men on th whole.
And, when he is not talking for publication, ho has a delightful humor
about his experiences as a Presidential candidate that seems far removed
from the notion many people have that he lies awake at nights dreaming
of his defeats and of the hour when he may win the long-sought prize. He
would say about his own connection with the campaign nothing further than
this:
"All that I am in politics I owe to the people—to the common people.
who ask no favors from the Government, but seek simple jutsice. I owe
them an obligation that I can never fully repay, and they can rely upon me
every year while I live, every day in the year and every hour in the day, to
protect them from their enemies, whether those enemies be in the Republican party, the Democratic party or any other party. That is my fixed
purpose, from which I shall not turn for any personal considerations.
"I shall gladly support the most bitter personal enemy I have. If I believe
him to be a friend of the people, and I shall oppose the best friend I have, If
I believe him to be an enemy of the people. My obligation is to the mass,
not to individuals.
"I want to see our Government the world's greatest moral leader, working
through the League of Nations to prevent war, and I want to see our Government solve all of its problems with an eye single to the people's welfare.
Popular government is the means through which the people can best protect
their rights and promote their welfare. They can be trusted to decide
every question right when they understand it. Therefore I want the Government put into their hands and every voter informed in order that truth
may triumph speedily."
"Upon what line will the campaign be projected?" he was asked.
"It Is some six months yet before the convention moots, and a great deal
may happen in that time. Things may happen which will materially affect
"What difficult questions will the Republican party have to meet?"
"The most difficult question is the one involving the conflict between
private monopoly and Government ownership. This question is the underlying issue in the railway question, the telegraph question and the tele• p. pow.
phone question.
1 I BM
1.
Corporate Interests Strong.
the
in
I
active
were,
campaign
of
very
were
They
1918.
"The railroads
think, the most active single element. They stole a march on the people
and elected a Republican Senate and House in which the corporate influence
is very strong. The railroad interests are tied up with the banking Interests
and the trusts, and these three together control nearly all the big newspapers,
and these papers have been busy trying to create sentiment against Government ownership. The people have no chance whatever to get at the
truth.
"As a matter of fact, the Government had to take over the railroads
because they broke down under private management. The Government
was able to conduct them when private ownership could not. Surely;
this is a fact that ought to be considered in weighing the relative advantages
of the two policies. Then, too, it must be remembered that the experiment of Government ownership has been tried with the management of the
roads in the hands of the old officials who want Government ownership
to fail. This is a fact that cannot be ignored in any fair discussion of the
subject.
Believes in a Goiirnment Official Bulletin With Editorial Space Divided Between
the Two Parties.
"I only refer to this as an illustration of the helplessness of the public in
the discussion of an economic question when great financial interests are
on one side and the unorganized, uninformed public on the other. The
public will some day rebel against the newspaper situation and insist that a
Government which consults the people as a source of power is in duty bound
to see to it that the people are informed as to the issues upon which they
are called to act."
"What remedy do you propose?"
"A Government bulletin, not a newspaper, but an official bulletin, containing the issues RS presented by legislative and executive action, with editorial space divided between the two parties and used for the presentation
of the arguments pro and con."
"How are the parties lined up on the railroad question as you see the situation?"
"The Republican leaders are strongly in favor of private ownership The
Democratic party is divided. For 20 years the Democratic platforms have
declared that private mononly is indefensible and Intolerable, hut as
the proposition was not applied specifically to the railroads, a ereat many
railroad attorneys were elected to the House and Senate, who are not free
to apply the doctrine as against railroad monoply. It is probable that the
Republican party will come out strongly on the private ownership side,
while the reactionaries in the Democratic party will try to dodge the question."
"Will they be able to dodge?"
"That Is prophecy, and the situation is not developed sufficiently to make
it safe to predict."
For Government Ownership.
"What is your own position on the subject?"
"I believe in Government ownership of all monoply: that is, wherever
competition is impossible, the monoply must belong' to the Government,
and not to private individuals. but I think the ownership should be by the
Governmental unit best able to administer the monoply for the nubile
welfare. For instance, city waterworks and lighting plants and telephone
exchanges should be owned by the cities. The telegraph lines and longdistance telephone lines should be owned by the Federal Government and
operated in connection with the Post Office Department. in the matter of
railroads, I believe that the Federal Government should own a trunk line
system, reaching into every State, and that the State should own and operate the local lines—the distributfng radii."
Mr. Bryan digressed at this point to say that he thought hl-hway development should be on the same idea. He is in favor of what he termed "a
great peaceway," constructed by the Federal Government and leading
into every State. He thinks the States should supplement the enterprise
of the Federal Government by extending the national highway system, on
a smaller scale, into all the counties: and that, on a still smaller scale the
counties should extend the system into all the precincts. He would hare
',WORT,••-•
212
THE CHRONICLE
the Federal enterprise called "the peaceway." in celebration of the return
of peace, and for its psychologic effect upon the millions of people who would
use the roads.
Profiteering Hard to Stop.
"But the public ownership question is not the only economic issue."
Mr. Bryan was reminded, after he had expressed his views as to highway
development.
Jb "By no means," he said quickly. "Profiteering will demand attention.
but here too, you will find the same difficulty. It has been impossible,
so far, to secure effective machinery for the prevention of profiteering.
because the profiteers control the newspapers. They do the advertising.
Read the editorials and you will find that a great deal of space is now being
given to the defense, but not of the profiteer, but of the commercial class
which does the profiteering. The middleman has an influence far beyond
his numbers, and there is a class consciousness that binds all predatory
interests together."
"How are you going to reach these evils?"
"There is no panacea. The popularizing of government is the most
fundamental remedy. For 25 years we have been making progress toward
more and more popular government. We had first the adoption of the
Australian ballot. That was intended to enable the voter to vote as he
pleased. Then came the election of Senators by the people. This made
the Senate more responsive to the popular will. Along with the popular
election of Senators came the primary, which lessened the power of the boss.
Then the rules of the House were changed, so that the power of the Speaker
was curtailed. Next will come a cloture rule in the Senate that will enable
a majority to close debate and proceed to a vote.
[VOL. no.
For those college students who are enamored of the cruder and more
stupid forms of radicalism, early instruction in the facts relating to the
origin and development of modern civilization and the part that time plays
in building and perfecting human institutions is of the greatest value.
For those college students who are afflicted with the more stubborn forms
of conservatism, early appreciation of the fact that movement and development are characteristic of life and that change may be constructive as well
as destructive is most desirable. The main purpose of the course is to lay
a foundation for intelligent citizenship and to enable under-graduate students to prepare themselves to make decisions concerning public questions
with intelligence and with conviction. It is not the purpose of this course
to teach or to preach doctrine, but rather to show the movement of civilization in its great achievement of constructive progress. The content of the
course is drawn not merely from history, but from economics, politics,
ethics and social science.
As to charges that university teachers are "unduly radical
and revolutionary," Dr. Butler says:
It is quite fashionable to attack university teachers as unduly radical and
revolutionary. The truth is that the radicals and revolutionaries among
them are so few that they are very conspicuous. The university teacher,
on the contrary, is usually very conservative, very solid-minded, and very
difficult to bring to the support of a new idea or a new project. The history
of the development of any important university will amply illustrate this
fact. The notion that some university professors are dangerously radical
because their salaries are not large enough is more than usually uncomplimentary. Such a view pushes the economic interpretation of history pretty
far. The man who will change his views on economic, historical or political
subjects because hIs salary is doubled is made of pretty poor stuff, and the
views of such a man need not trouble any one very seriously.
Initiative and Referendum.
"And most important of all the initiative and referendum is growing. I
regard the adoption of the initiative and referendum as the next great constitutional reform after woman suffrage. To understand the progressiveness of this period, one need only enumerate the three constitutional reforms
SHALL STRIKES RUSSIANIZE AMERICA?
already accomplished—popular election of Senators. Income tax and pro(By Dr. James C. Hallock.1
hibition; the one nearing completion—woman suffrage—and the next one
on the list, direct legislation through the initiative nad referendum. When
In 1917 strikers overthrew the Russian Empire, the largest nation on
we began our fight for the Initiative and referendum in Nebraska, nearly earth except China. The next largest country is the United States of
24 years ago, It was ridiculed, and the East continued to laugh at it until America, and here organized strikers are planning widespread disturbances.
Massachusetts adopted it. But, with such States as Ohio, Illinois, Missouri
In Russia the seizure of the government by strikers was made possible
and California now employing the initiative and referendum, the conserva- by the weakness and abdication of the Czar, the inefficiency of the Protives will have to recognize it as one of the coming changes."
visional Government which succeeded him, and the self-abasement of the
"You mean, Mr. Bryan, that it will become a part of the Constitution?" Russian Congress, that is, the Duma. The Bolshevists got complete con"Any general principle of government which sweeps the States becomes, trol at Petrograd only after the Russian Army had been largely broken
soon or late, a part of the Federal Government. Note the illustration. up or demoralized and the Duma silenced.
The States began to nominate their United States Senators by primaries,
Strikers who would Russianize America could not prevent our having
and each man so nominated, when elected, became an advocate of popular always a chief Executive. Unlike the Czar, each President and each Vicoelection. Prohibition spread in the same way and woman suffrage is trav- President of the United States has a designated successor to replace him
eling by the same method. The initiative and referendum, regarded as Immediately, if necessary. Nor by any means whatever could strikers
one reform, follows."
impair our military power. All that remains to Russianize is Congress.
Could the organizers of strikes silence the House of Representatives or
Reduction of Taxation.
The theory that a larger and larger measure of popular government is the the Senate? Not this year. In short, America can save herself, and will.
fundamental remedy for the ills that bear down upon the people had warmed
The Railway Threat.
Mr. Bryan. It, carried him back to his first fights, and his enthusiasm
For eight months the constant threat of the Russian revolutionists
mounted high. At the close of the discussion, that much more immediate
was a general railway strike, which they did not resort to until just bemeans of relief—less taxation—was brought up.
fore the partisans of Lenine and Trotzky took possession of Petrograd in
"The question of taxation, always important, is now acute," said Mr.
November 1017. Their emulators in America started of w;th a railway
Bryan, "because pressure will be brought to bear in favor of a reduction in
strike which was nipped in the bud.
taxation. How shall the reduction be made? Already there is a propaAt Washington the threat of 11 railway strike was made openly and diganda in favor of beginning the reduction at the top—that is, in favor of
rectly to the chosen representatives of the American people by one of
reducing the taxes on large incomes more rapidly than on small, not because
the leaders representing labor organizations with a total membership of
such reduction is just, but because the big taxpayers are influential. The
several millions. This agent of a vast host said to the House Interstate
big newspapers are singing the same song on this subject—namely, that
Commerce Committee that if Congress adopted a certain plan recombig taxes on business are largely responsible for the high cost of living, the
mended by the President of the United States to establish justice betax being transferred to consumer.
tween American railways and their employees, "we will tie the railways
"But wait until the Senators and Representatives go back to their conup so tight that they will never run again." Thus ho avowed the existstituents. They will not find it easy to explain favors to those who make
ence of an enormous plot which, if carried out, would incidentally paraexcess profits, when the public learns, as it Is learning, that many soft coal
lyze such an essential part of our Government as the postal railway service.
companies made enormous profits during the war. They will not indorse
Congress was disgusted and the President in person, ou. of his own mouth,
the demand for reduction of taxes on these profits. Several coal companies
told both Houses that "then must be no threats." However, there wore
made over 1,000%—that is, in one year they made a profit of more than ten
not only threats, but also actually a railway strike and one unauthorized
times the amount invested in their business. The records seem to show that
by the chief plotters at Washington.
more millionaires were created in the United States during the last five
years than in all the previous history of the country. Any partiality shown
A Vital Blow.
to war-made fortunes will be resented by the mass of the people, who, under
The "unauthorized" strike of railway employees on the Pacific Coast
the impulse of patriotism, were straining every nerve to support the Gov- tied up the shipment of the fruit crop and the running of the United
States
ernment in its gigantic task.
mail there. The Government promptly decided to exercise its entire
"I think," observed Mr. Bryan,leaning back in his seat, "that these mat- power in operating trains where the strike had paralyzed transportation.
ters I have mentioned are enough to prove that the Republican party will This decision ended the strike and, in effect, arrayed the whole
military
have to meet many questions, the decision of which may have an influence strength of the United States against all strikers rioting anywhere within
upon the campaign."
our borders. Opposed by such forces qs the Government has at Its comLabor Question Prominent.
mand, unarmed mobs should not expect to accomplish much by violence.
Violent interference with traffic on roads and waterways was practiced
"What place will the labor question have in the campaign?"
"A very prominent place. I think both parties are likely to declare in by the robber barons of Europe for centuries. Those strikers were supfavor of the doctrine of collective bargaining, which seems to be one of the pressed. Can not the United States keep the roads of this country open
Issues raised, and I expect both parties to favor the investigation of all to the undisturbed use of our citizens? Railways are roads. Strikers
disputes before they reach the strike or lockout stage—a plan modeled stopped traffic on them in Caltfornia and threatened to stop it everywhere
after the peace treaty plan. Compulsory arbitration is not suited to our in every State. The majority of us do not approve of letting strikers a t
political ideas, but compulsory investigation is an entirely different thing pleasure violently cut off the transportation of such necessary supplies
and in perfect harmony with our theory of government. Public opinion is as food and fuel, to say nothing of goods.
all-powerful, when the people know the facts. An investigation will bring
The Clayton Act.
out the facts."
In Russia strikers gained more by wheedling and indirection than by
"Would public opinion settle a strike like that of the miners or the steel
violence. What undid Russia was a groat strike not of workingmen, but
workers?"
"It would do more. It would prevent a strike, if the investigation should of soldiers. The Boston police showed that one body of armed forces
precede. The public is the largest party at Interest, and can be relied on in the United States would strike. The attempt to unionize the police in
the District of Columbia has brought the question of strikes up in Conto do justice."
gress. As Massachusetts adjudged the Boston police strike mutiny and
desertion punishable by dismissal, Congress may be expected to pass a law
forbidding the affiliation of the Washington police with labor unions.
DR. NICHOLAS MURRAY BUTLER'S PLANS FOR
But will not Congress reconsider and amend the law legalizing strikes?
Their prevalence in this country is largely due to the Anti-Trust Act of
DEALING WITH RADICALISM.
1914, which declares that labor organizations shall not be held or conIn this annual report Dr. Nicholas Murray Butler, Presi- strued to be illegal combinations or conspiracies in restraint of trade, unthe Anti-Trust Laws.
dent of Columbia University, has the following to say as to derThe
Clayton Anti-Trust Act of October 15
created a privileged
the plans of the University for the treatment of students class and placed it beyond the general law of the1014,
land. This aristocracy of
"enamored of the cruder and more stupid forms of radical- workers is limited to members of labor, agricultural, and horticultural
organizations, instituted for the purposes of mutual help. The plot to
ism."
tie up the railways is plainly a conspiracy in restraint of trade, though
One of the notable educational advances of the year is the institution, it may not be Illegal under the Clayton Act. Five years ago the trade
under the Faculty of Columbia College, of a course of instruction in con- unions wheedled Congress into authorizing such conspiracies. That
the
temporary civilization, prescribed for all freshmen. The object of this two sections (6 and 20) legalizing strikes should now be repealed
and
course is to give first-year college students an outlook on the modern world, stricken from the Clayton Act, is the lesson of dismembered Russia.
as well as a point of view that will enable them better to understand and
American labor organizations regard the right of collective bargaining
appreciate their subsequent studies.
aka right_ of collective threatening. Collective bargaining is thus abused
•
JAN. 17 1920.]
THE CHRONICLE
as it was in Russia. Shall these collective threateners and those who
organize them not be treated as conspirators and held individually responsible for any damage done to others where the strikers resort to violence?
Russia's Experience.
Whoever doubts the necessity of withdrawing the sanction of law from
strikes should consider what took place in Petrograd.
First came the revolution dethroning the Czar, who abdicated on March
15 1017. Then the Duma, or Congress. set up the First Provisional
Government. a Cabinet of Ministers, who became the controlling authority
of the country. But they quickly found a rival in the Council of Workmen and Soldiers, who represented the socialists. This body had grown
out of the Petrograd Council of Labor first formed during the unsuccessful Revolution of 1905, an organization similar to the Central Labor
Union of New York. In the early days of the March Revolution some
socialistic workers revived that Council. and. In order to give It added
strength, brought soldiers into it, the body thus constituted styling itself
the Council (Soviet) of Workmen and Soldiers. This Council dominated
the Provisional Government.
The Bolshevist minority of the Council schemed to disrupt the army
and got rid of the Duma; for they wanted no ruler, no congress, no army
to curb them. The bait by which the Council attracted the workmen
to their support was a six hour day and constant increases in wages, the
bait for the peasants was the division of all land amongst them. For
a time the Moderate Socialists joined with the Bolshevists in debauching
the soldiers, workmen and peasants. It was not till much later that the
Moderates, realizing the peril the country had been placed in,split definitely
with the Bolshevists—and then it was too late.
The Bolshevist military members of the Petrograd Council drew up
the famous Order of the Day No. 1 to unionize the Russian soldiers. The
draft of this order was carried by some soldiers to the President ot the
Military Commission of the Duma, who refused to accept or issue it, a
decision in which he was supported by the Provisional Committee of the
Duma. This was on March 14, the day before the Czar's abdication.
"Very well," said the soldier delegates, "we will issue it ourselves." It
appeared the next day, signed by the Petrograd Council of Workmen and
Soldiers. Forthwith all the Russian soldiers at the front elected Company
Regimental, Corps and Army committees to superintend the administration
of their units. In i.lue course the soldiers struck, abandoning the war and
giving the Bolshevists control of the Government.
'Disaster Ahead.'
In Washington, all the members of Congress, with possibly a few exceptions, are beginning to see how absurd it is for labor to strike for higher
wages and shorter hours when the cost of living is already so high. Generally speaking, higher wages increase the cost of living, while shorter hours
of employment lessen production and make what is produced cost more.
This twofold process of increasing cost has been carried so far in Russia
and other European lands that the cost of living there is beyond the comprehension of us Americans. This irrational process has involved our own
country to such an extent as to indicate that, unless stopped, greater financial embarrassment will ensue than has ever been known before in the United
States. The question of the high cost of living is before Congress. with the
question ofstrikes, and the latter will not be turned off in silence as the unionizing of the Russian Army was by the Duma. A majority in each HOMO of
Congress may bring light and reason to a complicated situation which needs
both for its relief.
213
commercial stocks, with its resultant later shrinkage of current demand?
Flour stocks, visible, are very large: 15,000,000 barrels, against 8,000,000
last year.
With no immediate prospect of further purchases of flour by the Grain
Corporation, it is fairer to ask the mills to discontinue their weekly offerings
until we can advise some prospect of further purchases. The export outlet is open to them individually without necessity for permits.
Restricted transportation and extraordinary indifference to expenditures
by a section of our people have facilitated easy price advances in certain
qualities of flour. Our own campaign of placing the lower-priced flours
through the retail trade is demonstrating that there is a section of our
people desirous of the practice of thrift. It may become contagious as
extravagance has been. The extraordinary choice is offered our consumers
of standard qualities of flour in the same retail trade at ranges from $1 40
to $2 00 for the one-eighth barrel.
New-crop prospects will shortly be a decided price influence. Much
emphasis is laid on our fall-sown acreage this year of 39,000,000 acres.
against 50,000,000 a year ago. It is well to remember that America's
second-largest winter wheat yield (685,000,000 bushels), came from 37,000,000 acres sown. Also, that twice in our history the yield from spring
sowings alone has exceeded 350.000,000 bushels. Last year, our total
home consumption for food and seed did not exceed 550,000.000 bushels.
Import and export embargo restrictions are now eliminated and Canada
and Argentina are already making sales attracted by our prices now ruling
above the guarantee level.
Farmers. millers and dealers (outside of the Grain Corporation) own and
are carrying 437,000,000 bushels of wheat, against 299,000.000 a year ago.
Seriously ponder on this statement. After June 1 next the Grain Corporation authority to buy wheat at the guaranteed price expires, and thereafter
the security of that basis is withdrawn. The fact that present prices largely
rule above the Government guarantee should not obstruct a study fo conditions which may develop, and at a time when that price assurance no longer
exists. America's complex and delicate marketing structure must be
preserved, and prepared to function when this agency retires.
Price fluctuation always is followed by distress and loss. Wisdom dictates the reduction of commitments to the minimum required for the
conduct of necessary current business. We should not feel that the full
responsibility of this office had been discharged, without calling attention
to the price hazard which may exist for many months, knowing that a large
part of the producing and distributing trades have been accustomed by
two years of official stabilization and assurance, perhaps not to fully realize
the danger of over-extended commitments under the present extraordinary
world situation.
PROGRESS OF RAILROAD LEGISLATION
IN WASHINGTON.
1Vashington, D. C., Jan. 16 1920.
With the exception of a few minor matters, the conferees
on the railroad bill have made very little progress. It is
reported that the conferees inserted the first day of March
for the Act to become operative. On Saturday the conferees
turned their attention to the Transportation Board proposition again and the provision giving the Inter-State Commerce
WHEAT DIRECTOR J: H. BARNES WARNS OF PRICE Commission its pre-war powers in the matter of rate regulation. This power will remain with the Inter-State CornHAZARDS WHEN GUARANTEED PRICE EXPIRES.
filing schedules
Warning of price hazards which may confront wheat and memo Commission and the old system of
which hearings
on
Commission
Railroad
the
with
rates
of
control,
Government
of
flour handlers after the withdrawal
when the activities of the Grain Corporation are brought are had will remain the same.
The conferees are understood to have agreed Monday
to an end next June, are contained in an official bulletin
the rights and interests of the United States acquired
that
licensees
to
42,000
issued on Jan. 12 by Julius H. Barnes
of the Wheat Director in all parts of the United States. under the Federal Control Act in the matter of construction,
Emphasis is placed by Mr. Barnes on the fact that "the utilization, and operation of boats, barges, tugs and other
reduction of commitments to the minimum required for the transportation facilities on the inland, canal and coastwise
conduct of necessary current business" will be a wise com- water ways, including those boats constructed and to be
mercial policy for the grain trade upon the termination of constructed for Mississippi River navigation, above St.
two years of official stabilization and in view of the present Louis, all of which were acquired by special expenditure
world situation. He predicts that thrift as a national char- under Section 6 of the Federal Control Act,are to be transacteristic "may ,become as contagious as extravagance has ferred to the United States Shipping Board. This is the
been" and attributes recent price advances in certain grades provision in the Senate Bill, the House Bill providing that
of flour to "restricted transportation and extraordinary in- the Secretary of War through the Chief of Engineers shall
difference to expenditures by a section of our people." utilize and operate such transportation facilities. This was
though the wiser of the two courses, in view of the fact
The bulletin follows:
The Wheat Director and the Grain Corporation approach the last half- that enormous expenditures will yet have to be made for
year of their official service. For over two years the Grain Corporation construction yet unfinished, and the Shipping Board has
has been a dominant influence in grain marketing. The end of that official
ample funds of which to defray the expenses incident to
influence and control is in sight.
Forty-two thousand licensees should realize that the withdrawal of such this construction.
a market and price influence can not be made without introducing large
The Senate conferees, holding out for the anti-strike prohazards to the wheat and flour handler. World influences of great potenvision as long as possible, realize that the sentiment of the
tiality in price-making exist to-day.
There is no guide to point the way to commercial security. Individual House of Representatives is overwhelmingly opposed to this
judgment must solve unusual problems, soon to be faced. We can only
anti-strike provision and have yielded, but a separate vote
warn of the play of world-wide factors of unprecedented potentiality, and
submit information, as accurate as humanly possible, on which business in the Senate is to be demanded.
policies must contract. The Grain Corporation's weekly reports of trade
The conferees have agreed On the mode of procedure as
data will continue until June 1. They should be studied.
to causes of action arising out of Federal Control to be brought
Our total wheat crop exceeded that of 1918. Much is said of the relative
scarcity of strong wheats. The curious fact develops, however, that by in the United States District Court having jurisdiction.
continued replacements from the Southwest and the Pacific Coast, and This was agreed to Monday.
because Eastern mills will probably draw their smaller needs of strong wheats
In the matter of refunding the indebtedness of the carriers
from Canada and the Argentine, the Northwestern mills can grind fully
equal to last year's large production and still leave, at the end of this crop- to the United States, it is understood the conferees have pracyear, a larger carry-over in the Northwest than last year. 4
tically agreed to the House provision providing that the
Experts for past six months are 33,000,000 bushels loss than last year.
the amount of indebtedness of
Difficult finances abroad, forcing utmost curtailment of purchases, will President shall ascertain
continue. Present purchases, still to be shipped, largely supply fore:gn each carrier, incurred for additions and betterments made
rye
will replace some
requirements for a considerable period. Cheaper
during Federal Control and the amount of the indebtedness
wheat. The United States can apparently export 50,000.000 bushels rye.
of the United States to such carrier, and take the remaining
against 35,000,000 bushels last year.
Plour production in the United States for six months exceeded last year's indebtedness of the carrier to the United States, all to be
production by 12,000,000 barrels, while experts of flour have been 1,000.000 funded into ten equal parts; one of such parts to be payable
barrels loss. How much of this 13,000,000 barrels represents increased
consumption of wheat broad, and how _much increase,,In_domestic and annually, with the exception that the Senate provision for
214
THE CHRONICLE
a straight ten years extension, or a shorter period at the option
of the carrier, will take the place of the House provision for
one of the ten equal parts to be payable at the expiration of
five years. The President is to prescribe any other form of
security than first-mortgage bonds of the country. This
phase of the matter however has been tentatively agreed
upon and will be taken up again before the conference report is submitted to both Houses.
It is stated that the entire attention of the conferees will
be occupied during the remainder of this week to the question
of guaranty to railroads after the termination of Federal
Control and to the question of dividing the country into
districts and the carriers into rate-making groups. The
House provision for the guaranty period of six months, and
a test period, meaning the three years ending June 30 1917,
is favored. Under this provision the United States guarantees to each carrier that its railway operating income for
the guaranty period as a whole shall not be less than the
average of its railway operating income for the three corresponding periods of six months each during the test period;
but much trouble is being experienced in the mode of determining and computing operating income. No further
progress has been made in a definite way.
JOHN HENRY HAMMOND'S WARNING AS TO
REMEDIAL RAILROAD LEGISLATION—SECTION
SIX OF CUMMINS BILL ONLY SOLUTION.
A warning that "in approaching the subject of remedial
railroad legislation we should bear in mind that if the problem is not solved we shall have nearly universal railroad
bankruptcy which in turn would ruin our savings banks,
trust companies, insurance companies and other financial
institutions," was given in a statement made by John Henry
Hammond, Acting President of the Bangor & Aroostook
RR., at a meeting of the Association of Railway Executives
in Washington on Jan. 5. The situation which he pictured
as above Mr. Hammond contended would in turn destroy
our industries and our commerce. Continuing he said:
It follows that an extension of Federal control is better than unwise legislation and that Government ownership is better than railroad bankruptcy.
I like neither the idea of Federal control nor Government ownership, but
prefer both to bankruptcy.
In my opinion the Esch bill from the rate-making standpoint means disaster. The Inter-State Commerce Commission will never grant sufficient
rate increase to save roads from which traffic has been diverted because
the roads to which traffic has been diverted would be too prosperous. The
poorer roads would necessarily be bankrupted and Government ownership
would be the immediate result.
The provisions of Section 6 of the Cummins bill stand out as the only
possible solution of the difficulty. Section 6 sounds unfair, but bearing in
mind the manner in which traffic has been diverted and certain organizations disrupted by the war, it is by no means as unfair as it sounds, and
with a few changes I believe would make a fairly satisfactory solution of
this great problem. Briefly, it provdes for the division of the country into
districts and the carriers into rate making groups,and that rates shall be
established yielding 53 % upon the aggregate value of the railway property
of the carriers in the district, held for and used in the service of transportation.
I suggest these four changes:
1. That the right to receive this net operating income shall be cumulative, a deficiency in any one year to be immediately made good.
2. That until the values of the properties in the district have been determined by the Commission, the aggregate property investment accounts
of the carriers in the district shall be adopted by the Commission as the
proper value for rate making.
3. That each carrier in determining its net railway operating income may
consolidate its balance sheet and income and expense accounts with the
balance sheets, income and expense accounts of all carriers which it controls
through lease or stock ownership, to the extent of its ownership, so that the
entire system shall be entitled to dispose of its net railway operating income
as provided by the Act. Other security-holders of controlled roads should
not be adversely affected.
4. That in determining the actual or relative values of properties for
rate making, or computing earnings, or for the purpose of purchase, lease,
consolidation or exchange of securities, the Commission shall be required
to consider not only the cost of reproduction but the earning power of a
property under normal conditions, operating ratios, physical condition.
terminals, gradients, possibilities of traffic development, advantages of
location and similar elements of value.
The reason for the first change is obvious. The Commission may fix
rates too low and this must be made good. Railroad credit must be restored
and 5%% at best is probably too little, but with the contengent fund we
may survive and if revenues aro found insufficient the law can be amended.
It is the best we can expect at the moment.
As to the second suggestion, I believe that the aggregate property investment accounts as a rate making basis will be sufficient temporarily.
They have been accepted for this purpose by the National Transportation
Conference, the Associated Industries of Massachusetts and by the National
Association of Security Owners.
The Act provides that in case a carrier shall receive net operating income
in any year of more than 6% of property value, after allowing for nonproductive improvements, one-half of such excess between 6 and 7% shall
be placed in a reserve fund and the remaining %% paid to the general contingent fund. Of the excess above 7%, one-fourth goes to reserve and the
balance to the general fund. This is not a limitation on dividends, but on
earnings from property used in transportation, and prosperous carriers
may still pay dividends in excess of 6% if they have surpluses.
The object of the Act, as I understand it, is not to rob one railroad for
the benefit of another, or one set of security-holders for another set. It is
o meet a practical situation. Suppose you have a carrier with branch lines,
[VOL. no.
some of which are very prosperous, others not even feeders but suckers.
not earning their charges. It seems unfair to deny to the system the right
to retain excess earnings of some of its prosperous subsidiaries to make up
for deficiencies of others—and the stockholders of very valuable properties
should not be unfairly sacrificed. I have endeavored to meet this situation
by my third and fourth suggestions, viz., for the consolidation of balance
sheets and income and expense accounts of systems and by providing that in
determining values for any purpose—rate Making, computing earnings,
purchase, lease, consolidation or exchange of securities—the Commission
must consider not only reproduction cost, but normal earning power,
operating ratios, physical condition, gradients, terminals, advantages of
location, traffic possibilities, &c.
CLIFFORD THORNE PRESENTS SHIPPERS' VIEWS ON
RAILROAD LEGISLATION.
In a statement made by Clifford Thorne, on behalf of the
National Shippers' Conference, at an audience which the
committee representing the latter had on Jan. 9 with Chairmen Cummins and Esch of the Senate and House Committees on Inter-State Commerce, the restoration of the
pre-war powers of courts and commissions over common
carriers was advocated, as well as the restoration of the railroads to their owners as of March 1 1920, and the extension
of the present standard return provided in the railroad control law for such a time as may be reasonably necessary,
possibly until Jan. 1 1921. The further suggestion was made
that "it might be well for the Government to make loans to
the railroads at a reasonable rate of interest for the purpose
of constructing additions and betterments and purchasing
new equipment." Mr. Thorne made known the opposition
of the shippers to the creation of a transportation board,
the compulsory consolidation of the railroads and Government appropriation of surplus earnings. The committee
representing the Shippers' Conference which conferred with
Messrs. Esch and Cummins in regard to the pending railroad
legislation consisted of W. E. Lamb, J. F. Callbreath,
George H. Bailey, L. C. Boyle, Frank Carnahan, D. C.
Williams, Charles E. Elmquist, Judge S. H. Cowan, Graddy
Cary, J. W. Shorthill, H. R. Park, H. F. Jones, John A.
Ronan, R. E. Riley and Mr. Thorne. Mr. Thorne's statement follows:
Labor and the railroads have made their influence felt in your deliberations. The great shipping interests of the nation, those that must pay the
bills, are entitled to a hearing on some of the legislation now pending which
is of very vital concern to them. The National Shippers' Conference, held
at Chicago, on Dec.30, was without question the most representative gathering of shippers that has over been held in the United States. The unanimity of thought in that gathering was very remarkable. Without one
dissenting voice the conference went on record as opposed to the creation
of a Transportation Board, as opposed to the compulsory consolidation
of our railroads, as opposed to the Government appropriation of earnings
of certain railroads, and in favor of the restoration of the powers of both the
Inter-State Commerce Commission and of the State Commissions as they
existed prior to Federal control.
During our conference at Chicago, one of the attorneys of the National
Association of Owners of Railroad Securities, which has been styled recently the Association of Owners of Weak Securities, asked for an opportunity to address the meeting. For a half-hour he discussed Section 6 of
the Senate bill, which provides a virtual Government guarantee of 5% or
5% on the.present Value of American railroads. After ho concluded his
remarks a vote was taken and this gentleman and his Government guarantee
were defeated overwhelmingly by a vote of 240 to 6; and later the entire
set of resolutions which we have presented to you this morning, in the form
of a printed memorial, was adopted unanimously without a vote in the negative. We believe that this fact alone justifies your serious consideration
of these few propositions upon which the shippers of the United States are
practically united.
The Director-General of Railroads day before yesterday made an address
at New York City in which he attempted to outline his conclusions concerning the railroad situation. We are in accord with some of his suggestions. We believe that the present is a transition period when business is
unsettled and when the best interests of the railroads and of the shippers
of the country demand that some protection should be given the railroad
industry.
It has been charged that the shippers have not suggested a constructive
program, but an examination of the memorial which we have presented will
disclose a program of action which is constructive in character and adequate
to meet the present critical situation. In substance we have suggested
to you gentlemen:
First, the restoration of the pre-war powers of courts and commissions
over our common carriers. This might well be effected March 11920.
Second, the restoration of the railroads to their owners as of March 1
1920.
Third, the extension of the present standard return provided in the railroad control law for such a time as may be reasonably necessary, possibly
until Jan. 11921.
Fourth. it might be well for the Government to make loans to the railroads at a reasonable rate of Interest for the purpose of constructing additions and betterments and purchasing now equipment.
This program could be consummated with but little labor. The draft
of the law for the first proposition has already been prepared. It was
passed by both Houses of Congress and recently vetoed by the President
The principal objection .by the President to the bill as passed is obviated
by the return of the railroads to their owners on the suggested effective date
of the law. The second proposition is already cared for by the Proclamation of the President. A very short bill would take care of the third proposition. The fourth suggestion is the only one which would require groat
care in the framing of the law. However, we have several precedents
including the provisions of both measures now pending before you.
While we are opposed to the compulsory consolidation of railroads, we
think it is fair to say tha.4 the vast majority of the shippers are in favor of
permissive consolidation as contemplated during the first seven years under
the Cummins bill, and permanently under the Each bill, providing it Is
subjected to adequate governmental supervision.
JAN. 17 1920.]
THE CHRONICLE
Relative to the labor question we are in hearty sympathy with any law
that can be passed which will effectually prevent a general railroad strike
and at the same time give proper recognition to the Just rights of labor and
all other parties in interest. This is a problem that must be courageously
met and solved.
While we are in accord with the suggestion by Mr. Hines that some positive stops must be taken to tide the railroads over the present critical transition period, yet we are not in harmony with the other proposition advanced
by Mr. Hines in his New York address. By quotations from railroad
executives in 1917 Mr. Hines attempted to show that private operation
under Government regulation as it existed prior to the wat was a failure
and that some radical changes must be made. The records conclusively
show that the last three years of private operation under the regulation which
existed prior to the war were the most prosperous three years in the entire
history of American railroads.
Many efforts have been made to cripple and to destroy the efficiency of
the Inter-State Commerce Commission. The Commerce Court was suggested by the railroads and that tribunal found it necessary to demonstrate
its value by over-ruling the Commission. The creation of a Transportation
Board will simply be another effort to precipitate discord and confusion.
We, on behalf of the shippers of the United States, are united in earnestly
petitioning you gentlemen to restore the regulatory system as it existed
prior to the war. Under that system the railroads as a whole were successful. Under that system we built the greatest transportation facility on
earth.
In the light of these facts we claim that we can safely trust our railroads
substantially the same regulatory system which has prevailed in the past.
That is the basic reason for our statement that the wisest policy to adopt
at the present time is to restore the powers of the courts and commissions
as they existed prior to the war, after making suitable provisions for the
protection of railroad earnings during the present transition era, and the
loaning of necessary capital to our railway companies at a reasonable rate
of interest for an extended period.
This is not a time for radical changes. During the past two years we have
had our fill of experiments in government. American industry is demanding that we got back to normal pre-war conditions at the earliest possible
moment.
EQUITABLE TRUST COMPANY'S ANALYSIS OF ESCH
AND CUMMINS RAILROAD BILLS.
A number of the large financial institutions have given
considerable study to the various phases of the railroad
situation. The Equitable Trust Co. of New York has followed the problem closely, issuing three pamphlets showing
the progress of Congress.in working out a solution of the railroad problem. The first pamphlet issued by this institution contained a brief analysis of all prominent railroad plans
submitted to Congress. The second pamphlet contained a
digest of the various plans actually introduced in Congress.
In a third pamphlet just issued the Equitable Trust Co. of
Now York shows interesting analyses of the Esch and Cummins bills. The Esbh bill has been passed by the House
and the Cummins bill by the Senate. The two measures
are now in conference. The President's proclamation, which
is reproduced upon the last page of this folder, provides for
the relinquishment of Federal control of railroads and transportation systems on March 11920. It is believed that the
period intervening will be sufficient for the conference committee to complete a railroad control bill.
The purpose of this folder is to enable these who are following this important business and economic problem to
secure a knowledge of the salient features of the bills from
which the final measure will be evolved.
LOW RECORD FOR NEW RAILROAD CONSTRUCTION.
The "Wol'man Review" (published by W. J. Wollman
& Co. of this city), which is issued weekly, on Saturdays,
says:
It may bo news to many persons that the United States made a new record in railroad building for 1919. The now mileage constructed was 686
miles, the smallest since 1893, as far back as accurate records are available.
During 1919, 689 miles were abandoned. This exceeds by three miles the
mileage of new lines built during the year. In the last three years operation has boon discontinued on nearly 1,000 more miles of lines than have
been built in that time. This is a splendid achievement for a country
which considers itself the most progressive on the globe, and whose prosperity in the past has been duo largely to its magnificent transportation
facilities No eodbit could show more clearly the beneficent effects of
Government control and operation.
FOREIGN HOLDINGS OF U. S. STEEL CORPORATION.
Further decline in the foreign holdings of shares of the
United States Steel Corporation is witnessed in the figures
for the quarter ending December 311919, just made public. The foreign holdings of common stock on that date
are reported as 368,895, as compared with 394,543 on
Sept. 30 1919, while the holdings of preferred stock are
shown as 138,566 on the latest date as compared with
143,840 on Sept. 30 1919. On Dec. 31 1918 the common
holdings were 491.580 shares, while those of Preferred were
148,225. Compared with the period before the war the
shrinkage in foreign holdings, as we have heretofore
pointed out, is very striking; in the case of the
common stock while the foreign holdings are now
368,895 shares, on March 31 1914 they aggregated 1,285,636
shares. The foreign holdings of the preferred now at
215
138,566 compare with 312,311 shares on March 31 1914.
Below we furnish a detailed statement of the foreign holdings at various dates since Dec. 31 1914 to the latest period.
FOREIGN HOLDINGS OF SHARES OF U.S.STEEL CORPORATION.
Dec. 31 Dec.31.Dec. 31 Dec. 31 Dec. 31 Dec. 31
1914.
1918. 1917. 1016. 1915.
1919.
Common Stock5
2
Africa
---150
__
__
__
---340
------Algeria
8
23
84
43
34
78
Argentina
3
38
36
23
30
80
Australia
532
690
472
472
2,888 2,887
Austria-Hungary
3,509
2,625 2.625 2,639
2,689 2,629
Belgium
46
• 95
107
95
97
84
Bermuda
18
7
7
48
7
80
Brazil
17
24
24
a38
British Indi
54,259
35-,e8e 45-,e13 41,639 31,662 38,011
Canada
382
235
1
78
15
36
Central America_ __ _
8
11
18
80
30
118
Chile
13
28
13
10
79
73
China
876
26
Denmark
166,387 172,453 173,074 192.250 355,088 710.621
England
64.537
28,607 29,700 30,059 34.328 50.193
France
2,664
1,1'78
628
612
891
959
Germany
100
Gibraltar
124-,L8§ 229;iii 229",i7g& 234",a3 238".e17 342,645
Holland
69
59
India
2.991
914
1,730
i§
19
160
Ireland
6
281
281
Italy
--------5
-----45
--55
Japan
4
8
Java
75
75
75
75
40
40
Malta
250
300
140
154
153
165
Mexico
20
70
20
20
20
23
Norway
3
1
Peru
190
---------------Portugal
10
Russia
4.208
-158 --ii --;78 -455 37.4:18
Scotland
1,225
800
510
300
549
555
Spain
13
1
68
80
64
70
Sweden
1,470
1,267
1.512
1,442
1,649 1,292
Switzerland
16
16
------Turkey
-io
--15
Uruguay
823
315
45
30
30
39
Wales
1.568
1,872
1,952
3,690
3,228 4,049
West Indies
368,895 491,580 484,190 502,632 696.631 1.193.064
Total
Preferred Stock55
58
44
9
34
70
Africa
75
75
105
Algeria105
11
18
24
19
-ill
--18
Argentina
484
403
379
379
. 73
104
Australia
3,483
2.086
683 3,683
2,463 2,463
Austria-Hungary.._
120
120
120
120
120
Azores
341
339
697
331
314
314
Belgium
21
25
25
53
120
343
Bermuda
31
16
82
84
84
84
Brazil
81
119
354
British India352
35 42-,6775 36,201 35,876 36,453 34.673
36-,8.
Canada
146
237
33
9
Central America_ _12
24
23
1-55
27
25
Chile
42
57
50
105
50
105
China
30
30
30
55
55
Colombia
40
40
'
'
78
Denmark
• 140
-----40
------35
Egypt
45 50AN 147.453 174.906
/
37,703 37.938 39.1
England
36.749
23,663 25,896 25,763 27.863 32.524
France
3.252
935
1.330
862
3,796 3,865
Germany
38
38
38
65
65
65
Greece
29.000
23.094 25,264 25,274 25.384 26.494
Holland
352
302
India
3.929
4,119
826
450
815
318
Ireland
1.678
2,087 1,979 2,028 2,185 2.148
Italy
81
61
61
1
61
1
Japan
15
15
23
15
23
Luxemburg
405
405
405
405
245
50
Malta
235
16
16
6
7
'7
Mexico
7
Morocco
27
--5
-51
--58
-ill
55
Norway
5
6
6
6
o
6
Peru
120
Portugal
43
-55
-15 --ii ---'t --Rtmla
13.747
734 12.256
252
229
Scotland, 171
220
220
220
Serbia220
432
421
710
880
1-.2%10 1.566
Spain
1.137
1.130
1,136
1,136
1,370 1.156
Sweden
2.617
3,043 2,695
2,848
2,672 2,707
Switzerland
100
100
100
100
100
100
Turkey
788
1,068
45
24
49
33
Wales
874
863
1.952
1,259
1,131
1,145
Indies
West
138,566 148.225 140.077 156.412 274.588 309.457
Total
COMMON.
Shares. PerCent.
Date1,285.636 25.29
Mar. 31 1914
1.274.247 25.07
June 30 1914
Dec. 31 1914
1,193.064 23,47
1.130.2(19 22.23
Mar. 31 1915
957.587 18.84
June 30 1915
826.833 16.27
Sept. 30 1915
Dec. 31 1915.-- 696.631 13.70
634.469 12.4g
Mar. 31 1916
537.809 10.5g
Sept. 30 1916
502.632 9.89
Dec. 31 1916
494.338 9 72
Mar. 31 1917
481.342 9.45
June 30 1917
9.39
477,109
Sept. 30 1917
9.52
484.190
Dec. 31 1917
9.56
485.706
Mar. 31 1918
9.66
491.464
June 30 1918
495.009 0.73
Sept. 30 1918
491.580 9.68
Dec. 311918
49.1,552 9.71
Mar. 31 1919
9.15
465.434
June 30 1919
7.76
394.543
Sept. 30 1919
368.895 7.26
Dec. 31 1919
PREFERRED.
Shares. Percent.
Date8.67
312.311
Mar. 31 1914
312 832 8.68
June 30 1914
8.59
309.457
Dec 311014
308.005 8.55
Mar. 31 1915
303.070 8.41
June 30 1915
8.26
297.691
Sept. 30 1915
7.62
274.588
Dec. 31 1915
7.27
262.091
Mar. 31 1916
171 096 4.75
Sept. 30 1916
156.412 4.34
Dec 311918
151.757 4.21
Mar. 31 1917
142.226 3.94
June 30 1917
3.59
140.039
Sept. 30 1917
3 88
140.077
Dec. 31 1917
3.90,
140.198
Mar. 31 1918
4.13
149.032
June 30 1918
147.845 4.10
Sept. 30 1918
1.11
148.225
Dec 31 1918
149.832 4.16
Mar. 31 1919
146.478 4.07
June 30 1019
143,840 3.99
Sept. 30 1919
138,566 3.84
Dec 31 1919
STATE COMPTROLLER ON WORKINGS OF NEW YORK
STATE INCOME TAX LAW.
Since our issue of January 3,in which we gave on page 47,
a series of the questions and answers issued by State Comptroller Eugene M. Travis, on the workings of the New York
State income tax law, some additional inquiries and the
responses thereto have been made public by him; except for
question 88, we gave in the issue indicated the queries up
to that numbered 93; that designated 88 is given herewith,
together with the queries from 94 on:
88 Q.-I and my sister, both of whom are single, each receive a salary of
$20 a week. Instead of giving our mother money for board we Jointly
pay all running expenses of the home. We also have an uncle boarding at
our home, paying $8 a week board. In addition to paying the expenses of
the home, we also support two children of my deceased sister. Do we have
216
THE CHRONICLE
llo.
to file income tax returns, or are we exempt? How much tax do we pay? must be legally or morally dependent upon you for support. If you have
A.—As single persons you must both file returns, as you receive $1,000 such dependents you are the head of a family and you may claim a $2,000
-or over during the year. From your statements it appears that your mother exemption and $200 for each dependent.
Is not wholly dependent upon you or your sister. Therefore, assuming
111 Q.—Three American girls, one married to a Canadian, and all three
you are residents, neither could claim exemption as head of a family, but living in Canada. Are they supposed to pay income tax, and how much?
each would be entitled to $1,000 exemption. For the same reason an exA.—As to the married girl, it is assumed that she has permanently taken
eruption of $200 for your mother as a dependent could not be permitted. up her residence in Canada. As such non-resident, if she derives income
If your sister and yourself equally divide the expense of maintaining the in New York State from any business, trade or profession, these earnings
-children of your dead sister, either in your home or somewhere else, you would be taxable. If, however, she was married during 1919, and prior
each could claim an exemption of $200, assuming that you each bear the to her marriage was a resident of New York, she would be considered a
expenses of one child.
resident for the purpose of the tax, for the whole year, and would be required
94 Q.—A new York man owes me $2,000. The only security I had for to pay on her income from all sources. If the other two girls are only ternthis debt was an assigned life insurance policy for $2,500 issued March 18 porarily in Canada and intend to return to New York State, or if at any
1899. He borrowed $500 on this policy. He defaulted the June 1919, time during 1919 they were residents of New York State, they would be
payment of premium. The policy contains a condition that in default the viewed as residents for the whole year for the purpose of the tax.
beneficiary will be entitled to a paid-up policy for $1,337. Instead of de112 Q.-1 am a single man and this year I made about $1.600 and I have
ducting the $500 loan from the $1,337 the company sent me a paid-up policy no other Income. I have a mother and younger brother, and my father
for $431. In answer to my inquiry the company tells me under the State has been dead seven years, and I am considered the head of the family.
Insurance laws they are allowed to make the amount $431. Can I claim From January until March my brother did not have any work, and in April
he was called in the army. He went to work in September and is working
any deduction for this loss?
A.-1f you are a resident you are entitled to a deductible loss of $1569 as up to the present time. Will you please state If i have to pay Income tax
a bad debt, assuming that the value of the policy on Jan. 11919. was $2.000. from the time be went to work in September until December, or do I have
95 Q.—Four years ago.I bought a few shares of stock outright. I sold to pay for the whole year while I was getting no help from him.
A.—If your mother and brother are living with you you are the head of
them this month at a loss. Am I permitted to deduct this loss from my
,returns for 1919?
the family. Your younger brother having been dependent upon you a
A.—This being property acquired before Jan. 1 1919 your deductible part of the year 1919, you receive an exemption of $200 for him for the
loss, if you are a resident, would be the difference between the fair market year. Thus with two dependents your total exemption would bo $2,400.
price or value of it on Jan. 1 1919 and its selling price. In the case of secu- but being a single man with an income of $1.000 you would file a return and
'titles dealt in on a recognized exchange the fair market value on Jan. 1 1919 by reason of exemptions not be required to pay any tax.
will ordinarily be determined by the average of the bid and asked Prices
113 Q.—I am a widow and keep up a home. I pay a woman to live with
after closing on Dec. 31 1918. In all other cases other evidence of value is me and support a brother sixty-three years old, who does not live with me.
necessary and bona fide sales nearest Jan. 1 1019 of securities publicly Should I not have an exemption of $2,000?
or privately dealt in will be considered.
A.—No. You are entitled to an exemption of $1,000 as a single person
96 Q.—My husband died in October, 1919. Since that time his former with an additional $200 for your brother, providing that by reason of physiemployers have paid me monthly the amount equal to the salary which he cal or mental defects he is incapable of self-support. You do not come within the definition of the head of a family.
received. Is this a compensation to me and do I report it as income?
A.—Yes, this should be reported as income to you.
114 Q.—Is a man allowed exemptions for dues paid into a labor union?
97 Q.—During 1919, while I was permanently residing in Buffalo, I sent If not, why are exemptions allowed for dues paid for a Chamber of Commerce
$60 monthly to help support my mother living with my sister in Brooklyn. membership?
Am I considered the head of a family and allowed $2,000 for this payment?
A.—No deduction may be made for dues paid to a labor union. This
A.—You are not the head of a family because you are not supporting does not come within the meaning of business expenses as used in the law.
your mother in the same household.
Business expenses include all items entering into what is ordinarily known
98 Q.—During the year I gave $250 to the War Chest, Inc., and contrib- as the cost of goods sold together with selling and management expenses.
uted $250 to the synagogue. My net income was $2,500. May I claim Dues for a Chamber of Commerce membership are a proper business exthis amount as deduction for charitable purposes?
pense and may be deducted from gross income. Dues paid to a labor union
A.—No. You are only allowed to claim as deduction 15% of your net are in the nature of a personal expense.
115 Q.—Fifteen years ago I lived in Yonkers. Since that date I live
'Income. This amount involved 25%. Therefore you would be permitted
in hotels wherever I happen to be located. I pay my Federal taxes through
a deduction of only $375.
99 Q.—I am a widow with two children who are under 18 years of age. my attorney's address, New York city. Am I subject to the Now York
They are in preparatory schools distant from our home. I am keeping state income tax?
up the family house and paying their expenses. What is my exemption?
A.—From the facts set forth you would not be deemed a resident of New
A.—$2,400, because you are the head of a family with two dependents. York State. If, however, you derive income from business or property
100 Q.—At the death of my uncle he provided for monthly payments to within New York state, you are taxed as a non-resident on such income.
116 Q.—(a) Must I pay a State tax on army pay? (b) Must I pay a
me of $150, to be paid out of his estate. He died Jan. 1 1919 Is this
bequest deductible? I invested the $1,800 during 1919 and received interest State tax on the income received by me from securities during the period
from the bonds. How do I treat this amount?
when I was not living in the State?
A.—If this Is paid from income of the estate it is taxable; if from principal
A.—(a) No. (b) If a resident, you are taxed on interest from securities.
-of the estate it is not taxable Your bond interest, however, from the If you are a non-resident, you are taxed on interest on securities only when
investment is taxable income, assuming that you are a resident.
they are connected with a business, trade, profession or occupation carried
101 Q.—I am a life insurance agent and in March, 1919, received $200 on by you in New York State.
commissions on a policy which I wrote in 1918. Is this income to me?
117. Ex-farmer---I sold a farm which I bought a number of years ago for
A.—No. Such income is considered to have been earned by you in the $2,000 above the cost price. Must I pay a tax on this $2,000?
year in which the policy was written.
A.—Where a farm was purchased prior to Jan. 1 1919 you should take
102 Q.—I am 19 years of age and during 1919 I earned $1,600. I live the fair market value of the farm as of Jan. 11919 and the difference beThis
sum,
with
my
month.
$60
a
father's
with my parents and pay them
tween that value and the selling price determines whether a gain or loss has
earnings, constitute the main earnings of our household. To what exemn- resulted.
tion am I entitled?
118. R. S.—Am I exempt from income tax while working for the United
A.—You are not actually supporting your parents so you are only en- States Navy?
titled to an exemption of $1,000 as a single man.
A.—No. Employees of the United States Government, including those
103 Q.—In the village where I live the electric light plant is municipally in the armed forces, are not exempt from the payment of a tax under the
-owned. May I exclude as village tax the amount which I Pay for electric Personal Income Tax Law, but the compensation which they receive from
• lighting in my residence?
the Government is not taxed.
A.—No. Such amount is not a tax but is a personal living expense.
119. Homesteader.—On selling my residence I realized $1,500 more than
104 Q.—I ern a traveling man receiving a per diem allowance for expenses. I paid for it In 1917. Is this all income?
I submit bills on the basis of railroad fare, but actually use my automobile
A.—No. You should report as income the difference between the value
-on my trips. May I claim depreciation on this automobile?
of your residence on Jan. 1 1919 and the date you sold it.
A.—Yes, but expense allowance received is included in your income.
120. Curious.—I have paid street assessment on a large tract of land
105 Q.—I am a civil engineer practicing my profession 25 miles from my together with interest for the rmeaining nine payments. I know an as•country residence. May I deduct the expense of operation of my car on sessment itself is not deductible, but may I exclude this interest?
trips to and from my office?
A.—Yes, In the proportion that your gross income bears to your total
A.—No. This is a personal expense.
gross income. Your total gross income is your gross Income, together with
106 Q.—I am a widower, living in the family home with my son. He any interest on Federal bonds or bonds of New York State and its political
earns $900 a year. He is 17 years of age. Do I receive an exemption of subdivisions, and compensation received from the United States Govern3200 for him and do I have to include his salary in my return?
ment.
A.—No, you are not permitted the $200 exemption, because your son is
121. Invalid.—I have been unemployed for some time and want to know
not dependent upon you, nor do you include the salary in your return if I may reduce my income by the amounts which I paid for an operation
unless you appropriate it, in which case, the amount which your son retains and hospital expenses.
is considered a gift from you. As a single person having income of less than
A.—No. Such payments are personal expenses.
$1,000 he would not be required to file a return.
122. Query—(a) Do I report as income $200 paid to me on a note dated
107 Q.—I am a city employee. During service in the navy in 1919 the March, 1918? (b) I realized $75 from the sale of some discarded clothing.
city paid me $1,100, the difference between my Government pay and my Is this income?
salary. Is this a pension, because I did not work for the city during that
A.—(a) No, this is return of capital. (b) There would be no profit in
time and if I eeceived no other income do I make a return?
this transaction, on the assumption that the amount you received was less
A.—This is a taxable income and you would make a return; assuming than that which you originally paid for the clothing.
that you are unmarried.
123. Landlord.—We own. a large house and rent practically one-half
108 Q.—I am a member of the Legislature. May I deduct from my the rooms with heat and light, living In the balance. Is any part of the
State salary traveling expenses from my home to Albany and return during expense of heating and lighting these rented rooms deductible?
the session and living expenses in Albany during the session?
A.—Yes, in the proportion that they bear to the total expense of your
A.—Yes, because both are necessary business expenses incidental to your home. If they comprise about one-half of your home, then it would follow
office, but you must include in income the mileage allowance paid you.
that approximately one-half of the cost of heating and lighting these rooms
109 Q.—I have before me forms 105 and 106 requiring returns of informa- would be deductible. Of course, you would have to include as income the
tion on payments of $1,000 or more during the calendar year. Must I amount which you receive from your roomers.
make an information return of $1,200 rent which I pay to the agent acting
124. Leader.—I manage an orchestra. May I deduct depreciation on
for the owner of the property?
sheet music which is only popular for a few years? A.—Yes, depending
A.—No. Payments to agents are specially excluded from inclusion in upon its value to you and its original cost and the number of years which
these returns of information. If, however, the payment was to a landlord you - can use it.
-direct, you would be required to report.
125. Inquirer: During 1919 I received $690 from the Government on
100 Q.—Head of a family—I am a maiden lady paying rent and keeping
killed in France. I am married, with two
the table; with income of $1,250 a year. Do I have to make return and account of my cousin who was
dependents. My salary is $3,000 a year. Does the $600 insurance cornpay a tax?
exemption?
A.—Yes, you have to make a return because you have income of over pensation reduce in any way my $2,400
A.—No. The law only states that this personal exemption shall be
$1.000. Whether or not you are entitled to an additional exemption would
wages or other compensation
receives
salary,
-depend on your personal situation. To be the head of a family you must reduced when a taxpayer
.actually support in one household one or more individuals closely connected from the United States as an official. You would be entitled to the $2,400
with you by blood relationship, by marriage or adoption, and such person exemption of a resident.
JAN. 17 1920.]
THE CHRONICLE
126. Agent In March 1919 I received commissions on produce sold in
1918. Is this taxable income to me in 1919?
A.-No. Where services were rendered prior to Jan. 1 1919, but paid
thereafter, the amount received for such services ordinarily should not
be included in gross income.
127. Farmer: Two of my cattle which were raised on the farm strayed
on the highway and were killed by a motor truck. May I deduct their
value? My business is raising and selling cattle.
A.-Yes, if this is a loss not covered by insurance, you may deduct their
value as of Jan. 11919.
128. Executor: My mother was a resident of Nevada and made me, a
New York resident, executor of her will. During part of 1919 my duties
in this work required me to spend some time in the State of Wyoming.
and during the rest of the year I occupied my time in New York. Do
I report my income as executor In this State?
A.-Yes. Your fees and commissions from the estate are taxable income
to you as a resident, no matter where you perform duties in connection with
it. Of course, they are subject to whatever necessary expenses you incur
In connection with such work, inducting your railroad fare and other expenses while outs'de of New York State.
Hotel Company issued bonds paying 6%.
129. Bondholder: The
interest. The city has purchased the property and assumed the obligation of these bonds. I can seine of them. Does the fact that the city is
now obligor on these bonds permit me to exclude the bond Interest from my
gross income?
A.-No. Under the circumstances these bonds are not considered obligations of the city, and you would be required to include the interest from
them in your gross income if a resident of New York.
130 R. L. M.-I owed $500 on a note which was due in 1919. Havingperformed some unusual service for the payee of the note during the year, he
wrote me saying he would call it off. Do I have to report this amount
as income?
A.-Yes, if the basis of the cancellation of the obligation was the service
performed by you for him.
131 Doubtful.-In to-day's "Times"I noticed the granting of a $200 exemption for a dependent who served in the army. If he was in military service, was ho not over eighteen and therefore not a dependent?
A.-This answer was incorrect. No exemption for dependent should have
been permitted to this taxpayer.
132 Interest.-Do I understand that I can exclude from my gross income
all the interest which I pay on any kind of indebtedness, either personal
or business?
A.-Yes, in the proportion that your gross income bears to your total
gross income. Your total gross income IA your gross income plus in.crest
on obligations of the United States, the State of New York or its political
subdivisions and other obligations mentioned in the law, together with any
salaries or wages which you receive from the United States. For example,
If you had a gross income of $4,704 and you received interest on Liberty
bonds of $96 during the year your total gross income would be $4,800.
If you were paying interest on mortgages, &c., of $600 you would be allowed
to deduct 4704-4800 of $600, or $588.
133 Inquiry.-I am single and get $2.100 a year and contribute $1,200 a
year toward my invalid mother's support. Another son gives equal or
greater support. There are no others in our family. Do I receive exemption as head of a family and would I have to file a return?
A.-Assuming you are residents, if you and your brother are living in
the same heusehold with your mother and she is not mainly dependent on
either for her support, neither could receive the $2,000 exemption as head
of a family. Each would be given $1,000 exemption. Both, being single,
would be required to file returns.
134 H. G.-I entered into a contract in 1919 which will not be completed
until 1920. It requires me to make expenditures for material and labor,
provide for possible losses. &c. Must I include the advance payments
I received in 1919 in my return for that year?
A.-You have an option: (1) You may wait until the completion of the
contract to report the entire profit. Then the payments during 1919 are
not included and the expenses will not be charged until the completion of
the contract. When the contract is completed, the net gain or profit derived should be reported under gross income in your return rendered for
the year 1920. (2) You may make return for the 1919 advance payments
less the 1019 expenses.
135 Q.-May I charge off depreciation for good will?
A.-No.
136 Q.-I am a dealer in installment transactions. How do I compute
my income?
A.-You should take such a proportion of the money received as the gross
profit bears to the gross selling price. For instance, a piano cost $800 and
the selling price is $1,000. A pays $100. At this point the dealer has income of $20.
137 Q.-I am employed in a State institution. I receive $1,000 per year,
board and room. Is board and room to be considered as income?
A.-You must Include the fair value of the board and room as hdditionai
income.
188 Q.-I am receiving a pension of 31,500 a year from a firm for whom
I worked forty years. Is this taxable income?
A.-This constitutes taxable income unless you have contributed to such
pension fund. In that case, no income is to be reported until you have
received an amount equal to the amount you contributed.
139 Q.-A tenant pays rent and in addition the taxes on the property
Is the amount paid as taxes income to the landlord?
A.-Yes. The% is the same as if the tenant paid a larger amount for rent
and the landlord paid the taxes h mself.
140 Q.-I have received dividends on fifty shares of stock of a domestic
corporation which stand in my name on the books of the corporation. but I
do not actually own the shares of stock; am I personally liable for the
income tax on the dividends received by me?
A.-Yes; you as the record owner of the stock will be held liable for the
tax unless a disclosure of the actual ownership is made to the Controller
which shall show that the record owner is not the actual owner and who the
owner is and his address.
141 Q.-May I, as in the case of my Federal income tax, pay the amount
of my income tax in Liberty bond coupons? Will the Control'er accept
my uncertified check for the amount of the tax in payment of the same?
A.-Liberty bond coupons will not be accepted in payment for the amount
of the tax, but the Controller wil accept a check from you for the amount of
the tax, and the check may be certified or uncertifled.
142 Q.-I pay my Federal income tax in installment payments. May I
,
pay my State income tax in like manner?
A.-No. The State income tax law makes no provision for paying the
tax in installment payments The entire amount of the tax must be paid
in full when due.
143. Actor: I am an actor and a resident of New York State, maintaining a home In the city of Rochester. The company of %%Weil I am a memober is, and for some time has been, playing in New York City. Are my
217
expenditures for meals and lodging while away from home a deductible
expense? How about costumes and other items of wardrobe, as well as
grease paints, wigs and powder necessarily used in my profession?
A. Those expenses, which are part of your business, are deductible.
You would be permitted to deduct the amount paid out for travelieg expenses in and out of the State and your living expenses at points when
playing in any locality except your home, and you may deduct expense of
powder, paints, &c., and for items of wardrobe other than ordinary and
present-day clothes, as colonial costumes, &c., assuming that you are not
reimbursed for such expenses.
144. Father: My son is seventeen years of age. During the vacation
he worked for the State Highway Department and earned $400. Am I
required to include his earnings in my income?
A. Yes. Where a minor is not regularly employed and his earnings are
of the character described by you. such earnings are income to the parent
and not to the minor for the purpose of the tax. Any amount of this retallied by the minor is considered as a gift of the parent to him.
145. Uncertain: Why is It that if I am married and living with my wife
and daughter, eight years old, with an income of $2,100, and my exemptions of $2,200 would free me from paying a tax, I have to make out a
return?
A. The law specifically requires every taxpayer having a net income of
$2.000 or over in a taxable year to tile a return. It is true that under the
state of facts given by you no payment of tax would be made, but a return
nevertheless must be filed.
146. Stranger: On July 1 1919, I moved into New York City, having
previously lived in Pennsylvania. Do I understand that I must make a
return of the income I received for the first six months of the year while
I was out of this State?
A. Yes. The law (Section 350, Subdivision 7) requires that a person
who becomes a resident of New York State at any time between .lan. 1 1919
and March 15 1920 is considered a resident of the State for the entire year
of 1914 for the purposes of the tax.
147 Five Oaks: I am a Civil War veteran and receive a pension from
the Government. As I understand it, a law passed in New York many
years ago made these payments tax exempt. How does this affect personal
income tax?
A. As payment from the United States Government you would not be
required to include any of these amounts in your gross income.
148. Investor: My income is $3,350 a year from shares of the New Jersey
Standard Oil. I am a resident of New York State and have no other
income. Am I required to pay tax on these dividends?
A. Yes, as a resident you are taxed on your income both from sources
within and without the State.
149. Port Chester: My husband died March 1 1919. He had been maintaining our home for our two children, eight and eleven years old, and
myself. His Wili appointed me executrix. I have also a separate personal
income. In filing a return as his executrix (1) what of his personal exemptions may I claim as reduction on income during 1919 to the time of his
death;(2) on my individual return may I be permitted the $2,400 exemption
as head of family?
A. (1) As executrix you may claim his undimished personal exemption
of $2,400; (2) if you are keeping up the family home with your two children
you are head of a family and permitted an exemption of $2,400 on your
personal return.
150. Bad Debt: In 1915 I filed judgment against a debtor. It has
never been paid. May I charge this off as a bad debt during 1919?
A. In considering a loss, the law in this case permits the difference between the value on Jan. 1 1919 and the time when you definitely knew that
this account was valueless. This judgment probably was worthless on
Jan. 1 1919, and therefore no deduction could be made for it as a bad debt;
if, however, it had any value on Jan. 11919, that value only is the amount
which you would be permitted to deduct.
151. Farmer: My country store takes up the front part of our home.
This fall I had the roof of the whole building reshingled. How do I treat
this in income tax return?
A. This is an expenditure tending to offset the depreciation of past years.
You may deduct a portion of this year's depredation as a business expense.
The proportion being determined by the portion of the building used for
business purposes.
152. Suburban: Wilde my nominal earnings are $1,500, with interest,
repairs and taxes, it is less than $1,000. Being single, do I have to file a
return?
A. No; unless your net income is $1,000 or more.
153. Tradesman. My wife was injured in an automobile accident, which
kept her in the hospital for four months. In the meantime I closed my
home, put my furniture in storage and boarded my two minor children and
myself. This cost $800. In settlement with the insurer of the automobile
I received $1.000. Do I have to pay a tax on any part of this amount?
A. No. The law specifically excludes from gross ncome any amount
received as a result of injuries either through suit or agreement.
154. One year after a purchase-money mortgage on my office building
became due, I spent $45 in securing a new mortgage at a lower interest rate
L. this a business expense?
A. Yes. It is a business expense.
155. Physician: What form shall I use in making income tax return for
(1) myself; (2) what form shall I use in making income tax return from
Jan. 1 1919 to date of death of a person not in business or profession?
A. (1) If you are a resident, you should use form No. 201 for your personal return; (2) if the decedent were a resident, you may make the return
on short form No 200.
156. Am I required to file a return of information concerning fees and
commissions paid to brokers?
A. No. Information returns are not required on payments to brokers
and others who maintain offices, the expenses of which are met.
157. Southern Tier: In 1919 I paid out $500 for drilling of oil wells on
my property. Is this a business expense?
A. No. It Is considered a capital investment.
158. Doctor: As a surgeon I own my home and use half of the first floor
as my office and laboratory. May I charge off any of this upkeep as a
business expense?
A. Yes, in that proportion of your expenses in maintaining the house
which can be apportioned to the space used for professional purposes,
Such business expense would cover lighting, heating and repairs to this
property and also the total amount of your business expense, such as telephone, clerical help, purchasing of medicines and materia. used in your profession
On the other hand, any expenditure which you make of a permanent nature such as an operating table or an X-ray apparatus are capital
investment, not business expense.
159 Q.-In January 1919, I received quarterly dividends on some stock.
Is all of thi:- income in 1919?
A.-That depends on when the corporation declared the dividend to be
payable. If made payable in 1918, it is not taxable although received in
1919. If made payable in 1919 it is taxable.
218
THE CHRONICLE
160 Traveller: I am a President of the State of New York and derive
income from England. The Federal Government allows me a credit
against the amount of the income tax I have paid to the British Government. Do I get a similar credit under the State law?
A.—There is no provision in the State law for a credit for a tax paid by
a resident of the State to a foreign Government, nor are such taxes allowable deductions.
161 Engineer: My business is incorporated, but the Federal Government
taxes me as a member of a personal service corporation on my share of all
the earnings of the company. Do we also have to file a partnership return
with the State and are we taxed on our shares of the profits whether we
receive them or not?
A.—Personal service corporations are not classed with partnerships under
the State law as they are under the Federal law. You do not have to file
any partnership return and you will be taxed only on those profits that
you personally receive in the way of dividends,in addition, of course, to any
salary which you draw. As a corporation you will be obliged to file a return
with the State Tax Commission.
BROWN BROTHERS & CO.—"EX PERIENCES OF A
CENTURY."
The Philadelphia house of Brown Brothers & Co. has prepared for private distribution a book entitled "Experiences
of a Century," which is the complement of "A Hundred
Years of Merchant Banking," by John Crosby Brown,
published some years ago. This book is an interesting record
of the changes and developments of the firm in Philadelphia
since its establishment there in 1818 as a branch of the house
of Alexander Brown & Sons, which began business in Baltimore in 1800. To the merchant and to the banker the record
will be of much interest, as well as to the student of commercial and banking conditions during the past one hundred
years. There is a very close relationship shown in "Experiences of a Century" between the expansion of Brown Brothers
& Co. and the economic changes that followed one another
quite rapidly in the early part of the nineteenth century.
Alexander Brown, who was a linen auctioneer in Belfast,
Ireland, came to Baltimore in 1800 and in that year established himself there, as Baltimore was then the centre of the
linen trade in this country. In 1818 the house of Alexander
Brown & Sons opened a branch in Philadelphia, because of
the rapid increase in the trade of that port and its growing
business with the interior. In 1825 the influence of the
Erie Canal on New York City and the fact that communication with the Atlantic was open all the year, began to give
New York its present commercial and financial pre-eminence,
so in that year Brown Brothers & Co. established themselves
here. Later, in 1844, an agency was opened in Boston which
had begun to be an important centre for East India trade.
It is evident, therefore, that there is a very definite continuity between the expansion of the firm and the commercial
growth of the eastern part of this country. "Experiences of
a Century," attractively bound in cloth, contains a number
of old prints of Philadelphia and the first advertisements
issued by the house in that city. The present members of
the firm are George Harrison Frazier and James Crosby
Brown, in Philadelphia; Eugene Dalano, James Brown,
Thatcher M. Brown, Moreau Delano and John Henry Hammond, in New York, and Louis Curtis, in Boston.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Ten shares of trust company stock were sold this week
at auction. No bank stocks were sold either at the Stock
Exchange or at auction.
Shares. TRUST CO.—New York. Low. High. Close. Last previous sale
400 400 400
10 Title Guarantee & Trust
Jan. 1920— 405
Three New York Stock Exchange memberships were reported posted for transfer, two of them for the record price
of $115,000 each and the third for $108,000. The last previous transaction was at $109,000.
The Guaranty Trust Company of New York has issued a
booklet, "Foreign Financing Under the Edge Act," in which
an outline is given of the purposes and functions of financial
corporations organized for negotiating foreign credits and
securities under this newly-enacted law. The full text of the
law and a synopsis are also given.
The Guaranty has also printed in booklet form a discussion, by Morris F. Frey, Assistant Treasurer and Tax Consultant, of measures which should be taken to relieve business from the unwarranted burden of existing taxation.
[VOL. no.
Mr. Van Tuyl in the presidency. At the same time Beverly
Chew, Senior Vice-President of the company, also resigned.
It is stated that at the special request of the board Mr.
Van Tuyl will continue as a director and a member of the
Executive Committee of the trust company. Before becoming head of the Metropolitan Trust Co. Mr. Van Tuyl
was State Superintendent of Banking. Mr. Pratt, the new
President of the Metropolitan Trust, is a trustee of Pratt
Institute, director of the Ladd & Tilton Bank, Portland,
Oregon, Secretary of the Chelsea Fiber Mills, President and
director of the Self-Winding Clock Co., The Thrift, the
Brooklyn Trust Co., the Metropolitan Trust Co., and a
trustee of the Brooklyn Savings Bank.
•
—;—
The changes which were announced on Tuesday in The
National City Bank of New York were among the most
important which took place at the annual meetings of the
local institutions. Samuel McRoberts, at his own request,
was not re-elected an Executive Manager, and is retiring
from the bank. Mr. McRoberts had been identified with
The National City Bank since 1909. B. A. Duis, Manager
of the Foreign Exchange Trading Department, and Ernest
E. Ling, who has been Assistant Vice-President in charge
of the bank's business in southeastern Europe and the Near
East, were elected Vice-Presidents. Robert Forgan and
James B. Pike, heretofore Assistant Cashiers, were elected
Assistant Vice-Presidents. Nathan C. Lenfestey, who was
elected Cashier in November, was re-elected, and William
F. C. Merkel and W. G. Speer were elected Assistant
Cashiers.
—;—
At the annual meeting of the shareholders of the Chatham
& Phenix National Bank on the 13th inst., Norborne P.
Gatling, Vice-President, and Bert L. Haskins, Vice-President
and Cashier, were elected members of the board of directors—
thus the bank confers an additional distinction upon two of
its officers—who.by long and loyal service have contributed
greatly to the success of this splendid institution. Mr.
Haskins came to New York about fifteen years ago to be an
Assistant Cashier of the Phenix National Bank, and later
was promoted to the cashiership. When the Chatham and
Phenix National banks were consolidated he was elected
Cashier, and a few years later, Vice-President, and now
serves in the dual capacity. Mr: Gatling is a Virginian,
and began his contact with banking interest in 1902, when
he became Secretary of the Vicginia Bankers' Association.
In 1904, Mr. Gatling was draf
by the Merchants National
Bank and later the First National Bank of Philadelphia to
build up their outside business among banks, and upon the
amalgamation of the Chatham and Phenix banks, Mr.
Gatling was elected an Assistant Cashier, and a few years
later Vice-President of the Chatham & Phenix National
Bank. Mr. Gatling enjoys a wide acquaintance among
bankers all over the United States, and is quite active in
Bankers' Association matters, being now a member of the
Executive Committee of the National Bank Section of the
American Bankers' Association.
—;—
E. Francis Hyde retired at the end of the year as VicePresident of the Central Union Trust Company of this city,
and Henry C. Holt, formerly Assistant Treasurer connected
with the 42nd Street branch, was elected a Vice-President.
Samuel A. Brown, Charles E. Sigler and Charles J. Farrell
were elected Assistant Secretaries. Richard C. Roetger
was elected an Assistant Treasurer.
tea
Percy H. Johnston was this week elected President of the
Chemical National Bank of this city, succeeding Herbert
K. Twitchell, who has been elected to the newly created post
of Chairman of the board. Mr. Johnston had been a VicePresident of the Chemical since 1917. Previously he had
been Vice-President of The Citizens National Bank of Louisville, Kentucky.
B. L. Haskins and Norborne P. Gatling, Vice-Presidents
of the Chatham and Phoenix National Bank of this city were
elected to the directorate of the bank this week. Retiring
directors with the exception of 0. G. Fessenden, were reGeorge C. Van Tuyl Jr., President of the Metropolitan elected.
Trust Company of this city, for the last five years, tendered
his resignation at a special meeting of the directors on the
At this week's meeting of the board of directors of the
9th inst. The resignation was accepted with regret. Harold Seaboard National Bank of the city of New York, W. A. B.
I. Pratt of Charles Pratt & Co., a director of the Metro- Ditto was elected an Assistant Cashier.
politan Trust Co. for several years, was elected to succeed
JAN. 17 1920.1
THE CHRONICLE
219
Following the meeting the board of directors re-elected
Alfred H. Smith, President of the New York Central
Clarke, President.
Railroad Co., was elected a director of the Hudson Trust the executive staff headed by Lewis L.
At the meeting of the directors of the bank on the same day
Co., Broadway and 39th Street, this city.
Luke D. Doyle and John P. G. Moran were appointed
Assistant Cashiers. Both have been connected with the
this
of
Bank
Public
the
of
cashier
Baldwin,
H.
Charles
for many years, Mr. Doyle having just completed his
bank
The
meeting.
city, was added to the board at this week's
of continuous service.
year
35th
appointment of the following Assistant Cashiers is announced:
Exchange National Bank continues to forge
American
The
Tracy.
N.
C.
and
Klein
J.
Geo.
Abraham S. Bernstein,
steadily ahead, its total resources as shown by the Comptroller's call as of Dec. 31 1919, being over $200,000,000.
At their annual meeting this week of the directors of the During the year it added a Trust Department and organized
East River National Bank of this city Dr.A.H.Giennini was the American Exchange Securities Corporation.
re-elected President, J. L. Williams, James F. Cavagnaro,
George E. Hoyer, and Louis Costa were re-elected ViceIn the "Chronicle" of December 20th, we referred to the
Presidents, and Irving S. Metzler was elected Vice-President resignation of William Y. Conrad as Vice-President of the
for the ensuing year. A. Hampton Gibson was re-elected Central National Bank of Philadelphia, to become associCashier, Roland N. Cocker was re-elected Assistant Cashier, ated with the Irving National Bank of New York,in the same
and Dunn Van Geisen was elected Assistant Cashier. Max- capacity. Mr. Conrad now informs the "Chronicle" repreimilian Zolnier was elected Manager of the foreign depart- sentative that he will assume his new duties with the New
ment and Amedeo De Prado was re-elected Assistant Man- York institution on Monday morning January 19th.
ager of the foreign department.
*—
John Clausen announces that ifter completing his year
J. W. Wheeler,formerly auditor of the foreign department with the Chemical National Bank of New York, he has
of the Guaranty Trust Co. of New York, has been appointed weighed matters well and decided, because of the many
auditor of the Asia Banking Corporation.
happy years spent in the West, to return to the Pacific Coast,
and to this end has connected himself with the Union NatThe Murray Hill National Bank is the title of a prospec- ional Bank of Seattle, Wash., as director and Vice-President.
tive banking institution in New York City. Application Mr. Clausen became a Vice-President of the Chemical
has been made to the Comptroller of the Currency for a National in December 1918. He had previously been Vicecharter for the new bank, the capital of which is placed at President of The Crocker National Bank of San Francisco.
$1,000,000. Leonard G. Robinson is named as the principal
in the movement.
W. Irving Bullard, textile manufacturer, banker and
•
was elected Vice-President of the Merchants
publicist,
James MacDonough, previously Assistant Cashier of the
of this city on Jan 13. Mr. Bullard has been
Bank
National
Columbia Bank of this city has been made a Vice-President
with the Merchants National for the past three
associated
at
elected
were
directors
following
The
of the institution.
department,
this week's annual meeting: Sylvan M. Barnet, Hyman years, having established in 1917 the textile
of the
department
service
industrial
the
as
known
now
Bauman, Eli H. Bernheim, George B. Bernheim, Sidney
in the textile industry,
Blumenthal, Simeon Ford, Mortimer J. Fox, Walter S. bank. He is particularly prominent
of the
Griffith, Samuel K. Jacobs, James MacDonough, Robert being a director of several cotton mills, Treasurer with
and,
Manufacturers
Cotton
of
Association
National
E. Simon, Joseph Steiner, John P. Stevens and Oswald W.
Sir James Hope Simpson of England, joint Treasurer of the
Uhl.
World Cotton Conference. Last year Mr. Bullard was a
representing the American
A consolidation of the Irving National Bank and the Irving member of the special commission
Europe to invite personto
sent
was
which
Industry
Cotton
institution
Trust Co. of this city is planned. The resultant
cotton industry to the
European
the
of
leaders
the
ally
will be a national bank, in furtherance of the movement
Orleans, and to assist in
the Irving Trust Co. has applied for a charter as a national World Cotton Conference at New
problems in the devastated countries
bank under the title National Irving Bank. The Irving textile reconstruction
Europe.
of
Trust Co. has a capital of $3,000,000 while the Irving
•
National Bank has a capital of $6,000,000, and stockholders
At a regular meeting of the directors of the Bank of the
of the latter are holders of the stock of the trust company.
and
The Irving Trust Co. has deposits of about $77,000,000, Manhattan. Co. of this city on Dec. 31, II. M. Bucklin
a
At
Cashiers.
Assistant
appointed
were
Rush
A.
about
W.
to
amount
National
while the deposits of the Irving
$119,000,000. The trust company acquired in May last regular meeting of the directors on Jan. 8, P. A. Rowley
the business of the Sherman National City Bank and in and V. W.Smith were appointed Vice-Presidents, and G. S.
July took over the National City Bank of Brooklyn. The Downing, E. S. MacDonald and 0. G. Alexander were
offices of these two banks are operated as branches of the appointed Assistant Cashiers.
•
trust company.
James Timpson was elected a director of the National
at the annual meeting of
Elsewhere we give the principal changes which occurred in Bank of Commerce in New York
Mr. Timpson is a Viceinst.
13th
the
on
shareholders
instibanking
local
the
of
and
directorates
staffs
official
the
Co.
tutions at the annual meetings this week; some changes in President of the Mtuual Life Insurance
directorates not otherwise especially noted have also been
At a meeting of the shareholders of the Atlantic National
made as follows:
Chase National Bank.—William Boyce Thompson was added to the board
Bank of this city, Tuesday, the retiring board of directors
Coal & Iron National Bank.—Albert H. Diebold, Treasurer of the Sterling was re-elected to succeed itself without change. Members
Products Co., was elected a director to succeed Arthur Hamilton.
John H. Hanan,
Continental Bank.—Edward E. Bartlett, Jr., of the firm of Gwathmey of the board are: Phineas C. Lounsbury,
& Co., elected a director.
H. Johnson, Edwin E. Jackson, Jr., Kimball C.
Gilbert
Fifth National Bank.—The following directors were added to the board
Atwood, Jose M. Diaz, David L. Luke, Lorenzo Benedict,
at this week's meeting: Max Englander, Ralph Bloom, William Fischman,
Irvin
Heilbroner,
Hecht,
Frederick
George A. Graham, Edward K. Cherrill, H. D. Kountze,
Samuel M. Goldberg, D. S. Gottesman,
Benjamin Hollander, Samuel Lubell, Dr. J. B. Squier and Jesse Woolf.
F. Junod, Frank E. Andruss, Victor A. Lersner,
Charles
First National Bank.—E. H. Gary, chairman of the board of the United
H. Gregory, Rufus W. Scott, William B. Davis.
William
elected directors.
States Steel Corp., and Edward Cass Ledyard,
Importers c% Traders National Bank.—Frank I. Worrall elected a direct°
succeeding William Hamlin Childs, retired.
Union Exchange National Bank.—Joseph 0. Widmer, of the Liggett &
Myers Tobacco Co., was elected a director.
•
Russell Brittingham, Vice-President of The Equitable
Safe Deposit Company of this city, was re-elected President
of the New York State Safe Deposit Association at its annual
meeting. The other officers elected were Samuel E. Martin
the
American
At the annual meeting of stockholders of
J.
Exchange National Bank of this city on Jan. 13 the retiring of the Peoples Trust Co. Vaults, Brooklyn, and Walter
York,
New
Co.,
Deposit
Safe
Standard
the
of
Barrows
addithe
following
and
re-elected
was
board of directors
Vice-Presidents. Walter C. Reid of the Lincoln Safe Detions made:
& Phoenix
Avery D. Andrews—Amorican representative of the Royal Dutch posit Co., and L. V. Ennis of the Chatham
Petroleum Co. of Holland and the Shell Transport & Trading Co. of London. National Bank, were elected members of the executive comOrion H. Cheney, President of Pacific Bank of New York, which is
mittee.
closely affiliated with the American Exchange National Bank; and
Mixon Howie, a member of the law firm of Cardozo & Nathan .
220
THE CHRONICLE
[voL. no.
The deposits of the Fidelity Trust Company, Chambers
Norman I. Adams, Vice-President of the National Shawmut Bank of
and Hudson Streets, have increased $3,240,521.98 during Boston.
Robert S. Potter,Vice-President of the National Shawmut Bank of Boston.
the last year. They are announced as $14,237,899.47 in
Nathaniel F. Ayer, Treasurer and Director of the Nyanza Mill.
the annual statement which the company issued this week
Harold S. Edwards of Francis Willey & Company.
as compared to $10,997,377.49 a year ago. The company's
F. G. Nichols, Vice-President of the Industrial Trust
net assets are now $18,896,802.45.
Company of Providence, R. I., has been appointed a VicePresident. Earl F. Fillmore and Leon H. White appointed
James P. Gardner and Fred A. Thomas were appointed Assistant Cashiers; and Frank H. Wrigley and William J.
additional Assistant Cashiers of the Hanover National Bank Hartney, Assistant Managers of the Foreign Department.
of this City at the annual meeting this week.
The stockholders of the Liberty Trust Co. of Boston, a
W. Irving Bullard has been elected Vice-President of tho their annual meeting on
January 7 voted to increase the
Merchants National Bank of this City.
capital from $200,000 to $500,000. Two thousand shares
of the new stock will be offered to present shareholders at
Charles Olney retired this week as Vice-President of the par
($100) pro rata to their present holdings and the reBank of New York, N.B. A., of this city.
maining 1,000 shares will be offered to others at $225 per
share. No changes were made in the officials of the comIrving V. Scott, formerly connected with the New York pany,
who are as follows: George B. Wason, President;
State Banking Department, has been appointed Assistant Melvin
0. Adams, Vice-President; Allan H. Sturges, ViceTreasurer of the Park Union Foreign Banking Corporation.
President and Treasurer and Wm. H. Sumner and J. Henry
Miley, Assistant Treasurers. Three new directors were
In order to provide facilities for its increasing Westchester added
to the board, namely Robert Grant, President of the
County business and for the convenience of its clients in the New
England Fuel Transportation Co., Lester G. Hathalower end of the county, the New York Title and Mortgage way of
C. F. Hathaway & Sons Co., and Charles D. Kepner
Company has opened a branch office at 3 South Third of
the C. D. Kepner Leather Co.
Avenue, Mount Vernon, N. Y.
4
The stockholders of the Philadelphia National Bank of
The New York agency of the Bank of British West Africa Philadelphia
at a special meeting on Jan. 13 voted to increase
Ltd., announces that Sir Henry Babington Smith, K.C.B.,
the capital from $3,000,000 to $5,000,000 through the issuC.S.I., who formerly acted in charge of the British Embassy ance
of 20,000 additional shares to be offered to the present
at Washington after the departure of Lord Reading, has stockholders
at $200 per share. Payment for the new stock
been appointed a member of the board of directors of the is to
be on or before Feb. 2, and when completed the capital
bank.
will be $5,000,000, with surplus and undivided profits over
$10,000,000—the combined capital, surplus and profits
At the special meeting of the stockholders of the Mutual,
exceeding 815,000,000.
Bank of Roseville held at Newark, N. J., Jan. 13 1920 at
which meeting the stockholders were to vote upon the proSydney E. Hutchinson tendered his resignation as a
posed increase of capital stock from $50,000 to $100.000, director of the First National Bank of
Philadelphia at the
the vote was not taken, owing to an insufficient number being annual meeting this week. The other retiring directors
received. Upon motion, the meeting was adjourned until were re-elected.
Feb. 10 at 11 o'clock. If the proposal is then 'successfully
voted and carried, the stockholders will be allowed to purThe Bank of North America, N.A., of Philadelphia,
chase an amount of the new issue, equal to their present announces the addition of six new directors to its board,
holdings. Par value of the new stook is (or will be) $150; namely, Charles 0. Alexander, Leonard T. Beale, Marvin A.
the book value $300; it is proposed to sell the stock at $150 Neeland, James D. C. Henderson, Walter Erben and
per share. A 25% dividend on the capital stock, payable Samuel D. Jordan. On account of the continued illness of
Jan. 31 to stockholders of record Jan. 20 has been declared. Charles H. Harding, Lincoln K. Passmore was temporarily
Since its organization in 1914 the institution has declared elected President. The other directors were re-elected.
a total of 100% in dividends on the capital stock. Many of
the stockholders who are profiting by these dividends were
At the meeting of the stockholders of the Central National
depositors who suffered losses through the suspension of the Bank of Philadelphia, Charles E. Mather was added to the
Roseville Trust Co., predecessor of the Mtuual Bank of board, the membership of which has been increased to
Roseville.
sixteen directors.
At the last meeting of directors of the National Commercial Bank of Albany, N. Y., the resignation of James C.
Brady as a director was received and accepted. Mr.
Brady's resignation, he states, is because of his inability to
attend the meetings regularly. In Mr. Brady's place, the
board elected his brother, Nicholas F. Brady, who is a
resident of Albany and votes there and who is frequently in
Albany caring for extensive business interests, so he will be
able to attend meetings of the board.
At this week's annual meeting of the Ninth National Bank
of Philadelphia, John G.Sonneborn was elected an additional
member of the board.
The stockholders of the Market Street National Bank.of
Philadelphia this week elected T. Charlton Henry an additional director.
Comly Shoemaker and Russell Wilson were this week
elected to the directorate of the Sixth National Bank of
A dinner was given at the Algonquin Club, Boston, on Philadelhia. One of the new members fills the vacancy
Saturday night Jan. 10 by the members of the firm of caused by the death of John P. Wilson, while the other
Richardson, Hill & Co., in observance of the fiftieth anni- represents an addition to the Bank's board.
versary of the founding of the firm. Besides all the general
New directors as follows were added to the board of the
and special partners of the firm there were present 150
employees, and more than 20 invited guests. among those Southwestern National Bank of Philadelphia on the 13th
from other cities being Messrs. Root and VanDervoort, of inst.: James Irvin, G. Ayres Swayze,/Eugene Walter, John
Moline, Ill.; Harry T. and J. R. Peters, of the Fairbanks H. Wood and George B. &hearer, Jr. Vacancies on the
Co., New York; Messrs. Rushton and Babcock of Chicago, board had been created through the death of William J. Barr
III.; Percy Pyne of Pyne, Kendall & Hollister, N.Y.; Arthur and Edmund Webster and the resignation of John J. HitMyles of Moore & Schley, N. Y. A monograph, covering schler and Christopher Gallagher.
the 50 years of progress of the firm was especially prepared
George R. Bullen was elected a director of the Commonfor the occasion. The original articles of co-partnership
were entered into on Oct. 1 1870, and bound the three wealth Bank of Baltimore at the annual meeting of that instipartners, Spencer W. Richardson, William H. Hill, Jr., and tution on January 13.
•
Edward D. Adams; each to furnish $10,000, making a
Many changes were made in the personnel of the Fidelity
capital of $30,000.
Trust Co. of Baltimore at the annual meeting on January
At the annual meeting of the shareholders of the National 13. Van Lear Black, First Vice-President of the company,
Shawmut Bank of Boston, on Jan. 13 1920, the following was elected President of the institution to take the place
were added to the board of directors:
of former Gov. Edwin Warfield, who resigned from the presi..
AN. 17
THE CHRONICLE
1920.]
dewy on account of failing health. Mr. Warfield, however
will continue to be identified with the bank as Chairman of
the board of directors, a position created for him. A new
Vice-Presidency was also created and J. H.Beatson,who has
been Secretary and Treasurer of the company for many years,
elected to the position which he will hold in addition to his
duties as Secretary. W. Bladen Lowndes was elected First
Vice-President to succeed Mr. Black and Samuel M. Mann
and Richard E. Hanson were also made Vice-Presidents.
Other elections were: George L. Mahler, Treasurer and
Assistant Secretary; Vincent L. Connolly, Assistant Treasurer and Assistant Secretary and Edward L. Wernsing,
Assistant to First Vice-President. Mr. Black, the new
President, has been identified with the Fidelity Trust Co.
for many years as Vice-President and previously was connected with its parent orgnaization,the Fidelity & Deposit Co.
At the annual meeting of the stockholders of the Citizens'
National Bank of Baltimore, the doubling of the capital of
the institution, thereby raising it from $1,000,000 to $2,000,000 was unanimously approved. The new stock will
consist of 100,000 shares of the par value of $10 a share
and will be offered to present stockholders at $40 a share,
the premium thus obtained of $3,000,000 to be added to the
bank's surplus. Morton Samuels and James A. Gary, Jr.,
were elected directors to take the places of Gen. James A.
Gary and Van Lear Black. There were no changes in the
official staff.
At the annual meeting of the stockholders of the Union
Trust Co. of Maryland, on Jan. 12, the following were elected
directors for the ensuing year:
W. Graham Boyce,
Walter H. Buck,
A. W. Calloway,
Frank J. Caughy,
Charles H. Consolvo,
Benj. W. Corkran, Jr.
John W. Dennis,
Frank S. Dudley,
Hammond J. Dugan,
Thomas Goodwillie,
Maurice H. Grape,
Henry H. Head,
H. W. Hunter,
J. M. Jones,
John Keating,
Ferdinand A. Meyer,
Charles A. Morrow,
William 0. Peirson.
George F. Randolph,
Edward N. Rich,
Michael Schloss,
Frederick C. Seeman,
Wm. T. Shackelford,
Howard E. Young.
Also the following officers:
Joshua S. Dew,Secretary.
John M. Dennis, President.
Maurice II. Grape, Vice-President. William 0. Peirson, Treasurer.
W. Graham Boyce, Vice-President. Thomas C. Thatcher,Asst. Treas.
The Mercantile Bank of the Americas announces the opening in Cucuta of the eleventh branch of its affiliate, the
Banco Mercantil American° de Colombia, the head office
of which is in Bogota, Colombia.
The merger of the Bank of Long Island with the Bank of
the Manhattan Company of this city having become effective, the latter institution will number, beside its main
office at 40 Wall Street and its uptown office at 31 Union
Square, 13 offices in the Borough of Queens, located at
Jamacia, Rockaway Beach, Far Rockaway, Seaside, Flushing, College Point, Corona, Elmhurst, Fresh Pond, Woodhaven, Ridgewood, Richmond Hill, and Long Island City.
This consolidation marks the taking of a further step in the
carrying out of the Bank of Manhattan Company's policy
of combining conservatism with progressiveness.
221
with the supply brought nearer to the level of the demand.
Analyzing the present orgy of extravagance, the bank asserts
that it may be traced largely to the newly rich, whether in
recently acquired wealth or in fabulous wages, prevalence
of the latter having created a "new silk shirt aristocracy."
The bank points out that in contrast to the reckless spenders
.people who either are restricting
there is a great body of
purchases rather than pay exorbitant prices, or are buying
discriminately only the things they need. The efforts of
governmental and local angencies are directed toward increasing the numbers of this stabilizing class. The bank
sees in recent developments in the labor movement including
the official ending of the steel strike and the favorable action
of the coal miners in convention in Columbus last week, some
indication that labor may be undergoing a change of heart.
On the 13th inst. the stockholders of the People's State
Bank of Detroit (John W. Staley, President) authorized the
issuance of 25,000 new shares of stock (par $100); the new
issue will be disposed of at $200 per share, thus enabling an
addition of $2,500,000 to capital and $2,500,000 to surplus;
$500,000 additional will be provided for surplus by establishing the bank's building account at $1,750,000 to more
nearly approach the actual cost, which amount, however,
is less than the assessed valuation. This will give the bank
a capital of $5,000,000, a surplus of $7,500,000, and undivided profits of $669,000, or a total capital fund of $13,169,000, the largest, it is said, in Michigan. We have
before alluded to the development of the bank; in the twelve
months from Dec. 31 1918 to Dec. 31 1919 its resources
rose from $97,996,981.64 to $140,186,930.53, and in the
same interval the deposits increased from 5,020,192.19 to
$115,501,248.21, an increase of $30,481,056.02: At this
week's annual meeting all the directors were re-elected, and
Dr. Fred T. Murphy, trustee of the Simon J. Murphy
estate, was added to the board. Richard T. Cudmore,
cashier, and Charles H. Ayres, assistant cashier, were made
vice-presidents, and Arnold H. Moody, assistant cashier,
was chosen cashier. Curtis C. Bogan was made assistant
cashier, Fred Herbst, assistant bond officer, and Charles
P. Besancon, assistant manager of the foreign department.
The bank has under construction five additional branches,
and also plans the erection of six more branches during the
year. With the nineteen branches now established it will
thus have thirty branches when the present plans are consumated. The bank is also adding to its safe deposit vaults,
which will give it additional capacity for 14,000 boxes. The
new vaults will be completed by June 1 next.
At a recent meeting the directors of the Dime Savings
Bank of Detroit approved a plan to increase the capital
and surplus of the institution, making the former $1,500,000 instead of $1,000,000 and the latter $2,000,000
instead of $1,400,000. Under the proposed plan 5,000
shares of new stock will be issued which will be offered
to present stockholders at $200 per share in the ratio of one
share of new for every two shares of their present holdings.
The $1,000,000 thus obtained will be divided equally between capital and surplus accounts. In addition $100,000
is to be taken from undivided profits and transferred to
surplus account, bringing the latter up to the desired $2,000,000. The resources of the Dime Savings Bank amount
to approximately $40,000,000 and the deposits of the institution are in the neighborhood of $37,000,000. William
Livingstone is President of the bank.
The officers and directors of the First Wisconsin National
Bank and First Wisconsin Trust Co., of Milwaukee, Wis.
announce that hereafter the investment business of the bond
departments of both institutions will be conducted by the
newly organized First Wisconsin Co.,Trust Company Building, with the following officers: Oliver C. Fuller, President;
A record of the growth of the Great Lakes Trust Co.of ChiWalter Kasten, H.0. Seymour and Robert W. Baird, VicePresidents; John C. Partridge, Secretary-Treasurer; George cago,from the date of its opening on July 22 last to Dec.23,
A. Patmythes, Assistant Secretary; Hugh W. Grove, Assist- is furnished in a leaflet issued by the institution. At the
close of the first day's business the company's deposits
ant Treasurer.
totaled $3,596,684. On July 31 1919 it was accepted as a
The first weeks of 1920 have found every industrial sinew member of the Federal Reserve system; on Oct. 24 1919,
of Cleveland straining to supply a tremendous demand for when the institution completed 90 days of business its dethe goods and services of many diversified activities, prac- posits reached $5,505,514, the number of deposi'tors' accounts
tically all of which have sufficient work on hand to insure totaling 2,312. With the completion of 155 days of business
capacity operations for months, says The Cleveland Trust on Dec. 23 deposits of $7,208,591 were reported, the deCo. of Cleveland, Ohio, in its first number of its new monthly positors' accounts numbering 3,156. The total resources
Business Bulletin, which made its initial appearance this on Dec. 23 were $12,488,489. The company has a capital
week. The publication contains an analysis and a concise of $3,000,000 and surplus of $600,000.
panoramic survey of business conditions in Cleveland and
At the annual meeting of the stockholders of the First
surrounding territory. The bank urges increased production, efficient labor and less extravagance as the great pres- National Bank of Chicago, held Jan. 13, four new directors
ent day needs in helping to solve the high cost of living were added to the board, viz: John H. Hardin, President
problem. Speculation and profiteering, it says, are incident F. A. Hardy & Co.; James Norris, President and Treasurer
to the existing shortage of goods and would be impossible Norris Grain Co.; Clifford M. Leonard, President Leonard
•
222
THE CHRONICLE
Construction Co., and John Pi. Oleson, Vice-President The
First National Bank.
At the meeting of the board of directors which followed,
the following changes and additions were made in the
official staff of the First National Bank: C. V. Essroger
was elected Vice-President in charge of Division A, and
Hugo A. Anderson, Assistant Cashier, in the vacancy created
by Mr. Essroger's election. Charles P. Clifford was elected
Vice-President of the foreign exchange department, relinquishing his position as manager to which Harry Salinger
was elected, and W.G.Strand was elected Assistant Manager
of the foreign exchange department succeeding Mr. Sanger.
E.E. Brown was elected Vice-President and General Counsel
and was succeeded by John N. Ott, who was formerly assistant attorney, as Attorney. Other additions to the official
staff were as follows: 0. C. Brodhay, Assistant Cashier;
ladies department; G. W. Cooke, G. P. Allmendinger, H. fl.
Ross, Assistant Cashier, new business; Robert F. Green,
Manager, domestic exchange.
In the First Trust and Savings Bank, A. W. Converse was
elected Cashier and was succeeded as Manager of the savings
department by George R. Roehm. E. E. Brown was elected
General Counsel and was succeeded as Attorney by John
N. Ott, who was formerly assistant attorney. The following additions were made to the official star: Edward Nobyn,
Assistant Cashier; Roy Marquardt, Assistant Cashier; T.
S. McCarthy, Assistant Cashier; W. K. Harrison, Assistant
Secretary; S. J. Donaldson, Assistant Manager, real estate
department.
[voL. llo.
operate as separate institutions until their physical unification which will take place after their new building is completed
on the block on the North side of Jackson Blvd., between
LaSalle and Clark Streets. James G. Wakefield, former
Cashier Corn Exchange National Bank, was elected VicePresident in place of D. A. Moulton, resigned. Edward
F. Schoeneck, formerly Assistant Cashier was made Cashier,
and James S. Cook appointed Assistant Cashier.
Announcement is made of the forming of the Fort Dearborn Securities Company of Chicago, under the laws of the
State of Illinois. All of the shares of the corporation are
owned by the stockholders of the Fort Dearborn Trust and
Savings Bank of Chicago. The new concern will underwrite
and sell high grade investment securities. It officers are:
William A. Tilden, President; Stanley G. Miller, and Averill
Tilden, Vice-Presidents and John E. Shea, Sec.-Treas.
The two oldest banks in South Chicago were consolidated
this week in a deal involving $1,000,000. The Calumet National Bank, which was founded in 1883, took over the Merchants Exchange Bank, a private bank organized in 1885 by
W. E. Colburn. Emil Seip remains President of the Calumet National, and Mr. Colburn becomes Chairman of the
Board of Directors. F. A. Tinkham, who has been Cashier
of the Merchants' Bank for twenty-five years, was elected
Cashier of the Calumet institution, to succeed Marcus A.
Aurelius, who will become Acting Vice-President. Walter
E. Smith, State grain inspector and First Vice-President of
the Calumet Bank, was instrumental in arranging the conWilson W. Lampert was elected Vice-President of the solidation.
Continental and Commercial National 13ank on January
13. Mr. Lampert who is a native of Chicago, became a mesThe Live Stock Exchange National Bank of Chicago ansenger in the America Trust and Savings Bank in 1894 ands nounces the re-election of their directors and officers with the
was later elected Assistant Cashier. When that bank was addition of C. L. Wistrand as Assistant Cashier.
+—
taken over by the Continental National Bank in 1909 he
became Assistant Cashier of the combined institutions and
Benjamin S. Mayer, former President of the West Side
he retained that position when the Continental National Trust & Savings Bank, Chicago, was elected Chairman of the
and Commercial National Banks were' merged in 1910. Board of Directors, and Charles 0. Fotscher, former ViceMr. Lampert was elected to the Cashiership of the Continen- President, was made President.
tal and Commercial National Bank on May 1 1917.
Reuben G. Daniels, who has been connected with the
D. Wiedemann, Cashier of the Logan Square Trust &
Continental and Commercial National Bank and institu- Savings Bank, Chicago, was elected to the board of directors
tions that were merged into it, was on January 13, elected to succeed A. J. Sabbath.
*—
to the Cashiership. Mr. Danielson entered the employ of
John R. Macomber, of Harris, Forbes & Co., Inc., Bosthe Continental National Bank in 1904 and served in various
capacities until 1910 when he was appointed manager of the ton, was added to the board of directors of the Harris Trust
Transit Department. He held this position after the con- & Savings Bank, Chicago. The bank reports earnings for
solidation of his bank and the Commercial National. In the year 1919 of $582,229, or 10.07% on the average capital
January 1918 he was elected Assistant Cashier and now he employed, including surplus, as compared with 10.31% on
the capital employed during the preceding year. This is
is honored by elevation to the office of Cashier.
W. H. Gilkes, for the past three years manager of the Dis- after creating reserve for Povernment and other taxes of
count Department of the Continental and Commercial $273,399 and adding $30,703 to the employees' savings and
National Bank, was elected Assistant Cashier at the meeting profit-sharing fund. The total capital, surplus and undiof directors on January 13. In 1904 he entered the employ vided profits are now $5,800,651, or $162,229 more than a
of the Continental National Bank of Chicago when that year ago.
institution took over the National Bank of North America.
The National City Bank of Chicago announces that C. H.
He served in various departments of the Continental and
Beaty,
formerly national bank examiner for Chicago district,
Commercial National Bank of Chicago since that organization's existence and for the past three years has been head was elected Cashier. W. G. McLaury, former Cashier and
Vice-President, remains a • Vice-President. Henry S. Henof its Discount Department.
At a regular meeting of the board of directors of the Con- schen,.former Vice-President and Cashier of the State Bank
tinental and Commercial Trust and Savings Bank held of Chicago, relinquished the latter position, and Austin J.
January 13, Walter F. Braun elected was Vice-President. Lindstrom,former Assistant Cashier, was elected Cashier, to
For the past six months Mr. Braun was manager of sales in succeed him. In addition to the regular quarterly dividend
the Bond Department of the Continental and Commercial of 5%,an extra dividend of 5% was declared as of Dec. 31.
Trust and Savings Bank. He became a traveling salesman
Foreman Brothers Banking Co., of Chicago, announce the
in the Bond Department of the bank about nine years ago.
election of Max J. Theis and Frank B. Woltz as Assistant
The final step in the consolidation of the Corn Exchange Cashiers, and the appointment of John H. Bartelme as
National Bank of Chicago, with the Merchants Loan & Trust Auditor.
Company and the Illinois Trust & Savings Bank was taken
There were no changes in the board of the Fort Dearborn
by the election this week of Edmund D. Hulburt, President
of the Merchants Loan & Trust Company and the Illinois National Bank of Chicago. W. S. Davis was made an AsTrust & Savings Bank, to the Presidency of the Corn Ex- sistant Cashier. The other officers were re-elected. Charles
change National Bank. Ernest A. Hamill, formerly Presi- Aaron succeeds Henry J. Aaron on the board of the Fort
dent of the Corn Exchange National Bank has been made Dearborn Trust and Savings, and William H. A. Johnson
chairman of the board of directors. John J. Mitchell, has been elected Assistant Secretary.
formerly President of the Illinois Trust & Savings Bank was
P. D. Armour, Vice-President and Director of Armour &
recently made Chairman of the board of directors of the
Illinois Trust & Savings Bank and also the Merchants Loan Co., was elected a director of the People's Trust and Savings
and Trust Company. These three banks have been con- Bank of Chicago, succeeding W. Irving Osborne, resigned.
solidated as to management and ownership since October 1 The other directors and the officers were re-elected. The
1919, and earnings are pooled for the benefit of the stock- bank has had a very successful year, earning 28.1% on its
holders of all three banks. The banks will continue to capital, as against 21.2% in 1918, and 15.8% on its capital
JAN. 17 19204
THE CHRONICLE
employed, as against 12.4% in 1918. Deposits increased
over 30% and $100,000 was added to the surplus.
•
Fred A. Cuscaden, Vice-President of the Merchants National Bank of Omaha, and before that a national bank
examiner, was elected a Vice-President of the Northern
Trust Co. of Chicago, and will be connected with the banking department. Martin Lindsay retired as a Vice-President in charge of the bond department to enter the firm of
Rutter, Lindsay & Co., which will be formed Feb. 1, to
engage in the investment and financial business. Arthur
Heurtley,for 28 years the Secretary of the company, retired
on a pension because of ill health, and Harold H. Rockwell,
formerly an Assistant Secretary, was elected Secretary.
Thomas F. Ford and David Johnstone were elected Assistant Cashiers, and James A. Russell, formerly chief clerk in
the trust department, was elected an Assistant Secretary.
Other officers were re-elected.
Ernest A. Hamill retired as a director of the Northern
Trust Co. because of his representing the Corn Exchange
National Bank on the boards of the Illinois Trust and Savings Bank and the Merchants Loan and Trust Co., and A.
Watson Armour, Vice-President of Armour & Co., was
elected a director in his place. The other directors were
re-elected.
•
A number of interesting changes were made in the family
of the Union Trust Co. of Chicago. Frederick A. Yard,
retired from the board to make room for George J. Thorp,
Vice-President of the Illinois Steel Co. Mr. Yard remains
as Vice-President and head of the bond department. C. P.
Kenning, who has been an assistant cashier, was added to
the list of vice-presidents. R. F. Chapin, Secretary, was
made Vice-President and Secretary. J. S. Gleason, an
Assistant Cashier, becomes Assistant to President Frederick
H. Rawson. Raymond J. Darby, who for some time has
been one of the assistant judges of the Probate Court, was
made trust officer. With these exceptions the directors and
officers wore re-elected.
223
First National Bank, Sioux City. In the fall of 1912 Mr. Critchell came
East and joined the forces of the Guaranty Trust Co. He has been an
officer of that institution since April 1915.
Announcement is made of the issuance of a charter for the
Farmers & Mechanias State Bank of Helena, Mont., by
State Bank Examiner H. S. Magraw. The new institution
will begin business on Helena Ave. It has a capital of
$25,000 in $100 shares. The stock is to be sold at $105 per
share. The officers are announces as follows: Fred E.
Kennedy, President; J. A. Eck, Vice-President, and W. S.
Goodyer, Cashier.
1
The American National Securities Company, Nashville,
Has been organized for the purpose of assisting in all kinds
of legitimate financing and for distribution and underwriting
of investment securities. The capital is owned by the stockholders of the American National Bank of Nashville. The
officers of the company are: P. D. Houston, Pres.; Paul
M. Davis, Vice-Pros.; R. A. Shillinglaw, Mgr.
At a meeting of the directors of the Citizens Bank & Trust
Co. of Louisiana, at New Orleans on the 7th inst., the following officers were elected:
Charles J. Theard, President; Simon Pfeifer, A J. Stallings, H. 0. Grenier and Chas. St. Raymond, Vico-Presidents; J. C3. Delery, Cashier;
H. C. Doize, and D. A. Chauvin, Assistant Cashiers; P. N. Nott, Trust
Officer.
Mr. St. Raymond, formerly Cashier, was elected one of
the Vice-Presidents; Mr. Delery, formerly Assistant Cashier,
to the Cashiership, and Mr. Chauvin, formerly Secretary of
the Board, to an.Assistant Cashier. The promotion of these
young men is in recognition of many years of faithful service
to the bank.
Announcement is made of the purchase of the Sacramento
Valley Bank & Trust Co. of Sacramento by the California
National Bank of the same city. The capital of the Sacramento Valley Bank & Trust Co. is $600,000 and the capital
of the California National Bank is $1,000,000. The combined assets of these institutions, including the California
Trust & Savings Bank (an affiliation of the California NaAleck Bauer of Bauer & Black was added to the board of tional Bank) is $27,000,000.
the National Bank of the Republic of Chicago. The present,
directors and the officers were re-elected.
The annual statement of the Union Bank of Canada has
•
been issued to the shareholders of the bank in anticipation
Frederick N. Mercer, Vice-President of the Drovers' of the annual meeting to be held in Winnipeg Jan. 7 1920.
National Bank, was added to the board of that institution, During the fiscal year ending Nov. 30 1919 the assets of the
and Charles Aaron was elected a director to succeed Henry bank increased $21,807,606, totaling $174,898,057, a gain
J. Aaron. The other directors and officers were re-elected. of more than 14% during the year. Liquid assets were
•
$76,062,432, as compared with $72,368,327 in 1918. Profits
The stockholders of the Chicago • Trust Co. added the for the year were $932,256, compared with the 1918 total of
following to the board: Patrick H. Joyce, President of the $824,174. The paid-up capital of the bank was increased by
Illinois Car & Manufacturing Co.; William B. Simpson, $3,000,000 during the year and $2,000,000 was added to the
President of A. M. Castle & Co., and Philip K. Wrigley, rest account. A particularly gratifying feature of the report
Vice-President of the William Wrigley, Jr. Co. Other from a Canadian standpoint was the increase in deposits.
Deposits of the bank at the close of the fiscal year were
directors and the' officers were re-elected.
s•
$135,496,514, against $127,242,698 a year ago. Since the
With the opening of the new year the Mississippi Valley signing of the armistice the Union Bank has opened eighty
Trust Co. announces the appointment of John A. Monroe new branches, bringing the total under its control to 390.
as its Texas representative. Mr. Monroe resigns the position During the year the Park-Union Foreign Banking Corporaof Manager of Operation of the Credit Department of the tion was incorporated in co-operation with the National
Federal Reserve Bank of Dallas, to join the field force of the Park Bank, of this city, thus giving the Union Bank of
Trust Company. In 1907 Mr. Monroe was elected Assistant Canada direct connection with the Far East.
Cashier of the First National Bank of Paris, Texas, a position
which he held until 1918, when ho joined the Federal Reserve
H. J. Daly, a director of the Home Bank of Canada, of
Bank. For more than a year he has been Educational Toronto, has been elected President of the bank, succeeding
Director of the Texas Chapter of the American Institute of M. J. Haney; the latter retires in order to give more attenBanking and will continue in this position.
tion to his other business interests. In stating that when he
accepted the Presidency four years ago his intention was not
Announcement is made that L. S. Critchell, Assistant to retain the position for any extended period, Mr. Haney
Secretary of the Guaranty Trust Co. of New York, has added:
Negotiations looking to the extension of the bank's business and foreign
accepted the presidency of the Continental National Bank of connections
have now been completed, and this has enabled me to ask to be
Kansas City, Mo. This institution was organized in July relieved. I have felt the more free to do so in that we have been able to
1919, with capital of $1,000,000 and surplus of $100,000. secure Mr. Daly, who came on the board at my suggestion, and who has
of great assistance in these negotiations, to succeed me as President.
The now President expects to enter upon the duties of his been
I am not at liberty to give particulars of the new affiliations, but they are
new office immediately. As to Mr. Critchell's banking very satisfactory and in my opinion fraught with great promise for in
experience the Guaranty Trust Co. issues an announcement creased prestige and continued prosperity of the bank.
Mr. Daly, who is only 38 years of age, is associated with
•
saying:
Mr. Critchell was born in the West in 1881 and gained his first banking department stores in Toronto, Ottawa and Montreal, and
experience in 1898 with the Metropolitan National Bank of Chicago. is interested in lumber and metal business enterprises. He
Later ho became a member of the staff of tho Drovers National Bank of
Chicago, and thereafter was connected with the Sswift and Tilden interests was formerly Vice-President of the National Cash Register
which controlled that bank and others, for a number of years in various Co. and General Manager in Canada of that company. He
official capacities including positions as Cashier of the St. Joseph Stock is also a member of the Dominion Labor Council and was
Yards Bank,,Treasurer of the St. Joseph Cattle Loan Co. Vice-President
of the Live Stock National Bank of Sioux City, Iowa, and Cashier of the first Chairmaniofithe Labor Appeal Board.
[VOL. 110.
THE CHRONICLE
224
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 24 1919:
GOLD.
The demand has again been keen, mainly for India; the price has been
well maintained. The following amounts of gold are reported as having
been engaged for shipment from New York: $105,000 to South America
and $2,750,000 to Argentine. Dutch official statistics reveal that Germany
sent to Holland during the first seven months of the year bar gold worth
Fl. 42,550,000 and gold coin worth Fl. 418,000,000. The gold exports
rom Holland between January 1 and August 31 amounted to Fl. 52.668,000:
for August alone, Fl. 28,001,000. The Minister of Finance for Siberia
reports that 792 puds 23 lb. (417,400 ounces) of gold were minted for the
Government in 1918.
SILVER.
The market has been fairly well supplied,and,as American exchange has
been more in favor of this country, the price has been inclined to fall.
Though the demand for China continues to be fed with silver dollars from
America, there is still a good enquiry from Shanghai and Hong Kong. It
is reported that legislation is about to be introduced in the United States
releasing the U. S. Government from the obligation to repurchase at one
dollar per fine ounce silver dollars sold under the Pittman Act, extending
the provision of that Act to a further quantity of dollars-possibly ninety
million-and reducing the quality of the subsidiary coinage from 900 to 800
fine. The U. S. Treasury is also said to have contracted with the three
U. S. banks operating in China to seil twenty million silver dollars on commission with a minimum of $1 35 per fine ounce delivery in China.
INDIAN CURRENCY RETURNS.
In Lacs of RupeesNov. 30.
Dec. 7.
Dec. 15.
Notes in circulation
18060
17967
17874
Silver coin and bullion in India
4744
4543
4614
Silver coin and bullion out of India
Gold coin and bullion in India
2354
2450
2629
Gold coin and bullion out of India
916
857
935
-.Securities (Indian Government)
1703
1703
1703
Securities (British Government)
8250
8250
8250
The coinage during the week ending 15th inst. amounted to 40 lacs of
rupees. The stock in Shanghai on the 20th inst. consisted of about 17,500,000 ounces in sycee,$10,800,000 and 5,900 bars,as compared with about
16,700 ounces in sycee, $11,000,000, and 180 bars on the 13th December
1919. The Shanghai exchange is quoted at 7s. 10d. the tael.
Quotations for bar silver per oz. standarl:
Cash.
Two Mos.
Cash.
Two Mos.
Dec. 19
77d.
7830.
Dec. 24
75%41.
77%d.
Dec. 20
77X d. 763d.Average
77.675d. 76.375d.
Dec. 22
77X d.
763d.Bank rate
6%
77Xd.
Dec. 23
76d.
Bar gold, per oz., fine_ __109s. 3d.
I The prices to-day for cash and forward delivery are respectively 1 Xd*
and id. below those fixed on the 18th inst.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at _London,
as reported by cable, have been as follows the past week:
London,
Jan.10. Jan.12. Jan. 13. Jan. 14. Jan. 15. Jan. 16
Week ending Jan. 16Wed. Thurs. Fri.
Sat.
Mon. Tues."
Silver, per oz
77
82H
8lH
79
d. 79H
82H
51%
Consols, 2H per cents
Holiday 51%
51%
51%
514
British, 5 per cents
91%
91%
91%
Holiday 91H
913
British,4H per cents
Holiday 83M
83A
83%
83H
83%
French Rentes an Paris), Cr. 58
57.75
58.70
57.55
57.50
57.50
French War Loan(inParis)Jr. 88.45
88.45
88.50
88.50
88.50 88.50
The price of silver in New York on the same day has been:
Sliver in N.Y., per oz___cts_135
137
136X
135
130)
128%
TRADE AND TRAFFIC MOVEMENT.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Saturday, Jan. 10
1920, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of Dec.
31 1919, to the amount of 8,265,366 tons. This compares
with 7,128,330 tons as of Nov. 30 last, an increase of 1,137
036 tons, and with 7,379,152 tons as of Dec. 31 1918, a
gain of 886,214 tons. The unfilled tonnage on hand at this
time is the largest of any month since Oct. 31 1918.
In the following we give comparisons with previous months:
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
1919__
1919._
1919_
1019__
1919_
1919_
1919_
1919_
1919__
1919_
1919_
1919__
1918._
1918_
1918191819181918_
19181918-
Tons.
8,265,366
7,128,330
6,472,668
6,284,638
6,109.103
5,578,661
4,892,855
4,282,310
4,800,685
5,430,572
6,010,787
6,684,268
7,379,152
8,124,663
8,353,208
8,297,905
8,759,042
8,883,801
8,918,866
8,337.623
1918_- 9,056,404
1918__ 9,288,453
1918- 9,477,853
1917_ 9,381,718
1917- 2.897,106
1917-- 9,009,675
1917_ 9,833,477
1917-10.407,049
1917_10,844,164
1917-11,383,287
1917_11,886,591
1917_12,183,083
1917-11,711,644
1917_11.576,697
1917_11,474,054
1916-11,547.286
1916_11,058,542
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 29
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Tons.
1916_10,015,260 Aug. 31
1916- 9,522,584 July 81
1916-- 9,660,357 June 30
1916-- 9,593.592 May 31
1916_ 9.640,458 April 30
1916- 9,937,798 Mar. 31
1916._ 9,829,551 Feb. 28
1916._ 9,331,001 Jan. 31
1916_ 8,568,966Dec. 31
1916- 7,922,767 Nov. 30
1915_ 7,806.220 Oct. 31
1915- 7.189,489 Sept. 30
1915._ 6,165,452 Aug. 31
1915- 5.317,618 July 31
1915_ 4.908,455 June 30
1915_ 4,928,540 May 31
1915__ 4,678,196 April 30
1915- 4,264,598 Mar. 31
1915_ 4.162,244 Feb. 29
1915_ 4,255,749 Jan. 31
1915__ 4.345,371 Dec. 31
1915-- 4,248,571 Nov. 30
1914- 3,836.643 Oct. 31
1914._ 3,324.592 Sept. 30
1914_ 3.461,097 Aug. 31
1914._ 3,787,667 July 31
1914._ 4,213,331 June 30
1914_ 4,158,589 May 31
1914_ 4,032,857 April 30
1914__ 3,998,160 Mar. 31
1914_ 4,277,068 Feb. 28
1914._ 4,653.825 Jan. 31
1914_ 5.026.440 Dec. 31
1914_ 4,613,680 Nov. 30
1913_ 4,282,108 Oct. 31
1913_ 4,396.347 Sept. 30
1913_ 4,513,767 Aug. 31
1913.- 5,003,785 July 31
1913.1913_
19131913_..
1913_
1913_
1913_
1913.1912.1912_
1912-1912__
1912191219121912_
19121912_
1912....
1912._
19111911_
1911__
1911__
1911._
1911._
1911__
1911__
19111911_
1911__
1911__
1910__
19101910_
1910._
1910.1910.-
Tons.
5,223,468
5.399.350
5.807.317
0,324,322
6,978,762
7,468,956
7,656,714
7,827,368
7,932,164
7,852,883
7,594,381
6,551,507
6,163,375
5,957,073
5,807,349
5.750,986
5,604,885
5,304,841
5,454,201
5.379,721
5,084,765
4,141,958
3.694,327
3,611,315
3,695,985
3,584,088
3,361,087
3,113,154
3,218,700
3,447,301
3,400,543
3,110,919
2,674,750
2,760,413
2,871,949
3,148,106
3,537,128
3,970,931
PRICES IN 1919 AT THE NEW YORK STOCK EXCHANGE.
The tables on the following pages show the highest and lowest prices at the New York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities,
for each month of the past year. The tables are all compiled from actual sales. Under a resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been on a different basis. The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"-that is, the price included all accrued interest. Income
bonds and bonds upon which interest is in default are still dealt in "flat."
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS.
1919.
BONDS
•
•
January February
March
May
June
August September October
November December
April
July
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High how High Low High
Ann Arbor-lst 1995 gold_4 55 57 55 5712 55 58 5472 56 547g 5572 5512 5712 56 5612 5512 5512 5112 55 5212 55 51 53 5012 51,
4
Atch Top & S Fe gen g 1995-4 8312 8512 8134 8334 8212 8314 8032 8212 82 83 8012 8272 '79 8112 76 7912 7712 7912 7832 8112 76 7912 751y 8234
4
Registered
80 80 8134 82
7934 82 81 81
7,8 7812 7612 7734
Adjustment gold 1995
4 7972 8034 7512 7872 7412 75 7512 7512 7514 7634 74 7672 7312 75 72 74
7072 72 71 74 6972 72 68 7012
Stamped
4 7512 7912 7512 78 7458 76 74 76 7314 7612 74 7672 73 741 72 723 7012 72 7112 75 70 7212 6712 71
50-year cony gold 1955_......4 76 77 74 7612 --------74 7612 74 7612 76 761 73 75 - -------. 6513 6812 6812 6912 68 6912 6572 6912
Convertible 1960
4 94 9514 9352 9812 9452 945 9434 9614 94 101 9852 1021 9914 102 90 95 9034 9152 90 9212 89 9112 88 8932
East Okla Div 1st 19284 9213 921 921 921
---- 9012 9012 9114 9114 -------- 9191 --------88 9 7 881 91 9072 9072 - _ - - -- Rocky Mtn Div 1st 1965_ A --------_ ---- -------- -74_
75 75 76 74 74 74 74 --------_ ---------_ ----- ----71 74 6912 71
Transcon Short Line 1st g_4 79 81
79 79 7712 7712 7712 7712 78 781 773 781 7652 9 '63 7
1
71 7572 81 7552 7612 7312 7612
Cal-Ariz 1st & ref 1962_ _414 5 85
8
5
85
85 - ----- ---- ------------__ ---- ----__ -----_ --------8214 8214 81 81
--------_-------------- -- -95_
_
S Fe Prescott &Phenix lst.,5 --------------95 ____
____
_ ___
_ -.
Atlan Coast Line--lst 1952 g4 8312 8512 8234 8358 82 8312 8012 82 81 -83 8052 8272 79 -8-2 '76 1.914 '7.634 -80 '793s -8-1- 7'7 -'7-9-3q 75
-'s -8-1
Registered
4
76 70
General unified 1964__434 85 88 84 85 823 837 82 8312 8212 8312 8272 84 82 8312 8114 8212 80 8114 81 8412 7012 7714 76% 708
Alabama Mid 1st gu 1928_ _5 --------9613 9612 ----- ---- 9714_
9714 9758 9752 9812 9812 --_- -___ ____ ______ __- - _ - _ _ ___ ____ ---- --- Brunswick & W 1st gu '38_4 __-- - - ____
_ ____ ___ ____ _ _ ____
_ __ -8
-0 8
.
0
Lou & Nashv coil 1952 g 4 781 7-81
-7'
-- 737 - 51 74 -74-34 7452 -7-7-12 78 -7-734 74 -76 8812 -74 711-4
713.2 7634 71 -i3-12 08 71
__
---- ----------------- 10714 10714 ___
_ _ __ . _ _ _ _ _ 105 10512 - -- - - ---Say Fla & West 1st 1934_ _6 ---_-- - -- -- - :B &0-Prior lien 1925.....iH i
8 14 ii
i2 881s s812 88,4 -8112 8812 8112 86
-34 8-9.32 8378 8'7 8452 8112 84 -8-612 8312 -8-6-14 81- -8-314
Registered
3H
4 7534 8212 7612 7712 i8 -ii14 ii -71 iii2 103-4 'lb 1i i3i4 -7-5' 813Ts 14. 89'72 -7-1- iii -13-18 iii "6"9- 155.is -0-7Gold 1948
434 76 80 7714 7852 73 7812 7432 7712 77 80 7612 80 7412 77 7034 75 69 731,2 6838 7512 6018 6834 5314 60
20-year cony 1933
Registered
•
5534 5533
434
Refund & gen 1995, Ser A__5 8072 821 82 821 78 821 7714
771 811 '' 801 76% 78 72 77 70 73 08 7-112 57 6912 5512 65
---- --- -- 9614 9612 9t) 9612 953 9612 9552 9614 8934 9512 8212 9132
Temporary 10-year 1929___6 --------_ --------_ --------_ -------------__
Pitts June & M Div 1925_3H 8312 8312 --------8413 8 14 8472 847 8 12 87 ------ - 8718 8712 81, 82,2 8412 8412 - - ---- - -- -- - - Pitts L E & W Va System_4 7278 78 74 75 72 74 7172 73 7234 75 7238 75 70 7314 6812 6812 6272 66 5872 -6-4-52 55 5-952 5-I32 -583 85 83 84 831 84 8314 861
Southwestern Div 1st g_..334 4 861
823 8114 8338 80 8212 77 80 70 7712
1
23 8 1
-------- --_ ------8934 893 ----- ------------ ---- --- ----- ---- -------Cent0 Reorg 1st cons...
_
8753 8732 ---------------- 87% 8'732
Cleve Lorain & W 1933____5 --------------------- ---- 9513 9512 -------- --- ------957
..2 01;7;---- ------- --- ---- - _ __
--Ohio River RR 1st 1936 g5 96 96 ____ ____ ____
1
51 --------9572 15-7; 94 Vi --------9534 -05-3-4
-----85 90 90 --------9118 -9112 -------- ---- - -------General 1937 g
- - ---- ---_ __
88
8 6332 14 62 6314 0134 6134 85 6-07; 58 -50 53 .
Tol & Cin 1st & ref 1959 A4 6512 68 6412 6612 6612 6612 6312 14 04 fc5767 48 . -5-0
S (lotion Rale.
"72
g
225
THE CHRONICLE
JAN. 17 1920.1
1919—Continued.
BONDS
November December
January February
March
Apra
October
May
June
August September
July
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Buff Roch 8c Pitts—Gen '37_5 --------99 99 99 99 ----------------------------------------95 95 --------95 95
9234 93
Consol 1957
4%
79 8312
---- ---1 88 -------'1 881
__ 8638 87 8412 8412 --------84 84
Allegh & West 1st gu 1998 .4 -----------------------------------------------8458
_
Roch & Pitts 1st 1921 g......-6
-- — 10034 100% --------101 101 ---_ ---_ 100181-0-012 106;1-0018 ----------------100 100
Roch &Pitts cons 1st 1922_6 ---------------- 10112,10112
-- 101 10112 10114 10114.102 102 1015s101% 10014 10014 ---- ---- ---- ---- ---- ---- ---- ---Canada Southern—
Cons guar Series A 1962_5 95 957 91 95 92 951 8
94 94
92
9134 9412 9358 94
868 891 9018 0018 90 90 86 8614 8412 86
Caro Clinch & 0 1st 1938___5 82 82 - ---- ----80 80 - -------_ 777 78 ' 1 75, --------75 75 - ----------------75 75 ---- ---Central of Georgia—lst 1945_5 100 100 --------100 10012 ------------ --------- ------------ 9738 977s - - -- - --- - -:Consol 1945 gold
5 94 947 91 03 891 92
89 91 9238 3 91 9112 3834 -91- 883 89 66 ifF8 6814 -8-812 86 60 3412 -8-84
10-year temp 1929 secured-6 ------------------------------------------9858
92 9412
1
9914 9812 99
96 9734 9414 96
96 9858 957 97
Chatt Div pur m 1951 g
4
7514 7514 ---- ---- 7412 7412 ___- __-_ ____ ____ __z_ ____ ___- ---- ---- ---_ ---- ---- ---- -Mobile Div 1st 1946 g
5 913 61-3- ---- ---- - ----- ---- ____ ____ ____ ____ ___ _-- _-Cent RR & Bkg of Ga-1937-5 ----- ---_ --------86
-90 90 89 89 87 87 ----------------81 81
-8-9- 888 8878 ---------------'Central of New Jersey—
General 1987 gold
5 102 106 102% 103 1021 103 102 103 102 10212 10218 10318 10134 10234 100 1013 100 1011 10012 10214 100 102 101 101
5
10114 1011 ---- ----101 101 10058 10058 10112 10112
Registered
_ 10118 102 - -------- 10014 101 10018 10018 100 100
American Dock & Impt
5 --------99 99 - --------991 991 9958 995 --------100 1-00- 100 100 99 99
96 98
9812 9858
988 99
.Central Vermont—Gu tat g....4 65 65 --------------------- ---- --------- -59 59 _'___ ____ ____ ____ 51 51 --------50 50
- -------'Chesapeake & Ohio—
5 92 9318 --------89 89
_ 7818 8118
9114 9114 --------92 92 ----- ----87 87 --------85 8534
Gen fund & impt 1929
_
9712 98
98 9918 9714 9878 9714 9914 9512 9812 9312 9712 94 95
5 9814 0912 9714 99
1st consol 1939 gold
518 91% 94
95 97 __939
- -43 77 8318 7712 80
General 1992 gold
7738 7934 7718 8014 7912 8034 7914 8034 77 80 7278 77
7334 7812 7612 80
7234 7612 70 75
Convertible 1930
4% 7734 8112 78 8038 7734 791: 781 811 8012 8412 132 85,4 '7978 8214 '78 80 '7712 79
78 8058 '74
78% 70 7634
Registered
4%
78 78 - ----- ----_ 8112 8112 - _
-- -- - ---- - --- - --L-_-30-year convertible 1946......5 1344 89 85% 8614 8514 8838 8512 8812 8734 9158 38
-12 -9-1-3-s ii 10-1 ii -8714 8,-11-4 -8-638 8338 86
81 -86 7613 -8-0%
Big Sandy 1st 1944
4
7818 7812 _--- ---- '78 78 - ----------------75 75 _-- ---- ---- -:--ii; 18%
Craig Valley 1st 1940 g
5
_
__- ____ -___ ________
Pots Creek Br 1st 1946
4
69 69 ____ ____
__ ____ --_- ---- ____ ____ ____ ____ ____ ., _
R & A Div 1st cons 1989 g4
75 76
79 80 75 7712 ----------------76 76 ----------------71 -711st consol 1989 g
4 '
____ ____ ____ ____ ____ ___ 70
78 --7, - -:-:
Chic & Alton—Ref 1949 g 3 52 53
5012 5032 5114 5138 50 5212 51
53 52; 5234 5034 5118 49 50
45.2 -4-8-12
4'714 50
4638 4978 4678 4-7-12
Registered
3 48 48
Chic 8c Alt Ity 1st 1950 g_ _3% 36 40
3
-5
-34 -37- 3
-6
- -3-6-3-4 3
‘ 6 -3-8- iii4 -38- 36; -3-7-18 334 -3
-6
-34 -31 3
.9
-34 -3-2
-9; 3-3- 2
/12 32 -3-4- 33 -31 2
Chic Burlington & Quincy—
_ _ _
_ ------992 9912 9514 9514 _
4 9914 9914 ----------------9938 9938 9958 9912
Denver Division 1922
---- ---7314 75
4 7212 76
7512 7612 7612 1512 7418 7518 718 7234 72 7512 737
Illinois Division 1949____3% 7538 7534 7412 7534 7318 74
14 16-12 ;-7,-1 -74,
Illinois Division 1949
4 85 8578 8318 8412 8312 8418 8212 8412 84 85 8312 8412 8278 8338 8012 8278 8012 84 8214 8412 8178 83 8012 84
4
Registered
791 791
5 91)84 9984 -----------------9958 99% 9958 9958 9934 99-3Iowa Division 1919, s f
4 9934 9934 99'i•8 99-58 ____ ____ ____ ____ ____ ____ ---- ---____ _ __
8
f
4
9918 9918 --------99 9934 9914 9914 9914 9914 9912 9912 9938 9934 _
Iowa Division 1919,
Nebraska Extension 1927-4 9258 9334 9234 9312 9212 9212 9238 9212 9258 9314 92% 93,2 92 9234 92 92 60; -91-78 9012 91% 9018 9214 9012 9-214
4
Registered
9078 00s
4 81
General 1958
8312 82 82% 80 82 8014 8114 8034 827 8138 8-2,
8 8134 8178 76 79
7814 81
7912 8212 78 -8-014 7678 8012
9512 9512 -----------------------------------------------7618 7618
4
Registered
Chicago & Eastern Illinois—
23
29
Refunding & impt 1955 g 4 25 25
28 28 —__ -___ 3012 3512 3312 35
29
2512 21
27 3418 --------2518 2518 25
32 36
Trust Co certfs of dep---- 22 22--------25 25 _______ 28
3634 33 34
2612 2014 24
3114 36
27 3358 .29 29
25 2612 25
6
1st consol 1934 gold
10312104 ----------------100 100 100 100
98 98 __ _
- ---- ---- ---- -- - ---- ---75 75 ----------------75 77
General consol 1st 1937- -5
7714 7714 7712 80
7614 /6-12 --------72 /238 7112 -72 - U s mtg 8cTr Coctfs of dep 758 -7618 --------7514 7514 7014 7014 76 77
77 7718 7534,80 80 80 ____ ____ 71
71
70 70 66% -di
do
do stamped_ 69 69
60 60 ---- ---- ---- ---- -- - -__ 6018 601 6078 607
_ _ __ _
Guar Tr Co ctfs of dep_____ __
_
_
75
- -76 -------- 7878
78 78 ____
_ _.__
__ _ -- - - ---4 60 -6-212 61 -6214 59
- -62 6012 6314 6978 62% 57% 6014 57 5812 57 -5-8-18 56 -5-712 5
Chic Great West 1st 1959
-12 -61-3-4 69
-214 5-6- 51 -5-5Chic Ind &Lou—Ref 1947 g 6 103 103 ----_ ____ ____ ____ ____ 10018 10018 100 10178 11 1031 911
_
____ _--- 9378 98% -------Refunding gold 1947
5
,
4 8534 _ - _
-_
- - - - - - - - - - -8534 -8-5-3-4 --------8534 8534 - - -- ---- -- 85
Ind & Louisv 1st guar 1956A
_
6018 601 63 -63 __
_ _
.
_
--Chic Ind & South-50-yr 1956.4 --------_
783 -7 -3:- ---------------- 80 81
'( -7 - ------------------------___
8
7618 -7618 76
-77
- . 7658 -7-6-7Chic Lake Sh & E-1st'69-43i ------------------------------------------------------------------86
86
__
_
,__ ,
- -, ,
, 8312 -8312
,ChIc Mil w & St P—Gen 1989.4 '
7-61
757
- -7-0,2
2 737 72 731 721 71
- -6-9- 64
6614 70 67 721.2 65
7-33 7012 721 68 71
General 1989 series 13....--33i --------_ ---------- 04_
- -------- -------- -------- ---64 - -------- 57---5731 6118 6112 5738 6158 578 60
General 1989
4
83 8458 8614 8312 80 8112 8058 8038 81 8-278 8018 82
7712 79
75 7812 7512 7634 76 80
7278 7714 6714 77,2
Gen & ref 2014 A
• 4% 6978 7414 693 72 667s 7214 6612 7014 094 7212 6834 72 67 68% 66 6758 65 6714 63 6712 598 64
54 Cl
Gen ref cony 2014 B
5 78 8178 773 793 7914 8034 7714 7958 77 8058 78113 8018 7712 79
73 7712 74 7512 73 77
6712 7312 6112 69
76 79
737 773s 7138 74
Convertible 1932
434 7534 82
75 7712 763 80
763 79
7658 79
7312 7512 723 77 6912 7412 62 70
Permanent 1925
4 8212 84
8112 8314 82 8312 8212 85 84 8412 7812 8278 75 79
8112 84
76
78
7634 8158 76 8078 67 7512
25-year debenture 1934—.4 '72 7378 71 ' '72,3 '707s 7112 '70 7212 '7112 7312 71
56 67
7212 7118 7112 69 7112 68 '70
6918 6918 66 69
Chic & Lake SupDiv9812101
-98 98
9658 98
Chi & Mo. Illy Div 19265
-- 93 93
8 -9712 9-8 97 914 974 977 9758 1;51 9358 -9-6 99 99l4 99 91 6712 98-38 9734 9838 6758 9-8- 55 Vi
1_5 9758 9-8-5Chic & l'ac West 1st 192GO 67
Chic Mil & Puget Nd 1st.
6812 70 6812 70 - ----- ---- 7272 74
69 71
72
65 7r) 68 6934 6512 68
---------------__._
____ ____ 9978 9978 99% 99% 9958 9938 998 9978 9958 9934 9914 9914. _
___
Dubuque Div 1st s 1 1920_6
994 100 9958 9958 9912 9912
Fargo & So assumed 1924 g_6
____ ____ ____
leo 100
99'2 9912 102 102
LaCrosso& Davenport 1919.5 ---------99
4%
why & Nor 1st ext
Congo! extended 1934_4% --------------------- ----------------------------8012
7 ' /i13
_
_
- -82 80 8112 --------82 -82 --------78
Wisc 8c blinn Div 1921
5 98 9% ----------------97 97 9634 9634 --------9714 9'714 ___—___ ____ ____ 9712 9712 974 9712 9578 9513
Wisc Val Div 1st s f
6 99 99
--- -----------_---- -89 -iii -----------_
Chic& N West—Ext 1886-1926 4 --_ -----------_ ___ ____ 93 -ii ------------- ----_ --------88 89
Registered92 92
General 1987 gold
8 --------7012 -71 7638
70
- -7-3-7-0 -71 '
II 6;8 10912 6638 W8-38 6812 7012 Ciii2 6
3% '71 -71 7
- -18 6618 6918
Registered
69 70
7012 7012 - --- -34
_ __ _ __
__ _ _ _ _ _
_ -_ - ---- - General 1987
4 8158 8212 8134 8212 81
8212 8114 8318 8
- 12 -8-0- 76 7-8-12
- 112 -8-2 8034 -8-2-12 79
-34 -8-1-14 '75 -7-8-14 '78
8-0- '78
- -8-1-14 78
Stamped
4 '
____
__ _--____
__ ____ _......
7812 7812 76 7784
_ __
- 681-2 101
5 190 10078
General 1987 stamped
9818 9918 98; -9i
,
8 9912 1001
1 91
1001
'1 991
9714 100
90 9818 9512 9778
Sinking fund 1879-1929
6
_ ____ ____ 1017810158 104 104 - ---- ---- ---___ --___ ---__ ---_ ---__ -__ -106 106
Sinking fund 1879-1929
5 -------- -988i
_ 96% -66-18
9658 9633 9714 9714 ____ ____ __ _____
9612 9731 _ _
5 -------- 98 98 98
Debenture 1921
- -9-8 ----- ----_ 98 98 -- -- ---- -- - _ _ _ _ _ - _ - _ - _ 9618 677 9718 9'738 9
-7
- 12 -9-7-12 - - -- -- -Registered
5
Sinking fund deb 1933
5
-32 -91
- 4
961 961 ------------------------943
61; -9-2-12 61 -1)2- 60
_
__ ____ ____
___ __
____ ____ ___ __
_
_
_
St P EastGeTrk 1st 1947_4A ------------ ---- 87 87
Fremon t Elk & Mo V 1st— 6 . 109
---108 --------10618
- -3.4 1-09-3-4 10
-. 1-09-18 106
-7%0118_
1_ _ _ _ ---------------_
__ -----------___
105 1-0-512 ---- ---_
Milw L S & W 1st 1921 g
6 --------------------10034
__
_—
1003 101 101 ____
100%1005 --------10038 10012 __-- ____
Ext 8c Imp t 1929 gold-- —5
-66 ---------9814 -681 98 98 - --------------------------------97 97 - --------96 96 ---- -- -Ashland Div 1st 1925 g 6 ------ -------- ------ 104 10
---------------- -----------__ ----100 100
_ ___---- ---- ---- -6 ---------------------------- --- 104 104 --------_ 10334 10334 10178 10178 - --- ___ ....._
Mich Div 1st 1924 g
....._ -___ ---- ---Milw Sparta & N W 1st.... —4
78 781 ------------------------7558
767 76 76
771 -78 --------76 76
7318 75,
4
St L Peo &N W 1st 1948-. 5 -------- 93 96 - --------93 98 9534 9534 94 94
93 94 - ------------ ----9358 9334 -- -- :
-:
C R I & P Ry—Gen 1988 g---4 '7612 -79- '7'7
7712 '7'712 7 12 75% 7714 753 7614 7514 767 73 7512 70 74
71
7414 73 7612 7112 -i37-8 139 -7-64
Registered
7658 7658
Refunding 1934 gold
4 7412 7612 737 7512 7012 737 70 7314 7234 75
- ,-4 -di14,
ii
.
) -7
-is -7-2- 66 -7-0- 67
- 12 -6-9-12 (-36
.
7;7-2 69
- 12 -6-7-58 64
-i4, -7178 65
R I Ark & Louis Ist 1934_4P, 70 72
70 7118 69 71
67 691 68 71
62 66
70 7034 6478 69
61
6418 6214 63
62 65 60 63
Burl C R & Nor 1934 g
96
947 947 96 96
5 913
95 95 - ---------9458 9412 9412 9458 90 95
90 90 __ ___--- ---- ---- ---- 971 9714
Cedar RI F & NW gu 1921.6
Choctaw Ok &G cons 1952_5 ___ _ _ ___
___ _
__
_
___
8
-6 -86 — _ __ .. - - - 05
Keokuk & Des Moines Ist_5 65 6-5 65 -7-0 69
- -7-038 63; 69- 68 -7012 67 67- 6313
6978 69
- 114 69-18 6
-5StPaul & K C Sh L lst....4:.: 6912 71
69 70 6818 70 6612 69
69 7078 6912 7012 69 69 65 6832 6512 6812 66 67 67 67 63 66
Chic St I' Minn & Omaha-- _6 ___ ___ 10(314 10'7 105 106 10514 107 11)6%107 107 108 10
10
10518 106 10
1051 105 107 104%106 10418 105
Cons 1930 6s reduced to 3 ',..
__ __ _______ ___- __
__ 85 85 ------------------------_ _
_
- -823 8314 8312 8312 - : =Debenture 1930
91
91 ---92 92
__ ----9013 9113 87% 87,2 8-7-12 -1,112
5 97 -67 ----------------91 -9-2-18 9312 -9-5 93 93
St Pistil & Sioux City 1st g6 997 100 100 100
AChic T II & So'east 1st 1960_5 ------- -60 60 ----------------58
____ --_ __—_ _ _ __-- -_
-- -5-8- 87.1-2 -6-7-12 __ _
- ---Chic & West Indiana-1932.-6 102121-0212 --------103 10418 103 10312 101 104 103%10114 103
- 121-03-3-4 --------103121-0-3-12 16238 1-02-38 --------10238-- -- 10238
4
34 65
Consol 50-year 1952
3 65
623
62
3 65
2 62
62
1
6112 63 60 63 577 6012 52 59
----- ----_ ------- -------- 80_
CinII&D-Dayton&M1931.4% -----80
_
__
_ ---- ---- ----------------Clev Cin Chic & St L-1993-4 69 -7-212 67% 69' 6712 68 68 68% 67% 7012 76
66 63 66
65 18-78 6514 6838 60 65
4P.", '7812 80 '71334 '7918 '76 7878 '7814 7834 '78 80% 8018 8218 8012 8412 79 80
20-year deben 1931
7718 7834 771 8012 7758 795 75 7814
8
5
1 8
General 1993 series B
3 833 8212 831 ----- ----82 82 --------____ -___ __ ____ __ _...._ '
--Cairo Division 1st 1939 g 4
6912 6912
783 783 80 81 -----------_ 76 76 - ---- ----7114 72
___ -------_
Cin Wab & Mich Div 1st'91_4 ---------6734 -673-4 ------------- ---- ----- ----70 70 ------------------------6618 6% ----- 2
..:74
_
_
__
St Lou is Div 1st 1990 g_ --4
73
74
_
_
_
_
73
7614 7614 73 734 73 73 6712 70
-78 -6-1
/618 76 76
73 73 6734 -6-9- 66
Spring & Col Div 1st 1940 4 741 74s
Cin Ind St I. 8c C 1920
6
___ __ _____ 824 -8214 84 84 ____ ____ ---- -1st 1936 g
48312
8312
4
___. ___ ___ ____ ____ ____ __
Registered
3 ()ntion isle.
-7-0-7. aa
-id% __ _ __ 0i 0i
-U. iiii4 Ii14 iiii.8 iii8 iii) -90
i678 7678
-0-9 0812 -70 --------6987
-72-18aa% -di%66.4
7618
[VOL. 110.
THE CHRONICLE
226
1919 -Continued.
"
July
August September
October Novembe • December
Map
June
March
April
January February
Low
Low
High
High
Low
High
High
Low
Low
Low
High
High Low High Low High
Low High Low High Low High Low High
'
C. C. C.& St. L.—(Concluded)
_ __ __ __ ____
__ _ _
____ ____ ___
9312 9312 _ _ .. _ ___
Cin San & Cleve 1928 g____5 ---------------- 9372 937s 93 93
-312 1-0312 1-03% 1-0-312 10
- 1-0-4- --------10214 1-0-2-14 -- _ -4
CCC&I gen cons 1934 g__6 --------107 107 ------ 10312 10312 10358 104 10
-- - ,. ---_
_
_ ____ __ ._ - --- -- _
7634 76-3-4 __-.
Ind Bloom & W 1st prof'40_4 _ __ . _
-7
-32 -5738 5118 -5112 51 -if ii a 50 52 51 -5-2-14
- -5-6
-6
Peoria & East Ist cons 1940-4 5
iec -5-13- 61 -52-1 be., -8-5-13 5b12 -6-0-7g 60 60-58 5
25 2612 26 2733 25 2712 2313 25
27 30
28 31
15
18 2434
4 12
_ 14
1334 30
12
12 1212 ----- ---Incomes 1990
_ - - ---- ---- ---- ---- ---- ---- ---- -14 _ _ — - 14
Trust Co certificates— __--- ---_ __
87 83 8612 84 84 86 8614 ---------7
-58 -8-6-52 8
-6
_ --- -83 83
86 -86. 86 86% 8
Cleve Short L—lst 1961 gu_4M ----------------87 89
4 88 8914 8734 8812 87 88 87 8832 87 8714 86 8634 8512 8612 83 85 8314 8472 8412 8612 82 8432 82 8614
Colo & South-1st 1929 g
43.6 7714 79% 7714 7834 7734 70
4 7812 7814 80 • 7952 80% 80 80% 78 8014 7'712 '7952 '7914 8112 75 80 72 7312
Refund &exten 1935
,
77
- --7213 7213
dJ
Registered
- 34 -6612 6/-334 -683-4 6834 .6(.1-12 -- _ ... _ _ _ 97 97
-8
-38 -9-9-3s 9
-9
- -69-3-4 983
-- 4 -9-9-38 69
- -9-9-3s 9
-6 -9-i --------9934
Ft Worth & Den City 1st_ 6 663-4 9-9-34 9
5
Cuba RR-1st 1952 g
Delaware Lack & Western—
7252 73
70 723 70 7212 7232 7212 7152 7152 70 7112
Morr &EssexRet 2000gu_3A ------------------------73 73 _-__ -- 72% 73
- 10014 10014 10C132 10012 10014 100 9934 100,
10078 10078 -___ __ 10078 10072 ---------------N Y Lack & West 1st 192E-6
4
_
_
1
3 -i73 ----------------9814 981 .- -- ---- - 3 171
Construction 1923
1 1-01.5
-------- -9-4-1 ---------------- --------9313
_
___ _ ---9213 922 93% 9312 95 05 - --------9338
4 ----- -------Terminal & impt 1923
Delaware & Hudson97 97 97 97 97 97 97 97 --------0634 97
96 9612 9632 9633 9638 9634 97 97 97 97
1st lien equip 1922
44 96 96
4 85 85% 8334 8518 8333 8412 837s 8412 84 8514 8312 8412 8414 8414 81 83
7813 -8112 81
8412 808314 78 8012
1st refunding 1943
9212 94
93 91
9313 95
9C112 9113 8634 91
Convertible 1935
5 95 9534 9312 .9412 92 9434 9058 9134 92 94
8478 8678 7813 8512
7g 907
Registered
500
__ 7,-112 7
- -7-9-12 75
5
163 71 12 if.11.8 12
-4 -7-i -- -- -- -- ---- --Alb & Susq cony 1946 g-3)i '7558 7552 784 12 it7.4 16 7334 74
BONDS
Denver & Rio Grande4 6972 73 '04 721 68 7014 6612 99 6834 7514 70 71
68 7012 65 68
1st consol 1936 gold
434 7312 76 -------- 73_
Consol gold 1936
74
72 727 7234 7612 76 76 --------69 70
7913
7918
gold____5
80 - - . - — - - --,- - Improvement 1928
--------79 79 -------- 7645 4812 4732 5614 5
5 4972 5714 50 521 48 51
- 12 5-9- 5
6-0-12 575s -60-6
-3
1st & refunding 1955
48 49
51
4712 49 - --------48 48
Trust Co certifs of depos_ 51
-112 -66
Rio Gr West 1st 1939 g
4 70 7234 70 7112 69 70 631 988 68 73 '7212 /612 ii 13- 6
53 53
57 60 .
56 56
5712 60
.4 Mtge & colt tr A 1949 g 4 57 57 57 57
5612 59
77 77
- 13 -8-1- 8038 81
8114 --------80 8138 60
Detroit Term Tuna 1961.---4A 8378 84 4 8134 8234 81
9258 9252 9312 95
91
9334 9334 91
9318 94
Dub & Iron Range—lst 1937_5 9412 9412 9414 9414
5
-83 83
83 83
Duluth S S & At1-1937
---------9313
----If
6
9
_
_
-1941_5
----------91
East—Ist
&
Elgin Joliet
--------------------,10038 1001101 9934 107 9934 1001 9934 1001
Erie-1st consol 1920 gold- -7 90
3 160 1
100' 9814 9314
NY &Erie3rd extd 1923 -4
- 9138_
-1i ---- ----_ --------_ ---- -----_ -------- -------_ ---------- ---9152
--
6412
69
- 57
034
53
7678
9132
6632
'71
- -5-9
6452
69
75'8
5612
6612
71
75'2
60
62
6913
7338
5634
6414
6912
75
57
62
65
70
4312
68
6912
7212
4972
85 -6-6
-6-5
' iii iitif8 627 85-18
5614 5114 5812 5234 53 47 4772
1 8 1 75,
2 75% 72
7712
0%
9312 -------3934 8914 ---------
8618 Wi
99 100
9122 92
1)012 11014 Km 100. 6i1-4 0834
91% 9152 -- ____ _-_- ____
1 971
031-2 -di.%
..
NYLE&W fund 1920 g.._7
61
64 61 -6-2-12 58 0312 5172 5-9-7-2 51 -5-612
1st cons prior lien 1996g_.4 67 7-612 66 6712 66.12 Wi 65 06-52 66 16 6512 -6313 6.1 '66
4
5112
50
5272
5612
g
1996
5412
53
5212
53
s 39 4412
5212
gen
53,2 43% 51% 48 5012 43 48,
5712
cons
55
57
54
1st
5212 5434
82 82 82 82
82 83 82 82 .
82 82 80 82 80 82
Pennsylvania coil tr 1951g-4 78 78
775s 7734
1
43
43
4712
,
.
4134
4
41
17
4512
463
12
.
52
40
48%
46
4412
5112
3334 40
50-yr cony Set A 1953 g
47
2
4412
4 47 49
ii
47 48
46
43 4612 43 4552 41
46 52 4712 5114 4612 49
4 4678 487 47 48
50 yr cony Ser B 1953g
4514 38 4134 33 40
46 4773 46 47
457
3514 4112
46
52
33
49
4812
4712
50
55
51%
5012
D
Series
4
45
1953
50
45
49
493
4812
4812
5252
cony
4
48
50
Gen
51
90 90 9312 9238 0334 91 --------84 87 87 0012 85 86
81 82
Chic &Erie 1st 1982 g
5 94 9512 94 94
9612 9612 93 93
Erie &Jersey 1st 8 f 1955-6 101 101
98 100
991 100
0412 9614
9612 0734 98 98% 101 101
99 991 951 963 96 96
---- 96 96
Genessee Riv 1st s t 1957_ _6 '7 101
7 957 96 971, 961 973 98 98 ---- --------- ----- ---96 97 94 -97 08 ii
-Long Dock convs 1935 g...._6 -----------108 108 - ---- ----_ -------- -------- 107 107 1112 100 10312 10312.._ ---_
__ .__ ---1
1
1
-------- -71
1 691
N Y Susq & W 1st ref g......5
I "
'
'
fli -6-5 ___ ---'
_ ____ ____ ____ ____ _
_
_
_...
_-Midland of Ni 1st ext 1940_5 ----------------------72
_
-----------72
----------------------Wilkes & East 1st gu g
5 '72
. --4- ---------0012 Yo12 60 00 ---------5514
(4
-6614 S8 -56% 55 55,
4 54
-78 -5-5-1s
_
5 965 9514 9514
---------95
6 ' -7-2--------Evansv & Terre H-1921 g
lst general 1942 g
-----------------------------------------7014 70,4 -----------------6814 -di% 88 -di
Florida East Coast 1st
77 7912
433 84 -80 80 SI 86 -8-i ii -8-2-38 iiTs -83-18 83 8312 8038 8212 801 301 --------8034 --1
7
---56
--_- ---Ft Worth & Rio G—Ist 1928 g 4 ____ ____ ____ ___ ____ ____ __ ____ ____ ____ _ _ __ ___ 6012 60,2 ----- ------------ _____ ___ ---- --76
76 56
if-os 7838
._
_.
Gal Haus & Hend—lst 1938_5
Gr North—C 11 & Q coil tr---4 0532 9i538 9538 -id 95i2 lid 6538 -6134 653s Id 6534 -id% 653.i 91'78 0438 Vi 9438 Vic 9538' 1578 937 9514 9312 9512
4
Registered
8 95% 9538 9512 957s 95's 9512 9538 94 9512 9412 9512 95 9512 9112 0154. _
9512 958 9512 9538 95,
-14 -8-4-0
1st & refund Ser A 1961-4% 8514 89 8532 8618 857s 8612 85 8614 8513 87 86 87 85 8614 83 85 821 8 3 8534 87 82 83 8
4 _
_
---- - 8614 8034 ---- - - _ _ - - _ 88 88 8812 8812 -------------------____ ____ ____ ___
St P Minn & Man 1933
__
6
10532 106 105 1-05-% 105
1st cons 1933 g
-14 1-06
1
0812 1-6812 ------------------------105 1 ,2
434 0,4 95 -------- ---------93 93 93 951s 9378 9378 9314 9314 93 0314 01 9112 9214 9258 92 92% 0014 92
Reduced to
4
g
Mont ext 1937
7 8S7 -1 -1 --------8513 851 ----------------84 84 84 84 84 8512 84% 85 83 86
--------------------------------------------------------Registered
. iiii .-6-6_
_
_
_
_
Minneap Union 1st 1922_6
1-0114 1134 10612 104 1-041; --------10484
_
. 10i
-3
_ _
Mont Cent 1st gu 1937 g----6 -----------------------_ _ .. 10812 1-66-1 1.6738 1-67-3 iii38 fo-8.jai
--------98
guar
37 g--5 961y "icily --------9853 -9313 98
4.
Mont Cent—Ist
98149834 ---- ---- ---- ---- 9352 9412 9518 95,
_ _I___
- 523/4 5211s 5212 5213
6-8- ii 12 -------- -55 li - - - "
_ _
51 12- -------------------------66
Green Bay& W—deb ctfs -A--013 -1-01278 1578 914 101
78 10
Debenture etts B
____ ___ _
9
938 958 8
'712 ----------638
712 -818 '7
-712 712 -1-4-58 1278 15
7
.
.
--------73
_
_
7412
____
75
__
IsId—lst
1952..--5
7312
75
_ —_80 8212 -- - - - ---Gulf & Ship
73__—
79 83
Hocking Vail—lst cons fl--4A '
76 -79-12 '78 1614 77 -7-9
72 77
7314 10 7-718 76.13 77 78
71
7112 75
0914 72
72
6832 7152
4
Col & Toi 1st ext 1955
7614 764
_
_
_
Hous Belt 8c Terml—lst 1937_5
-882 -ii
--- - --Illinois Central-1st 1951 g..4 ___ ____ 8'-7 -88 88 Si ----------------_
- 8514
. icily -------------------__ ---------83 83 _ .
..
1st 1951 glid
334
Extended 1st 1951 g
333
4 ;ii -7-9- ii -7-i -------------------- ----2 17-12 iii2 -7-8"
.
__ 171
'ilia "7-3-12
iiit4 yii. 7112 74
i ig
1713 -ii12 ii;
Collateral trust 1952 g
4 8212 84
1st refunding 1955
1 831
78T2 80 798 82
-i1-1 7
/7
815 79 80
76
79 82 79 81
7838 7378 '76 70
7112 7212 75 75 ---- -- 7i7 72
Purchased lines 1952----3)i 72 72 - ------ -----... _
71
71 _ _
69 69
_ __ _ -_. __ _
- 4 75 7758 7a1, v61
. i41.3 -74-7-8 73 74
LNO&T 1953 g
75 7612 7 a4 /67-2 '7358 75 99 72% 8014 -7-3-12 7012 -74% 09
- 12 /07-8 07% 7134
Registered
-06 516
4711871'8
:1
.
- 8913 -6
-.
. 55 -66-.1, 51 w5,
-97-1 9134 99la oiT, -64
15-year temp 1934 secured 55i ---------------- ---- ---- ---- --------------9684 Cairo Bridge 1950 g
79 '7812 7812 73'2 7812
79 79 '79
4 ------------------------------------------------------79 79
------------------------ 61
-------------------------------Litchfield Div 1stg0
00
0
____ ____ ____ __ ____ __ 6738 67-38 --------66
jig I-4 -81 iii2
Louisville Div 8cTerm1'533A ---------------- ------------------------' 66
2 6718 6-i18 61 05
573g 671g
St L Div & Tcra,I 1951 g.333
5
-731663
West Lines 1st 1951 g
ChicStL&NO1951 g
Registered
Joint 1st rei A 1963
Memphis Div 1st g
5 57118 iill 6:74;4 9838 — - ---- 6iii4 9066
595l 95I
5 9112 95
0012 9034 - — ---- 87712 1(112 66
4
-66i -------- -07
-61
iii
iii.
is 0312 oi
______
66 "tiii12 iii
s ii58 66
'
-iii
66
-8-6.52 88
Vi
-Si% :45 83
71. 77
81
73
837338
Ind Ills & Ia—tat 1950 g-...4 82 82
8014 1614 ---------------- -----------------813—
01-32 ----------------7013
. -81-12 ._ _ 75% /61:
-1
93 935/4 -9352 0512 0612 96 99
Internat & Gt Nor—lst'1941-6
5 951
99
93 -93 . _ .. -9414 9452 941 9412 95 95
-- -----James F & Cleart—ist 1959_4 ---- _.- -82 -8-2 - ----_
.
8034 8014 8112 8112 81 81
8014 8012 ------------------------------ - -3 6212 -6212 84 6433 80 6112 60 60% 60 61
6018 6078 6013 6012 5018 5912 5278 5618 57 6018 5614
st Si
57
Kansas C Sou—ist 1950 g
Refund & Improv't 1950-5 8414 85 84 8534 83 8412 8138 8538 85 8812 85,2 87,
77 8018 7378 7.438 71 13 737s
4 8172 8512 777s 8252 757 78
7713 80
76 78
77 79
7712 81
7812 8012 75 79 '31 751 7312 75
Kansas City Term—Ist 1960-4 7672 81
74 77
7312 758 70 79
83
1 88
1
Lake Erie & W-1st 1937 a....5
---- 8213 8312 8713 90
3 893 --------89 00
81 85 85 ---__
8318 8318 ____ ...-------------_
___
—
8573 8572 65 65
Nor Ohio 1st gu 1945 g
5 --------------------------Lehigh Val(N Y)—Ist gu__Vi 92 02 89 8918 89 89 89 89
9014 93, ___- -- -- 8312 9014 80 8714 6612 16-14 8614 -8.31 t Wi 14 83 -83
Registered
4'1378 7.3
Lehigh Val (Pa)-2003 g___-4 8012 8012 8
-0i.2 8-012 8
- -8-0-12 ;
.0
- 12 -8-613 fi6 -8-6 i:vs -7)-78 7
75
7i:
is -7-,,i ii. ;
71 -7112 r-7038 -71-12 66 7013
i2-12 71
72
General Consol 2033_4 --------90 90 8518 8512 85 85
87 87 85,1 8912 86 8612 8034 8034 8014 8014 8013 813s 78 81
7712 8158
_ _ ____
_ _ _ _
818 10213 9978 10014 _
Lehigh Val Term—lit gu g__
9/11 100 _ _ — — . __ 9.3 .93 99 99 --------9713 9714
Lehigh Val RR—coll tr 1928-:
0
102 0
-112 1-0-3 10134 1-02-'18 1
- 0-134 1-0-21
3 10158 101,8 16138 102 10
- i1 1-0-21 101 102 101 10178 100 1C113 9978 10012
Lehigh Val Coal-1st gu g__ _5 -------------- -9634 9678 9818 9812 --- --- 100 100 100 100 ----- ---- 100 100 ___
_ ___ 101 101
Long Island-1st cons 1931 0.' ___ ____ ___ ____ 9634 967.3 9812 0812.— ---- .--- -- 95 95 ---------9213
.
03
4
1st consol 1931 g
.86
.4 79 80 ------------------------7814 79
- 74 -71 ;.
General 1938 gold
-'
24
'
---------------i64 -7
9 '7
713 -7-2-12 75 15
Ferry 1922 gold
-92 92
4
Unified 1949 gold
'51 -- -- 7-4i-i4 -7112 ------------------------66 "7-6 69 63 8014 iii.i.., 6i,,, iiii4
4 81
- -8-4 .--- ---- 81 81 —
Debenture 1934 gold
81 -------- ----- ---- 76
-- ---- ---- --_ ____ _. ..... __ --- ---- ---5 77 7712 75 75
7612 7612 _- 20-yr deben 1937
.. 7434 75
7532 76
4 72 72
,
73 74
73 73
7432 7412 7214 7212 037 7214
- 17-5
7(1 '76
Guar refund 1949 gold.. _4 78 76% 7612 7612 76% '7612 75
7552 77 --------- 74 75 67 67
6714 7014 65% 66
74 74
NYBklyn&M0cons19355 91 04
02 02
--------
----
--------------------------------------------
No Shore Bch guar 1932...5 ____ __ ____ -_-- 01
87
Louis & Arkan—lst 1927......5 ____ ____ __
if 903s 901s - -- 661s -i618 -.
8538 881
8814 88 87
82 -82 87
;.--- --- - -• Option sal a
83-12 8212 07
13112 142
_ — — - --__----- ------ ----
227
THE CHRONICLE
JAN. 17 19201
1919-Continued,
BONDS
November December
October
August September
Jab
June
May
April
March
January February
High Low High Low High Low High Low High Low High Low High
Low IliOh Low High Low High Low High Low High Low
.
Louisville & Nashville—
---9912
6
108 108 ---------------------------------------------14 a!) -99Gen 1930 gold
-11 V9.
97 97 6i38 1-00 9
14
-------97
4
--------,
97
5 10012 10012
Gold 1937
82 84 83 8512 8138 85 8014 8312
iii2
83
Silt
4 8412 8812 8434 8512 8312 8514 83% 8512 85 -8812 8412 8114 8414
Unified gold 1940
8112
3
4811
Registered
- -9-7- --------92 -9-2
1 13712 97-12 ------------------------97
Collateral trust 1931 gold 5 100 100 ____ _ _ ---- ---- ii7i iii1 ii1 -ii 9313 9434 9415 9418 ------------------------92 92
-----------_ 931s 93-41 ---------Lou Gin & Lex 1931 g___4% _ _
6 1051210512
N 0& Mob 1st 1930 g
____ _ .
_ _
_ ____ ____ ____
_
2d1930g6100
_ ____ ____
_ ____ ____
....
__
____ ____
4 7912 7912
Paducah & M Div 1946
-it 1-00- 9934 9934 99 -00-12
_ _ 9912 -9-9-12 69
_
_
114
_
_
_
_
1
111
--------10
-14
i
)
111
ii
60
1
.
'
_
0
_
10414
-------- --------10
6 10014
5112 51 5278
St Louis Div 1st 1921
51
5418 55 - --------5114 5134 5134 53
3,
- ii li --------5518 5514
2d gold 1980
7212 7212 75 80 7212 7412 7114 76
7
--------761 761
-7
79 '
'
7
1 71
1 7 1
513
9512
Atlanta Knoxv & Cin Div -4
---------9
--------9513
-951
-------_
---_
----------- --- ---- --- ---- ----------------- 10113 10 1 ---- ---- -, - _:- - ---10ii2 10112 -----------75
--------Henderson fidge 1st sf...-6
- -7575
75
.
77
73
7
'7'7
--------7
01 --------75 78ii 7512 7-6-58
Kentucky Central 1987 a-4 -1 8_ 95 95 --------91 92 8714 8714 8458 88
— _ 94 951 94 951 9212 95 941 941
-----8213 83
--------Lexington & East au 1965_5 -----------------------53
6
8
---- --------8613
__
8712 ---L &N &MobScblont 1945.4% ------------ ---- -------- 8513.:_
6612 64 6534 60 6512
1 711 '1 '3 72 73 6738 711 62 64% 6514
'3
21 '
1 721 ' 1
71
2
L 8c N—Sou-Monon J0111t--4 '
---___ -----95 95 --------_ 9412 9412 ---- ---- ---- ---- -,,,
--------- -----___
------_
___
_
------___
----_
5
gu
1st
Shelf
&
7- 98'4 -9814
Nashv F
- - .„.
_ .7 7
____ ____ _ _
1 101-3 ----------------------------------------1011310113
014
9
--Pensacola & Atl 1st gu_. 6
0
0
1
9
14
614
96
-1
4
6
9
------961
_ _ 61 9611 -------_
—
5 ---------------9613 9632 —
So & No Ala gu 1936
_ 9212 9212 88 88 ----- ----_ --------8514 891s - - -- ---_ -- ---- ---------___ __
-------93 93 9272 9272
____ ____ _______
5 --------Gen cons 1963 gu
70 70
ii 19
____ ____ ____ ____ ___
Manitoba S %V Col-1934 g .5
__ _
101 101
Minneapolis & W L-1st g_7 _ _,
971
--------------------------------------------6
7412 75
Pacif ext 1st 1921 g
2
76 7612 76 76
755
2
777
4
773
2
773
76
7772 80
_ 7814 7814 76 7612 7514 78
5_
38 4114 3534 40
1st cons 1934 g
44
464 477 44 4634 4314 4534 41
4212 48 46 49
4 44 4712 4412 -4-6-52 4412 4514 4112 44
_ _ -_-_ ____
_
__
____
1st & ref 1949 gold
____
4
44
--------4
49
4612 4612 4612
44
5
- - -_ ---- ---- ---- -___ 44
-- -45- -- 1st & ref 1962 Ser A
_ ____ ____ 45
__ __ _
_ __ _
___ ____
_ __ _
_
__
Des M & Ft Dodge 1st gu4
-12 -7-6-1s --------7218 7278 66. -6-9
7612 -8-6 78 -7912 7714 -7-9-12 7133s -7-638 75
613
12
W
------------7
---39
35
1938
43
1st
17
33
ii
Cent
5
Iowa
4334 45
4614 47 43 4412 43 45
4212 47 46 48
4418 -4-61g 42 45 42 44
4 43 44
8512 8318 8338 80 82
Ref 1951 gold
835 841 811 8212 823
8338 8434 8418 66 84 8512 844 8514 --------------9314 9314
M St P & S SM--Cons'380-4 86 89 86 8713 84 84
_ -------------------4
963
4
-----963
------------------------5
9'734 9734
____
____
1st cons 1938
____
____
____
____
____
____
____
____ ____ ____ ____ -___
____
-______
4
4
1
1941
9213 ------sf
4
Terml
------921
Chic
9213
92
1st
------92 9214 93523 9358 -----------------M S S M & Atl 1st 1926 g__A 9412 9412 -----------------6412 58 60
61
66
6334
Missouri Kansas & Texas6312 6512 6334 65
6512 66
62 6412 64 6734 65 67
4 41 69 65 6512 6334
3412 3612 3252 3512 29 313g
1st 1990 gold
3512 3612 3432 36
34 38
3014 3712 3412 36
3013 3112 29 34
24 2813
4 ---- ----297k 31
35
281,
36
34
2d 1990 gold
341
3412
34 3612 3518 36
3312 36
36
31
----2012 2218
30 31 ---- ----30 30 2812 30
Trust co receipts
20 29 2014 25 --------_ ------------30 30 30 30
29
------28
--------5
----------g
_
1944
_
_
30
extension
1st
----30
_ ____ ---- 2812 2812 ------------------------------------ -4-0
___ -___ _ __
- 14 -4-3-12 36
-0
4
Trust co receipts
4012 423 42 44
4312 45
44 46
4532 48 43 45
-423 _ _ _ _ _ _ _ _ 43 47
- ---- ----42
4
35
3712
4214
2
_
1st & refunding 2004
--------4
4234 4612 44 4412 -------41 43
41
- ----------------41
2912 30 24 2912
291 30
Trust co receipts
30 30
32 32
2934 3212 --------29 34
--__ -2978 2978 30 31
__
24 29
General sink fund 1936_4% ---- --------- ----30 30
30 30 -----------2978 30
3114 31
31
30
30
27
Trust co receipts
25
---------- -6212
213
4 ------------ ----------------------------------6
3
5
a
5
.3
5St Louis Div 1st ref
53 53 --------------------------------53
_
__ -----------4 -------- ---Kan C & Pac 1st 1990 g
------____
____
69
----69
- ------------------------------------- -7-0
Mo K & Okla 1st gu 1942_5 7112 7112 ----------------70
____ ____ ____ _-__ ___- ____ ---- -70 -70
------Trust co receipts
5512 5712 ---- ---- 5512 55 57
M K& Tot Texas 1st gu g_5 ---------51 if 503*
50 50
2 -9-6
isi iiii iii Iii
_
6638
ii --------52 Is 5512
757s 79
8313 80 80
Missouri Pacific (new co)8358 8353 81
— 8334 87 85 8778 87 8712 857g 87 85 85 91 9112 9218 9212 91
_ __
_
5 8738 8778
9112 90 9134
1st & ref 1965 Ser A
0114 93 9114 9158 9138 94 9338 9412 907p 917.3 9112 9112 8478 88 8712 92 86 8612 86 8714
---- -03948
5 9134 933* _-ist & ref 1923 See 13
89
87
9012
8812
92
91
92
8934
5 8978 92 8913 9012 8818 8978 8834 8912
1st & ref 1926 Ser C
57 5934 55 5778 54 5834
597a 6173 57 5978 5634 60
5758 62 61 6312 61 63
4 5912 6312 6038 6214 5812 62
General 1475
9912 9972 98 9912 9834 9912 9941 9914 9834 99 ---- ---9912 491 0914 100
991 993 991190 9912 991 9872 99
____ ____ ____ ---- ---____
..._
Missouri Pee-1st con 1920
_
_
__
_
- -- -68 ---_ ------------_ -------- --------_ 68_
80 81
4 ----- ---- ---Central Branch U P lst
-34 -8-034 ----------------81 81
8034 803-4 82 82 ____ __ 82 -8-2 80
82
4 81
.__ __-_ ---- --- Pac of'Ho 1st ext 1938 g
--80
89
5
2d extended 1938 g
St Louis Iron Mtn & So—
9134 9312 93 9612 89 9234 89 92
9418 9512 9412 9634 9512 0712 9214 95
94 95
7934 7372 7578 73 77
76
735* 78
Gen cons ry & 1 gr 1931'g5 9632 9612 95 9612 9518 9512 80 81
73 79
8212 79 81
80 8112 81
7813 8012
4 8012 8212 80 81
7034 75 6712 7112 66 7078
Unifying & ref 1929 g
71
6934
74
8
697
7418
74
4 7712 76 7712
753
4
753
7214
753
7414
s
75
75
77
7418
g___A
1933
Div
fly 8c Gulf
—
.. 92 92
101C4 162 --------100.4 10014
Verdigris Val I 8c W let_ 4
--------10214 10232 ----------------103 103 II 101 102-1 10014 10014
061 9612 9658 9658 -------Mobile & Ohlo—New 1927 g 6 1051410514 1035810332
_ 9812 981 --------_ 96 96
6
1st extension 1927 g
68 - ---------------------- ----6012 6012 -: 468 714 8714 8812 8812 8378 84 83 84 84 8414 78- -7-8General 1938 g
91 - --------8
5 ------------------------8613 8658 91
------Montgomery Div 1947 g
--------_
- _ _
5 ____ ___. ____ ____ 8672 8672 87 87 - - 12 -75-12 ---- - - --5
- -7-8-14 7
- 76
St Louis Division 1927
-32 -7-4-72
- 12 -8-0-12 _ _ _ _ ._ _ _ 73
-0
4 8
-12 -8-03-0
-12 -8-1-12 8
-0
4 ------------------------8018 8018 8
St L & Cairo gu 1931 g
-9612 - 9614
99
---9
---Nash Chatt & St L—
--------9
9834 9834 99 99 99 9912 991a 9912
- -2-5
-5
_ 2
_ _
5 100 100 100 100 100 100
_ _ _
ist cons 1928 gold
_ _ _
_ _ _
_ _
_ _ _ ____
. _
644
8
627
9
6
ig
3
6
0
7
(36
Nati Rysof Mex—prior 1'57_4% ----------------50 50 6715 -6-7-34 6
5
6
-3
- -6-5-14 6
-3
-14 6
-34 -68
-6
- 12 -68-12 67 -6-7-7-2 6
-7
95 9534
4 67 67 6652 67 674 6834 -94 9512 3514 9934 95 96
New Orleans Term1—lst
9612 9634 94 96
95 9512 95 97
N 0 Texas & Mexico-1st A_A 9612 9712 96 9614 95 3614 94 95
5434 57 52 5434 50 53
5514 59
55 59
60
57
6212
55
56
51
5312
50
55
54
8
565
9414 8978 9214
9618 91
94
Non-cum income A 1935_ A 541s 5812 54
9618
95
98
9578
9914
0712
991810012
97 9734 9712100
99
9218 9218 - - -- __ _ _
N Y Central RR—Deb 1935...A 9778 9934 9818 9934 97
6818 72.
73 6812 71
Registered
7414 7558 7318 7318 6012 7418 6812 70 70
77
7412 7614 76
7312 76
4 7612 7612 74 75
Consol 1998 series A
- r_ - 68 68
ii 7i18 -7£1Fli
7832 8252 .7
Registered
843s 81 88 8312 8512 80 82 78 7852 7712 7912
75 75
Ref & Impt see A 2013----4% 82 8412 84 8512 82 84 82
4%
Registered
12 6858
'
66
701
671
72
70
7014
N Y Cent & Hudson River—
OS
4
7134 7012 7114 6912 703
70 7178 7012 7212 71
73
7234 T112 7212 71
__ 6613 6612
334 71
Gold Mortgage 1997
_ 6778 6938 6812 71 -------_
7012 7012 683* 6852
71
71
82
7612
14
3%
8081
Registered
84
81
8112
78
--788112
84 __84 85 8214 84 82 84 83 8412 83 8412 81
4 8234 86
Debenture 1934 gold
62 623 6312 65 60 6412 6914 6134
64 651 6214 64
651 6612 6714 6712 68
-Lake Shore coil g 1998__334 68 68 661 661 65 651 641 ---- 6212_ 6512 ----------------_ 59 63 60 60 - --------60 62 - _ ---- --------_ ----- -6-038
-0
334 67 67 ---Registered
6112 6212 6334 6214 6212 6
65 66 6618 ii7 6778 6613 6718 ---- ---- 63 6318 60%
_ -___ __ __
Mich Cent coil g 1998_ _3% 70 70 65 65 65
7518 7518
Beech Creek 1st gu 1936_A
-5-6
--- -----------------------80
12 9612 ---- ---Mohawk & Malone 1st gU--4 ------------------------------9814 9814 ----------------08
--------14
----------------97
0714
1928_5
N Y & Northern 1st
4
___ ______ ____ ____
_ _
N Y & Putnam 1993 g
-1-8 -9-9-18 _ _ __ _ _ _ _ _ _
.9
- 1918 6
99 - --------9913
Rome W &0gd 1st cons_ A 99 99 ----------------99
-% 67 67 _
Rutland 1st cons 1941_4
,Og 8c L Champ gu
4
_ _ 94Is 9412
_ _ _.._ . _ _ _ _
Rutland-Can 1st gu
iiii -i6- _ _
-32 -i5-38 957g -9-5-72
4 ____ _ _ ____ ____ 65
- -71- 68 7013
Utica & Black River gu
-14 -69-14 72 -72- 70
70 7134 139
7212
7134 -73 74- -74
7112 73
7012 7078
L S & MS gold 1997—__...3% 73 -73- ---------7218 7212
--848614
334
Registered;
8512 87 8612 8834 8612 8714 -_,89 8612 88 88 8934 8813 90 86 8834 8412 86
8512 82 84
8414
8612
Debenture 1928 gold___A 8812 90 8838 8912 8678
8412
847
2
83
2
857
824
8678
8614
4 88 89 8734 8838 86 8712 8614 8634 8634 8734 8638 88
8414 8414 ---- -- - _
25-year 1931 gold
4
8-2 82 82 -, .7 ---81 '
Registered
84 --------------------------------------------4
--------8
82
----- 7424 -74-14
82
4
---------1940
--------Central
Michigan
7418 741
- - _ ..—__ 7038 7012 - -- - - - -____
3% - -- _
7678 77 7312 7834
81
1st 1952 gold
8 -------- - 7
-14 -8-2-7-0
-- 8
-84
-238 -84- 84
- 8314 -83-14 83 -85 _ _ _ _ _ 8
-2 -82-7s
8018 7878 81
7912
81
79
20-year debenture 1929_ A 8
7812 80
8212 8338 80 81
-014 8-3 8012 83 8214 84
8
75 75 6478 69
NY Chic & St L 1st 1937 g_A 80 82 80 8012 8014 81
73 7314 74 75
7412 7534 7514 7618 73 76
7412 7458 7212 74
743,1
7238 7233 75 75
73
7312 71
4 71
71
7714
74
7418
25-year deben 1931
7078
7578 7934 70 76
75 7712 75 753g 7534 80 7834 80
6912 70
71
7278 7214 7214 71
West Shore 1st 2361 gu___A 8112 8112 78% 80
7838 7018 7018 71
7612
75 76
74 74
74
74
7834
76
75
75
4
-,-._--Registered
- - -.---- ---- -- - - - _ - _ 0912 9911 -_5 ____
-12 -8-1-12 7612 8-01 -8-2- 81
-14 -8-2N Y C Lines equip
412 8412._ _ _ _ _ — 80
7614--82 8
57-7612-- -8
-5
- -8-5-12 8
-5
-- --- 8
- 838634
-8-5-78
84
86
8512
85
--8414
1917_1953434
—lst
Connecting
N Y
--- -N Y New Haven & Hartford—
5014 5014 5012 51 -------------------------49 49
50 50
50 50
Non-cony deben 1947____334 ____ ___ 5012 5012 50 50 5018 501 50 51
-- -------------------------------50 5012 5012 5014 50504
50 --------------50
--------Non-cony deben 1954____3% --------6023 505 501 52
5518
5515
5612
55
4 54 54 53 53 - ---- ------------_ 53 5318
Non-cony deben 1947
- -4-9-12
.5
_4
5113 -5-2-12 i
- -i5- - -5-4- i2
Registered
-1 a.4
- 1's -55
i5
_ 541s 56
53 53 _ _ -- -- _ _ - - 56 56
4 5578 5678 54 56
1955
deben
5213 521 50 52 46 5112
Non-cony
5612 -------- 55 55
5412
12
4
4
5
---------5
53
5212
5514
52
56
47
7
4 58 5912 54
4978 50 - --------4
Non-cony deben 1956
5018 501? 501s 5012 50 50
50 5172 4912 5112 4914 5178 50 50
72 76 65 72
74 17
Convertible deben 1956_3% 5034 5034 52 52
83 78 8112 76 81
80
8312
81
8212
81
83
80
8
847
82
88
Convertible deben 1948____6 851s 88 84
6
Registered
JULIA
I (Infirm
c6
II
4.
228
THE CHRONICLE
[VOL. 110.
1919-Continued.
BONDS
January February
March
April
May
Juno
July
August September
October
November December
Low High Low High Low High Low High Low High Low High
Low High Low High Low High Low High how High Low High
N. Y., N. H. & H.—(Con.)
Consol Ry non-cony 1956_4
49 49 49 49
5013 5018 4912 4912 --------49 49---Harlem R & P Ches Ist____4
Central N E gu 1961
4 6212 6212 ---:-- ----- - - 6012 6012 --------60 60
58- 5918 60 6-059 59
NY Westches Sc Bos 1st__434 50 53
9014 1Z-1- -4414 54
60 533 471 50 46 481 -4
-4
- - -4-7- - 43 4612 -40- 137-8 33
Providence Securities 1957_4 40 40 40 40 - -------- ---_
_ ---_ 40 40 40 40 - ----- ------------_ --------40 40
W & Con East 1st 1943_434
38 38
—
N Y Ont & W—lst g 1992_4 69 70
74l 7413
1734 93 -6.714 3578 I718 3134 -(C612 92 15
General 1955
58 61
4
Nonf South-1st & ref 1961_5 68 6912 6712 6912 686632
60
1
6013601.t 6?3
78
4 -------49i 60
6-812 -66- -6-91-2
551'81
-6-8- - -6
- 6°314 6°
-5
-- -6-6-14
Norf & South 1st 1941
5
89 89 ------- --------88 88 87 87 --------81
Norfolk & West—Gen 1931_6 ---- -- 109
831s ----------------109 109 10921091 -------------------------------10178 10178 10513 1051s
New River 1st 1932 g
6
10712 10812 -------_ --------10612 10612
N & W Ry lst cons 1996
- - - -- 4 8112 8612 8334 85 83i8 8412 8118 -8434 81
8212 79 83
7912 82 78 8112 ii -i.i8
. 7812
Registered
4
Divisional 1st lien
4 82- 82
80
8014
81
7978
8034 8112 8018 81'2 7414 79'4 --------70 8112 '7838
Convertible 1932
4
84 8412
Convertible 1938
434
10-year cony 1929
6 10614 10818 107T4 1077 106.2 1-07
.
.1-2 10
0
-4
5
-12 11-0413 - - - - - - - - - - - - 10 106 t/ 104 7 g 134 107 2 194 .
1.1-00-?-33 - - - - - - - - 9814 03 2 15 1042 17 103 2 1052 1021 19
Pocahontas C & C joint_4 848 86 85 85 - --------8 12
07
14
2
333 843e 8314 8434 84 84
8318 8312 8314 8312 8273 8278 8234 84
Col Connecting & T joint_4
781, 7914
8158 82
Scioto Val & N E 1st guar4 81 81-76
918
ii
7
7
7
12
7912
7912
90
- -8-0- --------76 76 --------74 75
Northern Pacific—
74
76
Prior lien 1997 gold
4 8334 86
8318 86
8212 841 82 83 821 84
8078 831 7918 8138 761 793 76 7812 7714 8034 7512 781s 7634 8012
Registered
4
82 82 ------------- ------------_-7934 8078 ----- -----_ --------7
613 7814 7658 708 -------General lien 2047 gold
3 5934 6178 5918 6032 5812 5072 5818 5878 5812 6038
58% 6014 5734 59% 56 5'712 56 5734 56 59
Registered
54 5634 5278 5612
3
5714 5714
Refund & imp ser A 2047_4M 90- 90
55 5512 _ _
_
88 88 8512 -88- 8612 8914 88 -8312 ii -8-8 --------82
St Paul-Dul Div 1996
.5 -8-6-12 82 83
38 14.12 8
4
St P & Nor Pac gen gold6 102 102 la
'
IOC lai02- 10378
- --------101
---- 3810138
--------10
.
-. 018101
Registered certificates_ 6 ---- -10038 10038
St Paul & Dui 1st 1931
9912
5 9812 9812
1st concol 1968 g
917
4
------------------7623 -7-6-18
Nor Pacific Terminal—lst 6
10714 10714 1073-g 10738 _
- —: 10iC2 1-07-5-8 1073810738:
107381073807- :
-: — - 10612 10612 10712 1072 10612 10612 19912 1901-2 — - - :
Oregon Wash-1st 8c ref 1961_4
.1-2 798 773 78
7478 7712 :767712
-:--- 77 79
7612 771 7512 -7-6- 693 74
7014 7118 7118 7512 687g 72 6812 --Pacific Coast Co—tat gold5 88 88 85 8512 86
7214
86
85 85 85 85 -------_ --------_
--- ----8412 8412 ---- ---- ---- ---Pennsylvania RR-1st 1923_4
---- -- -Consol 1919 gold
5
Registered
5
9914 9914
Consol gold 1943
4
Consol 1948 gold
4 8612 88 877g 8812 8912 8912 891-2 16.3-4 86 -87
8572 8612 8614 18.14 8334 -86
82 -8-5 8412 88 84T4 -8-4-4 -------stamped $
4
Consol 1960
----- ------------ 83
4M 95 9614 9514 96
9412 957a 9312 9414 9312 9518 95 9558 95
96
9438 9618 92 94
91
General 1965
9314 911.1
--9212 - -4M 8712 8978 8712 8914 8534 8712 8418 8612 8614 8812
8612 88
8414 8634 8114 8434 81 8334 8158 86
-34 -9-2
Registered
81 8412 8
-8
434
95's7
91284
General 1968
5 9518 9734
1634 ii 1512 ii -9513 9478 16. 9458 -9-6- 9913 11-78 8034 12
.32
8012
Allegheny Val gen gu
4
...
__
Phil Bait 8c W 1943 g
4 8712 8712
Pitts Va & Chas 1st gu__..4 ---- -- ---__-_ __
--- -- - - ------8214 8214 __ _
- -.—
___
_
Pennsylv Co—gu 1st g
_
__ _
. 8218 821&
434 9738 9734 9712 08-12 0712 08-14 0712 91 -9-712 -98- 97 9838 971 98% 9712 9812 9734
- --9734 9734 -9-838
Registered
__9734 --98
4M
9612 7
96 --------98 8
98 ----- ------------96 96
Guar coil ctfs B 1941
958953 --------97
3M 78 78
Gu tr ctfs ser C 1942
334
Gu tr ctfs ser D 1944
33
- 77 77
15-25-yr guar gold 1931____4 8334 8-334
85 -8-5 85 -81 --------8.612 -8-6-12 8-61.-8-6-12 ----------------8434
Guar Series E 1952
. -8-5- 8214 8214 - - -.- -- -4 87 87 8514 8513
Cin Leb &Nolst cons gu'42.4
---Cleve & Mar 1st gu
---- ---Erie & Pitts gu 1940 ser B 334 ---- ---Erie &Pitts gu 1940 ser C.3 34 ------Gr Rap 8c Ind ext 1st_4M
87 87
Ohio Connecting gu 19434 ---Tol W V 8c 0 ser B 1933__4M
P C C & St L gu 1940A4 M
9412
9118 9134 ---Series B guar 1942__434 923
9234
4 9234
Series D gu 1945
4
Series E gu 1949
334
Series G guar 1957
4
Series I guar 1963
43,
Series J gu 1964
Chic St L & Pitts cons
5 102 102
101 101
Pere Marquette-1st A 1956__5 85 13812 -iiig
90 83- 88-1-2 -83- 85 84 -8-6C- -3478 -81 3314 15-12 823s 8-7
1st Series B 1956
4 70 7214 6814 6072 7,98 72
70 7012 70 71
7058 7118 70 71
687 70
66 66
68 69
67 6812 6534 7014
Philippine Ry—lst 1937
4 45 45
47 47
46 47
47 54
5212 54
55 55 ----- ----47 49
47 48
45 45
Reading—Gen 1997 gold__ 4 8512 8634 8414 1534 8312 85I4 -----------------------------821 835 ---788314 8414 83 84
81
835
80
82 81 83 8034 8434 8014 8212 i'8
Registered
4
8112 8112
Jersey Cent coll 1951 gold .4
---85 --------8214 8312 8312 8312 81 8312 81 8112 --------80 13
14 7912 -8112 78 10-58
St Jos & Grand Isid-1947
---- -- -_—__ 60 60 --------64 64 63 68
6314 6314 ___- ___ 5918 598 __—_-- 6018 6018 61 61
St Louis & San F (Reorg Co)—
Prior lien 1950 series A
4 6014 64
6114 63
5934 63
5818 6212 6214 64
6012 6378 5934 6112 57 60
57 59
5634 6014 53 5734 53 5812.
Prior lien 1950 series B
5 7658 79% 7634 7712 77 7712 7378 7534 7412 78
75 78
7318 75
70 7318 7013 72 6818 7212 67 6834 6614 70
Cum adjust 1955 series A 6 64 69 6338 6478 6412 6718 63 6818
67 71
6573 70 65 6712 6238 66 62 64
5912 62
56 61
Income 1960 series A
55 03
6 4012 4512 4034 437 411 44
42 4834 47,2 56
5012 5438 491 53 4614 4978 481,4 51
40 451 3938 4534 3012 4512
St L-San F Ry gen 1931 g
6
102 102 - ---_ ----103 106 - - - 10318 10318 ---_ ------------1013110131 -------- 10_
General 1931 gold
101
5
9612 9714 9
8 98
- 712 -9-8- 9612 971 961 i 9634 9578 0578 913g 9214 _
_
_
K C Ft S & M cons 1928 g_ _6 10212 10314 10112 103 102 102 102 10212
102 10258 --------_ 101 10112 9912 101 (CO 10914 99;4 1-61-12
KCFtS&MRyref 1936 g4 7413 7512 71
1-0
-0
-7.8 1-0-1- 100 101
74 6612 7078 6618 68 68
71
70
643k
7112
69
7114
6378
69
67
66 .1'
64 67 0078 0512
KC &MemRy&B 19295
9
70
0
3 9
70
2 8
(
8118 8
,78
11 8
69
69
114 8
714 go
4 6
6
09
21132 00
812 _
90
6
St Louis Southwest—lst g4 6378 77 -ii- -7-2-5-8 -937
.
8 -711-2 -a- 113-4 6
87
912 7829
2d inc bonds ctfs gold
6
- -1 - -6-3- - -90
-- -6134
4 5012 57 5812 5812 --------58 58 60 60 ----- -------- ---__ ---- ----- 63 63-Consol 1932 gold
4 57 6812 5918 60
9 6 34 59 60 60 64 6212 6518 61 621? 58 61
58 5912 5i12
di 9-018 4934 -5-512
1st terml & unify 1952
5 52 65 5838 60 59 5934 59 60
5918 6412 60 6358 61 63 59 61
59 60
59 61
5978 (13
5612 591g
San Ant & Aran P-1st gu g..4 5412 6814 65 67 6434 65 6412
6512 6418 68
6612 67
6458 67 6418 6412 6212 6412 6112 64
59 6114 56 68
Seaboard Air Line—
Gold 1950
4 72 72
_
701* 71 --------70 70
7018 72 -------- ---------66 60 ()6 66
62,4 6214 5978
1950 gold stamped
4 74 74
733
18 7114 72 7053 7238 6870 6668 64 66
6614 70 63 09. 88 6218
Adjustment 1949
5 4912 5314 4712 50 4818 4934 4712 4912 49 52 51
5212 50 52 44 49
44
4238 4778 34 4013
48
46
4818
Refunding 1959
4 58 60
57 59
5712 5834 57 5712 57 5918 5612 58
533 5578 1
531 502 52
48 5012 43 4712 36 41
Atl-Birming 1st 1933 g
4
74 74
79 80 76 76
7434 7612 77 77 - ----- --------_
--------7
_
1
7314
---Carolina Cent 1st cons
---- 64 64
4
70 76
Fla C & Penin extd 1923_6
10034 1-003-4
Cons 1943 g
5 90 90
1st 1 g extd 1930
5
Ga & Ala 1st cons 1945
5
-Ga Caro 8c Nor 1st guar _5
Seab & Roanoke 1st 1926 5 96 96
951 9512 --------9514
So Pac Ccr—Cen Pac coll'49 g_ 4 75 77
77 77 -5734 7514 7612 7512
-1
71-34 6778 -ii
Convertible 1929
4 8312 85% 831g 8414 8278 8334 8278 8434 8318 8734 84 -7178 ii -7-614
8778 8412 86 83 8438 82 8314 8138 8414 773i 8214 7712
Convertible 1934
8138
5 100 105 10118 10414 102 10412 10318 10834 10658 114 1051 115 105 10912
993
4
10712
10212
1053
4
1043
4
11112
993
8
1115
8 9834 10812
Registered
5
10814 10814 ----- ----1021., 10214 _
_ _ _
_ 10734 10734 - - - - - — Cent Pac 1st ref gu g
4 80 83
7958 8112 7814 7934 78 8018 79 81
79 8014 76 79
72
-14 -7112 73
-14 -7-8- 7578 7812 7:112 7-5-12 7112: -7-8.Mtge guar gold
35,4 853s 8538 8538 8534 83 8412 8278 83 84 8412 83 84
8238 8312 8214 8234 82 8234 8214 8312 81 8238 8114 8218
Through St L 1st gu
7512 7512 80 80 80 80 --------7812 80
78 78
75 70 --------73 7412 7012 7238 7014 7014
Mous E & W Tex 1933
5
1st guar stmpd 1933
5
Hous & Tex C int gu 1937 5 97 98
1834 _ _
_ iilg -9-714
9418
92
Gen int guar 1921 g
4
9318 -9318 94% 9458 9414 9414
------ -- __ ___ - 93 93 --- ___ 9118 94
9178 9178
Waco & N W 1930 g
6
9494
Austin & N W 1st gu 1941 5
---8734 8734
Morgan's La & Tex Ist_6 ____
Northern of Cal gu
5
Ore & Cal 1st 1927 gu
5 96 97 96 96
9812 9812 9712 9712 99 9918 9638 9918 9578 9012 9238 -01 - -93
-- -0-4- -9:1,-8 "i998
- i2 '9-4-4
2 -93
6.3
-3171 9112
- 9
So Pac of Cal 1st cons '37 5 -_-- -d
9759738
So Pac Coast gu 1937
4 93 93
9258 9258 9212 9238 -- - --- -- -- ---- -- San Fran Terml 1st 1950_4 7812 7834 -ii- -8-0
- ---.
4 -78- 7834 78 -- 777g 7778 7612 7834 77 77 --------72
78-34
12 -7178
- 72
71
Texas & NO cons 1943
5
85 85
Sou Pac RR 1st ref 1955
4 82 8312 81
8234 80 82 7912 8018 80 8114 80 82
7914 8012 7
7312
7434
3
4
7432
-7-1;
73
s Ontian sate.
go-1 42 44144
:4-6
_
ii6i2 -6-9-12 ii -6912 a. -id 612 6734 a:i -8-7-78 a-658
68 691 -6-6- -6-8-1 -65
- fiii12 iOi" iiii.
-8118 7- 712 8-6 7618 ;19-12
-81 7678 --7.6
8018 8012
i6 -0-2- ---: ---: ioo-58
- fo-o-5:1
fiii" 61 162- 17
06412170712
[-fl07l,"fii38 6-11,8 -6112 6622 9312 8012
-9.714
_
--------- -0349------------8713
ii. ii 51.38 -0-138 i113 02240158-------112 912 22 912
- - --
oir 011
88'8 84 -8-6-- --ii. -85.-2 -841,. -9-6. 8712
-81
8414
iii Vil.,,
-6-6
771
6012
-4 7018- 71127072
10012 110512 1001.,
aii -7-0,4
'Mil, ii
ii
iO -7-62 ii. -7-5- 6834
6.-7 9i7" ----------------94
------
Oi if _ _ ___ 37)
"76-12 714 -7-5-I2
76-12 ia -7,3-12 781,, -8-1-38
12-3-4
229
THE CHRONICLE
JAN. 17 1920.J
1919—Continued.
BONDS
1
November December
August September
October
June
July
January February
March
April
May
Low High Low Hilh Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
84 8734
9234 95,4 9312 9518 91 9312 8878 9178 8712 90 8712 90 85 88
Southern—Ist 1994 gold__5 0412 9658 04 9512 93 9434 9212 94
_
8412 8412
8512 8512
Registered
65 6612 6312 13.538 6218 64/
6512 69
60 6338 5912 6112
6712 69
1
4 627g 66
4 6638 6834 6612 6778 66 6712 66 68
Develop & gen Ser A
55
683
4
653
66
60
66
677s
61
61
4
64
66
6314
6412
64
66
68'8
675
8
6618
675
8
66
4
g
tr
coil
Ohio
Mobile &
9013 901s
9114 9114
9012 9012 9012 91
4%-5
Memphis Div 1st g
74
707
8
72
72
70
71
6938
673
s
70 71
70
71
7
3
707g
71
72
7234
72
7018
72
731s
4
7412
gold
Ist
St Louis Div
9278 9278
_
5 93 03
Ala Gt Sou 1st A
8234
823
4
8814
8414
88
847
s
8
47
;
88
8712
8
3
4
88
88
3.
4
3
88
4%
8712
A
AL
1944
Atl Char
87 9118 8618 8812
5 0612 9718 9534 9634 9318 0312 9334 9334 94 9614 9414 9512 9212 9412 9014 9118 9014 9014 92 94
1st 1944 series B
74
74
74
74
70
70
_
74
74
4
---g
1948
Dnnv
1st
---Atlan 8c
_
68 68
-_-Atlan & Yadkin 1st gu
4 ---921,s
9512 9512 95 95
-- 97 -9-7-5
E T Va Ga div 1930
96
9518
96
8934 89713
9518
8978 90 90 9018 - 91 91
-9i18
- 9512 9512 9218 97 96 96
5
Cons 1st 1956 gold
92 92
5 9514 9514
E T Reorg Lien 1938 g
3 52 52
Ga Midland 1st 1946
100- 1-60.-1001210012
--6 101 101
---Ga Pacific Ry 1922 g
---- 10012 10012 1-06i21-663-4
9734 100
---- ---Knoxv 8c 0 1st 1925 g___ _ _ _6
---____
65
65
1945__4
---mge
firming
Mob &
-9553 9534
Rich & Danville deb 1927__5 _
69 69
71 -71Rich 8c Mecklen 1st 1948 g4
9912100
5 99 99
Sou Caro & Ga 1st g
_
9612 9612 9638 9638
Va Midland series E I926 5
0614 96,2 9318 9318 08 98
---- 96 95 96 96
5
Gen 1926
71
58 65
71
70
--7018
6712
6712
_
_5
cons
1958_
_
---W
Ist
Va & S
_
7513 7512
---Spokane Internatl—Ist 1955_5
2
89 89
85 87 811g -i1-185 85
Terml Assn St Louis—lst_ _4% 9112 0112
9312 931-2 93- -999338 9338 93$8 9312 -6i- -9-i- 9478 9518
98 981-8
_
5
1st cons 1894-1944 g
70 70
1
4 73
7312 7312 72 73 69 72
72/
71
72
69 72
72 75
72 73
75 75
73 73
4 77- 77
Gen ref 1953 s f
92 92
St L Merch Bilge Terminal_5
3
1-4 821 847g
90 91
4.2
85
8912 9014 831.2 -66- 87 90 84
8434 -9
5 90 92 -9-0- -02 - -89 90 -895 90 8712 92 00 93
Texas 8c Pacific—Ist g
__-8334 8334
83 83
92 92
Toledo & Ohio Cent—lst g_ _5
8514 8514
---- ---83 86
---5 87 87
Western Div 1st 1935 g
73
73
70
------70
---- ---5
General 1935 g
- --7513 17112 ---- -- 73 73
73 73 ---- ---7012 70,2
75 75
4 ---- -- ____
Kan & Mich 1st gu 1990
8712 8713
92 92
92 92
89 9012 88 88 8834 9038
9012 9012
5 9012 91
---2d 20-year 1927
----36 36
•--'Vol Peoria & West-1st 1917_ _4
751
7412 -74-12
7512
7512
76
7518 7518
Tol St L & W—Prior lien_ _3%
53 53 5238 5238 4712 4712 42.4 4534
49 4934 45 48 60 52 52 5518 54 56 - 5413 5434 52 53
4 48 61
50-year 1950 g
63
69
---_
_
Toronto Ham & Buff 1st 46_4
803s 8058
Ulster & Del-1st cons 1928 5
4 841 10.- 8312 851i 8234 85 84 87 8338 8512 8224 85
Union Pac—RR & L gr 1947.._4 8618 8978 86 8718 8512 8638 86 87 8614 8634 8514 -8-6-386 8834 82 8512 83 85
83 88
8412 88 8312 86
4 8738 8912 87 88 8512 8718 8512 8712 8712 an 83 89
20-year cony 1927
7952 8112 80 81
7612 79
7412 80
77 80
7612 78
7712 8058 75 78
83 80 83
79 81
4 80 8312 81
1st & refunding 2008
6 10378 106 1033s 10478 10234 10378 103 10414 10314 104 10314 10418 102 10412 10218 10314 102 10258 10238 10318 102 103 1011A 10312
10-year secured 1928
82
4
83
7912
82
793
7714
7612
7912
7318
7634 79
80
,
2
7618
765
8
82
80
8018
8412 8534 81
7014 80
Oregon RR & Nay con g__ _4 85 86
9978 10078 9978 10012 100 10038 100 10018 99,2100
6 10012 101 10034 10112 1003s 10118 10058 10118 10078 10114 1003410114 10034 101
Oregon Sh Line 1st g
9818
93
9712
98
9514
9618
9514
9514
92
93
9314
94
9412
9812
967s
967
8
93
9412
9658 9712
9234
5 98 9878
987a
1st cons 1946 gold
8412 86 8058 85313 8135 8312 8212 8518 78 8312 777s 84
8412 8712 8514 8618 8412 8712 8638 8718 8514 87
4 8614 88
Guar ref 1929 gold
9412 9412
98 98
- - - _ 93 93
931s 9318
5
Utah & Northern 1926 g
_
783 163_
8012 8012
4
Vandalia—cons 1955
4
35 35
-Vera Cruz& Pac--gu 1934..4%
2
8 9012 9258 8914 9213 88 90 85 8734 87 8-834 86 90 -61-4 191-2 -8-21-4 811Virginian-1st 1962 ser A....5 9218 9412 9112 -93,2 8934 9112 -8014 -9639458 8934 91,2 88 91
8712 93,4 89 91
91
Wabash—Ist 1939 gold
5 0612 9812 9634 9714 94 9618 933s 9434 9412 9612 9512 9614 9312 95
8318 84 82,2 8312 8118 8212 8112 83
79 815s 783s 822,8
851s 86
8312 8512 83 8478 847s 88 • 87".•',8
2d 1939 gold
5 88 89
9712
_
9712
---1st lien equip sf 1921
5
---- 7034 7034
------1st lien terml 1954
4
— - -_
8814 8814
__-- -_----- ---Dot & Chic Estee 1941 g__ _5
____
_
67 67
---Omaha Div 1941 g
33
_
72 7412
74
-74
..—
Tot & Chic Div 1941 g
4
_ ....„ 72's 75
7512 7512 75 75 -i9- 75
Washington Terml—Ist gu _33
712 IC
West Maryland—lst gold....4 68 685 59 (3114 5978 6214 5778 597s 5912 63 60 6218 58 60,4 56 537 -5612 -5-9- 55 60 52 56
9714 9714
923s 9278 92 9312 93 94 _
973s 100
—
967s 9738 9718 9718
West N Y 8c Pa-1st 1937 11-- -5 ---- -_
_--- -- 63 63
General 1943 gold
4
827 8414 8334 8412 -i3-33
-8 -84-14
84 82 83 8112 8312 8112 82
7912 815s
8134 83
Western Pacific-1st 1946 A._5 8412 8612 84 8412 8112 84
96 96
92 92
Wheel & L E—Ist 1926 g
5
4958 5014
59,4 5914 561,19-1-2 ni -5-864 -6-4-Ref Set A 1966
6518 6518 63 63
52 54
59 60 59 59
-5914 65 -6413 6512
Wheel 8c I.E RR—lstcons'49 4 ---75
75
76 76
6758 6758
75 75
-Winston-Salem S B—lst____4
Ms 77 77
76
7378 76
70 0334 -70 - -6934 7213 6712 70,2 6334 67
7613 73
64
77 781s 77 78
Wisconsin Cent-1st gen____4 78 80
7314
7514 77
7518
-- 67 67
7234 7234 75 75
Sup & Dui div 8c term lst__4 7214 7412
82%
STREET RAILWAY
Brooklyn Rap Tr-1945 g___5 65 76
7114 74
4 45 5212 4912 53
1st refund cony 2002 g
3-year secured notes 1921...7 75 8512 7912 86
Certiticates of deposit.. _
do stamped__
do
Bklyn City 1st cons 1916-41_5
B Queens Co & Sub cons gu 5
7238 7778
Brooklyn-lin El 1st g____4-5 72 78
4-5 7134 72
Stamped guar
7134 7134
Kings Co El 1st 1949
4 57 57 62 65
Stamped guar
4 62 62
Nassau Elec guar g 1951__ _4
Chicago Rys-1st 1927
5 79 81- -;
781-2 163-4
Conn Ry & Lt— 1st 1951
87 88
guaranteed__4%
Stamped
Det Unit-1st cons '32 g__ _4% 73 7412 7412 7512
Iludson & Manhat—I957 A._5 5612 60,4 5713 58
5 16
16
18
Adlustment Inc 1957
1738
5
N Y & Jersey 1st 1932
Interboro Metrop—Coll.___4% 3834 4334 39 4334
Certificates of deposit
Registered
5 6834 7234 70 7412
Interboro It T 1966
5
Registered
8814 6914
Manhattan Ry -Cons gold__ _4 72 72
72 7214
4 74 7412 72 7414
Stamped tax-exempt
4
2d2013
Manila Elec—Ist & colt '53.„„5
Metropolitan Street—
5
Ilway & 7th Ave 1st g
Col & 9th Ave 1st gu '93__ _5 68 68 68 68
74
Lox Ave & Pay F 1st gu '93..S 74
Milwau E Ry 8c L—cons 1926_5
---Montreal Tram—Ist & ref_..5 ____
N Orleans Ry 8c 1.-1935___4%
5 55 57
55 63
N Y Municipal Ry-1966
4 4012 437s 41
44
N Y Railways ref 1942
Certificates of deposit
Adjustment income 1942._ _5 113s 147s 1214 1514
Certificates of deposit
43 -81234 62 65 55
NY State Rys-1962
Portland Ry—Ist & ref 1930_5
Port Ry L 8c P—cony 1942___5
4 60 63 -15i2 - 41-2
Third Ave—Ist ref
5 _2712 3178 2814 3212
Adjustment income
5
Third Ave RR—lst 1937 g
5 944 95s 96l 97
Tr -City Ry & Light—Ist
1938._4%
Lon
Underground of
6
Income 1948
United Itys Inv—Pitts issue...5
4 503s 5218 482 481
United Itys St Louis 1st
70
49
81
7412 62 7078 63
5033 4514 4612 43
7712
8434 7918 84
79
75
8112
58
1612
9012
39
3558 3558
6634 7234
70
72
77
-7-7 -
6012 70
60
62
_
---- 61
____
39 4418 40
1012 1412 1112
1178
55 531 55
6312 6312 6212
50 5334 50
25 3018 27
94
54
45
75
747s
60 .5212 *412 32
46
28
7612 70 758 55
76
64
5473
70
52
3218
7234
6512
64
70
31
30
39
3912
34
3218
30
5512
53
45
;30
25
39
37
33
35
29
535g
51
49
40 4014.
_
-7-9-- 74 75
74 7513 70 7314 70 72 6414 70 5912 631,s
78
7412 75
7412 7612 7238 7238 723s 7238 7014 7014 5978 63
6378 6378
58 60
---- 49 50
---- __-50 55
2212 16-7734 7434 78
73 75
7212 /6-18 2
- i2 74
72 7318 65 65 63 65
79 79
75 75
7012 7012
77 77
_
75 77
75 7512 73 -lb
7313 8-6- -'7,-13-4 76
70 7414 68 7314 68 7238 -6/ /663
65
60
5912
60
617
8
5412
607
8
•56 5834 5518 5934 52 5638 5278 5834
5434 5978
15
13
16
1712 1512 1814 13 1014 1714 1812 1512 1734 1538 17
11.14 1412 1158 16
_
90 9012 90 90
1
4 3814 Wig -3512 4014 29 3.7-4 -29 338 2412 -3-1-1; 13 -26.- 141 2134
2934 42/
2934 35
2934 4034 33 4114 3534 49
2412 31
_
2934 3614 2658 33
1412 21
13 26
—
65 7112 65 -u5-8 73 -7-5-1-2 6614 7334 04 6712 561s 6612 5034 -6-9- 4318 56
44 1612
681
/
4 6834
____
56 56
1 7012 72 -ioi2 12.- 66 6512 69 -6i3 16;
56 -61.3-8 55 5818 5412 59
(3i- 6512 68
71
70
72
70
70 7112 6914 70 65 69
7012
5514 66
69
5514 59 55 5914
60 60
- 75 -71-
i812 7914 78 79 - 7312
7812 7918 77,2 77,2
64 64 6378 68 ------6434 5434 50 50
77 79
7112 7712 72
854 8514 - — - ---71
54
14
9012
2778
6634 64 6658 59 63,8
4114 48
46
8412 80 8414 -779- -917;
79
76 76
7314 7812 73
76
75
- -- -
95
9312
—71 78
6712
-48i4
/7-1-2 78
---- 78
----
61
69
6178 61
62 65 65
6218 6218
72
68 0918 68
58
6518 15-1; 65
61
61 61
57
41
4512 3914 16.12 4312
44
427 44
4314 45
44
16
14
1612 1312
1312 12
1514 1412 1612 1314
1212 12
52 5312 55 57
55
55
7514
65 65
-6-2-l-2
50 583-4 5514 5814 5712
51
27 4214 3734 42
39
28
89 93
-9-i- -9314 .9314 9412 9412 -933.4
73 73
6712 7112 7112
---70 71
71
5078 5112 507s 5078 4612
51
Option sale.
61
61
60
4512
45
16
1512
5612
3813
38
1 113
12
55
7514 7514
6558
-59-3-4 51
4214 33l8
_ --9-4-1; 9334
—
---69
-i8-12 74
55
5218
68
58
65
53
53
5712
96
4114
38
1458
12
55
7514
6558
5712
40
37
3612
11
1012
55
7512
938
93is
4912
30
19- 78
7412
76
55
5314
49
63
58
6212
96
79
63
49
50
4518 4878
-76
96
78
96
78
_
96
78
40 35 -3-8- 29.38
38
2912
1234 34347
102 614
6 36:2
8 612
20;4_
8
4 0_5710_5
12,4 87
686733_8
5578 56
56
7512
61
53
47
3478 3012 3312 27
9313 9312 86
93 9412 9178
94
-_
78 _
65
75
73 76
7514
5314
5114
19'78
-315-8 27 3412
2534 3314
36
938 412 77s
712 4.14 8
5714 4834 51
75 75
55 55
61
46 5038
51
27 297s
30
86 83 83
93 92 92
65
78
5114
ao
30
230'
THE CHRONICLE
[VoL. 110.
1919- Continued.
BONDS
United RRs San Francisco__ A
Union Tr(NY)ctf of dep___
Equit Tr(NY)inter ctfs____
Virginia Ry & Power 1st
5
January
April
March
February
May
July
June
August
September
October
November December
Low High Low High Low High Low High Low High Low High "'ow High Low High Low High Low High Low High Low High
22
22
22
79
22
22
23
79
--------27
252534 29
2234 27
27
79 79
7732
3234
3314
3312
78
30
2812
2934
76
30
3272
3234
77
3132
3012
30
7472
32
3434
3434
7472
32
3114
32
77
3612
36
3612
77
35
3334
3334
76
3612
3634
361
76 -
32
3012
301
----
36
33
333
----_
31
33
2912
2934 33
275s
28
291 33
---_ ----7323
31
32
30
7412
.
26
-26
25
73
2912
28
28
7314
28
2412
26
70
28
27
2634
76
GAS AND ELECTRIC
Brooklyn Union Gas—lst
5 94 95
93 941 -------- 93 933s 9112 9112 93 93 --------87 8812 8514 8612 85 8612 ___ ____ ___ ___
anGas &Ellst& ref 1956_5 ---------------- --------------------------------93 93
Colu mbia G & E-1st 1927..5 82 8212 82 82 8214 84
8412 9,3 8814 89
89 89
90 0012 8014 90-14 8712 8712 807g 9-04 85 8-6-18 - - -- - - -Stamped
5 82 82
86 g6 8834 89
8212 8212 88 88
90 901 ___ _ _ ___ ..... __
- --- ____ -_-_
Columbus Gas—lst 1932
5
87 87 -------- ------------------------85 85 _. _
_ __
Consolidated Gas—cony
6 10012 103 10012 10252 10034 10232 100 10212 10114 10432 102 104 10112 1053-4 100 10178 9972 10014 9952 10012 091s 9034 98
-12 -9-9-34
Con Gas E L & P of Bait5-year cony 1921
5 97 07
9612 9612 --------98 99
9612 9612 -----------------9813 9812 9814 9814 -- - - - - -- Detroit City Gas-1923 g_......5 9612 9612 9652 9652 9612 9612 9612 961 9612 961 9612 9612 947s 9 34 9612 9634 — _
_ 96
-14 9-9.12 6614 Witt itio4 -W14
Detroit Edison—Ist 1933
5 9512 96
96 96
9612 9612 96 96 - -------94 95
- 95 9612 94 94
95
- -9-5- 05 9572 95 957g 95 96
1st & refund 1920 A
5 94 94
93 931 93 931 931 94
93 94
93 93
931 94
94 94 8912 933 89 94 8812 8912 89 8922
Havana Elec Ry—Cons 1952 5 ---------------- --------_ ---_ ---------------_ ------------86 86
87 87 - --------84 84 84 84
Hudson Co Gas-1st
------------------------91 91
5
14
14 --------90
Kansas C (Mo) Gas
----------------------------------------9213 -0212
5
921 921 -------_
Kings Co E L & P-1937
5•
04 94 --------------------- ---- 0018 -9-07; 90 90 85 85 -----------__ ----85 85 8412 8412
Purchase money 1997
6 100 100 105 105 10014. 00,4 10014 10014 100 10212 100 101 100 101
9912 100 --------95 95 9612 9972 - - -- -- —
6 90 90
Con verti b1e deb 1925
Ed Elec III Bklin 1st cons_ _4 7972 83 8
-3
- -8-4- 8
-0
-'
-8-0
- 82 82
; 80 -80 io 81 ii'2 -ii12 ii -7.5.
8038 -i612 8033 -8-012 0038 -if 80 -8-03
Laclede Gas-1st 1919 g
5 9914 9958 9952 9934 9952 9952 9934 9934 ---- - - - -- - . ---- - -- - -- - - ---- ---- --,- - - - - - Refund and ext 1st 1934 g 5 95 97
94 9412 93 9314 04 -94-1s 0218 02-18 9212 -03 021 -9-3-12 8814
943 95
--------83 )34 8-0 -81
Milwaukee Gas Lt—Ist 1927_4 ------------- ----88 88
8714 8714 8714 8714 8752 89
8812 8812 ---_ ----8738 8738 87 8712 8714 8752 87 87
N Y Gas Elec Lt lit & Pow
5 9112 94
9212 9312 9212 9312 9112 9312 93 9334 8934 93
8712 91
8632 877s 8612 8712 8612 90 8312 8612 8072 8313
Purch money coil trust t2-4 7112 7414 69 74
71
74
72 7272 72 73
73 74
7034 72 63 7034 70 7012 67 6912 66 67
59,
s 72,2
Ed Elec III 1st cons 1995
5 100 100
99 99 ------------------------------------------------99 99
98 98
9212 9212 ---- ---Pacific Gas & Electric—
Calif Gas & El Corp-1937_5 0512 9534 95 9612 9312 94
93 9312 92 9333 0212 94
93 94
8972 9118 9014 9112 00 9314 89 9012 88 0012
General & refund 1942
5 8712 88
8714 8758 8534 8712 8512 8614 8572 8732 8672 8712 8532 8634 84 851s 83 8552 83 8412 83 8412 8012 8314
Pacific Pow & Lt—lst & ref_ _5 88 88
_ __ ____ _
_
_ —_ ____ 82 82 ____ ____ _ _
__ ___ •____ ____ ____ -_-_ ____ ____ _ _ _ _
People's Gas Lt & Coke—Ist _6 100 101 10018
_-- 100
---18 --------100 10012 --------9938 -9-9-12 --------97
-9-7 _ _ - - - .
--_ __
-- ---.
Refunding 1947 gold
5 75 76
7414 7614 76
7712 7412 7612 73 7612 75 7614 7012 73
69
- -71- -- -6-9 6432 -6-7 62 -6-4-54
1 6
5
Chic G L & C 1st gu
85 85
85 85
88 88 ----- ----797g 7972 ---- --81 81 -------Mutual Fuel Gas gu
5
Phila Co—Cony 1922
5 91 91
90 9252 91
9232 9134 9232 93 94
iii li34, 6i34 ii78 iii Vi 9712 -91-78 8712 0-012 if) -0012 875is -£712
Standard G & E cony 1926
6 94 94
95 95
95 9534 96 9612 ---- - ----0413 9614 ____ ____ 9112 93 8934 9234
---- —. 877s 91
Syracuse Lt & Pow—sf 1954 5 ____
_ __
___ _ _ __-- ---- ---- -__. ---- -- ---- ---- ---- ---- 7412 7412 ----------------73
- -- - 73
Union Elec L & P—lst 1932_ 5 92 -9-2- -------90_
-- -9-0- ..--- ---- ----___ ______ - _____-- _ __--- _ 8814 8-814 ---- ---- ---- ---Refunding 1933
5
United Fuel Gas—lst 1936 6 --------95 98
94 96
96 97
97 97 9514 9514 95 05
iii iii ii7i2 -9112 --------07
_
--34 -9-7-34
Utah Power & Lt-1944
5 8812 8912 8812 89
88 8812 8812 8018 8814, 89
8672 90 85 8712 85 8672 85 85 84 85 8112 -84,2
8834 90
Utica Gas & Elec-1957
590 93
Westchester Light—I950_ _ _ _5 92 92
90 90 ----------------90
-9-0 --------------------------------85
- -8-8- ---- --- ---- ---
iii
MISCELLANEOUS
Adams Express—coil trust_A 65 65 60 65
59 6712 61 6534 62 63 59 60
59 5912 60 60
55 5838 56 5614 5514 57
56 5712
Alaska Gold Mines-19256 3214 35
25 2714 28 30
29 3014 29 29
3012 3234 26 31
2072 25
23 25
20 20
20 23
1212 1622
26 263s 27 31
30 3014 2614 30
10-year cony 1926 ser B
29 29 --------20 2312 20 21
28 29
6 32 34
12
1712 20
151s
Armour & Co—lst real ext-43i 8678 8834 86 8834 8714 8852 8634 881s 871g 881s 8752 8812 8412 8758 85
3i2
18 83 8412 8234 8518 8212 8414 81 8414
Braden Copper-1931
6 95 06
94 97 06 97
93 94
9212 94
94 94
94 97 0312 9531 3414 96
8938 9334
9372 9512 9312 94
Bush Terminal-1st 1952
81
81 81
81
801g 8018 --------8134 8178 81 81
8012 8012 81 83
4
70 79
79 79
77 77
Consol 1955
31 831 80 805s 805s 8034 8034 8234 82 8234 8134 82 8112 82 82 83 8018 8212 78 7812 75 77
5 8552 855
Buildings gu tax-exempt_
8014 83 8014 83 80 82 8014 82 80 82 7552 80
8012 81
_ _5 81 81 - ---- ---- 7922 7972 7912 80 80 81
Chic Un Station 1st 19634
_;4 88 89 88 8 3-4 8612 8734 8512 86
85 8558 853s 8534 8434 8614 8372 8458 83 83 8272 84s 80 8314 7812 8212
7 10612 110 10534 10812 10712 11712 11634 120 11634 12112 11612 128 122 12538 11634 12312 116 119 112 11712 102 11212 10112 108
Chile Copper cony 1923
83 6412 8312 8634 8614 89
Coll tr &cony A sub rects_6 8212 85
8714 9312 00 9314 9212 95 86 92 8712 91
8714 8954 -- -- ---86 8812 87 9312 9112 9312 93 0434 8812 9312 87 9072 8634 90 7687
Coll trust Set A 1932 conv-6 8112 85 83 8412 841s 86
75 -- -8512
Computing-Tab-Rec-1941 ---6 83 8412 83 . 84
86 89 86 88 873 88 87 881.1 86 88 82 86
8312 85
837s 85
823 85
831 85
9812 031 --------------------------------- 97 97 97 97 ----- ----96 06
Granby Cons MS & P—Ist 6 97 97
96 9012
96 96
6 08 08 --------_ --------95 05 95 98 ----------------97 07
Stamped
06 06
11)
08 --------06 08
Great Falls Pow—Ist 1940_ 5 --------9314 9314 9418 9418 951g 9512 ---------------0358 9
9314 9334 ------------94 9414 03 9414
1
Internat Merc Marine—lst 6 97 102
99 10534 9734 0478 9718 9912 9572
97 100 9714 9912 971g 100
9334 97 9212 95
Montana Power—lst A
5 9212 9572 91
923, 9114, 921 913 921 052 921 02 93
8712 90 87 8911 84 8652
9152 9314 91 92 8712 91
Morris &Co—lst 1939
__
---- ----- ----_ --------- 87_
83 83 - ----8812 88 88 8372 86
43!l
8512 8512 8412 86 83 8312 8014 83
New York Dock-50-year.___4
69 71
69
1 68 --------7112 72
69
68 713 69 (1918 681 69
6712 6812 --------65 66
Niagara Falls Power 1932_ _ _ _5 ili -07
---- ----90
96---_
95 9614 9372 937 --------95
6 - ------------- ----06 96
9314 9314 ---- •---Refunding Ss gen 1932
6 --------101 101 101 101 - --------101 101
0112 10112 -----------------1001210012 10112 10112 --- - ---- ---- ---Niag Lockp & Ont Pow—Ist- 5 ---- - - -_-- - — -__ _ __ ________ - -_ - -- --_ 9352 9358 9212 9212 9112 93
9314 9314
93 94
Northern States Pow-1941 5 89 9-1- 88 9-0 871-4 8-9 88 8914 871s 8-912 8
-9 -8934 8712 89 8514 8512 8412 86 851g 86 84 86 8214 Silt
Ontario Power N F—Ist
5 89 91 --------9014 0014 0012 9012 90 9052 9012 9012 9112 9112 0014 0012 8934 0058 86 86
8412 88 87 87
Ontario Transmission-1945_5 ___ ____ __— ____ _,...-- -__---- ---- ---- ---- ---- ---- ---- --- --- --- --- 8212 8212 79 8014 ---- --Pan-Amer Petrol & Trans1st convertible 1921
6 12014 12114 --------135 135
1st convertible 1922
6 121 121 1
1st convertible 1923
- 25
- 1-2-5- 133 133 17
10
- 14-0_
_ ____ ____ ____ __-- ---- ---- ---- ------- ---_
1st convertible 1924
6 12014 122 12612 129 135 135 137 137 14012
__- 14012
- _- ---- ---- ---- - --- -- -- - -- - ---- ---- ---- -- - ___
1st convertible 1925
140 140
6
_
..
____
6--------127 127 13212 13352 139 140 149 15512
1st convertible 1926
1st convertible 1927
6
133 133 140 140
—
____ ___
_ __ ____ _ _
1st convertible
.6 11512 1161
Provid Loan of N Y-1921_ _ 4
___
A
_
_1
0413 9292
-- --_ _ _ --- ---- - ---_ ____ 0418 --_
7714 75 --Public Service Corp N J
7912 75 -77 --78 80
5 7512 -767,2 --80 ____-7612 7734 7712 78
78 7812 72 -7-03-4 84 7
/0 57 84-14 15414 -0012
Sierra & S F Power-4st 57979
9212 921 --------91 91
Tenn Copper—cony 1925
92 941 0212 iti
92
6 91
sii -9-4- 9ii3 -9-4
iiii2 lii14 iiiT4 9112 94 Vo-18 iii Vi58
Washington W P-1st
5 927 927 -------_ 92 93 90 90 -------_ 92 95
9072 9072 _ - ---- —_ __ ---- ---. ---- ---- -- -- -- —
'West Penn Power-1st 1958..6 ---- ---- ----------------------------------------9914 9914 9
-9
-58 0958 - - - - - - - - - - -,- Wilson & Co— 1st s 1 1941...6 9634 987; 9712 9812 9814 99
9812 100
9953 10018 9934 101
9978 10053 9753 100 9
-8
-14 1-0-0
- 9
-8
-12 -0-0-53 947s 9-9-12 9518 -9-8Registered
6
10-year cony s f 1928
• 6 -------------------------------- 9934
-032 1-0-4-34 1-9-6 I-Oil4 95
1-00
-- 9
-5
- -9-7-12 9
, 90
- T8 1-60-3
- 73 -08- 9
-34 "
9-8- 06
-:1 -96
-14
99 4 9613 iii, iiii., -9-8
MFG AND INDUSTRIAL
Amer Agric Chem—Ist '28._ A 98 99
9834 101
9812 100
98 100
9834 101
9812 10012 9734 9914 97 9734 97 9712 97 9734 004 99
933g 99
Cony deben 1924
5 100 10212 10032 103 1015210714 10414 11112 107 11212 109 111 10652 111 100 10634 9812 103 100 102 98 10114 98 100
Amer Cotton 011—deb 1931_ A 88 88
88 8914 88 89 8812 8832 87 8912 88 8912 8812 8312 89 89 _____ 88 89 8772 8834 84 8572
Amer Hide & Leather—lst
5 9934 10012 10012 10014 100 10012 100 10018 100 10014 100 100 100 10012 100 10018 _
.. —_ - _ _ _
_
Am Smelting & Ref—lst A-5 9012 93 8912 91
0014 9172 893. 903 8912 0112 8852 903
714
3 8412 88 8
-432 -8-5-12 8
-5
- 12 8-7- 8
-5
-12 -8-758 8
-4 -8-6-12
American Tobacco-40-yr
6 119 119 119 119 11912 11912 ----- ---- 110 119 119 119 - ---------- 11912 1191 __ _
_ ___ __ --_ ___ ____ __
Gold 1951
4 7212 7212 75 7812 7812 7812 75 7512 ----------------80 80 -------- 78
- -7-8- - - -- -- - - -- - - --- — --- ---Amer Writing Paper—Ist
5 8814 91
88 9152 95 9934 99 9912 0912 9912 9912 9912 9972 9972 ---- --- ---- -_ -_-- ---. --.- -- ---- ....—
Certificates of deposit
86 90 8612 88
88 9014 8912 8012 8912 9018 8712 90
20-year sf 1939
7-6
iiii -62i ii -9013 iii *iiii 87 -8-8 841- -8-01 83 -ii
Baldwin Locom Works—Ist_5 101 101 - --------10112 10112 100 100 100 100 101 101 101 101 101 101 10034 10034 10034 10034 ----- ----_ 10034 10034
Central Leather-20-year._5 96 97 9572 9652 9512 9612 9512 96
9534 97
9612 98
9612 9712 0634 9812 9634 0734 9732 977s 97 912 9412 0712
Registered
5 9513 0512
CentralFou ndry— 1st 1931 _ _6 --------8
- -81- 8
_ --------82 -8-2- 7
-0 -8-1- 8
-0
- -82 8
-3
- -8-7-12
8
-6
-1-2 -8-6-12 9
-4
-5s -8-4-Y;
-0
-.3*4 silts ii -8-5- 8
Corn Products Refg—s f
5 101 101
9912 9912 ----------------100 100 _ _
__
_ 1001210018 102 102
_
___ 10012 10012 - •_-- _--•
1st 23-year sink fund 1934..5 9912 100
9912 9912 9912 10012 9934 10014 100 10012 9
-9
-72 1-0-0- 10012 10-0-14 10012 10012 10018 1001s 1-0
-0
-121-0012 10012 10012 10
-014 1001-4
Distiller's Securities—cony. 5 8912 91
90 901 8934 91
90 91
89 901 9012 9212 90 9012 87 8932 8852 89 8512 1)012 80 8914 8512 86
E I du Pont Powder
4% -------.: ---------_ 9212 921 ---------------- 94 94
9212 9212 9212 9212 9334 9334 - — - - -_ — _ — ---- ---- ---General Baking—Ist 1936_ _6 --------88 88 --------_ ----------------88 88
8812 8812 __ __ _ - - _ _
.._ _
_ _ -- - -General Electric 1942
3
73 73
7312.7312 7234 7234 7112 7112 7212 7312 7514 77
75 77
75
- -7-7- 73
7-37
-0
- -7-1-12 70
-12 -71- 7-114 -721;
Debenture 1952
5 9734 10034 9712 99
99 10014 9934 101
99 100 98 9914 97 9812 9612 9612 95 9612 9372 9518 0378 9534 9338 9511
Internat Agric Corp-1932_5 7612 7978 791 803 80 821 81 82
8158 8272 8214 8318 83 8514 83 85 8212 8312 83 8434 8212 8412 8034 8219
Interaat Paper—conv s f 1935.5 ----------_
_ ---- -------- 98 98 -------98 98
98 98
98 98
98 118
---------------------------------------------00 90 8514 89 87 18814 -- -- - - • - - - - - - - - - - - 1st & ref cony 1947
_-Ligget & Myers Tobacco
7 11214 11378 112 11314 111 11212 111 11212 11214 11314 11314 1143s 113 11312 110 11314 10912 11-2-38 10
-9
- 111-12 110
- 11-052 108
- 1-1-012
7110110
Registered
1951
5 92 9378 91 935s 90 9134 9118 94
9
- -11,2 -ii 6i58 -971-7
; 9
-2
-32 -041
4 9
-0 -02-38 00 93
90 9312 87 9012 85 87
Lorillard (P)
7 11214, 113 11212 113 10934 11212 10972 113 11212 1131 113 113 112 113 110 113 10934 11114 10912 111 109 11012 10732 10912
Registered
7
10812 10812 -------- ------------------------109 109 _ _
_ 109 10972 _ _
1951
5 9014 94
9312 91 9312 0134 93 90 9 38 90 0238 0
9034 9212 9032 9114 8934 92 91
- -81
-0 -9-2-12 87 9012 85
590
Registered
00
g nntim, ./.1.
ia -Iii12
JAN. 17 1920.]
231
THE CHRONICLE
1919—Concluded.
• BONDS
November December
October
September
August
July
June
May
April
March
High Low High
January February
Low High Low High ,oto High Low High Low High Low
High
Low
High
Low
High
Low
High
Low
High
Low
_
Mexican Petrol9634 9634
6 182 185
__ 96 97
_
1st & ref 1921 Series C
96 9718 96 96
96 9614 96 98
95 96
96 96
92 94
5
9412 94 95
- 4 -933
94 9534 _Nat Enam & Stamp-lst
9412
4
937
.
9
9
iii
99
9812
974
9713
96
99 9973
994
5 98 9873 9912 9912 94 9512 9412
s
987
4
1003
99
10114
4
1
/
National Tube 1st 1952
101
10114
011s
103 10034 103
6 9978 10018 9958 100 100 10118 9978 10012 10014 101 100 135 113 113
N Y Air Brake-Cony
04 10718 10512 114 110 115 100 10012 -- -- --112
6 10014 10313 10012102 101 104 103121038 127 145
4 10513 102 10513 10358 10412 10378 10438 •
1
Pierce Oil-cony 1920
107 11214 10514 109 105 106 04 105 104/
11014
95
964
92
9314
9012
93
6
8834
1041: 10478 _______ 10412 10412 -------10-year cony 1924
Certificates of dep
Sinclair Oil & Refining1 2312
9914 1044 10312 10212 12712 152 132 1504 135 145
9818 100
1st (warrants attached)__ _7 99 100
---- ---- ---- ---- ---- -___ ____ ---- ---96 997 994 100 993 100 9934 100
92 92
92 92
- 92 92
_
Without stock warrants.7 95 9658 95 9614 96 9758
91
91
----91
-----------95
95
93
5 93 93 95 95 93
-- - 10218 10412 103 10413 103 10314
-- 103
102
Standard Milling-Ist
92104
02
104
102 103 101%103 10278
103
4
1013
10234
10134
10213
10153
103
8612
10012
8612
_6
1931_
86
Texas Co (The)-Conv
--------86
1 893 --------89 89 8812 881: 8112 89
1 88
'1 871
9414 9414 9412 9512
-- - Union Bag & Paper-Ist__ _5 85 87
-----04 94 --------9414 9414 9458 9412
7713
--- ---_
- --------- -784 754
5 9374 9373 -------4 -1
76/
Union Oil of Calif-1st
7712 7518 7814 77 7812 -3
737
:
781
4
763
78
76
7712
73
7312
713
74
8734
10212103
10418
103
4
1043
103
10412
U S Realty & Impt-deben 5 60 638 63 -6
3
1035
8
1047
03%
10373 10471
4 10434 10312 104 10314 10375 10173 10334 10312 10334 10353 104
1
8712 8634 8834 83 8734 8353 8934
U S Rubber-secured 1923__ -7 102/
3 8814 8734 8913 8833 8912 87 8914 8558 8714 86
1st & refund 1947 See A___ -5 86 8778 8653 8718 8634 874 867
4 104 10318 10712 105 10758 104 106
1
10112 10514 103 10514 •0078 103 102/
10414
9912
100
9812
3
995
9812
9912
4
973
100
3
6
985
9434 9512 03 4 95
M-1926
9513 96
US Smelt Ref&
9534 9734 97 9813 96 9711 954 9573 0418 9813
9514 96
95 96
9512 96
Va-Caro Chemical 1st 1923-5 9514 96
_
9412 9412 10114 10212 _ _
5
101
- 113-1-2 -997 -097-3
Registered
--- 0218 1-62-5-8 10178 103la- 1-651-2
-- 104
410214 9513 9512 10213
/
,6 10112 10214 101 102 10014 10134 101 10134 1011
9734 9814 97
Cony deben 1924 s f
9753 9831 9612 9734 9653 9753 974 9734 97
4 984 9758 98
1
97/
9773
9714
9813
0712
9914
9714
9812
97
5
t
Western Electric--Is
9513 97
9653 98
COAL IRON & STEEL
4 9712 9612 98
1
96/
96 9634 9612 971: 9612 97
8434 88
5 9512 0612 9558 9558 9558 9614 9512 9614 9534 9614
Bethlehem Steel-1926
9012 92 88 904 8812 8914 8712 8938 8784 8913
4 92
1
8712 90 89/
8914
3
8712
897
89
89
88
84 8634
8812
8814
87
_5
A__
8614
1942
1st St refunding
85 8674 8713 8912 86 8814 8553 864 8512 8653 864 88
8412 8413 86
8014 8134 81
5 80 83
Purchase money 1936
9312 931:
9153 9158 9173 9173 ------------90 90
91 91
5
- 8734 8734 8312 81
_
Debenture 1926
9013 --------------8'9
92 92 .91
91
918 90 91 91
--------8
9018
73
90
88
88
_5
_
_
74 75
7734 751:
1943_
f
7773 7918
Iron-s
&
34 79
Col Fuel
7712 80
76 763 763 801 78 81
7712 7312 7512 7312 7512 7312 75
8358 84 ---- __-_
-------8312
8312
Colorado Indust-lst 1934_ -5 '75
85
8212
88
88
---_
----87 90 __-- ---- 8714 88 ----- ---5
Consol Coal Md -1950
•
- - -- - - — - -/ii- -8212 841-1
Elk Horn Coal-cony 1925_ 6 95 9834 98 98 _ _
614 -8-4 .844 -libli -837.4 -651-2 -8458 -661-2 -821-3 -9534
lib -68 8.
8312 8514 8434 -68
91 9411
Illinois Steel-deb 1940----434 8214 8414 8412 8512 8313 ii
9512 9634 94 9512 94 9512 9312
97
98
9813
96
98
4
963
97
95
9812
9714
984
5 9512 9713 9712
96
Indiana Steel 1st 1952
•6
.- . -- - - - --- _ _ _
94 -94-7-3
__ _ __
9
6
95
97
9512
7
9
-Jeff & Clearfield C & I Ist_4 _
-634 9-i 96
9-6
-78 -9-81: - -9-8- 9
-6
- -9-7-14 9
- -974 96
-73 -9-7-14 96
-674 -9-8- 96
-1-4 -9-7 9
-6
9314 102 9473 107 9334 96
Lackawanna Steel-1st conv_5 9
92 95
92 95
931 9614 9412 99
34 844
80
8714
5 86 8712 864 87 87 9013 894 90 90 9314
844
88
86
1st con 1950 Series A
8753
8912 9034 87 8933 864
88 8912 8814 8953 8914 91
8614 89
Midv Steel & 0-conv '36 81_5 7 881 86 88
-_-- 8353 8353 8412 8412- - -- •
8734 88 88 88 88 8812
-94
92
__ --------88 88
9412
9314
4
943
93
Pocahontas Cons Collieries_ _5 ---------- 6- iii- --ii
9 4 9412
9395
9412 9518 5913 9534 9212 9518 95 9614 9413 9512 --70 73
73 75
Repub Iron & St-s f 1940_5 9433 95
- 70 77
- •--- ---- -- -91
- 8934 8034 - 90
90
4
1
/
89
4
893
St L Rocky Mtn & Pac-Ist._5 --------_ -------8912
-12
- -8-7
-7
-- - _ 8
--9393
93 --93 -9212 -9134 -----1
4 92
-1/
92 9
9712 100 9414 9812
4 101
1
Tenn Coal Iron & RR-Gen5 ----------------92
100 10118 9974 1-0113 9812 10014 99/
97
97
9973
5 9933 10012 100 112 100 10012 100 10034 9974 10034 100 101
98
4
993
2
91
U S Steel-s f 10-60-year
3 10114 9914 10013 --------9
5 9912 9934 9978 10114 9934 9934 997g 9978 ---- --- 1003310033 1003
8634 864 -------Registered
5
Utah Fuel-1st st 1931
5
-ii- -ii- -81.-iii2
841-84i4
Victor Fuel-tst s f 1953
8
184
151
-81;3
;
844
Eal
8614
-14
85
8514
4
3
.
86
8513
Ili
Va Iron Coal 8c Coke-lat....5 8753 8754 ----------------86
7918 8112 7612 8113
TELEGRAPH
8334 85 804 8312 80 8234 79 84
8512 8374 13412 84 844 8413 8514 8434 86
Amer Telep & Teleg colt tr„ _4 8334 85. 84
__ 80 80
_
4 77 7812 7812 7812 7858 7833
- ii- -7918. -114
-83
2
188
-846/Convertible 1936 gold
-878889 -ii. 8818 -8/14 .874
8834 91
-88894
79 81
8512 89 8713 90 --20-yr convertible 1.933......_4% 86 89
90 8518 8818 8512 8814 85 8712 8073 8513
9074 9312 004 9112 90 9113 9073 9253 9034 9214 88 103 [00 10234 9933 10134 100 10134 9812 10012 9734 994
5 92 94
30-yr colt trust 1946
4 103 10414 102
1
10333 10253 104/
1014
104
10274
4
1
/
103
10214
103
10034
6
7-year cony 1925
9614 9614 ____ ____ 9614 9614 ---------------98 98
96 96
984 9812 --------96 96
5
Cent District Teleg-lst
96
9514
9612
9612
5
863 867 854 864
Chicago Telephone-tat
9314 9358 9234 9314 9212 9212 8933 8933 863 893_ ----9314 9312 93 94
----_ 86 86
5 93 0312 9314 9334 9312 94
----- ---Cumberland T & T-ist
4 9134 911
/
911
4 ---- ---- 8512 8513 8118 8118
/
91
9214
9214
92
92
921
9073
90
984 984
90
5
Michigan State Telep-Ist
_ __
_ _
_ 9812 9812 _ _
5 9812 9813 --------------_
-8/ 7873 8213
8174
-18
9
8
NY&NJ Telep-1920
s
ii
847
3
3
/
8
3
845
4
-78
8
-712
4 8
-12 -8-9-3-8
-1 -9-0- 8
-8
891 8
875
3
0
9
9
8
911
3
897
3
90
4
1
/
93 9714
99
88
97
1939_4%
Ist
100
N Y Telephone-4 10013 9918
1
9833 10034 98/
101
_ -------- --------_ ----- ----_ ----- ----1005810112_ 9912 921: 8912 9113 87 90 88 9073 87 90 8358 8734
30-year debenture 1949....._6 -------9053
92 9074 9212 9133 92
9014
934
9173
94
93
9538
93
8614
84
_5
89
85
Teleg-lst_
&
Telep
90%
Pacific
85 88 8513 8813 88
9174 9273 92 93 90 9312 9033 9273 9012 924 88 911: 8834 8912 8612 8612 8574 8814 8612 8812 81 8613
Southern Bell T & T-Ist........5 92 93
9314 91 911:
9314 9312 91
93 114
93 94
93 94
84
5212
80
5 93 93
83
8414
8214
87
West Union Teleg-1938
87 87 844
88 89
874 8712 8633 8833 88 8673 8513 8612 86 91
Fund & real est 1950 g__434 864 92
8 Ontion sale.
86
G THE YEAR 1919.
COURSE OF PRICES OF STATE AND CITY SECURITIES DURIN
BONDS
November December
October
August September
July
June
:May
April
March
January February
Low High Low High Low High Low High Low High Low High
Low High Low High Low High Low High Low High Low High
Now York StateHighway Improvement.
1081810814 108 108 -- ---- ---- ---- ---- - -_10612 10612 10653 106% -------------------------------1963
4e
1962
4s
4s registered
4s
—___ — -- --- --_ -- -_-_ --- ------ ..___
97 9712 1981
'
48 registered
- ---- --- ---- ------- ---- --_ - ---- ---196096 96
4s registered
1958
4s
48 registered
_
Canal Improvement.
4 10812 10834 --------1081210812 10914 10914 1098s10958 _ - __ ._ _
1964 10634 10834 107 1(/7 10714 1.08 101334 107 11)714 108 10812 1083
4%8
1964
_
___
____
„,._
_
_t
r
__
______
_,,_
9i8i2
4Yis registered
6i;
iiii8
08
- 14 iiiii2 I9.12 6. -6/
-------- ----_ 9814
- - ---- ---- ----------1962 99 -9-9 ___ ___ IUU 1-UO _-_- _ __
48
9834 9834 99 99
1961 9734 1712 ----------------9612 9612 ---- ---- 9834 9834
4s
34 9684
4s.98
48 registered
48
Virginia62 59 60 --- -68 deferred, Brown Bros. At Co.
4 66 6614 65 6612 6414 6612 63 65 61 62 6113
1
4 6912 7012 6912 73/
1
65 74/
63 71
certificates
City
York
'
New
Corporate Stock.
1955
3Yis, coupon
21 1i 8212 8212 ii -ii ii -la __-- --83
85 -if
131
iiig
W
ilis
Iiii2
4
4
81
---_
--1954
Nov.
82 83 83 8234 8234 ---- ----- - 82—
33,5s, coupon
_ 811 811 8153 82 811 815 82 12 831 831 -------_
May 1954
-- _ -33•6s, coupon
_ 8
837
8
837
-----_ ---------__ ---- ---- ------------ ---May 1954 -------Oi; IS ilia -ii 8-9; If
ii
6i;
62-7
3sis, registered
iii14
8
i2 934 93 9354
g C
13 1113
91
1i 911
1959 i - -91
- 4s, coupon
9012
9012
----_
_ ----- ---- ---8 i6is -91
'1959 --------4 a 12-34s, registered
9158 6i- F8 -9-1-18 6i; -9-3-18 65; 13-13 62-i8 9-218 ii; -11214 iiiii "92
914 91
4 913 o
921
91
91
1958 1
9213
9214
9278
924
9314
923
4
9333
CI, coupon
9273
914 9212 9253 924 __
91
_ --------_ 9013 9012 91
1957 ---- ---4s, coupon
1057
48, registered
8 i21.3 -ii iii -i2-5-8 65 -9-8- 6i; -9-2-18 ---- ---66; -9614 60; -9-65-8 --------93 -9-3-3if
664
1
91
--------9
1956
-,- -__- ---- — .„
48, registered
------------------------------------------------9312 9313 --2 iii1-2 -9213 024 -------48, coupon
-- ---- ---- ---------921
903 92 92 9234 9234 9314 9314 ---------1955 __ _ _ _ --- — - _ - --- -_ _
48, registered
9712
1942 -------------------------------1141-4 14-14 641-4 -94-14
48, registered
_ __ -- _ _ _ 9212 9212
1936 _---- _._ _ _ - _
..- 48, registered
4 9713 9734 97 07 -...,
4 -971
1
9778 -98 97/
9834 9678 9734 -973-4 98 -98
90
06
4
96
-0614
97
97
9914
-66;
1966
'1 971 1144 164
'1 98
1
977
4Us, coupon
9713 98
973 9753 9753 98
-- 9514 9912
--__
------- -------1984 61 98 9612 97 96 961 96 965 9634 9734
____
___
9712
---9712
_
4j8, coupon
----------_
---------1964 ---- -------------------- -------9714 173-4 9712 -9773 9612 1758 9314 91358
4 98
1
43,is, registered
9614 9712 9713 98 9753 98 97/
1960 96 9714 9614 9714 96 9612 96 9612 --97 97 974 9713 __- —___ __
43is, coupon
_ ___- _ _ _- _
1090 ___-_- _ _ ___ --- _ _
10178 10178 10218 100121-01-5g 9888 1-0014
01
0174
1
8
i
63
-71
1014
i2
i.f)i
0i12
434s, registered
1
10212
14
02
1
3
7
100
12
01
1967 10033 1-013-4 101 1-01-33 10012 1-01-14 10078 14s,coupon
8 10214 10278 10214 10273 10112 10253 10112 10213 101531024 101 10112 9914 1004
1965 101 10112 10073 10114 10012 101 1005g 10118 101 1027 10214 10234 1024 10253 10134 10214 1(311210214 10153 10213 101 10178 1)8 100
43-is, coupon
1027
1011
1011
3
1007
1011
1001
_
__
1903 11 12 101 1011
430. coupon
_ 10258 10253 102731027g ___- ---_ ---- ---- 1011210158 - ---_ ----_ -------- ---_ ----__
---- --------1963 _ 102 102
4s.registered
_
_
_
- _
_
1959
Ili's 10178 102 ioi tiii 68121-06
iiiii8
8
5
2
9
430, coupon
ializi
4
-362
1
jai
8
id
12
jai:tic
62
1
jai;
4
61
1
i6o;
10018
Nov. 1957 iii6i2 1-6i i6i 161-4 i66;16114
436s, coupon
2 10253 10213 10278 10112 10214 10112 10213 1014 10214 101 10134 9834
May 1957 10033 10112 10073 10073 10012 101 10053 101 10114 10274 1023
4%a, coupon
1927
4/4s, coupon
1920 66 -tili
430. coupon
232
THE CHRONICLE
[VOL. 110.
DEALINGS IN FOREIGN GOVERNMENT SECURITI
ES AT NEW YORK STOCK
EXCHANGE IN 1919.
BONDS
January February
March
A:
May
June
July
August September
Low High Low High Low High Low High Low
October
November December
High Low High Low Hihg Low High Low
High Low High Low High Low High
Amer Foreign Securities 1919_5 9912 9978
9934 9978 9914 9978 99; 99'4 993e 100
9934 100
Anglo-French 5-year
9958 100
5 9678 9778 974 9778 95%975s 9614 9718
967s 9778 9634 9734 9678 9712 97
Argentine—Internal 5s of'09_£ 90 93
9738 97 9734 9678 9753 96 9734
90 90 85 90
8211 84
8414 87 8512 8618 8218 85
9514
Bordeaux (City) 3-year 1919 5 1C1014 10114 10114
81 84
74
76 7978 '77 7914 '72 9614
10212
99
1013
4
99
75
,4 9912 9918 100
99 9958 9812 9912 99 9958 9912 80
15-year 1934
6
9978 9914 9934 ---- ---- ---- ---Imperial Chinese Govt—
9238 9212 923 9213
Hukuang Ry sterling 1951_5 70 71
71
72
703
3 7218 70 71
7038 7158 68 7138 6678 67 6578 6678
Republic of Cuba—
58 64
60 6112 55 63
4518 54
External debt loan of 1904_5 9212 9312 93 9512
95 97 97 100
99 9978 9918 9918 9812 9958 9612 9858 9278
External debt ser A of 1914_5 9212 9212 9012 9312
9312 9134 95
0112 92
91 0214 911 9218 92 92
9038 9158
9118
External loan 1949
9314
9212
933
4
917
9214
8
91
4;,i 82 83 84 84
91
90 9134 84 8814 8378 8414
82 8414 821: 8412 8412 85
8318 8412 82 8358 8014 81
Dominion of Canada—
80 81
7838 7912 77 7858 75 7612
Gold bonds 1921
5 9734 9878 9838 99' 9734 9812 963. 9814 9734 9878
9814
987
Bonds 1926
8
967
993
8
8 98 9918 0818 99
5 9658 98 9634 9712 9638 9714 963. 97,4 9638 9812
9634
09
97 9814 97 9838
9638 0858 94 9718 94 9534 9438 95
Bonds 1931
5 9'714 9818 9'718 9778 9'7% 9778 9651 975 9612 98
0478 0618 9212 9534 92 9312
8
9758 9812 9412 9818 9312 964 9414 96
Registered
5
95 96
92 0414 9058 9334
9738 9738
Dominican Republic 1955
5
971 9714 -----------------------French Republic—
---------5812
Temp 2-yr secur loan '19_5)
,5 103 10478 l04%10538 10518 10578 ---Imperial Japanese Govt—
Sterling loan 1925
4Y6 8678 88
£38 9134 91
9258 001; 0212 9014 9258 91 9112 86 91
do English stamped _____ ____ ____ ____
84
5 8112 84
82 85
____ ____ ____ 91
8014 8238 7612 8212
8434 85 -------do German stamped
_ - 8312 8312 82
77
____
S012
8712 8712 ____ ---- -___ ____ 8358 8358 8214 8358 80 82
do Dutch stamped
8212 80 8014 --- ---do Eng & Dutch stamped
82 82 ____ __-- ---- ---_ 8012 8012 ------do Eng.& French stmp'd
83 83 82 84 ----------------80
12 8012 ---- ---Second series 1925
£43' 86 8712 8812 9212 9134 9234 91 03
78
78
91
9212
91
92
884 91
do German stamped
8218 8218 8238 8358 8234 8334 82 8214 78 go
84 8578 85 89
8512 87 853 88 871s 8814 8714 88
83 88
do English stamped
83 8412 81
8418 8112 8438 80 82
__ ____ __ ____ ____ ____ 9114 9114
76 80
do Eng &German stmpd____
813.1 8334 8358 84
8014 8218 '78 80
Sterling loan 1931
4 75 7518 75 7738 76 7738 757( 7714 78
811 8112
8012
do English stamped
663
6812
73
4
7012 64 71
_
6578 71
_ -_-do French stamped ______
------___
70 70
----____ ___
67 68
-----____-----____ ____
5912 6678
-- ____
do Eng.& French stmp'd ____
5613 65
____
Lyons (City) 3-year 1919
6 10014 10112 1(1114, 10212 99 101.58 991, 998 -69is fthi
83
64
987
8
9958 9812 9912 99 9934 9912 9978 999
Pob 15-year 1934
6
49938 ---- ---- -- - - - - - Marseilles (City) 3-year 1919_6 10014 10118 10114 10212
9238 9212 023s 9258
9834 1.0158 991, 9912 9814 100
99
995
18.15-year 1934
9912
9812
8
9834
9958 9912 9978 994 100
6
U S of Mexico0238 9212 9238 9212
1,4 External loan of 1899____£5 6618 70 61
78
75
7912
65
69
7178
6614
6614
654 66
05 Gold debt of 1904
55 6278 53 56
4 55 55
483
541
50 57
43
5712
4778 ---- ---61
55
55 55
53 53
53 55
Paris (City) 5-year 1921
52 55
49 49 ----- ----_ 45 45
6 9858 9934 9914 10014 9778 10014 961: 0
40 40
578
5312 9712 9812 97 9814 9512 9818 95 97
Prov of Alberta 1924
9614 98
45,6
9534 9712 04 97
92 9412
Tokyo (City) loan of 1912_.£5 81 83 82 8212
8078 81
797 82 -745.7s 801-4 -864 861-8 "ii- 8112 --------60"
United King of Gt Brit & IreIC
-65"
Vi-66- 7
/5-- -813 iii"
3-year notes___Nov 1919_53 9978 1005
/
8 100 1004 0914
5-year notes___Nov 1921_53-i 9778 9858 9838 99 9734 10014 9914 9934 9912 10018 9932 mo 99%tool2 9912 mo
9972 mo 9972 loo
9878
9858 1/8ifs 9918 9818 9918 98 9918 98 99
20-year gold 1937
9814 99
5Yi 100 10134 10014 10138 9812 10078 973 995 9938
9612
9838 97 9778 9434 9714
985(
8
10018 99 100 9558 9914 9518 97
10-year cony 1929
9512 0712 92 9718 89 03
53
8012 8934
--3-year cony 1922
961s 0612 94s 9838
---977 98'8 O5I 08
£ In case of bonds of foreign Governments issued in pounds
sterling, indicated thus—£--the usage of the Stock Exchang
One pound sterling, and the above quotations are on that basis.
e is to) consider 55 as the equivalent of
COURSE OF PRICES OF RAILROAD AND MISCELLA
NEOUS STOCKS FOR THE YEAR 1919.
1919.
STOCKS
Jan uary February
March
April
May
June
July
August
September October
November
Low High Low High Low High Low High Low High Low
High Low High Low High Low High Low High Low High December
Low High
Par $ er share $ er share $ per share $ per share $ per share
$ per share per share $ per share 3 per share $ per share
Albany & Susquehanna_100 -----___
- -$ per share $ per share
___ -----185 185 --------156 156 ------- $
-----------------------------Ann Arbor
100
----- 160 160
1
5
414 434 378 378 412 64 412 512 --------6 -----Preferred
812 8
100
312 9
1214
..
Atchison Top & Santa F100 9038 9414
15
1512
20
21
17 2434
90 9278 9078 94
91
9612 9334 104
5038 103
98 10378 88 9734 88 92
Preferred
8934 0358 8314 0214 8012 86
100 86 89
86 88
8618
87
86
87
85
887
8512
8
88
84 8612 8058 84 80 82
Atlanta Birm & Atlan
7878 82
7713 7978 767s 80
100 712 8
712 8
6
8
638 8
758 11
9
1112 1014 1512 1134 1414 1012 1178 9
Atlantic Coast Line RR_.._100 9538 99
1212 7
11
7
9
9578 98
95 9712 9618 98
97 107 10014 107 100 105 92 9918 0012 9578 0218 97
Baltimore & Ohio
100 44 50
96
8712 04
91
4412 4918 4614 5012 4514 49
4734 554 43 5' 4212 4912 3934 4534 3814 423 39 4238 3012 4038
Preferred
100 54
2834 3414
56
53 56
51
5612
50
53
5314
59
,2 55 5912 5112 5738 5014 5478 4934 52
Brooklyn Rapid Transit-100 1838
4934 5214 '4212 5114 3813 4912
2678 1978 2678 195s 25
2034 2312 2012 2914 261s 3212 2912 3318 23 31
Certificates of deposit
1838 28
1958 2312 14
2134 10
1614
2312 2414 1938 243 20 2234 20,4 27,
2614 2814 20 2414 1412 2312 1334 1812 1018 1512 5
2 2338 28
Buffalo Roch & Pittsb
100
1134
70
7212 63 63 - --------60 60 6018 604 594 60
57
60
Preferred
____
____
573
4
573
4 55 55
100
50 50
Buffalo & Susq v t c extd_100 -----------------------70 72
75
75
76 78 ----------------68
Preferred v t c extended_100 ------------------7313
------50 50
5014 501 53 53 --------51
Canada Southern
51
51
51
50 52
100 43 46
54,4 -- _ ____ ____ ____ 46 40
-48 48 - --------------------------------43 4412 504
Canadian Pacific
4312 4312 42 12
100 15534 16134 1-57
- 165 156 16434 1533 1633 16114 17012 15814 16512 154 17078
153 160 14818 154 14814 15312 140 15112 12d1,5 14018
Central of New Jersey
100
207 207 ------------ - ----------------------------21
3 213 170 20314 17512200 175 181 175 175
Chesapeake& Ohio
100 5334 5714 5412 59
5612 6034 5738 6312 6115 6812
4 6812 6234 67
Chicago & Alton RR
5318 6414 5534 5812 57 6114 5178 6112 5 112
100 714 758 712 712 --------7
5712
1012 1212 912 934 10
10
1212 1018 11 -_-_ __ 8
Preferred
0
100
9
1012 714 714
1212
1334 1378 1012 1638 15
15
13
1712 ------------------------12 12
Chic Sc East Illinois
100
11
11
Preferred
100
4
1118 2
1- 0-14 934 1514 -- -Chic & E Ills ctfs of deposit___ ____ ____ ____ ____
-- - ____
____
-____
___
- - ____ ____ ____ ___.. 11
1312 812 -Preferred ctfs of deposit_
12
-99
--512 --__ _
7
__
-(112 -814 -_
__
3
_
-612
.....
_
_
_
_ __ _
__ 15
1712 1312 15
Chicago Great Western
10
1012 912 1112 7
1-00 718
9
- _-812 __10
3111 7
712 _-918 __734 _-834 .._712 _--14 __9 1112 91012
- -Preferred
814
938 12
107
8
9
113
8
94
1138
100 2358 2612 2412 27
8
10
7'4 9
24
27
2314 2618 25 3078 2612 2912 2512 3034 2218 28
Chicago Milw & St Paul-100 36
2314 2714 2618 2814 24
2778 21
2114
4138 3412 3738 35 4112 3534 3918 38 4738 4014 4714 4134
Preferred
5234 38
48
4013 46
411a 4638 355s 4578 341s 4014
100 6512 7414 6712 733 68 7478 66
7112 68 7414 6734 72
6814 76
Chicago & North Western 1009318
6018 7034 6214 67
6212 7014 5212 6614 487s 561.
9612 9412 96
9341
941s
9614
98
96
105
9912 104
9814 10212 91
Preferred
99
89 9612 00 93
85 94
100 13178 133 --------131 13234 128 13112 129
85 903.-i
13212 130 13218 129 12912 1237,12734 12434 125 120 124 11712 123 116
Chic Rock I & Pacific tern ctfs_ 2218 2612 2234 2558
119
2314 26
2278 2634 25 31
2534 31
2718 3214 2212 2878 2412 2858 27
7% preferred
2978 2314 3038 2312 277
7314 8014 76% 7912 7512 7814 7414 78
7712 8378 7614 84
76 84
6% preferred
6814 78
7112 75
75
7812 7078 7738 68 7518
6118 67
63 6634 65 6634 6334 6634 66 7114 64
72
61
Chicago St Paul M 8c 0____100 78 82 ____ ___
73
5514 66
60 63
5812 6534 5631 64
63 66
734
7212 654 75
75 7518 7618 7814 75
Preferred
75
7312 7334 65 05
64 65
100 10514 10514 --------106 100 ___
57 61
_ ____
._ _
_ 107 107 105 105
Clev Cin Chic & St Louls 100 33 30
_
_
...
105
105
9512
0912 88 05
32 3618 34 35
756514
34 --4314 42 --48
4734 -5478
_- 50 51
4378 49 _-Preferred
41
-4214
4214 44
12 52
100 6012 70 ----------------64 6612 6612
4012 49
42
73
7212 72 74
71
Cleveland &Pitts guar
66
63 63
6714 6714 65 664 6314 68
50
6814 6814 ----------------6913 6912 ------------ 71
Colorado & Southern
-----------------------------------100 1934 2238 20 2278 227s 2814 2312 3078 283134
25 29 263012 0 26
First preferred
2113 24
22 25
201g 2514 192212
100 4814 4912 4814 50
52 5412 53 54
55 58
57 5818 5412 5818 53 54 --------4914 5112 4912 53
Second preferred
100 47 47
48 4912
45 45
4778 4778 45 45
4614 5112 50 50 _--- ---_ _ _ _ _ ____ __ ___
Cripple Creek Central
10020 20
---- 461s 4618 -------Preferred
100
Delaware & Hudson
_
...
103 101 105 10212 10734 104 10912 104 10638 10512 116
15
15
10778 115 10734 116 10312 110 10414 10814 100 10578 100
Del Lack & Western
100 176 18234 180 180 17212 17778 176 180 177 217
9112 ling
200 208 190 19912 185 190 179 184 178 18414 174 10414
Denver & Rio Grande
100 334 514 5
10014
177
19014
5
412 514 312 7
614 858 738 814 8
1512 8
Preferred
1112 912 11.78 83 1018 7
100 614 714 618 818 714 818 614 934 8
912 578 8
1314 834 1218 11
24
125 181
Detroit United Ry
1934 1512 1878 1258 18
10
1214 14 12
100 85 85
80 8234 89 89
9014 96
97 150 102 104 104 104 ----- ---- --------103 103 ------Duluth S S & Atlantic
100 3
- 100 100
3 ' 234 3 --------3
4
4
6
412
412
4
638 4
Preferred
43-4 4
4
334 412 138 518 2% 42
100
538 7
8
11 -------10
1178 _ __
Erie
__ ---- ---10
100 1518 1738 1538 1738 1618 18
-_ 814 812 0
1534 1734 17 2014 17
1978 1718 20
1518 115 _First preferred
18
612 1514 -17
1234 1638 1238 1418
100 2434 2814 2478 3038 2712 31
26
29.14 2778 3214 2718 32
29
33
Second preferred
293
2318
4 2418 2014 2458 28
100 18 22
1912 2634 1812 22
1812 2178 19 21
1712
1934
1838
23
20
2258
2012 2311 1634 2014 17
Great Northern preferred 100 9014 9512 91
18
18
19
16
1834 1334 16
0438 9238 9538 8938 945 92%10058 9478 9912
9234 0612 8418 0314 844 8914 84 8812 7318 87
Iron Ore Properties_ -no par 3134 3812 37
7518 8012
4038 3878 4412 41
4518 4212 4778 45 4818 4512 5234 393 47
Gulf Mob & Nor stk tr ctf_100 712 8
4034 4678 42 4634 38 4534 36 3978
714 10
8
10
8
938 858 1112 1012 1012 10
1278 9
10
Preferred
7
10
11
100 3114 33
11
712 8
818 0
3512 3212 33 --------3278 38
34
38
3978
39
4012 38 39
Havana Elec Ry L & P
354 3518 3612 3618 3418 3612 30 31
100
Illinois Central
100 96 9814 9612 9934 91178 100 9878 101 100% 104
85 85
98
102
9812
10333 90 1003 03 9458 91
Interboro Consol v t c__no par 434 638
9178 8978 9378 857s 91
5
712 318 612 334 412 378 814 6311 94 7's 84
Preferred
512 773 5
678 514 6% 338 578 312 5
100 16
23
18 24
1118 2212 1212 1518 13 292 2378 3114 2634 30
16
27
i All 91. 31. 91. 3
16 2212 1634 2078 1112 10
10 1512
8
2
2
41A
43.
41
41, 41e
VIA
na., (1 73, _
(1
6
_
AN 558
'fa- ----------------70
233
THE CHRONICLE
JAN. 17 1920.]
1919—Continued.
November December
August September October
July
June
May
April
March
January February
Low High Low High Low High Low High Low High
Low High Low High Low High Low High Low High Low High Low High
share $ per share $ per share $ per share $ Per share
par $ per share $ per share $ per share 8 per share $ per share i per share $ per share 8 per ---_
_ 52 52
_
-__
__
_
_
_
__
__
_
__ _-__
__ _ _
K C Ft S & Mem pf tr ctfs_ 100 _ _
19-34 18 2012 13 10 -13;4 16.3
-78 -17
18 2214 _22 -247/4 _2414 --2114 -2514 _—
2112 --21 .--1813 2378 _—
18 _-- -100 ---1634 1914 172134
40 46,2
Kansas City Southern
5012
48 5178 46 49
50
54,
50
5512
5413
5612
8
,
54
521 5378 5212 5312 54 57
50 52
100 4913 53
412 412
Preferred
5
714 ---_ ---- -_-- --__ 5
512 --------6
318 312 ----- ------------4
100 212 3
Keokuk & Des Moines
- - ---- ----100
l'referred
7,2 9,2
11
111
9
97
91
9 1018 912
914 913 1178 1012 1178 1014 14
734 713 818 7
100 758 938 7
Lake Erie &Western
21
2313 2134 22 -- ----- ----_ 17 2134 13 17
22 25
2118 24
18 2018 1612 1912 1912 25
1984 1934 20
100 18
8
, 43,
4012
['referred
41
49
4618
467.2
5284 6038 5014 5514 4778 5238 4713 50
54 5614 5314 5538 5514 60
5718 5458 56
.50 54
Lehigh Valley
121 10478 11318 107 110 108 11718 10818 11718 10718 114
100 11312 119 114 116 113 11584 11513 118 11478 12234 117 121 115
55
Louisville & Nashville
8
375
3
39 4 5513
74 8712 8612 88 84 87 80 8214 68 7634 4812 70
73 77
70 82
85 87
Manhattan Ity guar stock.. 100 81 88
80 80
100 92 92 ------------------------90 92 99 100
Michigan Central_
T9. 1213 li 1112 15
1978 10 24-12 ib /612 iii
4
133
1512
8
117
13
4
93
123/
4
1014
288
934
4
113
70 80
Minneap & St Louis(new) 100 918
90
8612
80
8912
8714
3
847
93
9712
8512
92
97
9114
8 8812 8914 89 9814
8584 91,
88 91
100 8718 91
Minn St P & S S M
90 95
99 99 --------05 99
106 106 107 107 110 110 1097810978 107 107 101 107 100 100
100
50.14 5012
Preferred
55 55
55 55
59
--------59
6014
6014
100
Leased line certfs
1438 1214 1434 913 1314 838 1012
778 1058 914 1658 1012 534 12
1114 878 11
634 6
6
45s 7
4713 6
Missouri Kansas & Texas_
12
1434
19
1334
8
207
1712
2013
16
2113
16
2518
1858
2134
1638
25
834 1414 1012 1314 1034 2013 1514
100 812 10
Preferred
2314
2712 3378 2812 3413 3212 3878 2512 3114 27 2978 28 3138 2218 3012 3712 2714
2314 2534 2312 2578 2273 30
Missouri Pacific tr ctts___ A00 2234 27
4278
52
403
4638
8
4913
4
483
46
2
547
5518
4
583
453
4
4
3
583
5314
5812
4 5034 5413 5013 5434 5012 55 4 53
100 4014, 54,
Preferred tt ctfs
25
Monon Valley Traction
7014 'iii '7014 -'701871
- _--_ -___
__
__
__ 72 72
_
50 7112 7113 73 7413
Morris & Essex
_ 111 11212 112 112
_
_
--- _ _
11212 113
--- 4 --11734 1173
---117
--4 1171211912 147
-- 11
Nashv Chatt 8c St Louis____100 --------114 116 --------114
1213 1234
7014--1919
_---1616
-_
_
_
_
_ _
..
o
_
__
_
__
_
Nati nal Itys of Mex 1st pref100
814 634 912 514 -7-12 414 551/
878 7
738 ---1058 --814 -- .-814 -1013
914 -1114 __-- __814 -1258
14 ___812 --1014 __512 -100 __713 _-712 __Second preferred
40 4814
49
44
8
497
4514
3412
50
4012
34
45
3813
4234
37
3713
3612 29 3318 2834 3513 31
31
New Orleans Tex &Alex vtc 100 30 36
4 71
7412 7134 7512 6878 7534 66,
70 7834 71
7584 7278 7758 73 7614 75 8313 7818 8334 78 83
100 6914 7512 71
N Y Central
26 3078 24 29
233 27 27 32
3014 331 25 29
26 2912 25 2684 26 32711 2814 32
27 29
62
N Y Chicago & St Louis ...t00 28 30
6012
62
- ------------- ----62
100 ------------------------63 70 65 6934 70 70 69 69
First preferred
4612
41
4834 52 4858 5312 4712 4912 45 47 49 4934 40 li
4214 4512 45 52
100 4234 4312 4234 431 4413 45
3Second preferred
89
89
9212
9113 96 96 -----------------------------------------0212
N Y Lackawanna &West_100 91
4
2518 29
,
5
3
2713
3214
-34
5
3
8
-713
2
1
56.
8
385
8
7
31
4
301s
3414
12
29
3434
275$ 3458 2778 3138 2914
100 2758 3314 2534 31
N Y N II & Hartford
1612 1734
2158 241s 22 2414 1978 2212 19 2012 1938 2078 1613 20
19 2013 1912 2114 19 2014 2014 24
100 1812 21
N Y Ontario & Western
11
____ ____ ____ ____ ____ ____ ____ 11
____
____
____
100
New York State flys
9 12
14
1478 12
1453 1478 14
1412 16
1734 1934 1614 20
15 20
1534 17
17
15
100 1634 1834 1514 17
Norfolk Southern
9513 10314 95 100
9912 104
4 10412 9818 101
04 11213 10612 11034 10412 10834 98,
100 104 10814 104 10713 103 106 10312 107 104,
Norfolk & Western
34 1
Rights
io -go 6 i9-1, 67 -6.12 6618 6813
; "i(i 6 io
. _ _ ii -ii ----------------70
100 73 7418 774 -ii
Preferred
78 5514 77 8238
84 9338 8512 89 8478 90
959912 9313
94-58 90 9413 9238 99758
91 -97
8 941 8912 9338 __885
100
Northern Pacific
-40
40
--------------47
47
45
100 42 42 - --------4014 4014 43
Pacific Coast Co
1 4913
55 55 --------------------------------492
100
Second preferred
13-38 397 4214
4418 4478 4378 4518 4334 44711 44 4813 4538 4734 45 4514 4214 457s 4278 14-14 4212 13-7-8 4138
50 4414 46
Pennsylvania
13 1334
16
1713 14
12
15
1512 1714 15
1314 20
15
12
14
638
638
434
4
53
434
5
5
51s
5
100
Eastern
Peoria &
1612 2214 1612 1934 1934 2558 2112 2614 2218 3312
1712 2414 2013 2614 22 26
17
100 1218 1334 1212 1414 1213 1514 13
Pero Marquette v t r
63
70
65
6312
64
6614
5834 6018 6012 6312 6134 6713 6534 6734 60 6512 611 64
58 5838 56 59
100 57 58
Prior preferred v t r
4513 50 47 5318
_ ----43 48
4612 4813 4513 4612 ---39 43 43 49 46 49
40 41
100 43 4318 42 42
Preferred v t r
5018
6712
71
6713
69
65
48 59 44 4434 45 59 5812 70 647,3 68 60 63 6014 72
453 48
Pitts Cin Chic & St Louis_ A00 45 46
-- ---- ---- ---- ---- ---- ----- ---- ---Pitts Ft Wayne & Chicago_ 100 ------------- ----1651216512 ---- ---- - 121 124
66 fib
135 1-3-5 --------13118
100
Preferred
25 3-3- 24 3038
0
3
8 0034 -3-5
12
4218
345
4
-383
-3214
--8
383
4434
368
3912
36
3712
3858 3418 4038 35 3934 35
100 34
Pitts & West Virginia
75 78
78
4
803
77
79
8214
7812 83 80
8278 84
100 79 8138 7914 83 80 82 80 8218 8018 8313 8212 8413
Preferred
79 8514 74 8312 7378 7814
7718 82
8434 9358 8613 9314 7478 88
50 75 8413 7612 8258 8034 8678 8218 8658 8334 91
Reading Company
33
35
35
36
34
3413
341 351 36 36
37 3718 35 37
3718 3812 3714 3812 36 3734 3514 38
50 3612 38
First preferred
3344 3512
3612 3878 36 38
37 3912 38 3812 37 38 ---- ----_ 37 37
37 3813 36 38
50 37 3753 3712 38
Second preferred
112
112
115
115
100
Rensselaer 8c Saratoga
8 18
___- ____ ____ ____
_ __ __-_ 17 171
100
Rutland preferred
1413 1978 1434 193g
2318 1734 2058 1813 21
2313 2112 2734 16
St Louis & S P stk tr ctIs 100 1034 1414 1112 1312 1134 1352 1152 2112 2013 2538 1714 33
25 2938 20 2513
31
26
25
32
2734
36
2812
32
30
37
8
313
3312
2218
25
2212 2413 24
100 22 27
Preferred series A
1078 141/4
1418 16
1713
1458
1634
3
15
19
1912 19 2234 2018 2338 1938 22 4 1418
1938 16
1718 1718 19
18
100 17
St Louis Southwestern
3114 23 2614
4 26
25 3012 2712 32,
3612 '1778 32 3634 25 33
3412 37
3378 32 35
31
2812 32
100 30 31
Preferred
658 814
83
912
85/4
8
10
9
4
93
1018
12
813
918
1114 9 1038
100 712 878 738 8% 712 812 712 912 9
Seaboard Air Line
7
7
_ _ _ _ _
- __ _
_ - -- ---- - __ _ _
_ _ _
_ _ _ _ ____
__ ____
100 _ _
Temp stock trust ctfs
-1-b13
12
-12
9
1
13
7
1
-12
1514
7
18
1
-13
0
2
4
18
233
9
1
1812
12
-34 -2-1-8
1
- -2-2
1-9-14 1714 19-34 19
-78 -1-834 • 1534 -1-8- 1
15
--7
100 Preferred
15
__ 15
__ --- ---- - - _-- __ _ . _ ___
_. _
_
_
_
_
_ _ __
_ _ _
100 _
Temp stock trust ctfs
923
109
8
8
1125
173
9
2
1
1
8
2
110
9
023
1
1
34
4
05
98
-12
04
1
4
3
033
1
-14 1-1-5
-3
- 14 1-1-4- 10
-6
- 1-14 1-0-9-12 1-0
-518 1-0-34 9
-958 1-0-4 1-0
- 18 1-0-3-34 9
-7
100 9
Southern Pacific Co
_
_ _ _
_ __ _
_ __ _
_ _ _ ____ _ __
_ _ _
__ --_- _ _ 14313 14912 __ _
__ __ _ __ Certificates of interest
-3 -2-9-12 24
- -1 58 -2-6-5s -2014 24
-78 -2-7-14 2
- 18 -2-6-14 24
-- 4 32 2
-34 -3-2-12 283
-8
- 18 -3-3 2
- -2-913 2738 3-0-14 2712 2934 28
- -3-0-18 26
-00 25
1
Southern Railway
5278 6118
6612 6834 5984 6612 5934 6314 6058 6312 5984 64
6712 6914 68 7212 6613 72
100 6634 70 67 6812 6734 69
Preferred
___. ____ ________ ____ ____ ___- ____ ____ ____ ____ ___- ____ ____ ____ 50 00
31 &0 stock trust ctfs_ _ _ 100 _ _ _ _ ____ ____ _...., ____
3838
45
39 5434
5614 7012 3714 617.8 46 54 5014 57
4518 67
3334 3034 3534 3114 48 43111 54
-1-12 3-6-18 3
-7
100 2
Texas & Pacific
1478
1913 1234 1812 11
1358 2418 2113 251. 2258 2258 18 2358 18 2213 15
1313 15
, 16
100 1313 153 1313 167 13
Third Avenue
2 572 -------------------------------_
514 -------57
_ --------_ ----- ------------5
Toledo St Louis & Western_100 -------8
10
117
1
8
127
113
10
8
17
10
1212
1313
10
534
6
834 534'
- - — ---- ---- ---- ---- ---- 5
_ Trust receipts
01010_
10
-- --______________
Preferred
17 23
_
__
_
3
4
43
2
2414
231
2313
2512
20
1613 18
17
10
10
10
. 10 10
_
_
_ _
Prof trust receipts
4 4078
-5 -4-3-12 29,
4313 4514 3
1478 -45
2
45 524 43 44
56 60
43 54
44 45
48 48
49
-4 ---- --- 4
________
_ ___ 3843
Twin City Rapid Transit
_ _ 1021310212 - 80_ _ _ _
100 80
Preferred
126
12014
12134 126 12034 13-214
100 12418 13012 12618 13134 12712 13234 128111 132 13012 13813 13014 13614 13112 13618 11918 13213 12038 125
Union Pacific
63 69
7213 6913 72 6818 7018 6613 6912 67 68
100 72 7313 73 7414 7218 7434 73 7313 7212 7358 72 7312 71
Preferred
1212
8
1112
8
1212 978 1218 10 12
1558 1213 1478 1012 1512 1212 1578 10
10
United Rya Investment__100 714 914 8714 1314 1018 12
2013 2513 22 2514 17 2214 1778 2714
2434 3314 28 3434 2153 28
2613 30
2614 2413 31
1714 16 2778 24
100 15
Preferred
858
714
1014
10
1338 958 1178 978 1114 958 1034 8
734 912 812 1213 978 12
9
100 734 812 778 878 8
NVabash (Itcorg Co)
2858 3238 2418 3114 2014 25
3318 3712 34
3678 30 341s 2813 32
3434 3234 3614 3113 3334 3214 38
100 3013 3378 31
Preferred A
1613
14
2014 2134 2113 2478 23 2513 2033 2212 1914 2014 1938 207a 1618 21
1973 2134 1978 2233 1918 21
100 19 20
Preferred 11
1013 12
13
1418 1173 1338 1158 1314 11
1338 1178 1478 11
958 1138 1013 1313 11
8 1112 1012 12
100 1013 1238 10,
Western Maryland
22 2358 20 2114 16 ,20
27 3013 --------20 21
27 23 30
25
2434
2634
26
2478
100
2d preferred
20 115,
4
2414
2013
4
203
2314
2512
21
8
2214
202312
247
26
2212
1834 2458
19
18 2213 17 20
100 18 2013 17
Western Pacific
54 5614 54 60
54 56
5718 53 55
56 5913 54
53 5558 54 67 53 57
54 59
100 5878 6113 5218 59
Preferred
1112 14
1713
1413
1113
1814
1713
913
1118
3
4
1214
83
12
11
12
1038
858 818 934 7 4 914 734 958 9
100 8
Wheeling 8c L Erie
17 20
20 26
21
24
2158 2412 1812 2113 20 2834 2212 28
1713 1913 2013 24
17 21
1813 17 20
100 17
Preferred
25 30
36
35
34
31
37 4178 38 4012 39 41 --------30 31
3014 3213 32 3613 3334 37
100 3014 35
NVisconfiln Central
STOCKS
-1-8-.4 ia
iii18 _ _
EXPRESS
Adams
American
United States
Veils Fargo
100
100
100
100
4514
8158
18
66
50
95
18
75
40
87
1634
6213
48
90
20
67
33
86
20
59
42
86
2434
64
2958
8213
21
53
41
90
2413
60
3014 64
83 103
3234
24
79
54
49
85
26
67
5912
91
2913
74
5058
9314
261s
66
5514
9614
2714
6814
39 .
90
2518
5512
5014
93
2714
64
30
7613
26
56
43
92
2813
64
3313
88
25
5714
4012
91
2618
5014
32 3678
81 100
2214 2212
5114 5712
30
8512
23
52
3313
99
30
57
COAL AND MINING
113 214
3
334 234 378 213 31s 212 313 233 278 218 278
314 4
314 418 318 4
10 313 414 358 4
Alaska Gold Mines
212
134 278 2
238
178 2's
213 2
212 178 314 2
10 134 218 134 218 178 238 178 23 178 284 2
Alaska Juneau Cold mg
1813
1412
s
7
8
2018 2738 2018 2413 201 2378 1578 21
12
1413 1234 1478 1334 1813 1634 2578 2214 29
15
1234 11
Amer Zinc Lead 8c Smelting_25 11
62 67
58
57
60
5313
61
57
8
617
56
65
58
6314
5213
8
535
3
477
4812
4212
45
43
43
25 40 4313 4034
Preferred
7418 6638 7078 6518 7078 5458 6814 5473 63%
731s 7773 64
50 5634 6158 5612 6128 58711 6314 6033 6314 6113 7118 69 75
Anaconda Copper
8 173
113 2
113 2
113 134 1 12 158 118 158 112 134 1,
20 114 158 138 178 133 134 133 178 138 218
liatopilas Mining
133 115 12413
100 151 157 138 148 140 145 13918166 149 158 145 15512 150 160 128 150 125 13934 126 148 117
hum,Bros
110 110
110
11112
11113
110
---------------107
--------107
110
11014
100
Preferred
512 932
9 ' 12
834 17
1 14 1412 0 14
1438 158 378 1112 14
714 518 711 578 718 fias 778 7
Butte Capper 8c Zinc v t c---5 6
1912 277/4
2S52 20 26
10 1718 2118 1678 2512 18 2434 2118 2414 2134 2713 26 3184 2613 3712 2234 2913 2418 2812 24
Butte & Superior Corp
60
6713
4
713
5812
77
73
71518 78
59 6513 6413 7034 5912 8634 72 81
59 62
5634 60
10 5813 6113 57 61
Calumet & Arizona
52 6014
56 6238 5214 63
5814 6713 4914 6112 52 60
3613 4414 3813 4578 43 67
3278 3134 37
3458 31
Cerro de Pasco Copper_no par 31
163
1934
4
8
2458
173
2013
8
8
247
225
2214
2418 2878 26 2914 2178 26
23 1718 1858 1738 1958 18 2478 2184 2113 2218 26
Chile Copper
4014 4578 4114 4512 33 4313 3234 3854
5 3234 3438 3218 3438 3218 3513 35 3838 3578 4078 3918 4818 4618 5078 41 47
Chino Copper
37
4212
40
4913
44
5012
40 497s 4214 43
48 56
4434 52
4 393 383 4413 4158 4478 4114 49
100 35 3314 34,
Colorado Fuel & Iron
100 1011210112 ----- ----_ ----- ----110 110 120 120
Preferred
1614 1613 -171;2 161638 "ici. 114 13
57s 61: 634 918 834 1-614 1014 "2113 ii li
614 7
814 858 638 8
_
Cons Interstate Callahan....
1314 1414 1333 1458 1234 1458 1234 1358
1314 1214 1133 1313 1614 1314 1558 1314 1514 1212 15
1058 1314 12
10 1058 13
Dome Mines Ltd (The)
26
381s
3314
3712
3614 233s 3038
3313
3913
34
4038 36 43
50 27 2958 ----------------27 2778 2812 3012
Elk Horn Coal Corpn
39 39
40 42
40 43
40 41
42 47
_ 47 49
_ - ---- -- 50
Preferred
11
14
10
1114 9
1114
14
1313
17
1458 2312 13
20
141778
3012--12
- 4 1018 13
113
10
918 10
10
Federal Minims,&Smelting_100 10
14 31
3178 25 2313
26
34
33
41
3014
31
4814
4113
4058
46
47
3818
4
403
35
8
397
36
39
100 33 3334 33
'
Preferred
54
4712
6718
51
7133
8
6812
57
6
6612
7378 6612 72
65 7114 64 6812 65 7313 65 7634 66
100 7358 80 68 74
Granby Cons M S & P
34 4214 3212 3613
4014 41
41 18 43
46
4312 4134 4434 3378 4134 3914 4534 4112 4514 4378 4713 41
Greene Cananea Copper 100 4213 4612 41
76
64 631 71
60 70
70 75
100 111 06 100 100 03 93 9713 93 86 86 _ . ___ 80 85 72 72
Homestate Mining
5734 63:14 45 601 4634 6013
4 63
-18 -6412 6358 6878 5613 6478 57,
-6
Inspiration Consol Copper-20 4318 4714 4213 4614 4312 4878 4814, 5278 49, 493.: 5
4412
4412
____
____
____
____
____
____
I
--__ -__- -___ ____ ____ __-_ -_-- ____ ---- ---- ____
- .Island Creek Coal
347s 4058 311, 38
3238 367a 2733 3373 2758 2978
295a 323. 3114 331. 317. 373. 353. 4158 393. 43
no var 32 3384 291s 33
Ken necott Conner
234
THE CHRONICLE
[VoL. 110.
1919—Continued.
STOCKS
January February
March
April
May
June
July
August
September October
November December
Low High Low High Low High Low High Low High Low High
Low High Low High Low High Low High Low High Low High
par $ per share $ per share $ per share $ per share $ per share $ per
share $ per share $ per share $ per share $ per share $ per share
Miami Copper
$ per share
5 2258 243 2134 23
2214 2414 23 2453 225 2812 2612 29
2734 3234 26 30
2573 2834 2434 2778 21
Nevada Consol Copper
27
2112 243
5 1658 1712 16
1718 1513 165g 16
1718
16
18
1758
20
1938 2178 1713 2033 165g 1914 17 18
Ontario Silver Mining
1314 1738 1412 1578
100 578 738 678 8
513 812 614 818 718 1012 734 914 773 834 614 77
978 9 1114 858 10
8 614 721 7
Pittsburgh Coal (Pa)
100 451g 5012 45 4734 45 50
48 5178 50 6273 5958 6878 6838 7458 5912 7278 62 6758 6012
6758 5918 65
Preferred
5934 66
100 8578 87
8534 8614
87
8618 8712 87 98
9212 9513 93 98
9318 96
93 93
93 95 87 94
Pond Creek Coal
8712 91
10 1234 14
1258 13
_
_ 1438 1433 1412 19
1712 2114 1838 22
1712 21
1813 2934 2518 3112 2014 2834 1912 2814
Ray Consolidated Copper 10 20 2134 1912 2012 _-8512--192014 20 2134 20 23
2218 2514 2412 2713 2258 2534 2212 2438 22 24
1914 2234 1912 2178
Shattuck Arizona Copper 10 1113 1312 10
12
10 12
11
1314 12
1538 14
1534 1414 1914 13 1734 13
1618 13
1412 1153 1334 10 13
Tennessee Copper
25 13
1412 1214 1312 1218 1312 1234 1614 1418 1714 1258 1512 1318 17114
1278
1518
8
1234
137
1212
13%
978 13
934 1034
Rights
_ _
_ _ _
_ _ _ _
_
_ _ _ _
_
38
38 _ _ _ _
_ _ _
__ _
_ -_ _
Utah Copper
._ _
-10
- 6
-8
-12 -7-4-78 6
-5
-18 -71-33 6
-6
-% -74-34 7
-14 -7-8- 7
-3
-5
-18 -8-2-% 80 9112 8-812 -97-13 55 -9-2-18 8118 -8178
- 79 -8-6-38 7938 -8-4-13 6
Virginia Iron Coal & Coke_100 56 58 --------54 5934
9
- -7-7
5434 60 60 74
65 74
65 69
59 63
60 64
6312 8214 67 7912 67 88
VARIOUS
Acme Tea 1st prof
100
84 84
-Advance Rumely
100 21
2514 2114 2312 23 2933 27 3434 31
3338 3238 46
44 64
31
4412 3413 42
42114 488 3718 4512 38 4553
Preferred
100 5613 6114 58 61
5912 65
6112 7034 68 7012 6918 76
71
76
67 7112 6853 737 71
7312
70
4
70
753
74
Ajax Rubber,Inc
50 66 75
70 81
7178 797 7334 05
85 9412 851 106 100 113
86% 10712 8734 9512 1)258 9812 '7E134 95
131
89%
Rights
118 134 ---------------- --------------------- - 31_
458 33
434 - Allis-Chalmers Mfg
- - 100 30 3514 3012 3578 3313 3658 514 39'14 38 4613 38
- 4614 4414 50
3514 4534 40 4812 ‘Th -5-1-15-8 1958 4-8-3-4 ;10
- -51-58
Preferred
100 8178 8512 8312 88
88 9218 89 9434 9212 9513 94 9612 941 96
90 95
9313 97
9412 9618 9012 9412 80 06
Amer Agricul Chemical— —100 998 103 10018 103 10114
10833 10278 11312 10778 11334 10614 11212 10534 11214 9278 10612 87 9912 9414 10214 9014 9814 88
Preferred
94
100 98 99
99 991 9812 103
997g 10012 101 102
9913 10212 99 100
99 99
95 09
94 9678 9414 97
92 97
American Bank Note
50 33 33 --------_ 35 3813 --------40 46
44 4712 43 55
43 46
448 4878 47 5212 45.14 501 1 4514 47
Preferred
50 42 42 --------45 45
47 47 - _
_ 4813 4812 4812 4812 4713 4814 --------48 49
47 4713 4834 49
American Beet Sugar
100 62 77
6612 7614 7214 763 7413 80
7912
-- --8513 81 90
87 9812 8012 9078 859712 91 10134 8914 9934 90 977a
Preferred
100 43 843 90 90 --------_ 9212 921 93
3
05 94 95
90 9334 94 94
93 04
8834 90
88 88
Am Bosch Magneto
no par ----- ----_ ------------------------_ 8412 10312 95 10514 93 95
102 126 10512 11733 110 11812 11112 131 11814 14378 11918 12553
Rights
_ . ..
---_ ___--- ---- ____ ____ __-- ---- -___ ___--- -___
514 6
Am Brake Shoe & Fdry__I00
_
_ • _
_
_
_ 91
91
90 90
9118 93
93 97 --------95 95
_
_ 85 02 89 89
Preferred
100 100
_-- 1651
--- -&)- 16516
--- 1
--0 168
--- 1637
169 170 175
2
165
1644 175 170 17512 176 176 -------------17
17014
0 170
10912
American Can
100 4553 5038 42% 4713 4534 5218 4912 5534 5334 61
5034 6058 57 63
4614 5712 5213 683 6114 6778 4812 64
4934 558
Preferred
100 988 10134 10018 10178 101 103 10014 1025 10214 104 10312 10758 10438
10553 103 105 103 10534 102 1041. 10014 103 98 10218
Amer Car & Foundry
100 8778 9414 8418 9438 8934 9414 8953 97% 9414 10478 101 11278 11018 12114 11014 13413
12934 13853 13118 13814 130 14838 13213 14114
Preferred
100 113 11518 11412 116 11334 11512 115 117 11612 11678 11634 11714
11534 119 115 11612 11612 11714 115 11612 11478 116 11313 11612
American Cotton Oil
100 3958 451 42 46
4334 5018 4734 5334 5334 5912 5512 64
61
6712
62
5153
58 598 5612 6012 49 5834 4614 5153
Preferred
100 88 89 - --------01
91
9234 93
93
9112 93
9112 9212 91 92
91
93
91
9278 93 93
88 90
Am Druggists' Syndicate,..-10 1Q33 1313 1114 1312 1234 1414 1234 1414 123 93
4 1338 12
1318
11%
1338
1058
1212
1034
1112 1034 1134 1014 12
1253
11
Amer Hide & Leather
100 1318 1712 1618 2013 1712 2014 1978 2938 2738
378 28 388 3434 4318 26
4178 3158 3812 3418 4134 2914 3814 2212 3078
Preferred
100 7114 884 8518 9838 9314 10112 9912 11618 11312 128 11512 13114
12513
1363
4
110
13212
12613
121/4
119
133
1423g
13634
11212 12514
American Ice
100 38 4512 39 4512 4234 49
44 5078 4814 6033 54 7612 55 66
3712 60
44 5014 4014 4912 4134 51
42 4812
Preferred
100 5434 59
5618 6334 6178* 6412 6212 7112 6812 7312 70 7614 7112 7514 64
72 68 71
6412 69
70
6534 7014 61
Amer International
100 5313 5718 5238 6134 5914 7212 7014 9112 8614 0634 9512114%
10434 11512 8934 10838 95 10512 9834 13214 105 131 10314 1167
American Linseed
100 4534 5234 4512 4912 4413 5034 48 6512 5312 67
6612 7912 7318 82 69 7734 72 83 78 84 6614 89 6612 78
Preferred
100 8814 9234 8612 89
85 91
8914 9838 9414 9734 95 9818 963 98
94 96
9534 97
0213 98
9514 97
9212 957
American Locomotive
100 58 63
5814 67
6334 1387g 6514 78
7412 8612 80 8934 88 9712 80 9358 8834 1103.1 10312 11712 0014 11058 90 10312
Preferred
100
1023 121 1041 143 105 113 147 1041 1073 11 1091 106 10934 10512 10612
10512 10678 10578 10814 105 10734 10314 107
American Malt & Grain_no par --------_ ------------_- --------_ ---- ---- ---_
_
_ ----_ 5334 59% 55 63
5214 5714 55 6114 49 57
3934 48
American Malting
100 i
433 1
2
114 234 114 213 134 512 214 4 _ _
_ _ _ _ _ - _ _ _ _ _ -- ---- - - - — -- - --- --- - - - -- ---1st pref ctfs of deposit_ _100 46 48
4312 50
46 51
5018+5514 *53 6134 *58 6614 3
-6
- -6-6- ____ ____ ____ ____
_
_ ---- ---- ---- ---135 135
Amer Ship & Commerce_no par ..___ ____ _ _
_ _ _
_ _ _
_ _ _
____ ___ __ _ _ __ ____ ____ 3
-5
-3
-8 -4-1- 35 4712 2.
634 14-58
-3112
Am Smelt Sec pref A stpd_
_
_ 9
-2
- 12 -9-3- 9
-3
- -9-4- 9
-2
-58 -9-3-12 9
-3
-12 -9-3-78
- 9314 -0412 94
9-412 --------852
1 88 80 85 80 82
7953 8334
Amer Smelting & Refining_10
-0
- 14 -7-8-38 6218 7178 . 66 7114 6918 738 7012 84
- 67
7814
86
8213
893
4
7912
7212
84
6914
77
7112
6353
6112
70%
6158
Preferred
100 10412 107 103 107 103 10512 10458 106 10553109 10534 109
107 10958 10214 107 10112 105
94 98 •
98 101
American Snuff
100 105 1147 10912 119 107 115 10973 114 115 130 118 12612 120 12978 120 1241 120 140 978 103
121
136
114
125
10112
115'4
Preferred new
100 99 99 - ----------------9458 9458 9414 9453 9678 9678 93 95
97 97 - ------------------------80 85
Amer Steel Foundries
100 ' 344 861
831
1 873 7958105 10414
---- - -- - - - - - -, Am St
- -, '
1 Fd ries temp ctfs--33 1-3 ---- --- -------- ---- ---- --------3313 10918
39
351
4
3
4
-2
1
18
4
7
3
-6
-14 -4-4-13 3
-7
- 13 -4-3- 4
- 12 -4-6-0
- -4-6-12 38
- . -4-6- 39
Preferred
1
--------------------------0
0
---------------- ---- --------9413 9612 94 96
_
0414 96
913.1 9512 01 03
American Sugar Refining_100 11114 11533 11212 12214 117 12653 124% 133 129 136
126i2 13958 134 142 12238 135 12512 14534 137 14838 1314 14614 13012 14134
Preferred
100 11312 11538 116 118 11512 11634 11618 11812 117 119 118 11812 118 119
11434 118 11712 11813 11612 11734 11612 117 11534 118
Amer Sumatra Tobacco/00 9612 10618 9814 11534 10934 118 103 114 b1047811.178 10614 12012 1038 119
73 10538 8212 98114 95 113
84 10412 8784 90
Rights
___- _ __ — ---- 234 514 38 512 - - - - - - - - - - - -- - - - - - :—
Preferred
------ 93 -9-4-5- 9
-5
- -9-8- 95
- -9-7-12 938 -9-7- 9334 100
95 9714 9
-6
-14
99
-1
- 58 -114
92
-0
- 1 -9-8-1 9
-4
- -9-7- 9
- -93-34 9
-78 -9-7- 93
-4
Amer Telegraph & CableI00 -------- ----------------60 60 63 63
59 59
61 61 - ---_ ---- --------55 55
50 55
5534 56
Amer Teleph & Teleg
100 9834 10112 9914 10738 10318 10858 10014 10612 10234 10812 104 10818 10318
1053
8
963
95
0714
10218
10114
4
7
8
103
101
1007
9914
9818
American Tobacco
100 192 206 1917g201 19514 215 2041221012 203 21512 210 22112
2171225578 20114 247 223 309 298 31412 233 30712 24313 28912
Preferred new
100 101 106 100 102 10018 102 100 10078 9658 10078 1003310238 10018
10112 100 10034 10018 102 9814 101
99 10012 9358 p953
Amer Woolen of Mass
100 4514 5212 4514 5734 6134 6712 5453 6934 66 9734 103
130 117 137 10512 12112 112 12378 117 14978 113 145 11734 16912
Preferred
100 9412 9613 9453 97 97 102
98 9978 100 103 103 11034 109 110 10512 10978 105 10812 10512 10714 101 10558 101 10433
Amer Writing Paper pref. 100 2758 3534 30 38
3514 43
39 4534 42 48
4312 5238 50 66/2 5112 687 56 63
5412 6814 51 80
63 69
Assets Realization
10 1
112 114 138 1 • 312 112 212 112 3
112 238
134 534 212 358 214 373 318 93
158 418
514 784
Assoc Dry Goods
100 1714 2612 1813 2253 2013 27
2314 4512 4113 5534 47 5833 52 5714 51
59
5114 5434 5158 60
50
58.2 53 8512
1st preferred
100 6112 63 62 65
61 65
70 75
75 7912 74
77
76 80 82 82
7612 6812 7484
75 78
7513 7634 71
2d preferred
100 5834 5834 5818 583 59 63
_
_ 75 8014 75 77
77 78
75 78
75
7512 7518 7612 7014 7458 70 751a
Associated Oil
100 68 7614 72 75
7233 7412 _-7386
--- 8312 9614 8712 9212 9134 9534 • 8734 92
90 94
94 12613 98 142 107 120
Atlan Gulf & WI SS Lines_100 9753 10812 92 104 101 11812 116 14734 14314 17712 160 184
163 181 140 167 151 17012 169 19253 157 19818 16114 17712
Preferred
10(1 64 67
65 6534 6512 67 67 74
74
7612 72 7214 73 74
73
7412
727
727
8
72 73 69 71
70 75
A T Securities Corp No
-0512 753
Autosales Corporation-------- ---- ---- --- ---- ---- ---- ---- -___ ---- ____ ____ ____
____ ____ ___ ____ ___ ____ 15
16 2044
2
78
0
18
12 14
-13
Preferred ---------------- _ —
_ - --- _
_ - -- •
— - -- - - - - 29 3112 29 3412 30 3513
Baldwin Locomotive
10
-0 6
-478 -7-7-12 6
-5% -8-0-58 7
-7
-14 -9-4-34 9
-0-1
-34 -9-1-14 8
--4 1-0-434 9
-6
-3
13
1
9
4
1
-8
-12
0
-1
-12
734
6
1
2
7
1011118
1
4
3
15614
-3
4
1333
10012
4
11478
9914
14812
Preferred
100 102 102 102 10258 104 10612 10434 105 10534 10814 1.09 11178 1061s 107%
--------10434 106 10414 106 10412 10512 100 102
Barnet Leather
no par
101
94
Preferred
100
9413 55 -6-5
- 9112 94
Barrett Co (The)
100 103 11534 110 12214 117 12512 120 13538 12834 13834 12712 140 12834 145 112 12978 120 13613 91
Preferred
100 11(114 11012 110 111 11153 11534 11478 115 11478 119 117 11712 115 116 113 11514 11212 11334 123l128 11714 137 118 1333
114 11658 113 11412 111 1104
Bethlehem Motors Corp_no par -___ ___ ___ __ ____ __— ---- ---- ---- --- .—. ---- --- ---- ---- 26 3012 2712 45
27 3878 2712 3313
Rights
18 1
_
Bethlehem Steel Corp
100 5513 6212 5812 6238 64 6978 6834 7678 7214 8078 8-058 9112 877 10734 82
8538
8858
10478 86% 9414
10
8812
7
100
10718
Common Class B
100 5538 6312 583 6518 6312 7114 6884 7712 717 8138 8118 93
87 11014 7912 9538 85 11038 101,58 112
00 11012 8838 9834
Preferred
100 9012 9114 9014 95 9114 9114 95 9812 99 10013 102 10573 105 108 107 107 100
100 100 105 10112 10212 00 100
8% preferred
100 10153105 10234 10512 10412 107 10558 11012 10978 113 111 115 11134 115 11018 11413 11112 116 11334 116 11358116 110
11412
Booth Fisheries
no par 1814 2234 1814 21
1912 22
1912 2412 2058 2434 21% 24
2118 25
1712 221 17
12 1712 11 6 1418
1914 1612 19
1st preferred
100
84 84 --------80 83 ---------------------., _ . - - ---Brooklyn Edison Inc
100 --------100 100 98 98
97 97 08 10034 99 99 100 10113 101% 102 9898 98 99-12 95 -98- 8
-5
- 12 94
Brooklyn Union Gas
100 80 82 --------798 82
7734 81
8134 92
88 01
85 87 80 82
73 7814 68 724 4934 65
41
57
Brown Shoe
100
71
71
73 7414 7412 83
84 92
891210434 102 11212 90 100 93 104
103
110
105
4
1093
10934
98
Preferred
100
98 9814 9812 9934 9913 100 100 101 100 101
9912 101
97 99
97 9712 98 100 98 0934 100 100
Brunswick Term & Ry Sec_100 878 1038 834 958 812 1012 834 11
9
1114 834 11
10 15
1014 1518 10% 12
1018 1214 8 11
612 8
Bush Terminal
100
Butterick
100 16
1718 1614 1812 1914 24
21 -25- 23 16 2718 17-14 5118 "
3'34 5518 1113 ii -32. 268 3014 24 1118 23 2812
Caddo Central Oil & Ref— 100 --------------------------------4814 5414 4112 5212
4314 4814 30 4313 3318 3934 3214 388 2213 3414 1914 2384
Calif Packing Corp(The)no par 4814 5478 5112 54
525 62 60 643 6314 69
6453 7112 6058 7573 6514 72
6714 7112 6812 8414 7314 84
74 8712
Preferred
100
109 111
.------- - 115 115
117
117
116
Calif Petrol vot trust ctfs100 2053 2514 2234 2834 2534 2813 25 293-4 2718 3412 3112 393 343 116 116 116 --------12013 1208 120 120 120 120
4
4
3814
527
5014
4612
543
4
498
567
40
5378
41
4634
Preferred
100 6418 7014 6734 74
6834 743 6834 727 7112 8018 77 844 78 8433 7814 84
7812 8658 7914 8134 7612 8012 727, 89,
Case(ii) Thresh M pf ctf 100 911 9313 93 9353 93 95
95 99
97 100 97 10012 9812 100 10038 101
98 10012 9812 100
9812
10078
07
91,
2
Central Foundry
100 --- - ----------------------------21
28
2012 26
2412 45
29 3211 2012 39
29 40
--Preferred
100 3011 3018 32 3313 30 34
27 301 3012 521 46 548 53 741 50 7313 55 6212 59 65
46 53--Cent & South Amer Teleg 100 10i 11734 -------110 11312 114 114 - -------_ 120 120 --------_ --------107 11014 120 120 115 115 115 115
Central Leather
100 5714 6234 5612 6518 63 77
7514 82
7834 9634 95 10934 106%
8612 11134 9312 10612 10112 11012 02 11018 9012 10178
Preferred
100 1041 106 1051 1063 10513 10778 10734 11112 111 112 111 11212 11213 1612
114 10818 112 109 11018 1053.1109 10714 11014 10714 1095s
Certain-Teed Products—no pat ------- 311 35
- --------_
301 461 4014 5078 40 4612 4078 517 38 4313 40 42
40 4634 44 6512 53 61
preferred
1st
100 85 88 8512 8512 ---. --------- ---- 90 90 8434 90
90 9012 86 85
_ ' -----------------86
Chandler Moto'
100 103 10934 10978 127 122 12812 125 152 143 191 189 248
-5
-3
- 296 290 367 - - 2391326734 209 251 2
- - -- - - -Chandler Mot Car(The)n0 par -___ ____ -- ---- ------ --- ---- ---- - - - - -- - -- - --- ---- 121 14012 90 1-4-114 112 137
Chicago Pneumatic Tool-100 ------------------------68
- .-6-814 --------7-8 8-134 79
- -7812 77 -9-2- 91 11012 103 11312 103 108
- -8-1-12 72
Cluett Peabody 8c Co
100 6214 65 6038 61
61
6312 6334 73
72 75
7412 88
8512 9512 78 85
76 83
7934 93 8414 108
78 85
Preferred
100 10312 108 10634 10634 10514 10514 10412 10434 105 105 10512 106 106 108 104 108 109 110 105
108 10278 10278 109% 10912
Coca Cola Co (The)
no par _ _
__ __ _ _ ._ _ _ _ __ - _
_. _
_ _ _
_ _ _
_ _ _
__
____
_
_
_
_
3712 4358 375 4078
Columbia Gas & Electric _ _100 40
-58 -4-338 39
-11 4-6
4
-3
-12 4-678 4
-4
-12 -4-7-38 4
-3
- -5-5- 5
-138 -5-9-78 .
-14 -6-2
5.812
- -6-56
6138 -6-4-78 6
-2
-14 -6-9- 59 6634 60 ... 65
Columbia Graphoph Mf no par
34 751 i 5714 7312 5733 7114
Preferred
100
9414 9512 93 9538 9113 9314
3.14tamned.
b Ex-rlschts
iii
--86
JAN. 17 1920.]
235
THE CIIRONICLE
1919—Continued.
November December
August September October
July
- June
High
May
April
March
January February
High Low High Low High Low High Low
Low High Low High Low High Low
High
Low
High
Low
High
Law
High
tato
share
per
$
share
per share $ per share 5 per share $ per
6114 55
share $ per share $ per shder $ per share $
5412 5934 53% 57
5112 59
par $ per share $ per share $ per share $ per
46 5212 5012 6334 42 54
70 62 64
381 40 42 4658 45 473 4258 473 725 75
39
6012 59 6312 6212 7434 61
373
54
----100
72
61
b-Record
_
7812 801g
Computing-Ta
_ -------8112
_
----------78
8518
------80
------80
78
----8614 83 8838 78 83
Consolidated Cigar ____no par
___ ____ ____ ____ ______ _ 8512
- - - -:.. 7 .7 ____
____
____
100
-109121093
d
4
109
Preferre
-34 -89
--4 109
- -96-38 78
-3
-12 1-00- 8
-2
-------------------------110121113
- 1-01- 91 -9-5- 9
-3
Cons Gas El L & P (Balt)_100 ------36%
9934 97 10312 9914 103% 9912 1063 9
---- ---- 3134 3712 3012
100 8718 9712 9012 98 92 9714 9234
18 118
Consolidated Gas N Y
---- ---- ---- ---- ---- ---- • --------------------------------Consol Textile Corp-_--no par --9634 87 9412 86 9112
90 968 91
9314 993 81 96
Rights
731 821 7618 8178 79 8858 8512 10334 110 110 - ----------------1001210012 104 105 10334 10334
100 68 71% 6513 77
110
-109
Continental Can Inc
------14
- 10834109
1538 1212 1514 12 14
100 104141041 106 107 ---- ---1114 478 1034 1314 1118
Preferred
18 _ _ _ _ ..- .....,
18
14
18
- -----------------------9,
ls
- -----------------------Continental Candy Corp no par ------- _
75 7534 80 8412
4 75
743
4
743
72
74
7112
75
Rights
7112
-7012 72
7812 -89
7612 9634 -,-_99
65 6973 6711 74
25 58 62 63 66
4 84 9534 71 90 8214 9012 8514
843
6212
Continental Insurance
6812
10912
106
6114
6358
5872
108
6014
5078 4638 49% 4712
10814 105 10712 10812 10812 10612
Corn Products Refining_100 46
56 56
10672 10814 10612 10812 107 1097 106 5412 5612 65 62 6218 50 56
100 102 104 1023 104 104 108 1041 1063 5313 6212 54 55
5412
58 79
Preferred
192 222
_- --------- ----48 48
------16438 16612 248 22134 261 17514 250
100
12612
149
9418
9712
Carpet
Crex
97 10013
6912 8412 86
8
103
7279912
103
1
654
102
704
105
4
60
102
62
5218
102
6012
99
Crucible Steel of America— 100 5214
95 100 9973 103 100 105
3912 48% 45 55
100 01 92 9112 9214 931 95 93 9434
3258 4178 2912 3434 3112 4314 39 45
Preferred
8412 8258 8778
8 3172 3918 32 37
327
81
4
233
8412
2412
8112
21
3
85
24
4
778
20
3112
4 8512 7512 8712 7712 8018
Cuba Cane Sugar Corp_no Par 2058
375 405
6912 7534 74 787 7813 8514 813
7214 77
250 245 319 278 410 354 410-10618 10734
100 7118 80
Preferred
1977 198 195 1988 195 214 201
------100 150 160 153 165 170 182 179%195 106 106 ----------------102 105 104 106 10412 10412
Cuban-American Sugar
9934 10014
8
1057
8
4 100 10114 100 10012 10012102
100 --------10134 10134--1057
4
Preferred
98 99 99 991 03 103 1013 1013 9912119 1171211712 11212115 ---- --5
- -9-6 9612 98
9334 96 9
100 9514 98
116 - --------117 117
116
Deere & Co preferred
118
116
113
4 1113 113 111
100 110 110 11134111,
Detroit Edison
- _ --- ---- ---- ---- ---- ---- ---- ---- 1-1-8
118 118
-8 .
_ 11
Rights
_-_ _ _-_- ____ 112 1-12 ____ --110 1-1I ____
------100
---- ---- ---- ---- ---- ---- -6
Match
d
Diamon
____ ---- ---- ---- ---- ---- ------65%
6214
38
6
6
5734
8
587
___ __—_-- ____ ___ - -- -113 -6-3
5218
___
55%
__ ____ ____ ____
_______
Distillers' Securities Corp_100 49
10112
____
10012
____
____
____
___ ______
Durham Hosiery Mills "B"_50 ____ ___
------------ 137 137
100
7718 8878 945 9458 92 9614 ------------ 39
Preferred
03312 2478 31
74 7712 7614 78
59 71
55
--85
-----100
..
Battery.
34 3934 2818 3378 2932 31
Storage
Electric
____ ____ ____ 2872 43
___
____
947
92 92 93 88 9258
____
____
92
____
9213
____
____
97
100
99 99% 97
94 101
Emerson Brantingham
146 13114 150
123
98 1168 104 123 110 14134
100
Preferred
80 8334 84 121
12 10332 10634 103 1074
50
102%10434 10178 10414 103 105 104%106
10312
03
Endicott Johnsen
------1
------9338 8012 8412
------80
.
----------------913 8112 73 788 78 94
100
Preferred
-----------------------------------7
113% 8512 109 83 9334
25------------------- 10912117 109 123 93 1143 98 1133 105
Fairbanks Co (The)
_—
114
134 -: --110
Is
----------_
---------------------_
318 -----------112 1
1
_
Famous Players Lasky—no Dar ------ _ ____
___
_ _ _
.. _
8 173 12113 16312 12-1 1-3-3
9712 80 86 69 9214 9234 145 1345 11014 10614 107 101 10514
77
Rights _ _. .. _______________ __ _
82
57%
8
7
4
6
2
5
.
8
-3
-14 -4-4-58 41 -54-4 iii2 -8-3
1
100% 101 100 10014 100 108 107%
Fisher Body ____________ no par 38
3918 5134 40 44 4
95 971 93 100 98 1013 9918 10014
18 468 4313 4712 4614 55
100 92 931 91 97
Preferred
3172 41
---------- ----------------42 5613
4412 5212 45 5258 3312 4612
25-------- ---------------- -----------4238
6438
8
49%
507
7
Fisk Rubber
8
-----4
203
-----1714 2813 15
2812 3112 25 34
no par ---- ------------------34 3834 2814 35
Freeport Texas Co
188
3114 28 358 317 37
3233 29 3334
--------185 187 187 203 18512 101
26
180
3012
1791
2518
Par
1933
-no
185
&
Wigmore
197
Wms
19512
195
Gaston
9812
179 1731
10312 --------101 101
100 170 170 1631217212 173 175 173
6818 75
- 0312 104 106 106 - ----- ----103
General Chemical
----- ---- 1
100 102%10258 103 108 1034 104 103 10378 8778 843 7812 8714 8012 957 74 9214 '78% 8338 8034 90 68 8378
Preferred
5434 6134
5512
62
5434
48
4
533
47
100
General Cigar, Inc
97 100
9712
13
----------------07
Rights
104%106 -----------------------947 9712 90 94
9514 97 95 98
101
100 103 103 104 104 --------10412 1057
Preferred
174
166
---0
1
4
1733
------165
------100 -------------17378 160 167 181 173 165 176
Debenture (7%) pref
31012 345
15512164 ' 6012 16813 60 16934 165 24212 210 239 230 20512 25412 29034 280 40612
100 147 15178 14413 15534 15314 16
. _ _ _ _ ,:r _
243 220
_
203
General Electric
_
.._
210
_.
_
__
17912
_
18312
____
__ ____
100 11812 13413 124%15434 148 171,2 168
___ _ _
General Metors Corpn
__ ____
-13 -93%
_ __
-94 -95- 58
9-2-3-4 8
-12 -9-1-12 90
34 238 133 27 ____
- 8934 -0-2-14 90
9112 -9-4-72
Rights
91 -9-5
84 90%
-014 -9-412 9018 -94
4 9
8512 89 8638 8814 8514 9414
100 82 841 83 8614 8518 -91384
8838
91
8812
9014
14
Preferred
90
3
84 9114 90 9434 90 905
_ 8212 86
7518 8438 8134 9333 78 9214 78% 848
81
100 -------Debenture Stock
102 104 2
7012 783 73 8738 k8034 898 70
100 5612 6212 5734 713 643 703 65 74 106 10812 10314 10734 103 10434 102 103 1023410512 10418 10412 104 105
8
503
3
463
Goodrich (13 F)
4
533
10913
4814
100 103 104 103 108 - ----- ----_ 107
Preferred
86 6178 80%
58 67 63% 8918 57 ---921
25
5534 64
7612
85
9212
2
81
547
5614
8012
Gray & Davis Inc
-----5512
51
4912 5612 63 59
-----------------------------Gulf States Steel tr ctfs__100 5072 6172
9414 9512 ------77 92 8918 10012
7 8
88 8
9434 8
100
lit preferred tr ctfs
7112 8434 80 8312 82 9634 83
63 6314 71
5714
5534
61 654 55 658 55 6112
55
56
5414
100
6112 5733 65 8112 7138 53 64% 59 6514
Hartman Corpn (The)
52
5514
45
4512
41
4,
443
18 22
Haskell & Barker Car___no par 42 4578 40
518 32 25 27-18 251-2 2938 1934 2714 8018 83
100
Helm°(G W)pref
-1-3 -2712 23 -2-i3-4 2513 3734 2.
-34 -2-1-58 26
16
1513 -1-916
13 -1138 14
-.
84 918 80 84% 8012 8313 81 90% 8018 86 12512 134%
100 10
8912
82
8878
Int Agricul Corp
7513
67
14834 12612 144%
5334 587 57 6914 68
100 48 59
534
12
158 15
14
13512 13018 14732 13612 14958 12513 140 129 138 132
Preferred
11634 11314 11512 14
12 1151212972 124 135% 128
International Harvester_100 11012117 111%116 11614 11812 11514 11718 116 11712 119 120 118 120 11414 11812 115 11814 113 66
4434
57
117
6412
115
55
4
118
613
116
48
100
55
6738
42
5212
d
Preferre
6314 101 10934
4038 5838
427
2534
11338
10012
2814
12214
2312
11012
2514
4
3
213
1243
11734 11534
100 2114 27
Intern Mercan Marine
34 10812 12812 112 12514 115 12338 10912
82 6512 8014
100 9553 11378 9234 10358 10034 11458 109%120 49 5758 5114 6558 63 71
50 651 531 6278 6078 73 65
Preferred
- -- *100 301 363 333 483 4234 4812 443 543 -----------------------95 95 - ----- ------------105 1054 -z
-14 7914
International Paper
7018 /6
----75
----9812
. 9812_
7472 7913
100 ----- ---- ----- ---7534 78
1
7714 78
75 7778
65 70
Preferred
3 77
761
•
72
75
7112
--65
6612
8
715
-----6213
60
64
5614
62
_ ----54 56
2058 25
Preferred stamped
54 -----------57 57 - -------- 54_
53 53
2514 2712 26 3018 22 2838 90 9312
100
2434 30
International Salt
2412 2912 2733 3373 2634
9218 93
2512 30
25 27
25 2472 32% 2412 27
9138 9314 90 90
9312 98
40
34
65
Internet Nickel
9734 9734 95 9612 96 97
3514
_,_
_
_
_ _ _
100
_ _ __ _ _ _
15 22
Preferred
_____
__ __ _
2114 25
- -30
18
- -2-6no par -___ ____ __ _ _ ____ .
25 -3-6-34 18
-1
13
4
2
4
58
74
3
Iron Products Corp
4178
36
6
4
5914 72
100 2834 3614 28 3-4-12 35 4-8 37
78 60 65
3
28
4 6
284378
Jewel Tea Inc
712 3
35
6
80 89 84 88 83 8712 7618 80 80 40
3634
39 33 1
3635
100 88 90 84 8818 89 91
365
115 120
11
Preferred
353 8
6
31
------------115 120
hts211612125
----g
120
100
----120
i
---Inc
R
Bros Tea.
Jones
130 124 129
—
— — 146
- ---- - - 12612
--- -- - 117 118
100 107 107 107 111 106 109 105
Kayser & Co (Julius)
- 1-6-0-38 126 1-64-0
8 14
100
132 130 1-4271st preferred
78 118 12973 117 129% 12612139% 1164
11712129
12334
10714
11314
7612
8012
68
25
Kelly-Springfield Tire
---98% ----------------95 -5112 ---3 95 95 100 100 ---- ----95
- - -- - - - 1-% _- 100 9014 92 93 95 9512 9553 94 957 --- ---- ---- --13 1 -- _,, - -34 4
10
Preferred
------4
.
---15212107
1014
106 1__-- -_-_ --- _-- ---102%105
Preferred rights _________
7312 824
53 109 85 11434 67 111
-5
10
5412 78 60 71
8% preferred
2,2
,9
1. 9
36 43 3913 5914 53 58
34 3612 3734 41
--9858 10018 99 9934 9
-----100 34 35
98
96
100
96
100
98
Kelsey Wheel
11
3"
9413 941 92 92 93 100
5753 7278 45% 688 "'
95
9
4814 72
100 89 91
10512 98 12613 62j4 100
Preferred
9178
9914
8814
-109
89
---------------.
------_
1614 197 ---- --.- ---- ---- ---Keystone Tire & Rubber10 ------:,:__— ____ --- ---- ---- ---- 19 2214
-_-_
-_
_
-____
-____
---__
---__
---_
-- ---- --- -- - --- ---- ---Rights ________
__140 1-5-5 145 1-404
_ ___
- --------98 9-8- ____
-00
1-70 ----------------145 110
1-36 14
Kings County ___1-ec _____ ___ -P-1
08 108 ---- -108
- 12 1-12 11512 1-1-84 122 127 138
100 106% 108 -------- 1
1091 ------------------------108
1091
12
Kresge(SS)
107%107
107
107
78 -- -- — 10614
--77
----100 --------106 106 10614
- 7932 83 8214 8412 87 8912
Preferred
70 717 ----- ---66
110 ---- -66
110
6413
10
1
6413
105
6314
110
63
63
10814
60
100
110
100
----------------------Kress (S H)& Co
8114 8914
10734
106
106
106
81
106
80 89 83 103
100 105 105 1071210712
33 40
Prefarred
70 8434 77 8812 8412 9314 74 8614 50 51
40% 47
458 50
100 6212 8818 6312 6712 6634 7234 6912 7234 6514 73 6678 6912 50 5513 60 50
Lackawanna Steel
3313 381
70
37
3234
77
4
40
693
6958
7734 83
3438 29 3458 3118
100 83 83
2713
39
32
37
30
3714
Laclede Gas(St Louis)
31
-18 114 ---- 206
4 2234 2712 2414 2612 2513 3513
24,
no par 21
195
Leo Rubber & Tire
225
198
8
2417
24334 2301225014 21972 249 22712
Rights
220 201 20978 20973 215 215 21934 220
211
220
212
4
3
204%224
_-100
Liggett & Myers Tobacco
1116434
110 11234 11014 11234 110 11118_ 1016834
Rights
2512 2758
_ _
12 Ill 11312 11114 114 113 115 11113114
_ _ _ _ _ _
100 107 11112 108 10912 109 11114 11012111
_ _ _ _ _
_ _ _
Preferred
_ _
7-,
_
68
__
7
7
55i4
_
Il
__
4
i-8
6
_
3
_
3
7
.
-7- 1
6
No par _ _
8-199 100
- -7-8-12 7
-8
Loft Incorporated
-13 -5-8-78 5
-7 -5-7 52
-12 -4-9-34 4
- 9914 100 100 100 106 109
_-------18 -4-414 43
-0
Loos43-W1Ies Biscuit It ctfs _100 41 -4-7-38 4
10112103 10338 10618 --------100 100
101
114
107
10014
11412
10013
1084
97
96
3115
100 9413 9634 96
118 --------1131
12 197
First preferred
10712110 1071210712 115 120 115
245 21014 23978 163 216 172
'
240 215
100 96% 9712 94 9414 971105
Second preferred
152 181 1741219512 185 245 207 11213 112 112 11013 11034 110 115 110 114
100 162 16812 154 16434 153 16334 147%154
115 112
112
1121
112
73
63
P Lorillard
1088110
73
110
108
7512 7512 73
7414 77
75
100 107 109 108 1097 1093810778
64 644
Preferred
77 7978 -------- - 74
73
64 6414 (14 64 64 64
64 64
100 70 715 73 7334 7014 73 73
66
64
6414
63
65
Mackay Companies
6418
6418
100 64 65 64 6414 64 64 64
Preferred
ioo
Manna Sugar
Beach
Manhattan
Manhattan Shirt
113 155 1-1-812 115i21-313
4 29 -3112 30 33
100 ------------------------100
- -12 28 34- 2912 21-12 2914 253
Preferred
__ — _ • - - 294 3418 35 -38
__ ____
26
513 374178 -ii- lit;
.. _ _
___
6512 6512 70 74 6
67 72
68
6112
74
70
2
1
Manhattan Shirt tern ctfs__25 ____ ____
7'7
12
76
8012
70
no par ____ _-- 7814 -i9-12 71 -7-6
3812 35 3988
Marlin-Rockwell
3812
43
40
40
--34
no par
-213 32-12 -----3
2834 39
31
31
Martin -Parry Corp
4513 5718 3534 5312 28 39
-5 31 --------32 40
-3414 -3-4-14 2
54
4412
------5314
43
__50
61
Works__
4813
4
Alkali
583
Mathieson
3912 5112 43
3614 42
41
_ __ _ __ ____ ____ ____ 36 43
100 2634 3012 2872 3614 3312
9 684
12
5
7813
Maxwell Motor
6434
4
8412 6958 8038 7313 8234 76 823
Certificates of deposit
64% 72 683 7834 7113 8312 751
-. -__- - - 6434 6934
__ -- _
100 5058 5314 5212 5934 58 6973
338
_ _
-28%
First preferred
42
_
_
32
_
4
3
41
_ — -- -4-3 37%
-2/3 -4-214 36
4 3
. _ _ __
- 13 14-32812 33
- -4-6-12 57
Certificates of deposit.
-18 -4-013 55
-0
- 3
-12 3-3-78
-0
-34 3-312 3
---- ---- 32% 3514 115 12812
-4
-012 -2-6-13 2
-14 -2-2-58 2
______ 19
------- __-- --.... ------- ---- ---Second preferred
__ ___ ___. ____ ____ __—___ ---- 95 10978 103 10912 95 102 99 102 100 13134 11112 128 105 10812
_
_
deposit
of
Certificates
9978
1097
67 6613 763 75 91% 8612 110 109 110 108%10818 1081210834 10634 10634 10614 108 107 25534
-0 -6-6- 6
- 6
3-0
183 22413
May Department Stores...10
10814 110
221 264 188
100 104 104 106 108 108 108 107 190 173131897$ 173 2051 18334 20414 163 191 18814 225%
99 105
Preferred
110
108
173
111
19314
111
17134
11834
11834
16338184
112
110 11014
100 18234 19714
108
108
-108
------Mexican Petroleum
10818
10713 108 108 107
105
10634
10634
100
Preferred
11 Ex rights
STOCKS
3138
104s:0-0612
ii3 -71
fui
236
THE CHRONICLE
[Vol,. 110.
1919—Corti blued.
STOCKS
January February.
March
April
May
June
July
August
September October
Low High Low High Low High Low High Low High
November December
Low Hihg Low High Low High Low High Low
High Low High Low High
par $ per share $ per share $ per shar e$ per shar
eS per shar 3$ per shar e$ per share $ per share $ per
Middle States Oil Corp
10
share 3 per share $ per share $ per share
Midvale Steel & Ordnance 50 411
.
32 68
7
114 433 4158 48
53 7134 53 6512
4412 443 443 53 4734 541 5112 6214 4712
Moline Plow 1st pref
551 477 5518 5034 57 49 58
100 ---- ---- ------------_
4'758 5114
--------_
08
96
96 96 - ---------------Montana Power
.
----94
----100 6978 312 71
941
7412 69 77 69 73 69 7914 751
Preferred
823
4
7612
83
6
1% 7812 6214' 67 62 66
100 105 105 106 10614 -----------------54
6434
64
-63-34
----------- ----104 104 106 106
Mullins Body Corp
no par —__ __ ____ ______
_ ___ ____ _____ ____ ______ ____ ____ ___- 106i4 1061 100 106 100 100
Preferred
____ ____ 46 53 40 50 43 5113
100
National Acme'
50 2512 3-1-1 5-0 3-1- 50
- -3-6- 3
-6
- -3-9-.2 34
-;4 -38
2534 -3-9
Nat Aniline & Chemical no par ____ ____ __
3
-713 4312 3
-5
-38 -3-9-18 3534 3-978 3
-614 -3-9:18 3
-5
-58 3-818 3512 38
____ __ ___ ____ ---- __-- ---- __-Preferred
-- ___ -- --_- -..... 45 6114 58 6614
100. _
__
_
6012 75 61% 701
-_
_
_
-_
National Biscuit
_.
---- 8718 91
100 15885
9112
8
9 1-1-3 87
00 88 8978
11
-2 11713 -11
5
1
2
6
1
1
8
-14
1
2-5 -11
-9
4 -122
- 1-3-3-34 1
Preferred
- 24
- 1-31 107 1-2-3 11414 119 118 139 115 12812
100 11534 118 . 11818 120 116 121 117 118 117 1-2-4-311413 1231
120 118. 120 1164117l2 115 115 117 117
National Cloak & Suit_100 70
115
116
1123
75
4415
71
112 114
71
71
75
7514 8478 82 8778 79 81
Preferred
80 92 76 8414 7714 8212 8134 86
100 10312 104 10318 105 10312 101 10318 1053
77 8238 771 8014
4 105 10814 106 106 10678 10714 107 1071 106
Natl Conduit 8c Gable_no par 1418
106 1054 10678 10358 104 103 103
1612 14
17
1513 1711 1512 2112 1858 2114 19 2234
Nat Enameling & Stamp 100 4714 5034 4518
17
1418 1678 1134 1434 812 1134
5258 4934 5234 5234 6138 60 6912 6834 8838 2112 2434 1434 2118 14
73 8614 6958 79,4 7473 8058 7912 8578 74
Preferred
100 93 94
9612
8412 7534 8734
9718
9814
100
99
100
National Lead
100 64 6378 6412 6814 66 6958 68 7314 102 104 102 10234 102 10212 102 10218 102 10314 102 103 101 102 1017 1017
72 8134 74 8534 80 87
Preferred
751 8434 79 8434 8212 9112 7814 9214 79 83
100 107 11018 10318 10912 107 103 109 110
110 11012 109 110 11013 112 106 11034 102 109
Ness York Air Brake
10712 109 10614 108 107 A 10934
/00 9712 105
9114 106 103 115 10858 11312 109 124 115 12412
New York Dock
119 '129 105 119 109 128 124 11534 113 13878
100 24 2612 1912 23
103 11414
20 22
2014 35
27 3312 2958 42
Preferred
3858
703
4
50
6934
4712
6012
100 48 48
511 6158 44 57
45 4518 4414 45
4058 4713
4512 54
4978 55
51
Nor Amer Co new stock
63
55 75 63 73
100 47 48
58 67 6114 69
47
59
64
50
55 63
5018
52
5012
557
8 52 6134 56 60
Nova Scotia Steel & Coal— 100 46
57 67
571 61
5712 6478 581 60 54 6214 50 56
55
47 50 4378 5114 50 65
5934
7314
76
Ohio Cities Gas (The)
97
8014
9012
68
82 741 84
25 4114 4478 c3534 417. 3612 4112 3313 4434
7618 87 661 8434 6934 75
4312
5638 5318 5934 5() 6178 4812 5612 5018 5538 52 577
Rights
8 46 5414 4338 5112
212 318 234 418
_ __
_ _
__ _
Ohio Fuel Supply
_ _ _
_ _
_ _ _
25 43 46
_ _ _
44 4458 4514 47
4614 -ili12 49 -if
Oklahoma Producing & Ref _5 814
-ii
13
4
3
12
5
4
)
3
1:
5
-11
5
3
12
101 8
5
-0
- -5-3-3-4 5013 af
01s 81 978 812 1134 1038 1312 912 12
Rights
1014 1218 058 11
934 1114 978 11
9-16
878 1014 9 10
9-161358
16
5815-16
Otis Elevator
Preferred
Otis Steel
_
no par
06 06 -7 7 ,
_
_ _ _
_ _ _ _ __ __ _
_ _ _
_ __ _
Owens Bottle-Machine (The)25 47
_ _ __
_ _ _ _
7 -4-912 4
_ _ 3458 391 34
.3 4-9-72 44 -4-9- 4
-12 -3-818
-7
- -5-7- 51
5-73 53
- -6-21 56
Preferred
- -6-3- 53
-12 -58
-1 5
100 ____ ____ ____ -- ____ ..— 1(13 10312
-5 -53-13 5
3 69
-6
74
55
5518 67
104 104 - -------Pabst Brewing pref
- 10112 102 ____ ____ 10114103 10014 1011 1 10014 101
100
Pacific Development Corp_100
_
___ ____ _
____ ____ ____ ____ ____ —__
Pacific Gas & Electric
— _ _
.. _ _
_ _ .
100 ---- ---------------- ------------ 7
8
0
3
75
7
8
703
4
7814
----------- ----661
Pacific Mail Steamship
-- 2 -7-5-14 6
-14 -6-9- 6
-5
-5
-14 -6-9-12 6112 6612 5012 6312 5812 93
5 34
3812 2912 3114 32 35
33 40
37 4012 3613 42
Pacific Telep & Teleg
38 4258 3678 4114 3713 41
100 22 2334 23 29
3612 40 36 3934 3458 38
2414 2712 2312 2712 26 2712 2612 3312 30 3512
Preferred
3134 4012 3312 35
10088 88
3112 36
34 38
33 41
Pan-Amer Petrol & Trans
506'7 74,4 6'7 8278 77i -8-4-12 ;
79
38
8
5
-78
8
-212
-9i38 8
-51-4 1-63-78 931 11914 59
Rights
-14 1-16 1--153.4 1-2-4-12 -117
- 18 1-4-014 59
-.8 113-12 9734 11213
Class B stock
50
258 312
,18 3
18
78
Preferred
7 100 11'7 12312 117 14212 1'33 14412 138 148
923. 10478
14612 16312 167 175 185 20512 ----------------22
Parish & Bingham
no par
5 225 -------- 180 18314
Penn-Seaboard Steel vtc-no par
--- 25 -3-7- 2
-i12. -3-1- 5
.0
- -3-9-12 24
- -3-9- 26
People's Gas Lt & Coke---100 451 5
- -5-8- .
39
-1 -5-0-3-4 27
-;4 -4-8012 467 -52
3212 4434 3034 38
$43- 5234 43 5158 4813 57
5012 5614 4958 5412 30 5134 42 4513 41
Pettibone-Mulliken
100
47
3413 4112 32 39
1st preferred
100
Philadelphia Co (Pittsb____50 30 32
30
3914 43
3634 4134 3834 4234 525s -36541 55 -3-8
Pierce-Arrow Motor Car..no par 383.4 4378 391 3658 3414 3634 3413 43
5513 3758 31 34
4618 4234 163 4478 5278
3012 3984
7
Preferred
100 10113 102 105 105 103 10512 103 10513 49 6158 531 6658 53 6458 4818 5812 5413 6578 6013 90
6012 9812 72 83
10434 110 10514 110 10558 110 10612 108 105 10512
Pierce 011 Corporation
105 111 103'4 110 105 109
23 16
193s 1838 1814 1'7
1938 1814 2634 2434 2858 20% 27
Preferred
2214 2514 20 2312 21
2278 2012 2234 18 2158 17 2058
Pittsburgh Steel pref
100 9012 9012 9378 94
105 10512 101%10514 93 103
911 9114 9212 9312 9734 9912 98 98
Pressed Steel Car
96 98
0214 07
5234 9234 9212 03
100 6112 6412 59 6814 6518 7234 68
92 9214
9214 04
76,4 74 82 79 8758 8512 9312 7812 9258 85 063.
Preferred
100 101 104 10112 10112 100 100 100 101
9134 109 95 10812 95 103
101
1041
10218
102
Pub Serv Corp of N J
4 104 106 101 103 101 104 106 106 100
100 82 9134 82 83 83 88 -----10018
10113
10434
--82 84
82 82
Pullman Company
80 8418 82 8612 79 82
100 11934 122 11178 11734 115 12234 119 12212
7312 79
70 70 60 6973
119 12958 125 129 123 1321 114 125 117
Punta Alegre Sugar
124
50
11934
131
1117
11614
8
12012
110
53
5418
52
5414
51
6012 541 60
5558 66 05914 72
Rights
6258 72
6511 74/ c68 07
78 0414 86 9814
Railway Steel Spring
312 434 .... _
__
214 458 414 612 .. ..
100 6978 7758 6812 7638 7434 8314 7734 89
---- -8612 9314 8738 9514 9213 99 8434 15
Preferred
1041
931
100 1
98
106
107 52 1-67-li 9353 99/i
7
1
'1 11 18 118 109 10712 112 10812 110
Remington Typewriter v t c100 ------- ---- ---106 10834 107 1071 108 10934 105 107 106 10714
-----------.
---------- 76_
1st preferred v t c
82
7734 8634 68 81% 70 80
100 -------------------------------7712 10512 78 103
79 9314
_ --------9652 961 101 101 100 100
2d preferred v t c
100 -----9913 9912 101 101 10112 10112 101 103
-----____ ___
____ ----------___- ____
--- --------- -- -------------- ---Replogle Steel
- 979878 9512 97 97 98 1C10 100 101 101 100 100
.Vo par
_ _ _
.
_
_
_
_
_
R epu blic Iron & Steel
_
_
__
_
_ _ 46 5334
100 7- 112 -7-634 71's -773-4 76% 61i 55 64
Rig
5512 -89-12 8
-4
-12 -0-4-38 5214 11312 60
hts.
- 38 -94-53 5734 -9-97-8 52i2 1-4-33-4 59
..
-34 1-4-5- 1.01 12514
..
Preferred
.
1
100
102
214
-7
1021
---------105
1 1037
14 1043 10214 10478 15358 10612 10
Repub Motor Truck litc_no par ---414
_
-- ---------- -- ----1053
4
103
106
103 10518 105 10612 104.4 10613
---------_ 50 5712 5112
Royal Dutch Co Amer ctts--- 7.
6118 4513 5134 4413 4812 4514 (.612 49 7413 5034 56
04 If ii - 12 8914 Ii 6.112 11412 15514
11912 1035811778 9312 12012 8614 951 9912 102
Rights
105 109 10434 10434 102 102
Certificates for NY shares
____ ____ _ _ .;. __ 8612 95
8778 115 10618 11958 10314 11778 93 121
Rights
54
14
34
5213
11314
_
Trust receipts
------------------------------------------------------8658 -9-652
Joseph Lead
10
1312 15
1358 15
Savage Arms Corp
14
17
14
1534 14
-1-5-1, 4212 1412
100 531 6212 60 6114 62 63
1478 1413 1634
5312 6218 5618 6118 607g 71
Saxon Motor Car CorP
7458 9158 7014 79
73 83 8134 0412 7434 8912 71 77
100 '718 9% 8
75 1034 97 14
12
614 1138 714, 9
Rights _____ _ .......
10
25
1034 29
1718 26
_
_
_
1838 2678 13 2212 1278 17
_.,
_
_
_
_
_
_
_
_
Sears Roebuc
_
- k
- &- ....
_
....-- _
175 1-8-5-14 12 1 -- - - _7--12 1-7-6 1
1-68
-7112 1-81 1-7
-5
-34 1-8-7- 18
-3
- 2-1-2- 1-0
-8
-1-4 2-0-7-34 252
Preferred
- i- s il-8- -158
-1-2 2-6-8- 158
- 1-8 25.b 254 2-243- 214 225 21514 2-30%
100
120 120 120 120 120 120 120 120 119
Shell Transport & Traal____L2
119
1183
4,
1183
11734
4
118
-------_
11512 1187
_ __ _
_ __ _
_ __
11714
__ _ _
Sinclair Oil & Refg Corp no par 3314 _ _
_ _ _ _
_ ____ ____ ____ ____8 11013
364 3358 -3178
74 8134
- 3.
538 ii 44
-34 -6-112 58
-12 -6-9-34 52
Sinclair Consol Oil Corp no par ___ ___ __
- -6-814 551 -6-63-4 51;4 6-0-% 5
-7
-38 -6-2-58 -- - ___ __ ____ __ ____ ____ _____
— - -::r 7:
_ _______ ____ ____ ____ 5838
Rig
6178 58
-34 -63-- -45
s
-13 -64-14 411 -477hts
Sloss-Sheffield Steel & 1_100 4813 53
'8112
4612 51
4834 59
5158 5534 5218 6513 6012 7334 -57;4 77 Preferred
1
100
6113 697g 6414 7913 ai -8-9 081 7513
87
,
88
85
88
86
8612
90
90 0114 931 941
South Porto Rico Sugar 100 132 140
---05 95
71 -----04 94
9434 9434 94 05
140 140 --------145 170
Preferred
_ ----- 180 1-8-0 185 231 190 257 210 246 205 245
100 107 108 _____ 107 107 10913 110 170 179 174 1 - ---111
------_ --110 11512 1151 11518 11518
Standard Milling
117 116 1151 115 11512 113 11513
100 124 12612 128 1-30 130 139 140 149 135 112
135 135 13i 135 135 129 131 132
Rights
133 144 160 ---------13913 140
Preferred
100 8512 893 89 901 88 891 8912
93
3
Stewart Warner Speedom 100 8658
1
-T
-----8
9
-1
----------00 90 891 8913
87 ----------------9
_
_ 414 9414 -----_----___ ----Stromberg Car of Am Inc no par 3634 42
_ ----_
-------115
- 13 1212 126 162 155 181 140 160
3778 41
37 40
38 4312 43 -55 51 W5-18 53 1-04 62 9112
Rights
62 83
75 10912 60 10114 71 81
Studebaker Corp (The)---100 4534 5334
87 1734 17
812 10
1712 --- - - ---- -4958 6212 58 6514 6314 7812 76 10713 92 12434 103
Rights
11-73-4 9312 III 10938 122 115 151 e101381-43-% 10138 11034
,.
Preferred
_ _ ____ ___ ____ ____ ___ ____ __. 214 414
is 3
100 92 9212 92 • 9312 96 97 . 95 9812 99
100 99 10014 100 103
Stutz Motor Car of Am_no par 46 51
9934 10134 10112 10212 10138 104 e102 10412 99 101
4214 5018 4614 54
5012 60
5612 70 6712 7518 7234 12518 99 117 104
Rights
122
107
. _
11658
117
__ _ ...
1447
8
1035
13358
8
_
_
_
_ _ - - — - _ __
Superior ________
__ -•
2
i0
-0
- 3
718 6
-5 -3-614 3
15
--2
- -3-6-12 3
-5
-14 -3-9-1 3
-77-8 -4-1-1 3
-7
-12 -5-3- 4
-3
-58 -54-78 4
lst preferred
-414 -4-9-18- 3513
4
4
7
-2
-395
-43
/00
8
491A
4412
43
488
401
973
4 93 - -------- 951 2_ 100 102 105
52,4
Texas Co (The)
. 105 105 102 102 100 101 100 100
. 100 184 19534 18518 19578 19012 21734 209 230 22313 292 24712 285 __ _
---- -Rights
260
- 2-3-4- 235 209 259 27712 265 345 272 338 220 299
1614 1838 1658 17 __ _ __ .------------------------------------------------------5913
Subscriptions receipts __ - _ __
50 6512
70
/1871188 319-0121213-12 121017223
Texas Pacific Land Trust__
234 1255141279. _
_ — -- ---- - - - — ---- - - ---150 3-2-0 250 300 188 270 275 335 1230128
----- -395 470 425 425 40
Tidewater Oil
-0
- 4-00- --------355
-- 355- 300 3-55-12 --_
100 207 220 220 221 21912 220 214 235
--_ 300 300
23434 250 236 250 240 246 242 242 23812 23812
Tobacco Products Corp_100
240 265 260 218 -,-„7,- ‘
7258 7812 763s 0078 8414 93
-,-.'z
8534, 9234 8612 9912 9414 115 09513 1133g 85 1103
Rights
8 04 10414 10012 10912 78,8 10312 "
31 458 3% 7 _ _
'''''..5
._ _
__
1258 2138 19 2614 . _
Preferred
_ _ — -_ .
100 1C12 106 010214 106 9912 10218 9
_ _
_ .. -- - - -_-,--78 1-0-1-12 10
-9
-0
-18
104 120
Transcontinental 011_no par _ _
99
110.2
9712
1
00
1
07
-1r,
1
00
1u4
1
-1
-0- 102
-12 1-0-7-12 98
-_ _ _
- 1-01-78
-_ —
_ _ _
___ _ __ _ ._ _
Transue&Williams Steel no par 27
_ ____
4234 4012 4913 59% 5414 61
_
-14 -3-814 3
4314 625, 3434 4514
-8
- -4-0 3
-8 -4-5- 4
-2
-1 -43 4
-512 5-3-12 5
-6
- -5-8- 55 -63-7-8 53 6434 55.2 6214 581
Underwood Typewriter_...100 115 125
747 59 6912 60 6912
12934 130 140 144 145 1731 165 187 170
Preferred
182 170 175 17014 17014 170 179 180 181 171
100
•
121 121
196 188 10712
UnionBag&PaperCorp (new100 '75 79
7612 79 ----------7513 84
-----11080
76 9514 -8
-5- -96-- -55
Union Oil
-13 1-60-- -8
-2
-- -8-8-44 8
-6
- -91-78
- 88
- -9-6-18 -8
-7
- 12 -91 912,,
United Alloy Steel
___ ____ ____ ____ ____ ____ 4118 4518 3512 43
no par 57
-38 -3612 3
-8
-% -4-2- 4
31
'
3
-5-.
13 -4-4-38 4
-2
-78 -4-7-78 4
-5
-5 -5-5- 52 5858 49 5512 49 541 50 5534
United Cigar Stores
49 5212
100 10714 11812 11113 12958 12914 ;3812 13014 13934 12934 -5-5 5
50 56
137 13214 17114 170 219.34 170 22312 19034 200
Preferred
/00 115 115 106 106 110 111 111 111
255 199 21834 ---- ---112 113 ____ ____ 12118 12113 122 122 110 121 211
United Drug
-------1101 11012 ----100 9012 95 9312 96
9414 115 11378 130 114 123 121
1st preferred
128% 1751 145 160 144 153 147 16 138 2 157
135 142
50 5013 54
53 5418 5312 5514 54 5512 5414 5818 05212 13014
5,512 50 54
4 Rights
51
53
51
5234 5214 5312 5138 5212 5114 5212
Subscription receipts __. _ _
_ _ _
'._ _ _
_
_
_ _
_
_
. _ ____ 4
2nd preferred
- i-1 -2-110
-0
- 91
- -9-4- 9
-2
-12 -9-512 9
-4
-12 1-0-6-18 -11-2 1-22- -110 1-2-1- 12
-3
- 12-8- 1
- 2878 1-65 150 155 1-50 1-53
b Ex-rights
c Ex-div. & rights
d Part Trill
I Full paid
.5-6 -52-12 4io2
io
iii "i5-14
164-34 100
iiii2 1663-4 0233 10234
iii021310318 10234 115138 _
iii4 _ -:-- ----
St
fos4
237
THE CHRONICLE
JAN. 17 1920.1
1919-Concluded.
November December
September October
August
July
June
May
April
March
January February
Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
$ per share
par $ per share $ per share $ er share $ per share_S per share $ per share $ per share $ per share i per share $ per share $ per share
---- -61 62
100 58 58 60 60 --------5812 5812 61 61
STOCKS
,.
United Dyewood_
Preferred
7_71169 -- 2'
215 181 Ziff; 193 20,1
15'7 1-65 164 176 168 17678 17212 18914 15012 1:96 152 1-92 17212 lip 15034 1-97
100 159 167.3-4 United Fruit
25 30
100
United Paperboard
85 9412
109
11914 83
88
54
1133
1
b808
-----8
--110
---1127
---------98
------------------------------------Un Retail Stores Corp"A"rtopar ____ ____
-----------Rights
20 23
0
2
8
1
30
IA
-252712
4
383
3412
2812
3614
3012
8
2418
263
2734
8
378
2114
267
20
4
1538 1412 2012 173
U S Cast Iron Pipe & Fdry_100 14
6812 7434 6412 7134 63 6812 62 65 56 6214 52 57
55 66 6112 64% 6234 70
543
1 43 4
1 56
100
Preferred
72 81
8738
72
9138
84%
8612
72
7918
8
4
885
903
76
8
825
73
813s
-758
7912
--------------------66
U S Food Products Corp. 100
99 11614 9718 ova
U S Industrial Alcohol--100 9714 1053-4 9512 115 11118 14634 14312 15934 14812 167 14114 16512 134 151 120 140 12514 14012 b10312164
3614 4512
34
4
463
Rights
1-04-100 9614 10014 1001210012 105 108 10412 108 10712 111 158 10912 --------103 105 10478 107 10534 107 103 10512 35 44%
Preferred
39 45 44 50% 42% 4834 39 4612 43 4734 42 49% 40 46
100 1714 271z 24 2712 2512 3638 3412 46
U S Realty & Improvet
11634
13814
11214
13914
132
11912 138
9212 115 1101 13858 12318 138 113 137 110%
100 73 8034 7334 84% 8014 87 8214 95
U S Rubber
11212 115
100 1C19 110% 10978 11218 111 11214 1103s 112 112 11438 11334 11612 116 • 11912 112 11414 114 11612 11312 11712 113 115
First preferred
1
1634
_ .,9
Rights
fiii 11331136
__ _ _
_
_ _
-- ---_
__ -_ __ ___ __- _ - _ ___ - _- -Subscription receipts
71% 7814 7013 7614
-- --- 69 77
- 667212
6234•-6778
7012 67 -73- __7053 647 --49
-- 4834 5112
5112
47
50 4314
4612 4314 48
U S Smelt Ref & Mg
50 48 4938 4658 48%
4784
497
4912
50
4812
50
40
487
50
49
49%
4612
46
50 45 4514 45% 4712 4812 50
Preferred
11238 100%10738
10134
100 8834 9634 8814 9534 9134 100% 9718 103 9612 10912 10318 11178 10738 11512 9838 11014 10014 10818 10414 11214
United States Steel
1111. 11434
100 11312 11512 11318 11434 114 115 115 11718 11412 11714 11518 117 11578 11712 114 11714 113i2 11614 114 11614 112%11534 834 1258
Preferred
1014
1234
14
1512 1238 1434
1878 1714 1938 17 2138 17 2012 1412 18
100 13 1634 1538 1712 1414 16 '14
Utah Securities v t c
5412 62
--__
_
---__
--_
____
_
_
_
_
___
Vanadium Corporation..No par _______
6258 69
- -8-4-12 77 85 -51'7879
- -8-5-38 78
-18 8518 5-134 -92-12 76
56
5212 -50-18 57 6-3-34 63 -7-412 70
4 51
Viginia-Carolina Chem----100 5118 -56:3112 11378
115
11234
11412
115%
114
115
1141
11212
1153
11312
11514
4
1133
113
1121
1141
11134
114
100 110 11312 112 11314 111
Preferred
2012 2012
25
20
17 2912
15
18 - --------_ 15
1914 15
_ ----_ 15
1512 151 -------- ---13 15
12
100 12
Vulcan Detinning
80 95 89% 8934 85 91
100 40 40 44 45 6412 65 - ----------------6412 7112 70 70
Preferred
8612
8912
90
4
8318
853
86%
;
8712 8934 Si 88 82 -8-67
8458 8934 8534 8914 8712 9212 8834 92
Western Union Telegraph _100 8614 897 8678 89
112 11934
- 109%1091a 109% 116 11234 125 11734 126 108 118 11012 115 110 12012 11412 12538 51
- -- -Westinghouse Air Brake - --50 9412 9412 ---5512
5812
4
513
58%
53%
5212
5714
50 4CI12 4214 41 -4-6-38 44 -4-7-12 4514 5234 5038 5938 54 598 558 5934 5012 5612
West'house El & Mfg _
70 70 65 6512 64 65
50
''
61 6314 62 6312 6234, 65 65 70 69% 70
First. preferred
100
Weyman-Bruton
166__ _ _
100
Preferred
5414 6714 5812 65 60 86 6012 78 c57% 6712
57 6312 05378 6212 5618 75
5312 60
50 45 47 46% 5712 5278 56
White Motor
134 3
----.
r
,
-4
13
1
..
Rights
-14 -3-514 3238 3834 29 3518 2712 32
-1
4 30 -3-5-38 3
-34 -3-9325 2314 2638 2438 2818 2658 307 2878 3434 33 397 3314 4014 34
Willys-Overiand
92% 88 92
4
893
95
8
937
95
9312
9712
92
98
9512
8
975
9314
9512
9884
92
95%
9312
7
92
92
88
100 8734 8834
New preferred
7518 8212
80 898 82 90% 75 85
8478 801 86 8314 91 871027 95 1047 791 96
100 653 7478 68 70 6
Wilson & Co Inc v t c
214
-------- ----------- ----------------- ----------------- ----1
Rights
9714 97'2
8
997
1;
9
9
4
9984
-551
100
100
10038
9812 99 100 101 10012 103 10312 10412 10078 10112 10038
9612 98
100
Preferred
12034 129 12078 12812
100 12314 13312 120 127 12012 12634 12234 126 124 13334 127 13234 13014 13638 125 13212 124 128 12518 13334
Woolworth (F W)
_ 115 11514 11412 116 11234 115
100 115 11712 --------116 116 116 11612 117 117 11438 11438 115 115 116 116 -- Preferred
79% 9514
7534 108
117
92
;
0107
72
77
8
5
63
8
7
87
77
8634
69%
73
67
7212
64
8
687
5818
6112
50
5712
54
Worthrn Pump 8cMch v t c.100
9634 9634 9312 9434 94% 9812 95 9712 94 9412
97 98
100 88 8912 8934 93 90 9434 92 98 957 9712 9558 97
Preferred A
72 76
80
76
81
7714
7
77
7512
76
79
78
7634
79
76
7712
7514
7712
711
8
727
70
71
6612
68
68
100
Preferred B
I roll nafd
d Part.nnfit
h Vir..rfahtst
_-_,- i) i --------96___
_--- iii"
96
iiiii-
ilia- -
•
. COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1919.
[Compiled from sales made at the New York Stock Exchange.]
REGISTERED BONDS.
COUPON BONDS.
Pan. Pan.
Pan. Pan. Consol
Victory Lib. Loan ConsoliCanal Canal
4s,
Canal Canal idated
4s,
Mated
1925.
25,
3s,
3s,
2s,
23,
1925.
23,
34s,
331s, 1st 4s, 2d 4s, 1st 431s, 2d 431s 3d 448 *44s, 4th 4143. 448,
1961. 1936.
1961. 1936. 1930.
1932-47.1932-47.1927-42 1932-47 1927-42 1028. 1932-47 1938. 1922-23.1922-23. 1930.
Liberty Loan.
January.
Opening
High
Low
Closing
February.
Opening
High
Low
Closing
March.
Opening
High
Low
Closing
April.
Opening
High
Low
Closing
May.
Opening
High
Low
Closing
Juno.
Opening
121gh
Low
Closing
July.
Opening
High
Low
Closing
August.
Opening
High
Low
Closing
September.
Opening
High
Low
Closing
October.
Opening
High
Low
Closing
November.
Opening
High
Low
Closing
1)ecember.
Opening
High
Low
Closing
10431
10431
10431
10431
------------10431
_ 104 A
------------10431
____ 104%
__ __
____
98
98
98
98
1044
10531
1044
105
8731
874
874
8731
____
____
___
----
9731
9731
974
9774
1044
1044
1044_1044
98
98
98
98
10431
10531
10431
10531
91
91
91
91
984
984
984
9831
____
____
_-----
10531
10531
10531
10531
91
91
91
91
10531
10631
105%*
106
--------9831
--------9974
____ 98%
___
-- -- -- 99%
106
10631
106
1064
_-_-
1063(
10634
10631
10631
90
90
90
90
-_-__•
.._
106
10634
106
106
-------
1064
1064
10631
1064
9031
9031
904
904
99.60
99.80
98.50
99.00
93.02
94.18
92.50
93.10
93.00
94.10
92.10
92.86
96.50
96.60
95.50
95.60
95.00
95.32
94.36
94.56
06.50
96.50
95.30
95.44
93.50
95.72
94.30
94.44
09.04
99.60
98.20
99.60
93.18
93.80
92.74
93.52
92.00
93.46
92.40
93.14
95.56
95.60
94.60
95.02
94.58
94.60
93.75
94.08
95.44
96.00
94.90
05.44
94.42
94.62
93.76
•94.06
99.50
99.74
98.42
99.10
93.50
94.60
93.50
94.58
93.16
93.84
93.10
93.56
95.12
95.12
94.20
94.70
94.14
94.16
93.44
93.56
95.40
95.44
94.90
95.14
95.42
95.84
95.42
95.84
94.10
94.12
93.50
93.64
99.12
99.40
98.44
98.68
94.64
96.00
94.56
95.90
93.60
93.80
93.10
93.80
94.68
96.10
94.60
95.92
93.58
93.98
93.20
93.94
95.44
95.98
95.02
95.24
96.02
96.02
96.02
96.02
93.66
94.00
93.12
93.96
9870
99.68
98.60
09.50
95.94
95.94
95.50
95.52
93.80
95.10
93.80
94.88
96.00
96.10
95.50
95.84
93.90
95.36
93.90
95.20
95.26
96.08
95.06
95.96
99.02
99.74
99.02
99.74
94.02
95.56
93.94
95.40
99.90
100.00
99.88
99.06
09.22
99.70
90.20
,99.40
95.38
95.60
04.60
04.90
94.80
94.80
93.30
93.96
95.90
96.00
94.90
95.18
95.28
95.28
93.90
94.16
96.00
96.00
95.02
95.08
99.76
99.76
99.76
99.76
95.40
95.40
94.00
94.10
99.94
100.08
99.80
99.96
100.00
100.48
99.98
100.14
99.40
99.66
99.20
90.58
94.00
95.00
93.76
94.30
93.90
93.96
93.18
03.62
95.24
95.40
94.10
94.70
94.14
94.34
93.60
94.08
95.08
95.20
94.82
95.12
100.10
100.50
100.10
100.50
94.04
94.36
93.36
94.04
99.94
100.00
99.80
99.84
100.10
100.12
99.84
99.92
99
99
99
99
90.56
90.08
99.50
99.06
94.28
94.30
93.80
94.30
93.66
93.66
02.66
92.70
04.60
94.60
93.70
94.30
94.08
94.08
92.78
92.88
95.06
95.12
94.70
94.86
100.50
100.60
100.50
100.50
94.04
94.04
92.96
93.28
99.96
99.94
99.46
90.52
99..88
99.96
99.50
99.50
10031
1004
10034
1004
00.08
100.14
09.86
100.00
94.20
95.40
94.20
95.20
02.82
94.46
92.62
94.16
94.40
95.70
04.36
95.68
92.88
94.60
02.84
94.36
04.86
96.60
94.80
96.28
100.60
100.90
100.60
100.90
93.18
94.80
93.18
94.28
99.50
100.00
99.46
99.92
99.58
100.00
99.46
99.96
100.00
101.00
100.00
100.70
05.20
95.47
95.00
95.00
94.24
94.28
03.00
93.00
95.66
95.80
95.00
95.20
94.30
94.44
93.02
93.16
96.24
96.26
95.06
95.14
100.90
102.06
100.91
100.96
94.26
94.42
93.12
93.24
99.92
99.94
99.46
99.46
99.96
99.96
99.48
99.52
10674
106%
103
103
------------106
_ 106
____
------------____
____ 106
-------- ----106
100.70
101.00
99.85
99.00
94.00
95.10
93.90
93.90
93.00
93.30
91.00
91.20
95.30
95.30
94.10
94.14
93.18
93.40
91.40
91.98
95.18
95.24
93.58
93.80
100.96
101.00
100.96
100.96
93.34
93.50
91.36
01.94
99.46
99.54
99.00
99.04
99.50
99.56
99.00
99.00
106
106
1054
10531
89
89
89
89
99.90
100.14
08.86
100.14
93.40
94.10
92.50
93.52
91.50
02.30
91.16
91.90
04.20
94.50
92.80
03.50
91.94
92.90
91.12
92.20
94.04
94.94
93.26
94.78
101.00
101.00
100.96
101.00
92.00
93.74
91.00
92.20
99.00
99.28
98.80
98.94
99.00
99.26
98.80
99.02
1054
1054
10531
1054
90
90
90
00
_
9974
9974
9974
9974
- --
---
------
----.
-- ---------108
--------106---- -_ 106
--_- --___-__ 106
loot ---- --------106_10631
10631
10631
--- ---- 00
------------ 1
---- --- 00
------------ 1
------------108_-
10631
10631
106
106
884
8831
8831
8831
___
__
----
____
9931
9931
994
9974
106
106
106
106
994
40631
994
10034
10631994
994
106%
-_--
--
-_-----
-----
8831
8831
884
8834
994
994
9931
994
8831
884
8831
8831
--------- - -
'
_____
----
--------
* First Liberty Loan second converted (under the terms of the fourth loan).
CURRENT
NOTICES
-Arthur,Batty. who has boon in the investment bond business for the
past 19 years, recently resigned from Halsey, Stuart & Co., 49 Wall St.,
to accept the Vice-Presidency of the Steiner Oil Corporation. The stock
of this company has been purchased and is being offered by A. L. Chambers
dc Co., Inc., of Now York City and Buffalo. See reference in "Chronicle"
nvOstment news column of Jan. 10 and this week's advertising columns.
-Announcement is made of the formation of the Realty Associates
Investment Corporation with a capital and surplus of $1,100,000, and offices
at 31 Nassau St., Now York City, and 162-164 Remsen St., Brooklyn.
The corporation will sell first mortgage certificates and prudence bonds;
both classes of securities will bear 534% interest and the payment of both
principal and interest will be guaranteed to the investor. The officers are
Frank Bailey, President; William M. Greve, 1st Vice-President; Gilbert B.
Bogart, 2d Vice-President, and Geo. L. Harvey, Treasurer.
238
THE CHRONICLE
Commercial andMiscellanzonsgem
Ask
400
456
365
160
300
302
450
265
150
Irving
Bank
135
310
125
755
620
415
425
900
140
520
260
272
700
210
315
• Banks marked with a (*) are State banks. t Sale at auction or at Stock Ex.
change this week. t includes one-half share Irving Trust Co I New stock
x Ex-dividend. y Ex-rights.
New York City Realty and Surety Companies
All prices dollars per share.
Bid
1111ance R'Ity 80
1rner Surety.. 80
lend & M CI- 225
'My Investing 75
Preferred__ 85
Ask
____
83
235
f5
95
Bid
Lawyers Mtge 120
Mtge Bond- 92
Nat Surety.... 205
N Y Title &
Mortgage__ 143
Ask
125 Realty Assoc
97
(Brooklyn).
217 U S Casualty..
US Title Guar
150 West & Bronx
Title & M 0
Bid
et
103
185
80
115
20
_.
150
170
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Bonds and Legal Tenders
on Deposit forBonds.
Legal
Tenders.
Bonds.
Legal
Tenders.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
•
Quebec
•
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Total
nftnatia
$
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
3,119,206
8,098,997
6,189,986
996,366
1,065,809
2,722,941
1,560,573
2,261,300
1,164,357
684,007
672,348
1,318,371
1,560,095
1,250,000
2,557,712
575,448
1919.
Inc. or
Dec.
1918.
1917.
2
%
$
a
115,378,538 +45.8 81,126,316 77,295,725
82,302,266 +39.5 64,395,261 63,347,095
51,094,198 +13.4 46,670,378 39,296,273
11,679,787 +42.3 9.521,322 6,676,371
8,018,954 +68.2 6.008,899 4,735,868
5,111,247 +31.8 5,159,220 3,646,026
5,545,982 +26.5 3,918,930 3,354,896
6,080,215 +32.1 5,325,504 4,496,504
2,846,402 .+40.4 2,517,818 2,002,859
6,228,688 +64.2 7,981,649 4,654,226
3,921,117 +23.4 3,203,418 2,428,671
2,240,940 +39.2 1,887,507 1,532,701
4,507,182 +79.7 4,619,571 3,044,018
4,200,458 +47.4 4,317,261 3,040,875
784,501 +27.0
600,000
529,456
815,847 +30.7
812,548
761,906
2,181,539 +24.8 2,018,841 1,701,090
1,153,212 +35.3
922,675 • 747,352
1,870,926 +20.9 1,456,046 1,458,938
943,424 +23.4
789,975
631,323
564,941 +21.2
390,930
259,448
534,460 +25.8
534,658
512,947
837,041 +57.5
746,586
548,966
1,212,584 +28.7
722,032
570,872
848,994 +47.2
621,417
604,423
1,444,850 +77.0
349,803 +64.5
447 277 AAA 199 722
non .1.1z
A 9gc 9fta 709 997 222
Ron
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York: •
Shares. Stocks.
Per cent. Shares. Stocks.
Per cent.
100 Morristown Trust Co
100 Gulf Consol. Oil,$1 ea _80c. per sh
19814
10 Title Guarantee & Trust_ _400
500 Redden Motor Truck, Inc-$10 lot
Bonds.
43,350 Amer. Mg. & Develop.,
$10,000 Bklyn. Ferry Co. let cons.
$1 each
$50 lot
5s, 1948, certfs. of del)
$50 lot
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
11 National Union Bank
22634
25 Old Colony Trust
2954
100 Merrimack Mfg., prof
82
1 Old Colony Woolen Mills, com_ 7
644-29ths rights Nashua Mfg, corn._ 90
72 Naumkeag Steam Cotton.....222-225
5 Lowell Hosiery
534
6 Pepperell Mfg
211
10 Ludlow Mfg. Associate,
1474
10 Merrimack Mfg, corn
12234
4-3 rights Lancaster Mills
24
Shares. Stocks.
$ per sh.
10 Hood Rubber, pref
1024
1 Boston Library Society
10
6 Butte Water
51
18 Cambridge Gas Light
145-1464
4 Am. Pneum. Service, 1st prof.. 35
25 Draper Corporation
14734
10 Graton&KnIghtMfg., prof_100-1004
15 Cithens Nat. Bank
150
30 Sharp Mfg., common
1784
10 Mass Cotton Mills
147
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
10 Union Cotton Mfg
310
5 Home Bleach & Dye Wks.,com. 254
210-29ths warrants Nashua Mfg.,
common
(
`Oc.
4 Arlington Mills
157
12 Fairhaven Mills, pref
96
27 Naumkeag Steam Cotton_ _225-226
30 NV. L. Douglas Shoe, pref
98
Shares. Stocks.
$ per sh.
3 N.Bedf'd Gas&Ed.Lt., ex-div_165
2 Nantasket Beach Steamboat-1043i
10 Saco-Lowell Shops, pref
994
50 N. Bedford dr Agawam Finish 30
10 Snell & Simpson Biscuit, pref._ 20
3 Sullivan Machinery
176
112 rights Nashua Mfg., common,
warrants
90e.
By Messrs. Barnes & Lofland, Philadelphia:
Circulation Afloat
Under-
1918-19.
Week ending January 8.
Clearings al. 1920.
New York City Banks and Trust Companies
All prices dollars per share.
Banks-N
Bid
Ask
Banks
Bid
Ask
Trust Co's
Bid
America_
__ Imp & Trod- 605 615
New York
Amer Exch.-- 625290 310 :Irving (trust
Bankers Trust 395
Atlantic
215certificatee) 393 398 Central Union 450
Battery Park.. 210 2-ii" Liberty
445 455 Columbia..__ 355
Bowery*
425
Lincoln
285 290 Commercial_. 150
Broadway Cen 145 155 Manhattan *- 250 255 Empire
290
Bronx Boro*. 105 125 Mech & Met- 460 470 Equitable Tr_ 297
Bronx Nat..... 150 160 Merchants
242 246 FarmL & Tr 445
Bryant Park* 145 155 Mutual*
425
Fidelity
230
Butch & Drov 40
45 New Neth*._ 200 210 Fulton
255
Cent Mere___ 175 190 New York Co 125 135 Guaranty Tr.. 400
Chase
490 510 New York...... 465 480 Hudson
140
Chat dc Phen_ 320 330 Pacific•
135
Irving Trust. ISee
Chelsea Exch* 130 140 Park
745 7-7-0
INat
Chemical
585 595 Prod Exch•
350 400 LawTit & Tr 130
Citizens
260 265 Public
330
Lincoln Trust 175
City
405 420 Seaboard ---- 640
Mercantile Tr 235
Coal & Iron
250
---- Second
400 425 Metropolitan.. 295
Colonial •_
350
State'
230 240 Mutual(WestColumbia•__
_ 23d Ward'
125 135
chester)
105
Commerce ___ 210240 241 Union Exch._ 185 190 N Y Life Ins
Comm'l Ero_ 425
____ United States* 200
& Trust... 740
CommonWash ll'ts•
400 5106- N Y Trust.._
wealth•___ 215 225 Weetch Ave*. 230 240 Title Cu & Tr 605
405
Continental*_ 120
Yorkville•
340
U 8 Mtg & Tr 415
Corn Exch*__ 475
485
United States 850
Cosmon'tan•.. 95 100
Brooklyn
Westchester.... 130
Cuba (Bk of)_ 168 175 Coney Island* 140 155
East River__
First
200 215
Brooklyn
Europe
110 1-30 Greenpotnt- 150 165 Brooklyn Tr- 500
150-..Fifth Avenue* 900
____ Hillside*
110 120 Franklin
250
Fifth
155 170 Homestead.
80
Hamilton...- 262
%first
980 1000 Mechanics".... 87
95 Kings County 650
Garfield
240
Montauk
85
95 Manufacturers 200
Gotham
215 225 ,Nassau
205 215 People's
305
lreenwieh *
380
_ !National City 115 130
Hanover
825 835
- Worth Side__ 195 205
Harriman _
365 400 people's
145 160
Industrial*
185
[VOL. 110.
Total.
$
Dee.31 1919.... 699,357,550 32,649,434 691,689,258 32,649,434 724,338,692
Nov. 29 1919_ 698,196,300 33,146,580 688,995,580 33,146,580 722,142,160
Oct. 31 1919_ 695,822,060 34,727,572 687,666,753 34,727,572 722,394,325
Sept.30 1919._ 696,288,160 34,024,987 687,460,223 34,024,987 721,485,210
Aug. 30 1919_ 694,621,710 35,328,665 689,235,005 35,328,665 724,563,670
July 31 1919._ 693,343,210 34.629,207 686,278,555 34,629,207 720,907,762
June 30 1919_ 692,252,950 36,19,0333 683,086 600 36 190 333 719,276,933
May 311919.... 691,052,300 37,152,677 685,612,243 37,152,677 722,764,920
Apr. 30 1919._ 689,878,300 38,973,647 686,157,475 38,973,647 725,131,122
Mar.31 1919_ 688,183,250 40,194,752 684,292,440 40,194,752 724,487,192
Feb. 28 1919._ 683,342,450 42,080,347 679,799,125 42,080,347 721,879,472
Jan. 31 1919._ 683,004,450 41,903,027 680,025,471 41,903,027 721,928,498
Dec. 31 1918_ 684.648.950 39,867,332 683,771,878 39,867,332 723,529,210
$269,122,800 Federal Reserve bank notes outstanding Dee. 31 (all secured by
bonds), against $128,143,530 in 1918.
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
5 Frankford Trust, $50 each _177
14 John B. Stetson, coin......325-32534
15 Smith, Kline Sr French, pref. 95
7 13th & 15th Streets Pass. Ry-180
20 Peoples Trust, $50 each
24 Camden dr Burl. Co. Ky.,
45Si
8 Phila. Warehousing,& C. S.110
$25 each
2534
10 NV. Jersey Stone Brick, com.,
70 Tenn. Ry., Lt.& Power,com 23-4
$10 each
$1 lot
1 Southwark Nat. Bank
202
10 W. Jersey Stone Brick, pref.,
$10 each
$3 lot
Bonds.
Per cent.
1,000 Girard Gold M.AC M 10c.ea.$1 lot $155,500 Colon Gas 1st 6s, 1935;
97 Newark Hair Felt
175
Nov. 1918 coupons on
30
35 Prospect Brewing
50 $173,500 Panama Gas 1st 6$, 1935;
12 McCahan Sugar Refining...410
Nov. 1918 coupons on
30
4 Phila. Bourse, corn., $50 ea_ - 64 $2,500 Clearf.& Jeff. ay.let 6s,'27 102
33 Corn Exchange Nat. Bank_ _390
$1,000 Zoological Society of Phila., .
83 Bank of North America
295
loan
$150 lot
12 Fidelity Trust
5014 $1,000 North Jersey Street Ky. 1st
23 Commercial Trust
294-303 4s. 1948
48
9 Provident Life de Trust
430 $1,000 Passaic & Newark Elec, Trac5 North Phila. Trust
201
tion 1st Ss, 1937
60
10 Mutual Trust,$50 each
38 $1,000 Orange & Passaic Valley Ry
7 Nat. State Bank of Camden..236
1st 5s, 1938
2 Fire Assoc. of Phila., $50 ea_3284 20,000 rubles Russian Govt.internal 75
12 Scranton Life Ins.. $10 each. 6
5,4s, MO
2550 lot
The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
National Banks.-The following information regarding
public moneys held in national bank depositaries on Dec. 31: national
banks is from the office of the Comptroller of the
Currency, Treasury Department:
U.
S. Bonds Held Dec. 3110 Secure-
Bonds on Deposit
Dec. 31 1919.
On Deposi to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
i
Notes.
2s, U.S. Consols of 1930
14,129,000
45, U. S. Loan of 1925
2,593,000
2s, U. S. Panama of 1936
404,500
2s, U. S. Panama of 1938
285,300
2s, U. S. One-year ctfs. of indebtedness_ 259,375,000
Totals
276,786,800
Total
Held.
•
566,924,050
59,757,700
47,634,140
25,041,660
$
581,053,050
62,350,700
48,038,640
25,326,069
259,375,000
699,357,550
976,144,350
The following shows 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 Bank Notes-Total AfloatAmount afloat Dec. 1 1919
Net amount issued during December
Amount of bank notes afloat Jan. 1 1920
Legal-Tender NotesAmount on deposit to redeem national bank notes Dec. 1 1919
Net amount of bank notes retired in December
$722,142,160
2,196,532
$724,338,692
$33,146,580
497,146
Amount on deposit to redeem national bank notes Jan. 1 1920.-- $32,649,434
f,
Canadian Bank Clearings.-The clearings for the week
ending Jan. 8 at Canadian cities, in comparison with the
same week in 1919, show an increase in the aggregate of
38.8%.
APPLICATIONS FOR CHARTER.
For organization of national banks:
Capital.
The Security National Bank of Rockford, Ill
Correspondent, Gust. E. Blomquist, ocicford.
R
The First National Bank of Waddam's Grove, III
25,000
Correspondent, A. M. Stouffer, Waddam's Grove.
The First National Bank of Clatskanie, Ore
40,000
Correspondent, Norman Merrill, Clatskanie.
The First National Bank of Bessie, Okla
25,000
Correspondent, Dr. A. A. Weber, Bessie.
The First National -Bank of Charleston, Miss
100,000
Correspondent, W. P. Alexander, Charleston.
The First National Bank of Madras, Ore
25,000
Correspondent, F. Geo. Kern, Madras.
The American National Bank of Gilbert. Minn
25,000
Correspondent, Theo. Albrecht, Minneapolis.
The Murray Hill National Bank of New York, N Y
1,000,000
Correspondent, Leonard G. Robinson, New York.
The Oneida National Bank of Rhinelander, Wis.
Correspondent, R. J. Lasede, Rhinelander.
The Citizens National Bank of Casper, Wyo
100,000
Succeeds the Citizens State Bank of Casper.
Correspondent, C. H. Horstman, Casper.
For conversion of State banks:
The Tradesmens National Bank of Oklahoma City, Okla
200,000
Conversion of the Tradesmens State Bank of Oklahoma City.
Correspondent, The Tradesmens State Bank.
The Security National Bank of Mahnomen, Minn
25,000
Conversion of the Security State Bank of Mahnomon.
Correspondent, Security State Bank.
First National Bank in East St. Louis, Ill
400,000
Conversion of The Illinois State Bank of E. St. Louis.
Correspondent, Robert E. Gillespie, E. St. Louis., Ill.
The Twin Cities National Bank of St. Paul, Minn
200,000
Conversion of The Twin City State Bank of St. Paul.
Correspondent, Twin City State Bank, St. Paul.
Bank of Suisun, National Association, Suisun, Cal
100,00b
Conversion of Bank of Suisun, Suisun, Cal.
Correspondent, Bank of Suisun, Suisun, Cal.
Total
$2,425,000
239
THE CHRONICLE
JAN. 17 1020
Books Closed.
When
Per
CHARTERS ISSUED.
Capital.
Days Inclusive.
Cent. Payable.
Name of Company.
Original organizations:
First National Bank of Oswego, Kans
Miscellaneous (Continued).
President, D. S. Romine; Cashier, F. T. Stephens.
Jan. 24 Holders of roe. Jan. 9a
H
American Ice, common (guar.)
The First National Bank of Deerfield, Wis
134 Jan. 24 Holders of reo. Jan. Cks
President, S. E. Simonsen; Cashier, F. K. Thomas.
Preferred (queer.)
American Light dr Trac., corn. (guar.)-. 234 Feb. 2 Jan. 16 to Jan. 25
The City National Bank of Jerome, Idaho
President, B. 0. Hill; Cashier, Albert Hawkinson.
Common (payable in common stock). r234 Feb. 2 Jan. 16 to Jan. 25
134 Feb. 2 Jan. 16 to Jan. 25
Preferred (guar.)
Conversion of State banks:
Mar. 31 *Holders of rec. Mar.22
*3
American Radiator. common (guar.).
The First National Bank of Deer Trail, Colo
*4
Mar. 31 *Holders of res. Mar. 22
Common (extra)
Conversion of The Farmers State Bank of Deer Trail.
16 *Holders of rec. Feb. 7
1N
Feb.
MacIntosh.
Robt.
President, F. J. Denison; Cashier,
Preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 15a
The Farmers National Bank of Kilkenny, Minn
Amer. Shipbuilding, corn. (guar.)
Feb. 2 Holders of rec. Jan. 15a
2
Conversion of the Kilkenny State Bank, Kilkenny, Minn.
Common, (extra)
154 Feb. 2 Holders of reo. Jan. 15a
President, J. Lampert; Cashler, H. D. Michael.
Preferred (guar.)
$135,000 Amer.
Total
Sumatra Tobacco, corn.(guar.).-- 234 Feb. 2 Holders of rec. Jan. 23a
Mar. 1 Holders of rec. Feb. 14a
334
Preferred
INCREASES OF CAPITAL.
*134 Mar. 1
American Telegraph & Cable (guar.).Amount.
2 Holders of rec. Jan. 23a
Feb.
$1.50
pi.
dr
Zinc,
Lead
(qu.)-.
Smelt
Amer.
Tho Georgia National Bank of Athens, Ga. From $200,000 to
$1.25 Feb. 2 Holders of rec. Jan. 2
$200,000 Amoskeag Mfg., common (guar.)
2 Holders of rec. Jan. 2
Feb.
$2.25
Preferred
$30,000
From
The First National Bank of Las Animas, Colo.
Feb. 24 Holders of rec. Jan. 170
$1
20,000 Ananconda Copper Mining (quar.)
to
•
Feb. 2 Holders of rec. Dec. 30a
5
I.
_
W.
dr
com_
SS.
Gulf
Lines,
Atlantic
$200,000
From
Ark.
Texarkana,
of
Bank
National
The State
Feb. 2 *Holders of rec. Jan. 15
*1
200,000 Atlantic Refining, Pref.(No. 1)
to
134 Feb. 2 Jan. 21 to Feb. 1
Atlas Powder, pref. (guar.)
The First National Bank of Equality, Ill. From $25,000 to
134 Feb. 1 Jan. 25 to Feb. 1
10,000 Austin, Nichols & Co., pref. (guar.)__
Barnhart Bros. & Spindler-The First National Bank of Bolen, N. Mex. From $25,000 to
154 Feb. 1 Holders of rec. Jan. 26a
First and second preferred (guar.)._
25,000
Feb. 2 Holders of rec. Jan. 16
2
Carpet, corn. (guar.)
Bigelow-Hartford
$1,500,From
The Public National Bank of New York, N. Y.
134 Feb. 2 Holders of rec. Jan. 16
Preferred (guar.)
500,000
000 to
Feb. 1 *Holders of rec. Jan. 31
*4
Borden
common
Company,
From
Ala.
Albany,
of
Bank
National
County
The Morgan
25o. Feb. 2 Holders of rec. Jan. 20
100,000 British American Chemical, common_
$100,000 to
Feb. 2 Holders of rec. Dee. 31
2
Preferred
The Liberty National Bank of Tulsa, Okla. From $100,000
*134 Feb. 7 *Holders of rec. Jan. 31
100,000
Pulp
Paper
&
(guar.)
Brompton
to
1 Holders of rec. Jan. 20a
Feb.
134
Brown Shoe, Inc., pref. (guar.)
The Third National Bank of Rockford, Ill. From $250,000
250,000 Brunswick-Balke-Collender, corn. (guar.). •13i Feb. 15 *Holders of rec. Feb. 5
to
*Holders of rec. Feb. 2
16
Feb.
*234
corn.
Burns
(guar.)
Bros.,
$40,000
From
C.
The County Nationa' Bank of Lincolnton, N.
Feb. 1 *Holders of rec. Jan. 23
40,000
Preferred (guar.)
to $80,000
•134 Feb. 16 'Holders of rec. Jan. 31
Canadian
Converters
(guar.)
$50,000
From
Y.
N.
Lackawanna,
Bank,
National
Lackawanna
134 Jan. 31 Holdes of rec. Dec. 310
150,000 Canadian Explosives, common (guar.)
'to $200,000
Jan. 31 Holders of rec. Dec. 310
25
Common (extra)
The First National Bank of Okanogan, Wash. From $25,000
Mar. 30 Holders of rec. Mar.26a
v4
Steel,
25,000
first
Carbon
preferred
to
July 30 Holders of rec. July 28a
8
Secone in'e:erred
The Lincoln National Bank of Minneapolis, Minn. From $250,*10
250,000 Case (J. I.) Thresh.
corn
000 to
134 Feb. 2 Holders of rte. Jan. ,9a
Central Leather, common
Mach..
(quar.)
The First National Bank of Los Angeles, Cal. From $1,500,000
Feb. 2 Holders of see. Jan. 9a
2
1,500,000
Common (extra)
to
Jan. 26 Holders of reo. Jan. 15a
2
Chicago Pneumatic Tool (guar.)
The I.eeth National Bank, Cullman, Ala. From $25,000 to
Feb. 1 Holders of roe. Jan. 150
34
75,000
Cities Service corn. & pref. (monthly)
$100,000
Common (payable in common stock) Mt Feb. 1 Holders of rec. Jan. 15a
The First National Bank of Monroe, Mich. From $100,000
Feb. 2 Holders of rec. Jan. 15
45,
100,000
Service,
Bankers'
shares
Cities
(monthly)
to $200,000
Jan. 31 'Holders of rec. Jan. 20
•s6
Cleveland Automobile, pref.(No. 1)
The First National Bank of Manning, S. C. From $25,000
25,000 Clinchfield Coal Corporation, common_ _
*34 Feb. 14 *Holders of rec. Feb. 9
to
*134 Feb. 1 *Holders of rec. Jan. 26
Preferred (guar.)
Feb. 2 Holders of rec. Jan. 210
$3,570,000 Cluett,Peabody & Co.,Ine.,com.(guar.) 2
Total
Feb. 2 "Holders of roe. Jan. 15
"2
Commonwealth Edison (guar.)
VOLUNTARY LIQUIDATIONS.
Mar. 1 Holders of rec. Feb. 1
1%
pref.
(guar.)
Consolidated Cigar,
The First National Bank of Vordon, Okla. Capital $25,000.
750. Jan. 22 Holders of rec. Jan. 15a
Consolidated Textile Corp. (No. 1)
Liquidating Agent, E. L. Harvey, Verden, Okla.
Jan. 31 Holders of reo. Jan. 200
Coal
134
Consolidation
(guar.)
The First National Bank of Clinton, Mass. Capital $200,000.
(7ontinental Candy (guar.) (No. 1)__ _ _ 250. Jan. 20 Holders of rec. Dec. 290
Liquidating Agents, John E. Thayer, Charles D. Chickering and Ivan N. Corn Products Refining, corn.(No. 1)._
Jan. 20 Holders of rec. Jan. 5a
1
Moulton. Succeeded by the Clinton Trust Co., Clinton, Mass.
Common (extra)
34 Jan. 20 Holders of rec. Jan. 5a
1234c. Feb. 1 Holders of rec. Dec. 31
Cosden & Co., common (guar.)
CHARTERS EXTENDED.
f:2340 Feb. 1 Holders of reo. Dee, 81
Corn (payable in corn. stock)
The First National Bank of Dothan, Ala. Charter extended until close
3
Jan. 31 Holders of rec. J8,11. 15a
Crecible Steel, common (guar.)
of business Jan.
334 Feb. 2 Holders of rec. Doe. ale
The National State Bank of Metropolis, Ill. Charter extended until close Cuba company, preferred
Feb. 1 Holders of rec. Jan. 15
3
common
Sugar,
Cupey
of business on Jan. 14
3).6 Feb. 1 Holders of rec. Jan. 15a
Preferred
The Citizens National Bank of Irwin, Pa. Charter extended until close
Jan. 31 Holders of rec. Jan. 20
5
Depositors' Oil & Gas (guar.)
of business on Jan.
Dodge Steel Pulley, pref. (guar.)
134 Feb. 1 Jan. 22 to Jan. 1
CHARTERS RE-EXTENDED.
Dominion Cool. pref. (guar.) '
134 Feb. 1 Holders of rec. Jan. 14
The San Miguel National Bank of Las Vegas, Now Mexico. Charter re
100, Feb. 1 Holders of rec. .raq. 15
Dominion Oil (monthly)
extended until close of business on Jan.
ni Feb. 1 Jan. 16 to Feb.
Dominion Steel Corp., prei. (cuar.)
The First National Bank of Cuba, New York. Charter re-extended until du Pont (E.I)deNem.Powd.,com.(qu.).. 134 Feb. 2 Holders of rec. Jan. 20a
close of business on Jan. 13 1940.
Preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 20a
Feb. 1 *Holders of rec. Jan. 20
Durham Hosiery Mills, Corn. A & B_ _ _ *4
*13i April 1 *Holders of rec. Mar.20
Common A & B (guar.)
DIVIDENDS.
*;4 April 1 *Holders of rec. Mar.20
Common A & B (extra)
Preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 20a
The following shows 'all the dividends announced for the Edison
Feb. 2 Holders of rec. Jan. 15
3
Elec. Blum.of Boston (quar.)
corporations:
pref.
134 Feb. 2 Holders of rec. Jan. 20
(guar.)...
Corp.,
important
Eisemann Magneto
future by large or
Feb. 15 Holders of rec. Feb. 1
1
&
coin.
Eisentohr
(Otto)
(guar.)......
Bros.,
italics.
in
printed
are
week
this
announced
Dividends
Jan. 15 Holders of rec. Jan. 14a
Electric Bond & Share, common (guar.)... 2
Preferred (guar.)
1)4 Feb. 2 Holders of rec. Jan. 20a
Books Closed.
When
134 Feb. 2 Holders of rec. Jan. 230
Per
Electrical Securities, corn. (qtrar.)___ _
Feb. 2 *Holders of rec. Jan. 24
Days
Inclusive.
Payable.
(guar.)
*2
Elgin
National
Watch
Cent.
Company.
Name of
Elk Basin Petroleum (guar.)
'1234c Feb. 2 'Holders of rec. Jan. 15
Emerson Brantingham, pref. (queer.)... 134 Feb. 2 Holders of rec. Jan, 160
Railroads (Steam).
Feb. 2 Holders of rec. Jan. 15
4
Eureka Pipe Line (guar.)
$1.75 Feb. 20 Holders of rec. Jan. 22
Alabama Great Southern, c:‘-'-^-•,1
Feb. 1 Holders of rec. Jan. 20a
Mar. 1 Holders of roe. Jan. 30a Fairbanks Co., first pref. (guar.)
2
Atchison Topeka & Santa Fe, corn. (qu.) 1
2 Holders of rec. Jan. 12
Feb.
23.6
rec.
of
Dec.
31a
Holders
2
Fajardo
Sugar
(guar.)
Feb.
234
Preferred
of
Feb. 1 "Holders of rev. Jan. 21
res. Jan. 17a
Famous Players-Lasky Corp., pref.(No. 1) *2
Mar. 1 Holders
2
Baltimore & Ohio, preferred
Feb. 15 Holders of roc. Jan. 15
2
134 Feb. 2 Holders of rec. Dec. 31a Federal Oil, corn. (guar.)(No. 1)
Canada Southern
Feb. 15 Holders of rec. Jan. 15
3
Common (extra)
Clev. Ctn. Chic. &St.Louls, pref. (guar.) 13t Jan. 20 Holders of rec. Dec. 30a
Feb. 2 Holders of rec. Dec. 31a Federal Sugar Refining, corn. (queer.)... 1u Feb. 2 Holders of rec. Jan. 230
3
Cuba railroad. preferred
1)-6 Feb. 2 Holders of rec. Jan. 23a
Preferred (guar.)
$2.50 Jan. 20 Holders of rec. Jan. 5a
Delaware Lackawanna & Western (gu.)
134 Feb. 2 Holders of reo. Jan. 6a Firestone Tire dr RubberGreat Northern Ry.(guar.)
Feb. 2 Holders of rec. Jan. 8a
$5
Seven per cent pref (guar.)
134 Feb. 15 Holders of rec. Feb. 5a
hiahoning Coal RR., common
Jan. 29 Holders of rec. Dec. 31a Fisher Body Corp.,common (No. 1) _ _ $2.50 Feb. 2 Holders of roe. Jan. 15a
2
Michigan Central
3!4 Feb. 2 Holders of rec. Jan. 21
Preferred (guar.)
154 Feb. 2 Holders of rec. Jan. 15a
Nashville Chattanooga & St. Louts
1)4 Feb. 2 Holders of rec. Jan. 20
Fort Worth Power & Light, pref. (guar.)_ _
114 Feb. 2 Jan. 3 to Jan. 28
New York Central RR. (guar.)
Holders
of
rec.
13i Feb. 2 Holders of rec. Jan. 24
23
Jan.
Jan.
10a
5
General
pref.__
Cigar,
1st
St.
common
*
(guar.)
Louis,
N. Y. Chicago
50c, Feb. 20 Holders of rec. Feb. 5a
Feb. 19 golders of rec. Jan. 31a General Development
1
Norfolk & Western, adj. pref. (guar.) _ _
Feb. 2 Holders of rec. Deo. 310
3
__
14i Feb. 1 Holders of rec. Dec. 31a General Motors, common (guar.)
Northern Paelfic
134 Feb. 2 Holders of rec. Dec. 31a
Preferred (guar.)
tPere Marquette, prior preference (gu.) 1)4 l'etr. 2 Holders of rec. Jan.:19a
Jan. 28 Holders of reo. Jan. I5a
134 Feb. 2 Holders of rec. Doe. 81a
2
Debenture stock (guar.)
Pittrib. Cite tide. & St. Louis
$2.10 mar. 1 Holders of rec. Jan. 30
Gillette Safety Razor (guar.)
42.50 Feb. 2 *Holders of rec. Jan 21
Pittsburgh & Lake Erie
Feb. 16 Holders of reo. Feb. 2
2
Gilliland Oil, preferred (No. 1)
Pittsburgh & West Virginia, pref.(guar.) 1% Feb. 2i Holders of rec. lob. 2
Feb. 12 Holders of rec. Jan. 22a Godchaux Sugars, preferred (queer.)
•13( Jan. 20 *Holders of roe. Dec. 29
Reading (7orne.ativ. common (guar.)._ . 81
16 Holders of rec. Feb. /34
Feb.
Holders
of
23
rec.
16
1
Jan.
Jan.
I
(guar.)
(13.
pref.
I.')
coin.
Goodrich
Corp.,
Co..
(guar.)---Western Pacific RR.
134 Jan. 20 Holders of rec. Jan. 10a
Harbison-Walker Retract.. pref. (qu.)_ _
1h Feb. 14 Feb. 6 to Feb. 13
Hercules Powder, preferred (guar.)
Street & Electric Railway.
15
Feb. 2 Holders of rec. Jan. 15
Holly Sugar Corp., preferred (guar.)_ _ _ _
Carolina Power & Light, corn. (guar.)._
134 Feb. 2 Holders of rec. Jan.
Feb. 1 Holders of rec. Jan.d21
151 Feb. 1 Holders of rec. Jan. 1
Hupp Motor Car Corp., corn.(No. 1)- 236
Duquesne 1.1niit co. ',ref. (guar.)
Milwaukee El. Ry.& Light, pref.(guar.) 1 i. Jan. 31 Holders of rec. Jan. 20a Idaho Potter. preferred (queer.)
134 Feb. 2 Holders of rec. Jan. 19
2% Feb. 2 Holders of rec. Jan. 24
Illinois Northern Utilities, pref. (queer.)_ *134 Feb. 2 *Holders of reo. Jan. 20
Montreal Traniways (guar.)
Feb. 14 Holders of rec. Jan. 24
Jan. 15 Holders of rec. Dec. 31
Indiana Pipe Line (guar.)
011umuye Nu. & light, pref. (guar.)
$2
Feb. 14 Holders of rec. Jan. 24
Extra
Philadelphia Company, common (guar.) 75c. Jan. 31 Holders of rec. Jan. 15a
$2
234 Jan. 31 Holders of rec. Jan. 170
$2.25 Jan. 31 Holders of roe. Jan. 21a Ingersoll Rand, common (queer.)
Philadelphia Rapia Transit
Feb. 2 Holders of rec. Jan. 15a Inspiration Consolidated Copper (guar.) $1.50 Jan. 26 Holders of rec. Jan. 9a
Public Service Investment, pref. (guar.)._
Feb. 2 Holders of rec. Jan. 115a
Feb. 2 Holders of rec. Jan. 15a Internat. Mercantile Marine, pref
3
3
Railway & Light Securities, corn. & pref_
Feb. 2 Holders of rec. Jan. 15a
Feb. 1 Holders of rec. Jan. 21
Preferred (acct. accumulated (liva.). _ h5
West Penn Power Co., pref. (guar.)..
1).i Feb. 2 Holders of rec. Jan. 15a
International Nickel, preferred (queer.).
West Penn Tree.& Water Pow., pf.(gu.) 1% Feb. 16 Holders of rec. Jan. 19
50e Jan. 17 Holders of rec. Jan. 15a
6230. Jan. 31 Holders of reo. Jan. 21a Jones Brothers Tea Co., common (queer.)..
York Railways, preferred
Feb. 16 Holders of rec. Jan. 31
2
Kaministiquia Power (guar.)
Feb. 2 Holders of rec. Jan. 20
Banks.
Kaufmann Dept. Stores, com.(No. 1)._ $1
Feb. 2 Holders of rec. Jan. 31a Kayser (Julius) & Co
5
Corn Exchange (guar.)
Feb. 2 Jan. 18 to Feb. 1
1% Feb. 2 Holders of roe. Jan. 200
2
First and second preferred (queer.)
Pacific (queer.)-.
Feb. 2 Holders of rec. Jan. 170
Feb. 2 Jan. 18 to Feb. 1
2
Kelly Springfield Tire, common (guar.) El
Extra
/75(. Feb. 2 Holders of rec. Jan. 17
Common (payable in common stock)
Trust Companies.
.5
Feb. 16 Holders of rec. Feb. 2a
Feb. 2 *Holders of rec. Jan. 21
2
Preferred (guar.)
Farmers Loan d: Trust (guar.)
13i Feb. 1 Holders of rec. Jan. 21a
Kelsey Wheel, preferred (guar.)
Fire Insurance.
*134 Feb. 2 *Holders of rec. Jan. 14
12% On dem Holders of rec Dec. 31
Keystone Watch Case (guar.)
Home
Feb. 1 Holders of rec. Jan. 200
1
Kress (S. II.) & Co., common (guar _ _ _
500. Feb. 1 Holders of reo. Jan. 17
Miscellaneous
Loew's, Inc.(guar.)
Jan. 31 Holders of rec. Jan. 10a Maple Leaf Milling, common (guar.)
2
Jan. 18 Holders of rec. Jan. 3
3
American Beet Sugar, common (guar.)
1h( Jan. 18 Holders of rec. Jan. 3
1% Apr. 1 Holders of rec. Mar. 13a
Preferred (guar.)
Preferred (guar.)
1M Feb. 2 Holders of rec. Jan. 15
American Bronze Corporation, preferred- 3)4 Jan. 15 Jan. 1 to Jan. 15
Massachusetts Gas Cos.. corn. (guar.)._
.1% Feb. 1 *Holders of rec. Jan. 22
•25c. Feb. 14 *Holders of rec. Jan. 31
Merritt Oil Corporation (guar.)
Brill (J. G.) Co., preferred (guar.)
Feb. 2 Holders of reo. Jan. 17
1
50c. Feb. 16 Holders of rec. Fee. 2a
Miami Copper (guar.)
American Chicle, common (guar.)
Feb. 2 *Holders of rec. Jan. 15
*2
•10c. Feb. 1 'Holders of rec. Jan. 20
American Cigar, common (guar.)
Middle States Oil (monthly)
*10c. Mar. 1 *Holders of rec. Feb. 20
Amer. Dist. 'I clog, of N. J. (guar.)
*14 Jan. 29 'Holders of rec. Jan. 15
Monthly
•10c. Apr. 1 'Holders of rec. Mar.20
400 Feb. 28 Holders of rec. Jan. 7a
Monthly
American Druggist Syndicate
1;4 Feb. 2 Holders of reo. Jan. 16
Middle States Oil Corp.(stock dividend) •e20 Feb. 28 *Holders of rec. Feb. 20
Amer. Gas dr Elec., pref. (guar.)
Feb. 1 Holders of rec. Jan. 17a
Feb. 2 Holders of rec. Jan. 15
4
$1
American Glue, preferred
Midvale Steel & Ordnance (guar.)
$25,000
30,000
30,000
25,000
25,000
$400,000
$50,000
$400,000
$35,000
$50,000
$2,000,000
$200,000
$200,000
$500,000
$50,000
$500,000
$3,000,000
$50,000
12 1940.
1940.
15 1940.
12 1940.
.)_
240
THE CHRONICLE
Name W Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 110.
Statement of New York City Clearing House Banks
and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Jan. 10. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given:
Miscellaneous (Concluded).
Midwest Refining (guar.)
Feb. 2 }folders of rec. Jan. 15a
Extra
Feb. 2 Holders of rec. Jan. 15a
Mohawk Mining (quar.)_.
Feb. 2 Holders of rec. Jan. 13
Morris Plan Co., common
Feb. 2 Jan. 21 to Jan. 25
Mullins Body Corporation (quar.)
Feb. 1 Holders of rec. Jan. 15a
Preferred (quar.)
Feb. 1 Holders of rec. Jan. 15
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Nash Motor, common
Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 20
(Stated in thousands of dollars-that is, three ciphers 1,000 omitted.)
.13.‘
National Biscuit, common (quar.)
April 15 *Holders of rec. Mar.31a
Preferred (guar.)
*1% Feb. 28 *Holders of rec. Feb. 14a
National Breweries(Canada), pref,(qu.)
CLEARING
Loans,
Net
dFeb. 2 Holders of rec. Jan. 17
Reserve
Nat'l
National Lead, preferred (guar.)
HOUSE
Capital. Profits. Discount, Cash
with
*1 31 Mar. 15 *Holders of rec. Feb. 20
Net
Time Bank
National Leather (No. 1)
MEMBERS
Invest
Legal Demand
in
40c Feb. 15 Holders of rec. Jan. 24
Circu
De
New York Dock, common
(,000
omitted.) Nat'l, Nov.17 ments, Vault, Deposi Deposits. posits. lation.
23,5 Feb. 16 Holders of rec. Feb. 6a
Week ending State, Nov.12
N. Y. & Honduras Rosario Mining
Jan. 28 Holders of rec. Jan. 17
tortes.
he.
5
Jan. 10 1920. Tr.Cos.,Nov.12
Nipissing Mines, Ltd. (quar.)
250. Jan. 20 Jan. 1 to Jan. 18
Extra
250. Jan. 20 Jan. 1 to Jan. 18
North Amer. Oil dr Refining (stock dlv.) el0
Members of
Average. Average Average Average. Average Avge.
Jan. 10 Holders of rec. Dee. 27
Fed. Res. Bank
Northern States Power, preferred (quar.) 131 Jan. 20 Holders of rec. Dec. 31
$
$
$
$
$
$
$
$
Bk of NY, NBA 2,000 6,206
Oklahoma Natural Gas (quar.)
55,979
023 5,808
37,996 4,166
783
'6231c Jan. 20 *Holders of rec. Dec. 26
Pacific Coast Co.,first preferred (guar.) _ _ 4.13i Feb. 1 *Holders of rec. Jan. 24
Manhattan Co_ 2,500 8,260
74,409 2,956 11,151
75,260
112 __*1.
Second preferred (quar.)
Merchants'
Nat 3,000 3,454
34,509
Feb. 1 *Holders of rec. Jan. 24
792 3,335
25,705 1,290 1,789
Pacific Development Corp.(guar.)
2
Feb. 16 Holders of reo. Jan. 15a Mech & Metals. 6,000 12,672 166,619 9,778 22,011
160,245 4,483 1,000
Packard Motor Car, com.(quar.)
36,111 1,264 4,836
234 Jan. 31 Holders of rec. Jan. 15a Bank of America 1,500 7,304
32,180
Parish & Bingham Corp. (quar.)
750. Jan. 20 Holders of rec. Dec. 31a • National City.._ 25,000 54,576 567,822 16,113 65,305 *569,537 39,755 1,428
Extra
09,781 1,821 9,930
25o. Jan. 20 Holders of rec. Dec. 31a Chemical Nat__ 3,000 9,947
70,308 2,570 436
Atlantic
Penmans Ltd., common (quar.)
Nat__
1,000
1,056
21,403
574 2,392
131 Feb. 16 Holders of rec. Feb. 5
17,900
534
141
Nat Butch & Dr
Preferred (quar.)
6,248
300
138
120
134 Feb. 2 Holders of rec. Jan. 21
715
4,717-_
293
Penn Traffic
Feb. 2 Holders of reo. Jan. 15a Amer Exch Nat 5,000 6,325 132,548 2,790 13,530
07,571 5:040 4,770
NatBkof
Extra
Comm 25,000 28,677 397,836 3,688 36,023
Feb. 2 Holders of rec. Jan. 15a
1
270,414 6,942
Phillips-Jones Corp., pref. (guar.)
Pacific Bank
24,393 1,956 3,684
500 1,153
24,919
131 Feb. 1 Holders of rec. Jan. 20
50
__Pittsburgh Coal of Pa., corn. (quar.)_ _
13•1 Jan. 24 Holders of rec. Jan. 9a Chath & Phenix 7,000 8,925 118,851 5,855 14,797
104,359 11,527 4,508
Preferred (quar.)
134 Jan. 24 Holders of rec. Jan. 9a Hanover Nat __ 3,000 19,122 153,628 6,116 19,615
145,541
.....
100
Pitts. Plate Glass, common (extra)..__ _ 5
49,241 1,244 6,457
Mar. 1 Holders of rec. Feb. 12a Citizens' Nat __ f3,000 f3,599
40,173
164
984
Preferred (annual)
37,847 2,225 6,269
12
Mar. 1 Holders of reo. Feb. 12a Metropolitan __ 2,000 2,683
40,460
49 -Pittsburgh Steel, preferred (quar.)
131 Mar. 1 Holders of rec. Feb. 14a Corn Exchange_ 4,200 8,925 152,931 9,082 24,202
157,587 6,353 ...Imp & Trad Nat 1,500' 8,552
Plant (Thomas G.) Co
39,175 1,011 3,705
131 Jan. 31 Holders of rec. Jan. 17
28,266
205
51
'3
National Park__ 5,000 21,227 214,951 2,053 21,918
Prairie Pipe Line (quar.)
166,453 3,913 4,853
Jan. 31 *Holders of reo. Dee. 31
Producers & Refiners, corn (quar.)- - n2}ie. Feb. 1 Holders of reo. Dec. 31a East River Nat_ 1,000
10,895
471 1,383
689
10,308
607
50
Public Serv. Co. of N. Ill., corn. (guar.) *1fi Feb. 2 *Holders of.reo. Jan. 15
Second National 1,000 4,280
24,536
967 2,895
20,279--639
mono 33,815 322,793 1,538 25,044 190,257 4,280 7,948
Preferred (quar.)
First National
Feb. 2 *Holders of reo. Jan. 15
Quaker Oats, preferred (guar.)
120,054 3,774 2,293
134 Feb. 28 Holders of rec. Feb. 2a Irving Nat Bk__ 6,000 8,077 140,871 4,187 10,479
1,000
Republic Iron & Steel, common (quar.)_
CountyNat
NY
13,452
432
974
1,868
13,340
131 Feb. 2 Holders of rec. Jan. 15
716
198
Royal Dutch Co
740
152 1,405
Continental_ - __ 1,000
9,040
*15
7,825
Jan. 22
Russell Motor Car, corn. dr pref. (quar.) 151 Feb. 1 Holders of rec. Jan. 15
Chase Nat Bank 10,000 21,432 389,495 6,929 40,753
302,886 21:922 1,100
500 2,401
Banta Cedilla Sugar Corp., corn.(quar.) 131 Feb. 2 Holders of reo. Jan. 24a Fifth Avenue _
21,911 1,166 3,045
21,020
Preferred (quar.
968
8,592
200
451 1,202
8,632
1,1 Feb. 2 Holders of reo. Jan. 24a Commercial Ex_
Savannah Sugar Ref. Corp., pref.(qu.). 13( Feb. 2 Holders of tea. Jan. 15
Commonwealth.
400
740
9,688
545 1,382
9,695
--..
_
Sears, Roebuck Re Co., common (guar.)._ _ *2
Lincoln Nat- 1,000 2,079
18,871 1,394 4,046
20,649
Feb. 15 *Holders of rec. Jan. 31
77
iITO
1,000 1,469
Shaffer 011 & Ref., preferred (quar.)
14,778
Garfield Nat
605 2,194
14,521
59
1;1 Jan. 26 Holders of reo. Dec. 31
397
Shattuck-Arizona Copper Co. (quar.)._ 250. Jan. 20 Holders of reo. Dec. 31a Fifth Nationa. 1,000
503
14,657
429 1,553
11,620
418
248
Shell Transport Je Trading, ordinary._ _ _ *74c Feb. 2 *Holders of rec. Jan. 27
Seaboard Nat_ 1,000 4,313 55,029 1,209 7,702
50,426
500
69
Snow's Fountains, Inc., Pref. (quar.)--Liberty Nat_ 5,000 7,080 100,053
719 0,611
72,963 4,102 1,950
UI Jan. 31 Holders of rec. Jan. 15
Spencer Petroleum Corporation (monthly)
931 2,125
411
481
14,078
20c Jan. 26 Holders of rec. Jan. 15a Coal & Iron Nat 1,500 1,556 24,378
Stafford Company, preferred
Union Exch._ _ _ 1,000 1,494 21,662
872 2,842
20,065
424
131 Feb. 1 Jan. 10 to Jan. 29
395
Standard Motor Construction (guar.)._ 231 Feb. 2 Holders of rec. Jan. 5
Brooklyn Trust. 1,500 2,656 46,496
881 4,079
29,427 6,753
Steel Co. of Canada, ordinary (guar.)._ • 15•4 Feb. 2 Holders of rec. Jan. 10
Bankers Trust 15,000 18,510 314,884
940 32.543 243,491 14,890 -Ordinary (special)
U S Mtge & Tr_ 2,000 4.867 03,940
804 7,086
51,318 9,039 --Feb. 2 Holders of reo. Jan. 10
Preferred (quar.)
Guaranty Trust 25,000 29,965 603,710 3,466 51,433 *459,288 41,827 -1;4 Feb. 2 Holders of reo. Jan. 10
Steel Products, common (qUar.)
13,736
3
367 1,570
Jan. 20 Holders of rec. Jan. 5a Fidelity Trust__ 1,000 1,365
11,501
348 -Stern Bros.. pref. (quar.)
96,400 1,330 11,038 • 83,229 6,060 -Columbia Trust 5,000 7,267
13( Mar. 1 Holders of reo. Feb. 20
Stewart Mfg., preferred (quar.)
1,200 1,635
33,758 1,215 3,303
2 ' Feb. 1 Hollers of rec. Jan. 15a Peoples Trust
31,952 1,898 -Superior Steel Corp., common (quar.)_ _
509 0,015
Feb. 2 Holders of reo. Jan. 15a New York Trust 3,000 11,206 87,860
65,577 2,064
Common (extra)
31,645
775 2,838
Feb. 2 Holders of reo. Jan. 15a Franklin Trust_ 1,000 1,326
20,395 1,876
First and second preferred (quar.)_ _ _ _ 2
831
23,061
593 3,611
Feb. 16 Holders of reo. Feb. 2a Lincoln Trust_ 1,000
24,701
982
Swift International
Metropolitan Tr 2.000 4,487 40,432
411 .20 Feb. 20 *Holders of rec. Jan. 20
680 4,722
32,264 1,325
Nassau KBhlyn 1,000 1,280
tivmington (T. H.) Co., pref. (guar.)._ 2
19,123
584 1,340
12,822
Feb. 14 Holders of ren. Feb. 5
967
50
Texas Chief Oil Co. (monthly)
Irving Trust Co. 3,000 1,680 62,105 2,293 8,853
65,933 1,231
131 Jan. 20 Holders of rec. Jan, 5
'Times Square Auto Supply, Inc., pt.(qu.) 131 Jan. 20 Jan. 1 to Jan. 9
Farm Loan & Tr 5,000 11,711 127,041 4,123 15,050 *140,538 11,085
Union Oil of California (quar.)
1,000
22,025
896
812 2,768
21,432
171
131 Jan. 24 Holders of rec. Jan. 10a Columbia Bank
Extra
Jan. 24 Holders of rec. Jan. 10a
1
Union Tank Car (guar.)
210,800402,5705,178,174 112,002500,330 c4,036,258223,959 37,103
Average
154 Mar. 1 Holders of rec. Feb. 5
United Alloy Steel Corp.(quar.)
Jan. 20 Holders of reo. Jan. 8a
United Drug, first preferred (guar.)._ _
Totals, actual c. ndition fan. 105,161,780 111,039525,072c4,010,467 220.616 36.970
15( Feb. 2 Holders of rec. Jan. 15
United Retail Stores Corp. (No. 1)...... $3
Feb. 2 Holders of reo. Jan. 15a Totals, actual co ndition Jan. 35,188,052 108,081 588,364 4,061,036 227,29238,977
United Verde Extension Mining (guar.) 500. Feb. 1 Holders of reo. Jan. Sc Totals,actual co ndition Dec. 275,012,553 113,223523,382 3,924.233224,561 37,021
U. S. Food Products Corp. (guar.) _ _
34 Jan. 19 Holders of reo. Jan. 2a
Extra
State Banks. Not Me mbers of Federal Re serve Rank
131 Jan. 19 Holders of rec. Jan. 2a
U.S. Glass
500 1,737
19,073 2,386 1,111
1
19,547
Jan. 26 Holders of rec. Jan. 17a Greenwich Bank
U. S. Printing dr Lithographing839
6,186
718
336
250
Bowery Bank
5,604
First pref.(account accum. divs.)_ _ _ _ h13( Feb. 1 Holders of reo. Jan. 20a N Y Prod Exch. 1,000 1,351
26,458 3,080 2,185
28,694
89
U. S. Radiator, preferred
State Bank__ 2,000 1,415 65,803 3,744 2,689
35,240 27,698
Jan. 25 *Holders of rec. Jan. 15
U. S. Rubber, common (quar.)
Jan. 31 Holders of reo. Jan. 15a
2
Common (payable in common stock)_ 11231 Feb. 19 Holders of rec. Feb. 52
3,750 5,344 117,520 0,037 0,321
Average
89,085 27,787 --First preferred (guar.)
Jan. 31 Holders of rec. Jan. 15a
2
Van Raalle Co., Inc.,first pref.(No. 1)._
Totals, actual co ndition Jan. 10 117,001 0,457 6,421
89,008 28,065 -_
Mar. 1 Holders of rec. Feb. 14
Second preferred (No. 1)
Totals,actual co ndition Jan. 3 116,620 10,070 6,312
$1.75 Mar. 1 Holders of rec. Feb. 14
88,747 27,403 -Virginia Carolina Chemical, corn. (qu.) 1
Feb. 2 Holders of reo. Jan. 15a Totals, actual condition Dec. 27 113,450 10,887 6,149
87,123 28,821 -Virginia Iron, Coal & Coke
3
Jan. 25 Holders of rec. Dec. 31a
Vulcan Detinning, pref. (guar.)
Jan. 20 Holders of rec. Jan. 10a Trust Companies. Not Mem bets ofFed era{ Reserve Ba ft
Pref. (account accumulated (livs.)__ _ hl
5,000 13,020
45,593 1,182 3,157
Jan. 20 Holders of rec. Jan. 10a Title Guar & Tr
27,811 1,504 -Warner (Chas.) Co. of DelawareLawyers T dr Tr 4,000 5,711
950 1,740
25,319
16,900
221 -First and second preferred (quar.)
13( Jan. 22 Holders of rec. Dec. 31a
.
Washington 011
Average
9,000 18,731
70,012 2,132 4,897
Jan. 30 Jan. 1 to Jan. 29
$2
44,711 1,725 -Wayagamack Pulp cre Paper (guar.)
Mar. 1 Holders of rec. Feb. 18
1
West India Sugar Finance, corn. (quar.) _
72,416 2,065 5,004
1
Mar. 1 Holders of rec. Feb. 15a Totals, actual co tulition Ian. 10
46,207 1,735 ...Preferred (guar.)
2
Mar. 1 Holders of rec. Feb. 15a Totals, actual co ndition Jan. 3 69,104 1,958 4,904
42,674 1,729 -Westinghouse Air Brake (quar.)
71,475 2,065 5,190
$1.75 Jan. 31 Holders of rec. Dec. 31a Totals,actual co ndition Dec. 27
45,808 1,284 ..Westinghouse Elec.& Mfg.. coin.(guar.) $1
Jan. 31 Holders of rec. Jan. 2a
Willys-Overland Co., common (quar.)
Gr'd aggr, avge 223,550 126,6465,366,606 125,031 571,548 d4,170,054 253,471 37,103
25e. Feb. 1 Holders of reo. Jan. 20
Wilson &•Co., corn. (guar.)
+93,719 +1,143-2,330 +21,082 +405 +192
13( Feb. 2 Holders of reo. Jan. 21a Comparison, prey. week
Woolworth (F. W.) common (guar.)
Mar. 1 *Holders of rec. Feb. 10
*2
Gr's atom act'l cond'n Jan. 105,351,197 122,561 536,497 e4,145,682250,416 36,970
• From unofficial sources. t Declared subject to the approval of Director-General Comparison, prey,
week
-22,579 +2,452 -63,083 -46,775,-6,008 -7
of Railroads.
The New York Stock Exchange has ruled that stock will not be
Quoted ex-dividend on this date and not until further notice. a Transfer books not Gr'd aggr.
agar. act'l ndition Jan. 35.373.776 120,109500,590 4,302.457 256,424 36,077
closed for thin dividend. b Less British income tax. d Correction. e Payable in Gr'd aggr, act'l cond'n
Dec. 275,197,484 126,180534,721 4,057,1645 ,66837,021
.stock. f Payable in common stock. g Payable in scrip. it On account of accumu- Ord aggr, sal cond'n Dec.
205,189,509 118,258523.664 4,121,492 254,769 37,191
lated dividends. 4 Payable in Liberty Loan bonds.
Ord aggr, act'l cond'n Deo. 135,143,208 115,640504,285 4,213.980 250,18736,892
k Declared 4%,payable in quarterly installments of 1% each on Jan. 24, April 24,
July 24 & Oct. 25 to holders of rec. Jan. 9. Apr. 9, July 9 & Oct. 11, respectively.
* Includes deposits in foreign branches not included in total footings, as follows:
n Declared 5% (par value $10), payable in quarterly installments.
National
o Declared 8% payable 4% as above and 4% Sept. 30 to holders of rec. Sept. 25. & Trust City Bank,$127,735,000; Guaranty Trust Co.,$80,019,000; Farmers' Loan
Co., $28,005,000. Balances carried in banks in foreign countries as reserve
x Payable March 11920.
for such deposits were: National City Bank, $31,022,000; Guaranty Trust Co.,
At rate of 8% per annum from date of issue, Oct. 6 1919.
$8,265,000; Farmers' Loan & Trust Co.,$5,080,000. c Deposits in foreign branches
not included. d U.S. deposits deducte(l, $313,773,000. e US,deposits deducted,
Bins payable, rediscounts, acceptances and other liabilities, $995,Boston Clearing House Banks.-We give below a sum- $302,303,000.
578. f As of Dee. 311019.
131
•
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
•
BOSTON CLEARING HOUSE MEMBERS.
Jan. 10
1919.
Changes from
previous week.
Jan. 3.
1920.
Dec.27.
1919.
Circulation
3,385,000 Dec.
208,000 3,593,000 3,701.000
Loans, disc'ts & investments_ 595,277,000 Inc. 1,750,000 593,527,000 586,057,000
Individual deposits,incl. U.S.. 437,755,000 Dec. 6,465,000 444,220,000 425,297,000
Due to banks
124,606,000 Dec. 3,638,000 128,244,000 115,542,000
Time deposits
17,812,000 Inc.
487,000 17,325,000 17,290,000
United States deposits*
32,074,000 Inc. 7,923,000 24,151,000 24,287.000
Exchanges for Clear. House_ 21,155,000 Dec. 9,490,000 30,645,000 22,888,000
Due from other banks
67,928,000 Dec. 5,014,000 72,942,000 66,162,000
Cash in bank dr in F. R.Bank 73,528,000 Dec. 4,618,000 78,146,000 72,723,000
Reserve excess in bank and
Federal Reserve Bank
25,666,000 Dec. 5,073,000 30,739,000 27,025,000
•Formerly included under the head of'Individual Deposits."
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks..
State banks*
Trust companies*..
Total Jan. 10.... _ Total Jan. 3-.....
Total Dec. 27...... _
Total Dec. 20._
a
Reserve
Surplus
Required.
Reserve.
-$
$
560,330,000 560,330,000 531,432,310 28,897,890
0,937,000 0,321,000 16,258,1)00 10,035,300
222,700
2,132,000 4,807,000 7,020,000 7,706,650
322,350
Total
Reserve.
12,069,000 571,548,000 583,617,000 554,174,260
12,485,000 573,878,000 586,363,000 551,385,480
12,337,000 547,113,000 559,450,000 540,431,040
11,921,000 580,248,000 592,100,000 553,092,540
29,442,740
34,977,520
19,018,960
38,176.460
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Actual Figures.
Reserve
Cash
in
Reserve
in Vatat. Depositaries
Members Federal
Reserve banks_
State banks.
Trust companies.- -
9,457,000
2,065,000
Surplus
Reserve.
525,072,000 525,072,000 527,979,190 df2,907,190
6,421,000 15,878,000 16,021,440 def143,440
137,950
5,004,000 7,069,000 6,931,050
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department 'reports weekly
figures showing the condition of State banks and trust
-companies in New York City not in the Clearing House, as
follows:
-SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Differencesfrom
(Figures Furnished by State Banking Department.)
previous week.
10
J
$823,788,500 1nc.$11,307,600
-Loans and investments
9,300
7,958,700 Inc.
Specie
945,000
19,999,700 Inc.
'Currency and bank notes
74,950,300 Dec. 5,525,500
Deposits with Federal Reserve Bank of New York
909,770,800 Inc. 5,664,600
Total deposits
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies in N. Y.City, exchanges and U.S. deposits 827,421,100 Dec. 1,811,900
156,198,200 Dec. 1,225,000
Reserve on deposits
Percentage of reserve, 21.1%.
RESERVE.
State Banks- -Trust Companies
$75,963,:/00 13.72%
526,945,400 14.56%
'Cash in vaults
36,217,200 6.54%
17,072,300 9.23%
Deposits in banks and trust cos
544,017,700 23.79%
5112,180,500 20.26%
Banks and Trust Companies in New York City.-The
-averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Wak Ended-
Loans and
Investments.
Trust Companies.
State Banks.
Reserve
Relutred.
Total
Reserve.
Total Jan. 10_
11,522,000 536,497,000 548,019,000 550,931,680 def2192,680
Total Jan 3____ 12,028,000 599,580,000 611,608,000 557,129,000 54,479,000
Total Dec. 27____ 12,952000 534,721,000 547,673,000 539,440,460 8,232,540
Total Dec. 20_ __ 12,028,000 599.580,000 611,608,009 557,129,000 54,479.000
Not members of kederal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks includes also amount of reserve required on net time deposits, which was as follows:
Jan. 10, 56,718,770; Jan. 3, 56,734,430; Dec. 27, 56,781,890; Dec. 20, 56,706,800.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Jan. 10, 56,618,480; Jan. 3. 56.818,760; Dec. 27, 56,736,830; Dec. 20, 86,816,210.
Total
241
THE CIIRONICLE
JAN. 17 1920.]
Demand
Deposits.
*Total Cash
in Vault.
Reserve in
Depositaries.
6,021,666,000 5,088,541,400 131,534,900 744,346,600
Sept. 20
6,119,282,200 4,935,788,100 132,190,500 667,665,200
Sept. 27
Oct. 4
6,148,637,600 4,959,036,000 133,183,600 670,761,900
6,222,640,800 4,953,388,900 136,302,200 689,598,400
Oct. 11
6,225,364,700 4,995,626,900 135,260,200 699,093,800
Oct. 18
6,157.850,600 5,011,330,800 136.751,700 698,812,600
Oct. 25
6,152,354,000 5,997.701,600 136,421,700 687,726,600
Nov. 1
6,196,334.100 5,056,029,200 134,385,200 719,908,100
Nov. 8
6,106,291,800 5,032,629,900 141,456.700 708,102,100
Nov. 15
6,033,287,000 4,998,912.400 139,286,400 696.738,000
Nov. 22
5,965,254,400 4,957,903,600 139,471,300 698,932,400
Nov. 29
5.965.254,400 4,957,903,600 142,616,300 698,288,400
Dec. 6
5,911,523,100 4,893,718,700 146.126.200 673,870,700
Dee. 13
5,977,547,400 4,977,633,400 144,328,500 700,844.200
Dec. 20
6,002,477,800 4,874,397,000 152,867,900 656.641,800
Deo, 27
6,085,367,900 4,978,225,000 147,113,100 729,999,100
Jan. 3
6,190.394.500 4,997,475.100 150,519,400 664,736,800
Jan. 10
•This item includes gold, sliver, legal tenders, national bank notes and Federal
Reserve notes.
Week ended Jan. 10
1920.
Differences from
previous week.
Jan. 10
1920.
Jan. 10
1920.
Differences from
previous week.
$
$
104,700,000
27,400,000
179,330,500
50,520,100
708,949,500 Inc. 23,279,900 2,212,279,700 Inc. 28,935,400
12,200
10,732,100 Dec.
6,889,100 Inc.
257,100
923,400
24,417,600 Inc.
713.310
37,095,500 Inc.
•
Capital as of Nov.12_
Surplus as of Nov.12..
Loans& investments_
Specie
Currency & bk. notes
Deposits with the F.
R. Bank of N. Y.
Deposits
Reserve on deposits...
P.C.reserve to dep
74,500,800 Inc. 2,040,400 222,754,100 Dec. 3,734,900
900,731,400 Inc. 25,011,700 2,305,807,600 Dec. 15,221,100
777,700
142,490,100 Inc. 5,446,100 314,145,200 Dec.
0.1%
0.6%
17.8% Dec.
21.8% Dec.
Non-Member Banks and Trust.Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House Return" on-the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers 1000 omitted.)
Net Loans,
Net
Net
Reserve
Capital. Profits. DisCLEARING
counts, Cash
with Demand Time Bank
NON-MEMBERS
De- CircuDeLegal
Nat.bks.Nov.17 Invest- in
Week ending Statebks.Nov12 ments, Vault. Deposi- posits. posits.
tories.
Jan. 10 1920. Tr.cos.Nov. 12 &c.
Members of
Fed'I Res. Bank.
Battery Park Nat_
Mutual Bank
New Netherland__
W R Grace & Co's
Yorkville Bank..__
First N B,Jer City.
Total
State Banks
Not Members of the
Federal Reserve Bank
Bank of Wash Hts.
Colonial Bank_ _ _
International Bank
North Side, Bklyn
Total
Trust Companies
,Vot Members of the
FederalReserveRank
Hamilton Tr,Bkin.
Mech Tr,Bayonne.
Average Average Average Average Average diverges
$
$
$ •
189
117
164 1,806 12,047
399
279 1,687 11,599
265
8,412
240 1,285
6,898 1,765
21 1,139
381 1,216
7,201 5,818
8,471
400
731 1,082
1,500
200
600
500
200
400
1,684 18,029
630 12,114
663 9,955
1,038 8,530
723 12,744
1,367 8,973
3,400
6,108 70,345
1,816
8,218
54,628
8,364
100
600
500
200
440 3,096
1,217 13,968
289 9,084
267 6,370
416
1,609
906
500
188
1,423
1,354
372
3,131
15,142
9,005
6,025
412
618
1,400
2,214 32,518
3,431
3,337
33,303
1,030
9,329
8,294
563
426
365
148
7,308
3,690
1,128
4,632
989
513
10,998
5,760
1,048
465
500
200
589
700
1,513 17,623
Grand aggregate__ 5,500
Comparison previous week
9,836 120,486
+2,830
6,236 12,068 a98,929 15,154
+63
+209+1,060 +3,144
589
-2
Gr'd aggr, Jan. 3
Gr'd aggr, Dec. 27
Gr'd aggr, Dec. 20
Gr'd aggr, Dec. 13
9,836 117,656
9,836 117,614
9,836 116,290
9,836 116,272
6,027
5,892
5,789
6,046
11,008 a95,785 15,091
11,113 96,240 13,918
11,384 96,873 13,602
10,673 94,593 13,841
591
593
591
590
Total
5,500
5,500
5,500
5,500
* U. S. deposits deducted, $1,317,000.
Bills payable, rediscounts, acceptances and other liabilities, *8,243.000.
Excess reserve, 813,890 increase.
Philadelphia Banks..--,-The Philadelphia Clearing House
statement for the week ending Jan. 10 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
New York City State Banks and Trust Companies.- required is 15% on demand deposits and includes "Reserve
In addition to the returns of "State banks and trust com- with legal depositaries" and "Cash in vaults."
mric. craning Jun.., lahu.
panies in New York City not in the Clearing House," furnished
Jan. 3
Dec 27
by the State Banking Department, the Department also Two ciphers (00) milted. Membersof Trust
1920.
1919.
presents a statement covering all the institutions of this
Total.
F.R.System
Cos.
class in the City of New York.
530,675,0 54,000,0 534,675,0 534,675,0 533,675,0
Capital
The provisions of the law governing the reserve require- Surplus
83,836,0 11,094,0 94,930,0 95,550.0 92,572,0
and profits
disc'ts & investm'is 762,271,0 33,905,0 796,176,0 778,882,0 778,536,0
ments of State bankmg institutions as amended May 22 Loans,
508,0 27,717,0 41,642,0 30,845,0
Clear. House 27,209,0
for
Exchanges
1917 were published in the "Chronicle" May 19 1917 (V. 104, Due from banks
12,0 128,266,0 142,713,0 126,235,0
128,254,0
286,0 152,057,0 147,962,0 144,517,0
151,771,0
p. 1975). The regulations relating to calculating the amoun,', Bank deposits
535,204,0 551,193,0 520,828,0
20,126,0
515,078,0
idual
Indh
dePos1,
0
of deposits and what deductions are permitted in the com- Time deposits
6,779,0
1,283,0
6,080,0
7,601,0
6,318,0
673,167,0 21,695,0 694,862,0 705,934,0 671.425,0
putation of the reserves were given in the "Chronicle" Total deposits
30,884,0
28,408,0
38,037,0
included)
(not
deposits
U.S.
April 4 1914 (V. 98, p. 1045).
55,895,0 53.340,0 51,032,0
Res've with Fed. Res. Bank 55,895,0
3,212,0
2,515,0
3,188,0
3,188,0
For definitions and rules under which the various items Reify° with legal deposit's_
15,694,0 16,616,0 16,393,0
943,0
14,751,0
vault.
In
Cash
1661.
p.
98,
V.
are made up, see "Chronicle,"
4,131,0 74,777,0 73,168,0 69,940,0
rotal reserve & cash held-- 70,646,0
requirements
reserve
the
The provisions of the law governing
3,047,0 54,374,0 52,691,0 51,981,0
51,327,0
Reserve required
of State banking institutions a.9 amended May 22 1917 were Myraam ram .6 naigh In vnitlt. 10 310 0 1.084 n 20403 n 20 477 A 17080 n
as
counted
for Federal Reserve Bank members.
not
reserve
is
vault
In
p.
Cash
101,
(V.
1975).
1917
19
May
published in the "Chronicle"
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
in the statement were given in the statement of Dec. 14, 1917, published in the "Chronicle" Dee. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCES AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS JAN 2 1920.
Largo additions to net demand deposits,representing apparently to a large millions and increased the volume of paper re-discounted with the Federa
millions of col
millions. Of the total of
Reserve banks by about
payments, also increases of
interest
and
dividend
-year
end-of
extent
million
millions in loans lateral notes held under discount for reporting banks all but
millions in holdings of Government securities and of
millic.ns of bills held under re-discount
secured by stocks and bonds, are indicated by the Federal Reserve Board's was war paper, while of the
millirms.
only
was
paper
war
banks
these
for
leading
in
banks
member
of
Jan.
on
condition
of
weekly statement
Government deposits show an increase for the week of 48.7 millions for
cities.
millions for the New York City banks,
Holdings of the different classes of Government securities show increases all reporting banks and of
millions larger than the week before, while other
deposits were
bonds,
Liberty
time
including
bonds,
S.
U.
for the week In the fallowing amounts:
millions, all classes of banks
demand deposits (net increabed about
4.6 millions: Victory notes 0.1 million, and Treasury certificates
millions. War paper on hand, exclusive of re-discounts with Federal reporting large gains under this head. Rescrve balances with the Federal
in the reporting banks'
increase
large
the
with
keeping
in
banks,
Reserve
and
million.
loans
Total
Reserve banks, shows a nominal decline of
millions represents
millions, of which
jnvestinents, exclusive of re-disccunts, show an increase for the week of deposits, show an increase of
Cash In vault shows
banks.
member
City
York
New
the
for
Increase
of
York
New
the
the
share
the
constitutes
millions
which
of
millions
millions, though the banks in the Federal Reserve bank
City members. During the week the reporting banks decreased the amount an increase of
millions of cash for the week under review.
cities report a loss of
.of their ccIlateral notes discounted with Federal Reserve banks by
77.1
2
956.6
798
31.5
67.5
0.2
171.5
913.9
57
72.2
85.2
435
97.1
135.2
19.7
1.7
7.9
303.1
55.9
7.1
242
THE CHRONICLE
[VOL. 110
1. Data for All reporting banks in each district. Three ciphers (000) omitted.
Three ciphers (000) omitted.
Boston. New York Philadel. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. Minneap. Kan,City Dallas. San Fran.
Number of reporting banks
U. S. bonds to secure circulation__.
Other U. S., incl. Liberty bonds
U. S. Victory notes
U. S. certificates of indebtedness
46
$13,338
14,461
7,727
45,149
Total U. S. securities
Loans and investments, exclusive of
bills rediscounted with F.-R.
and other banks:
Loans sec. by U.S. war obligat'n_
Loans sec. by stocks and bonds_
All other loans and investments_
Reserve balances with F. R. Bank_
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable with F. R. Bank:
Sec. by U. S. war obligations
All other
Bills rediscounted with F. R. Bank:
Sec. by U. S. war obligations
All other
112
$48,887
272,526
97,801
351,789
56
$11,097
29,518
11,994
60,581
90
$41,841
63,563
25,079
57,382
82
$26,296
37,249
12,123
27,202
47
$14,015
28,961
8,136
42,062
Total.
107
$20,874
59,476
44,109
129,959
35
$17,178
15,631
5,099
24,225
$80,673 $771,003 $113,190 $187,865 $102,870
$93,174 $254,418
$62,133
$35,899
$69,590
$70,649 $160,519 $2,001,983
43,793 510,678
208,330 1,532,469
673,502 3,383,439
85,134 710,526
29,838 139,527
824,778 5,220,661
129,158 397,155
40,649 330,789
25,642 103,147
52,980 484,269
354,955 1,360,972
37,989 202,022
17,404
76,084
327,953 1,432,306
123,939 567,402
19,471
63,769
32,184
160,974
320,957
49,555
13,715
375,358
113,559
23,496
15,143
31,859
256,064
26,340
10,692
246,341
59,975
2,163
20,800
75,216
476,157
43,128
16,809
462,219
87,678
8,118
13,880
31,689
213,116
25,905
13,131
259,151
38,537
24,293
28,880
12,368
1,280
34,030
5,121
6,804
97,256
206,026
484,392
59,492
21,027
668,657
22,651
43,376
90,441
351,567
792,093
87,541
40,920
815,622
335,487
44,340
37,947
113,085
341,789
41,005
22,868
371,236
98,480
7,815
50,418
50
35
82
$7,020 $14,067
10,546
27,185
6,472
2,745
15,588 • 21,866
35,064
401,265
72,541
86,329
54,247
52.140
123,008
230.046
79,858
32.164
12,235
10,304
3,144
5,88,P
5,722
2,035
3,698
42.673
10.355
20.404
117 704
96 025
44 999
AA 061
42,830
580
106,210
44
$19,573
17,526
4,110
29,440
62
$34,605
61,074
12,728
52,112
798
$268,789
637.716
238,123
857,355
29,257 1,020,168
129,042 3,377,500
735,367 9,392,803
75,648 1,444,285
431,436
29,421
604,965 11,609,247
359,786 '2,333,807
20,922
629,201
30,042
100
906,778
7,131
261
2,715
303,099
K non
92 rsQ9
An2 402
2. Data for Banks in Federal Reserve Bank and Branch Cities and All Other Reporting Banks.
•
New York.
All FR Bank Cities. F. R. Branch Cities.
Chicago.
All Other
Reporting Banks.
Total.
Three ciphers (000) omitted.
Jan. 2.
Number of reporting banks
U. S. bonds to secure circulation_
Other U.S. bonds,incl. Lib. bds_
U. S. Victory notes
U. S. certificates of indebtedness_
71
$39,190
240,863
87,236
332,072
Dec. 26.
71
$39,190
241,308
81,782
274,574
Jan. 2.
Dec. 26.
Jan. 2.
Dec. 26.
Jan. 2.
Dec. 26.
Jan. 2.
Dec. 26.
Jan. 2.
Dec. 26.
Jan. 3.
50
$1,440
25,765
19,358
53,599
276
50
276
$1,438 $101,838 $101,936
27,305 372,568 371,208
19,818 135,813 131,677
49,483 568,319 514,965
187
$70,569
140,391
55,168
184,835
187
$70,794
137,322
57.272
174,664
335
206,382
124,757
47,142
104,201
334
$96,383
124,246
49,048
100,253
Total U.S.securities
699,361 636,854 100,152
Loans and investments, excl. of
bills rediscounted with F. R.
and other banks:
Loans sec. by U. S. war oblig_ 481,621 488,335
74,433
Loans sec. by stocks and bonds_ 1,393,156 1,343,083 384,854
All other loans and investments 3,020,951 2,991,622 780,952
Reserve balances with F. 11. bank 669,481 613,552 141,843
Cash in vault
123,660 129,971 • 44,707
Net demand deposits
4,765,497 4,589,921 986,118
Time deposits
311,818 308,253 261,407
36,864
Government deposits_,_
323,851 238,682
Bills payable with F. It. Bank:
53,716
Secured by U. S. war obligat'ns 361,770 370,888
All other
Bills rediscounted with F. R. 13'k:
•
2,133
Secured by U.S. war obligat'es 117,870 128,803
All other
95,157
219,776 179,384
Ratio of U. S. war securities and
war paper to total loans and
19.9
12.9
20.4
Investments, per cent
98,044 1,178,538 1,119,786
450,963
440,052
372,482
369,930 2,001,983 1,929,768 2,363,291
75,483 784,004 790,891 129,501 123,362 100,663 106,131
371,335 2,540,867 2,465,193 445,846 440,342 390,793 394,838
796,818 5,947,329 5,947,534 1,784,663 1,770,755 1,660,811 1,652,190
130,592 1,078,990 992,513 196,352 190,781 108,943 163,881
48,707 247,693 255,585
84,983
81,750
98,760
02,377
937,172 8,188,730 7,857,484 1,712,332 1,663,933 1,708,176 1,652,832
257,760 1,156,044 1,141,203 642,363 637,216 535,400 523,925
42,388 807,430 440,827
77,479
87,304
44,292
52,321
798
$268,789
637,716
238,123
857,355
797
763
2269,113 $265,774
632,776
827,569
237,997 •
789,882 1,269,948
1,020,168
3,377,506
9,392,803
1,444,285
431,430
11,609,247
2,333,807
629,201
1,020,384 1,220,040
3.300,373 } 10114469
9,370,479
1,347,175 1,295,849
428,791
429,712
11,174,249 10,145,058
2,302,344 1,552.301
431,604
580,452
1
45,942
607,246
2,418
622,556
1,593
197,660
4,098
198,082
4,474
101,872
615
106,283
615
906,778
7,131
972,220
926,921
6,682 f
2,347
90,246
260,685
520,954
266,113
455,397
21,923
72,295
23,076
78,667
20,491
60,243
20,401
55,950
303,099
653,492
309,590
466,163
590,014 f
12.8
17.8
17.5
18.1
17.8
15.1
15.0
17.4
1
24.2
17.2
NOTE.-Eanks in Los Angeles are classed with banks in Federal Reserve branch cities for first time.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board'on Jan. 9:
Liquidaticn of nearly 200 millions of bills and Treasury certificates and
Discounted paper held by the Atlanta, Chicago, St. Louis, and Dallas
substantial reduction of deposit and note liabilities are indicated in the banks includes about 49.1 millions of paper discounted for three other
Federal Reserve banks, while acceptance holdings of six Reserve banks are
Federal Reserve Board's weekly bank statement issued as at close of busi- Inclusive of 60.9 millions of bills acquired
from the Boston and New York
ness on Jan. 9 1920. The reserve ratio of the banks, accordingly, shows banks, as against 91.2 millions the week before.
a rise for the week from 43.7 to 45.4%, notwithstanding a decline of 19.2
Government deposits were 11.1 millions less than the week before: reserve
deposits 72.6 millions less, and other deposits, including foreign government
millions in cash reserves.
War paper holdings show a decline for the week of 132.2 millions, other credits, 19.9 millions less. The "Float," carried by the Reserve banks
discounts fell off 19.3 millions, while acceptance holdings remained prac- shows an increase of 31.7 millions, while net deposits figure out 135.2
tically unchanged. Of the total of 1,351.1 millions of war paper held, millions below the corresponding total for the preceding week. Federal
675.4 millions, or 49.9% was secured by Liberty bonds, 256.8 millions, or Reserve note circulation shows a reduction of 84.6 millions, all Reserve
19% by Victory notes, and 419.9 millions, or 31.1% by Treasury certifi- banks reporting considerable return movements of notes. Export withcates, as against 49.5, 19.4 and 31.1% of a total of 1,484.3 millions of war drawals and the sale to foreign interests of about 8 millions held In London
paper held the week before. A decrease of 46.7 millions In Treasury cer- account largely fcr a reduction of 21.1 millions In gold reserves. Other
tificates represents approximately the amount of temporary certificates cash reserves, I. e., silver and legal tender note holdings, show an increase
for the week of 2.1 millions.
redeemed by the Government during the week.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 9 1920•
,
1
Jan. 9 1920. Jan. 2 1920. Dec. 26 1919.,Dee. 19 1919.I 0ec. 12 1919. Dec. 5 1919, Nov. 2s 1919. Nov. 21 1919 Jan. 10 1919.
A
220,301,000
380,263,000
123,322,000
%
3
229,448,00011 241,325,000
352,785,000 399.935,000
134,320,000 137,717,000
s
RESOURCES.
Gold coin and certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
•
•
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
723,886,000 734,6.52,000 716,550,000, 778,977,000 788,124,000 706,369.000 811,330,000 834,754,000 771,110,000
. 1,209,508,000 1,205,596,000 1,240,032,000,1.201.654,000 1,188,343,000 1,172,191.000 1,148.724,000 1,166,0m6.000 1,238,245,000
107,977,000 122,367,000 121,850,0001 115,182,000 119,821.000 118,704.000 133,587,000 118,475,000
84,715,000
$
239,609,000
363,723,000
131,320,000
s
243.148.000
404,066,000
140,910.000
$
234.622,000
428,812,000
132,935,000
$
235,348,000
440,286,000
135,696,000
1
$
248,012,000
444,847,000
142,105,'00
334,552,000
430,730,000
5,828,000
Total gold reserves
Legal tender notes. silver, do
2,041,371,000 2,062,615,000 2,078,432,0002,095,813,000 2.096,288,000 2,087,264,000 2,093,641,000 2.119,315,000 2,094,070,000
58,657,000
60,728,000
57,104,0001 59,098,000
64,117,000
66,831,000
67,828,000
07,657,000
06,020,000
Total reserves
Bills discounted:
Secured by Govt. war obligations
All other
Bills bought In open market
2,102,099,000 2,121,272,000 2,135,536,000 2,151,911,000 2,160,405,000 2,154,095,000 2,159,666.000 2,186,972.000 2,161,298,000
Total bills on hand
U. B. Government bonds
U. S. Vletory Notes
U. S. certificates of Indebtedness
All other earning assets
2,654,477,000 2,805,818,000 2,780,090,000 2,561,378,000 2,680,967,0(10 2,022,327,000 2,709,804,000 2,604.680,000 3,035,972,000
26,836,000
26,836,000
23,846,000
26.847.000
28,821,000
26,834,000
26,848,000
26,848,000
28,847,000
64,000
264,000
54,000
64,000
54,000
57,000
54,000
57,000
302,406,000 349,090,000 273,507,000 503,558,000 273,219,000 283,853,000 288.032,000 285.341.000 175,809,000
13,000
1,352,085,000 1,484,262,000 1,510,364,000 1,414.950,000 1,588,417,000 1,803,313,000 1,736,033,000 1,673.890,000 1,484,847,000
727,670,000 740,925,000 684,514,000 580.182,000 550,999.000 504,795,000 478,176,000 460,747.000 273,229,000
574,722,000 574,631,000 585,212,000 568,266,000 841.661,000 514.219.000 495,59.5,000 480.043,000 277,896,000
2,983,983,000 3,181,808,000 3,080,495,000 2.891,836,000 2,981.087,000 2,933,082,000 3.024,741,000 2,916,925,000 2,240,615,000
Total earning assets
10,309,000
10,410,000
Bank premises
8,083,000
12,985,000
13,002,000
12,986,000
12,890.000
12,878,000
12.278,000
Gold In transit or In custody In forelg
.4.1
countries
Uncollected items and other deduction
1,021,696,000 1,171,778,000 1.075,100,000 1.140,224.000 983,527,000 920,299.000 1,013.426,000 1,000,288.000 712,381,000
from gross deposits
13,254,000
13,130,000
6% redemp fund agst. F. R. bank not
13,237,000
6,452,000
13.333.000
12,981,000
12,696,000
12,671,000
13.038,000
5,241,000
5,733,000
All other resources
12,002,000
8,276,000
8,062,000
11,314,000
8,328,000
8,659,000
8,040.000
6,136,683,000 6,504,090,000 6,325,432,000 6.224.604.000 6,159,241,000 6,041,396,000 6,230,041,000 6,137,541,0(10 5.141,431,000
Total resources
LIABILITIES.
87,451,000
Capital paid In
87,433,000
80,81r0
.
00
87,002,000
87,339,000
86.973,000
87,049,000
87,001,000
86,885,000
22,738,000
Surplus
120,120,000 120,120,000
81,087,000
81,087,000
81.087,000
81,087,000
81.087,000
81,087,000
Government deposits
27,798,000
38,920.000
37,291,000
72,357,000
64,459,000
89,503,000
39,798,000
98.157.000 102,805,000
Due to members, reserve account
1,850,219,000 1,922,800.000 1,786,874.000 1.733.013.000 1,817,406,000 1,830,037,000 1,844.434,000 1,837,540,000 1,640,729,000
Deferred availability items
763,146,000 944,884,000 822,680,000 848.607,000 759.654.000 717,852,000 861,436,000 811,204.000 495,354,000
Other deposits. Incl. for. Govt. credits._
96,425,000 116,307,000
94,133,000
97,659,000 105.069,000 103,488,000
98,708,000
95.539,000 114,874,000
Total gross deposits
2,737,588,000 3,022,911,000 2,779,570,000 2,751,148,000 2,769,951.000 2,681,820.000 2.902,825,000 2,847,088,000 2,288,248,000
Y. R. notes In actual circulation
2,914,368,000 2,998,992,000 3,057,646,000 2,988,894.000 2,907,435,000 2,881,359.00(1 2,852.277,000 2,817.173.000 2,590,681,000
It. bank notes in circulation-net liab
259,099,000 258,561,000 261,039,000 259,975,000 258,444,000 257,480,000 256,793,001) 267.680.000 123,466,000
All other liabilities
35,486,000
18,057,000
16,073,000
56,451,000
55,322,000
58,751,000
52,677,000
47,628,000
50,058,000
ft
Total liabilities
.ineludes_One-Year Treasury Notes.
12ft 552
nen A Ana non
MAR 296 Ago nru1 a 09A 401 nnn A 160 941 111111 .
4 0.41 •ona.nil(i 0t 9.111 nil on,. a 1..
•
•
•
LA 1
A1,11 IL Ill .411
•
9
1
t
nnri
JAN. 17 1920.]
THE CHRONICLE
243
Nov.28 1919. Nov. 211919. Jan. 3 1919.
Dec. 19 1919. Dec. 12 1919. Dec. 5 1919
Jan. 9 1920. Jan. 2 1920. Dec. 26 1919.
52.4%
45.4%
44.2%
45.0%
44.7%
45.6%
Ratio of gold reserves to net deposit and
43 6%
42.6%
45.4%
F. It. note liabilities combined
51.9%
46.9%
45.5%
40.4%
and
deposit
net
to
46.0%
46.8%
Ratio of total reserves
44.8%
43.7%
45.4%
F. It. note liabilities combined
in
notes
R.
F.
to
reserves
62.2%
total
of
Ratio
54.7%
52.5%
53.7%
52.8%
53.2%
circulation after setting aside 35%
50.3%
49.5%
51.5%
against not deposit liabilities
S
$
$
$
$
$
84,452,000
g
94,230,000
$
89,003.000
$
82,562,000
73,472,000
123,248.000
08,000
Distribution by Maturities-103,555,000 116,925,000 123,727,000 1,328,059,000 1.490,897,000 1,476,085,000 1,582,690,000 1,518,169,000 1,414,2
49,207,000
0.000
1-15 days bills bought in open market
07,000
000
1,484,79
27,614,
30,235,000
1,433,979,000 1,477,6
29,075,000
22,158,000
48,578,000
10,000
1-15 days bills discounted
15,745,000
000
85,606,
000
39,889,
dness
55,622,000
1-15 days U.S.certif. of indebte
87,971,000
85,690,000
100,219,000 128,987,000 116,662.000
89,617,000
1-15 days municipal warrants
103,643,000 104.217,000 100,060,000 134,643,000 116,113,000 125,065,000 135,642,000 122,623,000
8,711,000
16-30 days bills bought in open market
000
15,681,
238,153,000 244,890,000
000
001)
13,012,
000
150,000,
13,242,
9,221.000
00
2,072,0
00
16-30 days bills discounted
4,865,0
00
3,000,0
3,151,000
16-30 days U.S.certif. of indebtedness
186,021,000 104,198,000
,000
201,297
,000
185,802
s
,000
188,830,000 187,068
,000
16-30 days municipal warrant
237,367,000 206,406,000 209,278,000 362,091,000 322,128,000 298,600,000 293,789,000 273,145,000 161,024 000
81-60 days bills bought in open market
10,568,
18,299,000
14,158,000
8,454,000
312,265,000 341,395,000 292,715,000
6,551,000
6,221,000
81-60 days bills discounted
3,940,000
00
6,607,0
00
7,797,0
33,624,000
81-60 days U.S. certif. of indebtedness
117,339.000 111,821,000
147,969.000 147,024,000 129,193,000
81-60 days municipal warrants
65,416,000
130,157,000 147,083,000 152,147,000 151,465,000 191,451,000 189,634,000 183,448,000 192,744,000
61-90 days bills bought In open market
2,643,000
00
,000 152,125,000
9,054,0
153,103
000
17,324,
,000
00
160,942
6,289,0
8,630,000
9,029,000
3,000
61-90 days bills discounted
10,715,000
7,989,000
8,326,000
01-90 days U.S. certif. of indebtedness
00
2,226,0
000
01-90 days municipal warrants
27,311,
000
17,951,
000
18,640,
18,724,00))
18,827,000
18,854,000
Over 90 days bills bought In open market
20,358,000
20,929,000
22,554,000
,000 213,303,000 214.693,000 104,680,000
,000 237,658,000 226,659,000 226,793
Over 90 (lays bills discounted
238,242
,000
245.888
,000
243,243
Over 80 days certif. of Indebtedness__.
Over 90 days municipal warrants
52,000 3,031,492,000 2,844,516,000
3,220,560,00(1 3,148,740,000 3,108,377,000 3,059,6
,000
Federal Reserve Notes—
3,244,314,000 3,291.342,000 3,292,098,000 231,6613.000 241,305,000 227,018,000 207,375.000 214.319.000 253,835
Outstanding
,000
,000
234.452
329,946,000 292,350
Held by banks
73,000 2,590,681,000
2,817,1
77,000
2,852,2
59,000
2,881,3
'2,988,894,000 2,907.435,000
'2,914,368,000 2,998,092,000 3,057,646,000
In actual circulation
5,774,280,000 3,932,000,000
5,929,780,000 5,869,780,000 5,810,500,000 2,350,935,000 752,544,000
Fed. Res. Notes (Agents Accounts)—
40,000,6,060,280,000 6,000,260,000
85,000
6,124,3
00,000
6,152,3
2,00(12,431,667,000 2,404,841,00)) 2,379,0
2,454,97
000
Received from the Comptroller
483.069.
5,000;2.
2,504,54
2,549,149,000
Returned to the Comptroller
3,431,415.000 3,423,345,000 3,179,456,000
3,545,288,00(1 3,498,113,000 3,464,939,000 371,763,000 391,853,000 334,940,000
,000
3,603,151,000 3,619,795,00013,577,211,000
Amount chargeable to Fed. Res. agent 358,837,000 328,453,0001 285,113,000 324,728,000 340,373,000 356,562
In hands of Federal Reserve Agent
3,059,652,000 3,031,492,000 2,844,516,000
3,220.560,000 3,148,740,000 3,108,377,000
3,244,314,000 3,291,342,000 3,292.098,000
,000
Issued to Federal Reserve banks
236,248,000 236,248,000 254,656
244,648,000 244,848,000 249,648,000
How Secured—
248,148,000 244,148,000 244,148,000
1,606,271,000
06,000
By gold coin and certificates
1,865,4
28,000
1,910,9
82,599,000
2,018,906,001) 1,960,397,000 1,936,186.000
By lawful money
98,821.100
99.461,000
2,034,806,000 2,085,746,000 2,052,066.000 110,000,000
98,158,000
00,489,0110
900,990,000
By eligible paper
105,786,000 101,120.000 103,575,000 847,006,000 853,006,000 824,385,000 813,015,000 831,017,000
Gold redemption fund
.000
892,309
,000
860,328
855,574,000
16,000
With Federal Reserve Board
3,059,652,000 3,031,492,000 2,844,5
3,220,560,000 3,148,740,000 3,108,377,000
3,244,314,000 3,291,342.000 3,292,098,000
4.000
1.993,6
Total
80.000
2.510_6
46.000 2.536.068.000 2.618.530.000
.000 2.711.8o8 ono •?..4o4.034 MOO 2.015.6
2.590.549.000 2.7: 0.662—
1 _11. Agent
OF BUsiNEsS JAN 9 1920
4.11ffible minor dcnvered tn ,
CLOSE
AT
BANKS
VE
RESER
AL
r cli or T11v 12 FEDER
AND 1 IA oft
WEEKLY ST A TEMENT OF itrsounC1(54
Total.
1 ran.
'
. St. Louis. difinneap. Kan.City. Dail is . SaiI
d. Richmond Atlanta. Chicago
Clevelan
Boston. New York.
Two ciphers (00) emitted.
,0
247,0 6,467,0 10,864,0 220,301,0
24,215,0 2,808,0 8,288,0
RESOURCES.
0 380,263
1,279,0 6,102,0 2,441,0 8,458,0
0 13,507,0 24,294,0 11,868,0 25,146,
8,309,0 140,823,0
Gold coin and certificates
0 21,055,0 115,620,0 15,879,
5.673.0 123,322,0
28,470,
0
3,206,0
0
45,500,
28,544,
0
5,919,0
11,154,
3,330,0
0
5,796,0
4,440,0 14,675,0
Gold Settlement Fund, F. R. Rd 39,226,
45,260,0 9,866,0 10,112,0 6,043,0
9,002,0
0 723,886,0
Gold with Foreign Agencies
0 25,125,0 30,460,0 21,541,0 41,683,
36.954,0 33,953,0 154,510,0 24,483,0 35,147,0 39,465,0 32,973,0 116,178,0 1,209,508,0
0
61,714,
0
39,689,
,0
197,237
56,537,0
219,929,0 71.525,
0
107,977,0
66,577,
0
9.709,0
Total gold held by banks
37,343,
,0
3,255,0
128,098
400,0 4,255,0
0 300,520,0 81,858,0
16,772,0 6,003,0
Gold with Federal Reserve agents 79,895, 0
1,137,0 8,791,0 7,709,0
25,000,0 10,096,0
14,850,
2,041,371,0
,0
167,570
0
Gold redemption fund
57,769,
0
74,180,
0
,0 102,011,0 60,672,
60,728,0
429,0
,0 83,088,0 108,239,0 391,211
321,0 1,439,0
74,0
151,282,0 522,757,0 131,643,0 190,949
979,0 2,158,0 2,671,0
198,0
Total gold reserves
809,0
381,0
46,260,0
5,009,0
2,102,099,0
,0
167,999
0
Legal tender notes. silver, Ace
59,208,
0
74,501,
,0 60,746,0
83,286,0 109,218,0 393,369,0 104,682
156,291,0 569,017,0 132,024,0 191,758,0
0 43,921,0 1,352,085,0
Total reserves
135,896,0 45,640,0 20,363,0 37,354,0 39,159.
,0
Bills discounted: Secured by Gov- 105,100,0 494,173,0 174,403,0 100,854,0 82,577,0 67,645,0 110,833,0 28,574,0 47,256,0 51,810, 18.183,0 30,985,0 727,670,0
0
23,142,
(a)_
ons
0
109,639,0 574,722
0 23,681,
ernment war obligati
54,660,0 267,130,0 23,911,0 42,505,0 10,973.0 9,887,0 88,702.0 21,154,0 10,229,0 15,211.0 6,286.0
All other
63,729,
5,842,0
,0
0 194,796
0 189,445,0 2,654,477,0
Bills bought in opdn market (b). 38,284,
,0 95,368,0 77,848,0 104,375,0 63,628.
26,836,0
,0 117,231,0 100,674,0 335,521
116,0 8,868.0 3,966,0 2,632,0
1,153,0
198,044,0 956,099.0 209,156,0 207,088
264,0
375,0 4,477,0
1,235,0
833.0
Total bills on hand
1,385,0
1,257,0
539,0
,0
4,0
302,406
0
bonds
11,681,
ment
10,0
9.065,0
16,832,0
U. S. Govern
250,0
15,665,0 64,797,0 17,243,0 8,480,0
U. S. Government Victory bonds 21,775,0
30,598,0 26,521,0 12,260,0
0
67,439,
2,983,983,0
,0
203,758
0
76,659,
,0
130,075
0
U. S. certificates of indebtedness
,0 113,764,0 86,444,
10,410,0
231,0
,0 130,726,0 116,718,0 404,795
421,0
462,0
500,0
356,0
220,358,0 1,025,095,0 241,139,0 234,452
478,0 2,116,0
504,0
640,0
Total earning assets
500,0
3,094,0
1,108.0
1,021,696,0
0
58,754,
0
s
61,916,
0
premise
89,971,
Bank
0 122,620,0 79,111,0 24,158,0
Uncollected items and other de- 75,056,0 222,803,0 77,009,0 76,566,0 81,169,0 52,573,
13,254,0
665,0
550,0
957,0
ductions from gross deposits
324,0
682,0
2,132,0
5,241,0
847,0
278,0
against
519,0
fund
350,0
1,146,0
ion
497,0
1,475,0
148,0
5% redempt
255,0
2,885,0
564,0
1,072,0
154,0
.905,0
426,0
156.0
Federal Reserve bank notes
1,175,0
333,0
,0 6,136,633,0
431,685
,0
199,104
,0
296,463
,0
All other resources
925,596,0 298,850,0 172,310
504,938,0 297,109,0 279,988,0
454,218,0 1,824,069,0 452,303,0
87,451,0
4,022,0 3,414,0 5,760,0
Total resources
3.429,0 12,374,0 4,065,0 3,076,0 6,116,0 3.030,0 7.539,0 120,120,0
4,397,0
9,533,0
LIABILITIES.
7,884,0
22,392,0
14,292,0 3.724,0 3,569,0
7,105,0
27,798,0
4,695,0
5.023,0
5,820,0
1,193,0 4,303,0
Capital paid in
45,082,0 8,805,0 9,089,0
1,495,0 2,865,0 1,365,0
19,0
8,359,0
3,093,0
479,0
89,238,0 63,062,0 119,808,0 1,850,2 ,0
Surplus
672,0
6,282,0
1,028,0
0 273,564,0 74.947,0 53,402,0
763,146
56,408,
0
0
34.850,
0
64,149.
,0
38,238.
deposits
0
ment
134,154
,0
Govern
0 14,284,0 69,639,
,0 102,864
54,164,
702.354
0
,0
84,159,
0
116,269
0
96,425,
43,104,
0
5,764,0
Duo to members, reserve account 60,349,0 167,248,0 70,917,0 59.668,0 66,526,
2,270,0 3,735,0 2,062.0
3,645.0 2,729,0 10,187,0 3,914,0
Deferred availability items
43,336,0 6,786,0 6,437,0
5,560,0
,588,0
2,737
,0
165.445
,0
deposits
107,6135
All other
369,405,0 135.890,0 71,321,0 163,805,0
200,738,0 134,320,0 105,334,0 486,386,0 138,726,0 85,566,0 102,214.0 74,256,0 239,843,0 2,914,368,0
183,206,0 919,220.0 181,239,0
140,005,0 150,613,0
Total gross deposits
776,592.0 224,322,0 262,345,0
,0
233,500
259,099,0
ion_
circulat
actual
P. R. notes in
8,231,0 19,482,0 10,253,0 11,841,0
18,057,0
0 15,496,0 41,223,0 15,851,0
486,0 1,257,0
824,0
F. It. bank notes in circulation 20,921,0
547,0
52,353,0 29,091,0 22,261,0 12,096,
594,0
1,916,0
421,0
471,0
liability
1,022,0
—net
962,0
8,430,0
83,0
1,127,0
6,136,6
,0
,0 431,685
All other liabilities
925,506,0 298,850,0 172,310,0 296,463,0 199,104
504,988,0 297,109,0 279,988,0
454,218,0 1,824,069,0 452,303,0
es
liabiliti
Total
endor ser on:
41,900,0
11,850.0
Memoranda—Contingent liaollitY as
10,000,0
Discounted paper rediscounted
20,050,0
30,953,0
banks
It.
F.
with otner
Bankers' acceptances sold to
14,900,0
30,953,0
0
24,350,
other F. It. banks
7,000,0 6,050,0 4,500,0
(a) Includes bills discounted for
30,953,0
5,065,0
other F. It. banks, viz
banks:
0
It.
F.
10,723,
0
other
oin
15,165,
bought fr
29,943,0
2,441,0
13,264,0
(5) Includes bankers' acceptances
3.230.0
5,622,0
12.386.0
With their endorsement
Without their endorsement, _ _
of $204,000.
9 1920.
•Includes Government overdraft
NTS AT CLOSE OF BUSINESS JAN.
RESERVE AGENTS ACCOU
STATEMENT OF FEDERAL
Total.
San Fran.
Chicago. SI. Louis. Minneap. Kan.City. Dallas.
Cleveland. Richmond Atlanta.
Boston. New York. Phila.
$
$
$
$
Two ciphers (00) omitted.
$
$
$
$
$
205,260,0 144,500,0 415,880,0 6,152,300,0
$
$
$
49,0
,0 845,600,0 299,600,0 154,080,0
2,549,1
298,000
$
,0
,0
131,618
0
305,860
49,400,
notes:
,0
0
Federal Reserve
,0 2,007,600,0 510,780,0 485,240,0 132.424,0 04,903,0 298,298,0 115,480,0 56,777,0 88,358,
178,735
Received from Comptroller__. 479,900
. 196,518,0 062,004,0 244,634,0
51,0
3,603,1
,0
284,262
0
95,100,
,0
116,902
0
Returned to Comptroller-517.302,0 184,120,0 97,303,
306,505,0 173,436,0 203,097,0 23,940,0 23,600,0 9,660,0 6,790,0 16,780,0 1,150,0 358,837,0
,0 1,045,596,0 266,146,0
0
Chargeable to F. R. Agent_ . 283,382 0 110,000,0 28,340,0 31,900,0 27,537,0 47,410,
. 31,780,
Inhands of F. R. Agent
0 110,112,0 78,320,0 283,112,0 3,244,314.0
Issued to F. R.bank, less amt
155,687,0 523,362,0 160,620,0 87,643,
returned to F. It. Agent fo r
,0 274,605,0 145,849,0
248,148,0
251,602,0 935,596,0 237,806
8,831,0
0
redemption:
13,052,
4,000,0
2,500,0
5,658,0 17,713,0 105.780,0
36,025,0
Collat'l security for outst'g notes:
8,783,0 5,595,0 2,795,0 2,605,0 18,484,
183,740,0
3,077,0
855,574,0
0
.
1,343.0
98,465,
0
hand__
on
0
0
etre.
36,860,
Gold coin and
11,780,0 16,469,0 17,073.
0 211.146,0 61,930,0 19,300,0
12,895,0
06,0
75,000.0 36,000,0 61,000,
52,496,0 70,647,0 45,347,0 166,934,0 2,034,8
Gold redemption fund
. 67,000,0 105.000,0 65,389,0 146.507,0 108,506,0 89,110,0 303,433,0 89,095,0
lid
It.
F.
Fund,
Hornet
Gold
155,948,0
,0
635,076
7,0
14,0
1171,70
3,244,3
,0
283,112
0
,0 78,320,
Eligible paper, min'm require
523,362,0 160,620,0 87,643,0 110,112
274,605,0 145,849,0 155,687.0
,0 935,596,0 237,806,0
49,0
251,602
.
2,590,5
,0
0
182,570
63,628,
,0
0 104,123
Total
100,585,0 335,223,0 95,368,0 66,158,
14,0
Amount of eligible paper deny- 198,044,0 953,766,0 186,782,0 189,088,0 115,214,0 155,687,0 523,362,0 160,620,0 87,643,0 11(1,112,)1 78,320,0 283,112,0 3,244.3
0 329,946,0
.
,0
43,269,
145,849
4,064,0
,0
7,898,0
274,605
2,077,0
,0
0
ered to F. It. Agent
. 251,602,0 935,596,0 237,806 0 12,260.0 5,844,0 5,074,0 36,976,0 21,894,
F. R. notes outstanding
18,102,0 159,004,0 13,484,
0 102.214.0 74.256,0 239,843,0 2,914,308,0
F. R. notes held by bank
150,613.0 486.386.0 138,726,0 85,566,
99,1 999 0 91(9 34s n 140.005.0
ion
circulat
F. It. notes In actual
I
244
THE CHRONICLE
[VOL. 110.
Vaniting and financial.
CANADIAN BANKING AND FOREIGN EXCHAN
GE
AN ADDRESS BY SIR JOHN AIRD, GENERAL MANA
GER OF THE CANADIAN BANK OF
COMMERCE.
The following review of the operations of one of Canada
's largest Banks and of the reason for the
present
exchange situation between this Country and Canada
is taken from an address delivered by Sir John
Aird, General Manager of The Canadian Bank of Comme
rce,to his shareholders.
Contrary to the view exprecre
, year, that it was
unlikely that we should again
large figures for
some years to come, the unexp
appened, and we
have made a new record in bot
•
. and total assets.
Undoubtedly the continued big ,
of prices for commodities of all kinds has left its mark upon the balance
sheets of financial institutions, and while this condition
continues it will be reflected in the figures of our own annual
statement.
INCREASED CASH ASSETS.
On the assets side of the statement we show
an increase
of $1,390,000 in cash on hand. The change is
more than
accounted for by the increase in Dominion notes
held,
there having been a slight decrease in our holding
s of coin.
Dominion notes in the Central Gold Reserves are
$1,000,000.
lower, corresponding to the decrease in our note
circulation.
There is a decrease of about $1,400,000 in the item of
cheques
on other banks, which may indicate a slight
lesseni
ng in
INCREASED EARNINGS.
the activity of general business, but an increas
e in bank
The net profits have amounted to $3,074,000, after a balances,
which leaves the combined total of notes and
most careful provision for all the doubtful items among the cheques and
bank balances $1,133,000 greater than the
Bank's assets. These earnings exceed those of last year figures
of last year. There has been an increase in our call
by $224,000, a satisfactory increase of 7.9 per cent, but and short
loans in Canada and a decrease in those elsewhere,
which compares with an increase of 8.9 per cent in assets. the combin
ed effect of all these changes in assets being
The figures show that the forces which have been steadily that our
quick or easily realizable assets have increased by
reducing the rate of earnings on the services performed $16,892
,000, and stand at 49.11 per cent of our liabiliti
es
by Canadian banks for the public, to which I referred last to the
public. Our holdings of Dominion and Provinc
ia
year, are still actively at work, and it is fervently to be Govern
ment securities have increased $10,700,000 during
hoped that the keen spirit of competition, so strenuously the year,
largely represented by our share of advances
to
active in many directions, will not blind Canadian bankers the
Dominion Government which are being repaid out
of
to this tendency of the times. When it is considered that the
proceeds of the last Victory Loan. Current commercial
the three million odd dollars that we show as our net profits loans,
that is, those current loans not classified as "call and
represent the combined earnings of over 500 offices, and the short
loans," both in Canada and elsewhere, show considerresult of the efforts of a staff of over 4,000 employees, it able
increases, amounting to $20,837,000 in all, which may be
will be more clearly recognized how meagre is the showing conside
red as another welcome indication of reviving comin comparison with the vast amount of hard labor and mercial
activity. The increase in Bank Premises Account
heavy responsibility involved.
is due principally to the acquirement of sites for a
number
of our newer branches, in pursuance of our general
THE PENSION FUND.
policy
We have paid during the year four quarterly dividends in this respect. The total of our
assets has grown during
of 3 per cent, or 12 per cent in all, and now that the war is the year by $39,333,000, or
8.9 per cent, which under the
over and we find it necessary to take up our building pro- circumstances we consider
satisfactory.
gram again, we have resumed our former practice and
NEW BRANCHES.
have written the sum of $250,000 off Bank Premises Account.
Throughout the war the Canadian banks abstain
ed,
This is perhaps more necessary now than ever, by commo
n consent, from the opening of new branches.
owing to the extremely high cost of all building Not only
was this justified by the uncertainty of the outoperations, which has naturally caused us to limit our look,
but the drain upon the manhood of the country for
program to only the most necessary work. The release militar
y service was so great that it was only with difficulty
of large numbers of our men from military service, and that those
members of our staff who were left behind were
their return into the service of the Bank, has rendered able to
cope with the work thrust upon them, even with
a large increase necessary in the Bank's contribution to the assista
nce of the temporary staff. Accordingly, while
the Pension Fund.
the conflict lasted, we could do no more than to keep a record
There has been a decrease in our note circulation for of those
places which seemed to offer a promising field,
the first time since the commencement of the war. The with
a vew to occupying them when the general situation
decrease is only $1,536,000, but if it is one of the first signs justifie
d such a step. The program thus laid down has
of a check to the inflation of prices, it is not unwelcome. fully
employed our energies during the past year, but is
The increase in deposits of $40,446,000 is the striking item fairly
well completed, and now that we have occupied most
of our statement, and it has taken place almost entirely of the
promising new fields in Canada that have been brought
in the more stable item of deposits bearing interest. The to our
attention, and have protected our business at those
decreases in balances due to foreign banks and in bills points
where such action seemed necessary, we purpose
payable are almost offset by the increase in acceptances turning
our attention to foreign fields. In the meantime
under letters of credit, and none of these changes possess the new
branches we have opened are,mostof them,progressany special significance, save only that the increase in the ing satisfac
torily, and although the initial expenses conuse of letters of credit indicates a revival of foreign trade nected
with them are heavy, we look to see them become
as a result of the ending of the war.
before long a source of strength and profit.
JAN. 17 1920.1
245
THE CHRONICLE
THE BANK'S TAXES.
Some years ago, the year after the outbreak of the war,
we took occasion to refer to the subject of taxes paid by the
Bank and advised you that the total was about $650,000.
It will no doubt be of interest to you to know that the sum
taken out of the profits of the Bank during the past year,
and applied to the payment of taxes, was nearly double
that amount, or over $1,200,000. We have thought it well
to speak thus frankly because the opinion seems to be
more or less widely held that banks do not bear their fair
share of the burdens of general taxation.
Out of the total of 1,704 officers of this Bank who volunteered for the defense of the Empire, either in the army
or navy, we have reinstated during the course of the year
996, and have still to hear from 253 of them. We have
been glad to welcome these officers back to our service,
and will do. all in our power to assist them to become reestablished in civil life. •It is our hope that in the course
of a reasonably short time they will find themselves at no
disadvantage as a result of the loss in banking experience
which naturally resulted from their absence. The opening
of new branches and the expansion of our business have made
it possible to take on the staff .again all those who apply
for reinstatement.
to the previous loan. The Minister of Finance, and the
country itself, are to be congratulated most heartily upon
this new demonstration of the financial strength of Canada.
There was a large reduction in the number of subscribers,
the total number being 789,532, as compared with 1,140,057
in the case of the 1918 loan, so that the average amount
subscribed was considerably larger, being 1:57, as against
$610. It is interesting to note, as showing the popularity
of the Victory Loans among small subscribers, that in the
case of the 1917 loan $100,300,000, and in the case of the
1918 loan $104,500,000, was issued in $50 and $100 bonds.
The corresponding figures for the 1919 loan are not yet
available, and owing to the reduction in the number of
subscribers the total will probably not be so great, but it is
evident that about $300,000,000 of the last three loans has
been obtained in this way.
DEPRECIATED EXCHANGE.
The condition of the foreign exchanges is one of the
problems with which we have had to deal during the past
year, and it is one in which the people of Canada are deeply
concerned, as it has a very direct effect upon their economic
life. Canada is not alone in suffering from the effects of
a depreciated exchange, in fact, it is a condition now familiar
to almost every country in the world. The artificial exEMPLOYER AND EMPLOYEE.
pedients which have been resorted to in order to correct the
An unlooked for consequence of the war has been the situation, such as the shipping of gold, the sale of securities
unsettlement of the relations between employer and em- and an attempt at fixing exchange rates, are inadequate and
ployed in every walk of life. One of the primary causes of may even prove dangerous. The rehabilitation of our
this has been the extraordinary increase in the cost of living, dollar can only be accomplished by saving, economy and
but any one who is forced to grapple with the problems greater production. It has perhaps become fairly generally
before the employer knows that this can be the cause of known among those who take an interest in the matter that
only a small part of his difficulties. The deeper and more our imports from the United States greatly exceed our excomplex part of them, no doubt, had their origin in that ports to that country, and that in the case of Great Britain
phase of the war, when it took on the aspect of a life and the reverse is true, our exports greatly exceeding our imports.
death struggle between the opposing forces. For a time Therefore in the case of our trade with the United States
everything had to be subordinated to the turning out of there is a scarcity of bills receivable which we can set off
men, munitions and material for use in the war. The against our bills payable to that country; while in the case
Government became, practically, almost the sole employer, of our trade with Great Britain the reverse is true, and the
the erst-while employer acting as its manager or agent to bills receivable exceed the bills payable to such an extent
secure the necessary production. Under these conditions that she has been forced to obtain credit from us for many of
the usual balance-weights and counterpoises of business her purchases of foodstuffs produced in Canada.
enterprise were lacking. To secure the necessary producFOREIGN CREDITS.
tion was the only thing that mattered; the cost of doing
made
any
demands
and
tion,
considera
secondary
a
was
so
There is much more, however, in the situation than this.
by employees were granted almost before they were asked. We have been selling on credit to France, Belgium, Greece,
Thus new conditions arose, some showing marked improve- Rumania,and to some extent to Great Britain, manufacment over those existing before the war, but others such as tured goods, the raw materials of which are largely imported
are foredoomed to failure if put into practice under the from the United States, and we are called upon to pay for
usual conditions of peace. It is, perhaps, too much to ask these raw materials in cash. In addition to this, the interest
of either employees or employers that they should at once payments on our debt abroad have increased, as well as the
grasp with a clear mental vision all the far-reaching conse- heavy shipping charges which have to be paid on waterquences of these changes. Suffice it to say that the adjust- born goods. In paying for the raw materials referred to
ments necessary now that business conditions have become we are forced to use up a large part of those funds ordinarily
more normal are many and difficult, and involve to the available to defray the cost of our normal imports from the
utmost a spirit of fairness and a willingness to compromise United States. The scarcity of United States funds has
opposing points of view on both sides. Speaking for our thus been accentuated by the increased demand, while the
own staff, both permanent and temporary, they have source from which we have been wont in the past to make
rendered us loyal service in difficult days, and we have up any deficiencies, that is, the balance due to us by mersought to give generous and sympathetic consideration to chants and others in Great Britain, is not now available
the difficulties which have been particularly their lot, as for this purpose for two reasons; first, that Great Britain is
salaried men and women, during an extraordinary rise in not settling in cash as in the past; second, that such part
the cost of living.
of this indebtedness as might be made available for the
purpose is not now acceptable to the United States as
THE 1919 VICTORY LOAN.
that country has already a surplus of
In November last the Canadian Government issued its payment, because
which she is anxious to realize. If to these
sixth War Loan, the money being required for purposes British debts
problem be added the effect of increased purconnected with the transition from war to peace. The factors in the
imported from the United States in the
of
luxuries
Minister of Finance, Sir Henry Drayton, again asked for chases
easy spending, an idea will be obtained
and
free
of
era
present
a minimum of $300,000,000, and the total subscriptions
main reasons for the present situation.
the
of
some
least
at
of
received were $676,242,790, almost as much as subscribed
246
THE CHRONICLE
anitere
azette.
•
Wall Street, Friday Night, Jan. 16 1920.
Railroad and Miscellaneous Stocks.-Business at the
Stock Exchange has been decidedly limited in volume and
negative in character throughout the week now closing.
The chief cause for these conditions has been the money
market, where call loan rates fluctuated between 8 and 15%
until Thursday and all the time a notable paucity of other
influences of any kind has obtained. The stock market has,
however, been in purely professional hands.
The drop in railway shares from 1% to 2 points and of the
speculative industrials from 5 to 10 and in some cases over
20 points has, therefore, no significance. Both may drop
lower next week, or may in the immediate future recover
more than they have lost this week.
Among the exceptional features are Texas & Pacific, which
closes almost 4 points lower than last week, while
Can. Pacific has lost 33j, So. Pacific 2% and Union Pacific,
Great Northern, New York Central and Reading between
1 and 2.
Of the other group Mex. Petroleum is conspicuous for a
decline of 24 points, General Motors 21, Am. Tob., Atlantic
G. & W. I., Baldwin Loco. Cruc. Steel, Ind. Alcohol and
. S. Rubber 10 or near 10, while not one active stock of
either group has made even a fractional advance.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Jan. 16.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
•
Rangefor Year 1919.
Lowest.
[vol.. no.
ness has, however, included a large number of issues. Of a
list of 20 relatively active bonds only two are fractionally
higher than last week and one is unchanged. Of the notably
weak features New York Ry.'s have declines nearly 4 points,
Mo. Pac. 4s, 1%, Rock Island 4s 1%, and Atchison, Ches.
86 Ohio 5s, Inter. R. T. 5s, St. L. & S. F. and Reading are a
point or near a point lower than last week. C. & 0. 432s
and Steels are fractionally higher.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
Jan. 16 1920.
• Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Railroad,
Par Value.
State, Hun
& Foreign
Bonds.
Bonds.
478,835 $42,75
6,500
1,100,450 97,485,500
892,390 75,422,500
1,218,585 108,379,750
1,034,125 86,751,000
1,067,230 91,530,550
$1,036,000
1,823,000
2,089,000
2,592,000
1,911,000
1,7, 3,530
$654,000
1,623,000
840,0001,028,000
1,163,000
1,3..5,5 )0
$5,500,000
14,246,000
15,161,000
11,885,000
13,950,000
10,368,500
5,791,615 $505,325,800 911,214,500 96f93.5 50 • 71,110,500
Week ending Jan. 16.
1920.
1919.
Jan. 1 to Jan. 16.
1920.
1019
Stocks-No. shares_ -5.791,615
2,510,452
1'),73',91
Par value
$505,325,800 $238,177,700 $1,139,499,100
Bank shares, par
$7,100
Bonds.
Government bonds_ -- $71,110,500 $36,936,000
$148,3'1,000
State,mun.,&c., bonds.
6,1,93.530 23,974,000
13.335,000
RR.and misc, bonds... 11,214,500
7,982,000
81,7 ,6,500
Totalbonds
United
States
Bonds.
989.018,500 968.892,000
8193.462.510
6,291,267
$598,074,405
921,800
$86,833,500
36,377,000
23,635,500
$146,846,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Highest.
Par. Shares $ per share. $ per share. $ per share.3 per share.
Am Bosch Magneto rts_ 9,40t 4% Jan 13 6% Jan 16 53( Dec 6
Dec
Am Brake Shoe&Fdy 100
100 94. Jan 10 94 Jan 10 85
Nov 97
July
American Express___100
530 95% Jan 16 101% Jan 10 764 Sept 103
May
Am La France F E no par 1,700 14
Jan 15 145 Jan 15
Amer Snuff prof(new)100
100 85 Jan 13 85 Jan 13 80
Dec 99
Jan
Ann Arbor
105
301 7 Jan 16 7 Jan 16 1
Apr 1354 Nov
Baldwin Locomo pref 100
600 102
Jan 14 10234 Jan 12 100
Dec 11154 June
Barnet Leather__ no pal
1s5 90 Jan 16 90 Jab 16 94
Dec 101
Dec
Brunswick Terminal_100 1,700 7 Jan 15 754 Jan 13 634 Dec 1554 Aug
Cent Foundrypref
101 47
Jan 16 47
10 i
Jan 16 27
Apr 7434 July
C & E III pref tr recta
- ___
330 434 Jan 10 5 Jan 16 33,4 Dec 173,4 July
Chic St PM &0 pref 100
110 90 Jan 14 90
Jan 14 88
Dec 107
July
Continental Insur
.' 100 82 Jan 15 82
Jan 15 58
Jan 75 June
Crex Carpet
Jan 13 59
100
100 59
Jan 10 48
Mar 79
July
Deere & Co prof
Jan 13 100
100 100
100
Jan 13 9354 Feb 103
July
Detroit United Ry_ _15 I
300 101
Jan 12 101
Jan 14 80
Feb 105
May
Duluth 5 S & Atlan_100
100 4
Jan 14 4 Jan 14 234 Dec 634 July
Preferred
100
100 734 Jan 13 73.4 Jan 13 554 Apr 113,4 July
Durham Hosiery'11"_50 1,100 64 Jan 14 673,4 Jan 12 6154 Dec 63
Dec
Preferred
100
300 1023.( Jan 13 10254 Jan 13 10034 Dec 105
Dec
Fairbanks Co (The)__25
100 8034 Jan 13 8054 Jan 13 73
Sept 94
Oct
Fisher Body, pref_ _ _ 100
Jan 14 104
100 104
Jan 14 91 • Feb 1103,4 Oct
Gen Chemical pref._ _ 105
200 100
Jan 16 100
Jan 16 9834 Dec 108
Feb
Gen Cigar deben pref 100
Jan 12 93 Jan 12 90
300 93
Dec 101
Aug
Homestake Mining_ 100
300 7054 Jan 12 71
Jan 12 60
Oct 100
Feb
Int Mot Truck lst pf 10 i
201 8035 Jan 16 8034 Jan 16
Kelsey Wheel, pref_101
200 9754 Jan 13 9734 Jan 18 89
Jan 10054 Oct
Kresge (S 5) Co
Jan 14 146
100
300 145
Jan 13 10854 Jan 170
July
Loew's Inc
no par 2,700531
Jan 16 32
Jan 15
Loose-Wiles, 1st pref..100
Jan 14 993,4 Jan 12 943,4 Jan 10634 June
200 99
Manati Sugar
700 1293,4 Jan 16 132
100
Jan 13 130
Dec 137
Dec
Preferred
100
Jan 10 101
100 101
Jan 10
Maxwell Motors ctfs dep 1,400 3134 Jan 15 34
Jan 10 28
Dec 43
Nov
1st pref cents dep___
200 5854 Jan 14 5934 Jan 13 59
Dec 893,4 Nov
2d pref certfs dep___
400 2854 Jan 14 303,4 Jan 10 2854 Dec 353,4 Nbv
M St P&SS M pref_100
Jan 13 913,4 Jan 15 90
400 91
Dec 1093,4 May
Leased lines
100 300 55 Jan 12 60 Jan 15 503,4 Dec 6034 July
Montana Power pref _100
Jan 16 100
100100
Jan 16 100
Nov 10854 Feb
Morris & Essex
50
19 7134 Jan 16 7134 Jan 16 7154 Jan 72
May
Nashv Chatt & St L_100
100,11134 Jan 14 1113.4 Jan 14 111
Nov 11954 May
Niag Falls Pow pref_100
Jan 16 104 Jan 16
10 104
Norfolk Southern_ __100
100 12
Jan 12 12
Jan 12 9
Dec 20
May
Norfolk & West, pref 100
300 72 Jan 13 72
Jan 13 6654 Dec 76
July
Pan-Am Pet & T pref 100
85 164
Jan 14 164
Jan 14 117
Jan 225
Oct
Pitts Ft W & C pref.
200 125
_100
Jan 10 12554 Jan 10 124
Dec 135
May
Pittsburgh Steel pref_100
100 9454 Jan 14 9431 Jan 14 903,4 Jan 9934 May
Republic I & 5 rights....35,400
34 Jan 14 13,4 Jan 10 1
Dec 23.4 Dec
Superior Steel, 1st pf_100
100 102
Jan 12 102, Jan 12 9534 May 105 June
Texas Co sub reo 1st pd
100 193 Jan 14 193
Jan 14
Sub rects 30% paid___ 1,150 185
Jan 15 1953,4 Jan 15
Sub recta full paid__ 1,200 187 Jan 15 193 Jan 14
Tex Pao Land Trust_100
140325
Jan 14 325
Jan 14 180
Jan 470 May
Tidewater 011 rights____ 2,550 2254 Jan 18 233,4 Jan 13
Un Cigar Stores, pref 100
100 11154 Jan 13 111% Jan 13 106
Feb 113
May
Vulcan Detinning. _100 1,100 25 Jan 12 29
Jan 15 12
Jan 1934 June
Preferred
100
100 87
Jan 12 87
Jan 12 40
Jan 95
Oct
Boston
Week ending
Jan. 16 1920.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares
Bond Sales
Philadelphia
Shares
Baltimore
Bond Sales
Shares
Bond Sales
11,866
21,073
19,527
24,255
21,283
17,914
$26,850
46,200
41,650
58,000
82,650
7,000
5,106
4,434
4,540
4,774
7,279
4,715
995,450
30,600
56,900
33,400
54,200
27,000
7,700
3,983
6,802
4,048
4,.11
2,772
$17,100
28,000
24,000
42,000
51,000
6,000
115,918
$262,350
30,848
9297 550
31 116
$168,100
United States Bonds.Daffy Record of Liberty Loan Prices. Jan.10.ian.12. Jan.13. Jan.14. Jan.15. Jan.16.
First Liberty Loan
3345, 15-30 year, 1932-47
High 90.80
Low_ 90.52
(Cl'99.50
Total sales in $1,000 units
116
Second Liberty Loan
High 91.92
4s, 10-25 year cony, 1942 SLow
91.00
Close 91.92
Total sales in $1,000 units
27
Second Liberty Loan
Mg i 93.00
4s, convertible, 1932-47
Low_ 92.96
Close 92.96
TOttti sales in $1,000 units
51
Third Liberty Loan
( Rig. 94.58
4ms of 1928
(Low.. 94.40
(Close 94.40
Total sales in $1,000 units- .. - 1,110
Third Liberty Loan
ifIlih 93.30
43is of let L L conv,'32-'47I Low. 93.00
(Clo
93.18
Total sales in $1,000 units
42
Third Liberty Loan
( High 92.46
43.4s of 2d L L conv,'27-'42(Low_ 92.34
(Cl'92.40
Total sales in $1,000 units
1,091
Fourth Liberty Loan
High 92.60
434s of 1933-38
Low- 92.52
' Clo
02.58
Total sales in $1,000 units
1,849
Fourth Liberty Loan
434s,lst LL 2d conv,'32-47 Low_
CI
Total sales in $1,000 units
Victory Liberty Loan
High 09.00
.imi,cony gold notes:22-23 Low. 98.92
Cl
98.92
Total sales in $1,000 units
858
Victory Liberty Loan
{High 99.50
3)(8,conv gold notes,'22-23 Low- 08.98
Close 08.08
Total sales in $1,000 units
290
00.62
90.50
99.60
203
91.00
91.70
91.70
246
02.96
02.84
92.84
75
04.46
94.00
94.04
2,383
03.24
93.12
93.12
46
02.40
92.16
02.24
1,054
92.62
02.40
02.48
3,525
99.62
09.00
00.20
725
91.90
01.32
91.32
396
02.96
92.06
92.88
121
94.46
03.34
93.36
3,589
93.24
02.84
92.84
198
02.40
91.60
91.70
1,399
02.62
91.70
91.80
4,911
99.02 98.86 09.16
08.76 98.50 08.60
08.80 98.80 90.00
. 858
818
632
01.36 .91.26 91.10
91.22 91.00 90.80
91.22 91.00 00.94
233
277
236
02.80 92.40 92.90
92.56 92.26 02.00
92.80 92.88 02.00
24
54
9
93.70 93.66 03.62
93.40 93.50 03.40
93.70 03.60 93.60
2,610 1,601
1,384
02.96 93.20 92.98
92.78 02.00 92.80
92.78 92.90 02.00
109
243
27
91.74 01.60 91.38
91.46 91.20 91.14
91.56 91.40 91.28
1,156 1,496 1,509
91.84 91.68 91.40
91.64 91.24 91.18
91.66 01.44 91.28
3,599 6,347 4,124
...-
iiiiii iiiiii oVii olio DIA
08.74 98.70
08.80
1,935
09.00
98.70
98.78
2,092
98.80
1,643
99.00
98.68
98.70
2,074
98.62
08.70
1,380
98.98
98.64
98.72
1.869
98.50
08.58
1,381
08.66
98.50
98.58
1.910 .
98.44
08.46
1,477
98.62
98.46
98.48
908
Foreign Exchange.-The market for sterling exchange
Outside Market.-"Curb" stocks were
considerhas ruled dull but weak, with a further recession to lower able selling pressure this week and heavy lossesunder
were recorded
levels.
in many of the oil stocks and industrials. High money rates
N
To-day's (Friday's) actual rates for sterling exchange were 3 65@3 66 were an adverse influence, besides
which there were reports
for sixty days, 3 683,4@3 6954 for cheques and 3 69@3 70 for cables.
Commercial on banks, sight 3 67%@3 68%, sixty days 3 63%@3 6454, that some of the oil wells were showing an infiltration of salt
ninety days 3 6154@3 6251, and documents for payment (sixty days) water. Simms Petroleum broke from 72
to 45 and closed
3 6234 @3 633.4. Cotton for payment 3 6751@3 68%, and grain for payto-day at 50. Gilliland Oil, con. dropped from 58 to 43 and
ment 3 673,4 @3 683,4.
To-day's (Friday's) actual rates for Paris bankers' francs were 11.70(4) ends the week at 46. The preferred sold
down from 116
11.73 for long and 11.62011.65 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were to 983 with a final recovery to 100. White Oil lost over
36 15-16@363,4 for long and 37 5-16©373.( for short.
163/i points to 36, the final figure to-day being 3732. Carib
Exchange at Paris on London 42.89 fr.; week's range 41.77 fr. high and Syndicate
weakened from 48 to 41% and recovered to 44.
42.89 fr. low.
Dominion Oil receded from 363/i to 22 and finished to-day at
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.
Cheques.
Cables.
25. A loss of four points to 67 was recorded by Internat.
High for the week
3 71
3 74
3 75
Petroleum, the close to-day being at 68. Invincible Oil
Low for the week
3 65
3 6851
3 69
Paris Bankers' Francslost seven ,points to 33 and sold finally at 34. Maracaibo
High for the week
11.24
11.13
11.11
Oil was off from 263 to 213
Low for the week
% the close being at 22. Of the
11.73
11.62
11.60
Germany Bankers' MarksStandard Oil group, Standard Oil of N. J. was conspicuous
High for the week
1.97
1.99
for a rise of 50 points to 795 in the early part of the week, but
Low for the week
1.67
1.69
Amsterdam Bankers' Guildershas since been steadily declining the close to-day being at
High for the week
37
37 7-16
37 9-16
765. Business in industrials was rather quiet. General
Low for the week
363,4
373,4
37 7-16
Domestic Exchange.-Chicago, par. St. Louis, 15@25c. per $1,000 Asphalt, corn. fell from 130 to 115 and ends the week at 112.
discount. Boston, par. San Francisco, par. Montreal,$82 25 per $1,000 Mercer
Motors sank from 37 to 33. General Motors
premium. Cincninati, par.
declined from 34 to 31%. Submarine Boat yielded almost
State and Railroad Bonds.-No sales of State bonds three points to 15 and finished to-day at 15%. Bonds
were
have been reported at the Board this week.
quiet and heavy. Allied Packers 6s fell from 86 to 84 and
The market for railway and miscellaneous bonds has again sold finally at 85. Cuba Cane Sugar 7s were sold
for the
been dull and generally weak. The limited amount of busi- first time down from 101 to 100, and at 100% finally.
247
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING THREE PAGES
For record of sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Jan.'10
Monday
Jan. 12
Tuesday
Jan. 13
7214
-;or4 013 •018
*13
*1272 14
2514 2512 2514
4112 4112 41
6
614 612
7212
9%
1334
26
4134
6
711572
19-7-2 "45"
30 .28
70
*56
*4312
48
26
27
1614 174
9812 0612
8034 70
4214 42
31
2812
16-
49
62 '58
2734 2712
79
78
7614 7514
*35
36
37
*3412
1772 17
2412
16-
*28
*55
*434
•2632
1614
9812
7972
42
28%
;isa"
2712
•78
7614
*34
*35
17
2414
24
7
30
70
48
2634
174
97
80
4214
3038
62
2812
78
7634
3512
3612
1712
-1-3-1-2
24
10214 1611; ioo" 102"
2212 224 2134 22
*55
56
55
55
40% 4032 3914 4014
14
*13
oll
12
;ii- 12
•20
24
*20
24
34
*31
4
1224 12314 12134 12-2-3*6712 6812 68
68
12
1272 1134 1134
27
2814 27
28
81g 812
-2312 2313
1114
*16
*25
63
12%
*18
*27
1114
18
2512
6318
123.1
1012
82
*3114
*43
7114
86
1%
33
*3114 33
44
42% 4334
714 714 72
86
85
864
172
1%
1,
4
2
2
517
4812 5114
9112 01
91
*02
93
93
*9534 9634
97
4614 *4514 4572
*45
48
48
*91
94
94
9412
*90
116 1164
5612
941565712 54
*99 100
13712 130%
161;4
914
*91
*9534
4614
*45
*9012
*90
-11*16
25
*60
1212
18
*27
11
18
2514
64
1212
18
34
09.2 0012
1407.141%
11S4
28
118
*44
.63
115
754
*9334
10114
*1054
*40
2814
*82
684
99
12
28
118
46
66%
11634
75%
9412
10312
106
42
2812
85
6912
100
"ii" 1114
"1214 131,
27%
26
115 11734
444 444
6634
*63
11114 11434
7512 7512
9312 9312
9912 10134
10512 10512
3912 40
2714 2872
*82
84
684 691g
08% 9938
Thursday
Jan. 15
Friday
Jan. 16
STOOKS
NEW YORK STOCK
EXCHANGE
Railroads
Par
$ per share Shares
5,200 Atoll Topeka & Santa Fe_100
825 84
100
Do pref
7914 794 2,300
800 Atlanta Birm dr Atlantic. 100
7% 732
400 Atlantic Coast Line RR...100
91
*89
160
314 3178 8,400 Baltimore & Ohio
Do pref
100
2,400
46
x46
4,100 Brooklyn Rapid Transit_100
1234 13
Certificates of deposit
2,600
814 .9
9,200 Canadian Pacific
100
1288. 130
100
554 1,000 Chesapeake & Ohio
55
400 Chicago Great Wescern
100
812 8%
-;
iT2 -15i
100
oo
2312 2312
*23
24
358. 3634 3534 3712 9,700 Chicago Milw & St Paul..-100
Do pref
100
5034 5034 5034 5234 8,000
8512 8434 8512 5,700 Chicago & Northwestern. 100
85
800
Do pref
100
117 117
118 118
100
26
2612 2614 2634 4,500 Chic Rook Isl & Tao
100
7014 70% 1,600
7% preferred
698. 70
900
6% preferred
100
6014
60
60
60
25 chic St P Minn & Omaha_100
100 Cloy Cin Chic de St Louls_-100
;.13- ii" "ig4 071
'45
49
100
Do prof
100
66
67
*63
*63
*64
67
200 Colorado & Southern
100
-- ---- 2214 2214
21
21
100
---- --Do 1st pref
_
100
-,-13- -ii- ---165
Do 2d prat
100
"iii" Iii" 94 94 1.500 Delaware & Hudson
-9314 94
200 Delaware Lack & Western'...50
18412 18412 185 185 *180 191 *180 191
0
200
Denver
&
Rio
Grande____100
*6*6
9
718 '1712 9
7
100
Do pref
12% 12% 12% 12% 1232 1212 12% 13% 5,500
100
13
13% 13
134 127 1312 1234 13% 5,000 Erie
1912
1912
3,400
pref
100
19
2012
Do
1st
1912 1934 1914 1912
1434
900
Do 2d prof
100
*1412 1412 14
14
*1412 16
14
100
7834 8,800 Great Northern pref
78
7814 77% 784 777 7812 77
3812 3834 9,000
Iron Ore properties -No par
39
394 3814 394 3812 39
1 Gulf Mob & Nor tr ctfs_100
812
812 .7
812 *7
*7
812 *7
100
P
32
*30
referred
32
*30
32
34
*30
*30
900 Illinois Central
100
90 .8834 90
90
90
90
90
90
6,700 Interboro Cons Corp__No Par
372 4
372 4
4
4
44
4
Do pref
12
1214 2,900
100
12
1218 1214 12
12
12
1512 158.
700 Kansas City Southern--__100
1514 1514 1514 154 -100
3001
Do
pref
x4532 458 4512 454
46
46
*45
47
11
! Lake Erie & Western
100
.8
11
*8
*8
11
11
*8
100, Preferred
100
*17
1012 1634 1634 *1512 1953 *1512 1912
435
7
Valley
44
4,000
Lehigh
50
4334
43
43% 4412 4334 44
11014 11014 11012 11012 1,100 Louisville & Nashville--100
110 11012 110 110
44
300 Manhattan Ry guar
100
4512 44
45
4512 4512 4512 *42
800 Minneap & St L (netv)___100
13
13
1234 1272 ------ 1314 134
400 Minn St P & SS M
100
72
72
_
72
72
872 914 3,100 Missouri Kansas & Texas.100
--t-3174 -I9
914
9
9
400
1312
Do met
100
*12
134 *12
•1212 134 12
13
2614 5,900 Missouri Pacific trust otfs_100
2514 25
25
25
25
2514 25
4112
2,900
Do
pref
trust
ctfs
100
4012
4034
40
4012 41
40
4014
512 512 1,300 Nat Rya of Mex 2d pref
100
44
700 New On Tex & Mex v t o....100
-:1212 .a- 43
40
40
100
6812 6934 6,900 New York Central
684 685
688. 6014 684 69
100 N Y Chicago & St Louls_100
27
27
28
*27
*28
30
30
*28
100
70
First preferred
*55
I
70
*55
*56
70
*56 • 70
48
Second preferred
100
*43
48
•43
*4312 48
*4312 48
284 2712 6,800 N Y N H & Hartford____100
26
2614 2634 2614 2534 264 *17
1712
400
Western.....100
N
&
Y
Ontario
1612
•17
164
1712
100
9614 9612 2,000 Norfolk & Western
0634 97
964 9712 ;5173- If;
8,700 Northern Pacific
100
7812 79
7912 804 7834 7914 78% 7834 417
424
11,242
.50
Pennsylvania
4212
42
4214 42
424
42
100
284 2934 28,800 Pere Marquette v to
2814 2012 2814 2872 2814 287
500, Do prior pref v t o.....100
6612 664 6672 6672
_
400
Do prof v t 0
100
50
50
50
49
I Pitts On Chic & St Louis 100
;iii" 16.11"
4 --6;565 Pittsburgh & West Va-100
-28- 29128 2812 2784 2834 - s 181;
100
Do pref
100
79
794 *78
•78
*78
79
*78
80
50
758. 744 7634 11,400 Reading
8512 75
7514 75
,
4 75
lst
pref
50
36
600,
Do
*34
36
*34
35
36
3334 34
364, 35
5
Do 2d pre
35
300
3612 *35
3512 3512 *35
1838 9,700 St Louis-San Fran tr 006_100
1672 17
16% 1678 1612 1712 17
300
Preferred
A
trust
etts_100
234 2312
9001 St LouisprolSouthwestern_-100
1-312 ;11" lit:
;Fa" "111"2 •12 1312 ;di- -23
Do
100
25
•23
23
23
23
*2312 25
712 712
100
500, Seaboard Air Line
7
7
712 712
Do pref
100
--- I
.,,600
3
Southern
Pacific!
Co
100
"993
-a
"9622
1611
2
16612
2
9913
-(
-);
51 1-0103-4
1663;
5,400 Southern RallwaY
100
2134 2134 21% 21% 21,4 2134 2112 22
1,600
Do prof
100
5412 55
55
554 55
5512 548. 55
20,900
100
3812
Texas
&
Pacifie
4
353
374
34
3912 39% 3712 394
200 Third Avenue
100
11
_
14
1312 13.2
1 Tol St L & W trust receipts_
12
;16- 12- *10
12
i- 12
•10
Preferred
certificates
dep__
,
25
*19
24
*20
*20
*20
24
24
400! Twin City Rapid Transit...100
30 -30
33
33
31
31
100
121% 12212 12112 12212 12112 12212 12112 iii" 10.000 Union Pacific
2,200 A Do prat
100
67
6784 67
68
6784 67
68% 67
1184 1134 1112 1112 1112 1112 114 1112 2.700 United Railways Invest-100
prof
100
4,100
Do
2538
253
8
I
26
*253
8
26
2538 2512
26
100
712
7841
713
778 5,900 Wabash
8
8
784
8
100
2,600
Do pre: A
2212 2212 2212 23
2312 234 224 23
100
Do pref B
4 - Y,i643 Weetern Maryland (now)._100
1078 1078 -164 -1-1-1I
11
;i63
.4 11 100
Do
2d
prat
200
18
*16
18
*16
'16
18
•16
18
100
2412 2414
800 Western Pacific
25
023
24
2412 *2312 25
Do pref
100
400
*6034 6314
65
60
60
*60
6314 *60
Wheeling
&
Lake
Erie
Ry-100
112
4
12
1138
4,900
117s
124 1214 11% 1214
17
1712
100
500
Do pref
*174 1912
100
500 Wisconsin Central
;iii" 16" 28 28 -ail III; *28 32
Industrial & Miscellaneous
100
100 Adams Express
3114 3114 *3012 3273 *3012 3234 *3012 32
100
2,000 Advance Rumely
44
4112 4134 041
424 4212 4012 42
pref
100
1,900
Do
71
•7012
7012
714 7012 7078 7014
71
50
834 8334 2,000 Ajax Rubber Inc
8334 84
84
84
84
85
Gold
Mines
10
*12
4
Alaska
3
2,700
13
4
17
134
172
1% 1%
4,600 Alaska Juneau Gold Min'g_10
2
2
2
2
2
2
2
2
25,200 Allis-Chalmers Mfg
100
4712 49
4812 4914 4714 4912 4712 49,
Do pref
100
700
94
*90
*304 9112 90% 9078 8834 89
1,400 Amer Agricultural Chem_100
_..
90
91
9112 03
9134 90
4001
Do Prof
100
-0612 -9-6-1-2
96
9014 964 *9512 0614 96
Note
50
300 American Bank No
45
44
46
*45
4012 045
*45
47
200
Preferred
ao
45
45
45
*4434 473 *4434 4534 45
100
9112 92
91
9134 91 "9212 914 924 1,700 American Beet Sugar
100
_
Do
pref
9412
*88
94
*88
3,500 Amer Beech Magneto_No par
iii" 11512 ill)" fill -29,400
115 116
114 115
100
American Can
54
54
5434 52% 5434 5214 548 53
100
Do pref
9012 9834 9872 9934 9934 994 9913 1.000
99
13512 13812 13,100 American Car & Foundry-100
13658 139
136 138
13614 138
pref
100
Do
115 115
100
American Cotton Oil
2
3
"Li 51 5114 5114 "15r2 165; ;.56" li" 2,101
Do pref
100
i
6
i1
2
2
1
6
i
7
14
-2
11Druggists
Syndicate-10
5
;650
Amer
-1112
1313 14.52
2512 2512 4,900 American Hide & Leatber.100
2512 2524 2512 2572
100
5,800
Do pref..
113 114
11414 11512 113% 11512 113 11418
100
700 American Ice
45
*4414 46*44
44
4414 45
45
100
200
Do pref
65
*63
65
*61
63
66
64% *63
59.000 Amer International Corp-100
109% 11212 109 11112 10912 1118. 1074 111
100
754 7714 7634 7934 7914 8212 24,400 American Linseed
74% 75
100
Do pref
1,000
95
0312 0312 9412 954 *94
*03
04
American
Locomotive
100
43,400
984
96
9912
9812 10032 97
9934 97
100
800
Do pref
10412 1044
106 106
105 10612 *104 107
Grain--No
par
Malt
&
600
Amer
38
38
43
•38
43
39
30
*38
2712 2712 2634 27% 2672 27% 2814 2634 10,400 Am Ship & Comm Corp_no par
200 Am Smelt Seour pref ser A.100
83
081
83
*81
*82
84
8134 82
12,100 Amer Smelting & Refining_100
69
Bps 69t2 87
68
68
68% 67
100
Do pre(
*00 100
1.500
0812 10014 9014 9934 *go 100
Per share $ per share $ per share
8412 8434 83% 8412 83% 8334
8012 8012 79% 804 7934 80
712
*732 712 *714 712 *7
92
92
*9012 93
91
91
32
3218 3112 32
3112 31%
48% 487g 4712 49
4612 46%
1334 1414 1312 1334 1314 1312
812 812
834
814 814 *8
13134 13212 13014 13214 1304 13114
55
55
55
55
5434 5472
9
*8
812 812
*23
2312 2312
24
3684 37
36
3612
37
36
52
52
5214 52
51% 52
86%
8612 86% 86
8684 86
*119 122 *11834 121
12012 12034
26% 2634
2712 2712 2634 27
7114 71
71
71
71
*70
61
61
6012 61
*604 6114
1604 6012
*45
47 ;
,17- 16" *45 "49"
65
*03
67
*65
70
65
-8 94
04
-945 947*184 196 *184 194
*7
9
9
*7
13
13
13
1312
1312 1312 1312 1312
2012 2018 19% 204
•1412 15% 14% 14%
78% 79
78% 794
3934 4018 3914 40
812 *7
*7
812
*304 34
34
*30
90
90
89
89
44
4
412 412
12
12
1212 1214
1512 1512 1514 1514
*45
*45
47
47
11
*8
11
*8
1912
*17
1912 *17
44
44
4412
44
11112 11112 111% 11134
*45
47
*45
47
Wednesday
Jan. 14
Sales
for
She
Week
$ per share
8234 8312
7912 7934
7% 7%
9012
90
314 31%
47% 4712
13
1332
84 812
129 13014
5434 5434
*812 834
2314 2314
3534 3614
50% 5112
85
864
117 117
,2614 2612
7012 704
59% 60
$ Per share
8234 8312
7938 7912
*732 712
92
*89
3118 3112
468. 4712
13
1314
814 814
12912 13014
'lir.
•Bld and asked prices; no sake on this day. t Rs-righte
-jai. yic
PER SHARE
Range foa Year 1919
On basis of 100-share lots
Highest
Lowest
PEE aJsIi
Bangs or Previous
Year 1918
Lowest
458 Feb10
812 Jan13
2218 Nov29
3712 Dec15
414 Dec29
2834 Apr10
6634 Dec12
2334 Sept24
6012 Dec29
40 Nov12
Ws Deo12
1612 Nov28
95 Dec 1
77 Dec12
3972 Dec16
124 Jan21
56 Mar27
39 Apr 7
44 Apr29
24 Deo16
75 Dec20
7372 Dec12
33 Dee12
3334 Dec23
1034 Jan21
20 Deo 1
1078 Dec18
23 Dec31
658 Dec27
12 Dea19
914 Nov29
2014 Dec12
5278 Dec12
2712 Jan21
11 Doc17
5 May 1
10 Mar 4
2934 Dec30
11918 Aug 8
63 Deoll
714 Jan 9
15 Jan13
714 Declb
2014 Deo16
14 Dec13
958 Apr21
16 Dec16
17 Feb 3
5218 Feb20
734 Mar b
17 Jan30
25 Dec30
294 Apr26
Jan21
21
5612 Jan20
66 Jan13
112 Deol9
154 Jan 2
30 Jan21
8178 Jan23
87 Sept 2
292 Dec22
33 Jan25
42 Jan 2
62 Jan 3
8484 Jan13
844 May 7
4278 Febll
298 Dec16
844 Feb10
113 Jan18
8958 Jan 2
88 Jan 7
1014 Nov19
1318 Jan 4
7114 Jan 2
874 Aug21
5484 Jan20
5232 Feb 8
4418 Mar 1
85 Mar 1
58 Jan21
100 Jan14
3934 Dec30
28 Dec30
7938 Dec16
614 Dec 1
94 Dec29
42 Dec
64 May23
Jan
11
54 July 7
2578 Jan
76 June 9
Jan
49
113 July14
114 Apr
414Jan 15
112 Apr
314 July14
1734 Jan
5158 Oct 8
7214 Jan
97 Sept16
78 Jan
11334 May 1
894 Jan
103 Mar15
3112 Mar
55 July15
4184June
49
Oot18
48 Nov
10154 Oct21
95 May29 s82 Sept
14378 Nov 8
3488 Jan
6858 Septa°
8914 Jan
10758 June16
6814 Jan
14838 Nov 5
Jan
119 Julyll 106
Jan
25
674 July14
78 May
93 Apr 3
1414 Mar 7
117, Jan
434 July31
50 Jan
14238 Oct22
1112 Jan
76's June 6
1188. Jan
764 June 6
5112 Sept
13214 Oct31
27
Jan
89 Nov 7
6914 Jan
983s Apr 15
5312 Jan
11712 Oct 7
Jan
10934 July 2 s95
63 Aug 3
4712 Oet22
May
9412 June12
73 May
8934 July16
10953 July17 103 Sept
Less than 100 sUres. a Ex-div. ani rights. s Rs-dividend
o Full paid.
Highest
$ per share $ Per shard
81 Mar 9934 Nov
80 Jan 9212 Nov
5 Dec 104 June
893s Apr 109 Nov
484 Dee 62 Nov
53 Apr 644 Nov
2532 Dec 4814 Jan
$ per share
104 May27
89 Jan 4
1512 July24
107 May29
5514 May27
594 May27
334 July23
2814 July23
1707s July10
6812 May17
12 July17
3078 May19
5234 July17
76 July17
105 May26
133 Jan 17
3214 July17
84 June 6
73 July17
82 Jan 7
547k June 6
74 July12
3134 May 5
5812 July24
514 May29
116 May29
217 May 7
1512 July14
24 July14
2014 May19
33 JulY16
2334 July17
10058 May27
5234 July10
1272 July25
4012 July18
104 May16
918 June 2
311,4June12
2514 May19
57 May21
14 July21
25 May19
608.June 2
12234 MaY17
88 Jan25
2412 July17
9814 May29
1658 July22
2518 July18
3872 July 9
5884 June 7
14 Mar10
50 Sept24
8334June 6
3314 July10
70 Apr 2
5312 July 7
4072 July17
2414 July18
11212 May19
9972 May27
484 May19
3312 Dee26
70 Dec26
5312 Dec27
72 Sept15
4484 June 9
8412 June 7
93%June 6
8815 Feb 4
3912 May16
2784 July17
87 May 2
2338 June 9
3778June10
12 July23
2334 July17
115 June 2
33 May19
7212 May27
7012 July 2
2558 July23
1312 July29
254 July25
60 June 3
13812May29
7434 Mar 5
157s July 1
3434 July 1
1338 July23
38 May19
,9
2512 Jul)
1472 July17
304 July 9
26 July14
6112 Jan 9
1814 Sept24
2834 Sept23
414 May16
$ per share
8012 Dec12
767 Dec19
6 Mar31
874 Dec29
2834 De.315
384 Deo16
10 Deo27
5 Deo27
12618 Dec11
5112 Dec16
714 Jan13
21 Dec12
3418 Dec12
4878 Dec12
85 Nov28
116 Dec 5
2218 Jan21
68 Dto19
5514 Aug21
57 Dec31
32 Feb17
83 Septa
19 Deo13
48 Dec 4
45 Feb 4
9112 Dec 1
17212 Mar18
312 Apr 7
64 Feb 3
1238 Dec30
1812 Dec30
1334 Dec16
7515.Dec12
3134 Jan 2
7 Sept20
30 Dee15
8578 Dec30
34 Mar24
10 Dec23
13 Nov28
40 Dec13
7 Feb26
13 Deo16
404 Dec30
10472 Aug19
3732 Dec23
11
6
o2
Ja
en
9% D
70
135 Mar
4934 Jan
6 Apr
184 Apr
374 Apr
6614 Apr
8912 Mar
125 July
18 Apr
5684 Jan
46
Jan
69 Sept
26 Feb
5884May
18 Apr
47 Apr
40 Apr
10012 Apr
160 Apr
214 Jan
5 Apr
14 Apr
2318 Jan
1812 Jan
Jan
86
2518 Jan
8 Mar
27 Mar
92 Jan
434 Dec
1714 Dec
1518 Apr
45 Jan
714 Oct
18 Apr
5358 Deo
Jan
110
80 Dec
74 Apr
8012 Jan
432 Jan
612 Jan
Jan
20
Jan
41
4% May
17 Apr
674 Jan
1338 Oct
55 July
40 Oct
27 Apr
1814 Jan
102 Jan
8118 Jan
4314 June
912 May
524 Apr
30 Apr
2572 June
22% Jan
61
Jan
704 Jan
35 Jan
35 Mar
9% Apr
21 Apr
19 Oct
28 Oct
7 Apr
151a Apr
8012 Jan
2038 Apr
57 Jan
14 May
1214 Dec
4 June
84 Mar
32 Dec
10934 Jan
69 Jan
434 Jan
1012 Apr
7 Apr
3078 Dec
1918 Dec
10 Dec
20 Jan
13 Jan
Jan
46
8 Apr
1712 Apr
2978 Dec
-45Oi
6282 Nov
11 Nov
32 Nov
18
"
06
7/
4
$41 Nov
VI
137 Jan
3212 Nov
88 Nov
75 Nov
82 Dee
40 Nov
70 Nov
274 Nov
Nov
48 Dee
1519584
v
185 Sept
.13
7% Nov
2382 Nov
3612 Nov
2714 Nov
10612 Nov
3412 Nov
10 May
3512 Dee
ao
v
Jo
1N
14
0511
Jan
2414 Nov
5912 Nov
1178 Novt
25
25
41: Nov
16
10018 Dee
915771: NovNov
634
1312
3158
82
1038
3612
8458
34
65
48
Nov
Nov
Nov
Nov
Nov
Dee
Nov
Nov
Nov
Nov
May
244538%
11214
105
5018
1872
64
558011
Nov
Nov
Nov
Nov
Nov
v
Nov
4038 Nov
82 Nov
9614 Oct
y
JD
ualw
0
714 M
4
3
19
3312 Nov
522 Nov
4
20
2
15214 Nov
110
3472
7514
2912
2184
714
16
Nov
Nov
Nov
Dec
Jan
Aug
Aug
1371
654
2 j
Oan
el
7684 Nov
12 June
20 May
1184 July
444 Jan
2612 June
1784 Feb
32 June
2484 Nov
66 June
1284 Nov
26 Nov
3934 Oat
80 Jan
264 Nov
624 Nov
7214 Dee
538 Nov
312 June
37 May
861k May
Oct
106
101 Aug
354 May
42121Aug
84 Feb
9111 May
_
4 May
-50899 Dee
93 Dee
115 Dee
4484 Oct
88 Dec
ii;
1 Wait
944 Aug
49
Oet
61
Oct
6011 Oct
474 Dee
92 Dee
7184May
10282 Dee
96 Nov89
9434 Oct
1104 Nov
New York Stock Record-Continued-Page 2
248
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE NOT PER CENT..
Saturday
Jan. 10
Monday
Jan. 12
Tuesday
Jan. 13
Wednesday
Jan. 14
Thursday
Jan. 15
Friday
Jan. 16
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1919
On basis of 100-share lots
Lowest
$ per share $ Per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell.(Con) Par $ Per share
100 10112 Dee17
100 American Snuff
11012 11012 *106 112 *108 112 *108 112 *107 110 *107 112
4512 4512 4334 4512 4312 4414 424 4478 4313 4412 43
4414 13,600 Am Steel Found tem ctts-334 3314 May10
9312 9312
No par 91 Dee27
9318 9318 9312 9312 9318 9312
500 Prof temp ctfs
13814 13914
__ _- 13512 13512 136 137
1-4-61-2 *134
135- 11E- 1,400 American Sugar Refining_ _100 11114 Jan21
*118 11812 118 118
100 11312 Jan 6
118 118 *118 119 *118 11812 4,118 11812
400 Do prof
9314 9034 9258 23,400 Amer Sumatra Tobacco _100 73 Aug21
954 9612 9434 9614 9213 9412 92% 9412 90
93
93
*9012 93
*91
100 9058 Dec30
200 Do preferred
9212 9212 *91
9114 9114
97
9612 9634 9812 9714 -5
9714 9634 97
77- 978 97 9818 19,500 Amer Telephone dr Teleg.._100 95 Dec30
*270 280 *260 280 28514 26714 267 267
100 1914 Feb 4
286 267
700 American Tobacco
270 270
9712 9712 9712 9714 97% 96
*97
9738 9612 9714 97
100 9358 Dec23
9738 1,000 Do prof (new)
146 15434 14612 15314 14712 153 118,800 Amer Woolen of Mass
157 16514 154 163
152 156
100 4514 Jan16
*10314 10412 103% 10412 104 10412 *103 105
500 Do pre(
100 94% Feb 8
10438 10438 *10312 10412
5434 5512 5412 55
5714 56
57
2,800 Amer Writing Paper prof..J00 2758 Jan 2
55
5812 5512 56
54
2012 2134 2012 2034 1934 2014 1912 204 1912 20
Jan31
19
1912 8,200 Amer Zinc Lead & Smelt__25 11
5912 5912 5912 5912 .5812 5912 5834 5834 5834 5834 5812 5812
25 40 Jan21
500 Do prof
6212 6332 6214 6312 62
8272 6118 6212 26012 6134 25,500 Anaconda Copper Mining-50 545s Nov29
6212 61
412 5
5%
5
4
10
412 2,500 Assets Realization
1
Jan 2,
514 514
514 5,2
514 534
61
6212 6212 6214 6312 62% 63
6214 6018 6118 594 6012 4,374 Associated Dry Goods_ _100 1714 Jan d
74
*73
75
7412 7412
75
100 81 Mar19
*74
*73
200 Do 1st preferred
76
*74
74
74
76
100 5812 Feb 8
*74
17534 7534 1,501 Do 2d preferred
115 118-14
11814 11814 *iio- 123
200 Associated 011
115 115
100 68 Jan 2
168 fif - 164 16612 163 164% 16034 16234
18412 159 161
8,500 Atl Gulf & W I SS Line_ _100 92 Feb 8
75
*71
*73
75
74
74
74
Jan29
*71
74
*72
*70
*72
Do prof
100 84
7034 7178 6912 7034 68
6914 6612 6912 6614 6814 6618 6878 62,500 A T Securities Corp__ no par 6512 Dec 18
19
*18
18
18
18
18
18
*17
18
19
1658 1714 1,800 Autosales Corporation
50 1412 Nov19
*30
34
30
34
30
*30
*30
34
32
30
100 6% prof temp certlfs
Oct25
50 29
3038 *25
120 12312 115 121
11312 11632 10934 11532 11114 11 112 11012 11414 397,800 Baldwin Locomotive Wks_100 6472 Jan29
12812 12834 127 12914 126 12612 12434 12634 1254 12534 125 126
Jan 2
100 103
3,000 Barrett Co (The)
*110 114
100 110 Feb10
Do preferred
114
114
112
114
112 --114
400 Batopllas Mining
20
112 *114
114 Jan20
133 133 *114
r4
28
2914 3014 2834 3014 2812 29
28% 28
2814 2734 2812 8,300 Bethlehem Motors_ _No par 26 Sept22
94
94
9312 9312 9112 9112
8912 8912
91
91
600 Bethlehem Steel Corp....100 5512 Jan20
97% 9934 9514 98,
- W- 9372 9832 93 9534 103,400 Do Class B common...100 5532 Jan21
4 9534 9712 -55-4 (
97 97
98
98
100 90 Dec20
200 Do preferred
1135 11353 11358 11372
11312 1-1-3-12
700 Do cum cony 8% pref100 10158 Jan22
1434 15
-1412 15 14% 1434 14 1432 14 1432 14 14 5,400 Booth Fisheries
No par
11 Dee 1
*91
9112 194
91
94
91
100 8512 Doc18
100 Brooklyn Edison, Inc
*52
54
100 41 Deel8
58
;85- 56 *52 56 52 52 *51 58
100 Brooklyn Union Gas
100 71 Fob 5
Brown Shoe, Inc
100 166---565 Do preferred
100 07 Aug18
-5158 -9178
*iii- 1-11- 118 118 118 118 110 118 10314 110 108 1087-2 2,100 Burns Bros
100 115 1)ec30
1078 1072 10% 1112 1012 1034
958 1018
953 1014 912 10 5,710
00
0B
512 Feb20
Butte Copper& Zinc v t c__5
*25
27
2412 2412 24
24% 25
24
2412 24
*2412 26
100 18
Jan27
28
29
2772 2914 27% 2634 2712 2814 27% 2814 2714 28
14,300 Butte Re Superior Mining.. 10 16% Febll
2434 2514 2234 2412 2212 24
2214 2334 2212 2234 22
2234 6,300 Caddo Central 011 & Ref 100 1914 Dec30
8034 81
7912 81
81
8012 8112 80
80
81
8014 8012 8,100 California Packing___No par 4814 Jan 2
42% 4312 4172 4232 4112 4234 3812 42% 3814 4012 3914 40
100 2038 Jan 2
12,300 California Petroleum
77
*75
7434 7434 *7434 77
100 0412 Jan 2
800 Do prof
7512 7512 *7412 7612 7434 75
*6412 6732 *64
67
*8212 85
6512 6412 6412 *63
*64
68
100 Calumet & Arizona Mining. 10 5644 Mar15
9912 9912
99% 9932 99,4 9914
300 Case (.1 I) Thresh M pf ctf..100 9112 Jan14
-55- ..0-8-3-2 9412 9812 91 96 9312 9512 93%
10
5612 Feb 8
95,2 -9313 9512 24,000 Central Leather
*107 108 *107 10812 108 10812 10712 108
108 108 *107 10812
100 10112 Jan 7
600 Do Prof
5812 5834 57
56
58
5612 57
5672 5578 5614 8,100 Cerro de Pasco Cop_ No pa
5672 56
Jan22
31
58
58
57
57
57
57% 5772 57
57
57
800 Certain-Teed Products_No pa
3014 Apr12
12714 1-H1-2 12312 12612 12212 126
12412 128
12214 126
121 126
15,400 Chandler Motor Car_ No par 90 Nov12
10314 10334 102 10312
500 Chicago Pneumatic Tool._100 08 Apr16
1973 20
19% 20
2 -i5- 1913 -i5- 1953 8,700 Chile Copper
25 1614 Dec 1
1953 1013 -1918 -1-5-73812 39
3812 3834 3832 38% 3832 3914 3812 3872 38
3834 5,500 Chino Copper
5 3212 Feb 8
9912 *96 101
99
98
*95
98
*93
98
98
5
20
96
96
7,0
00 Co
Cl(ra L,oljaeabody & Co___ _100 8032 Feb27
39% 39% 3912 4014 39,4 3912 3918 3914 39% 3912 39
par 3712 Nov28
3912
Cola
4212 4312 4112 4214 4112 43
41% 4212 4112 42% 4112 42
3434 Feb10
7,900 Colo!ado Fuel & Iron___o_l
N
6534 68
6414 67
62
64
63
6312 6214 6312
6412 63
100 3914 Feb 1
Columbia Gas & Elee
5912 60
5812 6012 5734 60
56
100 Colu
57% 47% 5634 4914 5212 63,20
t raphophone No par 50% Oct18
pombviirteG
9234 92,
100 9113 Dec29
4
;LK 57 55 55 533
- 4 5334 5334 5334 ;LA IS- ;521-2 1.3300 Computing-Tab-Recording 100 3734 Jan 4
63 '54
*61
63
'6012 61
61
6112 *60
61
300 Consolidated Cigar__No Par 51 Aug18
*82
83
82
82
*8112 82
8134 81,
82
82
400 Do preferred
4
278 Aug15
8114 82
81% 8112 8012 8112 7934 80,2 *7913 81
81
81
88 7834 1)cc29
3,400 Consolidated Gas (N Y)...1100
19% 1834 1914 18% 1834 19
1912 1913 19
1812 18% 3,100 cons Inter-Mate Call Mg....10
19
578 Apr23
30
3012 30
30% 2914 2972 2834 2912 22732 28
27% 2814 3,100 Consolidated Textile___No par 30.2 Dec16
---- 88
87
88
89
89
88
100 6512 Feb10
1,300 Continental Can, Inc
---10034 10034 10034 101
400 Do preferred
100 10012 Oct18
-1212 1234 1212 1212 1212 1212 -1512 -111-2 -1212 -111-3 3,200 Continental Candy Corp No par 1034 Sept20
8514 8613 83
8512 82% 8372 8112 8312 8134 84
8214 8514 25,300 Corn Products Refining_100 46 Jan21
*107 108
10634'10672 *10612 10712 *10612 10712 10812 10612 10612 10612
Jan23
100 102
500 Do preferred
215 21712 211 21512 202 211
204 208
203 207 2202 209
48,900 Crucible Steel of America_100 524 Feb 7
*9934 100
Jan 2
*9934 100
9978 9972 9934 9934 100 100
100 91
6001 Do preferred
5114 5212 4912 5134 50
-Bills -5314 51% 53
5134 4912 5078 36,000 Cuba Cane Sugar
2038 Jan27
8434 85
8434 8434 8414 8414 8414 8412 84
6912 Mar 1
8412 8334 8372 2,200 Do preferred
*385 415 *315 415 *350 410 *350 410 *350 410 *350 410
Jan 8
p O
r 150
.
N
. -o-i
Cuban-American
*1234 13
1234 1234 1212 1212 1212 1212 1212 1212 1212 1212 1,100
10 1058 Jan31
2512 2512 2514 2572 25
*25
27
26
2734 2572 2714 25
50 2338 Dee 2
2,800 Elk Horn Coal Corp
42
*35
42
*35
42
39
42
*35
39
42
*35
*39
100 Do preferred
50 39 Dec 6
*28
30
2814 2814 *27
*28
*28
30
*28
30
30
30
100 Emerson-Brantingham_..100 2472 Dec30
•83
92
90
90
*85
90
92
90
8934 90
9012 90
600 Do preferred
100 88 Dec 15
141 14134 13532 14012 13414 136
135 137
135 13514 133 13512 8,100 Endicott-Johnson
50 80 June30
410412 10112 10314
2 10234 10372 10332 10332
1,150 Do preferred
100 10172 Aug21
-55- 91 - 0012 92,4 88 1037
87
86
8912 8412 89
6,700 Famous Players Lasky No par 83 1)0012
8712 85
*11
14
*1212 15
1212 1212 *10
*10
*1212 15
15
15
100 Federal Mining & Smelting 100
Deel0
*29
31
29
3034 3012 3012 30
2972 297s 30
30
30
1,100 Do preferred
100 25 Dec15
12812 12812 130 130 *120 130
129 129 212234 12234 *120 130
500 Fisher Body Corp
No par 3814 Jan 8
4314 4414 4178 4312 4112 42% 41
4214 4134 4272 4112 424 23,900 Fisk Rubber
3912 Nov13
3172 3314 3112 3212 32
3212 3114 32
32
31
33
3212 12,100 Freeport Texas Co
par 3172 Dec29
18
18
1712 184 17,4 17% 1712 1714 1712 1714 1718 1738 3,500 Gaston W & W,Inc-No
ar 15 Deal
No par
7214 72% 72
72
7112 7112 7114 7112 7132 7212 72
7212 3,700 General agar, Inc
100 47
Jan 3
168 16814 16812 16812 168 168
16734 16734 16734 16734 168 168
1,200 General Electric
100 14412 Feb 2
327 33112 318 32812 31312 321
31512 317
31372 319
31014 317
49,400 General Motors Corp
100 11812 Jan21
8612 8612 8712 8712 87
87
8514 8614 85
8412 85
85
2,900 Do preferred
100 82 Jan 6
8414 8412 84
8412 84
8412 8212 8334 8234 8334 8234 83
8,200 Do Debenture stock. 100 8212 Feb17
8012 82
78% 80% 7832 7932 75
7912 75,4 7734 7612 7878 42,100 Goodrich Co (13 F)
100 5612 Jan10
10172 10172 10134 102
101 10114 101 101
1,000 Do preferred
100 102 Aug 7
*54
55
5312 5312 5218 5212 *5112 55
-5133 5112
*5112 55
600 Granby Cons M S & P
100 4712 Deel6
46
4612 4434 45
45
4412 4412 45
700 Gray & Davis, Inc
25 4638 Dee 9
ia-7T2 3853 38
38
37
3712 37
37
38
*3512 38
1,100 Greene Cananea Copper__ 100 3212 Dee 2
83% 8014 8134 79
83
81
77
78
7912 4,300 Gulf States Steel tr etts_100 4912 Feb 8
8172
*99 10014 *99 100
*9912 100
*9912 100
ion- 1615-2 101 103 1,400 Hartman Corporation
100 5414 Jan 8
6012 6012 60
614 60
60
*5714 60
59
59
5712 5712 1,300 Haskel & Barker Car---N0 Par 40 Feb 6
5878 5912 5634 5914 5572 5612 55
5614 55
56% 5412 5872 26,700 Inspiration Cons Copper.. 20 4212 Feb 6
*20
22
*20
22
2012 2012 *20
1912 20
2014 20
20
400 Internat Agricul Corp ....100 1012 Jan 2
8112 8112 81
81
80
80
7912 7912 80
*79
81
80
600 Do preferred
100 48 Jan 4
127 128
127 12812 12612 128
12578 12633 4,800 Inter Harvester (new)
12534 127
100 11018 Jan21
114 114
114 114
114 114
113 11334 114 114
1,100 Do Preferred, new....._100 111 Dec16
473348 46 4734 4534 47 4312 4612 4334 4512 -i(51.2 44 - 51,000 Int Mercantile Marine___ _100 214 Jan31
11012 11138 10912 11012 109 11038 10814 11038 9812 101
96
9814 36,400 Do preferred
100 923.1 Feb10
2512 2534 2472 2534 2412 25
2373 2434 23% 2434 2334 2412 22,700 International Nickel (The)_25 2058 1)0015
8434 8512 8034 8532 8032 8232 78
8158 79
82
7912 83
52,500 International Paper
3014 Jan 3
100
78
78
77
7712 7812 7712 *76
78
77% 7772
800 Do stamped prof
100 62 Jan13
4814 4912 47
48
47
4634 47
4772 4634 47
If
2,600 Iron Products Corp-No par 34 Dec12
20
21
20
19% 1912 *1812 1912 18
20
1812 1812 1812 2,000 Jewel Tea, Inc
100 15 Doc13
4514 4514 43
4414
4272 4272 4178 414
_
4.42
43
900 Do preferred
100 3872 Dec23
28
28
28
28
2812 2834 28
28% 22812 2612 2634 2634 1,100 Jones Bros Tea, Inc
2434 Deolfl
100
115 115
11012 112
700
(Julius) & Co
10(1 105 Apr 5
146 147
13814 142
154- 1361-2 155- 1-4-0-1-4 x132 134 10,300 Kayser
137 139
Jan21
Kelly-Springfield Tire
1251 68
*103 105
104 104
10312 10312 10334 10334 10312 10312 *103 105
600 Temporary 8% preferred 100 1014 Dec12
*80
85
80
80
79
80
7812 7812 7814 7814 7812 7812 1,000 Kelsey Wheel, Inc
Jan24
100 34
3158 3178 31
31% 3012 3132 3034 3112 3012 3073 301,3 30% 15,200 Kennecott Copper__ __No par 2753 Nov29
44
4478 4014 4434 39
3912 3813 39% 45,400 Keystone Tire dr Rubber _10 38% Dec29
4012 3712 3972 37
8612 8872 85% 88
8412 8812 83
8514 84
86
82
85
22,300 Lackawanna Steel
100 6212 Jan21
*38
45
*38
50
*38
50
Laclede Gas (St Louis).... 100 33 Dec30
37
3413 36
3712 -5-8E8
34
3512 3432 3434 -55i8 35
4,100 Lee Rubber & Tire_ ___No par 21
Jan22
207 207 *201 212 *200 212 *200 210
200 200 *198 210
800 Liggett & Myers Tobacco_.160 105 Dec 1
*10812 10912 10812 10812 108% 10832 10812 10812 108 10812 *108 111
600 Do preferred
107 Jan27
100
26
2814 2412 25% 23
2334 2338 2334 2273 2334 2258 24
15,600 Loft Incorporated
par 254 Dec23
*88
70
68
69
*67
69
65
65
6634 6634 *65
68
500 Loose-Wiles BiScult tr ettso
4018 Feb17
n
*114 115
11472 11472 *112 115 *112 115 *112 115 *112 115
100 Do 2d preferred
100 04 Feb 5
•177 182
172 17834 175 175
170 175
1694 17014 *16914 170
1,500 Lorillard (P)
100 14734 Apr15
*11012 114 *11012 116 *11012 11234 *11014 11234 *11012 11234 11012 11234
Do preferred
100 107 .Tangfi
• Bid and asked prices; no sales on taus day. I Less tnan IOU 811aces. I
a Bx-div. and rights. 8 80% paid. P rui
For fluctuations in rights see second page preceding.
iaa-
-aa-
Highest
PER SHARK
Range for Previous
Year 1918
Lowest
HiChest
per share
Spar share
1$40
perSsehpatrle8
85 Oct 107 Dec
47 July 7
9612 Atig14
-_
14833 Oct29
98 Jan 116 May
119 May24 10814 Mar 114Ig Dee
12012 June12
6034 Jan 145 May
100 May12
81
Jan 103 June
10858 Mar10
9058 Aug 10914 Feb
31412 Oct24 14012 Jan 19834 Dec
Jan 6
921s Sept 10012 Dee
106
444 Jan 607s May
16913 Dec31
92 Jan 9634 Dee
11034 June 5
2014 Apr 3938 Aug
Oct 2
69
11 Dee 2138 July
29 July14
3834 Dec 5314 July
59 Dec 27414 Oct
4 Doe
212 Nov
6
751i
6
7 jjN:11°
12 May 1858 Dee
1)Oe
vYY2114
76
1
51 May 63 Deo
82 Aug 14
3618 Jan 3618 Jan
8014 May13
Oct
54 Apr 71
142 Nov 7
9734 Jan 12014 Feb
192% Oct31
7(113 May 8
58 Jan 6758 Nov
_
7532 Dec 26
_
2034 Dec 8
3512 Dec 3
15614 Oct22
5618 Jan 10184 May
145 July 7
85 Jan 110 Dec
119 May29
9912 June 10713 Dee
42
518 M
OacYtPl
10734 July15
112
Oct23
108 July21
116 Sept30
25 July24
102 Aug 1
92 May29
11212 July16
101 May14
160 Apr23
Oet 6
17
1
3
39421 .11y3
J,0
11y10
7
c26
4M
DaeY
8
57
44
5678 Oct20
igt117
0
18
06
158 BActl)
y:I 4
16
8
163
14
2J
J :ty4
117
4
July16
•j
iyl613
6512 Nov 7
14114 Nov 5
11312 Nov 3
2914 July14
5078 July16
108 Dec29
4358 Nov 7
oe9ti
6
58 July14
7514 Oct27
9512 Oct28
8334 July14
15
7
jitiini;2
J
8632 Julyll
10765%
4
372
23 N
O0cvti14
10334 Juno 7
110 June17
15% Oct20
Oct22
99
lyg
2
10
09
1% Jo
ue
105 July 3
55 Doe 8
8778 Dec 9
Oct31
410
1614 Nlay12
43 July16
49 July23
43 June27
101 June26
150 Doe 2
10712 Dec 2
123 July17
uc
lyt18
5
17
23
313 Jo
4814 July14
55 Oct 9
04% July14
3834 Julyll
9572 July23
Oct20
176
40612 Nov 5
95 Juno 3
9434 Apr14
9338 00,29
10912 Apr16
Jan 3
8(1
6
Do:26
1(13
03: N
4712 July14
8918 Oct20
7138 July14
6878 July16
3734 July14
9178 Ju1y14
14958 July 7
120 June23
12
68
7% j
NlualY
y2
18
1
3378 June26
82 Nov 5
80 July22
65 Nov 7
48 Mar15
91 Mar 6
44 July16
130 Apr22
164 Nov 3
11014 Oct21
11434 Oct28
43 July115
12013 July14
10734 Nov 1
83
2
'
5
10
814 Aug
j
°n1228
1
115 July16
27% Deell
-665034
84
9614
21
Dec "08 May
Nov 94 May
Dee 94 Sept
Jan 10678 Apr
Jan 2813 Sept
2 Nov
"fi Aug -£1162 June 74 Nov
95 Jan 98 Apr
108 Feb 6112 Oct
512 Dec 1278 July
712 May 1812 Nov
0112 Jan 334 May
_-3612 Jan
Nov50
Jan 244 Nov
12
Jan 7012 Dec
36
81 Dec 71 May
73 Jan 9212 Dec
5434 Dee 7333 Feb
10112 Dec 108 Nov
2914 Mar 39 NOV
Oct 4O12 NOV
30
_-- 4jUi.11-3
68 June 767
1412 Apr 2434 Oct
3138 Dec 47 May
654
Nov
45 Jan
-gag -inn
2834 Mar
-30 Jan
54 May
4412 Dec
Nov397
July
-814 Tuii 10533
713 Sept 13 June
-6E13 Oct -iE- Feb
99 July 107 Dee
Nov
Jan
Jan 104 Dec
Jan 7472 May
Jan 9134 June
Apr 34 Nov
Dec 83 Feb
Aug 152 Jan
Juno 15 Nov
22 Jan 3114 Nov
37 Mar 4312 Nov
2978
29012
52
86
2713
7714
136
-
27
26
- Dec
Jan
Jan
2584
34
12734
10634
7538
38
9558
74
-- _
3812
5834
37
34
414
10
38
104
107
21
8338
27
2412
88
Oct
Jan
Jan
Jan
Oct
_
Jan
Dec
Jan
Jan
Dee
Mar
Jan
Deo
Jan
Jan
Oct
Oct
Jan
Jan
Jan
Jan
Jan
if" Dee
Oct
is
4412 Oct
43 June
▪ 39 .1•Ot;
58 June
15812 Oct
164 Aug
88 Feb
597k Oct
104 Dec
Oct
86
5814 Nov
11113 Apr
55 Dee
494 July
5812 Oct
19 June
65 June
121 Nov
11452 Dec
33
Oct
12512 Nov
35 NOV
4512 May
654 Jan
-401i
88 Apr 9714
i
(j 95 Jan
Apr 72
41
igt8 July
29 Mar
Nov
Jan
Oct
Dec
Oct
35
4114 Nov
⁢ Dec WI;May
82 July 90 May
12 Apr 24 Dee
16414 Aug 210 Dee
10012 June 110 Nov
1712
53
Y2
10
4
18
20
1 Jjtu
rnle
245 July23 14412
OR
115 inlv29
paid. n old atom'.
Jan -4553 Dec
Feb 90 DM
Aug 200 Ms.
Jan 110 No`
z Ex-dividend
249
New York Stock Record--Concluded- Page 3
Fos record of sales during the week of stocks usually Inactive. see third page preceding.
HMI AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Jan. 10
Monday
Jan. 12
Tuesday
Jan. 13
Wednesday
Jan. 14
Thursday
Jan. 15
Friday
Jan. 16
Sales
Or
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1919
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1918
Lowest
Highest
$ per share $ per shays
$ per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares Industrial&Misc.(Con.) Par $ per share
70 Dec
7812 Fit
74
100 113 Doc30 7978 May27
Mackay Companies
*69
74
*66
73
*66
74
*97
*67
74
*6812 74
57
100 263 Juno 6 66 Julyll
Jan (15 May
1,100
Do prof
6414 64
64
6412 *64
*64
6412 *64
64
*64
6412 64
26 28 Aug 5 3812 July17 ____ ____ ____ ____
600 Manhattan Shirt
_
3212 3212 3212 3212 3212 3212
2712 2712
100 martin Parry Corp_no par 23 Dec12 3178 Nov 7
29
-3
56- 193-4 29
;56- --- --- 0
jJaann2222 61 July28 -2
-2-1-2 -L
;
. -i2-1-2 Nov
100
32
3,500 Maxwell Motor, Inc
3312 3414 33
3318 3112 3212 3118 3214 -51 -3-1-1-4 *31
8412 July28
50 Dec (,978 Nov
100 520543
5834
5912
1,600
Do 1st prof
____
63
*61
64
*61
5812 5934 5912 5912
19 May
323 Nov
400
100 1914 Jan 2 4612 June 3
Do 3d prof
2734 -2-7-3-4 *28 '30
31
*30
34
*30
33
3012 3034 *30
19 May 323 Nov
123 123
Jan 4 13134 0031
1,400 may Department Stores 100 60
125 125
125 126
12214 12214 123 123 *122 125
110
May
2
47
Jan
6312
Die
400
Jan
2
100
104
*106
107
Do
preferred
107
•10612 110
107 107
10612 10612 107 107 *106
Oct22
Oot
79
Jan 194
100 16234 Jan23 264
3
189 198 240,(
)2 mtgo
icanprP
orroleum
19414 200
196 2038 19212 203
200 214
19514 209
Jan 107 Dee
87
100 99 Dec17 11834 Sopt30
*100 105
_
___
101 102 *100 105
2214 Dec
3318 Jan
5 21 Nov29 3244 July17
1,700 Miami Copper
2418 -2414 -24-14
-24
.1-8 -2-4-1; -2
7
1i2 -2-4-1; 2414 2414 24
10 32 Oct 9 7134 Nov18
64
4012 5734 -.5'ii2 -4-5-12 252,900 Middle States Oil Corp
6214 6414 57
65
6612 6334 66
4912 27,300 Midvale Steel & Ordnance 50 4014 Feb 7 6214 July14 -if - Dec -61- iiTii
5014 5112 5014 5114 z49
5114 523
50% 518 5014 5114
64 June 8112 Nov
100 54 Nov28 83 July29
6514 6412 6434 6418 6414 2,600 Montana Power
65
6812 6712 6818 6512 665
*67
48
4812 3,500 Mullins Body
40
no par 40 Nov13 53 0020
x48
50
46
48
4814 4814 *4778 4814 46
50 2912 Jan 2 4312 July12 -2634 -iiii -55- iii:
*3612 3712 1.000 National Acme
3612 37
37
37
3634 367
*3612 3712 *3634 37
66
7,100 Nat Aniline & Chem vtc.no par 45 Sept24 75 Nov 7
65
RA 14 661
--78 67
6512 68
6111
...- 2 fi5
6614 67
-- 2 - 4 651
100 87 Nov13 9112 Oct 7
*86
8834 877 877
88
600
Do preferred v t c
88
*8812 8914
8812 8934 8814 887
Oct 7
90 FAug 1101-2 -Dec
100 107 Aug20 139
600 National Biscuit
--------118 119
119 119
119 119
- 120 120
100 112 Dec22 z121 Mar14 10614 Sept 114 Ma!
80Do preferred
92
July26
5
Jan22
55 Sept 6712 Der
70
*7612
200
Cloak
&
Sult__100
7734
*7612
National
*77
78
*76
78
7'58 7658 768 76
Jan 104 Dec
200
100 103 Dec 1 10814 May26 100
Do preferred
*101 104 *101 10312 10212 10212 10134 10134 101 101 *100 102
13 Nov
218 July
700 Nat Conduit & Cable_No par
812 Dec30 2434 July15
11
11
1078 11
1012 1012 1034 1034
5412 May
3714 Jan
4 9,400 Nto
.r4 -8-•f1100 4518 Feb 8 8838 June 7
- 2i8 -ii1-4 -133
profna' & Stamp'g
86
8212 8312 8414 8714 *84
Nat
8312 8414
9912 Fit
Jan15 104 May27
88 Nov
100 93
10214 10214 *101 103 *101 103 *101 103 *101 103 *101 103
9412
00,23
Janll
4 Dee
4314
Jan
693
81
300
825
8012
100
64
81
Lead
80
8014
81
National
8158 825
813
4
8012
808
9934 Mar 10512 may
100 102 Sept 8 112 July18
109 109 *108 109
200Do pref
*108 110 *108 110 *109 110 *109 110
2178 May
1612 Dec
1638 16%
5 1314 Nov28 2178 July17
1618 1614
700 Nevada Consol Copper
1618 1614
1612 1612
1612 1612
165 165
98/
1
4 Dec 139 Ma7
800 New York Air Brake___100 911
/
4 Fob 3 14534 Oct22
10612 107
110 11238 110 112 *10934 11234 109 10934 *109 112
47
1812 Jan
1,700 New York Dock
27 May
100 191
/
4 Feb 7 7034 July30
44
*42
44
44
44
483 4812 46
43
46
46
4512 Dec
42
Jan
1
4 Mar13 75 July29
57
57
300100 44/
55
55
59
*57
60
57
57
*55
60
*50
3712 Aug
5712 Nov
900 North American Co
Janll 67 July28
5512
55
55
100 47
*5412 56
55
55
55
5634
57
57
55
5218 Dec 70 Aug
Jan30 97 June 2
71
7112 4,200 Nova Scotia Steel & Coal 100 46
71
73
72
7312 7218 7334 71
7218 7512 73
Oct
3518 Mar 48
478 25,000 Ohio Cities Ohs(The)25 03534 Feb14 6178 July10
4534 4712 46
47
48
4812 4718 4812 4634 4718 46
40
Oct 4612 Juno
Jan18 55 July25
25 43
*49
51
*487 5012 *4878 5012
*49
5112 *4878 51
*4878 51
Ohio Fuel Supply
914 18,100 Oklahoma Prod & Refining_5
8 Feb 3 1312 May10
9
914
9
98 058
914
934
914
938
918 938
ii - .ii.iii-s
87
4 -.It.;
87
9
912
512 Mar18 1114 Nov 5 -119
9
88 1,300 Ontario Silver Mining___100
878
400 °us Elevator
no par 128 Nov12 149 Nov 3 _
*i5ii-, 138 - 15.
5- 13-5-- 13018 13o38 13158 13158 *13112 13378 132 132
--no par
34/
1
4 Dec16 3914 Nov14
367 3734 3612 37'8 12,300 Otis Steel
3912 3958 37
3934 373 3878 3634 3814
Oct17
4 -Aug
44 Dec -70160
1,500 Owens Bottle
25 46 Mar 3 74
60
60
60
62
*60
60
5834 59
5918 6014 *59
__ __ ____ _-76
76
100 Pacific Development_
7034 Decll 80 Oct 18
_
1
4 July24
5712 5712 57
57
400 Pacific Gas & Electric
100 5812 Dee30 75/
*60
6112 *90
6112 5812 5812 58- 58
2312 Jan
40 Dee
5 2912 Feb 8 42% Julyll
3712 3712 3712 3712
375 38
900 Pacific Mail SS
3734 3734 38
38
1814 Dec 27
Dec26
Oot
100 pacific Teleph & felea___100 22
Jan21 41
-5/ -3-i7214 008
14014
Oct22
63
/
1
4
Oct
Jan21
151,500
96
Trans
95
9714
883
8
50
67
9412
98
Pet
AG
98
-1.
1
-57
68
1
619438
34
ioii4 1-63
Pan-Am
94
8714 9314 19,600
50 9234 Dec13 10478 Dec19
9614 92
Do Class 13
9812 9212 9734 93
9834 9934 93
437 4412 4312 4312 43
46
1,400 Partsh & Bingham
no par 42 Dec15 4734 Nov26
4312 4312 4312 *43
448 45
3012 30'14
3114 3114
3134 3212 31% 32
2,200 Penn-Seaboard St'l v t o No par 2712 Apr30 58 July18
3278 328
3638 2,400 People's G L & C (Chic)__100 32 Dec30 57 May26 -3953 -Jan -61 - Nov
36
3712 38
38
3618 37
3812 3834 -3
.714 -3-g5-8 36
3514 Oct
21
Apr
Jan 3 43 Apr 28
4018 3918 4018 33,400 Philadelphia Co (Pittsb)___50 30
4134 4212 407 423
4018 4112 3934 413 x39
00120
5134 Nov
34
Jan
71
3834 Jan22 99
7353 6934 7234 107,800 Pierce-Arrow M Car-No par
76
7712 7212 77
728 748 7012 75
Oct20
8934 Jan 104 Dec
400
1
4 Jan 3 111
100 101/
10614 1061
10612 10612 10618 10618 106 106
__
_
Do prof
1918 Oct
15 Sept
Jan 2 28% May 0
25 16
1934 21
/
4 1858 1978 33,800 Pierce Oil Corporation
-Hr4 -2"2-1-8 2012 211148 2018 -if 1934 201
063 97
--9412 94
9414
5,700
100 93 Dec3I 10512 Oet28
9612 98
Do
pref
0514 9614 9414 9512 94
42
Jan -58-34
- -Feb
6118 6134 6212 2,700 Pittsburgh Coal of Pa
100 45 Feb 3 7453 July29
6118 61
62
62
6114 62
61
61 18 61
7934 Jan
8578 Dee
200
*8812 91
100 8512 Mar17 98 May28
91
*8812 90
*89
9078 8958 8958 9012 9012 .89
Do prof
20 Jun.
15 Nov
2414
2,000 Pond Creek Coal
25
10 1238 Feb 5 3112 Oct18
25
2534 24
2512 2512 253 2538 2518 2512 25
Oct20
5512 Nov
73 A113
Febll 109
9712 5,500 Pressed Steel Car
100 z59
98
96
0918 10134 98 100
9712 9912 965 9812 98
93
Apr 100 Aug
200
100 100 Mar 3 106 July16
102 1021 102 102
Do prof
85
Oct 10912 Mal
-------- ----------------100 Public Serv Corp of N J 100 60 Dec18 9114 Jan 7
.-*6 - -ii- *60
75
68
68
.
1
4 No,
11412 11412 2,700 Pullman Company
100 110 Nov28 13212 July17 10018 Jan 132/
*116
11534 116
11514 115% 11378 151
8 11312 115
0078 15,500 Punta Alegre Sugar50 51
Apr 4 0814 Dec 8 ---- _--93 -64:- 9034 9234 90
9112 8,334 9178 8918 0012 88
4512 Jan -781; -Dee
100 6812 Feb10 10712 Nov 5
0612 9712 6,200 Railway Steel Spring
102
9914 10012 0734 9878 9612 9712 9658 975
95
180
Jan 10512 Dee
100 104 Feb 4 112 June 3
109 106 *10412 107
10412 10112 *10434 106 *10412 107 *10412 109
Do prof
1
4 July17
1014 Dec 2614 Ma)
22
22
2134 22
2134 2134 2134 217
215 2158 2158 2158 3,200 Ray Consolidated Copper__10 10 Mar 4 27/
....- ---8634 2,100........
84
01
9112 89
00
8812 8834 80
86
8814 86
Remington Typewriter v t e 100 68 Align 10512 Oct24 --45
no par 46 Dec30 5334 Decll
*47
49
2,300 Replogle Steel
47
47
46
47
4514 4514 45
4712 47
117 12038 11378 11812 11312 11512 11024 11,422 2110 11312 197 11212 260,800 Republic Iron & Stee1T--100 7112 Jan18 145 Nov 1 x7258 Jan 96 iit-t;
1
4 July28
925 Jan 10212 SeD1
JanI3 106/
10434 10134
100 100
500
Do pref
---- _--- 10 ,14 10614 10612 10634 *4
-------- 5112 5112
5178 52
5112 5112 ---- ---900 Republic Motor Truck_No par 4412 Sept 8 7412 Nov 1-----4 102 10634 159,000 Royal Dutch Co(N Y shares). 84 Aug27 121 July17
ioiTs 1-6518 10514 1o714 10534 10814 10512 fos14 1614 1-6711212 Dec12 17 July14
16
16
4.900 St Joseph Lead
10
1618
16
16
16
1618
165 1634
1614 1612 16
Dec 716%; May
100 531
/
4 Jan24 9412 Oct17 -5iii -73
73
73
200 Savage Arms Corp
75
*72
75
*72
74
7212 727 *72
*72
29 Aug 0
18 Nov
1
4 Mar21
6/
34 Aug
19
2038 20
1812 204 19
1812 2034 7,310
2138 2012 21%
2014
Motor Car Corp_ 100
June 764 Dec
22512 22512
600 Sears, Roebuck & Co
I00 16812 Feb13 23014 Dec30 13334 .1
*234 239 *230 238 *230 238
228 230
227 227
1914 July25 x13 Dec
1814 Fa
*1218 13
*12
13
*12
100 Shattuck Ariz Copper-_,-___10 10 Feb19
13
*12
1234
1218 1218 *1218 13
83,400 Shell Transp & Trading_ _ _ _£2 74 135212 8134 Dec31
897
87
8878 8018 87
8412 8511
84
868 8558 8834 87
455 4634 4412 46
417 4312 193,200 Sinclair C,ons Oil Corp No par 4118 Dec12 6414 Nov 3
44
4434 4258 443
4214 44
- -y
1-4it
-it -fft; '
74
9,000 Sloss-Sheffield Steel.4 Iron 100 4612 Feb10 89 Nov 3 -5
.- .5a
7614 7734 75
74
7478 73
77
75
7618 7312 75
9314 Jub
81
Feb
100
*90
94
*88
03
*92
93
91
91
*90
91
1000
91
Do preferred
100 85 Marll 9712 July 8
Jan27 117 Sept 6 102
Jan 110 Nov
*114 110 *115 117 *11612 118 *115 116
---- ---- ---- ---- ______ So Porto Rico Sugar pref_100 107
Oct18
84
Jan14 160
Jan 120 Dec
100 124
____ _ _ _ _ ---- ---- ------ Standard Milling
*143 150 *140 150
- - -- ---Jan
/
4 Junel2
80 June 89
100 8512 Jan 2 941
_
*85
90
*85
90
Do preferred
. - -8-,i6o Stromberg-Carburet -No par 3634 Janl() 10912 Oct10
-iio.T4 164 -ii4
Wo 77
-74 -7-6-4 -'iY. "i:514
7612 7712 74
Oct28 -3378 -iiii• -iii Nov
10814 110
10518 109
10258 1057 200,600 Studebaker Corp (The) _100 4534 Jan22 151
10134 10714 10214 10534 103 106
8012 July 100 Nov
Jan22 10412 Nov 6
92
10014 10014 loo loo
1o1 1o1
3,100100
600
Do prof
um 1o1
Oct 55 Dec
li.22- - 1-2-f;- i
fit55- 12258 123
118 123
117 11912 116 125
StutzMotor Carol Am_No par 4214 Feb14 14478 Oct14 , 37
471 48
3414 Mar 4558 May
Jan21 5478 June 3
49
49
49
46
900 Superior Steel Corp'n
4914
24614 4614 46
100 32
1714 May 5
1234 Dec 21 July
934 Dec 1
1112 1134
1112 1134 1138 1158 -1112 -1-1-3.-4
107s 1138 11
118 6,600 Tenn Copp & C tr ctfs_No par
Oct30 13612 Jan 203 00
214 22P4 203 217
201 207
19512 200
59,800 Texas Company (Th0)1-100 184
Jan 2 345
196 20712 193 201
4813 Mar 82% Dee
93
9312 00
92
8712 9012 88
89
88
0212 9038 9334 40,300 Tobacco Products Corp_100 7258 Jan29 115 June30
*103 10612 102 10212 *101 • 103
9712 Dec 2 120 June30 28714 Mar 10478 Dec
10112 10212 1011
1,000100
/
4 10118 10378 101
Do prof
3434 Dec30 6253 Nov10
3012 3238, 3058 3178 3058 31 12 25
3138 2558 27
2338 2578 229,300 Transcontinental Oil__ No per
4 Oct -ii- iiiiii
74% Oct20 -567
0112 62
37/
1
4 Janll
635 6358 62
63
6112 62
____ __
5912 6112 5,200 Transue & Williams St _No par
Apr 112 Doe
Jan 8 19712 Dec 4 100
100 Underwood Typewriter;_100 115
185 185
05
Jan
80 May
Jan 3 100 July10
;65- -6/-1 ;56- -6512 ;56- -65.- *90
95
;56- -9.E- ;56- -flgUnion Bag & Paper Corp_100 75
no par
345 Dec15 4518 Oct 14
3612 3714 3618 368 36
3614 3514 357
3012 358 3322 3514 65,000 Union 011_
2 May
.6-78 Oct -44150
51
50
5018 50
No par 37% Janll 58% July28 -3
5012 *50
5018 *50
5012 4934 5012 4,400 United Alloy Steel
69 June 907s Dec
145 148
100 90/
1
4 Jan 0 17518 July29
*141 143
114 141
14112 143
143 14734 1438 14412 1,500 United Drug
B012 Nov
1
4 May 9
40
Jan
*5'278 53
53
53
1,000
*525 53
*5258 5314 *51
5314 5153 5158
50 50 July18 58/
Do 1st preferred
Jan28 165 July29
100 91
1
4 Dee
77 June 05/
Do • 29 preferred
Oct30 11614 Jan 16612 Dec
i(35i4 fo-o-3-4 15 - foii- ioi- fo-6-3-4 155- 1-6.4:- "15514 1-66- i9i58 16312 - 2;565 United Fruit
100 157 Feb10 215
1
4 Oct11
8018 Aug21 119/
9334 9458 9214 9358 91
8518 8834 70,300 United Retail Stores -No par
897
93
0012 9214 88
- -/
- ---Jan15 3834 Aug 7 -111
4
Apr -ii" May
2314 215 2278
23
2114 2112 21
2212 3,800 U S Cast I Pipe & Fdy
100 14
213s---- --- *21
41 Mar 4734 Fen
100 4212 Jan16 7434 July 7
*54
56
*50
55
__
*52
55
5412 5312 5312 *50
_
100
Do pref
141
/
4 Apr
1612 Ma;
31
31
31
31
*3112 3134 3012 3118 -31- -31-- *3018 3134
100 1634 Feb 5 3234 May24
700 U 8 Express
733
Apr 8 9134 Oct 1
757
7318 7412 73
75
71
73
70% 7134 7018 7134 17,000 U S Food Products Corp 100 66
May27 ;6
11212 115
10812 113
'
6- - -1-3-e; iii - iii;i,
100 x9718 Dec 1
105 108 63,800167
109 11012 104 10912 10514 108
17 S Industrial Alcohol
94
Oct 99 Mat
10214 10214 10214 10214 *102 104 *102 104 *102 10378
*102 104
200
100 0614 Jan 2 111 May23
Do prof
Oct
8 Mar 26
5318 553
507 5278 5214 5514 541
/
4 563
54
5634 5212 5112 48,300 U SRoalty & Improvement 100 1714 Jan 3 50% Juno 6
8012 Dee
Jan
51
Jan21 13914 Nov 6
13314 13634 12714 13412 12714 13012 12612 130 212512 12914 12538 12858 133,200 United States Rubber
100 73
/
4 July10 295
Jan 110 Dee
Jan20 1191
100 109
11534 116
11014 11614 11578 11612 11612 11612 11334 11414 114 114
1,800
Do 1st prof
321z Apr 5034 Oct
7814 Nov25
71
7212 73
7212 71
1
4 Jan21
7134 7118 72
60 43/
7114 7218 713 7153 3,600 U S Smelting Ref & M
4253 Apr 4734 Dee
Jan18 50 Mar 2
4634 4634 *4658 473 *4612 473
45
4738
30050
prof
4612 467 *4612 4738 *4612 105%3-14,000Do
8612 Mar 11612 Aug
10614 10734 105%107
10512 10634 10434 10612 10478 10638 10434
United States Steel Corp-100 8814 Feb10 11512 July14
/
4 July17 108 Mar 11358 Dee
11514 11514 1153s 11512 115 11512 11514 11512 11514 11534 11518 11514 2,100100 11114 Dec12 1171
Oct
1
4 JulyI6
7114 Dec 93
773 775
767 775
7658 8,500 Utah Copper
10 6518 Feb 7 97/
7614 773
7434 76
7518 7714
75
VA Nov
11 Sept
12
*11
1178 *11
107 10%
834 Dec16 21% Junol 1
1012 10%
*1014 1012 2,700 Utah Securities v t c
100
10
10
5514 5534 5114 54
no par 5412 Dec12 62 Deell
5212 5312 5218 5334 5214 5314 5112 5314 19,500 Vanadium Corp
3334 Jan 6014 Nov
673 6812 663 6734 26612 6612 6578 6612
69% 70
6014 697
200 Virginia-Carolina Chem___100 51 Feb10 9212 July14
Jan 11358 Der
98
Jan 7 11578 Oct 7
*110 112
112 112
112 112
110 110
111 11178 *11C1 112
600
Do prof
100 110
7312 July
50
Jan
81
82
*8018 8018 82
82
_
390 Virginia Iron C & C
100 54 Mar31 x88 Dec31
6334 Sept 8314 Jan
-Lard, -5-314 53
*53 55 *53 5334 *53- -53-3-4 -,i-3- -ES 53
500 Wells, Fargo Express
100 5114 Nov12 79 May23
9658
Apr
Aug
/
1
4
77
9212
May26
Sept22
88
82
88
Telegraph_100
____ ____ _
87
87
87
Union
8712 8712 8712
500 Western
95 Dec 95 Dec
117- Ili" 116 116 *115 118
117 119
11712 11712
800 Westinghouse Air Brake____50 9412 Jan15 126 July 7
4712 Ma;
5218 5278 5214 5234 7,900 Westinghouse Elegy & Mfg_50 4012 Jan21 5978 Juno 9
3812 Jan
5212 53
53% 5378 -.
5
.5 -&.ii-2 5258 53
49 Nov
Oct20
3634 Jan
6212 6312 6012 63
Jan 3 86
6014 6134 5912 61
61
50 45
6034 6134 59
17,900 White MotorT
30 Nov
1512 Jan
30
3134 30
3134 30
3038 2958 30
25 2314 Jan22 4014 June 2
2958 3018 2918 2934 50,500 Willys-Overland (The)
8914 Nov
75
Jan
*8914 92
*89
92
9018 9018 90
*89
92
589
9112
200
100 8734 Jan 7 9814 May 9
90
Do prof (new)
7714 Dee
4514 Jan
7812 *77
78
75
7612 75
79
751
/
4 76 12 75
76
4,100 Wilson&Co,Inc, v t e__No par 6553 Jan20 1047 July 2
76
190
1
4 Dee
9942 *9712 9912
9912 *97
90/
1
4 Sept 99/
*97 100 *____ 9912 0812 9812 *97
100 9514 Nov 11 10412 Junel6
Do preferred
Mar
108
/
1
4 001
May11)
110
Feb
7
1363
8
*126 130 *127 130
12714 12714 12514 127 *125 127 *125 130
120
100
300 Woolworth (F W)
Oct 115 Send
*114 11534 *114 11512 11412 11412 *114 116 *111 11512 *112 11512
100 11234 Dec20 11712 July25 111
100
Do prof
9278 9118 9114 88
Oct 7
34
Jan 60 Aug
Fob13 117
8814 9234 8812 9234 8014 9322 90
0312 50,100 Worthington P & M v t o_100 50
Apt
8553 Fob 91
Jan 9 9812 0015
___ ---- --- -_
93
9334 03
93
300
100 88
Do prof A
---Oct 8
59
Jan 7012 July
_ __ ___ *74
Jan 3 81
76
1,100
100 66
71
-7-3-1-2 - (.-:1- -7-1- Do prof 13
---- ---• B11 And asked Prim: no sales on this day.
j Leo than 100 shares.
$Ex-tights
a Ex-div and rights. z Ex-div
i For fluctuations in rights see p. 150
250
Now York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1909 the grchange method of quoting bonds was changed and prices are now-"and interest"-except for interest and defaulted bonds.
Price
Pricta0
Jan 10
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 10
Week's
Range or
Last Sale
o
Range
Year
1919
High No. Low High
Bid
Ask Low
U. S. Government.
First Liberty Loan
33,60 lot 15-30 year__1932-'47 JD 99.00 Sale 98.50 09.80 3150 98.20 101.00
Second Libel ty Loan
let L L conv_1932-'47 SD 92.90 Sale192.00 93.00 331 92.50 96.00
40
1927-'42 MN 90.91 Sale,90.80 91.92 1115 91.00 1)5.10
2nd L L
48
Third Liberty Loan
D 92.90 Salel 9.3.78 93.30 665 92.80 96.60
445 let L L conv___1932-'47
43(a 2nd L L conv__1927-'42 MN 91.28 Sale 91.14 92.16 7705 91.12 95.36
1928 MS 93.60 Sale 0334 91.53 12657 93.20 96.60
448 3rd L L
Fourth Liberty Loan
100.91 __I101.10 Jan '20 _- 95.42 102.06
448 1st L L 2nd cony 1932-'47
91.23 Sale 91.18 92.62 241551 91.0. 95.72
1933-'38 A
448 4thLL
Victory Liberty Loan
93.46 Sale 94.44 99.00 86511 98.80 100.08
440 cony g noteo___1922-'23 .1
98.48 Sale 99.46 99.00 9113 98.80 100.48
3%0 cony q notes_1922-'23
9934 Sept 19
9773 9973
d1030
80 consol registered
---10014 Aug '19
98 10014
30 consol coupon
d1330
10512 176'- 106 Oct '19
101% 10014
1925
40 registered
10513 10634 10538 Jan '20
103 10613
1925
45 soupon
984 9814
F
9814 Mar'19
11936
Pan Canal 10-30-yr 28
- 99 July'18
Pan Canal 10-30-yr 25 reg_1938
---- 8712 91
00 Dee '19
1901
Panama Canal 33 2
8814 Oat '19
884
8814 91
1901
Registered
100 Feb '15
1914-34
Philippine Island 40
Foreign Government.
9614 Sale 90
991y 2339 951 i 97%
Anglo-French 5-yr 5.1 Ester loan_ A
21 72
71
Sale 71
71
93
Argentine Internal 5s of 1909___ 111
924 Sale 9213
9253 53 9233 9212
Bordeaux (City of) 15-yr 60_1934
5 4518 7214
50
Sale 50
50
Chinese (Hukuang Ry)55 of 1911
4 9033 100
9212 9013
91
90%
Cuba-External debt 5s of 1904_
8:37 Dec '19
8113 87
A
83% 9334
Exter dt 58 of 1914 ser A__1949
75
2 75
7414
A
85
7512 744
1949
External loan 440
98% 47 9(312 9913
9712 S.tle 9713
Dominion of Canada g 58-1921 A
13 92
91
Sale 91
9853
90
_1920 A
do
do
57 9033 984
91% Sale 91 18
92
___1931 A
do
do
*_
87
2-year gold notes Aug _1921
81
67, pate 94
97
1929
10-year 5s
218 761, 9238
I 7433 Sale 76
80
Japanese Govt-£ loan 440_1925
173 78
93
2 754 Sale 7514
78
1925
Second series 44s
76 Jan '20
89
76
do do "German stamp"..
83 64
6213
8012
1 6238
66
1931 3Stoning loan 4s
9214 Sale 924
9234 40 923s 92%
1934
Lyons (City of) 15-yr 60
9313 55 92% 9212
9214 Sale 9213
Marseilles (City of) 15-yr 691934
42 Jan '20
2 354 40
43
5912
Mexico-Exter loan £ 58 of 1899
1 40
37
Sale 37
37
61
1954
Gold debt 40 of 1904
9214 Sate 9214
92% 91 92 10014
1921 A
Paris (City of) 5-year (38
95 55
60
594 Sale 5912
83
Tokyo City 55 loan of 1912
U K of Gt Brit & IrelandSale 9514
96% 524 91% 9913
1921 MN 94
5-year 5 IS % notes
9033 430 8612 10134
894 Salo 89
20-year gold bond 540..A937 FA
9538 1030 9453 9612
1929 P0 9173 Sale 9434
10-year cony 5)5s
9512 1140 9513 9813
A 94% Sale 9434
___1/1922
3-year cony 54s
IThese ore vrices on the basis of 851o£
Slate and City Securities.
9514 Sale 914
9514 55 9314 98
N Y City-44s Corp stock _1960
9434 Sale 94
9514 27 9114 98
448 Corporate 8tock___1904
94
_
96
9514 97 Nov'19
9914
448 Corporate stock __1966
10013 Sale 99%
100% 13 9838 10312
4413 Corporate stock July 1967
1:3 10012 sale 10012
10012 25 9914 10273
1965
445 Corporate stock
100 10013 100
1963
10418 19 93 102%
445 Corporate stock
90
6 891* 9334
91
8912
8912
1959 rd
4% Corporate stock
90
8913
9014 8912
1 89% 9312
1958
4% Corporate stock
90
8 9013 9338
0034 8912
90
1957
4% Corporate stock
90% 9333
89
0013 924 Nov'19
4%Corporate stock reg_1956
100
10014 147 9812 102%
Sale 9912
1957
New 4340
100 10013 100
100
6 9834 1027k
43.3% Corporate stock___1957
81
84
8234 Nov'19
8112 8314
34% Corporate stock__1954
984 Aug '19 ---- 98
9813
1961 111
N Y State-4s
9013 100
100 Nov'19
Canal Improvement 46_1901
•-_-_-_: i66- 9812 Aug '19 ___ 984 9912
Canal Improvement 4s___1962
99 Sopt'19
96114 99
Canal Improvement 413_1960
1.6i13 16614 10713 Jan '20 .--- 106% 10953
Canal Improvement 448_1964
10212 Dec '18
Canal Improvement 4346_1905
107 -_-_-_-_ 10712 Jan '20
_ 10038
Highway Improv't 440_1983
8
1004 June'18
---Highway Improv t 448_1965
787 Dec '18 _--.
Virginia funded debt 2-30_1991
52
7414
59 - 59 Nov'19 _-__ 59
Os deferred Brown Bros etfa___
Railroad.
2 5014 58
5113 Sale
11995
Ann Arbor 1st g 48
Atchison Topeka & Santa Fe8013 123 7512 8512
1995 AO 7834 Sale
ten g 4e
79
4 7613 82
79
1995 A0
Registered
70
4 68
Sale 70
8034
7058
11995 Nov
Adjustment gold As
/1995 Nov
Registered
734 June'18
7018 Sale 70
11995
71% 31 6712 7913
Stamped
6 6513 77
6912
1955
Cony gold 4s
094
88
1900
gi78 8814 Jan '20 ---- F.8 10214
Cony 48 issue of 1910
024
884
East Okla Div let g 4s___1928
90% Nov'18 ---- 88
60t8 9912 6934 Dec '19
-- 6912 76
Rocky Mtn Div lot 40_1965
10 7312 81
71'8 7533 7633
Trans Con Short L 1st 48_1958
764
73,8
85
81 Jan '20 - -- 81
Cal-Arts let & ref 440"A"1962
____ 95
95
95 June'19
- 95
S Fe Pres & Ph lilt 5s_1942
7034 Sale 7634
7912 30 7513 854
Atl Coast L let gold 46-.11952
1904
7033 Sale 7633
3 7613 88
Gen unified 43.431
7633
9214
9812 June'19 ---- 9612 984
Ala Mid let gu gold 58_1928
78 ____ 80 Oct '19
80
80
Bruns & W let Pll gold 48_1938
•_-__ 114 1297 Aug '15
- - - -Charles & Say 1st gold 70_1936
70
sale 70
7812
o1952
L & N con gold 45
7112 25 68
105 Aug '19
105 10714
Sav F & W 1st gold 55____1934 A
90 ____ 105 july'15
1934 A
1st gold 55
82% Sale 81%
1925
Bait & Ohio prior 345
81% 43 81 -8612
87
37
Registered
119'25
87 Feb '19
)
;-6;111948 A 0 -65
1st 50-year gold 48
e 6413
6713 85, 59% 6213
_
9234 Mar'17
/1948
Registered
1933
6214 Sale 61
10-yr cony 440
6312 lei 5314 80
Refund & gen 54 Series A-1995 3- 13 654 Sale 65
6712 135 5512 8212
1929
89
Temporary 10-yr Os
Sale 89
9012 47 8212 964
1922
Pitts Juno 1st gold 68
-- 112 Jan '12
664
82
8713
60 Jan '20
P Juno & M Div lot g 3481925
5734 53
5934 31 5138 78
PLE&W Va Sys ref 40_1941
5734
26 70
75
8614
70
Sale 7414
Southw Div 1st gold 348_1925
*8733
8738 Dec '19 ---- 8733 8914
Cent Ohio It 1st e g 448__1930
91 Jan '20 ---- 9513 957k
Cl Lor & W con 1st g 50_1933 A 0 91
94
9012 93
9512 96
9534 Dec '19
Ohio River RR 1st g5s.._1936
9113
1937 A
79
88 Aug '19 ---- 88
General gold&
90
9918 Mar'18
Pitts Clev & Tot let g 66_1922 A 0 96 __
51
2 48
68
Tol & Cln div 1st ref 40 A_1059
52
5112 52
4 9234 99
91
1937
9231
Buffalo It & P gen g 55
Sale 91
8814
2 79
1967 rd
80
8312
8313
Consol 4340
82
1 70
7314
All & West 1st g 4e gu_.,,.1998 A 0 7314
7314
84%
Clear & Mali lot gu g 50_1943
1034 Feb •10
A 10018 Sale 10013
i 166 - 101
!loch & Pitts let gold 6s 1921
1004
100% _
1922
Consol lot g (is
100 Jan '29
10014 102
1962 A 0 85% 85% 8673 Jan 120 ---- 8412 9538
Canada Sou cons gu A 5e
70
82
Car Clinch & Ohio lot 30-yr 5s'38
7213 75 Nov'19 ---_ 75
A 9313 98
Central of Gs 1st gold 56___1)1945
9734 Aug '19 ---- 9734 1004
86
Consol gold 58
1945
Sale 80
87%
11 8412 947j
91
22 92
10-yr temp seour Os June 1929
9312 Sale 93
9914
Chatt Div pur money g 40 1951
---- 76
744 May'19 --- 7412 7514
Mae & Nor Div 1st g 58_1946
8913 924 90 May'18
1947
June'17
Mid Ga & Atl Div 58
9753
8312
_ 915e Jan '19
Mobile Div 1st g 53
1940
9138 -Cis;
CI entRR & B of Ga coil g 50_1937
8034 8373 81 Dec '19 --_- 81
90
Cantor N J gen gold 55
1987
100 1004 100
10013 17 100 105
Registered
11987
9918 190 100 Dec '19 --.... 100 102
Am Dock & Imp gu 5a _1921
9734 9312 9834 Jan '20 ---- 98 100
9014
Leh & Hod Riv gen gu 50_1920
100 Apr '18
Y & Long Br gen g 4s__1941
8014 ____ 10012 Jan '13
0
-g:;ie
sus sus
78l:
• No price Friday; latest this week. a Due Jan. I Due Acor0,
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 10
t
Ara.
Price
Friday
Jan, 16
Week's
Range or
Last Sale
453
Range
Year
1919
Bid
Ask Low
High No. Low High
60
50 Dec '19
50
Cent Vermont lot gu g 4s__31920 Q F 55
65
J
8434 85
8112
8434
3 7813 0313
Chess & 0 fund &[nun 50_1929 J
93
Sale 93
934 24 91% 994
lat consul gold 5a
1939 MN
MN
92
*8814
liegLstered
1939
1014 Jan 'I/
7)(13 --gi -76- -girs
754 Sale 7412
1992 M
General gold 4451
1992 MS ____ 714 8634 Mar'17
Registered
7512 Sale 74%
7614 122 -76- -8E1-4
20-year convertible 440 1930 FA
30-year cony secured 58_1946 AO 7918 Sale 79
804 185 7612 9138
75 Oct '19
80
Big Sandy 1st 40
1944 3D 70
75
7812
Coal River Ry let gu 48_1945 3D ____ 8234 8234 May'19
8234 8234
J
784 -- 784 Dec '19
Craig Valley lot g Is
1940 J
784 7813
J
J
69
6418
Potts Creek Br let 48-1946
69
69 June'19
69
J
704 7712 73
73
it & A Div lot con g 40_1989 J
71
71
J
60
2d consul gold 45
6812 65 Jan '20
1989 J
70% 7073
70 ___ 8812 Sept'16
Greenbrier Ry 1st gu g 40_1940 MN
Warm Springs V let g 58_1941 MS 75 -- 113 Feb '15
481_
4713
17 -181i
Chic & Alton RR ref g :33___1949 A 0 4712 48
J
3113 Sale 3034
1950 J
Railway lot lien 34s
31 13 57 294 40
Chicago Burlington & Quincy1922 F A
9814 -- 90 Jan '20 ___ _ 9514 9913
Denver Div 48
J
7434 Sale 7312
7134
1949 J
5 71% 7612
Illinois Div 33.4s
83
8314
8314
82
1 8012 85%
Illinois Div 4s
1049 J .1
Joint bonds. See Great North
N
007_ 9
02
73
184 92 Jan '20 _ _
904 9334
Nebraska Extension 4s___1927
907 Oct '19
1927 MN
9073 8078
Registered
Sale 80
8313
814 27 70
1958 MS Si.81
General 45
J
21
23 Dec '19 _
23
Ohio & E III ref & imp 4s g 19511 J
36
21
2113 21
2113 Dec '19 _- 2014 36%
S Mtg & Tr Co otfs of dep..
-0
98 July'19 _- 98 104
lot eonsol gold (Is.
19:34
59
67
7113 80
7112 Nov'19
General consol let 55
1937 MN
*___ _ 69
69 Dee '19 _ -- 6318 80
US Mtg & Tr Co etts of dep.
6112 68
78 Aug '19 __- 75
Guar Tr Co Ws of dep
78
978k Feb '13
Punch money lot coal 5s._1942
---J
32 Mar'17
Chic & Ind C Fly lot 58...._1936 J
-57
20 -Er- -561Chicago Great West let 45__1959 MS 5613 5634 511
4
97
Sale 97
97
Chic Ind A Loulsv-Ref 60..1947 J
1 9818 1034
J
8512 8534 Nov'19
80
Refunding gold 58
1947 J
8534 8534
8412 Apr '17
6618 71
Refunding 40 Series C____1947
71
63 May'19
Ind & Loulsv let gu 40___1956
63
.1
7634 767 Deo '19
74
Chic Ind & Sou 50-yr 48____1950
81
75
86
80
86 Oet '19
Chic L S & East let 43.4s_,,1969 .1
834 86
693
4
6934 70
71
Ch MA StP gen g 40 ser A_31989
04
702
9238 Feb '10 _Registered
31989 (3
5913 12 57
6014 6093 5913
84
Gen'l gold 33.45 Ser B
e1989
77% Sale 77%
78
24 6714 84%
General 43-40 Series C_ .,.,e1981)
60
65 54
Gen & ref Sec A 440____a2014 A 0 5453 Hale 58%
744
68
111 6112 8178
6713 Sale 6613
Gen ref cony Ser 13 5s__a2014 F A
Sale 6714
69
69 1 178 62
82
1932
Convertible 440
7173 Sale 7012
7212, 35 69
85
Permanent 49
1925
61% 6014
6213 58 50
60
25-year debenture 45
1934
7873
9412 971, 96
9014
2 9653 101
Chic AL Sup Div g 581921
.1
100
93
Chic & Mo lily Div 58_1926
93
93 Oct '10
9i12 Sale 9712
974 25 96
Chic & P W 1st g So
1921
994
74
0,1
64% 63
4 60
04
C M & Puget tid let gu 4E1_1949
9914 100
9934 9912 Dee '19
97
Dubuque Div 1st s f 6a
1920
99t3 102
98% 10014 102 Sept'19
Fargo & Sou &sem g 0(1_1924
I) 78
8012 78 Jan '20
Milw & Nor let ext 448_1934
88'u 89
7018 82
1 78
7734
77%
Cons extended 43.4s..1934
82
9334 97
90 Jan '20 _
Wis & Minn Div g fis
1921
9573 981e
98 100
9914 Oct '19 _- 99
Wis Valley Div 1st 68____1920
9973
A
9012 91
92 Jan '20
93
Chic & N'west Ex 40 -188(3-'20
- 88
A 874 894 92 Oct '19
92
Registered
1886-1926
92
(177
MN
•
Sale
66%
7:3%
67%
General gold 34s
63%
1987
-3
6:314 _ _
704 Apr '19
7013
Registered
V1987 Q
- 69
78
77
78
6 75
79
General 48
1987 MN
8253
Stamped 45
1987 MN ____ 7812 7734 Deo '19 76
784
9612 Sale 904
9753 51 9512 101
General 51) stamped
1987 MN
1879-1929 A0 101% 109 106 Oat '19
Sinking fund Os
101% 106
A0
10912
Apr '10 --1879-1029
Registered
4
1879-1929 A0 961, 101
064
Sinking fund 55
;
3
-6/
1879-1929 A0 9112 101
Registered
96 Nov'18
A0
9634
9713
9714 Jan '20
1921
Debenture 58
-5618 -65'98 mar'19 -- 07
1921 AO
Registered
98
1933 MN -66- -61i; 0033 Dec '19
Sinking fund deb fis
90
9612
8912 91
1933 MN
97 Nov'18
Registered
804 _
_ 10113 Oct '16 -Dee Plaines Val 1st gu 44s'47 M
From Elk & Nfo V lot 60.._1933 A0 _-_- 116 1054 Nov'19
105 109
J
88 Jan '17 ---Man GBANW lot 340_1941 J
J
____15c.
.
Milw AS L 1st gu 3348_1941 J
0 Nov'19 __ _ 1663MII L S & West let g 60___1921 MS 100
8 fOT
90
9013 955 Jan '20 ___ MI
Ext & imps(gold 5s-_1029 FA
99
Ashland Div lot g Os__ _1925 MS 98 10114 100 Sept'19
100 104
98
J
____ 10014 Jan '20 ____ 101% 04
Mich Div 1st gold 65_1924
7312 80
74 Dec '11)
Mil Spar & N W 1st gu 40_1947 M
731g 7814
854 01
935 Oct 'ID
St L Peo & NW lot gu 54 1948 J
98
93
Chicago Rook Ial & Paolaifway general gold 41-1988 32 7312 Sale 7312
7512 22 69
794
J
J
- 7638 May'19
1988
Registered
7633 76%
Refunding gold 4s
1931 AG
219 6414 7612
J -6
61-14
2 -8
68
t-ile 6
1932 J
70
6% Mar
20-year debenture 50
tin)
7012 704
MB
62
6218 Sale
RI Ark & Louis lot 448_1934
15 60
72
11312
9058
1934 AO 8714 9113 9033
98
Burl() R & N lst 60
90
CRIF&N W let gu 50_1921 A0 9218 --__ 9714 Feb '19
9714 9714
J
97 May'18
Cho Okla & 0 gen g 50_01919 J
N
8212 89
89 Oct '19
1952
C013801 gold 50
-g6- 89
68
312 Sale
6 le 6
68
312
66
812
Keok A Des Moines 1st 50 1923 AO 6
65
704
5 63
St Paul & IC 0Sh L 1st 440'41 FA
71
Ohio St P M & 0 eons 60__1930 J 1) 104 10113 105 Dec '19
104 108
J
834
33.4s193()
Nov'19
Cons Os reduced to
82% 85
S 85
1 8712 97
86
87
19:30
87
Debenture 58
J *10033 ____ 118 Nov'16
North Wisconsin lot 60_1930 J
93% ____ 95 May'18
Superior Short L 1st 50 g_c1930 M
80
8712 June'19
Chic T it AL So East let 5e__1960 JO
58
673
8 1001. 10233 Dee '19
100lChic & West Ind gen g 68_31932 (.1
10214 10414
J
59 8
80
ale 9509
33 52
y17
Consul 50-year 45
1952 J
6
01 1
65
May
Gin 11 & 13 '2d gold 4301.___1937 J
---0
88
1 Mar'll
C Find & Ft W 1st gu 4s g 192:1 MN
J
81
5 -80- -8
-6
Day & Mich lot cons 434s 1931
D -11
.
g1;
Clay Cin Ch & St L gen 48__1993
60
7212
74a7-1L
:3 6
77
314 Jan8
7534 -88'
3
:01.
20-year deb 410
1931 y
75
844
84
82 Nov'19
General 50 Series B
1993 JD 80
87
82
71
7734 6
89
8118
3 Deo
a :1
19
9
Cairo Div 1st gold 40
1939 _I
604 81
J 6053 ---- 60 Jan '20
Cin W & M Div lid g 4a1991 J
0613 70
St L Div let coil tr g 48
1990 M N
6673 764
7514
0_--_-- 7414 Jan '19
Spr & Col Div let g 4s
1940 MS 6
7415 744
7073 84 Nov'16
J
W W Val Div 1st g 4s____1910 J
N
100 101 Oct '19
-5118-4 16i0 I St L & consol 65__1920
84 Oct '19
119341 Q F 7813
let gold 48
8214 84
F
___ 8214 Sept'19
Registered
_11936
824 8214
J
8814
Gin S & Cl cone let g 511-1928
93
93%
J 10178
10
10214 107
93
2:4 Oct
C 00 & I gen cons g 60._1934
M "19
Ind 11 & W 1st pref 4s____1940 A 0 7012
7634 7634
768 Nov'111
70
0 Ind & W 1st pre 58_41938 Q
Peoria & East let cons 48_19441 A0 52% 5.115
-86- -(16Jan '21)
15
2:3
Income 4s
1990 Apr
12
20 Jan '20
31
Cleve Short L 1st gu 448.-1061 A0 8312 8812 83 Dee '19
83
89
8513 Sale 8513
82
Colorado & Sou 1st g 48._1929 VA
8513
8914
N
73% Sale 7:31/
8113
Refund & Eat 4348
1935
72
7413
Ft W & Den 0 1st g 66.._1921 JO
97
97
98
97
9934
1943 A0
Conn & Pas Rive lot q 4s
70
Cuba RR 1st 50-year he g_1952 J
85
80 -gE4
854
Del Lack & Western7014 10 70 1 73
Morris & Ese let gu 33,10._2000 JO
6031 70
10018
1921 J
1004 Jan '20
9934 100%
N Y Look & W lot Os
1923 F A
944 Nov'19
Construction 50
944 101
9314
94
91
2 9212 95
Term & Improvt 48.-1923 MN 924 01
10214 Feb '08
Warren lot ref gu g 330-'2000 PA
Due May, I Duo Juno, A Duo July. 1 1)110
FA
601
961.,
Is
q Due Oct. p Due Not. 0 Due Deo. a 001.1011 sale'
BONDS
N. Y.STOCK EXCHANGE
Week ending Jan. 16
251
New York Bond Record-Continued-Page 2
JAN. 17 1920.]
*1 11
Price
Friday
Jan, 16
Week's
Range or
Last Sale
Range
Year
1919
Ask Lots
High No. Low High
Bid
Delaware & Hudson1 96
97
9034
J
9678
J
9678
97
1922
1st lien equip g 4 As
6 78
80
7918 Sale 79%
8514
1943 MN
let & ref 48
86
8518 13 7812 9534
85
1935 A0 84
20-year cony Sc
7212
7018 7912
1946 AO 6913 7212 7212
Alb & Soso cony 341s
10234 10234
Items & Saratoga 1st 78_1921 MN 100 104 10234 Apr '19
Denver & Rio Grande
6638 Sale 65
7511,
66% 27 62
1936
let cons g 48
74
72
7612
7112
724
65
1936
Consol gold 4448
70%
7514
'19
Dec
70
J
80
70
I)
1928
Improvement gold 5s
617 4313 6012
4114 Sale 4312
46
1955 J A
let & refunding Sc
75 Jan '2()
-Rio Or June let gu g 5e ._1939 J
3913
6114
'11
Apr
J
---J
Rio Or Sou let gold 48__1940
31 July'17
1040 J J
Guaranteed
6134 65
65
65
627 732
Rio Or West let gold 444_1939 J J
60
47
Mtge & coil trust 4s A 1941) AO 5112 5212 52 Jan 20
78
82 Deo '16
Del& Mack-1st lien g 4s 1995 ID 55
7513 July'16
1995 J D
001(1 4s
74
8114
7818 78%
7838
72
flit Riv Tun Ter Tun 4448_1961 MN
95 -- 9634 June'18
Dul Misoabo & Nor gen 58_1941 J J
3 -89-39018
4 -55
Dul & Iron Range let Se......1937 A0 9018 --_- 9018
1937 AG ---- -.- 10512 MarOs
Registered
83
74
83 June'19
83 "git;
J
Dul Sou Shore & Atl g 58
1937 .1
95
8918 Sept'19
8918 96
Elgin Joliet & East let gbe 1041 MN 90
95 Jan '20
954 100%
1920 M
Erle let consol gold 78
52
80 Jan '20
80
N Y & Erie let ext g 48-1947 MN _9618 June 18
2d ext gold 68
1919 MS
5 9158 Oct '19
915* 92
3rd ext gold 434e
1923 MS -0-2- -52;
9712 Dec '19
9712 9712
4th ext gold 5s
1920 A 0 97
9434 Nov'15
-1928 J 1)
5th ext gold 48
100" 9812 Aug'111
9312 984
NYLEAW let g fd 7s 1920 M
Salo 5212
53
5118 "ii 51
7012
Erie let cons g 1s prior_ 1906
---- -- 84 Dec 16
Registered
1996 J
(i 39 6713
4114 Sale 4012
42
let conool gen lien g 48_1996 J
_
_
55
73 June'16
---Registered
1996 J
f612 81
791s
7934
77% 83
Penn coil trust gold 48_1951 F A
Sale 35
564 19 3334 52
150-year cony 4s Ser A 1953 A 0 35
3512
Sale
3512
3512
52
33
do Series B
1953 A 0
, 3514 55
3878 34
Gen cony 45 Series D. _1953 A 0 3833 Sale 33
7 81
913
804 82
82.
8134
1982 M
Chic & Erie let gold 5o
* 95 -- 10678 Jan '17
Cloy & Mahon Vail g 158....1938 J
944 Oct '19
934
"9413 101 Erie & Jersey let s I 68
1955 J
05
95 Doe '19
91 101
1057 J
Genceee River let s f (38
103 10s12 Sept'19
107 109
Long Dock consol g 6s
1935 A 0 _
6'3 100 103 Jan '18
Coal & RIt let our gu 68-1922
10212 July'17
-1943 J
Dock & Impt let ext be
8038 --- 85 Jan '18
N Y & Green gu g 5s_ _ _1946 M
6114 65 Nov'19
"641-4 "731"4
N Y Sung & W let ref 4511_1937
65 10014 Duo '06
1937 F A
2d gold 44.4s
49
60 June 18
1940 V A
General gold be
---- 97 Dec 'IS
1943 fa
Terminal let.gold 156
72
72
Mid of N J let ext he__1940 A 0 72 --- - 72 N‘)v.19
---_ 5) 55 Jan '20
5178 72
Wilk it East let go g 5e__1942
2312 Jan '17
t& Ind let cons gu g 644.._1926 J
---- 9612 954 AWN
95 "6:i"
Evansv & T H let eons 6s__1921 J
68 Dec '10
7014
68
1942 A 0
let general gold be
108 Nov'll
-- - _
1923 A 0
Mt Vernon let gold 6s
---- 95 June'12
Still Co Branch let g 641_1930 A 0
8
775
80
Jan
'20
76
85
Florida E Coast let 44-...1950 J
92 Aug '10
J
Fort St U D Co let
"E60; 50 56 Doc '19
"LW" WI;
Ft Worth & Rio Or let g 48_1028 J
76 Dec '19
76 , 7838
Galy Hous & Hen let Se.....1033 A 0
9531 515 9318 96%
95
Great Nor 0 B & (1 coil ds_ _1921 J
9514 Jan '20
94
95%
Registered_
51921 Q
3;
8214 84
8118
85
8014 89
1061 J
let & ref 4Me Seriee A
79 ---- 96 June'16
1061
Registered
8818
8818
8814 00
8614 8812
1933 J
St Paul M At Man 4s
1051t ..--- 1054 Dee '19
104 10812
1933 J
let coneol g fIe
118 Apr '17
1933 J 1
Registered
2
914
91
91
8
9014 -E1Reduced to gold 440_1933 J
10212 May'16
1933 J 1
Registered
834 ---- 83 Jan '20
83
88%
Mont ext let gold 4s
1937
80
--- 80 Sept'19
80
1037
Registered
86
77 Nov'19
81
77
1940 J .1
Pacific ext guar 4s E
80
7414 Oct '19
7414 7414
E Minn Nor Div let g 48_1948 A 0 75
99 __-- 90
Aug'19
99
,C99
1922 J
Minn Union let g 68
1002
10118 Jan '23
103 10838
1037 J
Mont C let gu g es
13614 May'06
Registered_
93% 9912
.1 -6:41; -66" 9534 04)/ '10
let utter gold Sc
19):177
95% 98
Will AS F let gold /91....1938 ID 931, -- -- 98 Dec '19
5212 Dec '19
525* 60
(36
151
Green Bay & W deb ctfe "A"..___ Feb
81/3 734 Jan '20
8
Feb
638 15%
Debenturentts "B"
80
73 Out '19
8212
73
J 68
Gulf & Si let ref & t g 6e__51062 J
9
73
6338 83
J 71% Salo 7158
Hooking Val let cons g 4548 1999 J
7312 June'18
Registered_
1999 J
7312 Oct '18
-1944 A 0 7012
Col & LIV let eat g 4o
6913
7614 Apr '19
7614 761,
Col & Tol let ext 4/4.
1955 F A
82 Nov'19
78
80
82
Houston Bolt & Term 144158.1937 J
85
Nov'19
83
83
88
83
Illinois Central let gold 48_1051 1
---- 92 Sept•17
Registered
1051 .1
2 ---- 72 Dec '19
*73176
72
.1951 J
let gold 3(is
84 Nov•15
Itegintered_
-1951 J
3
7314 Noy'll)
7314 7314
Extended let gold 344s_1951 A 0 ;i611951 A 0
Registered
80 Jui:N;
1951 M 1:1
let gold 38 sterling
1051 M
Registered
4 -6;17, -fS:q 7313
7112 79
Collateral trust gold 48___19152 A 0 "7139538 Sept'12
1952 A 0
Registered_
59 75 8414
7418 75
7418
757
1055 M
let refunding 45
69 Dec '10 -- 60
6113 67
75
1952 J
Purchased lines 314o
1 6714 7753
6812 71
71
71
19157. M PS
L N 0 A Texas gold 4s
7118
---- 66 Aug '19 -- 66
1953 M
Registered
24
9238 Sale 925*
93l.
8912 9714
lb-year secured She
1934 J
7812 ---_ 7312 Dec 19 -- 784 79
1954) J
Cairo Bridge gold 444
61
60 Dec '19 ---- 60
61
Litchfield Div let gold 36_1951 1
.1 ---- 695* 69 Jan '20 - 7312
65
Loulev Olv /t Terra g 33e 1953 J
83 Aug '12 ---.
1953 J
Registered
9513
102 June'16
1921 F A
---- ---Middle Div reg Sc
5814 Sept'18 ---- ---- ---Omaha Div let gold 3s_ 1951 F A ____ 60
____ 621e 62 Oct '18 -- ___
St Louis Div & Term g 38_1051 J
654 69
6738 1)ec '19 ---- 67% 68
Gold 34e....1051 J
80 June'16
Registered
1051 J .1
50
3038 Nov'16
J
Seiringf Div let g 3
--79% 7912
Western Lines let g 48..._ _1951 F A -725* --__ 7913 May'19
---- 92 Nov'10
Registered
1951 I? A
I)
11712
100
May'10
1023 J
Bellev & Car let 68
73 Mar'19
73
73
Carb & Shaw let gold 4s....1932 M
93 -61- 93 Jan '20 -- 88% 0934
Ohio St L & NO gold 64_1951 J
9518 Feb '19 -- 951, 95i,
1951 J
Registered
6512 July'18
1951 1
Gold 344s.
_
1951 .1
Registered
g318
_ e112 83St
95
Joint let ref Sc Series A_1063 J
6012 7278 7354 Dee '19
71
77
Memph Div let g 48_1051 J
65 Nov'17
1951 J
Registered
7418 -- -- 774 Aug'19
St Louis Sou let gu g 48 1931 M
7713 7934
1950 J
7534 ---- 7514 Dec '19
7514 82
Ind III 4 Iowa let g 4s
93 Nov•11)
98
93
lot & Great Nor let g Cs... _1919 M N ___ 95
76 ____ 78
8014 82
James Frank & Clear let 48.1959 J D
78
20 5018 6438
5738 Sale 5733
58
Kansas City Sou let gold 38_1950 A J
78 Oct '09
1954) A 0
Registered
J
7511 26 714 SS 12
73% gale 733
ltd & Impt Sc
Apr 1950 J
Kansas City Term let 4s._ _1980 J
81
7614 IS 70
7434 Sale 7434
J
J
80
8312 8318 Nov'll)
Lake Erie A Went let g be....1937 J
8212 90
J
2d gold be
1911 J
8058 Feb '17
--- 78
90
613 "iEc
65 Aug'19
North Ohio let guar g 58..1046 A 0 -65
1 80
J
Lob Val N Y let g11 g 00_1940 I
8512 874 8512
92
8112
73
J
_ R614 78 Sept'19
78
Registered__ . _______ _ _1940 J
Lehigh Val (Pal eons g 4e 2003 M N -701.1 72
69
71
71
8012
5 7712 90
2003 m
General enni 4 kin
83
8214 8314 8238
--97%
•_
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 16
•?.
Price
Friday
Jan, 16
Ask Low
High No, Low High
Btd
9714 10214
Leh V Term Ry let gu g 541_1941 A 0 9314 9812 9714 Dec '19
113 Mar'17
Registered
18 997 i(12-78
1-(719- 8 10012
"510114
Leh Val RR 10-yr coil (Se_n1928
9714 101
98 ---- 101 Dec '19
A1'
Leh Val Coal Co let gu g 53_1
43
193
105
Oct
'13
Registered
1 J1
let int reduced to 4s
33'
93
19
"fi Jan '20
_
Leh & N Y 1st guar g 4s
1945 M S
M S
1761; 611 -611; se5ii5
9212 9812
Long
held let cons gold 1561
93
,
19
31 Q J
Registered45
86
Aug'19
8018 ---- 86
86
let consol gold 48
Q
- 72 Jan '20
7212 80
S 72
Ili D
2 .;
General gold 48
1938
9512 92 Oct '19
8618 92
88 --Ferry gold 14.3e
1922
85
9914 Oct '06
65
()old 4s
59 68-14 -.Fa;
Sale 68
68
Unified gold 48
1049 M S 63
70
81 June'19
84
76
N) 67
r4 I
7 .1
1934
Debenture gold 5s
Dec
67
6878
---68
'19
r
68% 7712
20-year V m deb bs
41 (3518 77
69
7412 6778
ts 69
M /3
9 51
1949
Guar refunding gold 44)
---- 05 Jan '11
Registered
---- 92 Aug'19
94
92
NY Bit MB1stcong 58_1935 A
86
92
1027 M S 82 --__ 8(1 Dec '19
NYARB let gold 5s
9018 June'19
9018 91
Nor Sh 14 let con g gu 50_01932 Q J - ___ 92
72
8113 Oct '19
80
8112 884
1927 M S
Louisiana & Ark let g 5s
034 Nov'19
2
8 2:
9912 108
Louisville et Nashv gen 6s...1930 I D
, 97 10012
3 -c7,§,12 97% Jan '21)
136i
Gold be
1937 M N -8
8312
6' 8014 8812
Unified gold 4s
8113 8112
8112 Sept'19
Registered
940
194
J I
9 .1
92 100
Collateral trust gold 55...193l M N -54714 -47- 92 Dec '19
2 92
83
9814 89
9434
90
L Cln & Lex gold 444s-1931 M N
.103 ---- 103 Jan '20
103 1054
N 0 & 531st gold (38
1930
95 100 100 Jan '19 ---- 100 100
'2(1 gold 6s
_1930 1J
sj.61; 7
4
7,17,32
,8
1712 J
9
,
8,
2
9
17,
11
:
Daenc3
1. 7912 7913
Paducah & Mem Div 4s _1916 F A
99 10114
St Louis Dly let gold 68..1921
m
1 rd
67
61
28 gold 38
7178 733 70 Jan '20 -- 7114 80
M N
Atl Knox clt Cin Div 4s_
9512 --__ 9.512 Nov'19 -- 9513 9512
Atl Knox & Nor 1st g 58_1948 J 1:1
Render 13dge let s f g 6s 1931 M S 10038 1014 10112 Jan '20- 10112 10112
i 73
_ 77
76
75
8018
Kentucky Central gold 48_1987 J I
87
8614
86%
9, 84% 9514
Lex & East let 50-yr 58 gu 1965 A 0 8614
LAN&M&Mlstg4)3141945 M S 8318 --.- 8212 Jan '20 --, 8212 8712
4 60
6434 6434
73
6434
L & N-South M Joint 4s_ _1952 J I 64
- 95 Feb '05
Registered_ _____.._51952 Q J
95
9412 Sept'19
9412 95
N Fla A S let gu a 58.-1937 P A 88
8214
97% May'16,---I
N & C lidge gen gu g 4448_1945 J
J
9858 -,-- 9811 Dec '19 ---- 0814 i61758
Pensac & Atl let gu g 6e 1921 F A
9314 934 Jan '20
934
961, 100
A
19361F
g
Ala
N
&
S
cons go 5s
86
8312
8514 Nov'19
Gen cone gu 50-year 158_10631 A 0
854 93
6314 69% 70 Oct '19
70
70
L & Jeff I3dge Co go g 4e
1945 M
Manila RR-Sou lines 18
1936 M
Mex Internet let cons g 48_1,7
977
7 MS _..... ---- 77 Mar'10 ---MS ____ ---- 76 Nov'10 ....- Stamped guaranteed
1
85
Midland Term-let e f g 158_1925 J O s.___ 9112 85
---- 101 July'19 ---- 101 161Minn St Louis let 7s
1027 JD
_
91
9713
Apr
'19
--AG
Pacific Ext 1st gold 68
9712 99'4
1921
73 --,- 7112 Dec '19 -- 74
80
let corm) gold be
193.1 MN
2 3534 49
34
38
let & refunding gold 4s
1949 MC 3814 40
35 .44 Sept'19 ---- 44
30
49
Ref & ext 513-yr be Ser A 19132
40
45 Nov'19 --,- 45
45
J
Des M & Ft D let go 4s 1935 J
7012 Sale 69
71
19 69
80
Iowa Central let gold bs 19
1 ID
35
95
24 35
41
40
41
48
S 40
Refunding gold 48
81
8112 81
89
8112' 5 80
J
M StPA SS St con g 4slot gu_1938 J
.____ 95
9314 Dec '19 --- 9314 9734
let eons be
1938
88 Nov'19 ---- 88
88
let Chia Term s f 48
1941 Si -Pi
MSS M & A let g 48 lot gu_'26 I j 8713 ;9012 90 Jan '20 ---- 8613 9412
95
Dec '16 ---_-_.
33
---Mississippi Central let 55.._l949
Missouri Kansas & Texas6078 60
6078 20 58
69
1st gold 4s
1990 3D 60
2918 32
31
31
39 29
38
P A
2d gold 48
32
2218 Doc •19 ----' 2014 30
let ext gold 5s
4 M N
199
4 40
31)78 Jan' 2i3 ----I 30
48
let & refunding 4s
2004 MS -gE3_ 37
25 Jan '20 -.-- 35
4614
Trust Co cents of dep
2313 Dec '19 ----' 2313 34
3 14 27
-'1Gen sinking fund 44e.. 1936 i"
27 July'19 --- 25
27
St Louie Div let ref g 48..2001 A0
iI
40
5% secured notes "ext" '16
113 Apr '17 --Deli & Waco let RU g 59_1940 St N ____ ----- :43i(9
48 -- 6212 Dec'19 -- • , -Ei- -472-12
Kan City & Pac let g 48_1900
i 40
38
36
50
Mo K k E let go g 58__1042 A 0 33
7112
65
69 Oct '19 --- 69
50
M K & Okla let guar 58..1911
___ 55
5518 Aug'19
50% 58
MK AT of T let go g 58 1942
_ 74
51 Dee '16 -Sher Sh & So let gu g be_ _1942
39
____
3834 Dee '19 ---50
Texas & Okla let gu g 5s._1943
Missouri Pacific (reorg Co)8158
79 Dec '19 -- 757k 8778
A
let & refunding 50 Ser A...1965
9012 91
91
00
A
9478
let & refunding Sc Ser Ba 1923
1 84% 92
8813
8838 ---- 854
A
lee& refunding Ss Ser C..1020
7 54
57
Sale 5631
158 211
58
9
6312
General 4s
1975
9714 100
Missouri Pao let cons g 641_1920 MN 97
8
9:
8
1% .
57814 Oct
9
pee:18
9
40-year gold loan 48
1945 M
2 F
80
Aepbr :1
7
13
60 ---- 10
3d 7/) extended at 4% _ _193‘) MN
Boonv St I. & S let 544 gii_1951 FA
841g 68 June'19
_
"ji 68
1948 .1 I)
Cent Br U P let g 4e
8018 Dec '19 -- 80
82
8018 82
Par It of Mo let ext 5 48_1938 P A
8718 9718 89 May'19
89
J
89
2d extended gold Si....1933 J
1 89
9712
915*
St I. Ir M S gen con g es 1931 AO 9,)5* 914 9138
102 July'14 --,
Gen eon stamp go g Se., 1931 * 0
76
'7412 Salts 7.112
17 73
8212
Unified & ref gold 48
1929 J
8078 Oct '17 --,J
J
Registered
72
6812
70
13 "66" "7'71;
1 MN 78
9
2:
fly &0 Div let R 4e_ _1
993
2270
'
.Jan10
3
92
92
Verdi VIAW let g F.e_ _11)26 M 14
82
612
10014 10514
Mob A Ohio now gold 6s___ _1927 J O ijy113 Sale 10
96
97
9812
9558 Jan '20 -- 96
let ext gold 68
51027 Q J
58 Jan '21
6012 68
General gold .1e.
1938 MS 5738 60
7
)
11?
1
420 :
,A1,,r,
814 D
102
7
•4114 18
8)2
1 1(8
91
78
Montgomery Div let g 56_1947 P A
St Louts Div Se.
8678 87
1927 J O
7338 ---- 744
J
7413
3 73% 814
St L & Cairo guar g 48_ _1931 J
9414
96
9614 100
Nastily Ohatt A St L 1st 541_1928 * 0 943 1K.5
Jasper Branch ist g 418_ _1923 J J
5) 20 Jan '20 - - J
59
25
Nat Rye of Mee or lien 4346_1957 J
8 ---- 20 Jan '20
Guaranteed general 48____1977 A0 -237---. ---_5__ 2
.„2
g
ub
178 F
9(3
Ae
Nat of Mos prior lien 4448_1926 J
let eonnol 4s
1951 AO
2 Sale
6513
w
3
6312
9
6178
J 9i
11 (l27 70
New Orleans Term let 4s
1953 J
1 94
9712
95
N 0 Tex & Mexico let 69
1925 ID
5512 78, 50
Sale 53
6912
Non-cum income 5s A...,.1935 A0 53
New York Central RR9214 Sale 9178
0314 1791 89% 10013
Cony deb Cc
1935 MN
6811 Sale 6814
FA
6934 26 6818 7814
Consol 4s Series A
17, 74
7734
10
2
3 A0 7718 7734 77
86
18
99
Ref & Imp 4%e "A"
New York Cent & Find Riv6714 Sale 6711
41 004 73
70
J
Mortgage 34e
J
6712 6612 Dec '19 --6613 71
1997 J
Registered
794 SO
81
•N
7678 86
Debenture gold 45
Registered
34• N
93
19
Sale
8 6792 N".18
1 -111 5914 68
62
8
62
Lake Shore coil g 348-1998 P A
)12 Jan80
640
13 8
1%
73
8
67
213 - - '0
0
51)
6(02
1998 P A
Registered
70
60
Stich Cent coil gold 344(). _1093 P A
P A
75 Mar•17
Registered
Battle Cr A Stur let go 36.1
8J
99
98
19
J
8118 ---- 8212
82
8213
82
Beech Creek let gu g 48_1936 J
9534 Nov•ln
1036 J
Registered
J
8218 ---- 104 May•16
2d guar gold be
J
Registered
Beech Cr Ext let R 340_519
331 A 0
115
49 Nov'16
Cart & Ad let gu g
_1981 J O 7214 77
Ciouv & Oswe let go g58..1942 ID
vo8
8 Dec
5
01-3
5
4
1Mob & Mal let go R 18_1991 M S - .8i1,
N .1 June R guar let 441___1036 F A
N Y & Harlem g34e. ..2000 M N 60 ---- 80 May'17
N V 4 Northe,*n let g 58_1023 A 0 9212 ---- 9612 Nov'19
olgo prim Friday; latest bid and asked Ibis week. a Due Jan. 3 Due Feb, Q Due June, 5 Due July, a Due Sept. o Due Oot.
Range
Year
1919
Week's
Range or
Last Sate
---^
s Option sale
BONDS
q. Y. STOCK EXCHANGE
Week ending Jan. 16.
1:
'S
.!.
..,..
Price
Friday
Jan. 16.
Week's
Range or
Last Sale
Range
Year
1919
High No. Low High
Ask Loto
734(1
Y Cent & H R RR (Cos)78
80
N Y & Pu let cons gu g 48_1993 A 0 7312 ____ 78% Apr '19
Pine Creek reg guar6a--1932 J D 103% ____ 113 May'15
9918 July'19
-66- -66(8
R W &0con 1st eat 56-I1922 A 0 9734 99
7718
Rutland 1st con g 434s-1941 J .1 73 ____ 77 Oct '19 - - 67
6158
60 Aug '19
60
J --__ 78
Og & L Cham let gu 48 g-1948
60
67 Feb '19
(37
67
Rut-Canada let gu R 48_1949 J J
4 85 101 Nov'16
St Lawr & Adir let g 511-1996 J J 82185 103 Nov'16
1996 A 0
26 gold Se
6418 -66
Utica & Blk Ely gu g 48_1922 J J 9514 ____ 9318 Jan '20
68
74
Lake Shore gold 34e
1997.9 D 6958 7112 6914 Jan '20
69 Jan '20
7012 7078
1997 .1 D 6812 71
Registered
8 84 90
8613
1928 M S 8538 88
Debenture gold 4s
8712
8413 29 82
Sale 8278
89
25-year gold 45..
1931 M N 84
13413 Nov.19
8414 8414
.1931,
N -- 87
Registered
KaA&GRlstguo5a___1938 J i 85 ---- -- - -104-12 Dec ii
Mahon C'l RR 1st 513-- -1934 J J 9318
-----103 MaY'17
Pitts & L Erie 2d g 5a__a1928 A 0--- ---Pitts McK & Y let gu 65-1932 J J 10258 ___ 13018 Jan '09
1934 J J 101 ____ 12314 Mar'12
26 guaranteed 65
_
1931 M 5 90 ____ 9912 Aug '17
Michigan Central 5a
Registered
_1931 Q M 9234 -- 9812 Noy'18
82 Nov'19
84
1
1940 J J ____
is
77 87 Feb '14
1940.9 J
Registered
7018 ____ 90 June'08
J L & S 1st gold 34e
1951 M S -__-76;
1952 M N 6912 7358 7112 Dec '19
3 -74"1let gold 34e
4
81
8038
81 ---5 7312 85
20-year debenture 48..1929 A 0 80
4 7812 84
80
5 80
N Y Chi & St L 1st g 45_1937 A 0 80
Noy'17
1937 A 0 -------- 85_
Registered
-.61.773
75
1931 Di N 6878 69 69
Debenture 4s
8112
9 70
74
West Shore let 49 guar_2361 J J 7212 7312 73
7112 7178 Jan '20
6912 7834
_2361 1 .3 70
Registered
9912 9913
N Y C Lines eq tr 5(3_1919-22 M N 9718 _-__ 9912 Feb '19
Equip trust 4s__1919-I925.9 J 9334 9812 9412 Jan '20
7812 77
s 8634
Y Connect let gu 44e A..1953 F A 77
-'7(T17812
Y N H & Hartford5113
50 Nov'19
50
Mon-cony deben 4a______1947 M S --__ 53
51
49 Nov'19
49
Non-cony deben 34s- __1947 M S ---- 51
4778 50 Aug '19
52
50
Non-cony deben 34e____ 1954 A 0 45
56%
46 Dec '19
45
Non-cony deben 4s
1955 J J 4714 50
5912
46
1956 M N 4718 4912 461 Jan '20
Non-cony deben 48
52
47
Cony debenture 34e
1956 J „I ____ 463s 47 Dec '19
7112
l 71
88
65
1948.9 J 71
'Cony debenture (le
---1930 F A --------__ 50 Oct '17
Cons By non-cony 4e
____
9112 Jan '12
Non-cony deben 4e..._.1954 .1 J ---_ 6CI
1955 J .1 ____ ____ 60 July'18
Non-cony deben 4e
---__
Non-cony deben 4s.... 1955 A 0 -49
5018
Non-cony deben 4s.... 1956 J J ---- ---- 49 Oct '19
70
68
Harlem R-Pt Ches 1st 45_1954 M N 6312 _ __ 68 Nov'19
7214 7912 Dec '17
B & N Y Air Line 1st 45_1955 F A 65
"gg"
Cent New Eng let gu 4s 1961 J .1---- 58 59 Oct '09
Elartford St Ry 1st 45___.1930 M S ---- ---- -,-- --Housatonic R cons g 5a...1937 M N 80 ___ 10612 May'15
Naugatuck RR let 4e
1954 M N 60 ____ 87 July'14
N Y Prov & Boston 411_1942 A 0 8012 __ _ 83 Aug '13
i; -66 54
38
Sale 368
NTYW'ches&B 1st set 1 448'46 J J 37
_
Boston Terminal 1st 45
1939 A 0 ---- ---- -- ---__
New England cons &B....1945 J J 80
1945.9 J 60 ____ 70 Sept'17
Consol 45
40
38
Providence Sectir deb 4s-1957 M N ---- 3438 34% Jan '20
Prov & Springfield 1st 5s_1922 J 1 60 ____ 997 Dec '13
8838 Feb '14
7
Providence Term let 4s
1956 M S
741
741;
2 Dec '19
W & Con East let 449_1943 J ./ -------5 58
60
70
6014
Y 0& W ref let g 45- -.01992 M S 60
- 212 June'12
---- -._ 01992 M S -------- 9
Registered $5,000 only
6014 Nov'19
6014 62
_1955 J D -_-_ 66
General 4s
12 49% 6913
55
5518 54
54
Norfolk Sou 1st & ref A 5a--1961 F A
81 Nov'19
81
89
1941 M N 7711 84
al & Sou let gold Be
_ 105% Deo '19
1017s 10912
wf & West gen gold 6s.._ _A931 M A 10434
122 Nov'16
Improvement & ext g 68_1934 F A 1 1
10813
__
Aug '19
5
.0-1; 1561;
New River 1st gold 65_ _1932 A 0 -------55 768' 8612
79
N & W By 1st cons g 48_1996 A 0 77 Sale 77
79
79
1996 A 0 --------79 Oct '19
Registered
7734 7718
7718
7414 82
Div'
. 1st lien & gen g 48_1944 J J 77
8413
74
1932 J D 74 ____ 74 Dec '19
10-25-year cony 45
11714 May'19
1932 M S
10-20-year cony 45
964
---- ___
3 Dec '19
9614 15112
10-25-year cony 4,3481938 M S -------30 102% 11014
.
4 10312
104
10-year cony 6s------1929 . . 10312 1033
1 7814 86
Potash C & C join-t-4-e___1941 J -0 7838 7934 7834
7834
9812 20 97
97
CI C & T let guar gold 5a_1922 .1 J 973s ___ 9812
8 74
81
77
3olo V & N E 1st gu g 4s_ -1989 M N 77
Sale 77
ortbern Pacific prior lien rail7834 88 7512 86
way & land grant g 4e_.....1997 Q 1 7634 Sale 7612
7612 82
1997 Q J ---- 7678 76% Nov.19
Registered
62 52% 61%
56
a2047 Q F 6512 Sale 5412
General lien gold 351
55
5714
Registered
_a2047 Q F --__ 55 55 Nov'19
90
Ftef & imp 44e ser A
2047 J i 8034 Sale 80%
8112 20 79
76
76 May'19
76
3t Paul-Duluth Div g 411_1996 J 0 7018 80
10018 101%
3t P & N P gen gold Cs. 1923 F A 1001• ____ 100% Jan '20
9913 100%
9918
__ 10013 Jan '20
Registered certificates..1923 Q A
97
9812
3t Paul & Duluth let 59_1931 F F 91 ____ 97 Feb '114
7618 Oct '19 7618 7618
let consol gold 4e_ _ .1968 3 D 681s 85
_
3712 Dec '16
Wash Cent let gold 4s__1948 Q M 60 66
4. Pao Term Co let g 6s1933 J J 10638 ___ 10718 Jan '20
10612 10738
7014 70
7114 15 6812 79%
Or
Oregon-Wash lst & ref de__ 1961 .1 J 70
80
8412 Sept'19
PaDino Coast Co let g 5s.....1946 1 D 75
8413 88
Paducah & Ills lets f 4346..1955 J J :.- ____ 10018 Feb '17
8 85
95% Apr '19 -- -6E4 -6E4
Pe
Pennsylvania RR let g 49_1923 M N 8471 8718 88
Ansel gold 4a
1943 IN N 83313 Sale 883s
83%
8612
7 82
89%
8834 84
3onsol gold 45
394s IN N 85
3onsol 44e
9134 Sale 91
9212 22 8834 9614
1960 Y A
3eneral 44s
1965 J D 8212 Sale 8238
8334 89 7912 89%
3eneral 5e
1968 J D 904 Sale 9034
9218 165 8831 973i
8212 8678
klieg Val gen guar g 4s_ _1942 al S 8214 ____ 8212 Dec '19
D R RR & B.ge 1st gu 49-g 1936 F A 8318 ____ 8912 Sept.16
8218 8713
?bile Bait & W let g 45_1943 M N 8414 ____ 8218 Dec '19
lodue Bay & Sou 1st g 88.1924 J J -..-- ___ 102 Jan '93
_
lunbury & Lewis let g 48_1936 J J
I N J RR & Can gen 49..1944 rd 8 8112 --__ 92 Dec '17
Pe ansylvanta Co5 97
9812
1921 2 J 9758 Sale 97%
let gold 434a
9738
955s 98
_1921 J .1 9718 ____ 9558 Oct '1!)
Registered
Guar 34e coil trust reg A_1937 M 5 7214 ____ 87 Feb '17
7112 75
-5- 78/tier 3A s coil trust ser B..1941 F A
78 Jan '19
7712 Oct '19
7713 7712
Guar 34e trust otfe C___1942 J D 73% 75
77
77
Guar 334e trust ctfe D__ _1944 J D ____ 73% 77 Nov'19
2 8214 8634
8314 8212
Guar 15-25-year gold 45..1931 A 0 82
8212
5 80% 87
81
10-year guar 4e Otte Ser E_1952 IN N 8018 8058 81
8112 8238
Jin Lob & Nor gu 4e g- _ _1942 M N 81 ____ 8112 Oct '19
8312
85 Dec '19 .
85
)1(1c Mar let gu g 4448_1935 M N 8314 87
_
96% May'ld .
Cl & P gen gu 4345 set A.1942 J J 871, 93
1042 A 0 8714
104 Dec '15 . - .
Series B
-_
Int reduced to 3346.-1942 A 0 --__ ____ 9614 Feb '12
9018 Oct '12
Series C 34s
1948 M N
1950 F A --------5414 Feb '17
Series D 34e
7918 7918
Erse & Pitts gu g 314a B 1940 J .1 7012 ____ 7918 Oct '19 ,
7914 May'19 .
Series 0
1940 J J 70%
7934 7934
87
87
31* It & 1 ex let gu g 44s_1941 ,J J 81 ____ 87 June'19 .
8315 8514
Ohio Connect 1st gu 4s_ 1943 M 5 85% ____ 85% Nov.19 .
'itte Y & Ash let cons 5,1_1927 M N 973s ____ 93 May'10 .
Col W V & 0 gu 44e A 1931 J .1 8614 ____ 9834 Apr '17 .
87's 87's
Merles B 44s
1933 .1 J 8614 ____ 8718 Nov'19 .
Series C 4s
1942 M S 80
8818 Sept'17
911s 9112
'
0 C & St L gu 445 A...1940 A 0 8812 9212 91% Nov'19 .
91
9231
Series B guar
3 91 Nov'19 ,
1942 A 0
s C guar
--------Serie
- -.&flee
_1942 M N99
June'17
9058
90
ferles D 4s guar.. _ _ _1941 M N
9012 Oct '19 .
90
90
tittles E 34a guar.......... F A
82
87
90 Oct '19.
J
•No price Friday: latset bid and asked • Due Jos • Du. von
[VOL. 110.
New York Bond Record-Continued-Page 3
252
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 16.
Price
Friday
Jan. 16.
Range
Year
1919
Week's
Range or
Last Sale
Bid
Ask Low
High No. Low Hig
P. C. C.& St. L (Cots.)87
91 Elept'18
m D
N
Series F guar 4e gold___19133 J
_ _ 92
88-38 91
9038 Aug '19
Series 4s guar
1957
89
91
88% Jan '20
Series I cons gu 4348_1963 F A
101 102
C St L & P 1st cone g 55_1932 A 0 98 1(1038 101 June'19
97% 100 June'17 -1
Peoria & Pekin Un let 611g 1921 Q F 91
87 Marl()
26 gold 43413
58A
b
8634 88
87
8712 22 8238 -66Pere Marquette let Ser A
6534 7213
7114 Jan '20
70
71
let Series B 4s
1956
55
45 Nov'19
45
4318 52
Philippine By let 30-yr 51 48 1937.9"
97 _--- 99 Jan '18
Pitts Sh & L E let g 58
1940.
1 1
95%- 9714 Dec '17
let consol gold 5e
1943
7912 Sale 7912
8013 51 78
864
Reading Co gen gold 4s
81%
78
7814 78 Aug '19
Registered
1997 j
J .1
J
8 78
80
85
Jersey Central coll g 411._ _1951 A 0 .76 8014 80
J
1951 J
Atlantic City guar 4s g
-Etiff; 68
St Joe & Grand Isl let g 4s 1947 3 J -8/3; -65. -ET- Dec '19
St Louis & San Fran (reorg Co)
577 Sale 5712
5834 127 53 (34
Prior lien Ser A 4s
6978 7012 70
Prior lien Ser B 55
19
950
9I
Cum adjust Ser A (le____/1955 A 0 6012 Sale 60
1319
7
11 3
4
973
1114 110
566
9
514
38 7
4113 Sale 41
5(3
91%
Income Series A 131/
51960 Oct
4 101 106
102
St Louis & San Fran gen 6s-1931 J
J 100 ____ 102
91 Jan '20 ---- 2_1_9
.
82!
General gold 5s
1931 J
J 9112 94
St L & S F RR cons g 4e..1996 J
J
Southw Div let gl5e.....1947 A 0
14 -6
6617; 164:1 i
K C Ft S & M cons g 68_1928 M N -76-iii.
:--Sale 9
9708
:
13 08
:
39
71, MM3:1176
199% 7
K C Ft S & M Ry ref g 48_1936 A 0 6712 Sale (
BC&MR&B 1st gu 58-1929 A 0
8773 40
1 6
50
512 9
79
412
8t L SW 1st g 4s bond etfs_1989 M N 87789018 8778
3'4 Sept'
61111(
2 _ _ __
26 g 4s income bond otfa_y1989 J J _6_1__ (61:5312 63
_...
12
.
4934 6512
51
Sale
51
Congo gold 4s
let terminal & unifying 551...Pa .
j
1 Li
-58_7_ 595787122
55:712
10
4
2
-72.2 :
6 6567:42 664312
Gray's Pt Ter let gu g 58_1947 J D -5
Jan
---- -E6- -ii8 A & A Pass let gu g 4s
1943 3 J 6018 _
6018 6013 Jan '20 ---- 597 72
60
Seaboard Air Line g 45
1950 A
6014
(31
9 58
74
Gold 4s stamped
1950 A g 59% 61
3814 Sale 367
3834 105 31
5314
Adjustment 58
4:8
5 Jana% 106 30
le 60
473
178
4 Sale
60
Refunding 4s_.
_01
_1919
9F
A•
O
A 6
'20 ---. 64
80
Atl Dirm 30-yr let
--g 4e_e1933
M
76
65 _ __ _ 76 Apr '19 --- 76
Caro Cent let con g 48_1949 3
102
997s Nov'19 --- 9978 10034
Fla Cent & Pen let ext 66_1923 J J
104 101 Deo '15 ---.
ist land grant ext g 5s_.1930 J J
8712 Oct '19 --. -871; -92-1;
85
Consol gold Ss__
1943 J J 80
92
93 July'19 ---- 9114 93
Ga & Ala Ry 1st con 5e_o1945 J J
7
83
838 _._
0 8
01
98
9412 883
0
757
4
18
4 9
799
6
4172
8
Ga Car & No 1st gu g 15e_1929 J J
9514 May'19
Seaboard & Roan let 50_19213 J
Southern Pacific CoSale 71
Gold 4e (Cent Pao coil) 11949 J D 71
90 Feb '14 -,.; _ ii.1.8 _gF8
Jm
24,9
0
9
Registered
/
0 Ds
8118 171
807s ale 8013
20-year cony 45
113
.._1. 9834 115
1t0.416 _.
2:2
3 sep
07
10314 Sale 18
20-year cony fie
7612 52
1 70
214 80
3
A 765 Sale 7512
j
F D
4•
939
_ 194
Cent Pac 1st ref gu g 431
A
F D
Registered
192
949 J
348....k1
6 -Al: -gi4
8118
f" 825 81)
8118
770
Mort guar gold
S 70
70
Through St List gu 4e.1054 A 0
J 87 101 100 Oct '18 _......2..-0.... _- --GH&SAM&Plat W1931
3 1 N
9634 Jan '18 -- -- --- -90
89
26 exten 58 guar
9
Gila V 0& N lat gu g 58_1924 M N 9212 102
-10
5 -.
8
35
514 Jan :2
51 N 8414 89
Roue E & W T 1st g 58
933 5,
193
100 Oct '16
8414 1st guar 5s red
--;
5i3.4 ii --6
921s
1::
:
H & T C 1st g 58 int gu__ _1937 J J 911.1 ii:ii4 9134
9312 93 Jan '20 -- -. 911s 945
Gen gold 4s int guar_ _1921 A 0 93
94
N 90 ---- 94 Mar'19 ---- 94
Waco & N W div Ist-g-as .30
8734 Dee '19 -.-. 8734 8'734
A & N W let gu g
_ _1941 J 1
09 10014 Oct '17 -- -1921 J J
Louisiana West let 6s
4 9912 9834 Jan '20
513:
,8 ii
-6
9926
54
Morgan's La & T let 6s_.1
193
20
8J
A 0
3 -&-i3947 97
9512 Nov'19 ---9 2
No of Cal guar g 5e
9358 Jan '20 --58 998
Ore & Cal let guar g 58_1927 J
44
1 2_42-2 9738 July,19 ---- 9738 9738
So Pee of Cal-Go g 58......1937 M N 93
So Pac Coast 1st go 4s g 195
35
7 J J 9012 ____ 9212 June'19 ---- 9212 93
8014
San Fran Terml 1st 481950 A 0 7214 7418 7212 Jan '20- 71
83 ___ 85 July'19 -,,_ 85 85
'rex & N 0 con gold 5e.__ 1943 J
7812 Sale 76
So Pao RR 1st ref 4e
8
76
988
131.
„
2,
3
G,
0
3 75
85 Sale 85
4
4 9
432
8
56
5
31%
8
2
Southern-1st cone g 5e
1994 J
_ 92
8514 Sept'19
1994 J J
Reglatered
603.1 203 5012 69
Develop & gen 4s Ser A-1956 A 0 597 Sale 5978
5712
7 55
683
Mob & Ohio coil tr g 45-193)1 M S 5712 Sale 5712
8512 Jan '20 --- 901 9114
Mem Div 1st g 434a-158_ 19
99
56
1 J J 8114 89
675 ---- 6912 Dee 19 -- -- 673 7412
St Louis div let g 45
91
9218 July'19 ---- 9278 93
Ala(It Sou 1st cons A 5e...1943 J D 80
Atl & Cheri A List A 434e 1944 J J . 808 8234 8234 Dec '19 ----, 8234 8834
90
8718 Jan '20 ---- 86% 9718
87
let 30-year 5s Ser B
19
94
48
4J
74
6834 70 Oct '19 ---- 70
At3
10,/D
6 48any 1st g 4n
811j 13.1ar'16 ---- _--- --_ _
19483 J
68
All & Yad let g guar 4s 1949 A 0 63 ____. 68 Oct '19 ---- 68
9218 Dec '19 ---- 9215 97
1930 J .1 9134 93
E T va & Gla Div g 5s
9014
2 894 97
Cons let gold fis_ _ _1956 M M 8934 908 9011
94
92
July'Ill --- 92
8012
9514
E Tenn reorg !len g 58
193/3 111 8
52 Jan '19 ---- 52
52
4714 51
Oa Midland 1st 35
1948 A
10()
22 100 101
Ga Pae fly let g (is
(
3 99 10012 9912
gnoxv & Ohio 1st g 65__ 192
945
J 97 ---- 100 Dec '19 ---- 9734 100
9112 Oct '18 ---- ........
8514 95
Mob & M r prior lien g 55.1945 -1
65 Aug '19 ---- 6565
- ------- 66
Mortgage gold 4e
925 Nov'19 ---- 9258 9534
Rich & Dan deb Se stmpd _1927 A 0 9212 102
June'19
Rich & Meek 1st R 5e.. _ _1948 M "
95% ____ 10212 June'll -Virginia Mid Her D 4-5s_ _1921 M
'or -664
91% 100
95 Jan '20
Series E 5s
9
i _. . --- --. . .-. ;
"1
1(
_6 _ 1)0:1518 :
-- 3
1 109698412
:
0
7. 19
92
26
8 SI
Series F 6e
M 8 6
9
9
July'19 -General 5e
8218 86
8138 Sept'18 ---- ___ ---V/t3 8
,1te So'w'n
8
3 A1
J
e. 8
00
936
195
syteg
au
r 58
s 2
58 Dec '19 --- 58
60 64
71
8518 95
937 Mar'17 -DA
W 0 w int
1924
gu 4s
_ 75
7512 Apr '19
-ffil; - 1 1-2
Spokane Internet let g 5s 1955 J J
82 Jan '20 -.-...--. 8118 9112
Term Assn of St List g 449.1939 A 0 828 100
93 Oct '19 93
/.
,
1 8534 90
9818
let cons gold 5s
77
7038 Sale 705s
71 14 12 69
Gen refund s f g 4s
92
92 June'19 -. 92
St I, M Bridge Ter gulg858
34 A 0 853.1 91
450
94..1
119
93
8434 841/
85
45 82% 93
Texas & Pao 1st gold 5s__ _ _2000 .1 D 83
51
5212 41 Sept,'18 ---2nd gold income 55
42000 Mar
La Div B L 1st g
)6
612 M
5 ------------NI
'
()v
11:(14
-6
.- -----_-.. B5
A
j -7
W Min W & N W lat gu 58193
930
1
8712 84 Jan '201 ---Tol & Ohio Cent let gu 5e 1935 J _J 84
83
84%
87
Nov'19
--- -83
81
1935
A
to
Western T)ly lot g 5s
Sale 70
D 70
General gold Se
1035
512
73
73 Oct '10
70
912 73
65
9 ---1-1 7
Kan & M 1st gu g 411
8712 9012 8712 Dec '19 ---- 8712 92
26 20-y•ar 5s
36
Feb'61789
---- 36
4
1917J J ..--- ---Tol P & W 1st gold 49
7418 ---- 741s Dec '11)
Tol HIT. & W pr lien g 345_1925 J J
4
72
4;4
2 5
79
6
1950 A 0 4413 49
47378
50-year gold 4e
1917 F A ..-__ 3478 1858 Marie ---- -- ---Coll trust 4s g Ser A
19
18 Aug '18 ---- -------Trust co ctfa of deposit
69
(16
7114 60 Jan '20 ---- 63
Tor Ham & Fluff let g 431._/11.946 J
31 ----:-._ 8038 8538
518 8
50
8% s
Neopvt:17
Ulster A Del 1st cons g 5s.„ 1928 J D ..)3_1... 85
let refundine R 4s
84 Sale 8314
85 .
Union Pacific let g 4s
:
91
1..
8
2
g
..i
2
-1.
2 ....8
g
83126'
118 -5 -8
751
8 12
2 Oots
7813 sale 8
Registered
1
7 :t
J
4;
gq4
877
20-year cony 48
1 7
J 87 Sale 8612
20 74%
2008 M
let & refunding 45
10212 36 10114 106
10158 Sale 10114
10-year perm aecured (38_1928 J
7618 86
7814 81
81 Jan '20
Ore RR & Nay con g 40_1946
10034
Ore Short Line let g (9)-1922 F A 10012 104 10034
93
9112
'20
_--Jan
9
9
212 19
93
98
114
let consol g 55
8414 29 771 88
8378 Sale 8334
Guar refund 411
98
9258 Jan '21) --93
915 90
Utah & Nor gold he__ 1926 J
83
89 Feb '18 ...1st extended 4sJ_ J 82
:
:
i!
ii:. ..-iit
8034 Dee '19
-_i
ii
3 F A ___
5
35
Vandalla consg 4s Ser A...
um
ny
e:118
9 --:.....:
30
518 Jm
consols 4e Series B
.1957 M N .....::: .82_31 8
-.
Vera Cruz & P let gu 449_1934 J J
g Due June. 5 Due July
-884
-
k Due Aug. • Due Oot
y Due Nov
/ 1) le Dec • Option sale
JAN. 17 1920.]
BONDS
N Y STOCK EXCHANGE
Week ending Jan 16
New York Bond Record-Concluded-Page 4
Price
Friday
Jan, 16
Week's
Range or
Last Sale
Range
Year
1919
BONDS
N Y STOCK EXCHANGE
Week ending Jan. 16
253
Price
Friday
Jan. 16
Week's
Range or
Last Sate
ILs
ra'53
Range
Year
1919
Ask Low
Bid
High No. Low High
Bid
Ask Low
High No, Low High
Virginian let Si aeries A
Miscellaneous
7 8214 9412
N 8413 Sale 8413
1962
8514
6713
Wabash let gold 5a
13 87% 9813 Adams Ex coil tr g 4s
90
1939 M N 8914 Sale 89%
1948 RI
57
5758 50
7 66
5758
Sale
4
80
Alaska
%
2d gold 58
M
Gold
deb Si A____1925 M
8012
1939 F A
80%
79 89
1212 35
15% 20
1512 Jan '20
Debenture series B
Cony deb 6s series B
90 Aug'18
1939 J .11
1926,111 S 15% 17% 14 Dec '19
34
12
lit lien equip a fd g 5s
9712 July'19
1921 M 5 9818 ___
9718 9712 Am SS of NV Va 1st 5s
1920M
9734
70;4 7034 Nov'19
J
lit lien 50-yr g term 48_1954
8312 Sale 83
70% 7034 Armour Ar Co let real est 44e'39.5
83% 84 81
8884 Jan '20
Dot & Ch Ext let g 5s
88T4 1941 J J .
1926 A
8814 8814 Booth Fisheries deb s f fis
---- 95,8 90 Feb'18
Des Moines Div let g 48_1939 J J
faIt1 80 Aug'12
- Braden Cop M coil Ire f 60_1931 F A 9213 94
764
9014 Dec '19
Om Div let g 3%a
Bush Terminal 181 4s
77
1941 A 0
1952 A
67 67
65 67 Feb'19
817s 7934 Jan '20
•- 77 83
65
Tol dc Ch Div g 4s
74% Oot'19
Consol 5s
7418
81
1941 M S
72
76
19561
80
9 75 85%
82
72
Terml
7118
72
ash
let
‘A
Buildings 58 guar tax ex 1960 A
gu 3As
72
7218 7512
1945 F A
4 1.7858 83
80% 82% 80%
8134
let 40-yr guar 45
82 Aug'18
1945 F A
- Chic C & Conn Rye if 15a...1927 A
4012 -- 58 Mar'18
West Maryland let g 4s__1952 A 0 78Stile 51
Chic Un Stat'n let gu 4%s A 1983.5
5112
51
83 82
47% 63
82
18 -fil; 89
83
West N Y & Pa lit g 5s
Chile Copper 10-yr cony 78_1923 M
J
92 100
1937
10612 Sale 10612
93 92 Jan '20
10834 48 10112 128
(len gold 4s
Recta (part paid cony (Is ger A A
_ -- 89% Oot'19 -- 8212 95
1943 A 0 ---- 63 63 Dec '19
63 63
Income tia
Oot'17
Coll tr dc cony Steer A
p1943 Nov
80 Sale 7934
9434
1932 A
- - - 36
8334 376 75
Western Pao lit ser A Ss _1946 M S 8418 Sale 84
791k 881* Computing-Tab-Roo i f 68..1941 J
84%
86
89
Sale 86
7 82
86
Wheeling & L E lit g 5a__1926 A 0 92
94
92
Granby Cons MS&P con Os A '28 NI
9218
95 100
96 Dec 19
96
92 96
9812
Wheel Div lit gold 58____1928 J J 85 95 100 Feb'17
Stamped
95
98
95
96 Dec '19
98
Exten & Impt gold 5s____1930 F A 8134.... 90% Mar'17
Great Falls Pow lit s f 5E1_ 19
90
98
91% 93 Dec '19
94
20
93
3 IV1
M
Refunding 4%s serlea A__1966 MS 51
50
50
-414 "eV" Int Mercan Marine s f 68_1941 A
94
Sale 93%
9212 10534
95
5414
flit lit consol 4a
54% Jan '20
52 6512 Montana Power lit 5s A
85
Sale 8414
1949 M S 53%
95%
1943 J
8514 30 84
Vt Inston-Salem Et B lit 48..1960 J J 66% TVs 67% Nov'19
8318
Morris & Co 1st s f 434s
8 8014 8812
67% 78
8014 85
82
1939 J
Wig Cent 40-yr let gen 4a
Mtge Bonds(N Y 4s ser 2_1966 A
69
6334 80
83 Apr'14
1949 J J 6814 6014 69
- ---Sup & Dul div & term lit 4s'36 M N 6812 70
10-20-year 5ss cries 3
70 Jan '20
67
1932 J
94 June'16
77
N Y Doo_ 50-yr lit g 4s__1951 F A 67
fr
68
-6E- "
6634
67
Street Railway
Niagara Falls Power let 58 1932 J
9212
9213
9314 97
9134 95
35
Brooklyn Rapid Tran g 5E1_1945 AO 33
____ 10034 10112 Oct'19
3312
Ref & gen 68
3313
1 30
100h 101%
76
lit refund cony gold 48
2934 25
J 26
Niag Loo_ &0 Pow let 5s_a_193
25
1 25 53
86
2 9112 94
A
4M
9034 88
2002
1952
88
Sale 45%
46
3-yr 7% secured notea__ h1921 J
14 39
Nor States Power 25-yr 5s A 1941 A 0 85
88
46
Salo 83
17 8214 91
85
4314 4514 44
12 37
Certificates of deposit
Ontario Power N F let 58_1943 F A 83
79
45
7 8418 9112
84
82%
8234
40 45
1 33
4114
Certificates of deposit stmp'd
42
75
Sale 75
4 79
8212
75
7812 Ontario Transmission 5s____1945 M
Bk City let cons 58_1916-1941
6:
9:
:
7
(
77).
70
Oot'19
125 ---- 15513 May'19 -.- 11214 15512
Pan-AmPet&TrIst cony 69'19-'27 J
70 70
Bk Q Co &S con gu g 58_1941
Pub Serv Corp N J gen 5s_1959 A
80 May'18
Sale 6234
20 6414 80
66
66
Bklyn Q Co de 1st 58_1941
4012 Dee '19
9518 Sale 95,8
96
"4
'
6""4614 Tennessee Cop lit cony 68_1925 M
95,8 16 91
Bklyn Un El lit g 4-58-1950
63
A 6212 67 62
95
_
5913 7914 Wash Water Power let 58_1939 J
9015 July'19 -- 90
7 5978 7918 Wilson & Co lit 25-yr if 68_1941 A 0 93
Stamped guar 4-5s
63
A 62 Sale 02
Sale 9758
9818 61 94% 101
1956
55
Kings County E let g 48_1949
60
49 Dec '19
10-yr cony a f (is
A
9512 Sale 95
49 68
1928.5
9618 90 94% 10434
57
Stamped guar4s--Jan'19
62
A
62 62
1949
Nassau Elea guar gold 48_1951
27
27 Jan '20
2212 55
Chicago Rya let 15s
119
?7 6812 Jan '20
Manufacturing & Industrial
A 70
63 81
1927
Conn Ry & L let & ref g 4%s 1951
Am Agri° Chem let o 5a____1928 A0 8814 Sale 9914
6 8 7012 Sept'19
3 9634 101
7012 88
9914
60 80 77 July'19
Stamped guar 4%s
Cony deben 5s
14 98 11212
77 77
99
1951
1924 FA 9813 Sale 9311
07
Det United let cons g 4)8..1932
68 67
8 67
6714
3 84
86
81% Ara Cot 011 debenture Sa__ _1931 MN 8638 89
8912
8612
_
Ft Smith Lt & Tr let g 5s
68 68 Jan '20
93
- Am Sm & B let 30-yr 68 aer A '47 A0 8518 Sale 85
8611 166 84
1936
Bud & Manhat Se ser A
Am Tobacco 40-year g 68_1944 AO 116
92;
60
A 59,4 sale 59
119 119%
119.2 Aug'19
58 65
1957
1612 Sale 15%
Adjust income Se
Gold 4s
1614 159
1914
75
7212 80
87 Sept'19
1951 FA
1957
90
N Y & Jersey 1st 5s
90 May'19
A
90
1418 9
43
0;
1932
4
2 Am Writ Paper a f 7-6s
1939 J J 83 Sale 82%
83% 20 83 9012
Sale 1712
lit a f Si ctfs of deposit
1812 175
Interboro-Metrop coil 435e-1956 A
86
9018 July'19
9014
71(i12 Sale 1714
Certificates of Deposit
_ 10034 Dec '19
1734 47 13
100 10112
4114 Baldw Loco Wor_s let 58_1940 MN
8214
Sale
432
Interboro Rap Tran let 5s_1966
Cent
Foundry lit a f 6a__1931 FA 8018 83 8018
54
51
"3
78
8712
4318 7513
8018
60
59
Manbat By(N Y cons g 441_1990 A
5934
597s
9412 .9812
5412 7214 Cent Leather 20-year g 58..1925 A 0 90 Sale 96
96%
5913 6014 60 Jan '20
Stamped tax-exempt
7713 7313 Dee'18
A 75
55
1951
7412 Consol Tobacco g 48
1990 A
Manila Eleo Ry & Lt a f 56_1953
---- 75
Corn Prod Refg a f g
Oct.'19
10014 101 10018 Nov'19
-Vtil; fa"
75
77
let 25-year s f Se
Metropolitan Street Ry10014 10212 100% Jan '20
9912 100%
1934
Sale 50
5 4518 72
Sway & 7th Av let o g 511_1943 JD
Distill Sec Cor cony 1st g 58_1927 A 0 86
50
8518 9211
88
8512 Dee' 19
E I du Pont Powder 4%a
Col & 9th Av let gu g 5s...1993 MS ,511131
58 Sept'19
94 100
58 (1.1
9212 94
9334 Sept'19
1936
Lex Av & P F lat gu g 59_1993 MS 40 45% 57% Sept'19
8812
90 - - 8812 July'19
88
5713 74. General Baking let 25-yr 66_1930
Met WS El(Chio Ist g 4a_1938 FA
Gen Electric deb g 3%s
Deo'19
54
7214 7012 Jan '20
A 69
70
77
1942
21- 96 Dec '19
MIlw Eleo By & Lt cons g Si 1926 FA -6E" -66
8512
9512
9332 101
Debenture 68
9514 96
98
98
1952
.
62.
.2 Wog 8112 Deo'18
Refunding & erten 4%8_1931 .1 J .7
96 Nov'18
- _ Ingersoll-Rand let 68
1935
lot
Montreal Tram lat .3c ref 5s_1941 J J
78 Dec '19
Agri° Corp let 20-yr 58_1932
7612 8614
827 8312 83
78
84
79
68
9918
lot Paper cony s f g 15s
New On Ry & Lt gen 4%6_1935 .1 J
61 July'19 - 61
98
98
98 Sept'19
61
1935
50
N Y Municip Ry lat s 5s A.1966
let & ref at cony ser A.__1947
.t
57 July'19
8514 90
04
55 83
87 Aug'19
3338
•
12
ig7;
N Y Rye let R E & ref 4s...1942
31
Liggett & Myers Tobac 75_1944
J
3114
Sale 10874
11
108 11438
27 49
110
7a 2814
2814 Sal
5s
Certificates of deposit
3012 35 25% 45
95
Sale 83
891s 14 85
1951 FA 88
30-year adj Inc 5s
712
734 24 418 1612 Lorillard Co (P 75
10738 1131t
a1942 AO
1944 AO 10818 103% 10834 Jan '20
712 7,4
714
53
Certificates of deposit
738 32 454 161s
94
8612 Jan '20
85
1951 FA 8)313 87
N Y State Ryes 1st cons 4%8_1962 MN 5234 5518 50 Jan '20
Nat Enam & Stampg 1st 59.1929 ID 9634 ---. 9712 Jan '20 - 95
4834 62
98
7212 64% Jan '20
Portland By let & ref 5s____1930 MN 61
94 Aug'18
75 75% Nat Starch 20-year deb 58_1930 J J 93%
66
Portld Ry Lt & P let ref 58.1942 FA
55 Dec '19
55 65% National Tube let 58
N 92% Sale 9213
1
9314 58 92 -66;
1942
94
N Y Air Bra_e lit cony 66_1938 MN 9918 10011 99,
9012 Feb'17
Portland Gen Eleo let 58_1935 J J
1 9878 103
4
9934
78
St Jos Ry L H & P 1st g 58_1937 MN
Pierce 011 5-year cony 66_41920 Jo
95 July'17
100 145
100,8 Nov'19
St Paul City Cab cons g 58_1937 J J 76 82 10212 Mar'12
9954 11214
10-year cony deb ea.__ _61924 J J 104'* 105 1t)44 Jan '20
5 .46
50% 51
Third Ave let ref 4s
5134
5934 Sinclair 011 dc Refining1960 .1 J 49
29
1st a f 70 1920 warrants attach
Salo 29
9812 15212
Ad)income 5s
2914 13 2
12312 Aug'19
A
85
3 9
43
212
a1960 AO 84
Sale 83
19
do without warrants attach
Third Ave Ry let g 5s
84
95 100
997 July'19
A
1937 J .1
Sale 91
Standard Milling let Se._1930
91
1 91
95
90
1 91% 97
9314 9312
Tri-City By de Lt let a f 58_1923 AO 91
93%
The Texas Co cony deb 6s 1931
103 10318 10234 10318 57 l9012 10412
Undergr of London 430
73
73
1933 J J 85 961s 73 May'19
55
Union
Dec
'19
60
Bag
8112
Income (Ss
8934
88
80
dr
.1
60
864
Paper
Nov'19
let
511_1930
78
1948
73
Stamped
7514 29 70
United Rya Inv Si PIttaiss_1926 MN 75
8711 Dee'18
78
1930
5378 5114 Nov'19
937 961*
46
United Rye St L let g 4a____1934
9434 -fib% 95
46% 55. Union 011 Co of Cal let 56_1931
03'19
7912 Sale 7918
US Realty & I cony deb g 5s 1924
St Louis Transit gu Se____1924 AO -- 55
50 June'17 -441 60
7812
82
United RRa San Fr e f 48_1927 AO 2615 29% 29%
2913 10 22 -36.12 U S Rubber 5-year sec 78.„1922
74 10218 10478
102% 103 10214
103
2813 Salo 2634
1st dc net 5a series A
Union Tr(N Y offs dap
8714 Sale 87
2834 43 22
8912
8818 113 83
3631
1947
2713 2834 2714
Equit Tr(N Y inter etas
2834 12 22
11 9734 107%
A 10318 104 104
105
36% US Smelt Ref & M cony 6s 1926
73
Va By & Pow let de ref 5a__1034
04
70 Dec '19
Va-Caro Chem lit 15-yr 58 1923
95 9512 9434
7() 79
9512 17 9314 9812
Cony deb 68
Sale 101
12 997s 104
e1924 A 0 101
101
Clas and Electric Light
West Electric let Ss Dec____1922
5 9814 9914
9712 97% 9734
9734
931s -- 103 Sept'15
Atlanta 0 L Co let g
70
85
Bkiyn Un Gas let cons g 68_1945
73 Jan '20
Coal. Iron & Steel
867
"
if;
9313
8478
Cincin Gas de Elea lat&ref tis 1956 A 0
Beth Steel let ext s f 5s__1926
93 July'19
9713 96,
7 9512 98
93
4
97
93
9634
85 89
Columbia 0 & E let 5s
let & ref 5s guar A
85 Nov'19
Bale 86
40 8434 92
82 9034
87
86
1942
1927
_. 85
Columbus Gas lit gold 5E1_1932
87 June'19
20-yr pm & imps f
8912
87 87
8534 Sale 8534
86'4 10 80
9958 9978 9912
Conaol Gas cony deb 68_1920
9313 July'19 -- 9312 931k
99,
8 23 9813 105% Buff de Susq Iron 5 f 5s
87
1932
97 9814 Sept'19
Cons Gas EL&P of halt 5-yr 50'21
90
9213
Debenture 58
91% Nov'19
917a
9618 99
51928
--- 9014 9614 Dee '19
Detroit City Gas gold 5s___1923
101
9478 904 Cahaba C M Co let gu 68_1922
. _
Deo'14
95
95 Dec '19
Detroit Edison lit coil tr 5s_1933
8312 92
94
A 8312 -117-12 84 Jan '20
9612 Colo F& I Co gen if
19
Sale
8913
873
Col Indus let & coil 5s go..1934
4
lit & ref Si ser A
13 7312 81
00
A 73% Sale 7338
74
881s
94
61940
94
94 Feb'18
Eq GLNY let cone g 5s....1932
Cons Coal of Md let&ref 56 1950
S
8218 90
73 82
83% Nov'19
100 Feb'13
Gas & Eleo Berg Co o g 58_1949
95
98
9834
_ Elk Horn Coal cony 66
Feb'19
1925
85
84 Dec '19
A 81
Illinois Steel deb 434s
Havana Elm condo! II 58-.1952
82% Bale 8213
84
8312 15 8218 864
87
1940 A
91 Sept'19
Indiana Steel lit 55
Hudson Ca Gas 1st g
981
:
90 91
9312 11 91
9234 Sale 92
1952
Kan City(Mo Gas let g 56 1922 A 0 _ 9078 9212 Dee '19
96
921s 92% Jeff & Clear C & I 2d 5s____1926
- -- - - 8413 Deo '19
Lackawanna Steel lit g 55_1923 A
17 9334 981,
Kings Co El L & P g 5s
8112 94
93% 9378 93
94
1937 A 0
90 98% 9913 Nov'19
let cons Sc series A
9378 Sale 93%
Purchase money Os
95 105
1997 A
1950
9714 13 86 107
__ 9914 98 Apr'19
S
84
Midvale Steel & 0cony s f 581936
Sale 8358
Convertible deb Se
90 98
85% 72 804 91
1925
784 80
75 Dec '19
Pleasant Val Coal let a f 68.1928
Ed El III Ilkn let con g 4s-1939
75 84
81 Deo '19
Pocah Con Collier let e f 518.1957
8118 84
Lae Gas L of St L Ref & ext Ss'34 A 0 8212 87
83% 882
80 97
841s Nov•19
8718 8712 87 Dec '19
9614
Repub I & S 10-30-yr 5s a f.1940 A 0 94% Sale 9478
5 92
Milwaukee Gas L let 4a
87 89
957s
1927
86 10413 Apr'17
St L Roc_ Mt & P 58 strnpd_1955
Newark Con Gag st 5s
70
8034
70 Dec '19
83
1948
Sale 85
85
87 93
99
8513 33 -86;
014 7
91
7 -94- Tenn Coal I & RR gen 53_1951
NYGELII&Pg5s
9
13a
3;: 91
1948
20 59% 7414 U 8 Steel Corp-fcoup _ _d1963
A 83'8 Sale 6312
64
Purchase money g 48
9814
9934 254 9414 10112
1949
97 10114
921s Nov'19
if 10-60-year 5streg....d1983
9914 Jan '20
Ed Elm Ill lit cons g 59_1995
9212 100
A 81
961s Aug'17
89
83
Nov'19
863
4
NY&Q El L&P let con g 54_1930
8634 8634
1931
- . Utah Fuel 1st a f fis
70
Victor Fuel lit s f 5s
70 Mar'19 -- 70
Pacific CI & El Co-Cal0 & E50
1953
8912 8913
89
8912 16 8.1
87%
81
8218 81 Dec '19
S 81
Corp unifying de ref 54_1937
Ms Va Iron Coal de Co.e let g fis 1949
3 8012 88
83
82% 83'e 821s
Pacific 0 & E gen & ref 5s 1942
Telegraph & Telephone
Pao Pow & Lt let & ref 20-yr
A 8112 80
82
Sale 7811
Apr'19
70 7612 86
82 98
Am Telep & Tel coil tr 4i...i0293
797
79
St International Series. 1030
80
100 July'17
Convertible 45
723s 80 Ma'
Pat de Passaic 0 (lc El 5s
9y89
31319
84 0;7 77
1936 611
1949
83
97 Aug'19
82
20-yr convertible 4 3,4i..._1933
82
Poop Gas & C lit cons g 6s 1943 A 0
8278
9 7934 91
5 6435 08
62 Dec '19
79
62
30-yr temp coil In 5s
94
Refunding gold Si
7713
8212 Sale 82
1947
9734 1043s
7-year convertible Os
71
0518 80 Jan '20
A 9914 Sale 99
79% 88
Ch 0-1.& Coke let gu g Se 1937
98
96
96 Jan '20 -100
Apr'17
9814
911
_ Cent Dist Tel let 30-yr 581
119
6
943
2
_j
J
F
ConG Co of Ch let gu g ths 1936
89 Mar'17
- 73 Nove17
_ Commercial Cable let R 45_2397 Q
Ind Nat Gas & Oil 30-yr 50936
75 May'19
6818 Jan'18
Registered
75
75
2397
Mu Fuel Gas lit gu g 58 1947
85
8813 0058 88 Jan '20
851
Cumb T & T 1st & gen 5s
Sits Jan '20
1937 J
8538 94
. 94
Philadelphia Co cony g 54_1922
84
a 8811 92 91 Dec '19
88
93
Apr'16
87% 9613 Keystone Telephone let 5s._1935
Stand Gas & El cony tt 612_1926
9712 May'17
Mich State Teleph let 5s___1924 F A 84% 9178 8513
8114 -8518
81's W;
Syracuse Lighting let g 58_1951
1
73 Deo '19
7.3
9818 9918 9818 Dec '19 ---- 994 9815
Syracuse Light & Power 58 1954
7412 N Y&NJ Telephone 5s g_.1920
98% Oot'17
Sale 80
-_
N Y Telep 1st &gen s f 4 Hs_1939 M
80
Trenton CI & El let g Se.. 1949
8112 82 78% 9112
721*8814 8814 Oot'19
9614 63 94 1011a
9634 96
96
8814 92
Union Bloc Lt & 1' let g 55 1932
30-yr deben i f 0s___Feb 1949 9778 82 July'19
1 9:332 9538
8814
82
Pacific Tel & Tel let 58
8711 8814 8814
Refunding & extension 15s 1933
82
___ 97
12
3 84
85
8612
9734 Nov'19
931t
8414
.1
41 3
94 98
United Fuel Gas let g f 68_1936
South Bell Tel AT let if 54.11937
83% 85
A 5412 Sale 8312
94
81
sr,
86
8514
Utah Power & Lt lit Bd
West Union coil Cr our 58_1938 J
1944
8112 90
81
92
3 80
.17 ....1
112 se,gt0
9514 ---- 101 June'17
00
Fund & real eat g 4148_1950 M
Utica Elea L & P let g 5a
79% .8_02! 18
1950
82 8818 87 Nov'19
----1941
Utica Gan & Elm ref Se
Mut Un Tel au ext 5s
1957
95
____ 90
88 Oot'19
- 94 Nov'16
Westchester Ltd gold 5s
Northwest Tel gu 4 %a 8..1934 J
92
1950
85
---•No price Friday:latest bid and asked. a Due Jan, b Due April. e Due May. e Dee June. 4 Due July. 8 Due Aug.•Due Oct. p Due Nov •Due Dee a Option Sias
8831
'if
'
-
"iii
5d
" .118
ii
--
._
"g;.;
'if' Jai'
____
"if -
•-
BOSTON STOCK EXCHANGE-Stock Record,..B43.7Spage [VOL. 110.
254
=-1
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Jan. 10
Monday
Jan. 12
12212 12212 123
65
6512 66
8612 8612 +85
-ii*____
140
+.25
'.25
.612
*6
*132
*132
+85 ____ *85
-5i.
40
I
I
Tuesday
Jan. 13
Wednesday I Thursday
Jan. 15
Jan. 14
!Salute,'
•••••
Me
Friday 1Week.
.Tin. 16 Shares.
12214 122121
122 +12173 123
85
6518 8412 6412 64
-------- ----------_-_Q.11
s
1)
33
33
33
1- - -33- -34 - 33
-ii- -,
39
39
-------40
40 +---- 39
40
40 *136 140 *136 140
,+
140 *135
st Sac 10e. Dec'19
___ +.25 ---- ---_
..;(i ---La
____ .6*5
612 612
____
_ _ __
___
Dec'19
Last Sale 5
10
*7
*6 ____
____
Last Sale 132 Dec'19
____ +132 _ _._ *132 133
85 I
____ *85 -- +85 ____ '85 -..1 85
Last Sale 67 Nov'19,
Last Sale 102 Dec'19
Last Sale 4912 Dec'19
-_ ------___
Last Sale 10334 00'19
123
124
6512 65
___. +85
123
122
6513 64
---- +85
Range for Year 1919
STOCKS
BOSTON STOCK
EXCHANGE
Lowest.
Railroads
100
191 Boston & Albany
100
771 Boston Elevated
100
5' Do pre
100'
Boston & Lowell
100'I
382 Boston & Maine
100
38' Do prof
100'
1 Boston & Providence
Boston Sub irban Elec.-no par
116
62
35
78
28
40
130
103
Highest.
Deo16 145 Api 3
Dec 2 8014 Apr 5
Dec31 97 Jan28
Jan 3
0,305 95
Jan30 3812 July29
0010 50 Jan27
Jan 6
Sept22 168
De329 700 Nov 5
Feb'ai1
l
50 BoD
efro Elea pre no
Wro
ar
o Pa
3:3 1
sto& P
I(IvIt lti
1.T
Jan 4
Ohio Juno Ry & U S Y....-100 132 Oet 1 135
6
0 J ne10
77
3 9
10
Aepbr3
1 F
84
9 6
00
10
20 D) pref
Jan
Concord & Mont class 4... 1
100 100 Sept 6 115 Apr 9
Connecticut River
Jan 2
100 47 Nov 7 58
Fitchburg pref
---Georgia Ry & Eleo stampd.100 9932 Mar15 110 June24
July29
Mar15
784
70
100
2 Do prof
100 597s Dec31 83 Jan 6
13 Maine Central
-61- -6-1-- 62 12-;i5100 2514 Dee12 4034 July29
842 N l'' N 11 & Hartford27
26
2558 2614 *25% 2614 27
*26
2613 -Ze- 16- 26
' Northern New Hampshlre_100 86 Dec19 9918 Aug 6
S7
7ast 7
1
ale 1£10
:2_0
.
.....Ja_n
..;,...i_ ii_ ..ii_ ..ii _
Jan 3
100 x71 Deo15 105
167 Old Colony
77
"'Wig 77
100 15 Dec18 23 May27
10 Rutland pref
17
1115
17
iia- IF .16
17 I +17 '18
17
*16
17
& Massachusetts 100 82 0030 100 Jan18
Last Sale 85 mont
Jan'20
*85Ver
*85 ---50 3312 Sept24 50 Apr 3
475 West End Street
44
4413 -4-5- -4-414 43 13- -iii- 14-- 4112 4412 44
*44
55
*55
55
56
50 47 Seckt24 58 June13
4,55
100 Do pre:
56
1155
5514
5512 55
56
*55
Miscellaneous
10
714 Nov 8
5 Dee22
830 Am 011 Engineering
534 6
6
534 6
6
614
6
6
6
614
*6
2 Aug14
112 112 *112
134 1,450 Amer Pneumatic Service.... 25 553 Jan 2
138 112
112 112
133 *114 112
*1
914 Aug14
24 Apr 8
50
165 Do pref
612 7
612
613 613 *612 7
*6
7
*513 612 *6
100 05 Dec30 10812 May27
45 1973
19613
15 8 *14
93
2,905 Amer Telep & Teleg
714 14
5
98
9678 96
97
9634 9714 9634 971s 96
85 Amosketut Manufacturing____ 79 Feb15 152 Nov21
145 145 *143 145
144 145
145 145
781, Jan 9 8413 Dee 1
441 Do wet
82
82 I 82
83
83
82
82
82
83
*82
+82
83
40 Anglo-Am Comm!Corp_no par 16 Dec30 2112 Nov 5
17 .17
p1713 18
1734 1734 *1712 1734 1738 1732 *1712 18
Construe
Eno-10
Art
I
174 Jan21 2612 Dec17
Metal
Last
Sale
____
Jan'20
*26
2613
*26
4126
*26
7 Dec 5 1312 May19
812 812
812 853 *812 834
812 812 1,342 Bigheart Prod & Refg.-- 10
87s 878
812 83,,
473 Nov10
21, Dec30
350 Boston Mex Pet Trustees-258 234 *212
234
314 *234 318 *234 3
*3
*213 234
Amer
Inc_
10
6
pf
Deo 3 1513 Mar17
Steel
Century
2,045
I
612 7
612 612
612 612
653 853
612 678 *612 634
ICuban Portland Cement_ 10 10 Mar28 1834 May 6
Last Sale 13 Dec'19
- _- ---- --672 June19
10
412 Jan 4
365 East Boston Land
512 512
6
6
*634 6 i *534 6 I
534 6
514 512
25
8 Jan22 24 Dec17
645 Eastern SS Lines Inc
2013 21
2014 2012 2012 2012 2012 2012
21
*22
22
23
100 39 AprIl 79 Dec17
Last Sale 77 Dec'19
I Do pref_
76
*70
*70
79
1170
*70
75
75
100 138 0024 172 Jan 2
282 Edison Electric Ilium
152 153 x150 150 1 150 152
154 15413 154 154
154 154
34
3,062 Elder Corporation _ _no par 23130ot 9 3834 Nov 7
3412 34
3412 34
3514 357s 3412 3513 3414 3513 34
25 524 Jan21 9312 Nov 6
174 Fairbanks Company
82
*81
80
81 1 78
*79
83
*8012 82
*81
•82
84
50 28 Aprll 38 May17
712 Gorton-Pew Fisheries
28
28
28
*2834 2914 28
2834 28
29
29
29
29
25 h37 Septll 544 Nov10
3,010 Gray & Davis lac
4512 4412 45
4514 4413 4514 45
4512 4614 45
4614 47
914 May 6
34 Nov22
Internal Portland Cement_ 10
Sate 4
Last S
Jan'20
--_-_-50 18 Jan 4 30 0024
Last Sale 25
Jan'20Do Prof
no par 19 Mar20 5312 Ont22
835 Internat Products
3712
38 1 36
-io- 161; To- 16- 37
42
42 '40
534 Dec17
938 Feb20
280 Island 011 & Trans Corp- 10
5% 6
*534 6 I
6
6
6l
614 614
618
*534 6
29
229 Libby, McNeill & L1bbY-10 2838 Nov13 35 Oct 20
2818 2313
29
29
2812 29
2914 2934 2812 2913 29
10
853 Feb10 11
Jan15
385 Loew's Theatres
1058 1058 1012 1053 1110
11
105s 1013 1012 1013 1013
11
*99
65 McElwain (IV 11) 1st pref_100 90 Jan17 09 Mar26
_--- 100 100 I
101 101
101 10112 100112 10113 100 100
100 6714 Nov19 86
Jan 9
238 Massanhusetts Gas Cos
7412
*74 -7413 74
737s 737s 7334 74
7373 74
74
75
Jan13
100 60 Dec13 71
Do prof
144
6114 6112 6112 62
813s 61
61
61
6114 *6012 6112 61
30 Mergenthaler LInctype-100 130 Feb10 149 June18
138 133
13712 138 *13712 13812 *138 13812 *13634 13813 137 137
10 4713 Nov29 72 July17
420 Mexican Investment Inc
45
46
46
48
4734 4734 46
47
47
48
46
48
*48
49
120 Mullins Body Corp...no par 3218 Sept30 54 0020
*43
49
43 *4512 4612 *4813 50
48
*4712 49
88 . 8612
88
434 New England Telephone-100 83 Sept28 96 Marie
8612 8512 8614 85
8613 88
8573 857s 85
145 Feb24 109 Nov 1
248 Pacific Mills
174 174
174 174
175 175
175 175
171 17212 173 174
500 Parish & Bingham Corp_no par 34 Aug21 554 Oet24
4334 43
4313 4313 *43
45
4312 4313 4312 4313 4312
45
100 93 Jan 6 9912 Dec31
12 Plant (Thos GI pref
- 29512 9512
99
99
10 14 Jan 3 16 May15
30 Reece Button-Hole
318 -16'- ;igi4 -14'- ;jars -7-6 *1513 16
7*i 1.81578 1573 1578 -1,
744 Root & Van Dervoort Class A 35 July 1 5912 0020
52
5134 5212
5212 53
52
5214 52
53
5312 5312 53
5 1512 Dec24 2714 Nov10
1813 4,595 Strums Magneto
18
1734 1814 1714 1712 1712 18
17
1712 1714 IA
46 1
247 Stewart Mfg Corporation_ 165 3212 Jan23 5914 Oct24
*4612 47
47
4814 4812 4614 4613 46
47
*47
48
115 Jan30 150 May 5
131 13134 .1068 Swift & Co
131114 132
13114 13134 131 132
13112 13214 13114 132
25 524 Jan13 7413 Nov 7
131 Torrington
71 I
71
71
72
*71
72
*71
7134 71
*71
71
71
Jan13 55 May 6
44
Corp25
Mach
Shoe
2,599
47
4
United
4712
473
47
47
4818 4812 4734 4812 4712 48
4734
Jan25
25 25t8 Oet28 31
2534 253t' 2538 2534 2533 2513 2518 2513 2512 2534
26
26
6451 DO pre?
734 Jan21 2058 Nov 3
1512 1513 1514 1514 1534 1514 1534 3,319 Ventura Consul Oil Fields_ 5
16
1534 15
15
16
10,
July10
2112
16
Inc
May19
System
3,598
1938
Waldorf
1934
1913
194
2014
3
197
2012
1914 2014
2058 2078 20
100, 28 Aura() 43 0023
3814 3878 3913 1,720 Waltham Watch
38
*37
3734 3614 37 1 3613 3613 3612 37
2212 2213 2212 2278 2213 2212 2212 2314 2212 23141 1,035 Walworth Manufacturing_ 20 17 Mar24 25 July24
2213 23
100
15 Feb14 83 July14
Warren
100
Bros
72
•_
72
•
72 *___ 72
73 *_ _
71
•-___ 73
100 37 Jan 2 72'a May 2
64
64
20 Do 1st pref
68 *___ 65
*65
4933
65
65
65
100 38 Jan23 80 July16
Last Sale 70 Jan'20 i
I Do 2d pref
73 *___ 73
•--- 73 *---- 73 I--
"iii- lili" "::- ---- ::::
114
.99 .09 11.95
•.95 .99
75
*73
7412 75
*75
77
.50 .50 *.30 .75
*.30 .50
41
*39
39
39
39
40
1412
14 .14
14
1412 14
*714 712
7
7
714 714
.30 .35
•.35 .40 *.35 .40
395 395
397 399
395 400
3973 3812 3933
3914 4018 39
*15
16
15
15
*15
16
4612
46
4612 47
*4634 47
338 334
333 338
312 312
1312 1334 1312 1334 1314 1313
1412 1434 1434 1434
1473 15
318 334
334 334
4
4 3,
,
3
6
534 534
*5
*534 6
*314 38,1
312 313
338 338
.34 1
*34 1
•34 1
44
*44
4512 4413 4412 44
8018 8018 8013 8013
80
80
35
35
36
36
*35
*35
413 412
412 413
438 412
15s 158
2
*158 2
2
414
*414 434 *414 434 *4
313 313 '*3l2 4
312 312
*253 312
234 234 *234 312
*514 553 *514 538
514 514
97s 10
1013 1014 10
4
/
1011
7
7
8
*7
8
*7
70
70
6914 6934 26734 6734
413
412 *4
*4
4
4
2253
22
*2212 2233 2213 23
712 *7
*7
/(8
712
733 71
24
24
*19
24
80
80
83
*80
80
80
1113 1112 1214 1214 1134 1134
1612 1714 11614 1634
17
17
1
*.75
1
•.75
1
*.75
•112 2
+Ps 134 *112 153
37
36
37
36
.36
37
54
5213 52
54
52
.52
61
61
62
62
63
63
53
54
54
54
54
54
1733 1612 1712
1753 1734 17
*134 2
*154 2
*134 2
2
2
*113 2
114
*DA
.20 .21 •.20 .30
.24 .25
512 514 *538 558
*512 534
434 434
434 5
434 478
238
2
21s
213 *2
*2
114 •Ils
11
114
138 138
234 278
234 234
*234 273
813 9
858 878
*814 834
278 3
278 3
234 3
312 *3
314
312 *3
*3
*134 2
*158 2
*134 2
*21
23
21
23
23 .
22
133
*3i
13t
54
134
*.75 1 ,
---- -ea- -d6-1 :aii- ::::1
Lowest.
Highest,
12212 Apr
37 Jan
0113 Dec
80 Jan
19 Jan
27 Feb
150 Apr
50 Deo
1014 Mar
25 July
138 July
8212 Apr
73 Nov
104 Feb
53 Jan
108 Sept
70 Oct
771k June
27 Feb
84 Oct
28813 June
20 Jan
80 !Aug
37 Feb
47 Jan
146 Nov
80 Nov
08 Nov
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
3014 Nov
147 Apr
8513 Dec
80 • Feb
125 Nov
65 Jan
11614 Jan
81 Feb
88 Nov
46 May
95 Nov
1124 Dec
25 Jan
90 Oct
50 July
62 Apr
•
21 Mar
Tr -Ali
4 Sept 1532 Mat
90341Aug 10018 Oct
6012 Jan 92 Nov
76 Jan 82 June
11
Feb Slo-- -Dee
-neO
1014 May
1112 Nov 17iiMa7
554 May
4 Jan
13 Mar
6 Nov
39 Oct 58 Mar
134 June 186 Nov
271k June
27 Aug
-112 Oct
12 Apr
31
Aug
--81-4Nov
35
Aug
-it; -6-ai
23 Nov
14 -15-0-0
10
May
734 June
88 Sept 93 Nov
27714 Jan 3114 Nov
62 June 71 Nov
107 June 147 Nov
2Oct
82l July i061130 Feb 160 Nov
Aug
Jan
166 Feb
137, Mar
-if- Oct
Nov
Nov
Feb
Deo
- Sept
1212 Feb
42 Apr
91
11
102 Aug 14614 Aug
45 Jan 56 Deo
3812 July 4812 Maly
2434 Aug 281k May
9 Nov
5 Jan
17
9
35
Mining
I
134 Jan
ti June
212 July26
530 Adventure Consclidated- 251 .50 Apr22
.95 1
.95 .95
*.95 114
69 Dec 88 Nov
25 6212 Mar22 91 July29
61 Vitneek
+7112 __
+__ 75
72
71
150 July 45o May
25 10o Apr30
14 July30
100 klgotnah Mining
_ii..
11.30 .75 +.30 .75
Feb
4012 Dec 54
25 3213 Dec13 52 July28
95 Illoties
*38
40
37
39
39
Jan 1614 Aug
11
5 1034 Feb28 18 July30
75 trizona Commereial
1413 1414 1414
14
1412 *14
1034 May
7
7
*7
9 Nov
10
6 Nov24 1013 May12
315 Bingham Mines
738
712 712
200 Oct 483 Nov
900 Butte-Balaklava Copper- 10 200 Jan30 90c May14
.30 .30 4..30 .40'
.30 .30
25 350 Mar14 480 July17 425 Deo 470 Dec
22 Calumet & Heels
390 390
385 385 I
395 395
_1 1214 May 5 3653 Dec31
3734 3812 3714 3812 12,305 Carson Hill Gold
3714 39
25 12 Mar21 20 July28
1054 June 141k Feb
51 Centennial
15
15 I
1512 15
*1413 15
25 39 Mar 5 62 July28
40 Dec
4412 4512 4412 4514 2,284 Copper Range Co
46
45
112 Apr
8 Sept
20
2 Marll
334 May14
4381 7,201 Daly-West
434
4
4
334 418
678 Mar
434 Deo
10
434 Feb13 1412 Oct20
13
1313 1314 1312 1318 1338 2,403 Davis-Daly Copper
812 Mar 12 Nov
8 Feb28 21 Aug 9
1414 1412 1433 1453 *1414 1434' 1,015 East Butte Copper Min___ 10
Feb
June
25
3
634
138May
9
July26
1,351
Franklin
8'
33
3
33
3,8 313
314 312
434 Dec 1018 Jan
4 May 1
912 July28
25 Hancock Consolldated---- 25
538
5341 *5
514 *5
*5
15c Mar 30e Sept
25
3
20e
May21
Feb20
734
Helvetia
45
*312
4
,
3
*314
4
3
*311 334
Jan
1
40 July
*34 1100 Indiana Mining
25 50o Mar 8
2 July26
34
34
"4 1
4473 Deo 70 May
1 42 Apr18 5534 July28
275 Island Creek Coal
44
45
44
44
45
45
7102 Oct 84 Feb
1 78 Apr12 8812 July30
105 Do pref
13013 8018 •801s 8012 *8015 8012
1912 Jan 29 July
tli r i2 41 July29
5s 212
2:
te
30110 Isle Royale Copper.
35
35
*34
35
35
612 Oct
5 Jan
412 413 *413 434, 2,645 Kerr Lake
413 458
134 May
80e Sept
1
25 990 Mar 6
y39
Jualy
231 M
6
4
134
240 Keweenaw Copper
134
134
1341
*158 2
834 May
Dec
334
25
3
Co
733
Copper
Jan25
July28
Lake
412 • Last Sale 414 Jan'20
*4
314 Mar
2 Jan
54 July28
25
2 Apr16
379 La Salle Copper
234 3 I
313 313
312 313
6 Feb
214 Dec
5
458 Oct31
213 Apr23
30 Mason Valley Mine
*234 313 *258 312 *212 313'
7 Jan
334 Sept
4 Feb 7 10 July28
25
175 Mass Congo!
51 3 514
3
514 51 t *514 5,
412 Nov
850 Mar
2 Jan13 1314 June 2
914 914 3,270 Mayflower-Old Colony.- 25
934 10 I
933 1018
414 031
40c
June
July26
10
25
212
Feb24
Michigan
51
613
I
612
8
*7
7
7
May
Dec
5013
664
July28
83
25 494 Fob 7
563 Mohawk _
67
8712 6712 6734 8734 67
24 July
114 Aug
612 July28
25
1 Mar 8
200 New Aradlan Copper
312 312
*312 4 I
4
4
July31
2911
5
Copper
Mar
1434
Cornelia
5
New
579
2212
2212
2212
2214
2212 2213
934 Dcc 1714 Mar
61± May 2 1212 July31
733 *7
300 New 'dila Quicksilver__ 5
417
73s
733 73s
12 Aug 20 Jan
Oct 4
100
873 Febll 28
Now River Company
Last Sale 2312 Dec'19
24
Dec 80 Jan
6312
100
Mar
5744
1
87
Nov10
pref
Do
335
80
80
8014 8014
80 80
Vs Apr
5
814 jan15 1312 May12
4 Jan
83
255 NipIssing Mines
1112 1134 *1112 1178 1112 1134
104 Deo 1732May
15
9 Feb20 2033 July23
1613 157s 1614 3,285, North Butte
1534 1613 16
Mar ,
95e
Feb
25e
Apr22
4
13
25
July30
250
Lake
Last Sale .80 Dec'19INorth
1
'.75
lea Del
4June
414 July29
25 75c Mar15
150 Onhway Mining
2 35
1314
35
134
36
2 36
1718
158 158 '
4513 Jan
Deo
5212
32
5
Mar
3012
25
July28
Co
Dominion
Old
211
36
36
464 June 65 Jan
25 45 Mar17 73 July28
86 Osceola
53
53
*52
53
5213 53
59 Deo 78 May
25 52 Mar22 83 July28
75 Quincy
*61
62
*60
62
61
61
Jan
38 Doe 57
4
75
July29
Mar
40
25
Mineral
Land-Mary's
it
235
53
4153
55
51
53
53
7 Jan 1534 Deo
17
1714 1,981 Seneca Copper Corp-no par 13 Jan22 2612 July29
1612 1712 *1612 17
584 Jan
234 Dec
414 July30
112 Mar15
10
345 Shannon
178
174
*134 2
134 2
2 Jan
4 Sept
313 June 8
25 40e Jan13
100 South Lake
114
114
•114
113 +114 2
10e Dec 20e Jan
5
8o Janl 1 50e Aug14
•.20 .30 +.20 .30 +.20 .30 1,300 South Utah M & El
878 Nov
Feb
4
25
4
8
Mar
1114
5
June
1
Superior
960
5
5
5 2 512
612
*6
114 Aug
434 Sept
1 Mar28 5•4 Nov24
413 412
412 458 3,050 Superior & Boston Copper 10
458 473
44 Feb
212 Sept
25
114 Dec16
514June 2
2
2
212
2
1,1621TrinitY
2$3
*2
73c 1)eo 1% Aug
5 710 Dec16 2%13°007
1 1;(4 1,550 Cullum° Copper
14
1,13.4 114
118
113
114 May
44 Nov
358 June 2
134 May 9
5
555,1/tall-Apex Mining
234 234 *234 3
*258 278
Jan
7 Dec 12
1
712 JanI8 1234 July29
813 918 2,162 Utah Consolidated
938
9
812 9
!.f. Apr
Dec
1
July30
1
5
114
Tunnel
Jan28
&
Metal
234 234
234 278 1,775:Utah
*234 278
3 Jan
132 Dec
25
114 Mar13
434 July28
312
*2
125 Victoria
3
3
3
3 ,
II Nov
2 Jan
25 50e Jan 9
3 July28
30 Winona
134
2
134
2
*134 2
18 Deo 38 Jan
25 15 Mar 5 31 July31
125; Wolverine
21
21
23
+21
23
*21
1 if* Mat
40e May
25 40e Mar13 1% May27
1 Wyand -Me
*3, 13,
Last Sale .51 Dec'19
301 and asked (glow. 0 Blit-dcous tit Vidtflid.
Range for Previous
Year 1918.
511, Nov
Es-dividend and rights. d ASIKeimeat paid
S Ex-rights
• Ex-dividend
et twf-paid.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Tr.ansactions in bonds at Boston
Stock Exchange Jan. 10 to Jan. 16, both inclusive:
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale,
Price. Low. High.
BondsU S Lib Loan 3414_1932-47
let Lib Loan 46_1932-47
2d Lib Loan 4s_1927-42
1st Lib L'n 44s-1932-47
2d Lib L'n 4146..1927-42
3d Lib Loan 44s_._1923
4th Lib L'n 448_1933-38
Victory 44s__._1922-23
Am Tel & Tel coll 48_1929
Collateral trust 5s_ _1946
Convertible 6s
1925
AtiG&WISSL5s__1959
Carson HIll Gold 78_ _1921
Chic Juno & U El Y 58_1940
1929
Mass Gas 44s
1931
448
Miss River Power 5s__1951
N E Telephone 5s... _1932
1934
New River 5s
Pond Creek Coal tis___1923
Swift & Co 1st 56
1944
Western Tcltc Tel 58. _1912
98.24 99.64 317,200
92.04 92.84 10,300
90.84 91.64 11,600
92.54 93.06 6,500
91.24 92.54 14,900
93.14 94.36 22,000
91.24 92.60 48,650
98.44 99.04 43,150
3,000
794 80
4,000
82
82
98
98
994 3,000
7,500
80
80
5,000
140 150
1,000
844 8414
7,000
904 91
834 834 1,000
13,000
75
74
824 834 3,000
20,000
78
78
2,000
9234 924 93
924 924 934 25,000
4,000
804 82
82
Range for Year 1910.
Low.
98.04 Feb
91.64 Jan
00.84 Dec
92.84 Dec
91.04 Dec
93.14 Dee
91.04 Dec
98.54 Dec
Dec
77
794 Dec
984 Dec
Dec
79
994 Nov
834 Dec
Dec
89
Apr
83
Oct
73
Dec
81
May
77
Jan
92
924 Oct
Dec
80
High.
100.64 Oct
95.90 Mar
94.80June
96.50 Jan
95.90 Jan
96.58 Sept
96.50 Jan
100.04June
874 Sept
May
92
1033.4 Mar
94
May
Dec
130
944 Jan
Mar
94
874 Mar
80
May
934 Feb
82 June
984 May
984 June
Mar
91
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Jan. 10 to Jan. 16, both inclusive, compiled from official sales lists:
Fr Way
Last Week's Range
Sale.
ofPrices.
StocksPar. Price. Low. High.
Amer Vitrified Products_- 154 1534153.4
Am Window Glass Mach 100
127 135
Preferred
100
944
94
Arkansas Natural Gas new_
3134 284 40
Preferred
100
105 110
Barnsdall Corporation-25 45
464
45
Carbo Hudrogen corn--5
24 34
24
Preferred
5
454
44 454
Carnegie Lead de Zino_ _5
94 104
Fifth Avenue Bank
50
82
82
Guffey GIllesple011(nopar) 34
334 374
Harb Walk Refract pf _100
101 102
Indep Brewing corn
24 $g
50
234
Preferred
84 gg
50
84
Kay County Gas
1
24
2
Lone Star Gas new
384 38
42
Mfrs' Light & Heat
50 5714 5754 614
Marland Petroleum
6
5
654
63.4
Nat Fireproofing com-50
811
84 834
Preferred
50
153.4 153.4
Ohio Fuel 011
1 29
274 34
Ohlo Fuel Supply
25 49
484 51
Oklahoma Natural Gas_ _25 384 384 4134
Oklahoma Prod & Ref_
o3i 9%
5
Pittsb Brewing corn
50
434 534
Preferred
50
1414 1434
Pittsburgh Coal
61
61
100 61
Preferred
100
894 8934
Pitts)) Jerome Copper._ _.1
20c
20c 24c
Pitts!)& Mt Shasta Cop...l
52e 52c
Pittsb 011 & Gas
100 14
144
14
Pittsb Plate Glass com 100 164
160 164
Riverside East 011 corn-- -5
251
234 3
San Toy Mining
70
1
oe
Stand Sanitary Mfg pf.100
107 107
Union Natural Gas____100
125 126
U S Steel Corp corn.
100
106 106
Preferred
100
11534 1153.4
West'house Air Brake.....50 117
116 1184
West'house Eiec & Mig_50 5214 524 534
.
BondsIndep Brewing as
1055
Plash Brewing 6s......1949
Pittsb Coal doh So... _1931
7534
Bares
for
Week.
Shares.
Range for Year 1919.
Low.
High.
Nov
25 144 Dec 20
July
Jan 157
1.365 79
245 774 Jan 1034 Oct
Dec 4114 Dec
50,020 34
Dec
125 75 May 146
895 32 June 504 Oct
Dec
24 Aug
5
825
311 Dec
5
1,365
Dec
Sept 1334 Oct
6
370
20
15,503 scig Dec 3734 Dec
Jan 1024 July
60 99
7
May
340
14 Jan
May
54 Jan 16
513
9,060
24 Dec
24 Dec
945
295 484 Jan 66
Nov
5,365
6
Nov
854 Oct
5
Jan 114 May
115
Jan 24
May
20 10
Jan 35
Nov
3,896 16
1,287 4214 Feb 544 July
4,062 2834 Jan 5034 Nov
200
834 Mar 1334 May
2
725
Jan 104 July
40
7
Jan 20 Jun(
*full
Feb 73
100 45
40 8531 Feb 98
May
Ja n 870 At
5,300 8c
Jan 700 Sept
1,000 21c
710
8
Jan 184 Jun(
165 116
Der
Jan 160
64 Oct
330
4 Feb
6e Feb 13a May
18,900
Oct 105
Nol
60 100
May
80 11434 Dec 135
25 8834 Feb 11434 July
Junt
32 11234 Dec 116
Jan 12434 JUDI
145 93
oci
404 404 Jan 68
$2,000
55
55
7514 7534 1.000
974 9734 5,000
Jan
36
52
Jan
954 Jan
Oct
65
7534 July
98
No
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Jan. 10 to Jan. 16, both inclusive,
compiled from official sales lists:
Stocks-
Bates
rriday
Range for Yell* 1919.
Last Week's Range for
Week.
Sale.
of Prices.
Low.
High.
Par. Price. Low. High. Shares.
Albert Pick & Co
10 '45
American Radiator_ _ _100
Amer Shipbuilding_ _ _100
Armour & Co, pref _ _100 1114
Deaverboard, corn
(*)
Briscoe Mot Corp, com.(*) 684
Booth Fish, corn_ _ _new (*) 1334
Preferred
100 74
I3unte Bros. corn
10 1434
Butler Bros
100 294
Case (J 1) Plow Works-(') 2211
First preferred
100
Second preferred.....100 984
Chia C&Clty pt sh corn-(*)
Preferred
934
(*)
Chicago Elev Ry, corn 100
Preferred
100
6
Chic Pneumatic Tool _100
Rights
4
Chia Itys part ctf "2"
......
Chic Rya part ctf "3".-- ......
Chicago Title & Trust_ _100
Commonw'th-Edison _100 1074
Cont Motors, cont
10 1334
Cudahy Pack Co, corn 100
Decker (A)& Cohn, Inc,
Preferred
100 95
Deere & Co, prof
100
Diamond Match
100
Godchaux Sugar, com_(*) 6054
Great Lakes D & 1)......100 95
Hartman Corporation..100103
Hart Shaft & Marx, pf_100
Holland-Amer Sugar_ _10 1734
Hupp Motor, corn
10 1534
Illinois Brick
100
Kan City Rys pf otts_ -(*)
Libby, McNeill & Libby-10 284
Lindsay Light
10
8
Middle West Util, corn..100
Mitchell Motor Co.-..(')
National Leather
20 16131
255
THE CHRONICLE
JAN. 17 1920.]
434 454 3,125
30 275
350 350
125 100
118 118
25,500 984
11034 113
15 47
524 5214
1,010 55
684 74
235 114
1334 15
20 72
74
74
94
175
144
13
701 250
288 294
1,595 20
224 24
50 97
96
96
440 984
9854 984
14 I%
100
54
5
94 10% 1,320
100
1
2
2
410
2
54 8
445 604
99 1024
2
4
11
3,875
4
6
6
350
50
4
1
1
216 217
25 178
706 106
107 110
814
1334 1414 5,680
152 1004
1024 103
Apr
Feb
Aug
Nov
Oct
Dec
Dec
June
Oct
Oct
Oct
Oct
Jan
Dec
Nov
Dec
Feb
Dec
Dec
Dec
Feb
Dec
Apr
Feb
345
138
1124
52
74
25
834
15
309
2734
984
984
2
1834
3
174
115
4
104
3
220
118
1434
123
Nov
Oct
Dec
Dec
Dec
Jury
June
July
Dec
Oct
Nov
Oct
Aug
Aug
Aug
Aug
Nov
Dec
Aug
July
Dec
July
Dec
May
064
45 95
173 78
101
263 101
132
1,038 5534
6034
255 82
98
103
2,425 82
300 10814
115
174
100 1254
1634 8,720 1054
82
260 7734
14
40 11
2934 5,455 194
6
84
1,170
100 • 20
22
145 33
44
18
23.650 1634
Dec
Apr
June
Dec
Oct
Oct
Jan
Aug
Sept
Dec
Dec
Jan
Dec
Dee
Apr
Soot
98
105
125
60
99
10034
115
2134
1734
103
154
364
17
40
5554
2.5
Nov
July
Dec
Dec
Dec
Dec
Dec
Oct
Dec
Sept
Dec
Oct
Aug
May
July
Aug
95
10034
130
58
95
904
115
1734
1514
81
14
2814
74
22
43
1691
People's Gas Lt & Coke.100
Pub Serv of N Ill, cona_100
100
Preferred
Quaker Oats Co, pref. 100 98%
10 27
Reo Motor Car Co
Repub Mot Truck, com.(*) 52
Root & Van Dervoort (*)
Sears-Roebuck, corn.. _ _100 225
100
Preferred
Shaw W W, corn
(*)
Stand Gas & Elec Co___50
50
Preferred
Stewart Mfg
(*) 46
(°) 443(
Stew Warn Speed, w
100 132
Swift & Co
Swift International_ _ _15 5614
Temtor Prod(C&T)"A"(*).
Thompson (J R),corn _25 48%
Union Carb & Carb Co-(*) 7414
Unit Pap Board, com_ _100
...100
Preferred
(*) 44
Wahl Co
Ward, Monte & Co. w 1_20 38%
Western Knitting Mills(*) 23%
100
Western Stone
(*)
Wilson & Co, corn
100
Preferred
25 81%
Wrigley Jr, corn
Bond.
Armour & Co44s_ _ _1939
1920 110%
Debenture 68
1921
Debenture 6s
1922
Debenture es
1923
Debenture fts
1924
Debenture 6s
Chicago City Ry 5s_ _1927
Chicago Rye 5s Series"A _
1923
Chicago Telep 5s
Commonw-Edison 58_1943
Metr W S El ext g 4s_ _1938
1944
Swift & Co 1st g 55
Wilson & Co 1st 65_1941
(*) No par value.
Range for
year
Low.
1919.
High.
Dec 554
200 32
36
36
Nov 954
784
200 80
78
Nov 105
20 83
90
90
Dec 105
713 94
9634 98%
1,237 27% Dec 3534
26% 274
25 44. Sept 74
52
52
Dec 58
52
100 52
52
865 168% Feb 232
225 237
20 1164 Nov 122
117% 11735
806 112% May 270
275 277
50 26% Dec 31%
28
26
1,225 40% Dec 43
4014 41%
Apr 59
200 45
47
47%
40% 44% 30,990 35% Nov 43
13034 13214 4,100 115% Jan 149%
56% 58% 8,800 413( Jan 654
150 45% Dec 5054
48
48%
Aug 5114
175 34
48
49%
Jan 85%
7414 76% 8,280 56
335 17% Jan 29%
26
27
10 84
July 70
70
70
1,385 1914 Sep
554
44
4614
38% 40% 14,725 374 Dec 454
4,105
23% 25
4
Jan 124
100
5
5
Nov 104
50 75
76
76
104
Feb
95
110
99
9854
85 7414 Sept 89
8114 82%
July
May
May
May
Oct
Nov
Nov
Nov
Apr
Dec
Nov
Nov
Oct
Nov
May
Oct
Dec
Dec
July
July
July
Nov
Dec
88
103%
109%
109%
109%
1094
84
63
97
944
51
9851
10214
Feb
Dec
Dec
Dec
Dec
Dec
Feb
May
June
Jan
Jan
Jan
July
8334
110%
111
111
111%
1114
70
4834
97%
88
4614
9214
973.4
83%
111%
11114
112
11134
11114
70%
48%
97%
88
4614
92%
9734
$3,000
5,000
27,500
16,000
2,000
2,000
3.000
1.000
4,000
7,000
1,000
20,000
1.000
81%
100%
1024
10254
101%
100%
65
3714
9434
87
42
924
96
Dec
Nov
Dec
Oct
Nov
Mar
Nov
Dec
Dec
Dec
Nov
Sept
Mar
Apr
July
July
Oct
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, Jan. 10 to Jan. 16, both in
elusive compiled from official sales lists:
Stocks-
Miss
Friday
Last Week's Range for
Week.
Sale.
ofPrices.
Par. Price. Low. High. 'Shares.
9634 964
100
Arundel Corp pref
33.4 334
10
Atlantic Petroleum
14 234
Baltimore Brick
24
23
Preferred
61
60
100 60
Baltimore Tube
3.00 3.20
3.00
Celestine Oil v t
9c 1054c
Rights
834 9
Central Teresa Sugar_ _ _10
1034 11
1(1 1036
Preferred
Commercial Credit. pref _ 25 2414 244 2454
25
2434 2434
Preferred B
102 1034
Omani Gas. EL&Pow..100 102
83
81
Consolidation Coal_ _._100 82
9
834 934
5
Cosden & Co
44 44
5
Preferred
344 35
Davison Chemical_.no par 35
254 26
50
Elkhorn Coal Corp
93
93
Honston 011 pf tr Ws-.100 93
25e
25c
250
Indiahoma rights
58
58
Mer & Miners Tr V T_ _100
1734
Tree.
pref_25
1734
1734
Monon Val
70
70
Mt V Wood Mills v t r_100
100
9394 94
Preferred v t r
60
69
50
Northern Central
804 82
Pennsyl Wat & Power_100 81
1454 1434
50 1436
United Ry & Me*
20
20
Wash Balt & Annap._..50
36
36
Preferred
50
44 43
5
Wayland 0118c Gas
Bonds88
RS
Ala Cons C & I 5s_ ._.1933
68
68
A tl Coast L RR cony 4s___
99
99
Boston Slnd & Gravel 613'24
9534 9534
Central Ry exten 55_1982
96
96
Charles City Ry 1st 5s 1923
6814 70
Chicago Ry 1st 5s_ _1927
9534 9554
City & Suburban 1st55 '22
96
96
Consolidated Gas 55._ 19333 96
81
80
Cons G, EL&P 4349_1935 80
10034 10054
7% notes
96
96
6% notes
8234 8234
Consol Coal ref 448..1934
96
96
1923
Convertible 6s
98
97
Costien & Co ser A 68_1932
9714
97
1932
Series B 6s
954 954
Davison'Sulphur fls
95
95
Flkhorn Coal Corp(38_1925
Fla Cent & Penin extd (35._ ...... 9934 9934
9134 914
Norfolk Street Rv 55_ _1944
86
86
Pennsv W & P 15s_ _ _ _1940
United Ry de E 4s_ _1949 6834 6834 69
48
47
1949 47
Income 45
9634 9(334
Va Mid 4th series 3 4 5g '21
Wel., 1,1f 5.. A.... Ca
705.(
1051
705.(
38
125
45
25
245
6,084
6,770
100
4,235
177
15
351
479
1,715
1,249
675
100
95
2,580
10
55
259
53
35
380
1,320
45
2P
175
Range for Year 1919.
Low.
High.
Dec
Dec 89
89
454 (July
Jan
2
Dec
14 Dec • 4
Dec
834 Sept 20
Dec 90 IMaY
56
4.90 July
1.00 Mar
9
734
25
24
994
78
631
4
35
244
724
Oct 1234 Oct
Dec 1234 Oct
Feb
Dec 26
July
Nov 26
Dec 11141May
Dec 92 June
Feb 1254 may
5 Play
Jan
Dec 50 'July
Dec 43 rJuly
'Jan 101 rMay
51
16
16
71
67
764
104
19
353.4
314
Dec 724
July 30
Jan 80
Feb 100
Dec 80
Dec 8834
Dee 2034
Dec 2934
Feb 38
5
Feb
$10,000 81
2,000 67
5,000 94
2,000 953.4
2,000 96
13,000 6334
2,000 9534
1,000 97
8,000 77
6,000 100
2.000 96
22,000 874
22,000 96
6,000 8454
12,000 8534
3,000 95
1,000 954
1.000 994
7,000 934
2.00C 884
5,000 64
21,000 44
1,000 9954
2.000 76
May
Apr
Deo
Aug
Feb
May
Jan
June
Apr
Nov
Feb 904 Sept
Dec 8234 June
Feb 9614 Sept
Dec 10054 Feb
Mar
Mar 96
Dec 794 Jan
Jan
Dec 100
Dec 1003.4 Mar
Dec ' 8554 rJan
Nov 10134 July
Dec 984 Feb
Feb
May 88
Dec 1004 'July
Mar 105141(Sept
Jan 1054ffSept
Aug 96 q • May
Dec 994 June
Feb
Nov 101
Jan
June 100
Juno
1 Oct 91
Dee 7634 - Jan
Dec 554 'Mar
Feb 9914 Feb
Dec 5334 Jan
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Jan. 10 to Jan. 16, both
inclusive, compiled from official sales lists:
sates
Last Week's Range for
Week.
Sale.
ofPrices.
Par. Price. Low. High. Shares.
Friday
Stocks-
5034
American Gas
100 51
854
American Milling
10
6434
American Railways, pf..100
American Stores_ _no par 3934 3934
924
First preferred
1124
Baldwin Locomotive...100
40
Consol Trite of N J__ _ _100
Elec Storage Battery_ _100 1334 132
100 11414 11414
General Asphalt
192
100
Preferred
5
5
Giant Portland Cement....
19
19
Giant Port! Cement, pref._
Insurance Co of N A _ _ _ _10 3354 334
50
100 50
J G Brill Co
51
Kentucky Sec Corp. pf_100
12
Keystone Telephone_ _..50 124
Lake Superior Corp_ _ _100 2034 2014
64
50 64
Lehigh Navigation
4315
Si) 44
Lehigh Volley
49%
Midvale Steel & Ord._ _50
- 4914
ore,.
, 'to
nT,
52
84
644
4014
924
1124
40
137
123
192
514
19
36
51
51
13
2134
644
443-1
5034
,Ttre I /
Range for Year 1919.
Low.
32 43
8
20
35 564
2,419 2054
100 88
100 654
80 414
1,122 514
265 39
100 76
5
5
100 20
212 2514
230 194
600 51
8
248
2,660 17
275 5654
503 .4054
80 41
100
In
Dec
Dec
Dec
Apr
Aug
Jan
Dec
Jan
Jan
Jan
Nov
Oct
Jan
Feb
Dec
Mar
Jan
Dec
Nov
Jan
Test.
High.
74 VJune
124 Mar
694 Jan
4334 Nov
06
July
1364 Sept
Feb
59
Oct
153
Oct
*161
rOct
241
Dec
5
22
Dec
Nov
3f3
6434 July
Dec
51
1834 July
2554 July
Jan
73
6034 June
61% July
f:I A 1%
Vgbh
THE CHRONICLE
256
•
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
(Concluded)
Par.
Stocks
Price. Low. High. Shares.
Pennsylvania
50 42
42
4215
Philadelphia Co (Pitts). _50
39( 42%
Pref (cumulattve 6%)_50
35
36%
Phila Electric of Pa
25 25% 25
253
Phila R T vot tr rects_ _ _50 27% 27% 27%
Philadelphia Traction_ _ _50 61% 60
62%
Phila & Western
50
6% 7
Reading Traction
24
24
Tono-Belmont Devel _ _ _ _1
2%
23 3 1-1 C
Tonopah Mining
1
2%
2% 234
Union Traction
50 363
36
37
United Cos of NJ
100
185 185
United Gds Impt
50 55
55
57
US Steel Corp
100
105% 107%
Warwick Iron & Steel_ 10'
816 8%
Westmoreland Coal
50
75
75
York Railways
50
935 1016
Preferred
3232
50
Iid: - BondsU S 3d Lib Loan 438_1928
93.44 93.44
4th Lib L'n 4363_1933-38
91.52 92.58
Victory 416s_ _ _1922-23
08.64 99.00
Amer Gas & Elec 5s_ _ _2007 80
82 .
80
do
small
2007
81
82
Baldwin Locom Ist 58_1940
99
99
Elec & Peop tr ctfs 48_1945 65
765
65
Lake Superior Corp 5s.1924 61
61
61
Lehigh Valley coil 6s_1928
101 10234
General consol 4s_ _ _2003
7035 7034
General consol 435s_2003
'I8036 8036
Lehigh Val Coal 1st 53.1933
9834 9814
Natl Properties 4-6s_ A946
1330
30
Penn RR gen 4%s_ _ _ _1965
183
83
General 5s
1968
9114 9235
Consol 434s
1960 91
-91
91
Philadelphia Co 1st 5s_1949
:100 100
Cons&coll tr 5s stmp1951
81
81
Phila Electric 1st 5s.. _1966 9036 90
91
do
1966
small
9036 92
Reading gen 4s
1997 80
80
8034
Spanish-Amer Iron 68..1927
10134 10134
United Rys gold tr etf 4s'49
49
49
United Rys Invest 50_1926 7334 7334 76
US Steel Corp 2d 50_1963
99
99
Welsbach Co 5s
1030
9836 9834
West N Y & Pa gen 48_1943
63
63
York Railways 1st 5s_1937
83
83
Range for Year 1919.
Low.
High.
4,103 40
Dec 48% May
351 30
Jan 425 July
963 31% Jan 373 Apr
3,760 24
Dec 26% May
2,230 23
Apr 29% June
Jan
763 59
Dec 71
53( May
105
May
8
25 23% Dec 2315 Dec
502
2% Dec 315-16 May
May
815
1% Dec
4
May
Dec 41
121 33
24 185
Feb 19714 Oct
2,844 50% Dec 7414 Jan
240 88% Feb 11516 July
Apr
9
151
831 Jan
30 72
Dec 75
Jan
255
Mar
7
ON June
51 30
May 3216 May
$3,000 93.24 Dec
30,450 91.24 Dec
1,500 98.70 Dec
14,000 83
Nov
1,400 82 [Nov
7,000 99
Dec
22,000 59
Dec
15,000 58
Dec
5,000 100 fNov
6,000 6934 Dec
1,000 77
Dec
1,000 9736 Dec
3,000 30
Apr
1,000 7936 Dec
2,000 89
Dec
2,000 8934 Dec
3,000 9934 Apr
5,000 76
Dec
26,000 86
Dec
12,000 86
Dec
34,000 78
Dec
3,000 9934 Nov
1,000 49
Dec
91,000 62341 Jan
1,000 100 rMar
2,000 95
Jan
1,000 61
Sept
3.000 87
Jan
96.38 Jan
95.7O May
100.04June
Jan
88
8836 Jan
July
101
Jan
71
74
Aug
10234 Jan
8034 Jan
Feb
93
10015 !Mar
40
May
8911, Jan
98 Pan
9634 Fel]
10036 Apt
89
May
96
July
9734 Jar
8634 No
102
AuP
57 'Jar
7834 'July
10036 "July
9834 Jun(
Mai
69
89 !May
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Stocks (Concluded) Par..Price. Low. High . Shares
Root & Van Dervoort r 100 52
52
53%
Snow's Fount Hold Corp 10
12
laz
Spicer Mfg,com_r
100 110
108 110
Preferred
100 113% 111 11316
Stand Gas & El com__ -50 2634 26
2634
Stand Motor Constr_r _ _10
10
1054
Stanwood Rubber, r
(t)
1834
Submarine Boat v t o (t) 15% 1734
15
17%
Temtor Corn & Fr pf A(f) 48
4734 48
Till .tson(WE)Mfg com(t)
25
26
TobaceolProducts Exp.r(t)
29
30
Todd Shipyards Corp.r(t)
195 195
Triangle Film Corp v to-_S
34
%
United Motors_ r _ _(no par)
59
UntdPictureProdCorp-r(t) 1634 59
14% 18%
United Profit Sharing-25c
215 3%
Un Retail St's Candy-r-(t) 16%
16% 18
U S Distributing corn---50 51
50
51
US High SpeedSteel&Toolt 31
27
31
US Light dc Heat,corna10
315 311
U S Steamship
10
3%
3% 4
U S Transport_r
10 11% 1034 11%
Usold Tire r
5
4
4
4%
Van Raalte Co com_r--(t)
45
45
V Vivadou Ino-r
(t) 2031 20
21
Warren Bros_r
100
70
70
Wayne Coal
4%
434 5
White Rock Water_r
6% 7
Will & Baumer Candle-(t)
2914 31
Willys Corp,com_r(no bar)
2534 2635
Rights.
Simms Petroleum r
21,
1
1
7%
Tobacco Products_r
7
9
Vanadium Steel-r
1% 2%
Former Standard Oil
Subsidiaries
Anglo-American 011..r..1
2914 3035
Prairie Oil & Gas_ r _ _ _100
665 675
South Penn 011_r
100
340
345
Standard Oil (Calif).r.100 320
320 332
Standard 011 of N J_r_100 765
745
795
Y_r_100
Standard 011 of N
445
445 460
Vacuum 011-r
100 427
427 430
Other Oil Stocks
Alliance Oil & Ref_r
8
Allied 011.r
1
Alto Gasoline & 011
5
Amalgamated Royalty-IL...1
Anna Bell.
1
Arkansas
Gas new w I 10
to Jan. 16, both inclusive. It covers the week ending Friday AssociatedNat
1
011 of Texas
1
afternoon. On the "Curb" there are no restrictions what- Bell Petroleum r
Boone 011.r
ever. Any security may be dealt in and any one can meet Boston-Mex Petrol_r__1
Boston-Wyoming 011_r _ _1
there and make prices and have them included in the lists Brazos Oil Corp_ r_(no par)
of those who make it a business to furnish daily records of Burknett Van Cleav 011_5
Canadian Amer 0& G_r_ 1
the transactions. The possibility that fictitious transac- Carib Syndicate r new w 1..
Circle 011.r
5
tions may creep in, or even that dealings in spurious securi- Cosden & Co, nom ..r _ __..5
Cushing Petr Corp cora- _5
ties may be included, should, hence, always be kept in mind, Dominion
011_r
10
particularly as regards mining shares. In the circumstances, Duquesne 011
Elk Basin Petrol.r
5
It is out of the question for anyone to vouch for the absolute Engineers Petrol Co_r_..1
Ertel 011.r
trustworthiness of this record of "Curb" transactions, and Esmeralda 011 & Gas..r._ _1
Federal 011
5
we give it for what it may be worth.
Fensiand
r_ _ _(no par)
Friday
Gilliland 011com_r_(no Intl
Sales
Week ending Jan. 16.
Last Week's Range for
Preferred_r
100
Range since Jan. 1.
Sale.
ofPrices.
Week.
Glenrock Col_r
10
Stocks-Par. Price. Low. High. Shares.
Guffey-Gillespie OlLr-(t)
Low.
High.
Home 011 & Refg_r
_10
Acme Coal_r
1
135
134 134 6,300
134 Jan
134 Jan Home Petrol of Denver_10
Aetna Explosives_r(no par)
8
8
8
100
Jan
834 8,700
g% Jan Houston 011 eora-r
Air Reduction_ _ _ _(no par)
48
400 47
48
1
Jan 49
Jan Hudson 011..r
Aluminum Mfrs_ r_(no par)
3,800 3434 Jan 40
3634 40
Jan Hughes Petroleum r
Amalg Tire Stores.r.
£1
(t)
1536 163-4 3,800 1334 Jan 1634 Jan Internat Petrol-r
Amer Foreign Tr Corp__ - _
15
15
1,500 15
1636
50
Jan 1636 Jan Invincible 011-r
Am La France Fire Eng.r10
133-4 1436 9,100 1234 Jan 1434 Jan Island 011 & Transp_10
Amer Safety Razor_r___25 1634 1636 1734 35,500 1634 Jan
Jan King Petroleum Corp_ r _ _1
1734
Am Writing Paper com_100
12
100 1136 Jan 1236 Jan Livingston 011 Corp_r___1
12
Austin,Nichols&Co com (t) 27
27
27
100 27
Jan 27
Jan Magna oil & Refining__ _1
Preferred
100
9234
200 92
92
Jan 93
Jan Manhattan 011.r (no par)
Brit Amer Chem Corp_r 10
9
934 4,300
8
Jan
Jan Maracaibo Oil Explor-r-(t)
934
Brit-Amer Tob ordinary _El 28
2734 28
1,700 28
Jan 28
Jan Margay 011Corp_ r (no par)
Ordinary bearer
El 2734 2734 28
5,100 2636 Jan 2831 Jan Marshall 011 & Gas_r__ AO
Bucyrus Co-r
100 30
30
100 30
30
Jan 30
10
Jan Merritt Oil Corp.r
Car Ltg .34 Power_r
25
236
2,500
211 Jan
234 3
5
334 Jan Metex Petrol Corp_ r
Central Aguirre Sug new_20
9235 95
375 9235 Jan 95
Jan Metropolitan Petroleum-25
Cities Service prof
100
74
100 7236 Jan 74
74
Jan Mexican-Parma) Oil_ -10
Cities Ser./ Bankers shsr(+) 4236 423-4 44
16,200 423.4 Jan 4436 Jan Mexico Oil Corp
10
Cleveland Auto Co new-(t)
70
1.400 65
65
Jan 70
Jan Midwest Refining-r
so
Colombian Emld Synd new 18%
2134 11,132 18
Jan 25
10
Jan National 011 _r
Colombian Emerald old_
950 1000
8 950
Jan 1000
Jan New England Fuel Oil_ r_10
Conley Tin Foil, w 1_ (f)
2834 2834
300 273.4 Jan 29
Jan North American 011_r_
Davies(Wm)Co,Ino_r_(t) 40
49
4934 1,000 49
Jan 50
5
Jan Northern Texas 011_r_
Edmunds &Jones Corp r(t) 32
37
32
5,300 32
Jan 37
1
Jan Ohio Ranger_ r
Farrell(W)&SonInccom (t) 47
47
48
300 47
Jan 48
Jan 'Omar Oil& Gas new.._ _10
General Asphalt coin_ r_ luo 112
111 130
35,000 111
Jan 130
Jan Osage Nation Oil Synd_r_l
Gen Motors com wl(no par) 3116 3116 3434 32,000 3134 Jan 36
Jan Panii'le Prod & R corn_ r_(t)
Debenture stock _r_ 100
90
93
800 90
Preferred r
Jan 93
100
Jan
Goldwyn Picture.a(no par)
48,600 31
31
34
Jan 34
_10
Jan Pennek 011.r..
Grape Ola Prod Corp coin 1
116
134 131 10,300
134 Jan
17-16 Jan Pennsylvania Gasoline...1
Preferred
136
1
13-4 I% 2,800
136 Jan 1 15-16 Jan Phillips Petrol. com_r (t)
Hanes(P II) KnItting_r_10
100 2516 Jan 2514 Jan Producers & Ref_r
2516 2536
10
HavanaTobacco com_r _100
236 234
400
2
Jan
1
236 Jan Ranger 011_r
Preferred _r
100
200 1135 Jan 1336 Jan Red Rock Oil & Gas_r _ _
1135 12
Hayden Chemical r(na par)
5
5
534 1,350
Jan
Jan Republic 011 & Ref
634
Hocking Val Products_ _100
100 I336 Jan 1315 Jan
1336 1336
Rickard Texas Co..r
_5
Hupp Motor Car Corp_10
1536 1636 8,500 1436 Jan 1636 Jan Ryan Petroleum _r.
1
Hydraulic Steel. com-r-(t)
41
43
3,200 39
Jan 43
Jan Salt Creek Cons Oil
Preferred-r
•
200 9936 Jan 101
100
0936 100
_25
Jan gait Creek Prod_r
Imp Tob of G B & I_ _ __El 1236 1236 13
1,100 1236 Jan 13
5
Jan Sapulpa Refining r
Indian Packing Corp.r_(t) 1734 1736 1936 4,100 1736 Jan 20
1
Jan Sequoyab Oil & Ref
Intercontinental Rubb_100 1434 1434 16
900 1434 Jan 17
Jan Simms Petroleum r(no par)
Kay County Ga.s r
1
234
2
236 9,500
2
Jan
10
236 Jan Skelly 011 Co_r
Lake Torpedo Boat comr10
3
14,900
4
234 Jan
4
Jan Southern 011 & Trans_r_10
Locomobile Co new wi_r_(t) 25
9,300 2434 Jan 25
2434 25
Jan South States Cons Corp r 1
Loew's Incorp--(no par)
31
33
9,300 3034 Jan 33
Jan Spencer Petrol Corp ...-10
Marcon1Wirel.Tel.of Amer5
53-4
1
534 635 21,100
534 Jan
63-4 Jan Stanton 011_ r
Mercer htotors_r_ _(no par)
37
33
1,200 33
Jan 39
Jan Superior 011 Corp_(no par)
Montg Ward & Co com-(t) 3834 38
4034 13,400 38
Jan 41
1
Jan Texana Oil& Ref_ r
17
National Leather _ r
10
500 17
1736
Jan 1736 Jan Texas Chief Oil -r
10
Nor Am Pulp & Paper_(t)
6
636 616 17.000
536 Jan
634 Jan Texas Company new. .25
Nunnally Co com_r-_--(t)
2134 2254 1,200 2034 Jan 2234 Jan Texas-Ranger Prod & R._1
Ohio Body & Blower_ r_ _(t)
3234
100
3234
5
3234 Jan 38
Jan Tex Ken Oil Corp..r
Patchogue-Plym Mills-(t)
500 40
4036 41
Texon Oil & Land-r
Jan 41
1
Jan
Perfection T & R new r-10
4
6,900
334 4
1
336 Jan
434 Jan Thraman 011_,
Pyrene Mfg_r
10
1236 1216 1,500 1236 Jan 1236 Jan Trinity 011 Corp_r
1
Radio Corp of Am w 1..r.t
215 234 18,400
234
2
Jan
25
3
Jan Tropical Oil r
Preferrad_r
5
3
434 19,700
3
334
Jan
434 Jan United Tex Petrol_ r _ _ _ _1
Rels(Robt)&Cocom(nopar) 27
25
28
Victoria 011.r
450 25
Jan 28
10
Jan
v-Vulcan 011..r
5
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Jan. 10
[Vol.. 110.
1611
11-16
70c
234
631
22
2%
4114
914
2%
25
2
2%
3-1
3%
7
46
100
331
33%
31c
135
34
68
34
5%
2-34
IN
734
37
22
12
1934
431
334
3%
162
79
1%
735
89
85
9%
135
2
4
21
47
%
50
11%
131
10
16
41
1
134
2
1934
1%
1%
834
Range since Jan. 1,
Low.
High.
600 52
Jan 5434
1,800 12
Jan 13%
3,000 10134 Jan 110
3,400 110
Jan 11335
300 26
Jan 2634
1,800 10
Jan 10%
2,600 17% Jan 1814
17,600 14
Jan 17%
500 46
Jan 48%
2,500 25
Jan 26
2,600 29
Jan 32
100 195
Jan 200
10,200
Jan
35
100 59
Jan 59
7,800 14
Jan 18%
2% Jan
334
38,200
21,500 1634 Jan 19
Jan 51
710 50
Jan 31
6,525 27
315
1,000
2% Jan
4
3% Jan
13,500
4,400 1034 Jan 1114
415
Jan
4
19,800
Jan 45
200 45
Jan 21
700 20
100 70
Jan 70
511
431 Jan
12,100
7
200
631 Jan
4,800 29% Jan 31
600 25% Jan 2634
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
•
og
9
334
Jan
Jan
Jan
60,000
1,500
11,500
1
7
1%
Jan
Jan
Jan
5,200
25
30
30
1,066
355
30
2034
665
335
318
730
445
427
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16
1615 38,500
11-16 % 158,800
100
3
3
3,600
N
1
5,500
69c
70c
6,300
3115 40
3,700
134 2
2% 234 11,200
6
714 21,400
234 2% 2,200
134 46,040
19-4
4,100
21
24
234 2% 12,000
15,000
34 22,874
14
4014 48
300
434 4%
8% 9% 9,700
9,000
2% 3
22
3634 67,400
834 914 2,700
1,500
8% 8%
114
234 29,730
2
234 16,400
11
31 3,500
335 434 12,300
1,700
6% 7
31,000
43
58
11,500
osq 116
334 3% 11,000
12,000
33% 37
6
7% 9,500
30c r34c 12,200
1,000
135 148
14,100
34
1
500
10
1011
12,400
71
67
19,400
33
40
514 631 7,600
2)4 234 19,200
1% 234 8,600
7
814 14,200
6,400
36
40
7,100
21% 26
500
8
8
12
1211 2,900
19% 213-1 13,800
4% 4% 5,000
3% 331 8,700
2,600
19
20
314 43-1 13,000
2,950
159 165
400
7% 8
2,325
79
82
2,800
4% 5
800
2
2%
1% 154 56,100
731 731 2,000
16
% 4,800
300
23
24
700
87
90
2,100
8% 0
42e 15,000
35c
85
8934 17,000
13,700
9% 10
800
3,5
3-4
1% 134 5,800
1% 234 17,100
1,700
134 2
331 434 113,000
3,300
20% 23
47
5315 8,500
600
734
7
7-16 34 8.300
45
72 137,000
11% 1334 18,000
900
635 7%
1,800
13-1
114
181,5 193-1 8,400
35
N 15,000
1,100
16%
16
500
7-16 7-16
4735 3,100
41
50
58% 21,500
114 1% 32,400
500
3% 335
% 13,5 105,200
2
2% 12,200
54
34 5,900
DM 22
9,500
1%
114 46,700
134 115 4,300
7%
4,300
Jan
16
11-16 Jan
Jan
3
N Jan
Jan
69c
31% Jan
1% Jan
Jan
2
Jan
6
235 Jan
1
Jan
Jan
21
214 Jan
N Jan
4036 Jan
4% Jan
836 Jan
234 Jan
Jan
22
Jan
8
8% Jan
114 Jan
Jan
2
31 Jan
314 Jan
6% Jan
Jan
43
9831 Jan
315 Jan
3315 Jan
Jan
6
Jan
28c
Jan
135
% Jan
10
Jan
Jan
67
Jan
33
514 Jan
215 Jan
1% Jan
Jan
7
36
Jan
2134 Jan
Jan
8
12
Jan
1934 Jan
4% Jan
2% Jan
Jan
19
3N Jan
Jan
159
7
Jan
70
Jan
415 Jan
Jan
2
Jan
1
7% Jan
15 Jan
Jan
23
Jan
87
8% Jan
30c
Jan
8035 Jan
ON Jan
15 Jan
134 Jan
14 Jan
135 Jan
336 Jan
20% Jan
47
Jan
6% Jan
5-16 Jan
45
Jan
1114 Jan
634 Jan
1% Jan
1815 Jan
35 Jan
Jan
16
7-16 Jan
41
Jan
Jan
50
1% Jan
3% Jan
% Jan
Jan
2
94 Jan
1934 Jan
1
Jan
1
Jan
634 Jan
31
(175
.345
338
795
460
435
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1634
15-16
3
1%
71c
45
2
23-4
7%
335
Jan
Jan
Jan
Jan
Jan
Jan
n
j
Jan
Jan
Jan
a ata n
nn
nnn
jJ
jj.jjjtaa
:
1:1, j
3
57;
23341 %
Jan
3
194
Ja
nn
Jan236 aan
34
4%
7%
60)5
120
33-4
393.4
9
360
151
1
1035
7
4
75
6%
2%
2x
41
9
25
7
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
n
3
Jan
224
1234
Jan
434
334
2
Jan
Jan
Jan
n
Jan
Jan
431
188
0
85
53-4
Jan
nn
JJan
135
731
94
26
90
93-4
42c
893.4
m15
34
1%
3
215
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
76
5
24
5334
736
jaa
Jan
Jan
7315 j
Jan
an
13
71516 j
Jan
7% Jan
1% Jan
.1
3 .
203-4
Jan
17
Jan
7-10 Jan
4735 Jan
59% Jan
3
111
134
334
X
23%
134
1%
9%
j
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sales
Pridau
Last Week's Range for
Week.
of Prices.
Sale.
Other 011
Stocks (Concluded) Par. Price. row. Iligh. Shares.
NVayland Oil & Gas com _ _5
Whelan 011.r
White Eagle 011&Rof r (t)
White 011 Corp_ r__(no par)
Woodburn Oil Corp_ r --(t)
Wyoming Cons Oil_ r____1
1
"Y" 011 & Gas_ r
257
THE CHRONICLE
JAN. 17 1920.]
374
735
38c
435 4%
%
23% 24
48%
36
8%
7
40e
35c
1,900
1,200
1,300
128,000
1,800
19,800
4,900
Range since Jan. 1.
Low.
High.
Jan
1
Jan
24
Jan
23
Jan *50
36
844
Jan
7
40e
Jan
35c
Jan
5-16
4%
Jan
an
Jan
Jan
Jan
Jan
Jan
Mining Stocks- Par.
145 Jan
Jan
Alaska-Brit Col Metals..1 15-16
1 1-16 21,600
245 Jan
1% Jan
Amer Hond Min Corp.r _1
1% 24 10,200
1-16 Jan
1
1,800
Jan
1
1
America Mines_r
1 1-16 1 1-16 1 1-16 113,300
• Jan
7-16 Jan
Amor Tin & Tungsten_ r_ _1
7-16 %
64 Jan
Jan
21,700
1%
1
Arizona Silver _r
04
2
2
Jan
3c
Jan
2c
,1
Atlanta Mines_ r
be 24,200
2c
Jan
Jars 30c
be 24c
Beleher-Divide_r
26e 29,200 19e
15c
Jan
49c
Jan
28,750
33e
_
_100
Belcher Extension_ r_
46c
32e
42e
9-16Jan
9,100
7-10Jan
Big Ledge Copper
7-16 35
Jan
7c
17,000
Jan
44c
1
Booth_ r
134c
Sc
Sc
Jan
74c
Jan
Boston & Montana Dev._5 74e
74e 27,400 70c
71c
Jan
42c
Jan
1 40c
Caledonia Mining
42e 34,200 31c
35c
114 Jan
6,300
Jan
14
Canada Copper Co, Ltd_ _5 1 7-16
14
1%
27,000
% Jan 1 1-16 Jan
1
Candelaria Silver_ r
1
N
Jan
5,600 30
Jan 40
1 38
Carson Hill Gold_ r
37% 39%
Jan
8c
Jan
1
(3c
Cash Boy Consol_
Se 27,200
7e
(lc
535 Jan
5
4% Jan
Consol Copper Mines
4% 5% 4,200
Jan
10
1,725
5
Jan
7%
Consol Virginia Silver
8%
R
245 Jan
1,600
Jan
2
Cresson Con Gold M & M.1
24
245
2
1335 Jan
103 134 Jan
Davis Daly_ r
134 1344
13-16 Jan 115-16 Jan
1 15-16
Divide Extension _r
• 1% 136,700
314 Jan
2,100
3% Jan
El Salvador Silver Min _ _ _1
3% 3
1% Jan
_1 113-16 111-16 113-16 27,300
1% Jan
Eureka Croesus Min r
75e
Jan
1,300
Jan
r
72c
Eureka Holly_
73c
72c
75c
2% Jan
Jan
1
1
Forty-nine Mining r
1% 8,800
135
135
Jan
2%
Jan
15,100
145
Golden Gate Explor'n_r _5
1% IN
Jan
15c
Jan
11c
10 14e
Goldfield Censord
15e 25,886
14e
Jan
12c
Jan
9c
Goldfield Devel_r__ _ _10c 10c
11c 32,400
9c
Jan
4c
Jan
27,200
1
2c
Goldfield Merger r
4c
be
2c
Jan
Jan 40c
1 35c
Gold Zone Divide_r
41e 38,500 32c
34c
Jan
3c
Jan
1
7,000
Groat Bend r
2c
be
2c
211 c
Jan
4%
5,326
Jan
26e
11-16
3
Boole Mining
4%
44
% Jan
10c
5-16 Jan
Iron Blossom r
1-10 % 1,200
5-16
Jan
25c
Jan
11,900
1 23c
21c
Jim Butler r
24e
22c
Jan
8c
Jan
6c
1
Jumbo Extension
Re 9,000
(le
'to
4% Jan
1,800
5
4% Jan
Kerr Lake
4% 4%
4c
Jan
Jan
1
5,200
2e
_r
Kewanuti
3%c
2e
2./ie
Jan
15c
Jan
100
Knox Divide_r
15e 8,200 13e
14e
140
Jan
Jan
%
10,500
La Rose Mines, Ltd
7-16
•
Jan
%
1
Jan
30,000
•
Louisiana Consol
7-16 %
3(1c
Jan
Jan
MacNamara Crescent_ r _ _ I
:Ule 52,000 24c
29c
28c
Jan
97e
129,000
Jan
57c
MaoNamara Mining --r -1
Rle
73e
72c
• Jan
1
• Jan
Magma Chief _r
% 7-111 7,900
Jan
32c
Jan
1
Marsh Mining
25e 30,900 20c
20c
22c
3% Jan
1,900
Jan
2%
Mason Valley_ _ _ _ _ ...5
24 2%
Jan
300 61c
Jan 05c
11.1 cE n ley-1)arragh Say._1
Ole
Ole
Jan
Oc
1
Mother Lode, now_ r
5%c Jan
8c 2,200
54e
Jan
78
Jan
11,100 74
Murray-Mog M Ltd
78
75
75
13% Jan
National Tin Corp_ r_
13
12% 13% 6,000 10% Jan
35c
Jan
Jan
30,300
25c
Nevada Ophir Min_ r_100 32c
35e
27e
12% Jan
5 11%
Ifipissing Mince
114 11% 4,380 114 Jan
Jan
23c
Jan
1
Nixon Nevada
22e 1,000 18c
20c
1% Jan
1
Jan
1
Ophir Silver Mines_ r
1 15-16 3,400
14
1 3-16Jan
Jan
1
2 1 3-16
Prince Cons_ r
1 13-IC 16,100
Jan 40% Jan
Rand Mines, Ltd w
40
4014 5,400 40
40
Jan
12c
Jan
Dc
Rex Consolidated Min__ _1
104e 27,000
5-16 Jan
3-16 Jan
Roper Group Mining__ _1
3-113 5-16 34,300
Jan
19
Jan
750
15
Seneca Copp Corp_(no par) 174
log 1745
5-16 Jan
1
Seven Metals Mr
3.4 Jan
4 5-30 3,000
4 Jan
1
7-16 Jan
1,900
@Oyer Dollar 114..r
7-16 %
Jan
15-16
1
Jan
21,500
11-16
Silver King of Arisona
11-16 15-10
Jan
14c
Jan
1
Sliver King Divide_r
7c
12e 10,300
70
Jan
8c
1
Jan
he
Silver Pick Cone'd-r
Oe 14,000
be
335e
8% Jan
So Amor Gold & Plat_ r.._10
7% Jars
8
8% 3,300
44 Jan
3-16 Jan
Standard Silver-Load.„..1
4 5,100
14
3.1
Jan
19c
1 17%e 174c 19e 11,600 174c Jan
Stewart_ r
Jan
6c
Jan
3c
1
Mining
15,000
Success
34c 6e
6c
Jan
4c
Jan
3c
1
Sutherland IMvide_r
3c
4e 4.000
4c
Jan
3
245 Jan
TonopahIleimontDevel_ r 1
24 24 2,750
2%
Jan
445
Jan
345
1
Tonopah Divide_ r
334 3% 20,145
341
2% Jan 2 15-16 Jan
3,321
1 2 9-16
Tonopah Extension
24 214
2% Jan
24.4 Jan
1
Tonopah Mining
2% 2 7-16 2,070
44 Jan
Jan
4
1
1,775
United Eastern
4
414
94c Jan
Jars
13c
U S Continental Mines.,, 1
Re
94e 13,300
Jan
9
8% Jan
1,300
Unity Gold Mines
84 9
Jan
2
800 1 9-16 Jan
Utah Reserve
2
2
Jan
29e
Jan
1
Victory Divide_ r
15e
18e 1,000 15c
Jan
7-16
2
Jan
9-16
End
1
West
Consolidated_ _5
2 1 11-16 2 7-16 32,900
Jan
3c
White Caps Extension_ be
135 c Jan
be 5,500
2e
2c
Jan
lie
Jan
White Caps Mining__10c
745c
14,700
lle
10e
Se
1% Jan
White Knob Cop, pf.r....10
200 1 3-16 Jan
13-16 1 3-10
Jan
Sc
Wilbert Mining
134c Jan
Re 20,200
7e
7c
Jan
1
Jan
Yukon-Gold Co_ r
700
I
'4
New York City Banks and Trust Companies.
See page 238.
New York City Realty and Surety Companies.
See page 238.
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked "f."
RR. Equipments-PerCt.:Basis.
Standard Oil Stocks Per Share
(3.30 5.95
Ask. Baltimore & Ohio 44e
Par Bid
Anglo-American 011 now_ £1 2534 29'.j Buff Roch & Pittsburgh 4)45 8.00 5.70
6.00 5.70
4s
1575
Equipment
1500
100
Atlantic Refining
8.00 5.70
Equipment (is
113 115
Pref. new_ '
6.30 5.90
444s
Pacific
460
Canadian
410
100
Co
Borne-Serymser
Caro Clinchtiold & Ohio Si._ 8.62 8.00
Buckeye Pipe Line Co.__ 50 *98 100
8.10 8.00
Chesebrough Mfg new_100 265 280 Central of Georgia 4%s
6.30 5.87
Chesapeake & Ohio
107 110
Preferred new
6.30 5.87
Equipment 5e
100 540 560
Continental 011
7.25 8.50
Crescent Pipe Line Co__ 50 .35 38 Chicago & Alton 434e
7.25 0.50
155
58
150
Equipment
Cumberland Pipe Line_ _100
Chicago & Eastern Ill 6)41- _ 7.25 8.50
Eureka Pipe Line Co._..l00 155 158
8.50
6.00
92
4)4a
Loulsv
es
Ind
88
Chic
011(4.3m...100
Galena-Signal
6.12 5.75
Chic St Louis & N 0 5s
100 108 113
Preferred old
5.95 5.50
103 106
Chicago & N W 4
Preferred new
0.60 8.00
100 172 177 Chicago R I & Pao 444s
Illinois Pipe Line
8.60 8.00
eeo 101
Equipment Is
Indiana Pipe Line Co_ _ _ _ 50
6.70 6.00
International Petroleum_ £1 *67 69 Colorado & Southern 55.... 7.00 6.25
36
Erie
5e
*35
National Transit Co_ _ _12.50
7.00 6.25
Equipment 444s
New York Transit Co__ _100 174 179
6.75 6.00
Hocking Valley 4125
Northern Pipe Line Co_ 100 102 106
6.00
6.75
375
5s
Equipment
25 *365
Ohio Oil Co
6.00 5.60
Illinois Central Sc
25 *70 74
Penn-Mex Fuel Co
5.6 I
0.00
65
4
e
4
Equipment
655
100
Prairie 011 & Gas
Kanawha & Michigan 441.._ 8.50 6.00
100 266 270
Prairie Pipe Line
5.87 5.50
Louisville & Nashville 5s
100 370 390
Solar Refining
6.12 5.85
Michigan Central 5s
Southern Pipe Line Co_ _100 165 169
6.12 5.85
Equipment 6s
100 337 343
South Penn Oil
6.20 5.75
_
s
100
P&SSM4
St
98
Minn
Linee_100
Pipe
Pa
Southwest
7.00 8.00
5s320
Texas
&
310
Missouri Kansas
Standard 011 (California).100
7.00 6.00
Miseouri Pacific be
Standard 011 (Indiana) _ _100 735 755
8.00
6.50
90
660
Si
Ohio
&
Mobile
_100
Standard 011 (Kansae)..
6.50 8.00
Equipment 444s
Standard 011 (Kentucky)100 455 470
6.20 5.85
50 New York Central Lines Ss
Standard 011 (Nebraska).100 525
6.20 5.85
Equipment 44-4s
Standard 011 of New Jer..100 765 775 2
6.25 5.90
100 115 1151 N Y Central RR 412e
Preferred
0.50
8.00
441
4)4..,.,.
West
440
&
Ontario
Y
N
Y'k.100
New
of
Standard 011
Norfolk dr Western 4)4e__.. 5.87 5.50
100 535 J55
Standard 011 (Ohio)
5.90 5.50
14 PennsylvaniaRR 444s
612
Rights
5.90 5.50
112 114
Equipment 4s
Preferred
_100 100 115 St Louis Iron Mt & Sou Si.. 7.00 6.00
Swan & Finch
7.00 6.64)
129
5s_
Francisco
San
125
&
AtLouis
_100
_
_
Co_
Car
Tank
Union
7.00 6.25
100 425 30 Seaboard Air Line Sc
Vacuum 011
7.00 6.25
Equipment 44s
10 *35 40
Washington 011
Southern Pacific Co 4)4s_.. 6.12 5.75
6.40 6.00
Southern Railway 434e
Ordnance Stocks-Per share.
8.40 6.00
Equipment Sc
Aetna Explosives pref _100 65
Atlas Powder common...100l152 iEi" Toledo & Ohio Central 45.. 6.50 6.00
1001 90 92
Preferred
23
1001 120
Babcock & Wilcox
Bliss (E W)Co common_ b 425 40
5 (Ii) 80
Preferred
Tobacco Stocks-Per Share.
Canada Fdye & Forgings_100 180 190
Par Bid. Ask.
Carbon Steel common.... O° 100 110
AmericanCigar common _100 120 125
100 100 110
1st preferred
100 80 88
75
71
Preferred
100
2d preferred
Amer Machine & Fdry_ _100 110 125
Colt's Patent Fire Arms
British-Amer Tobae ord__£1 *2714 28
25 *59 61
MfgBrit-Am Tobae, bearer__ £1 .2738 28
duPont(E I) de Nemours
100 300 350
100 370 380 Conley Foil
& Co common
100 9:3 94
Johnson Tin Foil & Met_100 110 125
Debenture stook
160 168
100
89
Forbes
&
81
MaoAndrows
100
Eastern Steel
100 92 96
Preferred
Empire Steel & Iron com..100 23 29
Reynolds (R J) Tobacco_100 525 560
100 64 69
Preferred
100 455 475
B common stook
Hercules Powder corn.,. 100 223 228
100 10614 108
Preferred
1001 10713 110
Preferred
100 133 138
112
108
Co
(J13)
Young
Niles-Bement-Pond cosnAOOl
100 95 105
95 100
1
Preferred
Preferred
100 240 250
Phelps-Dodge Corp
Scovill Manufacturing. 100 393 420
50 *30 35
Thomas Iron
100 375
Winchester Co cam
Short Term NoteS-Per Cent.
100 97 100"
1st preferred
Am Cot 011 Os 1024_ _M&S 2 98 9838
I 65 08
2nd preferred
48
Tel & Tel 13e 1924_ FAA 9578 9618
43
Amer
Iron
Wocciward
1001
A&O 9934 97
85
6% notes 1922
Preferred
Anaconda Cop Mln '29_J&J 9634 9712
Public Utilities
2 9738 9778
128
1924.M&S
(3e
Pao
Canadian
60l25
corn___
Amer Gas ec Elea
*40 41
Del & Hudson 5s 1920_ _F&A 9334 9914
BondsPreferred
19,1
1924M&N
Os
9714 9734
Rfg
Hug
100z192
Federal
Jan
com
&
89%
Tree
Lt
Jan
Amer
SO
Allied Pack cony deb Os '29 85
107,000
84
86
91
General Elea 13s 1020____J&J 10018 10038
100 z1s9
Preferred
Amer Tel & Tel 613_ r _1922 97
96% 974 195,000 96% Jan 974 Jan
67 70 Great North Si 1920-M&S 0812 99
.._100
Jan
corn.
9635
Lt
&
Jan
Power
Amer
1924 96%
6% notes_ r
95%
147,000
96
984
K C Term Ry 44s 11121_J&J 93 9642
100 72 74
Jan 98% Jan
Preferred
Anaconda Cop Min 6s..r '29
97
9734 42,000 96
68 Nov 15 1923__M&N 15 9812 99
1923 1004 10034 1014 10,000 100% Jan 101% Jan Amer Public Utilities com100 -- 10
Beth Steel 78
25
Laclede Gas 7s Jan 1929_- 9912 9712
100
Jan
98%
Jan
Preferred
2,000
s_ r.'21
Canada(Donx of)
985%
98% 98.4
35r, Liggett&MyersTob(is'21J&D 9938 9934
34
100
corn
Jan
96%
Jan
Carolina Pow&I.Aght
1929
544 r
954 0014 57,000 94
Jan Cities Service Co corn.._100 405 41f) N Y Cent Cs 1920__M&S 15 99%10018
1929 87%
CC&StL Os-r
87% 884 128,000 87% Jan 89
100 73 74 Penn Co 445e 1921_ _JecD 15 9714 9734
Jan 1014 Jan
Preferred
5,100 100
Cons Gas 7s
101% 100 1014
16 Pub Her Corp NJ 7s '22.MAS 84 86
100 14
Jan
Colorado Power com
34,000 82% Jan 86
Copenhagen (City) 54is'44 8214 82% 84
100 93 100 Sloss-Shef S & I Cs '29_F&A 9312 9112
Jan
Preferred
Jan 101
44,000 100
_ 100% 100 101
Cuba Cane Sugar 7s w
20
18
Southern lty (3e 1922_ _ _ Mecti3 95 93
_100
Lt_
Jan
&
Ry
711
Pow
Jan
Com'w'th
72%
1021
nterboro B T 7s
72% 74% 108,000
73
100 44 47 Swift&Co8s 1921..,., FAA 15 99781001s
Jan
Preferred
Jan 101
1,000 101
Procter & Gamble 7s_ _1921
101
101
Utah Sec Corp Os'22.M&S 15 86 8714
Jars
30
Elm Bond & Share prof._100 492 95
17,000 23% Jan
Russian Govt(345e.r.-1919
26
35
9
6
Jan Federal Light & Traction.100
35
Jan
30,000 23
535s.r
1921
26
35
45
100 40
Jan
Jars 27
Preferred
29,000 26
035s etfs
20
27
26
Jan Great West Pow Si 19Ifi_J&I 84 88
Jan 90
5,000 94
Southern lty
96
notes 1922
00
11
Jan Mississippi Riv Pow com_100
ea
Swedish Govt(Is.J'ne 1539 f15
3,500 944 Jan 97
95
51
Industrial
100 51
Jan
Preferred
Jan 93
18,000 91
Elwitzerl'd Govt of. 535s'29 91
91
92
and Miscellaneous
First Mtge be 1951_ _J&J 73 76
20
100 224 270
Brass
American
*d(t)
Corp_
Northern Ohio Moo
Listed as a prospect. I Listed on the Stock
* Odd lots. 8 No par value.
100 - - 60 American Chicle corn- _ _100 87 90
Preferred
Exchange this week, where additional transactions will be found. 0 New stock.
64
100 80 85
60
Preferred
com_100
Pow
States
North'n
r Unlisted. se When issued. z Ex-dividend. y Ex-rights. s Ex-stock dividend.
100 150 155
88 90 American lIardware
1
Preferred
Dollars per 1.000 11re, flat. k Correction.
North Texas Elee Co corn 100 70 73 Amer Typefounders com_100 44 47
100 80 93
73
Preferred
88
1
Preferred
118
Pacific Gas & Eleclet prof 100 86 88 Borden's Comb Milk corn.,100 115
13
100 95 99
Preferred
Puget Bd Tr L & P cora100 10
100
150
100
57
Company
Celluloid
53
100
Preferred
3
2
14 Havana Tobacco Co___..100
100 12
-The Wall•Street Division of Now York University, which since 11)15 Republic Ry & Light__ 100 40 44
12
100 11
Preferred
Preferred
has conducted classes in the Broad Exchange Building, moves on Fob. 1 South Calif Edison corn 100 87 89
let g 5s Juno 1 1022 J-D /50 60
15
• 100 100 105 Intercontinen Rubb com-100 14
to its now headquarters at 00 Trinity Place, where it will occupy the entire
Preferred
75
100 71
27
Salt
premises of what was. formerly Trinity Church School. This movement Standard Gas & El (Del)_ 50 *25 42 International1951
72
68
A-0
gold
5s
1st
50 *40
Preferred
marks the success of an experiment in University education in Wall Street.
3 International Silver pre!_100 .95 98
2
Tenneeeee fly L & P com _100
9 Lehigh Valley Coal Sales- 50 *85 88
Prom 200 students in 1914 the school has grown steadily until this year
7
100
Preferred
---- Royal Baking Pow corn_ _100 140 145
more than 1,300 students, both men and women, aro receiving instruction United Gas & Elee Corp_100
100 92 94
Preferred
100
let preferred
n banking, finance, accounting, law, shipping, exporting and importing,
Lftadcturing__ _100 160 170
Mfagnu
nger m
Slin
s
100 __ _
2d preferred
d212 3
marine insurance, and foreign languages. In its new building the Uni& Rye corn___ _100 29
Lt
United
10 *105 115
versity will develop institutional activities along many lines. It is planned
100 60 63 Texas Pee Coal & 011
1st preferred
55
n45
4
3
2
7
100
w
chKerr&Co
p
e
'hr
s
e
i
tf
e
rhu
o
ed.
C
r
r
22
to establish a businesa library which will servo as an instrument of research, Western Power commen_100
100 n75 85
_100 71
Preferred
students having similar interests will be able to form associations, and the
stock.
school, It is hoped, will be the common meeting-ground for all those inter* Per share. S Basis. d Purchaser also pays accrued dividend. e New
!Flat price. 75 Nominal z Ex-dividend. Y Ex-rights. (t) Without par value.
ested in the advancement of business through education.
CURRENT NOTICES
258
THE CHRONICLE
Inuestment and
[VoL. 110.
gailroati intelligence.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Alabama & Vicksb_ November
243,222 ,220.798 2.530.799 2,208,247 Monongahela
November
359,431 315,571 3,348.977 2,915,935
Ann Arbor
1st wk Jan
78.781
73,236
78,781
73,236 Monongahela Conn_ November
245,807 222,079 1,761.331 2.245,461
Atch Topeka & S Pe November 17564713 14811264 162387311 148372062 Montour
November
21,881
82,389 1.157,395 1,212,608
Gulf Colo & S Fe.. November 2,458,185 1,657.675 19.684,498 17,454,600 Nashv Chatt dr St L November 1.950,8232,073,169
18,235,552 19,864,024
Panhandle Sr S Fe November
764.258 503,942 5.885,540 5,397,403 Nevada-Cal-Oregon 1st wk Jan
3,453
4,191
3,453
4,191
Atlanta Birm & Atl_ November
373,989 461,320 4,530,659 4,234,204 Nevada Northern.... November
157,842 239,976 1.422.155 2,488,027
Atlanta & West Pt_ November
278,037 241.412 2,534,501 2,283.116 Newburgh & Sou Sh November
84,898 149,934 1.152,148 1,318.919
Atlantic City
November
292,772 440,423 4,199,449 3,943,608 New Orb Great Nor_ November
184,378 190.957 2.098,324 2,040,348
Atlantic Coast Line_ November 5,342.483 4,991,596 57,157,217 51,372,446 New On & Nor East November
585,717 490,965 5,897.545 5,902,664
Baltimore & Ohio November 15316511 15529392 166874202 158832635 N 0 Texas & Mexico November
182,120 148,079 1.843.017 1.787,889
B & 0 Ch Term November
205,981 130,948 1,864,224 1,645,425
Beaum S L & W.._ November
123.462 131,914 1,226,463 1,319,108
Bangor dr Aroostook November
562,042 467,903 4,766.257 4.425.605
St L Browns & M November
493,124 380,090 4,999,338 4,041,503
Bellefonte Central November
8.076
7.517
93,331
80,512 New York Central.._.November 25642730 28014171 283859373 267308434
Belt Ry of Chicago.. November
322,110 307,527 3,433,976 3,594,965
Ind Harbor Belt.. November
550,014 518,485 5,997,295 5,061,456
Bessemer & L Erie.._ November
782,877 1,088.102 12,009,127 12,554,752
Lake Erie & West November
803,986 841.434 8.915.216 8,570,884
Bingham & Garfield November
148,154 281,725 1,159,120 3,189.968
Michigan Central November 7,000.358 6,382.960 71.738,2:11 61,951,200
Birmingham South.. November
42.482
522.792 1,313.942
84,178
Clev C C & St L__ November 6,061,071 6,134,342 66,622,179 65,093,555
Boston dr Maine
November 0.467,373 6.280.374 66,142.694 64.176,642
Cincinnati North_ November
227,737
2.546.184
Buff Roch & Pittsb_ 1st wk Jan 265.117 324.780
265,117
Pitts & Lake Erie November 1,979,770 2,802,700 25,574,280 30,230,268
324.780
Buffalo dr Susq
November
70,747 176,867 2,012,577 2,059,798
Tol dr Ohio Cent_ November
592.701
730.464 8.462,234 9,050,777
Canadian Nat Rys_ 1st wk Jan 1,642,208 1,294,039 1,642,208 1,294,039
Kanawha & Mich November
275,22; 486,525 3,957,191 5,472.767
Can Pac Linos in Me November
195.282 246,596 2,385,215 2,090.634 N Y Chic &
Louis November 1,684,850 2,189.444 21,349,919 20,151,019
Canadian Pacific_ _ _ 1st wk Jan 3,171,000 2,856,000 3,171,000 2,856,000 NYNH dc St
Hartf__ November 9,527,248 8,630,783 96,602,392 93,686,060
Caro Clinch & Ohio_ November
503,790 45,109 5,417,999 4,316,467 N Y Ont & Western November
781.752 750,649 10,067,522 10,071.006
Central of Georgia
November 1.901,122 1,789,054 19,591,630 18,790,847 N Y Susq & West_ _ __November
333,719426,557
'4,015.791
Central RR of N J.__ November 3.953,429 3,704,189 40,926,535 41,230,780 Norfolk
& Western.. November 6.872,060 7,910,91070.354.702 75,175,346
Cent New England_ November
561,219 474,013 6,178,554 5,555.318 Norfolk Southern.... November
523,511
513,103
5,877,075
5,186,947
Central Vermont
November
511,083 428,997 5.338,421 4,735,74o Northern Alabama_ November
118,763 126,265 1,079,558 1.285,494
Charleston dc W Oar November
290,285 279,519 2,798,015 2,696,075 Northern Pacific__ November 9.410,239 10028583 92,656,752 92.841,867
Ohm & Ohio Lines_ November 5,354,029 7,263,216 65,799,338 66.631,180
Minn & Internat.. November
88,363
80,213
971.421
923.398
uugo a Alton
November 1,769,532 2,078,050 22,890,225 22,202,144 NorthwesternPacific November
623,175 433,634 6,086,414 5,268,093
Chic Burl & Quincy November 12796377 13071405 141282136 131533450 Pacific Coast
November
4,491,021
457.69)
171,826
5.161,110
Chicago & East Ill__ November 1,680.566 2,320,752 22.623,057 24,527.095 Pennsylvania RR November 26928302 32977622 345812671 334189657
Chicago Great West November 1,913,829 1,594,112 20,264,691 17,431,464
Bait Ches & Atlan November
126.276 130,630 1.486,508 1,301,305
Chic Ind & Louisv__ November 1,003,315 984,968 11,277.925 9,971,998
Cinc Lob & North November
126,913 101,301 1,078,691
951,031
Chicago Junction _ November
335.098 308,538 3.391.416 3,096,606
Cumberland Vali_ November
412,248 648,617 5,192,269 5,321.515
Chic Milw & St Paul November 12723079 11740337 137782972 122323007
November 1,747,113 1,691,535 22.649,914 20.552,913
Long Island
Chic & North West.. November 12130561 11315957 128495801 116619478
Mary Del & Va.... November
105,546 102,508 1,251,819
983,621
Chic Peoria & St L. November
121,361 157,031 1,574,775 1.988,183
N Y Phila & Norf November
754,945 740,538 7,589,507 6.867.316
Chic R I & Pacific_ November 9,649,588 8,665,381 101427337 91,445,672
Tol Poor & West.. November
140,161
1.481,009
133,392
1,512,967
Chic R I & Gulf__ November
493.822 423,104 4.536,434 4.065,467
W Jersey & Soash November
769,394 827,663 11.166,879 9,808,431
Chic St P M & Om.. November 2,637,756 2,348,526 25,319,887 22,583,986 Pennsylvania
Co.... November 8,444,196 9.200,040 97,634.792 86,575.710
Chic Terre H & SE.. November
135,168 428,762 3,735,700 4,614,462
Grand Rap & Ind November
744,378 633,873 7,578,496 6,649.118
Cinc Ind & Western November
297,930 263,106 2,861,231 2,868,440
Pitts 00 & St L.. November 7,180,718 7,638,773 85,100,763 79,888,415
Cin N 0 & Tex Pac_ November 1,635,009 1,356,594 14.930,164 13,923.753 Peoria & Pekin
Un_ November
101,555 130,212 1,111,925 1,183,792
Colo dr Southern__ 4th wk Dec 765,389 769,971 25,507,771 21,902,487 Pero Marquette.... November 3,404,145
2,865,397 32,370,466 26,265,438
Ft W & Den City.. November 1,020.521 781,878 10,109,665 7,150,191 Perklomen
November
101,810 116,217 1,014,831 1,009,827
Trin & Brazos Val November
November
161,053
93,178 1,266.668 1,040,605 Phila Beth & N E
73,012 121,565
759,448 1,352,725
Colo Sr' Wyoming_ _ _ November
890,338 1,032,503 Phila & Reading
13,614
90,899
November 5.725,497 6,810,739 66.767,564 73,140,301
Cuba Railroad........ October
1.069,773 753,182 11.411,427 10.815.442 Plttsb & Shawmut November
37,004
99,409 1,031,741 1.227,382
Delaware dr Hudson November 2,818,936 2,933,494 31,868,866 32,188.160
Ma Shaw & North November
68.711
74,558 1,041,921 1,125,208
Delaw Lack & West November 6,140,294 6,264,230 65,516,900 62.730,353 Pittsb & West
November
165,500 141,067 1,310,668 1,722,303
Deny & Rio Grande November 2.829,990 2,935.490129.850,620 28,482,681 Port Reading Va.... November
217,046 262,928 2,314,468 2,342,015
Denver & Salt, Lake November
261,474 177,453 2,658,205 1,993,650 Quincy Om & X 0.,_ November
68,452 1,021,673
105,680
959,229
Detroit dr Mackinac November
157,931 108.693 1,538.284 1,397.192 Rich Fred dr Potom_ November
568,422 819,711 7.108,046 6,422,946
Detroit Tol dr front_ November
372,774 326,846 3,471,796 3,090,747
Wash Southern... November
321,057 459,830 4,211,151 3,560,080
Det & Tol Shore L.._ November
210,934 178,115 2,255,356 1,794,798 Rutland
November
448,926 341,701 4,423,785 4.199,930
Dub de Iron Range__ November
435,416 449,885 7.833,187 8,859,778 St Jos & Grand Isl'd November
248,130 196,285 2,699,266 2,405,053
Du] Missabe & Nor November 1,035,878 1,377,248 19,734,662 21,303,126
Louis-San Fran November 6,997,915 6.451,898 71,361,399 63.778,875
Dul Sou Shore & Atl 4th wk Dec 157,839 149.455 4,735,274 4.783,922 StFt
W & Rio Gran.. November
95,234 1,487,844 1,050,973
166,291
Duluth Winn & Pac November
164,122 175,410 1,752,752 1,564,080
St L-S P of Texas November
141,124 110,748 1,406,477 1,272,408
East St Louis Conn.. November
89,109
1,038.035 St Louis Southwest_ November 1,306,478 1.107,542 12,263,213 11,716,400
Elgin Joliet & East._ November 1,186,783 2,014,854 17,315,078 18,647,486
St L S W of Texas November
683,371 520,091 6,140,555 6,037,564
El Paso & So West__ November 1.249.360 1,261,595 11,710.34113,588.194 St Louis
Transfer_ November
99,370
77,659 1,024.556 1,015,968
Erie Railroad
November 7,627,119 8,232,525 83,677,123 79.679,000 San Ant & Aran Pass November
419,040 434,932 4,068,285 4,000,349
Chicago dc Erie.... November
884,406 1,104.758 9,504,852 9,902,470 Seaboard Air Line.... November 3,539,892 3,362,067 37.495,978 35.313,920
Florida East Coast_ November
864,562 686,018 9,124,702 8,019,537 South Buffalo
November
51,445 135,589
882,206 1.437,511
Fonda Johns & Giov November
97,212
92,556 1,139,587 1,023,980 Southern Pacific_ _ _ November 15721986 13430018 155044817 139986981
Ft Smith & Western November
150,248 115,582 1,490,639 1,175.197
Arizona Eastern_ November
288,144 361.920 3,366,098 4,085,259
Galveston Wharf__ November
128,115
65,894
854.881
938,122
Galv Harris .5c S A November 2,083.432 1,652,920 19,624,292 19,423,430
Georgia Railroad...... November
690,620 699,505 5,868,355 6,078,974
lions & Tex Cent November 1,075.362 704,683 8,660,112 8,240,926
Georgia & Florida__ November
89,443
91,598
907,978
931.572
Hous E & W Tex_ November
221,717 188,205 2,165,322 1,891.187
Grd Trk L in New E November
290,357 256,264 3,136.976 2,104,095
Louisiana Western November
370,315 344,194 3,766,800 3,973.791
Grand Trunk Syst__ 4th wk Dec 1,875.184 1,866,004 67,891.570 59,819.699
Moga ha & Texas November
751,931 798,805 7,085,702 7,511,098
Grd Trunk West. November 1,878,972 1,864,402 20,408,488 17,165,003
Texas & New On.. November
687,279 676,170 7.334,275 6,818,626
Great North System November 9,418,964 10155810 98,444,269 90,812,866 Southern Rallway.._
November 11146187 10406665 116929031 115846923
Gulf Mobile & Nor.. November
271,342 211,219 2,569,342 2,198,939
Ala Great South_ November 1,069,828 836,853 9,559,489 8,380,776
Gulf & Shp Island.. November
225,738 186,759 2,247.071 2.365,579
Mobile & Ohio...... November 1,376,662 1.188,430 14,118,260 13,499,826
Hocking Valley____ November
796.447 1,071,034 10.797.806 12,456,617
Georgia Sou & Fla November
366,149 349,746 3.033,832 3,273,228
Illinois Central__ _ _ November 8,463.829 9,196,390 98,134,460 98,190,217
South Ry in Miss.. November
192,500 148,180 1,651,182 1,323,951
Internat & Gt Nor.._ November 1,451,599 1,174.600 13,103,565 12,298.539 Spokane Internat....
November
73,542 1,072,680
124,379
912,903
Kan City Mex & Or November
224.767
77,315 1.362,481 1,189.850 Spok Port! & Seattle November
618,219 767,075 6,742,561 7,768.436
KOMex& 0of Tex November
184,052 112,448 1,156.066 1,111,525 Staten Island R T.._ November
181,242 2,071,810 1,755,587
Kansas City South_ November 1,282,703 1,375.998 13,643,252 13,863.37% Tenn Ala & Georgia 4th wk Dec 174,139
146,631
6,063
3,427
138.543
Texark & Ft Sm.... November
179,028 139,958 1,413,977 1,154,061 Tennessee Central.._ November
190,581 270,572 2,289,776 2,766,718
Kansas City Term__ November
112,122 105.753 1,268,580 1.138,952 Term R R Assn ofStL November
3,589,071
3,567,267
342,895
353,002
Lehigh & Hud River November
217,524 109,773 2,474,427 2,104,599
St L Mer Bdge T_ November
299,556 305,266 2,853,612 3.370,304
Lehigh & New Eng.. November
394,742 337.902 3.613,943 3,655,167 TIMIS & Pacific
let wk Jan 734,056 599,283
734,056
599,283
Lehigh Valley
November 5,705,822 6,014,372 50,085,659 59,692.725 Toledo St L & West November
773,784
766,087 7,423,814 7,568,076
Los Ang & Salt Lake November 1,623,961 1,208,262 15,704,547 13,247,832 Ulster dr Delaware_ November
87,130 1,125,572
92,811
950,581
Louisiana & Arkan_ November
226.079 136,9031 1,938,182 1,525,579 Union Pacific
November 0.644.474 8,954,345 102216188 80,710,832
Louisiana Ry & Nay October
328,597 261,9051 2.911,687 2,515,477
Oregon Short Line November 3,480,564 3,044,868 35,099,592 31,089,991
Louisville & Nashv_ November 8.825,435 8,187,716 97,869,337 91,748.390
Ore-Wash RR & N November 2,595,919 2,141,427 26,200,642 23,922.333
Louisv Heed & St L November
215.000 257.7501 2,660,884 2,595,702 Union RR (Penn).... November
593,165 613,870 7,116,478 6,432,148
Maine Central
November 1,494,711 1,447.228 15,941.862 14,985,764 Utah
November
137,247 113,865 1,140,677 1,289.139
Midland Valley.... _ _ November
334,258 328,218 3,603,480 3,181,840 Vicks Shrove & Pee_ November
295,246 246,583 3,028,925 2,365,305
Mineral Range__ 4th wk Dec
24.076
22.425
758,5881,137,707 Virginian RR
November 1,000,666 1,107,501 10,992,835 11,019,094
Minneap & St Louis November 1,130,810 1,006,802 12.283,146 10,960,675 Wabash RR
November 4,312,597 4,270,769 44,224,914 43,689,430
Minn St P & SS M.. November 3,847,139 3,478,412 39,009,993 32,090,114 Western Maryland_ November
1,123,170 1,384,843 13,498,764 13,656,723
Mississippi Central.. November
90,5231 94,2011 934,034 1,166,525 Western Pacific........ November 1,220,182 760,121 12,366,278 10,174,319
MIs.souri Kan & Tex Novemoer 2,432,99511,858,479123,083.749 17.915,201 Western Ry of
November
227,403 242,231 2,322,752 2,313,037
Mo K & T Ry of Tex November 2,932.146 3,124,370 31,260,717 30,183,720 Wheel & Lake Erie_ November
800,153 1,128,868 11,643,196 12,640.717
Mo & North Arkan_ October
162,936 117.159 1.308,023 1,178.027 Wichita Falls & N W November
249,646
971,199
101,801 2,106,374
Mo Okla & Gulf__ November
114,403 141,822 1.346,877 1 65S 8,8 Yazoo & Miss Valley November 2,320,573 2,173,895 22,636,222 20.078,207
Missouri Pacific____ November 8,038,350 8.249,835.84,920,779 81.498,803
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
Current
Year.
Previous
Year.
8d week Oct (14 roads)_
9.751,383 8,3)14,852
4th week Oct (9 roads)____ 13,060,631 11,621.996
1st week Nov. 14 roads)____ 8.852.433 8,110,510
2d week Nov 14 roads)
9.193,612 8,065,344
3d week Nov 8 roads)____ 7,838,940 7,038,555
4th week Nov 11 roads)_ _ 11,286,692 10.578,492
let week Dec
9 roads)........ 7.005.482 6.424.278
24 week Dec 13 roads)...... 8,342.697 8,262,309
341 week Dec
7,426,581 8.671,764
4th week Dec (11 roads
11,528,338 10,498,450
1st week Jan ( 6 roads
5,894.615 5,151.529
e1We no longer Include Mexican roads In any of our
Increase or
Decrease.
%
+1.386,531 16.57
+1.438.635 12.38
+741.323 9.15
+1,128,268 13.99
800,385 11.37
708,200 6.69
581,204 9.05
+80,388 0.97
-245.183 2.88
+1,029,888 9.83
+743,086 14.42
Was.
1
*Monthly Summaries.
Mileage. Curr.Yr.
January _,__232.655
February -.232.957
March
226.086
April
232,708
May
233.931
June
232.109
July
226,654
August ........233,423
September....232.772
October ........233,192
November _ _233.032
Current
Year.
Previous
Year.
Increase or
Decrease.
Prev.Yr.
233,199 395,552.020 284.131,201 +111 0.819 39.22
233.268 351.048,747 289,392,150 61.6 • 97 21.31
225,631 375,772.750 365,096.335 10.676.
2.9
233,251 388,697,894 370,710,999 17,988,81/., '.8
234,339 413,190,468 378,058,163 35,132,305 U.
232.882 424.035,872 393,205.898 30.769,974 7.8
226,934 454,588.513 489,246,733 -14.658.220 3.1
233,203 469,868.678 502.505,334 -32.636,656 6.40
232,349 495,123,3971485,870,475 +9,252,922 1.979
233.138 508,023,854 489.081,358 +18,942.496 8.8
232.911 438,436.551 439.029.989 -2.593.438 0.5
259
THE CHRONICLE
JAN. 17 1920.]
This gives the company ownership in fee of all its bakery properties in
New York City.
The demand for our products increases each year. This is evidence of
enduring good will on the part of the consumer.
INCOME ACCOUNT.
Jan.31 Yr.
Calendar Years
1916-17.
1917.
1918.
1919.
$4,579,306
$4,622,348
Decrease.
$5,135,840
Increase.
$5,349,863
Net profits
1920. I 1919.
First Week of January.
Common dividends(7%)_$2,046,520 $2,046,520 $2,046,520 $2,046,520
1,736,315
1,736,315
1,736.315
Preferred dividends(7%). 1,736,315
5,545
73,236
78,781
Ann Arbor
$796,471
$839,513
59,663
$1,567,028 $1,353,005
324,780
Balance, surplus
265,117
Buffalo Rochester & Pittsburgh_
1,642,208 1,294,039 348,169
Canadian National Rye
BALANCE SHEET DECEMBER 31.
3,171,000 2,856,000 315,000
Canadian Pacific
1918.
1919.
1918.
738
1919.
4,191
3,453
Nevada-California-Oregon
Liabilities-Assets599,283 134,773
734,056
Texas & Pacific
24,804,500
__24,804,500
stock
Preferred
Plant, real estate,
60,401
machinery,&c_ _55,955,020 53,927,734 Common stock _ _29,236,000 29,236,000
5,894,615 5,151,529 803,487
Total (6 roads)
624,726
1,500,000 Accounts payable_ 649,083
U.S.Treas. certif.
743,086
Net increase (14.42%)
Common div., payU.S. bonds & notes 4,787,084
511,630
2,164,971 2,950,213 able Jan. 15_ _ _ 511,630
Cash
732,201 Carton factory re& securities 830,896
Net Earnings Monthly to Latest Dates.-The table Stocks
2,000,000 1,250,000
4,633,229 serve
5,233,499
receivable
Acc'ts
and
charges
with
1,200,000 1,200,000
following shows the gross and net earnings
Tax reserve
Raw inat'ls, sup19,328,812 17,761,785
8,758,555 11,645,263 Surplus
plies, &c
surplus of STEAM railroad and industrial companies reported this week:
77,730,025 75,388,640
-77,730,025 75,388,640 Total
Total
Balance. -V. 110, p. 172.
Fixed
Gross
Other
Net after
Gross
Surplus.
Income, Income. Charges.
Taxes.
Earnings.
$
$
8
5
$
$
Consumers Power Co. (of Maine)-Michigan Light Co.
New York Chicago dr St Louis RE158,160
Cr28,705
129,455
10,618
118,837
1,684,850
(Earnings and Balance Sheet to Nov. 30 1919.)
'19
Nov
439,200
37,809
477,000
5,935
471,065
'18 2,189,444
585,315 3,835,531
A circular of Jan. 3, issued by Commonwealth Power,
133,623 4,420,846
11 mos '19 21,349,019 4,287,223
728,558 3,283,407 Railway & Light Co. (which see under "Investment News"
123,884 4,011,965
'18 20,151,019 3,888,081
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of January. The table covers 6 roads and shows 14.42%
increase in the aggregate over the same week last year.
I
below), proposing amalgamation of Consumers Power Co.
Electric Railway and Other Public Utility Net Earn- and Michigan Light Co. and the making of a new bond issue
ings.-The following table gives the returns of ELECTRIC by the Consumers Power Co., reports:
railway and other public utility gross and net earnings with EARNINGS CAL. YEARS 1914 AND 1916-18 AND 11 MOS. 1919.
charges and surplus reported this week:
(1) Consumers Power Co.Balance.
Fixed
Net after
Surplus.
Charges.
Taxes.
3
3
$
151,412 1,406.457
Nov '19 1,613,081 1,557,869
Cities Service Co
51,605 1,719,005
'18 1.821,533 1,770,609
12 mos '19 20,025,744 19,329,354 1,814,741 17,514,613
221,157 21,477.178
'18 22,186.936 21,689,335
362,423
158,861
521,284
Dec '19 1,751,974
Co
Detroit Edison
356,742
129,337
486,079
'18 1,415,133
12 mos '19 16,498,391 4,278,318 1,721,583 2,556,735
2,394,224
1,353,767
3,747,991
'18 13,801,527
33,283
35,681
68,964
165,935
Keystone Telep Co Dec '19
39,760
28,982
68,742
149,109
'18
196,828
363,694
560,522
12 mos '19 1,656,450
319,559
344.484
664,043
'18 1,605,721
Fixed Chgs. Balance,
Net
Gross
Earnings. Earnings. & Taxes. Surplus.
Gross
Earnings.
Detroit United
Lines
234,657 z202,341
394,557
Nov '19 2,203,587
234.433 z132,135
317,738
'18 1,606,536
11 mos '19 22,422,746 4,562,277 2,624,447 z2,379,629
'18 17,278,782 3,884,865 2,519,645 z1,759,560
z After allowing for other income received.
ANNUAL. REPORTS
Financial Reports.-An index to annual reports of s team
railroads, street railway 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
nolude reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Dec. 27. The next will appear in that of Jan. 31.
American Telephone & Telegraph Co.
(Prelim. Statement for 4th Quar. 1919 'and for Cal. Year 1919.)
Vice-President W. S. Gifford, Jan. 14 1920, says:
1914.
1916.
1917.
1918.
11Mos.'19.
Gross earnings_ -$7,363.238 $6,608,100 $5,775,370 $4,747,201 $3,415,402
Operating exp.. 3,525,151 3,224,105 2,932,257 1,895,531 1,198,427
Gross income.$3,838,087 $3,383.995 $2,843,113 $2,851,670 $2,216.975
Fixed charges.-- 1,934,092 1,942,261 1,391,891 1,221,627 1,127,801
357,000
463,750
567,773
601,526
Preferred divs___ 554,848
Balance for depr.
& replacem't_ _$1,349,147 $840,208 $883,449 $1,166,293 $732,174
(2) Michigan Light Co.
Gross earnings__$2,920,026 $2,822,595 $2,393,410 $1,769,699 $1,564,752
906,810
Operating exp___ 2,226,778 2,274,941 1,740,356 1,108.214
Gross Income__ $693,248
Fixed charges_ _ _ 388,586
Preferred div__-- 151,496
$547,653
362.526
165,036
$853,054
249.226
163,000
$661.485
234,894
141,000
$657,942
211,149
128,640
Balance for depr.
$20,090 8240,829 $285,591 $318,153
& replacem't__ $153,166
CONDENSED BALANCE SHEETS OF NOV. 30 1919.
Consumers Michigan
Consumers Mtchirin
Light Co. Light Co.
Power Co. Light Co.
AssetsLiabilitiess
$
2,755,800
_10.099,500
stock._
Preferred
11,105,297
898
Plant & investm't_46,614,
25,040 Common stock.....11,250,000 3,175,900
1,884,509
Investments
24,013,000 4,350,000
Bonds
7,050
Sinking funds__
156,682 Loans payable_ _ _ _ 1,898,185 1,122,804
446,659
Cash
159,923
15,270 Accounts payable_ 132,803
98,615
Special deposits_ _ ..
289,996
250 Consum. deposits_ 256,250
23,507
Notes receivable
297,980
1,130,961
acc'ts
res.
Accr.
&
535,962
Accounts receivele. 976,159
195,945
531,650 Repl.& cont. res.. 1,532,365
Materials & supp_ 473,848
277,807
238,473 Profit & loss (sur.). 1,523,456
Debt disc. & exp._ 1,273,224
17,531
38,050
Prepaid accounts_
51,836,52012,620,155
51.836,520 12,626,155 Total
Total
-V. 107, p. 699; V. 108, p. 84.
Manhattan Shirt Co., New York.
(Report for the Fiscal Year ending Nov. 29 1919.)
President Lewis Levi, Jan. 10 1920, wrote in substance:
During the year ending Nov. 20 1919 the par value of the Common stock
was reduced to $25 per share and exchanged for the outstanding stock on
the basis of 4 shares of now stock for one share of old.
Dividends on the Common stock during that period were increased to the
in hand
The earnings and expenses for the fourth quarter of 1919 are given below basis of 7% per annum and there is every indication that business
managefiscal
and future prospects will justify a continuance of this rate. The
as well as the results for the entire year, as it is the first complete
market conditions,
quarter since Aug. 1 1919, when the telephone properties comprising the ment of the company is In constant touch with shifting
and has planned In every feasible way to meet the increased demand for
Bell System were returned to the owners by the U. S. Government.
The above statement is marked "preliminary" as it is subject to relatively merchandise and, so far as possible, to expand the output in keeping with
sound business principles.
minor changes in the final closing of the books for the year.
EARNINGS FOR CALENDAR YEARS AND THREE MONTHS OF 1919. CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING NOV. 29.
(Manhattan Shirt Co., Solway Dyeing & Textile Co.J
4th Quarter -Calendar Years
1919.
1915-16.
1919.
1916-17.
1917-18.
1918-19.
8,451 Net profits
17
52
$8,563,248 $16.461,670 $191,9
$821,019
8980.723
$1,688,811 $1,071,781
Dividends
18,199
6,785,861 19,904;396 18,022,220 Dividends on investm'ts
12,241
4,995
6.291
Interest and other revenue
3,631,903 5,962,505 4.726,096 Interest(net)
7,458
deb.43,799 deb.50,732 deb.28,838
Telephone traffic (net)
28,132,559 18,780,396
Compensation acct. Govt. contract
$846,676
$964,126
81.651,303 $1,026,045
Net income
$18,981,012 $70,461,130 $61.056,163 Reserve for Income and
Total
2,237,188 10,235,669 6,763,146
$175,000
$365,000
$526,000
Expenses
Excess Profits Taxes_
$154,000
112,000
120,750
112,000
Preferred dividends(7%)
$16,743,824 $60,225,461 $54,293,017 Common dividends
x312,501 (6)300,000 (4)200,000 (3)150.000
Net earnings
4,673.183 15,847,596 10,391.695
Deduct interest
3542,676
$468.376
$249,043
$700,802
Balance, surplus
437.134
$12,070.641 $44,377,865 $43,901,322 Previous surplus
504,823
Balance
478,747
791,785
Deduct dividends (8% per annum)._ 8,839,261 35,356,334 35,229,699
$979,810
$973,199
$727,790
$1,492,587
Total
$400,000
Balance available for reserves & sur. $3,231,380 $9,021,531 $8,671,623 Preferred stock reserve_
$500,000
-V.109, p. 2441.
Difference between cost
and par value of stock
72.692
written off (net)
National Biscuit Company.
Cr.6,548 deb.2.295
Cr.63,993
deb.13,093
Adjustments
(22d Annual Report-Year ending Dec. 31 1919.)
$504,823
$478,747
$791,783
Total profit & loss surp.$1,479,494
President Roy E. Tomlinson says in substance:
The only indebtedness of the company is for raw materials, supplies and
other incidental items, incurred so recently that the accounts could not be
audited and paid before the close of the year. Many of the raw materials
produced abroad wore not obtainable during the past year. This restricted somewhat the variety of our products but all the staple linos were
plated on their pre-war formula bases. The result has been a demand for
our biscuit vastly exceeding our baking facilities.
lo The new cracker and bread bakery at Pittsburgh relieved only in part the
situation in that section of the country. It was necessary to keep the old•
Pittsburgh bakery running throughout the entire year. Work on the now
bakery at Detroit is well under way. The steel structure is up to the roof
and it is planned to have the bakery in operation in good season before the
expiration of our lease on the old Detroit plant. We are putting up a
building at West, Bethune and 12th Streets, New York City, specially
designed for flat English ovens on low foundations. The metal parts of
these ovens are completed and we expect to bake in them during the spring.
We purchased from the Bradish Johnson Estate and took title to all of
the leased land in New York City upon which our 11th Ave.. 10th Ave..
16th St. and Uneeda Biscuit bakeries are located. The remaining portion
of the block at 9th Ave. and 15th St., leased from the Astor Estate and
occupied by the 9th Ave. bakery, Nabisco works and annex, has also been
purchased, together with the land occupied by the stable on 15th St.
x See text above.
CONSOLIDATED BALANCE SHEET NOV. 29.
1919.
1918.
1919.
Lfabililies$
A ssetsPreferredlitock_ 1,600,000
Land.bldge..mach..
&c., less deprec_ 1,122,034 1,042,038 Common stock_ _ 5,000,000
Notes & accounts
Trade name, goodpayable and acwill and patterns 5,000,000 5,000,000
crued accounts_ 2,510,914
75,684
Investments.a. _ 116,463
to retire
Reserve
bonds
U. S. Govt.
377,621
preferred stock. 1,400,000
256,514
(at cost)
Reservefor Fed2.093
War Say. stamps_
eral and N. Y.
431,827
743,841
Cash
526,000
State taxes
777,809
Notes & accts. rec_ 862,740
4,335,238 2,831,301 Profit and loss- _ _ - 1,479,494
Inventories
36,295
77,486
Deferred charges...
Total
12,516,408 10,572,575
Total
1918.
1.600,000
5,000,000
1,415,790
1,400,000
365,000
791,785
12,516,408 10,572,575
a Includes Manhattan Shirt Co. preferred and common stock purchased.
-V. 109, p. 683.
•
260
THE CHRONICLE
Creamery Package Mfg. Co., Chicago.
(Report for Fiscal Year ending Nov. 30 1919.)
Vice-Pres. & Gen. Mgr. E. W. Chandler, Dec. 31 1919,
wrote in substance:
[vol.. 110.
with the Maryland Trust Co., trustee, and by Feb. 1 1920 (the earliest
available redemption date), these obligations and all mortgage indebtedness
of the Houston Oil Co. of Texas will have been paid.• The balance of the
proceeds of subscription is available for general corporate purposes, all of
which appears in the balance sheet hereto attached.
Kirby Lumber Contract.-During the past year the Kirby Lumber Co. has
met promptly the minimum semi-annual payments due the Houston Oil
Co. of Texas under the terms of the contract between those two companies
and of the decree of the U. S. Circuit Court.
A final statement of accounts between your company the the Kirby
Lumber Co. is approaching, involving the interpretation of points of ambiguity in the decree and in the timber contract itself, and the ascertainment of certain facts, such as the liability of the lumber company for timber
destroyed by hurricane, &c.; also the liability of the lumber company for
taxes, and interest thereon, on timber represented by the difference between
the minimum'payments made by the lumber company and those contemplated by the decree, &c. It is hoped that litigation may be avoided.
President.-It is with deep regret that we report the death in July last
of Col. S. W. Fordyce,the President since 1904.
[Signed by Henry J. Bowdoin,now V.-Pres. Houston 011 Co. of Texas,and
Edwards Whitaker, President trustees constituting the Southwestern
Settlement & Development Co.
Capital Assets of Houston Oil Co.-Additions to capital assets during the
year, including increase arising from the revaluation of the company's
interest in oil and gas rights on properties owned jointly with the Republic
Production Co.. $1,200,000, and developments, $250,000, aggregated
$1,626,324; less net receipts for year from timber, &c. (per realization
account below), $520,927, and reserves for depletion of oil lands and
depreciation of plant and equipment, $77,610; total capital assets Sept. 30
1919. $33,582,965 (see footnote to balance sheet). V. 110, p. 160.
After paying our dividends, making adequate deductions for bad accounts,
setting up reserves for discounts, doubtful items, depreciation of buildings,
machinery and equipment, expiration of patents, and U. S. revenue taxes,
there remains a substantial balance to the credit of undivided profits.
[The company's factories are located at Bay City, Mich.; Blytheville,
Ark.• Coffeyville, Kan.; De Kalb, Ill.; Elgin, Ill.; Fort Atkinson, Wis.;
Lake
'Mills, Wis.; Mankato, Minn.; Portland, Ind., and Rutland, Vt.1
INCOME ACCOUNT FOR YEARS ENDING NOVEMBER 30.
1918-19.
1917-18. 1916-17. 1915-16.
Net earnings
$1,269,731 $621,961 $696,789 $381,341
Depreciation
50,000
50,000
50,000
50,000
Balance
$1,219,731 $571,961 $646,789 $331,341
Common dividends
(7%)210,000 (6)180,000 (6)180,000 (6)180,000
Preferred dividends (6%)
18,222
17,940
17,823
17,373
Res'ved for expien of pat'ts, &c
46,305
46,305
46,305
Res've for U.S.revenue taxes.._ 469,525
65,000
65,000
Balance, surplus
$475,679 $262,716 $337,661 $133,968
BALANCE SHEET NOVEMBER 30.
1919. . 1918.
1919.
1918.
&Murat-Liabilities$
$
Real est.,mach.,&o.*1,697,706 1,442,486 Common stock
3,000,000 3,000,000
Patents
648,273 694,578 Preferred stock
308,800 299,000
American Ice Company.
Inventories
1,559,260 1,830,723 Bills payable
513,001
(Report for Fiscal Year ending Oct. 31 1919.)
Accts.& bills rec._ _a1,207,908 1,093,360
do. do. U.S..
Misc. investments
10,057
30,276
Liberty bonds54,000 CONSOL. EARNINGS FOR YEARS ENDING OCT. 31, INCL. SUB. COS.
U.S. Liberty bonds. 168,200 138,050 Accounts payable
163,960
1918-19.
1917-18,
1916-17.
1915-16.
Cash on hand
296,731 197,130 Res've for taxes, &o. b514,625
95,990 Gross receipts
Timber lands
155,142 144,977 Surplus
500,000 500,000 Income from investm'ts,$15,345,729 $12,622,867 $9,840,529 $9,172,962
Unexpired insurance. 14,800
13,349 Undivided profits.....1.434.652 958,973
interestAliscount, &c_
202,396
119,566
174,403
56,149
Total
5,758,077 5,584,928 Total
5,758,077 5,584,928
Total
$15,548,124 $12,742,433 $10,014,932 $9,229,111
Less cost of merchandise
* Real estate, machinery, plants, &c., in 1919 include lands, buildings
oper. expenses, &c
10,440,079 9,080,806 7,404,764 7,097,103
and their equipment, $1,303,743; power plants and their equipment, manufacturing machinery and minor equipment, $555,974; patterns and transBalance
$5,108,045 $3,661,627 $2,610,168 $2,132,008
portation equipment, $78,431;furniture and fixtures, $57,734; less $298,176 Bond
$416,297
$434,239
$410,958
$396,012
reserve to provide for depreciation. a After deducting $200,197 for dis- Rentsinterest, &c
126,189
146,367
120,213
144,077
count and doubtfu It& ms and refrigeration contracts. b Including reserve Taxes
211,146
242,495
243,948
167,093
for excess profits tax.-V. 109, p. 2360.
Insurance
88,947
86,903
99,281
131,806
Maintenance & improv't 1,087,762
687,224
623,854
588,459
United Paperboard Co.
Res've for Federal taxes_
164,904
359.828
on coll, trust bonds
Cr.1,006
Cr.5,199
(Semi-Annual Report for Six Months ending Nov. 29 1919.) Disc.
Depreciation
740,780
761,677
RESULTS FOR SIX MONTHSENDING NOV.30 1918 AND NOV.29 1919. Dissolution exp. (Amer.
Ice Securities Co.)
31,512
1019.
1918.
1919.
1918.
84,768
Gross earnings
$266,752 $605,582 Interest charges.
$9,261 Adj. or gen. prop. values
$5,704
Taxes and insur
45,152
40,697 Pref. dividends_ (3)47,315 (6)94,679
Total
$3,083,813 $2,452,333 $1,626,857 $1,427,447
Administration expen 50,089
40,215 Common diva_
(1)91,811 Net
gain
$2,024,232 $1,209,294
$704,561
$983,311
Preferred
dividends_ _ _(6%)896,331 (6)893,934(3 )563,267(1 h)186,502
Net earnings
$171,511 $524,670
Balance, Burp. x$118,493
$328,919
Balance, surplus
$1,127,901
$315,360
$420,044
$518,058
x No deduction has been made for depreciation and income taxes.
CONSOL. BALANCE SHEET OCT. 31 (INCL. SUBSIDIARY COS.).
BALANCE SHEET NOV. 29.
1919.
1918.
1919.
1918.
1919.
1918.
1919.
1918.
Assets$
$
LiabilitiesAssets•
$
Prof.stk.,non-cum.15,000,000 14,020,200
buildings,
Preferred stock-- 2,100,000 2,100,000 Land,
Plants, equipm't,
Common
stock...
14,728,212
machinery,
&c..
_14,519,809
7,500,000
7,161,330
sec.,
&e_13,522,213
treas.
13,764,559 Common stock _ _12,000,000 12,000,000 Good-will, water &
Underlying bonds. 0297,200
115,900
Accounts payable.. 100,564
Sundry securities_ 444,557
192,587
patent rights.. _17,024,993 17,023,663 Collat. trust bonds
Cash
87,865
265,735 Unmatured diviInvest't
securities_
260,690
Amer.
Ice
Co_
a559,959
f1,037,000
1,262,000
for
Cash (ins. to.
dends declared_
23,658
139,184 Cash
719,905 Real estate first &
2,324,499
replacement)_
197,067
Contracts for imNotes and accounts
gen. mtge.6s- 5,218,000 4,751,000
811,541
provements and
Bills & accts. rec... 520,495
1,184,716
Real estate mtges_
receivable
1,061,560
19,000
212,030
Mdse. & supplies_ 1,016,486 1,206,814 replacements.... 173,255
190,880 Certificates of inDamage claim pay.
30,910
104,046
177,452 Reservefor accrued
Deferred charges
587,500
debtedness
Real est. mtge. pay 110,000
4,270
5,904 interest, &c__ 143,555
184,596 Liberty
Suspended assets
76,335
207,079 Accounts payable_ 843,601
__ _
642,827
1,265,968 1,424,758 Insuece bonds_
Surplus
11,242 Accr.bond int.,&c..
premiums
7,964
84,456
131,290
of merIns. & workman's
15,897,000 16,232,005 Total
Total
15,897,000 16,232,005 Inventory
744,194
chandise, &c__768,765
compen'n res've. 554,996
572,328
-V.109, p. 1994.
d592
,711
(sur.)
.x6,432,770
587,683 Profit dr loss
Fund investments:
5,533,576
Res've for Fed.tax 396,162
164,904
Houston Oil Co. of Texas.
(Report for Fiscal Year ending Sept. 30 1919.)
The comparative income account and balance sheet were
cited in V. 110, P. 166.
The report, dated Nov. 22 1919, says in substance:
Total
37,524,095 35,467,384
Total
37,524,095 35,467,384
a Includes in 1919 American Ice Co. treasury stock (1,593 shares pref. and
3,934 shares of common), $297,391; Independent Ice Co. stock (509 shares
pref., 237 shares corn.), $125,000 and sundry stocks and bonds (outside
companies), $53,068; real estate mortgages, $84,500. d Consists of $554,000 U.S. Liberty bonds, Ne* York City bonds,$31,134(par value $35,000);
Report.-The following constitutes a review of the operations of both the sinking and release fund cash, $6,805; loans, $772. e After deducting in
Houston 0 1 Co. of Texas and the Southwestern Settlement & Development 1919 $817,500 owned by American Ice Co. f After deducting in 1919
Co. (not .ncorporated), except as hereinafter noted, taken as a whole, and $206,000 in treasury.
xAfter adding the aforesaid $1,127,901 and excess Federal tax reserve for
without distinction because of their independent legal entities.
Oil Business.-During the past fiscal year the total oil produced by and 1918 credited back to surplus, $19,568, and after making deductions as
for account of the two companies aggregated 466,792 bbls. (an increase of follows: 798 shares pref. and 3,386 shares coin, stock of American Ice Co. in
196%), viz.:(1) By Houston Oil Co.from the Corsicana field, 39,440 bbls;. treasury reduced to market, $193,275; discount on sale of $1,000,000 par
(2) company's interest in the operations on joint account with Republic value of real estate First & Gen. M.6% bonds,$55,000.-V. 109, p. 2441.
Production Co. in Liberty County field, 352,495 bbls. (as of Nov. 1 1919);
(3) company's interest in the production of the Higgins Oil & Fuel Co., and
through the latter in that of the Booth Oil & Gas Co., was 75,857 bbls.
The Higgins Oil & Fuel Co. owns 50% of the stock of the Booth Oil & Gas
Co. the trustees of the Southwestern Settlement & Development Co. (not
incorporated) own, say, 53% of the stock of the Higgins Oil & Fuel Co.
During the fiscal year just closed (and to Nov. 1 1919), 14 wells have
RAILROADS, INCLUDING ELECTRIC ROADS.
been drilled on the Devore tract in Liberty County, 10 of which are now
American Railway & Power Co.-Sale.producing, 1 was lost, and work on 3 has been temporarily suspended;6 of
The
foreclosure sale originally set for June 11 1919 and several times
others
are
pumping*
the
exact
flowing
and
the
location
of
wells
are
these
postponed has now been set for Feb. 4 1920.-V. 109, p. 2262.
delimiting the field.
many of the wells was determined for the purpose of'
A total of 21 wells have been drilled (from Aug. 1918 to Nov. 11919) on
Atlanta Birmingham & Atlantic Ry.-Payment of
the Devore tract, 15 of which are now producing; 3 have been abandoned;
2 have been suspended temporarily, and 1 lost. The oil is of low grade in Full 18 Months' Interest to June 30 1919 on 5% Income
gasoline content, but high in lubricants.
The Devore tract, consisting of 800 acres, is situated in Liberty County, Bonds, Covering Coupons Due Sept. 1 1918 to Sept. 1 1919, Incl.
The Columbia Trust Co. 60 Broadway, N. Y., announces that it has
Texas, near Hull, a station on the Gulf Coast Lines. This tract was selec'pay interest at the rate of 5% per annum on
ted as the site of the first development under the provisions of the operating received deposit of funds to
contract and conveyance between your company and the Republic Production past due coupons of Atlanta Birmingham & Atlantic 5% Income bonds.
Co.; production began in August 1918. Your company has acquired, These coupons numbered 5,6 and 7, which were due Sept. 1st 1918, March
jointly with the Republican Production Co., additional acreage, adjacent 1st 1919, Sept. 1st 1919 respectively, will be paid at the rate of $25 each on
to the Devore,aggregating, say, 2,309 acres, including ample terminal and after Monday, Jan. 12th 1920 when accompanied by appropriate
income tax certificates. Funds have heretofore been unavailable clue to
facilities at Hull.
Although the extent of the oil deposit in this field is not definitely deter- the delay in executing the compensation contract with the U. S. Railroad
mined, yet the results, so far obtained are considered to indicate that the Administration. This contract was signed on or about Dec. 9, fixing the
field constitutes an asset of very great value. The company owns in fee, annual compensation at $480,000 per annum. The outstanding issue of
say,775,000 acres, in addition to over 200,000 acres of oil and mineral rights, incomes was recently $4,543,907.-Compare V. 109, p. 2262, 2354; V. 110.
in East Texas and Louisiana; these holdings are situated within the general p. 166.
area known as the Gulf Coastal Plain, recognized as productive of oil,
Atlanta Terminal Co.-Certificates Ready.sulphur and other minerals. Several sites for future boring operations have
On and after Jan. 15 1920 Guaranty Trust Co., N. Y., will be prepared to
been selected, where the indications are considered to be promising.
Lands, &c.-Land sales during the past fiscal year aggregated 5,605.86 deliver at its trust department, definitive Atlanta Terminal Co. let Mtgo.
acres (first payment having been made in each instance), at an average 20-year 6% Series "A" bonds, due 1939, with coupon No. 1 due February.
price of, say, $20 74 per acre, an increase in acreage sold of 169%, and an 1920, and subsequent attached, in exchange for the outstanding temporary
Increase in average price per acre of 2%. In all land sales the mineral certificates of the issue.-V. 109, p. 1271.
rights are reserved to the grantor.
Baltimore & Ohio RR.-Exchange of Bonds.Receipts from turpentine operations during the past fiscal year amount
Notice is given that the Baltimore & Ohio RR., Toledo Cincinnati Divisto $61,020 65, an increase of 36%. Sales of hardwood amounted to
ion, Series A, 47
0 Gold bonds, due July 1 1959, with coupons due Jan. 1
$27,632 32, an increase of, say 23%.
1920 of Last of Timber Certificates.-Within 1920, and onward, to be issued in exchange for the Cincinnati Hamilton &
New Stock-Retirement Feb. 1'
the fiscal year closing Sept. 30 1919, the common capital stock was in- Dayton Ry. 1st & Ref. Mtge. 4% 50-year Gold bonds, 1959, guaranteed
creased by appropriate proceedings form $20,000,000 to $25,000,000. The by the Baltimore & Ohio RI., have been received in London. Holders of
50,000 additional shares were offered for subscription to all stockholders at certificates of deposit issued by the Union of London & Smiths Bank, Ltd.,
par ($100). Total subscriptions aggregated 71,819 shares (V. 108, p. 2128 should present the certificates to the National Provincial & Union Bank
of England, Ltd., 2, Princes St. E. C. 2, to be exchanged for the now bonds.
V. 109, p. 275).
Of the proceeds of this subscription, an amount sufficient to retire the [At last accounts only $180,000 of the 0. II. & D. fat & Ref. bonds were
outstanding balance of new series timber certificates has been deposited unexchanged.1-V. 109, p. 2439.
GENERAL INVESTMENT NEWS
•
JAN. 17 1920.]
THE CHRONICLE
Brooklyn Queens County & Suburban RR.—Committee for First Mortgage 5% Gold Bonds due 1941.—
fie
above
The committee named below in a notice to the holders of the
bonds says in substance:
interest
1920
1
Jan.
and
Default having been made in the July 1 1919
of the holders
on these bonds the committee named below, at the request
act as a committee,
of a large amount of said bonds, have consented to 1920,
copies of which
5
under the terms of a deposit agreement, dated Jan.
140 Broadway,
may be obtained from the depositary, Guaranty Trust Co.,
of the bonds are
New York, or the Secretary of the Committee. Holders
1920 with the depositary
invited to deposit their bonds on or before Jan. 31must
be accompanied by
under the deposit agreement. Coupon bonds
all subsequent
the coupons maturing July 1 1919 and Jan. 1 1920, and
the Federal income
coupons and ownership certificates, in accordance with
executed
properly
by
accompanied
be
must
tax law. Registered bonds
transferable certifitransfers thereof in blank. For all bonds deposited, Co.
bonds will
No
Trust
the
Guaranty
by
issued
be
will
deposit
of
cates
committee
be received after Jan. 31 1920, except upon such terms as the
may impose.
Ellis W.
Hemphill,
J.
Alexander
Peabody,
A.
Charles
Committee.—
Sec.,
Gladwin. Frederick L. Allen, Counsel; Frederick S. Stevenson,
p.
2355.
109,
City.—V.
N.Y.
St.,
Cedar
55
Chesapeake & Ohio Ry. Co.—Vic4-President.—
and the
F. M. Whittaker has been elected Vice-President of this company
Hocking Valley By., effective Jan. 15.—V. 109, p. 2355.
Cincinnati Hamilton & Dayton Ry.—Exchange of Bonds
See Baltimore & Ohio RR. above.—V. 108, p. 2241.
Cleveland Railway.—Dividend Increase Approved.—
The Cleveland City Council on Dec. 29 formally granted the company
in acthe right to increase the dividend rate on its stock from 6% to 7%
cordance with the recommendations of the arbitration board.—V. 109, p.
2262, 2356.
Commonwealth Power Railway & Light Co.—Proposed Amalgamation of Michigan Light Co. with Consumers
Power Co., the last named to Make New Bond Issue—Earnings.—President Geo. E. Hardy, 14 Wall St., N. Y., in
circular of Jan. 3 addressed to the holders of Preferred stock
of Michigan Light Co. says in substance:
261
0 in
7
namely:-40,
and as issued, of the securities of the Now Company,
stock, this being
1st M. bonds,40% in adjustment bonds and 20% in Prof.
Pref.
in
25%
bonds,
adjustment
in
25%
bonds,
M.
in lieu of 25% in 1st
stock and 25% in common stock, provided in the plan.
Commi tee of
2. An agreement is being negotiated with the Protec•ive
will recommend
the $275,000 Wabash River Traction Co. bonds by which they
par for par, of their
to their depositors and bondholders the even exchange,
lieu of 50% in 1st M.
bonds for 1st Mtge. bonds of the new company, in the
plan.
bonds and 50% in adjustment bonds provided in
there were re3. $350,000 .Additional 1st M. Bonds.—Under the plan
and contingencies.
adjustments
for
expenses,
bonds
M.
served $320,550 1st
The settlement above referred to required the appropriation of $264,850
reserve
reserve bonds for these adjustments, leaving but $55,700 of said
bonds. In order to replace the bonds thus applied to these settlements
s or other
and to make adequate provisions for expenses, contingencie
that the
adjustments, after careful estimate the committee determined
new conapany shall have authority with the approval of the P. S. Commission of Indiana, to issue $350,000 additional 1st M. bonds; any balance not
iated to remain in the treasury.
so appropriated
that in the organiza4. Pref. Stock.—The committee has also determined
create,
the
new company there shall be reserved to it the right to time,
of
tion
a
at
any future
Indiana,
of
Commission
under approval of the P. S.
bonds, but which
preferred stock or other security, subordinate to the 1st M.
adjustthe
to
prior
interest
or
dividends
of
payment
the
to
entitled
shall be
ment bonds and junior securities, as well as to priority over them in payment
of the principal upon lituidation.
carried out, will
Effect of Changes.—The above adjustments when fully
from Lafayette to
give the new company a continuous line of operation
bondholders and will
Fort Wayne, will eliminate any opposition by these
Wabash and Peru, and
obviate a severance of the operating line between on
the entire line from
make the 1st M. of the new company a first lien
Wayne.
Fort
Lafayette to
has been entered
sale
receiver's
and
Sale Dec. 29.—A decree of foreclosure
entire Northern
by the Superior Court of Allen County, Indiana, and the
receiver's sale,
at
divisions
or
parcels
three
in
sold
be
Indiana System will
Dec. 29 1919 [The Chandler Committee bid in the property for $1,301,000
•at the said sale. See V. 110, p.77; V. 109, p. 2262.—Ed.1 ended Nov. 1
The statement of earnings herewith for the ten monthsthe property.
earnings of
1919 shows a considerable improvement in the
Irwin,
Committee, P. M. Chandler, Chairman; E. W. Clark, John M.
Lancaster
A. A. Jackson, John M. Mason, C. S. W. Packard, and R.
Williams, with W.J. Devine, secretary pro tern, 701 Franklin Bank Building, Philadelphia.
Result of Operation for 10 Months Ended Oct. 31 1919.
Fort W. & Nor. Ind. Traction Co. and Wabash Valley Utilities Co.
. Exp. Net Earn.
Oper.
Gross Revenue
$1,527,972 $1,186,172 $341,800
Railway
151,899
408,851
560,750
Light
$2,088,722 $1,595,023 $493,699
Total
68,384
Taxes
Cr1,031
Miscellaneous
$426,346
Net earnings
V. 110.p• 77.
Ownership.—This company owns all, except directors qualifying shares,
of the common capital stock of the Michigan Light Co. and of the Con.sumors Power Co., both of which are operating in Michigan.
of the
The Consumers Power Co. is now doing the electric business in allelectric
cities wherein the Michigan Light Co. servos gas, and also furnishes
CadOwoeso,
Muskegon,
Creek,
Battle
Rapids,
Grand
in
power
light and
lower Michigan.
illac and several other important cities and communities in
mostof the cities
It owns and operates steam-electric generating plants inGrand,
Muskegon,
served and hydro-electric generating plants on the undeveloped water
Kalamazoo, Au Sable and Manistee rivers and owns
power sites and flowage lands and rights.
companies,
Proposed Amalgamation.—To servo the best interests of both
needs, it has
especially in obtaining necessary capital for their respective
the
acquire
Co.
Power
Consumers
the
have
to
advisable
considered
been
the issue, when
common and preferred stock of the Michigan Light Co. by of
an equal par
authorized by the Michigan Public Utilities Commission,
amount of its own common and preferred stock.
The present actual value, market value, and the potential value of the
Consumers Power Co. Preferred stock is at least equal to that of the Michigan Light Co.
Michigan Light
We arc arranging for the acquisition of the stocks of theexchange
all our
Co. by the Consumers Power Co., and have agreed to
yours.
exchange
you
that
recommend
ly
stock par for par. We unhesitating
and Preferred
New Mortgage.—Subjeet to the acquirement of Common
of the
stock of the Michigan Light Co., the approval of the stockholders
P. U.
Consumers Power Co. and obtaining the authority of the Michigan
have taken the
Commission, the directors of the Consumers Power Co.
The
to
Mortgage
Refunding
and
General
a
authorize
necessary steps to
an issue of bonds of
National City Bank of Now York, as trustee, to secure
of Interest, of different
different series, bearing different or the same rates
of directors at
dates of maturity, all as may be determined by the board
one series, but no
the time of the authorization and issue of bonds of anyCommission.
The
bonds to be issued without the authorization of said
price, and
company believes that such bonds can be sold at a reasonable
bettermoney obtained to provide for necessary extensions, additions and
ments to the plants and properties of both companies. stock must be deDeposit of Assenting Stock.—In order to be effective,
City
posited, unless further time be granted, by Jan. 15 1920 with National
receipt thereBank of Now York as depository in exchange for a negotiablethis
company,
for under the terms of which it will, upon direction from
either
on or before Feb. 15 1920 (or not exceeding 30 days thereafter) of the
return the stock or send a like par amount of the Preferred stock
Consumers Power Co., bearing the same cumulative dividends of 6% per
annum, payable Q.-J.
cir[The balance sheet and earnings of both companies as shown in the
cular will be found among "Financial Reports" on a preceding page under
2528.
p.
V.
108,
Co.—Ed.[---Power
caption Consumers
s Offered
Detroit Grand Haven & Milwaukee Ry.—Bond
6%
at a price to yield 93,
Fenton, Corrigan & Boyle, Detroit, are offering
at 101 and int.
$100,000 Consol. Extended Mtge 6% Gold bonds, payable
Int. payable
at maturity. Dated Nov. 15 1878. Due Nov. 15 1920. London
office
the
or
Y.
N.
Commerce,
A. & 0, at the Canadian Bank of
of the Grand Trunk By. Denom.$200, $500 and $1,000.
the
given
were
holders
the
and
1918,
November,
in
matured
These bonds
the bonds
option of receiving payment in cash or an extension for two years,
by the endorsehen to be paid at 101 and int. Each bond is guaranteed
has
ment of the Grand Trunk Railway of Canada. The latter company
been practically taken over by the Canadian Government.—V. 108. 1).
2528.
Grand Trunk Pacific Ry.—Director.—
W. P. Hinton, Vice-President and General Manager, with office at
Winnipeg, Man., has been elected a director.—V. 109, p. 1272.
Hagerstown & Frederick Ry.—Syndicate Distribution.—
Checks were sent out Dec. 17 by the Fidelity Trust Co., Baltimore, to
members of the syndicate who participated in the underwriting of the
$550,000 One-year 6% Col ateral Trust notes.—V. 109, p. 1700, 1610.
Hocking Valley Ry.—Vice-President.—
Soo Chesapeake & Ohio By. Co. above.—V. 109, p. 2356.
Huntington (L. I.) RR.—Sale Approved.—
The sale of the property by Receiver Wallace E. J. Collins to William A.
Dempsey has been confirmed by Supreme Court.Justice Faber.—V. 109,
p. 2356.
Interboro. R. T. Co.—To Sell Real Estate, &c.—
President Frank Hedley has announced that the company has decided
Queens
to sell all its real estate holdings located in Manhattan, Bronx and
properties
that are not required in the operation of the company. These
in
(unofficially estimated as worth $2,000,000) were pledged as security
interest.
connection with the loan of $3,300,000 obtained to pay the Jan. 1 at
public
Joseph P. Day auctioneer, has been retained to sell the properties
auction some time in April next.
The Extraordinary Grand Jury has made a presentment before Justice
Weeks in the Supreme Court dismissing the charges made by Mayor Hylan
of the
that there had existed a conspiracy between officers and employees
I. R. T. to foment the strike of last summer and also a conspiracy to intimidate himself and other public officials in order to force them to grant an
increased faro.
Public Service Commissioner Lewis Nixon has transmitted to the N. Y.
Legislature the 13th annual report of the Commission for the year ending
Dec. 31 1919.—V. 110, p. 167, 78.
International Rys. of Buffalo.—President to Resign.—
President E. G. Connette has tendered his resignation to the board of
directors, to become effective at their pleasure.—V. 109, p. 2172.
Lake Shore Elec. Ry., Cleveland.—Seeks Fare Increase.
The company has applied to the City Commission of Sandusky, Ohio,
6
for permission to increase fares to 6 cents. Present fare is 5 cents with
tickets for 25 cents and free transfers. The company proposes to sell 5
tickets for 25 cents and to charge 1 cent for transfers.—V. 110, p. 167.
Lehigh Valley Transit Co.—No Div. Declared—Earnings.
Owing to high costs of operation it was found impossible to declare any
dividend at the annual meeting on Jan. 12. President Harrison R. Fehr
could not attend on account of illness. Ho was re-elected President of the
and all subsidiary commpanies.
C. Dawson,
ce Discontinued.— transit
Eastern Massachusetts St. Ry.—Servi
The following directors were elected: Charles H. Bean, John J.;
Leonard
large part Thomas
a
and
Mass.,
Salem,
in
lines
its
Newhall, Philadelphia; E. K. Hall, Montclair, N.
all
discontinued
company
The
reHarry J.
trustee
Congressman
Y.•
public
N.
The
15.
B.
Jan.
Hempstead,
P.
on
city
Catasanqua,
of the Interurban Service to that
alleged to Peckitt,
Steele, Easton; Warren A. Wiburl, Bethlehem; General harry C. Trexler,
fused to operate the cars because of continued losses of revenue
Colonel E. M. Young and Harrison R. Fehr, of Allentown.
be due to jitney competition.
1917-18.
1918-19.
Nov. 30 Years—
Service on its lines from Bridgewater to New Bedford has been abandoned
$3,771,303 $3,320,145
except for 3 miles from Taunton to Bridgewater.in barring jitneys from its Gross earnings
$886,525
$1,044,923
Mass.,
Whitman,
of
town
earnings
the
Net
The action of
W. Kelly of the Dis- Income from divs., interest on bonds, &c
Cr.149,464 Cr.142,835
streets was overruled on Dec. 3 when Judge George
43,761
Cushing and three Deduct—Depreciation
80,270
trict Court ordered dismissed the case against Jason E.
613,829
in Whitman
633,851
Interest
other jitney drivers charged with operating their vehicles
23,524
adopted by the Amortization
24,001
discount, &c
without licenses. The court held that the regulation
to compete
Whitman Board of Selectmen forbidding licenses to jitneys
disit
because
$348,256
be
sustained
not
$456.264
could
By.
St.
Balance, surplus
against the Eastern Mass.
criminated against the jitneys.—V. 109, p. 2171.
—V. 109, p. 2263.
..
Fairmount Park & Haddington Ry.—Sec. dc Treas.—
Daniel Houseman has been elected Secretary and Treasurer to servo for
the ensuing year.—V. 108, p. 784.
Fort Wayne & Northern Indiana Traction Co.—Plan
as Modified to be Carried Out.—The committee of holders of
Consol. Mortgage 5% bonds of Fort Wayne & Wabash
Valley Traction Co., deposited under protective agreement
ia
of Sept. 12 1917, in their circular dated at Philadelphon
Dec. 26, outline the modifications of the re-organizati
plan substantially as follows:
committee
Changes in Plan.—At meetings of this committee with the Co. Bondappointed under the Fort Wayne & Northern Indiana Traction
1917, arrangements were
holders' Protective Agreement dated Oct. 31 ization
declared operative
made for the carrying out of the plan of re-organ
by this committee under date of Sept. 2 1919 (see V. 109. p. 775, 1700).
revisions:
following
the
to
subject
Committee of the
1. A settlement has been made with the Protectiveholders
of $849,000
Lafayette & Logansport Traction Co. bonds whereby the allotment,
when, if
following
the
receive
to
entitled
be
will
of those bonds
Lehigh Power Securities Corporation.—
See Lehigh Valley Transit Co. above.— V. 109, p. 1793.
Milwaukee Electric Ry. & Light Co.—Fare Rehearing.—
the
Judge E. Ray Stevens of the Dane County Circuit Court has ordered
which it
Wisconsin RR. Commission to reconsider its recent order underThe
City
to 7 cents.
permitted the company to raise its fare from 5 centsCommission'
s order on
of Milwaukee had appealed to the court from the
by
the ground that the company had earned more than the 7.5% allowed
the Commission.—V. 109, p. 1793.
Morris County Traction Co.—Seeks Fare Increase.—
The company has applied to the New Jersey P. U. Commissioners for
permission to raise its fare from 6 cents to 7 cents, the new schedule to go
Into effect on Feb. 1.—V. 109, p. 2357.
New Orleans Ry. & Light Co.—City to Purchase Gas Plant
to
The natural gas committee appointed to act in an advisory capacity
gas to
the Commission Council in working out a plan for bringing natural
Orleans
New
the
offer
city
the
(a)
that
d
New Orleans have recommende
Co.) $5,250,000
Gas Light Co. (a subsidiary of New Orleans By. & Light that
if the offer
for its New Orleans plant, including franchise rights; (b)
262
THE CHRONICLE
is not accepted the city proceed with arrangements for construction of a
municipal distribution system, taking at the same time steps to assure
to
the city the exclusive right to vend gas, either natural or artificial,
in New
Orleans after 1925, when it is held the gas company's franchise expires.
—V. 110, p. 78.
New York State Rys.—No Charge for Transfers.—
The New York P. S. Commission has denied the application of the
pany for permission to charge 2 cents for transfers in Rochester. comThe
Commission held that under the decision of the Court of Appeals in the
Quimby case it had not the power to do so.—V. 109, p. 1610.
Northern Ohio Electric Corporation.—Plan to Issue at
Par $4,000,000 Class A 8% (1st) Pref. Stock Against Deposit
of Common Stock of Northern Ohio Traction & Light Co.—
Proceeds for Redemption of $4,000,000 Collateral Loan on Feb. 1
1920—Present 6% Preferred to be Exchanged for New Class B
7% [2d] Pref. Shares Provided Its Holders Subscribe for
66 2-3% Class A Pref. at Par and also Pay $10 Per Share Held
for Privilege of Exchange.—President George E. Hardy, in
circular dated at N. Y., Jan. 12, says ip brief:
[VoL. 110.
By. Co., $925, Allegheny Street By. Co.„_ $675; Allegheny & Bellevue St.
Ry. Co., $75; Central Traction Co., $9,375.
The Court also granted a rule on the receivers to show cause Jan. 20 why
they should not pay an aggregate of 3151,950 interest due
three semiannual interest periods to the Maryland Trust Co., trustee for
for a mortgage
of the Second Avenue Traction Co.—V. 110,P. 78.
Republic Ry. & Light Co.—Fare Increase.—
Car faros in Youngstown were increased to 8 cents with 1 cent for transfers on Jan. 1 under the service-at-cost plan, the stabillizing
fund provided
by the city having fallen below its minimum, $50,000.—V. 110,
p. 168.
Rhode Island Co.—Reorganization Failure Feared.—
Touching the failure of the general committee representing the security
holders both stock and bonds of the company and the Suburban
Company
to agree upon a plan of reorganization, William 0. Bliss, Chairman of the
P. U. Commission, is quoted as saying:
"I think it is the absolute duty of the holders of the underlying securities
to unite on some plan of reorganization to present to the General Assembly.
Until they do so, they cannot expect any sort of relief from the Legislature.
either in the abolition of taxes or in any other way.
"I would regard it as a calamity to the State if the present Rhode Island
Company system were disintegrated, as it must be if the receivership proceedings are carried to their furthest logical conclusion. It is the present
The original financing in 1916 through the issuance of $6,000,000 Pref. unified operation that makes it possible to keep many of the less important
stock, 75,000 shares Common stock without par value and a $4,000,000 lines going. Break up this unified operation,lose the economies of centralione-year loan, provided for the purchase of approximately $9.000,000 zation, and these lines could not stand on their own feet.
"I repeat that it is clearly the duty of the security holders to get together
Common stock of the Northern Ohio Traction & Light Co. and about
$900,000 working capital. The one-year loan secured by pledge of the on some plan. If they do not unite on a plan I fear the session will expire
Northern Ohio Traction & Light Co. Common stock purchased, has been without the needed legislation and that the existence of the system as a unit
renewed from year to year owing to the unfavorable financial conditions will then be gravely imperilled.' —See Rhode Island Suburban Ry. below.
attributable to the war, and the last renewal was secured upon assurance —V.110, p. 78.
that some plan would be devised for retirement of the loan at maturity.
Rhode Island Suburban Ry.—Receivership.—
Feb. 1 1920.
Benjamin A. Jackson and Harold J. Gross were appointed temporary
Liquidation of this $4,000,000 loan now being necessary and as any securities issued at this time for that purpose must carry a high rate of return, receivers by Judge Turner in the Rhode Island Superior Court on Jan. 10.
your directors feel that the stockholders should not only have the oppor- A hearing for the appointment of a permanent receiver has been
for
tunity to subscribe therefor, but that the advantage of so doing should be Feb. 2. The receivership was asked in a bill of complaint filed set
by the
Union Trust Co. Providence, trustee under the First Mtge. 47o bonds
especially brought to their attention.
of
At a special meeting to be held Jan. 27 1920 the shareholders will be 1900 of which $4,751,00
0
are outstanding and on which the July 1 1919 and
. asked to increase the Pref. stock and to classify all the Pref. stock as follows: Jan. 1 1920 interest has been defaulted. Counsel for the complainant said
Class A: $4,000,000 (40,000 shares of $100 each) 8% cumulative, divi- they wished to emphasized that the receivership proceedings were not
dends payable quarterly (March 1, &c.), to be preferred over all other stock brought to embarrass the pending reorganization of the Rhode Island Co.,
both as to payment of dividends and distribution of assets; to be callable but rather to assist It. The suburban company owns the power house, the
at 115; to participate in the distribution of profits equally per share with machine shops, the Elmwood avenue car barn and several other car barns
the Common stock after the Common stock shall have received $4 per and property which form a part of the Rhode Island street railway system.
It owns the railways in the Pawtuxet Valley, in Warwick, in Cumberland,
share in any year.
The corporation to keep on deposit with a bank or trust company as in Barrington, Warren and Bristol, and a part of the street railway system
trustee two shares of Northern Ohio Traction & Light Co. Common stock of Pawtucket.
The property was leased to the Rhode Island Co., but the lease was
for each and every share of Class A Pref. stock outstanding and to covenant
not to pledge or hypothecate the same or any part thereof or interest therein, terminated by decree of the Superior Court, May 14 1919 (V. 108, p.2123),
which covenant can only be waived by a three-quarters vote of all of Class A because the Rhode Island Co. had failed to pay its rent. Since the termination of the lease the property has been used by the receivers of the
stock outstanding.
Class B: Not exceeding $6,000,000(60,000 shares of $100 each)7% cumu- Rhode Island Co. under an arrangement by which these receivers are to
lative, dividends payable quarterly (March 1, &c.); to be preferred over all pay the Suburban Company for the use of its property.—V. 108, p. 2123.
other stock except Class A stock to which it is subject as to payment of
dividends and distribution of assets; to be issued, upon the payment of
San Francisco It Sacramento RR.—Incorporated.—
$10 per share, only in exchange for 6% Prof. stock now outstanding, share
Articles of incorporation of this company were filed In San Francisco
for share, so that at no time will the aggregate amount of Class B and 6% on or about Jan. 1 1920. The company
is the successor to the Oakland
Pref. stock exceed $6,000,000.
Antioch & Eastern By. Incorporators are: Hugo Arnstein, Walter ArnAll stockholders are invited to subscribe at par to the above described stein, L. L. Levy and Jesse II. Steinhart,
San Francisco; H. E. Mitchell.
Class A 8% Pref. stock to any amount they may desire subject to allot- William E. Garvey, S. T. Mary,
H. J. Sutherland, Oakland, and S. P.
ment in case of oversubscription.
Westinghouse of Alameda.—V. 110, P. 79.
Preferred stockholders upon subscription to Class A 8% Prof. stock to
the extent of two-thirds of the par value of their present holdings of 6%
San Joaquin Light & Power Corp.—Bonds.—
Pref. stock may convert their 6% Pref. stock into Class B 7% Prof. stock
Under a supplemental order issued by the Calif. RR. Commission the
upon the payment of $10 per share for such conversion privilege. Example: c
vo.m1p1a
0.
n yp.ha
ls
73b
.een authorized to sell at 9434% and int., $494,000 of the
Holder of 15 shares of 6% Pref. stock subscribing for 10 shares of Class A bond
issue of $1,250,000 authorized by the Commission Aug. 29 1919.—
8% Pref. stock (two-thirds of present holding), requiring an investment of
.000, may convert his 15 shares of6% Prof. stock into 15 slims of Class B
$1°
7% Prof. stock upon payment of $10 per share, requiring further investSouthern Pacific Terminal Co.—Federal Contract.—
ment of $150, making a total investment of $1,150.
Director-General of RRs. Hines has signed the Federal operating conSubscriptions must be received by Jan. 26 1920 unless this time limit
is extended, and upon the plan being declared operative each subscriber tract with the company, fixing the annual compensation at $284,761.
after at least ten days' notice may forward his 6% Prof. stock for conversion
Spokane (it Inland Empire RR.—Successor Co. Incorp.
into Class B 7% Pref. stock, and must pay his subscription to Class A 8%
Prof., either (a) in full payment upon call or 25% at that time and 25%
A press dispatch from Spokane states that articles of incorporation have
In 3, 6 and 9 months respectively, with privilege of prepayment of any or been filed for the Spokane & Eastern R. & Power Co. and the Inland
all installments. Dividend adjustments upon an 8% basis will be made Empire RR., the former capitalized for $3,000,000 and the latter for $1,rom dates of payment. The $10 per share for conversion of 6% Prof. 000,000. The Inland Empire RR., it is stated will operate the present
stock into Class B 7% Prof. stock must be paid in full upon call.
"inland division" of the Spokane & Inland Empire RR., comprising interUpon subscription to the full amount of Class A Pref. stock and conversion urban lines to Moscow, Idaho, and Colfax, Wash. The other company
of 6% Pref. stock into Class B 7% Pref. stock the capitalization of the will operate the other property, including the city street car system in
corporation will be as follows:
Spokane.the Coeur d'Alene, Idaho, interurban line and the power plant.
•
The pEoperty of the Spokane & Inland Empire RR. was recently purClass A 8% Preferred stock
$4,000,000
Class B 7% Preferred stock
6.000,000 chased by the bondholders at receiver's sale for $3,600,000. See V. 109.
p.
1893.
Common stock (without par value)
75.000 shares
Statement of Earnings of the Corporation and Its Constituent Co's.
6-cent Fare Extended.—
The City of Spokane has agreed to a further extension of the present
Aug.31 '16. Nov.30 '17. Nov.30 '18. Nov.30 '19.
12 Months ended—
Gross earnings
$4,736,385 $6,306,489 $7,162,251 $9,092,319 6-cont fare charged by this company and the Washington Water Power Co.
Operating expenses
2,648,671 3,919,025 4,717,037 6,009,594 for a period of 90 days. The city it is stated will demand a return to a
5-cont fare on March 2. the expiration of this period.—V. 109, p. 1893.
Gross income
$2,087,714 52,387,464 $2,445,214 $3,082,725
Staten Island Midland RR.—Threatens to Suspend.—
Fixed charges, incl. divs. on
outstanding Prof. stocks of
The owners of the Staten Island trolley lines have announced the closing
constituent co's in addition
down of operation of the lines on Jan. 19. A committee appointed
to taxes and interest
864,745 1,234,710 1,483,010 1,731,036 Commissioner Nixon brought the situation to the attention of the Board by
of
Estimate and Apportionment and requested an increase in fares to 7 cents.
Net income available for
and as no relief was obtained from that quarter the owners
of the comreplace., deprec. & divs_$1,222,969 $1,152,754 $961,304 $1,351,689 panies have given notice that they will suspend
operation.—V. 110. D• 79.
Dividend $4.000.000 Class A 8% Pref. stock
320,000
Trenton & Mercer County Traction Co.—Bonds AuDividend $6,000.000 Class B 7% Pref. stock
420,000
The gross earnings since August 1916 have nearly doubled. While the thorized.—
operating expenses have greatly increased because of vastly higher cost,
The New Jersey P. U. Commission has approved the issuance of $26,000
of labor and materials, as have also the fixed charges occasiotted by the in bonds to be sold at not less than 85.—V.
110, p. 79.
financing of a large amount of extensions and additions to the property
and the refunding of maturing obligations on a higher interest basis and
Union
St.
Ry.,
New
Bedford,
Mass.—Fare Increase.—
largely increased taxes, we feel that your corporation has been exceptionally
The Mass.
S. Commission has ordered the company to file a schedule
fortunate in its maintenance of net income, the decrease therein during the of new tariff. P.By
this order the last single 5-cent fare will disappear in the
years 1917 and 1918 having been very much less than in the majority of State of Massachusetts.—V.
109, P. 777,
public utility companies, and for the year 1919 showing a substantial
increase, with excellent prospects for continuing improvement.
United
Railroads
of
San Francisco.—Securities Decorporation,
subsidiaries,
through
its
The
serves a very rapidly growing
territory in northeastern Ohio extending from Cleveland to Akron, Canton, posited.—George A. Batchelder of E. H. Rollins & Sons, who
Massillon and Uhrichsville, furnishing electric light and power in Akron has been acting
for the reorganization committee, has issued
and several adjacent communities and operating the electric interurban
linos connecting the cities above named and the city railway lines in all the following statement:
except Cleveland.
Over 91% of the holders of underlying bonds of the United RRs., namely.
The electric light and power business has increased remarkably, the total Market St. Cable 6s,
Ferry & Cliffs 6s, Omnibus Cable 6s, and Sutter Street
gross receipts from this source having more than trebled during the past 5s, have now agreed to
exchange their underlying bonds for the new Market
three years, and now being more than 35% of the total gross receipts as Street Railways 5-year 6% notes.
compared with less than 22% at the time the property was acquired. The
The last one of the financial institutions holding any of these underlying
interurban railway business is profitable anti growing rapidly. The city bonds has joined in
the reorganization, and there remain outstanding but
electric railway business is not satisfactory, no increases in fares having a few private holders,
at least 50% of whom will deposit within the next
been secured, but continuing efforts are being made to secure such increases ten days. This will bring over
35,000,000 of the 35.200,000 underlying
and we are confident satisfactory adjustments of fares will result.
bonds into the agreement which is an unusually high percentage
considering
During the past few weeks, as opportunity presented, your officers have that some of the underlying bonds are
hold abroad and about $28,000 of them
Interviewed and submitted this plan to holders of approximately one-half have not been located.
of the outstanding Pref. stock, and a largo majority of them definitely
Enough of the bonds having joined for the plan to become operative,
indicated their intention to subscribe to,the Class A 8% Pref. stock and to steps will be taken to bring
about the foreclosure of the mortgages and it is
convert their 6% Prof.stock into the Class B 7% Prof.s&.—V.109, p.2176. to be hoped that the non-participating
underlying
will be more
fortunate in the cash they receive for their bonds bondholders
than were the holders of
Oakland Antioch tit Eastern Ry.—New Co. Incorp.— the Oakland-Antioch bonds who did not join in that
reorganization.
With this successful refinancing of the street car system on the very
See San Francisco & Sacramento RR. below.—V. 110, p. 78.
conservative basis of a funded debt on which the
is earning 2 Si times
its fixed charges, San Fruncisco will have in the road
Pittsburgh (Pa.) Rys.—Bond Interest Ordered Paid.—
Market Street Railways
Company a street car system which will compare more than favorably
/Judge C. P. Orr in the U. S. Court has handed down an order directing any
with
other in the United States.—V. 100, p. 2074.
the receivers to pay bond interest due the Fidelity Title & Trust Co. July 1,
last trustee on mortgages affecting underlying companies of the ConsoliWashington Ry. 86 Electric Co.—Seeks Fare Increase.—
dated Traction Co.
The company, through President William F. Ham, has applied to the
I The mortgages affected and the amounts of interest ordered paid are:
Duquesne Traction Co.,$36,750; Federal Street & Pleasant Valley Passen- Wash.(D. C.) P. U. Commission for a straight 7-cent faro and 2 cents
for
ger Wy.(issue of 1899). 32.300;(issue of 1892), $26,825; Troy Hill Passenger transfers effective at once.—V. 109, p. 2358.
,pr
JAN. 17 1920.]
THE CHRONICLE
Washington Water Power Co.-Fare Order Extended.Soo Spokane & Inland Empire RR. above.-V. 109, p. 2441.
Western Maryland RR.-Tentative Contract.-
The "Baltimore Sun" states that the management has made a tentative
agreement with the Federal RR. Administration by which it will receive
about $3,300,000 as yearly compensation from the Government. This is
larger by about $250,000 than was first allowed the road.-V.109,P. 2358
263
the cause for high costs in producing cattle, beef necessarily will be higher
than in preceding years."
A Rio Janeiro press dispatch on Jan. 9 stated that the new packing plant
of Armour & Co. at Sao Paulo was gutted by fire. The plant, nearing
completion, was the largest in South America.-V. 109, p. 2441.
Armour Leather Co.-To Acquire Armour Leather Int'3.See Armour & Co. above.
Atlantic Refining Co.-Initial Preferred Dividend.-
INDUSTRIAL AND MISCELLANEOUSf
Acme White Lead & Color Works, Detroit.-
The company has declared an initial dividend of $1.75 a share on the
Preferred stock, payable Feb. 2 to stockholders of record Jan. 15. A payment of 75 cents a share on the pref. stock subscribed for under the installment plan of Aug.6 1919, has been declared, payable Feb. 2 to subscribers
who have paid in full Feb. 2.-V. _09, p. 2265.
American Bosch Magneto Corporation.-Listing.-
Tucker, Anthony & Co., New York, syndicate managers, announce
that the syndicate underwriting of the new issue of 43,324 shares capital
stock (no par value) has been closed and checks mailed to the participants.
The entire issue has been sold.-V.109, p. 2359.
The stockholders, it is reported, have voted to accept an offer for the purchase of the company by interests which will continue it as a Detroit concern and will provide funds for its expansion. The deal, it is stated,
involves about $6,000,000.-See V. 110, p. 79.
The Now York Stock Exchange has authorized the listing of 20,000 shares
of capital stock, making the total amount authorized to be listed 80,000
shares without nominal or par value.
Output of magnetos for 11 months ending Nov. 30 1919, 179,150; gross
expenses,
sales, $5,398,867; net profit, $1,648,376: administrative, &c.,Orders
on
$835,089; dividends, $300,000: balance, surplus, $313,287.
hand Nov. 30 1919, $5,396.105.-V. 109, p. 2441.
American Greenhouse Mfg. Co.-Pref. Stock Offering.Radon, French & Co., Chicago and Newark, N.J., are offering at 100 and
diva. $200,000 8% Cumul. Pref. (a. & d.) stock, par $100. Red. after
1923 at $110. Sinking fund beginning with the year 1923 of $11,000 p. a.
will be used to retire an equal amount of stock annually. No mortgage
without the consent of 6.4, of the Pref. stock outstanding. Pref. stock has
full voting power. Capitalization, Pref., $200,000; Common, 15,000
shares, no par value. Divs. Q.-J.
Company.-An Illinois corporation, began business in Nov. 1915. Company designs, manufacturers and builds commercial greenhouses, privateestate greenhouses, conservatories, solariums, glass swimming pools, glass
roof gardens, horticultural buildings and houses for vegetable forcing. It
also does a jobbing burliness in materials for this class of work,such as glass,
pipe, hardware, paint, putty, boilers, &c. Plant located at Pana, Ill.
Earnings.-Not earnings for the 11 months ending Nov. 30 1919, were
$83,002, equal to $90,548 08 p. a. Estimated earnings with the addition
of the new capital received from the present financing, of $150,000 p. a.
Purpose.-To provide additional capital for the purpose of handlingand
financing its rapidly growing business.
American Ice Co.-Directors.-
The following have been elected directors,: Alvin W. Krech, Samuel
McRoberts, John P. Grier and Harry S. Black, to succeed Joseph W. Harriman, Samuel Moffitt, William A. Tucker and H. C. Harrison, resigned.
All other directors were re-elected.-V. 109, p. 2441.
American International Corp.-Hog Island Deliveries.
1919,from
The corporation delivered 62 ships to the Government during
its Hog Island plant. The company makes a minimum fee per ship of
at
about $18,500, so that its earnings from Hog Island may be estimated
close to $1,200,000 for the year. To Jan. 15 1920 company had launched a
total of 81 ships at its Hog Island yards. amounting to 6386,525 deadweight
tons.-V. 109, p. 2358.
American-La France Fire Engine Co.-Listing, Earns.-
Bethlehem Motors Corp.-Stock Sold.-
Bethlehem Steel Corp.-Sells Titusville Plant-
The directors have authorized the sale of the Titusville (Pa.) Forge
Co.for a sum said to be about $1400,000.-See Titusville Forge Co. below.
-V.109, p. 2265.
Brier Hill Steel Co.-President.-
James H. Grose was elected President on Jan. 10 to succeed William A.
Thomas, resigned.-V. 109, p. 2442.
(J. G.) Brill Co.-Preferred Dividend on 7% Basis.-
A quarterly dividend of 184% has been declared on the pref. stock,
payable Feb. 1 to holders of record Jan. 22. This action restores the stock
to the regular 7% per annum basis. The company recently has been paying quarterly dividends of 1% and extras each quarter on account of back
dividends. A payment of 24% extra on Nov. 1 last cleared up all the
accumulated dividends on the issue.-V. 109. p. 2265. 1611.
Bristol Brass Co.-Pref. Stock Offered.-
Roy T. H. Barnes & Co., Hartford, are offering at 100 and div. to net
7% 100 shares 7% Cumul. Sinking Fund Pref. stock, par $100. No bonds
and none can be created without consent of the Pref. stock. Corporation
agrees to set aside annually 234% of net earnings, with a minimum amount
of net less than 5% of the outstanding Prof. stock, for the purpose of retiring at not over 110 and div. outstanding Prof. stock.
Total net assets as of Oct. 1 1919, were equal to over $380 per share, and
net current assets $173 per share of Prof. stock. The corporation agrees
to maintain net current assets equal to 125% of ourstanding Prof. stock.
For the 684 years ending Sept. 30 1919 net earnings, after depreciation
and Federal taxes were about $1,800,000, or an average of over 384 times
the annual div. requirements on $1,000,000 of Pref.stock.-V.109, p. 1701.
Brompton Pulp & Paper Co.-Increased Div.-Earns.
The company has declared a quarterly dividend of 14%, placing the
stock on a 6% annual basis. The dividend hf payable Feb. '7 to stock of
% quarterly.
record Jan. 31. Previously the company paid
1916-17.
1917-18.
1918-19.
Oct. 31 YearsEarnings, after deducting management, general expense, insurance,
sales dept., business profits, war
$1,098,338 $1,051,274 $1,073,563
tax, &c
176.672
186,880
188,499
Deduct-Depreciation
87,067
87,120
82,455
Bond interest
140,000
140,000
140,000
Preferred stock dividends, 7%
350,000
350.000
350,000
5%
dividends,
stock
Common
$319,826
$287,274
$337,383
Balance, surplus
-V. 109, P. 273.
The New York Stock Exchange has authorized the listing of $2,027,000
common stock ($10 par value) in exchange for present outstanding $100
par certificates, with authority to add $923,000 of said stock ($10 par) on
official notice of issuance on conversion of its 10-year 6% convertible notes,
due May 1 1926 for a like principal amount, making the total common
stock authorized to be listed $2,950,000.
Since Oct. 31 1910 and down to Jan. 12 1920 there have been converted
Bronx Consumers Ice Co.-Trustee.into common stock $577,000 (principal) of the 10.year convertible notes
The Columbia Trust Co. has been designated trustee of an issue of $250,due May 1 1926, leaving the amount of the same outstanding $923,000
000 1st Mtge. 7% Gold bonds.
and increasing the common stock outstanding to $2,027,000.
Consolidated Income Statementfor 10 mps.Ending Oct. 31 1919 and cal. yr.1918
Brooklyn Edison Co., Inc.-Listing-Earnings.10 mos.'19 Cal. yr. '18.
The New Stock Exchange has authorized the listing of the initial $5,$5,381,713 $5,710,489 500,000
Total sales
5% general mortgage bonds, Series A, of 1919. due Jan. 1 1949.
Less cost of material, mfg. & sell. costs & exp., &c 4,484,605 5,119,598 See offering in February, 1919.-V. 108. p. 582.
for 10 mos. Ended Oct. 31 1919, and Cal. Year 1918.
Results
$897,108 3590,891
Operating profit
1918.
174,916
10 mes.'19.
1918.
110,768
10 mos. '19.
Less net interest paid
106,627
243,680
Or's oper. inc.$8,571,987 $8,768,038 Int.onfd.debt $791,063 $878,408
Reserved for income and war taxes
70,453
Oper.expenses 4,724,314 4,659,936 Int. unf. debt_
Res. for taxes on sales, liability to which is under
20,269
36,891
86,278
925,000 Bond dis. &c..
Taxes
907,500
dispute
199,620
138,873 Depres, &c_ _ _ 442,175
105,000
557,509 Res. for cntg_ 580,715
Preferred dividends, 5%
85,602
Divs.(8% p.a. 1.035,764 1,374,216
79,750
Common dividends, 5% o
18,867
Net oper. rev_$2,497,998 $2,625,592 Appropriat'ns
121,534
$84,873 Net non-op. r. 111,688
$271,632
66,264 Profit sharing.
Net income after taxes and dividends
1889.
p.
109,
Total D. & 1. surplus Oct. 31 1919, $1,097,730.-V.
$97,809
$75,933
loss
&
p.
Bal
$2,691,857
inc_
Gross
-$2,609,686
1893, 2173.-V. 109, p. 2442.
American Pneumatic Service Co.-Bill to Resume Service*
Burns Bros.-Stock Dividend Omitted.Representative Vane of Pennsylvania has introduced a bill which proThe regular quarterly cash dividend of 234% haa been declared on the
poses the resumption of the pneumatic mail tube service in New York, Com.
stock payable Feb. 16 to holders of record Feb. 2. The quarterly
Brooklyn, Boston, Philadelphia, Chicago and St. Louis with Government dividend
1 % on the preferred has also been declared payable Feb. 1
purchase of the systems to be made on a valuation to be fixed by the Inter- to holdersof
which was paid
of record Jan. 23. The stock dividend of 2
State Commerce Commission.-V. 108, p. 2243.
since Feb., 1919, has been omitted.-V. 109, p. 1894.
quarter
in each
Amer. Smelting & Refining Co.-Price of Lead Increased
The price of load has been increased from 8 to 8% cents a pound.V.110, p. 169.
Bush Terminal Co.-Listing-Earnings.-
The New York Stock Exchange has authorized the listing of $152,300
Common stock, to be issued Jan. 15 as a stock dividend of 234%, making
hase.- the
total Common stock authorized to be listed $6,244,400.
American Sumatra Tobacco Co.-Listing-Purc
of Income Account of Bush Terminal Co. & Sub. Cos. for 10 Mos. Ended Oct. 31
On Jan. 14 1920 the New York Stock Exchange authorized the listing in
1919 and Calendar Year 1918.
$1,000,000 Common stock on official notice of issuance and payment
Total
full, making the total amount authorized to be listed $14,901,800. This
Total
Bush Term. BushTerm. Bush Term.
of
new stock is issued in payment of the entire $300,000 Common shares
Bldgs. Co. RR. Co. 10 mos.'19. Cal.Yr.'18.
Co.
7%
of
$150,000
outstanding
the Griffin Tobacco 010., which also has
$4,216,928
$3,566,970
$186,519
$1,567,235
Tot,
gross
earnsx$1,813,216
or in
Cumul. Pref. stock, par $100 per share, subject to redemption all 1462
938,189 1,620,130
164,964
499,443
Oper. expenses__ 273,783
part at $110 and div. for sinking fund or other use. See V.109. p.
$21,555 $2,628,781 $2,596,798
Earnings of Griffin Tobacco Co.-Years Ending Sept. 30.
Earns,from oper.$1,539,433 $1,067,792
244,977
243 deb.28.912
116,6044eb.145,759
1914-15 1915-16 1916-17 1917-18 1918-19 Other income__
$67,421 $53,028 $125,389 $112,454 $8,823 Earns.from ManNot earnings
32,115
32,115
$981,255
prop
hattan
Not sales for year
Dividends paid by Griffin Tobacco Co.: Pref. stock, fiscal years ending
$21,798 $2,599,869 $2,841,775
Tot. net earns_$1,656,038 $922,033
Sept. 30 1914 l8%°/; 1915. 7%; 1916,7%; 1917, 7%; 1918 7%;1919, 7%.
586,516
569,298
11.439
200,422
357,437
July 1 1915, 12%; 1916. 12%; 1917. 12%.-V. 109, P• 19$9• Taxes
Com. stock: J
774,4591 954,787
374,333
Int. on bonded dt 400,126
21,942
29,0151
7,073
Armour & Co., Chicago.-To Segregate Leather Business. Int. on loans_
124,693
111,446
576
86,387
24,483
Sinking fund....
-An official circular dated Chicago, Jan. 14, says in sub: Prof.
div. paid to
Term Co.
Initial stops to segregate the subsidiaries of Armour & Co. have been taken
Bush
over
and reported in
by the directors. 'rho leather and tanning properties will be taken
51,979
51,979
its "oth. inc."
by tho Armour Leather Co. now being formed. Subscriptions to the
313,000
69,000
131,250
leather stock are offered to Preferred stockholders of Armour & Co. of Pref. dividend_
10.
Feb.
re-open
and
2
285,959
Feb.
148,324
close
Com. dividend
record Feb.2 and for this purpose the books
286,388
148,586
Holders of Armour 6% debenture bonds of which $60,000,000 were issued Com. stk. div_
conversion
for
debentures
their
surrendered
have
who
shall
1918,
Juno 15
$70,589 def.$12,160 $697,760 $290,432
Bal., surplus_ - $873,991
Into the Pref. stock of the company before Feb. 2 will be entitled to subof
From storage, &c., and net income railroad department.-V. 109.
scribe for the stock of the new company. Approximately $36,000,000
prior to p.x2442.
the debentures have already been converted into the stock andpar,
the
the next interest date, Juno 15, when they may be called at
California Packing Corporation.-Listing of Common
company may consider redeeming and paying off the debentures then outstanding.
called for Payment April 1.is said that Stock issued to replace Pref. Stock
The stockholders will hold their annual meeting Jan. 21 and it
The New York Stock Exchange has authorized the listing of 123,093
the annual report will show earnings only slightly less than those of the shares
or par value, on official notice
nominal
without
stock,
Common
of
preceding year, when they amounted to about 315,000,000.
issuance on conversion and cancellation of the outstanding $8206,200
The company informs us that there will be no further news until after of
called for payment on April 1 at 115% and divs. In so far
stock,
Preferred
be
can
stock
Pref.
Armour
outstanding
of
amount
Feb. 10, when the
as not converted into Common stock, the conversion can be made on or
ascertained.
before March 2 at the Guaranty Trust Co., N. Y. City, or the office of the
[No announcement was made as to the subscription price and the par corporation in San Francisco, one share of Preferred (par $100) for 134
Co.]
Leather
value of the stock of the Armour
of Common. This issuance of new Common stock the total
shares
The company recently stated: "Armour & Co. did a large volume of
of Common stock authorized to be listed 473,093 shares without
business last year, but at a smaller margin of profit. Much of our meat amount
or par value.-V. 109, p. 2442.
nominal
remove
we
until
that
business was conducted at a loss. It is our opinion
264
THE CHRONICLE
Calumet & Arizona Mining Co.—Production (lbs.)Month of Dec
12 Mos. to Dec. 31
—V. 109, p. 2266, 1989.
1919.
1918.
1917.
4,502,000 3,094,000 5,816,000
46,450,000 50,570,000 59,938,400
Canada North-West Land Co., Ltd.—Dividend.—
Notice has been given that a distribution on realization of assets No. 13
of $5 per share has been declared, payable Jan. 18 1920 to holders of record
of Dec. 20 1919 (fractional shares not included).—V. 84, p. 1369.
[Vol,. no.
Consolidated Gas Co. of N. Y.—Bonds Authorized.—
The P. S. Commission has granted the company permission to issue
bonds to the extent of $25,000,000 for the purpose of refunding other securities of like amount. Bonds are to be dated Feb. 1 1920 and payable
Feb. 1 1925.7-See V. 110, p. 170, 80.
Consolidated Mining & Smelting Co.—Director.—
J. K. L. Ross has been elected a director.—V. 109, p. 274.
Consolidated Textile Corp.—Stock Certfs.—Dividends.
holders of full-paid subscription receipt or receipts are notified that upon
the surrender thereof, properly endorsed, on and after Jan. 9 1920, at the
Four new directors were elected on Jan. 15 as follows: W. H. Woodin, office of Mercantile Trust Co., New York, certificates
for stock will be
President of the American Car & Foundry Co., R. E. Fletcher and Lewis L. delivered in exchange therefor.
Clark, of New York,and Francis H.Clergue, of Montreal. Erskine Hewitt
The directors have declared a quarterly dividend of 75c. per share,
and J. F. Taylor retired as directors, and there were two vacancies on the payable Jan. 22 to stock of record Jan. 15 1920 on the outstanding shares,
board.—V. 109, P. 2169.
including the 55,000 shares recently offered to stockholders for subscription.
•
—V. 109, p. 2442.
Canadian Converters Co.—Dividend Increased 6%.—
A quarterly dividend of 1;•6% has been declared on the stock, payable
Consumers Power Co. (of Me.).—Proposed AmalgamaFeb. 16 to holders of record Jan. 31, which increases the annual rate from
5% to 6%. A dividend of 1 4% has been paid quarterly since August tion and New Mortgage—Earnings and Balance Sheet.—
See Commonwealth Power Railway & Light Co. under "Railroads"
1918, previous to which 1% was paid.—V. 106. p. 2563.
above; also see company's own caption under "Financial Reports" on a
(J. I.) Case Threshing Machine Co.—Com. Div. of 10%. preceding page.—V. 107, p. 699.
A cash dividend of 107 has been declared on the Common stock. In
Continental Motors Corp., Detroit.—Pref. Stock.—
Jan. 1919 a dividend of 7% was paid in Liberty bonds, the first that had
The stockholders will vote Jan. 21 on authorizing the retirement of 3,377
been paid since 1911.—V. 109, p. 1894.
shares of Preferred stock (par $100) through a special surplus account and
Central Sugar Corp.—Plan Ratified.—
sinking fund, purchased through said special surplus account and now
The stockholders voted Dec. 29 to transfer the Cuban business and assets owned by the corporation and held for retirement.—V. 109, p. 1795.
of the company to a new company to be organized in Cuba as per plan in
Continental Sugar Co.—Dividend.—
V. 109, p. 2442.
A dividend of 8% has been declared payable in quarterly installments of
Cerro de Pasco Mining Co.—Production (in lbs.)—
2% on Jan. 15, April 15, July 15 and Oct. 15.—V. 109, p. 1083.
1917.
1919.
1918.
Corn Products Refining Co.—Dividends—Status.—In
Month of Dec
4,644,000 6,410,000 6,308,000
12 mos. to Dec. 31
58,124,000 71,906,000 72,646,000 connection with the recent declaration of an initial dividend
—V. 109, p. 1794, 1463.
of
Canadian Car & Foundry' Co.—Directors.—
1% and an extra of M of 1% on the common stook payable
Channon Co., Chicago.—Preferred Stocks Offered.— Jan. 15 Pres. E. C. Bedford was quoted as saying in subst.:
In inaugurating this quarterly dividend of 1% on the common stock, it is
Elston & Co., Chicago, are offering by advertisement on
hoped that from time to time this may be increased by such extra quarterly
another page $650,000 1st Cumul. 7% Pref. stock, $400,000 dividends
as the profits may warrant.
Cumul. Participating 8% Pref. stock, par $100. Price- Notwithstanding losses occasioned by the shutdown, due to labor and
coal strikes during this year, it is estimated that the net earnings (particu7% Cumul. 1st Pref. stock 98 and divs., with bonus of 20% larly
by reason of lower taxes) will be•greater than the net profits for last
Common; 8% cumul. Particip. Pref. stock 98 and divs.
year. The company's business'has only boon limited by its ability to
Preferred as to both assets and dividends. Red. all or part at 110 and
div. on any div. date upon 30 days' notice. Div. Q.-J. No mtge.
without the consent of 75% of thc outstanding Pref. stocks.
Data From Letter of Pres. H. G. Elfborg, dated Chicago, Dec. 20 1919.
Sinking Fund.—After providing for all dividends on $650,000 Cumul.
Pref. stock, beginning April 11921, and each year thereafter, 15% of net
earnings or 3% of the par value of all outstanding Cumul. 1st Pref. stock,
whichever is greater, must be used to retire stock of this issue at not to
cceed 110 and divs. Exactly the same provision applies April 1 1921 in
the same percentages, to the participating 8% Pref.
Participation Provision.—In addition to the Cumul.8% div., the participating Pref. must receive an extra dividend, equal share for share to any
div. declared on the Corn. stock.
Company.—Established in 1871. In its inception business was confined
to ship chandlering in small quarters. • In 1883 was incorp. with small
capital and the present organization, which ranks among the largest of its
kind in the country, has been a direct and consistent development. Is
engaged extensively in handling mill machinery, machinists'and contractors'
supplies, machinery and tools, heavy and light hardware and cordage,
some 1,500 items being included in the company's daily transactions.
Canvas and leather goods and flags are manufactured on the company's
premises and important developments have come in late years in automobile
tires and supplies. The present quarters being inadequate a new building
is being erected at a cost of $1,000,000.
Capitalization After Present Financing (No Bonds) Auth. & Outstg.
Cumulative 7% 1st Prof. stock (par $100)
$650.000
Cumulative Participating 8% Pref. stock (par $100)_ _ _ 400,000
Common stock (no par value)
shares 40,000
[A report from Chicago states that Fairbanks Co., New York, has purchased practically the entire Common stock.]
Net Earnings Before and After Federal Taxes (Nov. and Dec. 1919 est.)
Cal years—
1916. 1917.
1918. '19(2mo.est)
Before Federal taxes
$221,244 $447,054 $362,401 $265,000
After Federal taxes
200.000
214,828 306.665
164.413
Net sales in 1916 were $2,087,000; 1917. $2,887,000; 1918, $3,416,000.
Management.—H. G. Elfborg, Pres.•, Benjamin Berntson, V.-Pres.; Q. D.
Viehoff, 2d V.-Pres.; John L. Hanley, Sec.
produce, because the products from corn, by reason of their food values and
the fact that they are the only products capable of replacing cane and beet
sugar, has occasioned an unprecedented world demand greater than the
industry as a whole has been able to supply.
50
We believe that particularly at this time a conservative policy is needed
in order to reserve from the earnings ample capital to provide for the increasing world-wide business, and to enable the company to increase its
facilities in all the principal centres of the world, as well as to increase its
factory facilities, thereby replacing the capacity it is losing in the settlement of its Government case, as well as to improve its relations and position
in South America, by bettering its facilities for obtaining Argentine corn,
which during the last year has been so largely supplying the requirements
of our seaboard factory at Edgewater, N. J.
Compared with ten years ago, the mortgages of the company have been
very greatly reduced—in fact, at this time, tho preferred stock practically
has become the first charge upon the earnings of the company.—"Wall
Street Journal."—V. 109, p. 2442.
Cuba Cane Sugar Corp.—Additional Director, &c.—
E. W. Stetson has been added to tho board of directors. All retiring
directors were re-elected.
It is announced that the company has made 459,719 bags of sugar, com-
pared with 274,983 bags for the same period last season, an Increase of
184,736 bags.—V. 110, P. 81.
Cuban Portland Cement Corp.—Merger.—
See International Cement Corp. below.—V. 107, p. 85.
(The) Detroit Edison Co.—New 7% Convertible Debentures to be Offered at Par to Shareholders of Record Feb. 4—
Issue to be Underwritten.—As authorized by.the stockholders on Nov. 24 1919, the company is offering its 10-year
7% Convertible Debenture Bonds (Series 1930), to stockholders of record Feb.4 for subscription, at par,on or before
March 1 in amounts equal to 20% of respective holdings.
Digest of Statement by Pres. Alex. Dow, N. Y., Jan. 5 1920.
Chemical Foundation, Inc.—Aims and Purposes.—
These bonds will be convertible between March 1 1922 and Sept 11929,
A 70-page booklet has been published stating the aims and purposes of
this company and the reasons for its organization as told by A. Mitchell at the option of the holders, into paid-up shares of the capital stock of the
Palmer, United States Attorney-General and former alien property custo- same par value. They are to be dated March 1 1920, and mature March
dian, in this report to Congress, and by Francis P. Garvan, alien property 11930. int. at 7% p. a., payable M. & S. Denom. $100 or $1,000 (c5).
custodian, in an address to the National Cotton Manufacturer's Associa- Subject to call by the company for redemption on or after March 1 1924
tion. Mr. Palmer's report is entitled "How Germany Dominated the and before March 1 1928, at 105 and int., and on or after March 1 1928
and before maturity, at 102 and accrued int., on 60 days' notice, and when
American Chemical and Dyestuff Industry."
so called may, at the option of the holders, provided the time for conversion
has not expired, be converted into stock as aforesaid, at any time before
Chicago Pneumatic Tool Co.—Listing.—
On Jan. 14 1920, the Now York Stock Exchange authorized the listing of the date named for redemption.
When properly endorsed subscription warrants may be transferred either
$6,514,200 Capital stock on or after Jan. 20 1920, on official notice of issuance and payment in full, making the total amount authorized to be listed at the office of the company No.30 Broad St., N. Y., or at the office of the
$13,000.000. Of this new stock $6,448,800 was gartered at par to stock- company, David Whitney building, Detroit, Mich.
•
Subscription warrants will be mailed on or about Feb. 7 1920. Payment
holders of record Dec. 19 and is issuable Jan. 20 and the remainder is to be
may be made in full on March 1 1920 (entitling the subscriber to the immesold at par to employees.—V. 109, p. 1794, 1075, 2442.
diate delivery of the bonds) or in three installments viz: March 1 1920
50%,June 1 1920 25%, Sept. 1 1920 25%, upon which last named payment
Chile Copper Co.—Production (in lbs.)—
the bonds will be delivered with interest to that date at the rate of 6% per
1919.
1918.
1917.
Month of November
10.000.000 9,854,000 8,872,000 annum upon the installments paid.
All subscriptions must be filed (on or before March 1), and all payments
11 mos. to Nov. 30
71,937,084 91,232,512 80,420,000 must
be made to the Bankers Trust Co., 16 Wall St., N. Y., or Security
—v. 109, p. 2266. 2075.
Trust Co., at its office in Detroit, and must be in funds current in the city
where such payment is paid and free from collection charges.
Chino Copper Co.—Production (in lbs.)—
Arrangements will be made with bankers whereby the offering of the
1919.
1918.
1917.
bonds to the stockholders will be underwritten by them.
Month of Dec
3,388,524 5,507,635 8,094,122
12 months to Dec 31
43,174,055 78,637,332 82,99,488
Listing of Additional Capital Stock—Earnings—
—V.110, p. 80.
The New York Stock Exchange on Jan. 14 authorized the listing of
Clinchfield Coal Co.—Common Dividend.—
$3,800,000 additional capital stock when and as issued in exchange at par
A dividend of
of 1% has been declared on the Corn. stock payable for an equal amount of its 10-year 7% Convertible Gold Debenture Bonds
Feb. 14 to holders of record Feb. 9. In November, 1919, 1J % was paid (Series 1928), due Jan. 15 1928, making the total stock authorized to be
on the Corn. and in March V, of 17. The regular quarterly dividend of listed $29,777,400.
1 % on the Pref. was also declared payable Feb. 1 to holders of record Consolidated Income Account of Detroit Edison Co. for 12 Months Ended
Jan. 26.—V..109, p. 1612.
Nov. 30 1919.
Gross earnings: electricity, $14,902,457; heat, $981,634; misClinton-Wright Wire Co.—Consolidation.—
cellaneous,
$277,459
$16,161,550
See Wickwire-Spencer Steel Corp. below.—V. 109. p. 2174, 1612.
Expenses of operation.,10,094,587
Renewal, replacement and contingnt (depreciation reserve)
850,000
Collins Company, Hartford.—To Be Acquired, &c.—
973,850
The stockholders will vote Jan. 22 on selling the entire property to the Federal income and other taxes
Simonds Manufacturing Co., Fitchburg, Mass., which will organize a new
Balance—being
net
earnings
operation
from
$4,243,112
company under the same name, viz., Collins Company.
on funded debt, $1,751,250; interest on unfunded debt,
The Hartford "Courier" says in part: Tho terms are practically par in Interest
$91,358; total, $1,842,609; less charged to property account
cash for each share of the present company and the formation of a new comfor
on money borrowed for construction purposes,
interest
pany, whose Preferred stock shall be either $1,000,000 bearing 14% a year,
$150,550
1,692,059
or $2,000,000 at 7%, and in addition to the cash, each shareholder shall
charges: extinguishment of discount, &c
287,542
receive for a share of the old company either one share of the 14% Prof. Extraordinary
Dividends
$2,057,740
stock or two shams of the 7% Pref. This Prof. stock is to be all the Prof.
stock and is to be non-voting.
surplus for period
205,771
In effect the offer is for an annual income of 20% on each present share. Balance
Profit and loss carried to balance shoot Nov. 30 1919, 33,006,667.—V.
The directors have had the offer under consideration for some time and after
prolonged discussion and careful study decided to call a meeting of the stock- 110, p. 2360.
holders, recommending to them the acceptance of the offer.
Dominion Steel Corporation.—Director Resigns.—
• The Simonds Company is a very large and prosperous concern with large
J. K. L. Ross tendered his resignation as a member of the board. The
metal working mills in Fitchburg, Mass., Lockport, N. Y., Chicago, &c., vacancy
was not filled.
and has facilities for expanding the manufacture of the famous Collins
The directors confirmed the appointment of the newly constituted London
edge tools.—V. 109, p. 75.
advitsory committee of the corporation, consisting of Viscount Furness
JAN. 17 1920.]
Mooro, Henry Steele,
Sir William Beardmore, General the Hon. Sir Newton109,
p. 2174.
Benjamin Talbot and Col. W. Grant Morden.—V.
div. yielding 7% $1,853,600 7% Cumul. Prof. (a. & d.)
stock, par $100 (see advertising pages).
Hosiery Mills.—Dividends.—
Durham
A stock
The directors have declared a dividend of 4% on the Common
1 to
and a dividend of 4% on the Common R stock, both payable Feb.
holders of record Jan. 20.
and %
of
dividend
1'4%
quarterly
a
declared
has
also
company
.The
April 1
of 1% extra on its Common A and Common 13 stock, all payable
to holders of record March 20.—V. 109, p. 2443.
—Earnings:—
Electric Storage Battery Co.—Listing
has authorized the listing of $400,000
The New York StocktoExchange
certain officers of the company on account of
Common stock, issued
on
profits, with authority to add $87,000 on official notice of issuance
conversion of outstanding preferred stock, making the total amount of
Common stock authorized to be listed $16,561,900.
Results for 8 mos. Ending Aug. 31 1919 and Cal. Year 1918.
8 mos.'19. Cal. yr.'18.
$3,723,982 $4,825,757
less cost of manufac, purch., &c
sales,
Gross
1,072,360 1,163,532
&c.)
Opel'exp.(incl. salaries, corn., selling,
$3,662,225
$2,651,622
sales
from
Net earnings
Divs. paid Apr. 1 & July 1 1919-1% Corn.& Prof.... 324,984(4%)649,968
Balance
Other income
265
THE CHRONICLE
$2,326,638 $3,012,257
287,149
313,963
$2,640,602 $3,299.406
Net earnings
taxes.
No reserve has been set aside from 1919 earnings for Federal
paid. For the year
when
These taxes will be charged to surplus account
1918 1st and 2nd installments 50% aggregated $998,530.—V.109, p. 2174.
Dividends Q.-J. Red. all or part on any div. date at 105 and divs.
the
Beginning with the year 1922, 5% of the annual net earnings, after
payment of taxes and Prof. divs., shall be set aside and used for the rePref.
stock.
this
of
cancellation
and
demption
Data from Letter of Pres. Adrian D. Joyce, Cleveland, Jan. 6, 1920.
History & business.—Company is a consolidation under the Ohio laws of
1870;
the following compante, (a) Glidden Co. Cleveland, founded
founded 1864 (c) Glidden
(b) Forest City Paint & Varnish Co., Cleveland,
Glass & Paint
Co.of California San Francisco founded 1918 (d) Campbell New
Orleans,
Co., St. Louis, founded 1879; (e) American Paint Works,
1900;
founded 1900; tf) Twin City Varnish Co. Minneapolis. founded
Varnish
&
Paint
(h)
Nubian
1897.
founded
Paul,
St.
Co..
&
Blood
OD T. L.
Co.. Chicago, founded 1879; (1) Heath & Milligan Mfg. Co., Chicago.
founded 1851, (0 Adams & Elting Co., Chicago. founded 1892; (k) A.
Wilhelm & Co., Reading, founded 1857; (1) Glidden Co., Ltd., Toronto.
founded 1909.
Manufacturers and distributors of paints, varnishes, dry colors, kalsomines, linseed and oriental oils, insecticides and allied products.
Issued.
Authorized,
Capitalization (No Bonds)—
$7.500.000
15,914,7001
7% Pref
309 400 sh
360.000 sh.
Common (no par value)
Assets.—The combined balance sheets of the constituent companies as
examined and summarized by Messrs. Ernst & Ernst, certified public
or
accountants, with no allowance for patents, trade-marks, good-will
organization expenses, show total net assets of $13,034,983 and net current
of
share
and
per
$113
$220
to
equivalent
respectively
assets of $6,693,619,
Preferred stock now to be issued.
Earnings.—For the past three years net earnings, after the payment of
all taxes, but making allowance for interest charges now to be eliminated,
issue of
have averaged 2% times the annual dividend requirements of this
Preferred stock. For 1919 not earnings approximate 4 times the annual
dividend requirements.
—
Electric Vacuum Cleaner Co., Inc.—Pref. Stock
leveland, recommend this company's
The Maynard 11. Murch
Co.,'diva. In the event ofCorn. divs, company
7% Cumul. Pref. stock at 93 and
87,920 Shares Common Stock Offered.—W. F. Ladd & Co.,
must redeem annually 2%% of the largest amount of Pref. stock at any one
time outstanding, or 5% if Corn. dive, shall be at a higher rate than 5%. New York, and Hayden, Miller & Co., Cleveland, are
Divs. Q.-J. Red. at 110 and div.
offering 87,920 shares of Common stock, no par value, at
Company.—Successor, by purchase, to the business of the Frantz Premier
the $36 per share. Net earnings for the Common stock for 1920
Co. of Cleveland, manufacturers of electric vacuum cleaners and Co.,
Appliance
electric vacuum cleaner department of the Edison Electriccleaners.
per share, this
Plant are estimated at $2,520,000, or equal to
Chicago, manufacturers and distributors of "Hot-Point"
the largest before deducting the Federal income tax, estimated at $1
on Ivanhoe Road, Cleveland. The General Electric Co. is
purit
which
company,
this
of
stock
Com,
and
Pref.
the
both
owner of
per share on the Common stock.—V. 108, p. 1063.
chased for cash.
Earnings.—Earnings for the year ending Dec. 311919,are conservatively
Gosnold Mills of New Bedford.—To Increase Capital.—
taxes.
before
$600.000
estimated in excess of
It is stated that the stockholders will vote Jan. 16 on doubling present
V.- Pres.;
Officers & Directors.—Julius Tuteur, Pres.; F. S. Hunting,
and $825,000 6% cum. pref.,
Elwood, 0. D. Young, capital stock (consisting of $825,000 common
E. W. Miner, Treas.; A. V. Cannon, Sec.; J. W.E.
Patterson, Maynard par $100). Subscriptions at par to pay for additional stock, aggregating
Goo. A. Hughes, John Sherwin, A. K. Baylor, C.
of
Co.
Mfg.
Page
from Textile Tractors Co.
shares
acquire
to
$1,650,000,
H. Murch,
—V. 89, p. 723.
Eureka Pipe Line Co.—Vice-President and Director.—
Alan T. Towl has been elected Vice-President and director to succeed
W. J. Alexander, retired.—V. 108, p.1392.
Famous Players-Lasky Corp.—Initial Pref. Div.—
An Initial dividend of 2% has been declared on the Preferred stock for the
period from Nov. 28 1919 to Feb. 1 1920, payable Feb. 1 to holders of
record Jan. 21.
The retiring directors were re-elected.—V. 109, p. 2443.
Fisher Body Ohio Co.—Purchase Factory Site.—
President F. J. Fisher has announced that the company has purchased a
site for its factory in Cleveland, 40 acres at the corner of Cott Road and
East 140th St. See V. 109, p. 1612, 1990.
Great Atlantic & Pacific Tea Co., Inc.—Sales.—
1919.
Increase.
1918.
Sales—
10 mos. from March 3 to Dec. 31--$154,718,124 $122,192,671 $32,525,453
—V. 109, p. 1277, 375.
Greene-Cananea Copper Co.—Output.—
copper (lbs.) Silver (ozs.)
December 1919
December 1918....
12 months 1919
12 months 1918
_V. 109 P. 2268, 1895.
3,600,000
5,100,000
41,300 000
5,3270.000
124,100
174,900
1.709.933
1,668,672
Gold (ozs.)
620
1.280
9,020
13.938
Griswoldville (Mass.) Manufacturing Co.—Pref Stock
oston are offering at 98 and
rs.—
Offering —Estabrook &
Gaston, Williams & Wigmore, Inc.—Office
Co.,Pref. (a. & d.) stook.
Henry S. Kimball and W. H. Swift have been elected Vice-Presidents. divs. $300,000 7% Cumul.
—V. 109, p. 2261.
Par $100. Divs, Q.-J. Callable all or part at $110 and diva. on any
div. day on 30 days' notice. Annual Sink,fund of 15% of net profits after
Prof. dive. commencing May 11921. will retire Prof. stock at not exceeding
$110. Capital stock. prof.. $300.000: common, $300,000.
Data from Letter of Treas. J. W. Ballard, Dated Griswoldville, Jan. 2.
Companu.—Formed in 1917, in Mass, succeeding a company of the same
dating from 1840, and the Turners Falls Cotton Mills dating from
name
General Electric Co., N. Y.—Stock Dividend.—
1883. Manufactures cheese cloth, surgical gauze, buntings, supers, InterHolders of fractional shares of stock of record Dec. 6 received on Jan. 15 linings and crinolines. Owns two mills and a finishing works in Colrain
& Trust
on account of 2% stock dividend a check from the Farmers' Loan
a mill in Turners Falls, Mass.
for said stock and
Co., N. Y., at the rate of $168 a full share, the market price
Purpose.—Proceeds of this issue, together with proceeds of $100,000 addiletter of May 16 tional
on Dec. 6 1919, in accordance with the terms of circular
Common stock to be purchased at par by the present stockholders,
1919. Checks in payment of the regular dividend are mailed, as usual, will provide for the installation of additional machinery.
from the office of the Treasurer of the company at Schenectady, N. Y.
Earnings.—The consolidated profits of the Griswoldville Mfg. Co. and
—V. 110, p. 81.
the Turners Falls Cotton Mills for the 20 years 1900 to 1919 incl. (two
months est.), have averaged $52,163 per annum. For the five years ending
General Motors Corporation.—Holders of Pref. Stock Dec. 31 1919 (two months est.) earnings have been at annual rate of $107.to
Permitted
Subscribe
9
213 after taxes equal to 5.10 times the div. requirements for this issue.
and 6% Debenture Stock of Record Jan,
General Asphalt Co.—Exchange of Stock.—
The Philadelphia Stock Exchange has admitted to list $32,400 additional
Common stock issued in exchange for $21,600 Pref, stock surrendered and
canceled, making the total amount of Common stock listed ;19,126,900, and
reducing the amount of Pres. stock listed to 17,915,400.—V. 109, p. 2443.
for New 7% Debenture Stock.—Secretary T. S. Merrill in
circular dated Jan. 10, says in substance:
A portion of the new 7% Cumul. Deb. stock (V. 109, p. 2267) is being
offered for subscription to the holders of the present Prof. and 6% Deben.
stock.
The holders on Jan. 9 1920, of the Pref. and the 6% Deb. stock, have the
Feb. 2, to
right to subscribe at the company's N. Y. office, on or before
two shares of the now 7% Deb. stock for each share of the Prof. or 6% Deb.
stock, hold by them of record on Jan. 9.
The price is $100 a share, payable at the office, No. 1764 Broadway,
Now York City, as follows:
-half in
cash, or ono
I. In full on February 2nd 1920, either wholly in
for Prof. or 6% Deb.
cash and the balance in certificates duly endorsed at
par.
subscription
the
of
for
the
purposes
stock, receivable
2. Or at the subscriber's option—By instalments, as follows:
12H%
(a) 62%% of the amount of the subscription on Feb. 2nd 1920,
of Prof. or
thereof in cash, and 50% thereof by surrendering certificates
1 1920.
Deb. stock, at par. (b) 12%% thereof in cash on or before May
(c) 12%% thereof In cash on or before Aug. 2 1920. (d) 12%% thereof
in cash on or before Nov. 11920.
Interest on partial payments will be allowed at tho rate of 6% p. a., and
p. a. to be adjusted
a charge for dividends accrued will be made at 7%will
' all dividends
carry
at the date of final payment. The subscribed shares
payable after tho date of payment in full of subscription. Upon payment
issued.
will
be
for
paid
amount
the
for
in full stock certificates
[The New York Stock Exchange in December last authorized the listing
and $5.when and as Issued, of $8.352.000 6% Cumulative Debenture stock
be listed
690,800 Common stock, making the total amounts authorized toCommon
189,092,800 0% Cumulative.Debenture stock and $157,033,100
stock. The balance sheet of July 31 1919 showed outstanding $61,676,700
6% debenture stock, $16,943,700 Prof. stock and $147.833,900 Common
iitock.—Compsre V. 109. p. 2262, 2267; V. 110, p. 81, 170.
[The Now York Stock Exchange on Jan. 16 was asked to authorize the
listing when and as issued of $217,602,400 7% cumulative 7% debenture
stock and 15,705310 shares common stock of no par value.negotiating
[The General Motors Corporation was recently reported as
Butler. the
for four plate-glass concerns, viz.: Standard Plate Glass Co. at
Columbia Plato Glass Co. at Blairsville, the Federal Plate Glass Co. at
Ottawa, and the Saginaw Plate Olass Co. at Saginaw.1—V. 1104p. 81, 170,
Gillette Safety Razor Co.—To Issue Treasury Stock—Div.
The directors at their meeting Jan. 14 voted to increase the company's
in
working capital by offering to shareholders of record Jan. 30 1920 shares
is now
the company's treasury at $100 per share. The company's capital
treasin
the
are
shares
25.000
about
of
which
value,
par
no
shares,
250,000
ury. This offering enables shareholders to subscribe for one share of
new stock for each 10 shares owned. The increase in capital is to be used
for the company's program of expansion.
The directors have declared a regular dividend of $2.50 per share, payable March 1 to stock of record Jan. 30.—V. 109, p. 682.
Glidden Company, Cleveland.—Pref. Stock Offering.—
Hayden, Miller & Co., Cleveland, are offering at 100 and
Hart, Schaffner & Marx.—Capital Stock Decrease.—
The stockholdes will vote Jan. 26 on decreasing the Preferred stock from
$3,331.500 to 13,314,000.—V. 108, p. 484, 475.
Hendee Manufacturing Co.—Application to List.—
Application has been made to the New York Stock Exchange to list
$1.000.000 7% Cum. Prof. stock and $10,000,000 Common stock.—V. 109.
p. 1889.
Imperial Oil, Ltd.—New Stock—Rights.—
Shareholders of record Jan. 20 1920, are entitled to subscribe for new
shares at $75 per share in the proportion of one share of new stock for every
six shares held. Holders of share warrants deposited on or before Feb. 7
1920; at company's office, Toronto, or at National City Bank, N. Y.
City, are also entitled to subscribe for new shares at $75 per share in the
same proportion. Receipts will be issued to depositors, and upon surrender
thereof after March 1, 1920, share warrants will be returned. Books close
from Jan. 20 to Feb. 7.
The new shares will be allotted by the directors on or after March 1
1920, and subscriptions are payable 25% on or before March 1 1920 $18.75.
Sept. 1 1920 $18.75, Dec. 1 1920 $18.75. Shares may be
June 1 1920
on March 1 1920 or on any date on which installments are
$18.75'
paid for in full
payable.
Shares subscribed for will rank for dividend pro rata in the proportion
which the amount paid up on such shares from time to time bears to the full
price of $75 per share, but no divs. will be actually paid by the company
to subscribers until their shares shall have been fully paid for and share
certificates issued.
No fractional shares will be allotted but conditional certificates of fractional rights will be issued, which will lapse and be cancelled unless consolidated into full shares and paid in full on or before March 1 1920.—V.
109, p. 2443.
Indianhoma Refining Co.—Capital Increase.—
The stockholders have authorized an increase in the Capital stock from
$3,000,000 to $5,000,000. The stockholders of record Jan. 12 are given the
50 a share, on the basis of two
right to subscribe to the new stock at $8of
old stock. The right to subshares of the new for every three shares
scribe expires February 2.—See V. 109, p. 2444.
International Cement Corp.—Merger of Four Cement
Companies.—In connection with the listing of 249,968 shares
of stock, no par value, on the Boston Stock Exchange (V.
110, p. 171), we give further information from a letter of
Chairman F. Rayburn Bissell, dated Nov. 20 1919:
Company.—Organized in Maine (Nov. 15 19191 controls through stock
ownership four established and operating cement manufacturing plants
with a total capacity of about 3.000,000 bbls. per year.
Capitalization.—Authorized 400,000 shares no par value, of which
constituent com176 651 have been issued in exchange for shares of the 1919,
for issue in
panies, and 122,816 shares will be reserved until Dec. 16
266
THE CHRONICLE
[VOL. 110.
exchange for the remaining shares of the controlled companies. The bal- Auth., $1,000,000. Escrow
bonds issuable only under carefully guarded
ance of 100,533 shares is available for general corporate purpose.
restrictions. Denoms. $100, $500 and $1,000 (c5). Secured by mortgage,
Properties.-The corporations, control of which has been acquired are: subject
only
to
a
small
underlying
lien of $56,000, upon fixed assets ap(1) Cuban Portland Cement Corp.(V. 107, p. 85) which owns a cement plant praised at $1,347,137.
at Mariel, Cuba, daily production capacity of 1,600 barrels. It is estimated on the basis of normal conditions, that a net profit of at least 911 Data from Letter of Pres. F. H. Montgomery, Dated N. Y., Dec. 29'19.
Company.-Business founded in 1838. Manufactures and distributes
Per barrel will be shown from this production. Has outstanding 100,399
shares par $10; $994,000 7% notes clue Jan. 1 1921, and convertible
through 3,500 agencies the widely known Knox and Dunlap hats. Product
into Is
a standard line not only in all of the principal and many of the smaller
stock at $15 per share, other debt about $1.100,000.
(2) International Portland Cement Corp. (V. 109, p. 779) owns through cities of the United States and Canada, but in the principal cities of a numstock ownership of an Argentine company a modern cement plant located ber of foreign countries. In addition to its manufacturing and wholesale
at Sierras Bayas about 200 miles from Buenos Aires. This plant has a business, the company operates its own retail stores in New York, Chipresent daily production capacity of 2,200 barrels. On the basis of normal cago and San Francisco. The present company was incorp. in 1914 and
conditions, a net profit in excess of $1 30 per barrel should be realized from in Aug. 1919 acquired Dunlap & Co., manufacturers of the "Dunlap" hats.
Purpose.-Proceeds will be used to retire debt incurred in the purchase
this production. Has outstanding 125 shares 7% Cumulative Pref. stock,
49,875 shares of 6% non-cumulative pref. stock, par $50 each,and 406,936 of the Dunlap Co. and to provide additional working capital.
shares of common stock, par $10; outstanding debt about $700,000.
Income Account Period Jan. 1 to Nov. 30 1919.
(3) Campania Uruguaya de Cemento Portland is a Uruguayan corporaGross
Net Profits before Interest
InFederal Taxes.
Net
tion owning a modern cemet plant near Montevideo with a daily production
Sales.
and Federal Taxes.
terest.
(Est.)
Profit.
capacity of 1,200 barrels. Net profit production is estimated at $1 50
$414,649
$35,038
$80,000
$299,610
barrel. Has outstanding 10,000 shares, par $100, Uruguayan gold, and a $3,237,251
1919 (11 mos.) 1918.
mortgage of $730,000 bearing 6% interest and due June 30 1924.
1917.
1916.
1915.
$3,237,251 $2,193,594 $2,106,879 $1,946,199 $1,524,453
(4) Texas Portland Cement Co. owns two plants, one at Houston and the Gross sales
other at Dallas, combined daily capacity of 4,501) barrels on which the profit
(S.
is estimated under normal conditions at 40c. per barrel. Has outstanding
H.)Kress & Co.-Sales.10,000 shares par $100; has a mortgage of $330,000 bearing 6% interest
1919.
1918.
1917.
and due serially 1920 to 1924.
Month of December
$ 4,430,976 $ 3,537,852 $ 2,989,117
The Texas and Cuban plants burn oil fuel. The Argentine and Uru- 12 months to Dec. 31
25,244,232
21,131,019
17,607,390
guayan plants are now being equipped with oil-burning machinery.
-V. 109, p. 2369. 1896.
Basis of Consolidation.-The consolidation of these four companies has been
worked out on the basis that the constituent companies shall receive a proLancaster Mills.-Capital Increase.portionate share in the new company based on their assets and normal
The company has filed a certificate with the Massachusetts Commisearning power. Very substantial benefits, it is estimated, are to be de- sioner of Corporations
the capital stock to $10,000,000, divided
rived from this consolidation especially large reduction in the administra- equally into $5,000,000increasing
7% Cum. Prof. and $5,000,000 Common, par $100.
tion expenses, due to centralized control. The plants (in excellent physi- Of the Common stock $1,000,000
is
offered to present holders pro rata
cal condition), especially those located outside the United States will manu- at $125, payable 50% on or beforebeing
June 30 and the balance on or before
facture a considerable proportion of the cement locally consumed and are April 30. See V. 110, p. 171.
In a most favorable position with respect to foreign competition, especially
with the high ocean freight rates now working against the importer.
Landers Frary & Clark, New Britain, Conn.-Stk Inc.
Earnings.-The total production capacity will be about 3,000,000 bbls.
A Boston press dispatch states: In connection with the Capital stock inper year and the normal net earnings are estimated at $3,000,000 per year crease,
from 35000,000 to $6,000,000, it is announced that the new stock
or $7 per share after interest charges but before taxes. The foreign corpora- will participate
in the April div. The new stock is to be issued at par, $25,
tions are not subject to the U. S. income and excess profits tax.
one
new
share for every live held, the rights expiring Feb. 16, and payment
The plan of consolidation outlined above has been accomplished after
required on or before March 2. Rights are quoted 7% bid,8 asked in
most careful study of the entire situation by the large stockholders of each being
Hartford. The company's div. rate is 8% plus 4% extra p. a. As five
constituent company who bave already exchanged their shares of the new rights
are required, plus the subscription price
ice of $25, the new stock costs
corporation.
about $65 a share, and yields about 4.62%. It is announced by company
Application will be made to list the shares on the N. Y. Stock Exchange. officials
that the capital increase is to take care of warranted business ex[Listed on Boston Stock Exchange. V. 110,_p. 171.1
Directors.-G, L. Stone, P. B. Bradley, Brookline, Mass.; Frederick pansion.-V. 109, p. 2444.
G. Fletcher, Boston, Mass.; Henry C. Coke, Dallas, Texas; F. R. Bissell;
Laurentide Co., Ltd.-Incorporated.Holger Struckmann, Charles Hayden, R. F. Hoyt, Lester Watson, New
Letters patent have been issued to Laurentide Co., Ltd., authorizing a
York"
[A reorganization plan of the International Portland Cement Corp. capital of $35,000,000, par $100, to take over as a going concern the business
given in V. 107, p. 2380, seems to have been superseded by the above plan.] now carried on by the present Laurentide Co., Ltd. Of the capital it is
stated only $28,800,000 will be issued at present in the ratio of three shares
-V. 110, p. 171.
of new for one share of the old company stock outstanding (39,600,000)•
International Motor Truck Corp.-Listing----Earnings. -V.109, p. 2361.
The New York Stock Exchange has authorized the listing of $4,156,600
Loew's Incorporated.-Listing-Earnings.7% Cumulative First Preferred stock, $547,100 7% Cumulative Second
Preferred stock and 2,951 shares of Common stock.
On Jan. 14 1920 the New York Stock Exchange authorized the listing of
The company reports for the 11 months to Nov. 30 1919 net sales of 320,000 shares of capital stock without nominal or par value, with authority
$20,681,419; gross income, $5,735,707; net profits, $3,335,403; surplus, to add the following shares of said stock on official notice of issuance and
after taxes and dividends, $1,439,146.-V. 110. P. 171.
payment in full, and that they have passed beyond the control of the company:tgr,
ta shares
aargi on andaern Juneafte
MOgIta
shares
alli
on
International Portland Cement Corp.-Merger.amount authorized
nfteriro.1/)•4
listed 705,17°5 shares, without nominal or par value.
See International Cement Corp.-V. 109, p. 779.
3 Mos. to
Year to
International Steel Tube Co., Cleve.-Pref. Stock Offer.
Earnings, &c.,forNov. 30 1919. Aug. 31 1919.
A company of the above name offers for sale the unsubscribed balance Gross income
$2,885,123
$8,262,406
of $750 000 7% Cumul. Prof. stock at par ($100) with a bonus of 50% of Expenditures
1,943,920
6,286,109
Common stock. The directors and others interested have subscribed for Depreciation
49,324
287,998
$301. 000. An advertisement states that the company will engage in the Federal taxes (estimated)
222,970
568,560
manufacture of steel tubes and has already let the contract for the building Loews Theatrical Enterprises Prof. divs_ _ _ _
6,800
35,000
Do
Common dividend
to The H. K. Ferguson Co. of Cleveland. The capacity of the mill will
98,905
354,894
be 150 tons per day and is expected to be in operation by June 1.
Balance, surplus
$563,205
$729,846
Kentucky & West Virginia Power Co., Inc., Philadelphia.-Merger.- New Mortgage.-This company, of
which R. E. Breed of New York is President, and in which
the American Gas & Electric Co. is interested as stockholder,
was incorporated in Kentucky July 21 1919 as a consolidation
of the Tug River Electric Co. and Kentucky River Power
Co.(V. 107, p. 295), and further controls through ownership
of entire 10,000 shares of the Common stock (except 33
shares) the Logan County Light & Power Co.(V.99,p.1835).
West & Co. and Reilly, Brock & Co., Phila., recently offered the 1st
Mtge. 65 of 1919 at 95 and int. to net 6%%. West & Co. also offered a
block of the Preferred stock at 95 with a bonus of 25% in Common stock.
Data from Letter of Pres. R. E. Breed, Philadelphia, Dec. 15 1919.
Capitalization of Kentucky & West Virginia Power Co., Inc.
Common stock auth.$3,000,000, par $35. Issued
$2,000,000
Pref.(a. & d.) stock 75 cum., par $100, $3,000,000, callable at
any time at 110. Divs. Q.-F. Issued
2,000,000
1st M.6% gold bonds. Auth.$20,000,000. Dated Aug. 1 1919
and due Aug. 1 1949. Denom. $1,000 (c). Interest F. & A.
at Penn. Co. for Ins. on Lives & Granting Annuities, Philadelphia. Callable on and after Apr. 1 1924 at 103. Annual
sinking fund of 1% June 1 1924 to 1928; 1929 to 1934, 1%%;
1934 and thereafter 2%; tax exempt in Pa., and 2% normal
Federal tax. Issued
1,400,000
Logan County Light & Power Co. (Controlled Company).
Prof. stock 7% Cumul., par 3100, auth. and issued
$500,000
1st Mtge. 6s of 1914, auth. $3,000,000; sufficient Ky. & W. Va.
Power Co. bonds reserved to retire these bonds. Issued
1,262,000
Earnings of Properties Owned and Operated-Years Ending Oct. 31.
1918.
1920 (est.)
1919.
Operating revenue
$665,422 $913,997 $1,200,000
Operating expenses, taxes, &c
294,605 534,302
660,000
Net earnings
Fixed charges
•
$270,817 $379,694
194,000
(Marcus) Loew Indianapolis Realty Co.-Pref. Stock.-
J. F. Wild & Co., Indianapolis, are offering at 100 and div. $500,000 67
0
Pref. stock. Shares $100. Dated Jan. 1 1930. Duo annually, Jan. 1
1922 to 1941. Div. Q-J. optional at 102 and div. at any div. date on
30 days' notice. Capitalization: Prof.. $500,000; Corn. stock, $350,000.
Company is the holder of a 99 year lease upon the land and buildings
in the City of Indianapolis, and will erect, as soon as possible after March
1 1920 a three-story business and theatre building. The parent company
Is Loew's Incorporated of N. Y. The directors are Marcus Loow, David
Bernstein, Nicholas Schenck and Ralph Bomberger.
Lone Star Gas Co., Dallas.-New Stock Listed in Pittsburgh-Changes in Par Value-Earnings.-
The Pittsburgh Stock Exchange listed on Jan. 12 160,000 additional
shares (34,000,000-par $35 per share-see V. 109, _p. 177), and 240,000
shares (par value $28 per share), listed as of Jan. 2 1920,to supplant 60,000
shares of old stock (par $100 per share), which had been previously listed
in May 1914.
Results for 9 Mos. to Sept. 30 1919, and Cal. Year 1918.
9 Mos.'19. Cal. Yr.'18.
Sales: Gas, $2,034,161; gasoline, $430,873; oil,
$309,131; total
$2,774,165 $2,818,517
Gas purchased
488,208
500,765
General & oper. exp., $557,477; taxes, $99,439;
interest, $18,926
835,402
675,842
Miscellaneous
180,841
Cr.38,802
Net income
$1,491.739 $1,301,509
Depreciation, $157,178; cancelled and surrendered
leases, $13,539
$169.707
1695.780
Profit and loss suspense
20,469
Dividend paid
589,379
433,326
Undivided profits for period
$173,394
$869,363
Cash dividends at rate of 8%, p. a.(2% quer.) were paid both in 1918 and
1919 and an extra dividend of 4*7
0 in Liberty bonds was paid April 16 1919.
$540,000 -V. 109, p. 177,
215,000
(W.
McElwain
H.)
Co.-Pref. Stock Offering.-Lee,
Balance
$185.694
$325,000
Higginson & Co., Boston and New York, are offering at
Company.-Owns and operates two modern electric lighp and power
plants located adjacent to coal mines at Hazard, Kentucky, and Sprigg 100 $2,500,000 7% Cumul. First Pref. (a. & d.) stock. Par
and Logan, W. Va. Supplies electric light and power to the well known value $100.
and extensive bituminous coal fields of Southeastern Kentucky and Western
Dividends Q.-F. The div. rate has been increased from 6% to 7%,
W. Va. known as the Logan, Tug River and Hazard fields located in the
Counties of Logan, Boone, Mingo and McDowell, West Virginia; and Pike effective Feb. 1 1920. Callable all, but not in part, on any div. date upon
and Perry Counties, Kentucky, with a population of about 110,000. Is 60 days' notice (also for sinking fund) at $115 and diva. (see fuller descripnow supplying under long term contracts, 46,368 h. p. in motors and at tion of 1st Prof. in V. 92, P. 600; V. 108, p. 2333).
least 18,000 h. p. additional will be added during the next 12 months. The Data from Letter of Pres. J. Franklin McElwain, Boston, Jan. 10.
combined physical property includes three modern electric stations, having
Company.-Is one of the largest shoe manufacturing concerns in the Una generating capacity of 33,000 h. p.including 8,000 h.p.in turbines already ited States. Established in 1895, incorp. in Maine in 1901, and in Mass.
purchased, but not yet installed.
In 1911. "Its history has hpen one of notable growth, and the business has
Officers.-R.E. Breed, Pros.' H. T. Hartman, Vice-Pres. and Gen. Mgr.; been invariably profitable."
G. N. Tidd, Vice-Pres.; Frank B. Ball, Asst. Sec. & Treas. Executive
Capitalization Upon Completion of Present Financing (No Bonds)office, Land Title Bldg., Phila.
Outstanding.1
Outstanding.
Knox Hat Co., N. Y. City.-Bonds Offered.-Central 1st Pt. 7% Cum(par $100)$7,390,000 I Com. stk. (par $50)
33,500,000.
2nd
Prof.
$5O)(par
stk.
- 2,300,000!Surplus
3,760,000
Trust Co. of Ill., Chicago, are offering at 100 and int., to
In addition to the above, First Prof. stock has boon authorized and issued
yield 7%, according to maturity, $750,000 % Serial Mtge. to the extent of 3610,000, but has been retired by the Sinkingfund. Present
management owns a substantial majority of the Corn. and 2nd Prof. stock.
gold bonds. (See advertising pages.)
Purpose.-Proceeds of this 32,500,000 1st Prof. stock, together with the
Dated Jan. 1 1920, due serially Jan. 1 1920 to 1930. Red. at 101 on any proceeds of $200,000 2nd Prof. stock and $500,000 Common stock told at
int. date. Int. J. dz J. at Central Trust Co. of Ill., Chicago, trustee, same time, will be used to increase working capital, required for the conwithout deduction for normal Federal income tax not in excess of 2%. tinued growth of business and the higher values of its products.
267
THE CHRONICLE
JAN. 17 1920.]
Sales for Fiscal Years Ended May 31
1920 (est.)
1919.
1918.
1017.
1916.
1915.
91 $37,103,823 $50,000,000
$25,174,847 $24,344,730 $28,140,984 $35,552,6
is canwhich
debt
on
interest
the
inch
divs.,
for
Not earnings available
company, and after
celed by the increase in capital and surplus of theaverage
for the past
deducting reserves for deprec. and Federal taxes, to pay the divs. on
3% years Dec. 1 1919, 4 times the $517,300 required
the $7,390,000 First Prof. stock to be outstanding.
Balance Sheet (After Giving Effect to the Present Financing).
•
Dec. 1 '19. May 31 '19.
Liabilities. Dec. 1 '19. May31 '19.
Assets$
$
394,608 Notes & accts. pay. 8,891,405 8,229,954
1,469,581
Cash
460.000
9,468,497 7,434,540 Res. for taxes, &c_ 1,350,000 5,000,000
Receivables
7,390,000
12,073,526 9,319,555 First Pref. stk____ 2,200,000
Merchandise
2,000,000
stk__
Pref.
Second
474,410
477,189
owned.._
Securities
3,603,230 3,522,707 Common stock_ _ _ 3,500,000 3,000,000
Plant account
3,760,619 2,456,226
Surplus
27,092,024 21,145,820
Total
27,092,024 21,145,820
Total
82, 171.
For further details of property, &c.,see V. 108. p. 2334; V. 110, p.
McCrory Stores Corporation.-Sales.
1918.
1919.
Month of November
Year to date
-V. 109. p. 2361, 1278.
1917.
$1,062,766 $876.541 $728,03.3
9,597,363 8,082,631 6,566,793
Mills.-Initial Dividend.-
Maverick
an extra
The directors have declared an initial dividend of $2 50 andholders of
dividend of $7 50 on the Common stock, both payable Jan. 22 to
record Jan. 15.-V. 109. D. 2260
of meats have de.
with these increases in cost to us, the wholesale prices
creased 35% since last Spring.
not, the motives
or
wise
The settlement has been made. Whether
our judgment approves or disapback of it were patriotic, and, whetherpatriotic
one to stand
every
of
duty
the
proved of this settlement, it is now
plan of operation
back of this settlement in good faith and give the new
2444.
p.
109,
a fair, square deal.-V.
Mortgage-Bond Co. of New York.-Balance Sheet.-The
statement for the fiscal year 1919 will be found in the advertising section on a previous page.
Statement of Assets and Liabilities January 1.
1918.
1919.
Calendar Years$521,270 $539,049
cross income
118,946
101,088
Expenses
242,622.
243,669
Interest on bonds
$177,481
$176,515
Net profits
1919.
1920.
1919.
1920.
$
$
Liabilities$
$
Assets2,000,000 2,000,000
Capital
7,338,161
7,465,975
s
Mortgage
500,000
500,000
Surplus
233,000
U. S. bonds_
96,198 Undiv. profits_ 278,343 240,862
Other bonds_ _ _ _ 182,658
5,337,900
217,080 102,113 Mortgage bonds 5,274,100
Real estate
97,722
146,823 151,539 Interest payable 96,384
Int. receivable
24,000
29,000
165,290 279,472 Res'd for taxes.._
Cash
8,200,483
8,177,826
Total
8,177,826 8,200,483
Total
been paid during
Note.-Quarterly diva. at the rate of 7% per ann. have
p. 178.
the year and $37,481 added to undivided profits.-V. 109,
Gas & Electric Co.-Receiver Asked.-
Memphis
filed in the U. S.
Application for a receiver for the company has been
In the application it is
District Court by the Vesta Gas Range Mfg. Co. Gas
$16,976,
Company
Vesta
the
oweshown that the Memphis company
supplies to the
also that it owes sundry persons and firms for materials and and
York
New
$82,000.
for
taxes,
Memphis
of
city
the
amount of $190.00u:
the amount of nearly
and Memphis banks on promissory demand not‘s to
of the company. In addi22.000,000. Those notes are secured by bonds
of $31,250
tion to this is an interest item of $198,000 duo Jan. 1,and another
will fall due May 1.
seeking for
on
Commissi
U.
P.
Tennessee
the
before
is
now
The company
an increase of about 35% in its gas rates.-V.109, P. 1992.
Merritt Oil Co.-New President.-
109,
0. F. Clay has been elected President to succeed K.C. Schuyler.-V.
P. 1466.
Michigan Light Co.-Proposed Amalgamation-Offer to
Pref. Shareholders-Earnings, &c.:Railway & Light Co. under "Railroads"
Soo Commonwealth PowerCo.
undor "Financial Reports" on a preceding
above and Consumers Power
page.-V. 108, p. 84.
Co., Akron, 0.-New Financing.-
Co.-Common Dividend of $10.-
Nash Motors
Common stock, and the regular
A dividend of $10 has been declared on the
to holders of record Jan. 20. In
quar. Pref. of 1 1M% both payable Feb. 1
109, p. 2077.
Aug. 1919 86 was paid on the Common and in Feb. 310.-V.
Co.-Initial Dividend.-
National Leather
has been declared payable
An initial dividend of 407 (40 cents) per share
the company's present intention
Feb. 15 to holders of record Jan. 15. It is15
Aug. 15.-V. 109, p. 892,
and
to pay dividends on regular dates of Feb.
780.
-To Increase Capital.-
National Oil Co.
increase of Common
The stockholders will vote Jan 20 to authorize an
this additional Common
stock from $15,000,000 to $20,000,000, and to make
of to buy new properties
stock available to be sold or otherwise disposed p.
2176.
and to enlarge activities of company.-V. 109,
Co.-Listing.-Earnings.-
National Surety
of $1,000,000
The New York Stock Exchange has authorized the listing
listed, $5,000,000.
Capital stock, making the total amount authorized to be
1919.
30
Sept.
Ending
-Year
Statement of Net Earnings
ineome.
Net premiums written, $7,254,901; other underwriting
$7,260,705
$5,805
1,241.698
Premiums in excess of losses and expenses
680,734
company
by
owned
Income from investments
$1,922,432
ts
investmen
and
ing
underwrit
from
income
Not
$1,387,767
Premium reserves, adjustments, &c
480,000
Dividends (12%)
$154,664
Balance, surplus
$5,273,694
Profit & loss,surplus, Sept. 30 1919
-V.109, p. 2362.
Miller Rubber
Feb. 12 on
A Cleveland dispatch states that the stockholders will gvote
of $10,143,100
increasing the capital stock from $20,500,000 (consistin
to
$60,000,Pref.)
2d
8
7
0
Common $7,356,900 7% 1st Pref. and $3,000,00
00 8% Cum. l'ref.).
000 (consisting of $20,000,000 Common and $40,000,0
outstandits
20
Feb.
on
n
redemptio
for
calling
tes
The company contempla
$2,846,900 1st Prof.
ing $2,000,000 2d Pref. stock at $105 and div.; also its
will have the right to
stock on March 20 at $115 and div. Stockholders
$115 and div., for
price,
call
the
at
stock
exchange their present 1st Pref.
stock or $15 in cash,
the now Pref. at $100 plus 15-100 shares additional
at the call
exchange
the
make
may
they
Pref.
2d
the
of
case
the
in
while
or $5 in cash. They
Nevada Consolidated
price, $105 and div. receiving 5-100 additional shares
subject to allotment at
also will have the right to subscribe to new stock
present.
at
as
remains
stock
Common
of Dec
The
$100 par.
financing. Month
Borten & Berton, Cleveland, it is stated, are handling the
12 mos. to Dec 31
-V. 110, P. 82.
-V. 109, p. 1084.
olis Gas Light Co.-Injunction Denied.-
Minneap
the company for
District Judge E. F. Waite has denied the motion ofputting
into effect
a temporary injunction asked to restrain the city frome with
the ordinance
accordanc
in
rate
gas
sliding
cent
83
the
on Jan. 11920
denied
court
the
decision
same
the
In
passed early in 1919(V. 108, p. 274).
company's motion
the motion of City Attorney C. D. Gould asking that the
be dismissed.
intimated there is
In the memorandum attached to the order, the court
but as a bearing on the
little doubt as to the Inadequacy of the 83 cent rate,
and doubtless
can,
then
court
"the
merits can be had early next month,
rates for the remainder of
will fix a rate for the remainder of the year, or
loss incurred
the
recoup
will
company
the
which
upon
the 5-year period,
The company contendafter Jan. 1, under the rate found to be improper." 1920
it will entail a loss
for
ed that if the 83 cont rate is permitted to standhearing
shows the value of
of $179,000. An affidavit submitted at the operated in the making and
the properties "usable and used, and directly
108. p. 385,
000."-V.
$13,500.
than
loss
not
is
gas
ng
of
Illuminati
supply
Morris Co., Chicago.-Packers' Agreement with Federal
Authorities.-President Edward Morris in a long statement
in the "Chicago Herald" of Jan. 2 comments in brief as
follows, regarding the recent agreement with the Federal
authorities (V. 109, p. 2315, 2362, 2403):
on. We sim-
There will be no change in the Morris corporate organizati
and the so-called
ply will dispose of our stock yards and terminal holdings
unrelated linos, under the decree of court. packing industry. The so-called
There Is no central organization in the
in open and active competition
"Big Five" are independent packing concernsinappropr
iate and misleading.
is
with each other. The title "Big Five"
"Big Five." For inso-called
the
besides
packers
large
many
are
There
which has an annual
of
each
,
companies
stance, there aro two other packing
are many other large packers.
business of almost $200,000,000 and there
all in active
business,
e
inter-Stat
an
doing
concerns
packing
287
There aro
s local establishments which have
competition with us, besides numberlesof
no Government inspection.
the advantage in business competition
t, beI do not wish to minimize the extent or scope of this adjustmen
ts and a
cause it was a "major operation," involving very large investmen
very largo volume of business.
fear did exist that there
There was no real foundation for the fear, but the
g the American table. In
was danger of the packers ultimately controllin
of reconstruction,
period
this
nt
in
Governme
the
of
views
the
moot
to
order
this created public opinion, we
unrest and uncertainty, and in response to businesses
, and particularly the
agreed to give up all side lines or unrelated
into the retail moat
handling of staple groceries, to refrain from going
ted) and to sell, under.apbusiness (something we never did nor contempla
stock yards, stock yards terproval of the court, our holdings in publicyards
and to get out of public
minals and the market newspapers at the
cold storage warehouses.
1w
of an injunctional decree and ,
This is to be accomplished by means
will fix them as "tight as a drum.'
to these particular features the decree
as
position
Our
tell.
As to the effeet of this settlement time alone willn of competition would
eliminatio
to the unrelated lines has boon that the
our
of
genius
the
against
is
it
that
and
not reduce the high cost of living
strike down initiative and private
institutions to limit personal activities andgrocery
business aggregated less
business ambition. Our total wholesale
than 10% of the whole.
the packers made in
One big fact stands out, and that Is, that the profits
our overhead, allowed
the handling of groceries ultimately went to reduce
house profits,
packing
final
our
into
entered
us1to use our facilities 100%,and
to us that the proand if these profits are to be cut out, then It would seemmust
pay more for
consumer
the
or
stock
live
his
for
less
ducer must got
his meat.
when we pay
There cannot be cheap meat on the table of the consumer
85% of the
high prices for the raw material. As it is, the producer gets
sales price paid for the live meat animals.
of all supplies going
The cost of live moat animals-of labor, taxes and
five years, hogs 150%,
into moat-has advanced tremendously in theItlast
must be realized by all fair
cattle 60%,labor '200% and supplies 220%.moat
is
gone forever, and yet,
cheap
of
day
the
that
people
sensible
and
Copper Co.-Production (lbs.)1917.
1918.
1919.
4,580,000 5,800.000 6,500,000
43,639,585 78,631,415 80,287,350
New Cornelia Copper Co.-Production (lbs.)1918.
Month of Dec
12 months to Dec 31
-V. 109, p. 2270. 1897.
1919.
3.276.000
39,884,000
4,248,000
47,390,000
Decrease.
972,000
7,506.000
York & Honduras Rosario Mining Co,-Divs.-
New
507 of the capital stock.
The directors have voted a distribution equal to
payable Jan. 28 to holders
3% for dividend and 207 for amortization, both
108, P. 274.
of record Jan. 17. A like amount was paid in Jan. 1919.-V.
Shipbuilding Corp.-Purchases U. S. Yard.-
New York
with the U. S. Shipping
The company, it is announced, has arrangedwith
shop and construction
Board for the purchase of the four concrete ways
South Yard, Camden,
its
facilities built for the Emergency Fleet Corp. at but
it is stated that the
divulged
been
not
has
price
purchase
The
N. J.
approximate cost of building
transaction was for $5,000,000 which was the Shipbuild
ing Corp. a total of
the yards. This addition will give the N. Y.
18 berths.-V. 109, p. 1897.
Power Co.-Listing.--
Niagara Falls
listing of 311,515,400
The New York Stock Exchange has authorized the
further sinews for the 10
7% cumulative preferred stock. The statement
$4,180,658; net surrevenues,
operating
total
311919,
Oct.
ended
months
surplus after charges
operating revenue, $2,564,911: net income, $2,845,538;
and Federal taxes, 81,654,767.-V. 110, p. 82.
an Oil & Refining Co.-Stock Increase.-
North Americ
stock from
The stockholders have authorized the increase in capital
$3,000,000 to $6,000,000. See V. 109, p. 2362.
gs.Northern Securities Co.-Earnin
1918.
1919.
Calendar yearTotal income
Expenses, taxes, &c
Dividends
$288,297
31,676
276,766
Balance, sur. or def
Profit and loss
-V. 109, p. 2270.
$248,778
23,313
256,997
1917.
3271,045
24,483
138,383
def$20,145 def$31,532sur$108,179
82,932,710 82,952,855 $2,987,282
North Pines Steamship Co.-Bonds Offered.-Mackie &
Co., Phila., are offpring at 983/i and int. $400,000 1st M.
7% sinking fund gold bonds.
and int., all or
at 103
Dated Dec. 15 1919, due Dec. 15 1922. Callable
Safe Deposit Co., Phila., truspart. Int. Q.-M. 15. Guarantee Trust &up
Penna. State tax re4%;
to
tax
income
Federal
normal
of
Free
tee.
the steamer "North Pines",
funded. Secured by an absolute 1st Mtge. onat
$564,000. The "North
capacity 4,700 deadweight tons, appraised
bonds by the Atlas
Pines" is managed and operated during the life of these
hia.
Shipping Corporation of Philadelp
Navigation Co.-Incorporated.--
Oriental
Compare
The company was incorporated in Delaware Jan, 9 1920.
Prof. stock offering in V. 110, p. 172.
Sampson,
John
Pros.;
Rondo,
do
Philip
of
consists
The board of directors
Levis, all of New York;
R. N. Nicol, James F. Gill, Frank II. Hall and C. C.
Moore, of ProviII. M. Bylle.sby and W. II. Clarke, of Chicago, and IL S.
dence.-V. 110, p. 172.
Pacific Coast Co.-No Action on Common Dividend.-
stock dividend
The directors on Jan. 14 postponed action on the Common
Tho usual quarterly
pending developments regarding coal miners' wages.
stocks were
prof.
2d
the
on
1%
and
pref.
first
dividends of 1 y,% on the
109, p. 1457.
declared, payable Feb. 1 to holders of record Jan. 24.-V.
Petroleum & Transport Co.-Listing.-
Pan-American
of $5,000 Class
The New York Stock Exchange has authorized the listingthe total amount
B common stock, with authority to add $5,562,700, making
authorized to be listed $13,695,400.
268
THE CHRONICLE
The company reports to the Exchange that, pursuant
the right offered
last October, stockholders of the company subscribed to
102,996 shares
Class B stock, of the par value of $5,149,800, and 8,258for
shares, of the par
value of $412,900, have been taken by the bankers who
the
subscription. The total amount of such subscription beingunderwrote
$5.562.700 for
111,254 shares, of the par value of $50 each (V. 109, p. 1270,
1279, 1705,
2270).
There have been issued in exchange for 50 shares
common stock
of Mexican Petroleum Co., Ltd., of Delaware, 100 of the of
the Class 13
common stock of this company on the terms set forthshares
in
the
previous
application, except that such 100 shares did not receive the
privilege
as the exchange was made subsequent to Nov. 25 1919subscription
(compare V. 109, p.
2270, 1705). William Salomon & Co., N. Y. syndicate managers who
underwrote the "B" stock, announce that all the stock not taken by the
stockholders has been disposed of to an English group and
the syndicate
closed.-V. 110,p. 172.
Penn Central Light & Power Co.-Stock Offering.Mention was made in these columns last week of the offering
of 30,000 shares Cumul. Preference stock, no par value, by
Frazier & Co., Phila. Brown Brothers & Co., W. H. Newbold's Son & Co. and Robt. Glendinning & Co. of Phila, are
also offering the stock.
[VOL. llo.
The earnings have so increased that your bard has
warranted in
placing the common stock on a dividend basis. A regularfelt
annual dividend
on that stock, at the rate of 5% per annum, has accordingly
been declared,
payable in quarterly installments of 12h_cents per share, the first Feb. 1
1920 on stock of record Dec. 31 1919. With the increasing earnings your
management expect that extra dividends may be paid within
the year.
The company has in its treasury $1,800,000 common stock and offers
this
stock pro rata to stockholders of record Dec. 31 1919 at par ($10 per share)
at the rate of one share for each ten shares of pref. or com,stock
held.
Stockholders will not be entitled to subscribe for a fractional share now
in respect
of five or less odd shares held; but should they hold six to ten shares,
may
subscribe for one whole new share as to same. Subscription warrants and
remittance in full must be in the hands of The Internatoinal Trust Co., in
or New York exchange, prior to Feb. 1 1920. This entire issue has
as
been underwritten by a syndicate of bankers who agree to purchase at par
any portion thereof remaining unsubscribed by the stockholders on Feb. 1.
This stock is being offered for the purpose of increasing our cash working
capital and taking over valuable revenue-bearing properties, which will
materially increase the earnings. Your board is contemplating taking over
the stock of The Western Oil Fields Corp., which, we believe, should double
the present earnings.-V. 109, p. 2445. 2270. '
Ray Consolidated Copper Co.-Production (1680-
1919.
1918.
1917.
Month of Dec
3,860,000 5,800,000 7,442,000
Dividends Q.-J. at the rate of: $3 20 per annum in 1920, $3 60 in 1921, 12 mos. to Dec. 31
47,120,000
86,707,559
92,998,679
$4 00 in 1922 and thereafter. After full quarterly diva, are paid on the -V. 110, p. 83.
Preference shares, the Common shares may receive
diva, at the
rate of $1 per annum in 1920 and 1921 and $1 50 inquarterly
Realty Associates.and thereafter.
On and after Jan. 1 1922, any additional distribution1922
See Realty Associates Investment Corporation below.-V. 109, p. 2077
of diva. shall be at
the same rate per share for both classes of stock. Red.
in case of liquidation, at $70 per share and divs.
Realty Associates Investment Corporation, N. Y.Data from Letter of Pres. John E. Zimmerman, Phila., Dec. 26 1919 New Enterprise Organized by Well-known
Interests-ComCompany.-Incorp. in Pa. Producer and distributor of electricity for pany to Sell Guaranteed Bonds, Collaterally
Secured on Prolight, heat and power, 86% of its gross operating revenues
being
obtained
ductive
Real
Estate.
-An
advertisement on another page
from this source. Serves 10 cities and towns with electricity for light,
heat and power, and furnishes artificial gas to 2 towns. Also leases and announces that this new corripany will (a) loan
funds on
operates
pates the Pennsylvania Hydro-Electric Co., Northern Cambria Light,
improved,
income
producing
real estate, centrally located,
& Power Co. and the Lewistown & Reedsville Electric Ry.
Number of customers served with electricity for light, heat
intensively
in
developed sections, such as office buildings,
and power
purposes is 20,100 and the total rated h. p. of all
motors connected apartments and industrial buildings, (b) sell 53'% guarto the system is 40,544. The total output of theelectric
system in 1911 was substantially 16,000,000 k. w. h. annually; whereas it has'now
bonds
anteed
of $100, $500 and $1,000 denominations,
reached substantially 82,000,000 k. w. h.
secured both by 1st mtges. and the credit of the borrower,.
Capitalization After a Conversion has Been Made of the Preferred and Common
and by an income adequate to permit rapid amortization.
Stock now Outstanding into Common Shares of No Par Value.
An authorized statement says in substance:
Authorized.
Issued
To supply capital for building construction Realty Association InvestPreference shares (No par value)
32,000
32,000
Corporation,
ment
Common shares(No par value)
directorate is identical with that of the well-known
61,120
61,120 Realty Associates, whose
First and Ref.5% Mortgage bonds (closed Mtge.)_ _4,000,000
will issue bonds bearing a guaranty both as to principal
2,469,500
interest,
and
and
secured
First and Consolidated 6% Mortgage bonds
by first mortgates on high grade income produc3,354,000 i4•ge
roperrty.
Mifflin County Gas & Electric 5% First Mtge. bonds7,500,000
175,000
175,000
tors are prominently identified with some of the great financial
The directors
Consolidated Income Account Calendar Years-Inter Co. Items Eliminated,
institutions of Greater New York. Frank Bailey is Vice-President of the
1916.
1917.
1918.
*1919. 1920 (est.) Title Guarantee & Trust Co., Chas. S. Brown is a member of the firm of
Gross earnings,.-$1,092,456 $1,344,562 $1,585,136
Brown, Wheelock Co., Inc., successors to Douglas Robinson; Chas. S.
$1,889,993
$2,079,000
Earn, from oper_ 500,325
551,035
721,127
765,512
879,000 Brown Co.; Louis J. Morowitz is President of the widely-known Thompson
Taxes
38,253
49,985
78,483
69,370
83,000 Starrett Co.; Clarence H. Kelsey is President of the Title Guaranty & Trust
and Charles A. Peabody is President of the Mutual Life.
Net earnings_ _ $462,071 $501,050 $642,644 $696,142 $796,000 Co.,
The new corporation has behind its guaranty its capital and surplus of
Fixed charges
279,499
316,563
358,750
353,879
393,000 $1,100,000, and the mortgages against which its bonds are issued. Behind
the bonds will be such stable security as property used by centrally located
Balance
$182,572 $184,487 $283,894 $342,263 $403,000 manufacturing business, or apartment houses and
office buildings, with
Amortiz. of bond
earning capacity-a class of security in which it is usually impossible
large
discount, &c _ _ $12,739
$8,371
$9,252
$29,575
$25,000 for the small investor to participate in ordinarily, as it takes largo capital
Divs. on Pref.
to handle such property.
shares
$96,000
Robert Reis & Co.-Notice to Pref. Stockholders.Bal. available for
Columbia Trust Co. gives notice to holders of First Pref. stock to the
Renewal Res.
extent
of 20,000 shares to the fact that this stock carries with it the right
and Corn. Div_
$282,000 given by the syndicate managers to holders of record Jan. 10 1920 to pur* 1 Month (Dec. 1919) estimated.
chase
the Columbia Trust Co., 60 Broadway, N. Y., at $20 per share, on
at
Franchises.-Franchises covering the gas, electric light, power
rail- or before Jan. 22 on presentation of their certificates, an amount of Corn.
way service are, in the opinion of counsel, perpetual and free fromand
burden- shares equal to 25% of the number of shares of 1st Prof. stock held by them
some restrictions.
as of that date. Fractional shares will not be recognized. Soo V. 109.
Purpose.-Proceeds will be used to pay for the installation of the 10,000 p. 1706' V. 109. p, 2445.
k. w. unit, with accessories and other improvements, in the Williamsburg
station, and to the payment of the floating debt.
Republic Iron & Steel Co.-Listing-Earnings.Management.-Company is managed by Messrs. Day & Zimmerman,
The New York Stock Exchange has authorized the listing of $2,648,000
Inc., Phila.-V. 110, p. 173.
Common stock, offered at par to stockholders of record Dec. 26, making the
total amount of Common stock authorized to be listed $30,000.000.-See
J. C. Penney Co.-Listing-Sales,
The New York Stock Exchange has authorized the listing of $3,000,000 V. 109, p. 2270.
7% Cum. Pref. stock.
Revere Motor Car Corp.-Stock Offering.The company operates 197 department stores distributed in
States,
Wooden,'Smith & Angrove, Providence, R. I., are offering at $12.50
principally in the West and Middle West. Since 1913 sales have25
increased per share 150,000 shares of capital stock, par value $10. An adv.
shows:
over 700% and net profits over 500%,against an increase in stores of 310%.
Purpose.-Entire issue to be devoted to the increase of production
Sales in 1913 amounted to $2,637,000 and increased steadily to
_965 necessary to meet contracts already made.
in 1919. Sales in 1919 showed an increase of 34.95% over 1918$28,793,_
sales.
Net
Company.-Plant located at Logansport, Ind. Company recently enprofits for the past year are estimated at $1,650,000 after taxes,
eight times the amount required to pay dividends on the pref. or nearly tered into a contract with a New York corporation which has agreed under
terms of contract to purchase the entire production of the corporation
• The company has outstanding $3,000,000 7% Cum. Pref. stock.
stock and up to 3,000 cars per annum, covering
a term of 5 years with a minimum
$1,581,000 Common stock. Since 1913, $1,255,500 has been reinvested in
profit of $500 per car to the company, which, on a production of 3,000
the company's capital stock from divs. received by stockholders.
cars amount to a profit of $1,500,000 per year. Under this agreement all
Sales1919.
Increase.
1918.
cars are shipped sight draft bill of lading, which means spot cash on delivery.
Month of Dec
$3,304,189 $2,528,350
$775,839
The company manufactures a high-powered, four cylinder Dusenberg
12 months to Dec. 31
28 793,965 21,038,104 7.455,861 type
motor, developing about 103 h. p. at 2600 r.p.m., giving about 14
-V. 109, D. 2362. 1993.
miles per gallon of gasoline.
Capitalization.-Authorized 350,000 shares; issued 158,000, par value
(T. W.) Phillips Gas & Oil Co., Butler, Pa.-To Retire
$10. The majority of the stock that is being offered has been purchased
Bonds.by people of Logansport, Ind., and vicinity. No bonds or pref. stock.
In answer to our inquiry, the company states: "The $200,000 bonds due
Officers.-Newton Van Zandt, Pres.; Jas. Henderson, Vice-Pres.; C. H.
Feb. 15 1920 will be paid on that date. The company is not in need of any
Wilson, Treas.; Frank Amass, Sec.
additional financing, but on the contrary has endeavored from time to time
Directors.-Newton Van Zandt, Frank Amoss, C. II. Wilson, Adolph
during the past year to purchase these bonds at par and int. and early in Monson, E. F. Metzger, Victor Wise, B. F. Shafts. •
the year offered a slight premium. The cash receipts from the sale
gas
and oil betaeon Feb. 1 and Feb. 15 would be sufficient to take careof
of all
R. J. Reynolds Tobacco Co.-$10,000,000 Pref. Stock
bonds accruing on that date." T. W. Phillips, Jr., Pres.; B. D. Phillips,
Subscribed For.-Waehovia Bank & Trust Co. Winston.Sec.
Salem, N. C., and Bernhard, &hone & Co., Now York,
have increased the capital stock from 255,500 shares to announce by advertisement on another page that all of the
1,000,000 shares, no par value. The stockholders of record Feb. 2 will $10,000,000 7% Cumul. Prof. (a. & d.) stook received by
receive one new share of stock for each share held.-V.109, p. 1466.
them as underwriters has been applied for. Red. at 120
Poole Engineering & Machine Co.-Pividend Omitted.- and div. Divs. Q.-J. Bankers state:
The dividend on the
Phillips Petroleum Corporation.-Stock Increase.The stockholders
Common stock has been deferred. The last diviCapitalizationAuth. & Outstdg•
dend paid on the Common was 1 % in Oct. 1919. It is said this
policy Three Year 6% notes due Aug. 1 1922(V. 109, p. 584)
$15,000,000
was deemed advisable by the board in view of the existing condition
in
Cumui.
7%
Prof.
stock
(Incl.
LK,
issue)
20,000.000
business, the uncertainties of the money market and the high rates which
stk. ($10,000,000), Class B Corn, stk. ($10,000,000) _ _ _ 20,000,000
money is now commanding. The company may be better able to use its Corn.
Business.-Manufactures and sells chewing and smoking tobacco and
earnings in its business than to make loans.-V.109, P. 1699.
cigarettes. Principal brands are Camel cigarettes and Prince Albert
smoking tobacco, the largest selling brands of cigarettes and smoking toPortage Rubber Co., Akron, 0.-New Stock.bacco
in the world.
President M. S. Long in circular of Dec. 24 says in substance:
Purpose.-This issue was made for the purpose of providing additional
Since the change in management, on Sept. 17 1919, our business has been working
capital necessitated by the increased volume of its business.
so stimulated that to provide for future expansion and the additional
volume
Equities.-The Prof. stock is followed by $20,000,000 Common stock and
already booked, as well as largely increased inventories of materials,
the Class /3 Common stock, the combined market value of which are in excess
directors have voted to sell 5,000 shares ($500,000) each of Common
of $80,000,000. See V. 109, p. 584, 1799, 2445.
and Pref. treasury stock to our stockholders at par. Each
may
•
subscribe at the office in Barberton, 0., on or before Jan.stockholder
Riley Shoe Manufacturing Co.-To Increase
10 for one share
Capital.each of Common and Pref. stock for each five shares of Common
stock now
The stockholders will vote Feb. 12 on increasing the authorized capital
owned. He cannot subscribe for Common alone, nor for Preferred
alone. stock from $400,000 to $750,000, to be divided into 3,500 shares Preferred
[Auth stock $5,000,000 each of Common and 7% Cum. Pref.; outstanding
and 4,000 shares of the Common stock, each of the par value of $100 a
in March 1919, $2,499,700; Pref, $1,200,000. Par of all shares,
$100. share.
See V. 108, p. 1170.-Ed .1 J. W. Maguire is V.-Pres.; L. E. Larson,
Sec.-Treas.--'V. 110, p. 173.
(Walden W.) Shaw Corp.-Listed.The Chicago Stock Exchange has admitted to list 160,000 shares of
Producers & Refiners Corp., Denver.-New Stock, ctc. capital
stock, no par value, making total listed 200,000 shares.-V. 110, P.
Pres. Frank E. Kistler, in circular of Jan. 5 1920, says in brief:
In the beginning we had only the proceeds received from the sale of our 173.
pref. stock, with which we have built up a company, the assets of which are
Shell Transport & Trading Co.-Dividend.well worth double the issued capital, and with net earnings now running at
The Equitable Trust Co., as depositary of certain ordinary abates of the
the rate of $2,500,000 per annum.
Shell Transport Trading Co., Ltd., under an agreement made Aug. 28 1910.
*.%
JAN. 17 1920.]
THE CHRONICLE
has received a dividend on the ordinary stock it holds of two shillings per
share of the par value of El sterling each. The equivalent that is distributable to holders of the American shares under the agreement is 74 cents on
each share. The dividend will be distributed Feb. 3 to registered holders
of the American shares of record Jan. 27, provided the necessary income tax
certificates are filed with it on or before that date.—V. 109. P. 1799.
Simms Petroleum Co.—Director.—
Thomas W. Streeter has been elected a director and a member of the
Executive Committee.
President E. F. Simms announces that the company has purchased pipe
and has lot contracts for the immediate construction of a standard 8-inch
pipe lino to extend from the Homer field to a point on the Mississippi River
near New Orleans.—V. 110, p. 173.
Southern California Edison Co.—Bonds Offered.—
Harris Forbes & Co., E. H. Rollins & Sons and National
City Co. are offering at 96 and int., to yield over 6.30%,
$7,500,000 Gen. & Ref. Mtge. 25-year 6% Gold bonds,
"Series of 1919" (full particulars in V. 108, p. 487, 789).
A circular shows:
269
casting machine, locomotive cranes, and complete yard switching equipment. A modern crushing plant for the disposal of slag is about to be completed.
Owns (a) entire capital stock of Struthers Coal & Coke Co. with plant
at Fairbank, Pa., consisting of 200 bee-hive coke ovens; (b) an undivided
one-half interest in the Wade & Helmer Iron Ore Mines on the Mesaba
Range in equal partnership with Cleveland Cliff Iron Co.
Purpose.—Proceeds will be used to increase working capital.
—1916 April 30-1917 —1917 (8 mos.) Dec. 31 1918
Year
$5,922,966
$1,973,653 $2,905,448 $3,593,410
Gross sales
1,001.154
102,206
313,696
442,157
Net profits
Average not earnings for the 3 years and 8 months ended Dec. 31 1918
above Federal taxes, amounted to $507,058 p. m. and after Federal taxes
amounted to $229,897, equal to more than 2% times annual div. requirements on this Prof. stock—V. 106, p. 1349.
Submarine Boat Corp.—Leases Government Yard, &c.—
Earnings Year ended Nov. 30 1919.
$10,481,694
Gross earnings
4,345,698
Operating expenses, including taxes, insurance & maintenance
The company and the Emergency Fleet Corp. of the Shipping Board
It is stated, have reached a contract settlement agreement on war-time ship
construction under which the company will lease the Newark Bay shipyard
until Nov. 15 1923, for $4,000,000. At the expiration of the lease the
Government option on the site belonging to the city of Newark will be
turned over for $1,250,000. Of the 150 ships originally contracted for the
Government agrees to complete 118, of which 88 have been delivered,
leaving 15 on the ways and 15 in the fitting basins; the Submarine Boat
Corp. will finish the remaining 32 itself.
$6,135,996
Net earnings
Annual int. charge on outstanding mtge. bonds, incl. this issue.. 2,647,280
The directors on Jan. 14 took no action on the declaration of a dividend,
—V. 109, p. 1898.
Bal. avail, for int. on Deb. bonds, amortiz'n, deprec. and divs $3,488,716
Annual interest charge on $8,000,000 Debenture bonds, $560,000.
Authorized. Outstanding.
Capitalization after Present Financing—
$4,000,000 $4,000.000
First Prof. stock paying 7%
12,500,000 12,029,900
Second Prof. stock limited to and paying 5%
83.500,000 15,820.972
Common stock paying 7%
General & Ref. Mtge. bonds "Series of 1919" (incl. this issue)-- 15,500,000
1,978,000
'Debenture bonds of 1915," equally secured with this
issue__- 31,785,000
Underlying bonds outstanding with public
8,000,000
7%_Gold Debenture bonds
—V. 110, p. 173.
Timken-Detroit Axle Co.—Additional Data.—In connection with the offering of $5,000,000 7% Cumulative Prof.
stock, as noted in V. 109, p. 2077, a circular further shows:
Southern California' Gas Co.—Bonds -Authorized.—
The Calif. RR.Commission has authorized the company to issue $300,000
1st Mtge. 6% bonds, of which $185,000 are to be used to pay the Farmers
& Merchants' National Bank and the balance is to be used to liquidate
current debt or reimburse the company's treasury for eagnings expended
for construction. The bonds are to be sold for not less than 93 and int.—
V. 110, p. 83.
Standard Oil Co. of New York.—Director.—
Howard A. Wilkinson has been elected a director to succeed William R.
King, deceased.—V. 110, p. 83.
Standard Oil Co. (of Ohio).—Stock Increase.—
Dividends Not Yet Resumed.—
Condensed Balance Sheet as of June 30 1919, Not Including Present Financing.
Liabilities—
Assets—
$1,706,000
Real estate, plant, &c___ $4,817,273 Preferred stock
2,913,700
1 Common stock
Good-will and patents..
1,180,000
1,140,940 7% gold notes
Cash
1,562,587
__ 1,179,182 Accounts payable
Customers'
9,648
Merchandiseaccounts_inventory__ 7,883,538 Accr. taxes, ins., &c_ _ _ _
342,370
982,393 Dividends payable
U. S. Govt. securities..__
565,034
674,897 Fed. taxes (pay. in 1919)
Investment securities__ _
27,720 Res. for Fed. taxes, &c__ 1,027,992
Customers' notes
8,135,401
657,923 Surplus
Other assets
17,456,731
92,864 Total (each side)
Deferred assets
Compare V. 109, p. 2077, 1899.
Titusville (Pa.) Forge Co.—Notes Offered.—Mention
was made in these columns last week of the offering of $1,150,000 First (closed) Mtge. 7% 5-year sink, fund gold
notes at 99 and int. by Fidelity Securities Corp. of Md.
and Robert Garrett & Sons, Baltimore. Denom. $100 and
$500 (c). Fidelity Trust Co., Baltimore, trustee. Dated
Jan. 15 1920. Due Jan. 15 1925.
The stockholders Jan. 12 voted to increase the total authorized issue of
capital stock from $7,000,000 to $21,000,000 by creating $7,000,000 new
Common stock and by issuing $7,000,000 Pref. stock, par $100. The
stockholders of record Jan. 12 have the right to subscribe for one share of
Prof. stock at par ($100 a share) for each share of Common stock. Sub- Data from Letter of Pres. John T. Dillon, Jr., Titusville, Pa., Jan.5.
scriptions will be payable in cash either (1)in full on or before March 11920,
Company.—Incorp. in Maryland and will acquire the entire property
or (2) in four equal installments payable on or before March 11920, April 1 and business, as a going concern, of the Titusville plant of the Bethlehem
1920, May 1 1920 and Juno 11920, respectively.
Steel Co. Company is the largest manufacturer of hammered and pressed
The now Common stock will be held in the treasury subject to later gas and steam engine crank shafts in the U. S. Plant,located at Titusville.
.
issuance at the discretion of the board. See V. 109, p. 2261, 2271.
Pa., in successful operation for the past 23 years, covers about 10 acres.454
Within a radius of 50 miles is a ready and increasing market for more
than 50% of the company's product. Principal customers include the
Stewart-Warner Speedometer Corp,—Listed.—
manufacturers of marine, power and oil well machinery in the
leading
the
of
listing
400,000
The Now York Stock Exchange has authorized the
Co..
shares of capital stock without nominal or par value which are being ex- United States, among whom are: finite(' Engineering & Foundry
&
changed for the outstanding $10,000,000 Common stock of $100 par value, Fairbanks, Morse & Co., Oil Well Supply Co., Westinghouse Electric
Pacific
Co.
Building
Ship
Dry
&
Docks
Baltimore
Co.,
Manufacturing
four now shares for one old.
The Boston Stock Exchange has admitted to list 400,000 shares of capital Coast Ship Building Co., Wm. Cramp & Son Ship & Engine Building Co..
New London Ship & Engine Building Co.
stock, no par value. See V. 109, p. 1898, 1799.
Capitalization.—Authorized and issued, 1st mtge. 5-year 7% notes.
$1,150,000; Corn. stock (par $100), $1,200,000.
Stollwerck Chocolate Co. (Successor to Stollwerck Bros.; 1925.
Earnings—Net earnings year ended Dec. 31 1916, $307,730; 1917.
Inc.) Pref. Stock Offering.—Estabrook & Co., Boston, re- $421,838;
1918. $737,549.
Figures for 1916 include all deductions for taxes. Figures for 1917 and
cently offered $500,000 8%Cumul.Cony.Second Pref. (a. &
1918 include all deductions, except excess profit taxes. Segregation of
d.) stock, Class A, par $100.
taxes cannot be made, as these earnings were included in those of the parent
Dividends Q.-J. Cony., par for par, into Common stock up to 5 days company, which paid taxes on its total net earnings. Earnings for 1919
Callable
redemption.
for
all
be
may
it
called
are not available, as earnings were not segregated from the Bethlehem
before anY date on which
rrtfiarlat 110 and diva. on 30 days' notice after all 1st Pref. stock has been Steel Co. Under normal conditions net earnings, after excess profit taxes
o
and deductions of every nature,should be not less than $300,000 per annum.
Balance sheet as of Dec. 31 1919, after allowing for the new financing.
Data from Letter of Pres. H. B. Duane, Dated December 8 1919.
Liabilities.
Assets (Total each side $2,399,386) j
Company.—Incorp. In Mass. in 1919 and acquired the property and busi$1,200,000
S49,986jCapital stock
ness of Stollwerck Brothers, Inc. of Conn.(V. 110, p. 83). Manufactures Cash & accounts rec
730,825 First mtge. gold notes...... 1,150,000
chocolate coatings which are used by some of the leading candy manufac- Inventory
30,541
turers, and also makes high grade breakfast cocoas. Main factory building, Plant, equip., tools, &c.._ 1,276,295 Accounts payable
18.845
Good will, trade m.& des. 342,280 JSurplus
completed in 1907, is located at Stamford, Conn.
Directors.—John T. Dillon, Sr.,Chairman; John T. Dillon, Jr., Pres.;
Auth.
Outstdg.
Capitalization After this Financing(No Bonds)—
$1,250,000
$1,000,000 B. A. Brennan, V.-Pres.; Van Lear Black, James 0. Fenhagen, George.T.
7% Cumul. First Prof. stock (closed issue)
8% Cumulative Cony. Second Prof.stock Class A_ 500,000
500,000 Bishop.—V. 110, p. 174.
Common stock*2,000,000
2,000,000
Tobacco Products Corporation.—Directors.—
•There is also authorized such additional amount of Common Stock as
E. Oliver and H. Mason Day have been elected directors.—
may be required for issue to holders of Second Preferred stock, Class A, V.Norman
109, p. 1468.
who present their stock for conversion.
Purpose.—Present issue is to provide for the purchase of existing buildTribune Building Corp., Chicago.—Bonds Offered.—
ings adjacent to the present plant and the installation of machinery for
Union Trust Co., Chicago, are offering at 100 and int. $900,000 1st
sugar refining that will assure company a continuous supply of sugar for its Mtge. 5%% Serial Gold bonds, dated Nov. 1 1919, due $100,000 each
own use.
Nov. 1920-28. Denom. $1,000, $500, $100 (c*). Corporation agrees
Earnings.—Net earnings of Stollwerck Brothers, Inc., for the 6 years to pay1 normal
2% Federal income tax int. M. & N. at Union Trust Co.,
ended Doc. 311918, after tax deductions averaged $193,332 p. a., equal to •rustee, Chicago. Callable all or part in order of maturity on any int.
1.75 times the div. requirements on the First and Second Pref. stocks. date on 60 days' notice at 102 and int.
stock,
A,
deClass
after
This amount equals $20 96 per share of 2nd Prof.
ducting divs. and sink, fund requirements on the 1st Prof. stock. For the
Tug River Electric Co.—Bonds Called.—Merger.
10 months ended Oct. 311919, net earnings before taxes, of The Stollwerck
All of the outstanding Joint First Mtge.6% Serial gold bonds have been
Chocolate Co. have been at the annual rate of $579,186 equal to 5.26 times called for payment on Feb. 1 at 105 and int. at the Mercantile Trust &
the div. requirements on the 1st and 2nd Prof. stocks or to $86 57 per share Deposit Co. of Baltimore. See Ky. & W. Va. Power Co above.
of the 2nd Pref. stock, Class A, after deducting div. and sink, fund requirement on the 1st Pref. stock.
Union Twist Drill Co.—Incorporated.—
Sinking Fund.—An annual payment beginning Feb. 1 1921, of 10% of
The company was incorp. in Massachusetts on or about Jan. 2 1920.
the net profits for the preceding fiscal year, after payment of diva. on the
—See
V. 109, p. 2445; V. 110, p. 86.
1st and 2nd Pref. stocks and the sink, fund on the 1st Pref. stock shall be
applied to the purchase or redemption of 1st Prof. stock at not exceeding
Gas Improvement Co.—Notes Offered.—Drexel
United
Pref.
outstnading,
the
stock
1st
$110 and dim In case there shall be no
sink, fund shall be applied to the purchase or redemption of 2nd Prof. stock & Co. Phila., are offering at 99 and int., to yield over 7%,
In the same manner.—V. 110, p. 83.
Coupon notes dated Feb. 1
6%
Gold
87,500,000 One-Year
Struthers Furnace Co., Cleveland.—Pref. Stock Offer- 1920, maturing Feb. 1 1921. Bankers state:
Cincinnati, New York, &c.,,
Interest payable F. & A. Denom. $1,000. Company will pay both
ing.—A. B. Leach &
principal and interest without deduction for any State or Government
Co.,H. Fillmore & Co., Cincinnati, taxes,
Central Trust Co. and W.
excepting succession or inheritance taxes and the normal Federal
are offering at 99 and div. $1,250,000 7% cumul. Prof. income tax in excess of 29' p. a. Company assumes the payment of the
Pennsylvania State tax of four mills on holders resident in Pennsylvania.
(a & d) stock, par $100.
Capitalization, &c.—Company at the close of its fiscal year ending Dec. 31
Dividends Q.-F. Rod. all or part at 105 and div. on any div. date on
30 days' notice. Beginning Jan. 1 1922 company will set aside each year
10%, beginning Jan. 11927, 15%, and beginning Jan. 1 1923, 20%, of the
net earnings of the preceding year, after all proper deductions, for the
redemption of the Pref. stock at not exceeding 105 and div. No mortgage
without the consent of 75% of the outstanding Prof. shares.
Data from Letter of Pres. W. C. Runyon, Cleveland, 0., Dec. 5 1919.
Capitalization after this financing (no bonds) Auth. and Outstanding.
$1,250,000
Preferred stock (7% cumulative)
1,000,000
Common stock
Company.—Incorp. in May, 1896, in Ohio, and has an established trade
and reputation as manufacturers of basic Bessemer and foundry pig iron.
Property comprises over 34 acres at Struthers, 0. Equipment consists of
a modern blast furnace with a production of 15,000 tons of pig iron monthly
with modern equipment, such as blowing engines, hot blast stoves, &c.'
a new pumping plant, capacity 18,000,000 gallons of water dally,-a doubl,
1919 had capital stock outstanding of $61,029,800, and undivided profits
amounting to over $32.000,000. It has no funded debt and its net earnings
for the last 10 years have averaged an amount in excess of 13 times the
interest requirements upon this, its only issue of notes.
Purpose.—Proceeds will be used to retire an issue of like amount of notes
due Feb. 1 1920.—V. 109, p. 1707.
United States Gypsum Co.—Recapitalization Rumor.—
According to recent press reports the'company is to be recapitalized, the
Common stock being changed from shares of $100 par to no par value shares,
the present shares of $100 to be exchanged for the no par value shares in
the ratio of one old to five new. Action it is said will be taken by the stockholders at their annual meeting on Jan. 20.—V. 109, p. 1899.
United States Rubber Co.—Purchase of Property and
Business of Dolgeville Felt Shoe Co.—
270
THE CHRONICLE
The company on Jan. 12 announced the purchase of the entire
equipment, stock, goodwill and business of the Dolgeville Felt Shoeplant,
Co.,
Dolgeville, N. Y., manufacturers of felt shoes and slippers. The plant
consists of three factory buildings and employs several hundred workers.
It was organized in 1900 and has developed very rapidly. H.I. Patrie and
William Menge,owners for some years past, will remain with the Dolgeville
concern, which will continue to do business under the same name.-V.110,
P. 174.
United States Steel Corp.-Offers 60,000 Shares of
Common at $106 to Employees.-
[VOL. llo.
Wire Co. of Worcester, Mass. (V. 109, p. 1276, 2174), and
the Wickwire Steel Co., of Buffalo, N. Y.(V. 109, p. 2178
V. 102, p. 1353), have been completed, the name of the new
company to be the Wickwire-Spencer Steel Corporation, a
Massachusetts corporation, successor to Clinton-Wright
Wire Co. An authoritative statement says:
The Clinton-Wright Wire Co. is one of the largest manufactuiers of wire,
wire rope, screening, netting, fences, springs, hardware and other wire
The company has decided to offer 60,000 shares of Common stock to its specialties in the world. Its eight plants are located in Worcester, Mass..
employees at $106 a share. In making this announcement the company and vicinity.
The Wickwire Steel Co. is one of the largest manufacturers of high-grade
stated that all subscriptions above 60,000 would be honored. The terms of
the offering are the same BA in preceding years, the employees to be allowed steel wire material and its plants are located at Buffalo, N. Y.
The combined business of these two companies is a large and important
to pay for the stock in monthly installments. This year's subscription price
compares with $92 for 1919 and 1918; $107 for 1917 and $85 for 1916. No industry, independent and self-contained, with complete and modern
Common stock was offered for subscription in 1915, in which year the cor- plants in which are carried forward all the successive steps from the proporation discontinued its policy of offering to employees its Preferred stock. duction of iron ore (the basic raw material), its conversion into pig iron and
steel ingots, to the manufacture of wire rods and all forms of wire products
Steel Strike Officially Ended-Unfilled Orders.which the market demands.
See under "Current Events" in last week's "Chronicle," p. 130.
The consolidation is the outgrowth of the following businesses: Clinton
See "Trade and Traffic Movement" on a previous page.-V.110, p. 174. Wire Cloth Co., founded 1856; Morgan Spring Co., founded 1881; Wright
Wire Co., founded 1883; Spencer Wire Co., founded 1820; Wickwire Steel
United States Trucking Corporation.-Organized.Co., founded 1907.
Incorp. Dec. 12 1919 in New York and has acquired the business, assets
E. H. Rollins & Sons have formed syndicates for the purand goodwill of 27 representative trucking concerns operating in New York
City, including Meade Transfer Co., E. R. Lowe Co., Oscar S. Brununer, chase of the First Mortgage 7% Sinking Fund gold bonds
Inc., Monahan's Express, Healy & Callahan, Edward F. Kelly, William
Casey, Inc., S. Hannon, H. L. Sweet, Halvey Bros., Daniel & Kennedy, and the First Preferred Cumulative 8% stock shown in the
D. Gilroy & Sons, R. J. Mulligan, James F. Stanton, J. Laurence, J. J. following table of capitalization:
Sullivan, J. J. Gilian & Co., Matthew J. Sullivan, John F. Lange, R. H.
Authorized. Outstanding.
Thornberry, Kerwin Bros., P. Reardon, Inc., Richard Fitzpatrick andPaul First Mortgage 7% Sinking Fund gold bonds_ _ _330,000,000 $12,500,000
Veani.
First Preferred stock, 8% cumulative
•
The capitalization of the consolidated corporation is as follows: Auth. *Class A Common shares, entitled to cumulative 7,500,000 7,500,000
and presently to be issued, $2,000,000 8% Cum.Pref., par $100, and 80,000
divs. at the rate of $4 per share p.a., but no more 80,000 sh. 80,000 sh.
shares Common stock, no par value. No bonds. It is expected that a *Class B Common shares
250,000 sh. 250,000 sh.
public offering will be made in the near future.
* The Clam( A and Class B Common shares have a nominal or par value
Utah Copper Co.-Production (lbs.)of $5 a share, as under Massachusetts laws a nominal or par value of at
1919.
1918.
least $5 a share is required.
1917.
Month of Dec
9,005,591 13,835,000 16,250,000
It is expected that the board of directors will include:
12 mos. to Dec. 31
110,553,697 198,233,596 204,702,325
T.
Harry Wickwire Jr. President, and Ward A. Wickwire, Vice-President.
-V. 110, p. 86.
Harry W.Goddard,formerly Chmn.of Board of Clinton-Wright Wire Co.
Van Raalte Co., Inc.-Initial Dividend.George M. Thompson, V.-Pres. and Gen. Mgr. (formerly President of
The directors have declared an initial dividend of $1 75 per share on the Clinton-Wright Wire Co.).
Frank Kilmer, Treasurer,(formerly Treas. of
first and second pref. stock, both payable March 1 to holders of record Clinton-Wright Wire Co.). R. B. Young. Vice-Presdent of E. H. Rollins
Feb. 14. The company, it is stated, has acquired the Clark Textile Co. of & Sons.
Saratoga Springs, N. Y., which manufactures silk goods and knit goods.
-V. 109, p. 1994.
Wickwire Steel Co. of Buffalo.-Consolidation.see Wickwire-Spencer Steel Corp. above.-V 109, p. 2178.
Vulcan Detinning Co.-Dividends.A quarterly dividend of 1% has been declared on the Pref. stock and
Willys Corporation.-Earnings.also 1% on accumulations, both payable Jan. 20 to holders of record Jan. 10.
The net income for the four months ended Dec. 31 last, after making
In April, July and Oct. last 1% was paid on accumulations.-V.109,p.1185.
provision for Federal taxes, amounted to $.,656,998, which is at the rate
Results for Three and Nine Months ending September 30.
of more than four times the dividend requirements on the $15,000,000 8%
1919-3 Mos.-1918. 1919.-9 Mos.-1918. First Pref. stock. Those earnings were made without any benefit from the
Sales
$270,404 $452,182 $1,254,714 $1,211,174 manufacture of the new six-cylinder car which will be in production shortly.
Increase in inventories
13,009 dec. 6,151 dec. 77,435 dec. 16.226 -V. 110, P. 75.
Other income
8,032
4,822
21,957
11,560
World Wide Advertising Corp.-Incorporated.Gross income
$291,445 $450,853 $1,199,236 $1,206,508
See last week's "Chronicle," page 175.
Costs, gen. expenses, &c
277,168
940,507
375,485 1,082,333
Depreciation, taxes, &c
45,000
144,645
45,000
Balance, surplus
CURRENT NOTICES
$14,277
$30,368
$71,903 31Q1,356
Note.-Since April 1919 the company has been paying quarterly dividends
of 1X% and 1% on accumulated dividends.
-The formation of N. A. MacDonald & Co., Inc., with offices in the
Duel-Lapey Insurance Building, 120 Pearl Street, Buffalo, and with BevBALANCE SHEET SEPTEMBER 30.
erly L. Worden as Chairman of the Board and Norman A. MacDonald
1919.
1918.
1919.
1918.
Assets$
Liabilities$
as President and executive head, is announced. Tucker, Morris & LockPlant & equipl. 521,785 567,055 Pref.stk.,7%cum1,500,000 1,500,000 wood, Inc., of Ellicott Sugar% Buffalo, and
the well-known Hartford
Pats., proc., &c.3,200,000 3,200,000 Common stock_2,000,000 2 000,000
firm of Blake Bros. & Pimm are constituent elements in the new
(Conn.)
Cash
74,535 138,916 Accts. pay.&res_1 258,242 (169.415
U. S. Lib. bds_1 569,000 1145,500 Fed. tax reserve'
100,000 concern and give the MacDonald Company a big clientele at its very outset.
U.S.ctfs.ofindebi
1155,000 Surplus
770,025 746,274 Organized so as to cover all branches and departments of investment the
Accounts recelv_
73,558
88,270
new house will be active in every phase of the business. To enable them
Inventories
89,390 220,948
to cope with the many details incident to the conduct of such a varied
Total
4,528,268 4,515,689
Total
4,528,268 4,515,689 enterprise, the new organization has six vice-presidents, a treasurer and two
-V.109, p. 1186.
assistants and a secretary and two assistants. The officers are: Chairman,
Western Knitting Mills, Inc., Rochester, Minn.- Beverly L. Worden; President, Norman A. MacDonald. Mr. MacStock Sold.-Merrill, Cox & Co. and Fort Dearborn Securities Donald was the organizer of the Citizens Commercial Trust Company and
active head of that institution for a term of years. The Vice-Presidents
Co., Chicago, announce the sale at $22 per share, by adver- the
comprise Edwin S. Miller, August McLean, Sydnor J. Tucker (former
tisement on another page, of 95,000 shares of capital stock, president
of the investment banking firm of Tucker, Morris & Lockwood.
no par value. Bankers state:
Inc.), Alfred B. Pimm, formerly President of Blake Bros. & Pimm, and
Company.-Incorp. in Illinois to acquire all of the assets of the Western Robert W. Morris, who was a Vice-President of the Tucker, Morris & LockKnitting Mills of Mich., established over 30 years. 11p to 1916, principal
products were knitted wool socks, gloves and mittens, known as the "Big wood firm; Ira D. Lockwood, also a VicoPrsident of the now firm, was
Four Brand." In 1916 entered the wool cloth field when knitted cloth h e former Treasurer of the Lockwood firm. The other officials of the new
had just become known. In 1917 this new product was put on the market concern are: Treasurer, R. W. H. Campbell; Assistant Treasurers, A. G.0.
under the trade name "Wesnit.' Mills located at Rochester and Middle- Cooke and I. D. Brett; Secretary, E. I. Thompson, and Assistant Secreville, Mich., employing about 700 operators.
Capitalization.-Authorized, 150,000 shares; outstanding, 140,000 shares, taries, F. G. Driscoll and F. D. Jones.
no par value. No bonds or Preferred stock.
-Dansard-Hull & Company, members of the Detroit Stock Exchange,
Earnings.-Annual net earnings before taxes, for the 3 years ending with offices at 27 Congress Street,
West, Detroit, announce the admission
Dec. 31 1919 (2 months 19.9 est.) were $454,993, or equivalent to almost
Kirk G. Bumpus as a general partner in their business and incidentally
of
$3 25 per share. Earnings for 1920 are estimated at over $600,000.
[The Chicago Stock Exchange has admitted to list 140,000 shares, no par the change in their firm name to Dansard-Hull-Bumpus Company. Under
value. The directors are: Joseph Weissenbach, W.C.Chapman (V.-Pres.), the name of Bumpus & Company, Mr. Bumpus has been active in the buyL. B. Patterson, W. M. Dickey, Wallace Kay, Wilbur Kay, Gus Strauss, ing and selling
of municipal issues for over fifteen years both in and outside
Stanley G. Miller and E. H. Smith.I-V.• 109, p. 2178.
of the State of Michigan. •Mr. Dansard and Mr. Hull, both having to
Western States Oil & Land Co.-Capital Increase.their credit a record of ten years in the investment security field, will conThe company, it is stated is offering stockholders of record Jan. 19 the tinue in the management of the business. Mr. Bumpus will give special
right to subscribe to 1 35 additional shares of stock for each share now held. attention to the new company's bond department.
In all, 3,000,000 new shares are being offered at 80 cents a share, payment
-Stone & Webster, Boston, announced Jan. 1 that Frederick P. Royce.
for which is to be made on or before Feb. 7. The issue has been underwritten. Midwest Refining Co. owns about 51% of the capital stock. George 0. Muhlfeld, Henry B. Sawyer, Frederick S. Pratt, Harry H. Hunt
-V. 109, p. 2178.
and Howard L. Rogers had been made partners in the firm. All have boon
leading members of the organization for years and have had important
White Eagle Oil & Refining Co.-To Issue Stock.The company, it is stated, is offering 46,500 shares (no par value) of parts in its activities.
treasury stock to shareholders of record Jan. 15 at $22.50 per share. War-The Guaranty Trust Company of New York has been appointed
rants to be issued will entitle holders to secure 20% of their present holdings
in the new offering. Proceeds will be used for payments on the Fort Worth transfer agent of stock of the Alvarado Mining & Milling Co., registrar of
refinery, recently acquired, and for other expansion, including purchase the capital stock of the Metex Petroleum Corp. and dividend disbursing
of tank cars.-V. 109, P. 1374.
agent of the Preferred stock of the Hodgman Rubber Co.
-John D.Curtis & Co.of Boston announce the discontinuance on Jan. 2
Wichita (Kan.) Union Stock Yards Co.-Offering of
Bonds.-F. P. Wright Investment Co. Kansas City, are of their firm and the incorporation of the firm of Curtis, Stephenson & Co..
The new firm, composed of John D. Curtis and B. T. Stephenson,
Inc.
offering at 99 and int., $100,000 First Mortgage 6% Gold
will be located at 87 Milk St., Boston, Mass.
Bonds of 1914. Due Aug. 1 1934. A circular shows:
-"Investment News," financial weekly published in Chicago, announces
Re Interest payable F. & A. at Illinois Trust & Savings Bank, Ch icago
trustee. Redeemable at 10235 and int. Denom. $1,000, $500 and $100 ,he opening of its New York office at 25 Broad St., Room 1347, to be in
(0). Annual sinking fund 6% of all outstanding bonds.
charge of J. C. Adams, who has been associated with "Investment News" in
CapitalizationAuthorized. Outstanding. the West.
Capital stock
$1,500,000
$1,400,000
-Ross K. Boore, for 11 years with Harris, Forbes & Co., announces
First m.6s,incl. this issue
600,000
266,900
that he has opened an office in tho Coal Exchange Bldg., Wilkos-Barre,
Earnings for the Years Ending Dec. 31.
Pa.,
for the purpose of dealing in investment securities.
Year1914.
1915.
1916.
1917.
1918.
Gloss
$153,197
$166,162
$227,448
$269,786
$315,521
-Robert Le C. Hovey announces the opening of an office at 160 BroadNet
83,101
95,693
141,866
162,022
156,825
way, where he will engage in practice as a financial accountant and conCompare V. 99, D. 1838, 1916; V. 106, p. 197.
sultant in investment matters.
- Wickwire-Spencer Steel Corporation.-Consolidation.
-Columbia Trust Co. has boon appointed co-transfer agent of the capital
-Arrangements for the consolidation of the Clinton-Wright stock of Associated Welding Companies,
Inc.
JAN. 17 1920.]
Plc Tomntercial
THE CHRONICLE
Times.
COMMERCIAL EPITOME
Friday Night, Jan. 16 1920.
There is an increase in wholesale and jobbing trade, while
retail business is less active, owing partly to mild weather
at the West, and partly to a natural slowing down after a
long period of great activity. But there is a big demand for
iron and steel as well as textiles. The trouble is that production still lags behind the demand. Mills and factories
have a larger supply of coal, but short hours and inefficient
labor are handicaps not easy to overcome. The scarcity of
cars is also still a serious drawback. It affects the movement of grain, lumber and coal. Some kinds of steel are
bringing high premiums. And as to the car situation, it is
hoped that it is beginning to mend. Certainly, though cars
are still in short supply, they are more plentiful than recently.
And the movement of lumber and other building materials
has increased somewhat. This is a cheering factor at a time
when the country is so badly short of housing. Building
this spring is expected to be on a very large scale. The
production of coal is increasing. Hides and leather are
firmer. There seems to be no likelihood of an immediate
reduction in the price of shoes. Woolen clothing is selling
freely. Hereabouts the weather has latterly been cold and
raw, in sharp Contrast with that at the West. Collections
are in the main good. It is gratifying to notice that land
speculation at the West is falling off. Failures are still
noticeably fewer than in former years.
Of course, however, there is apt to be a fly in the amber.
Call money has risen. There is talk of a further rise in the
discount rates. To-day stocks broke and foreign exchange
declined. Wall Street is keenly watched by the commercial
world. Also the treaty has not been ratified. The Bolshevists have won new victories and London fears that England
may be drawn into a war with the so-called Russian "Government" to repel a possible invasion of Poland or even of
India. Prices are still high with production short. Of
course what the situation needs is larger production. The
deficit can only be made good under existing circumstances
by increased working hours or greater economy on the part
of the American people-something which they may have
to come to, however unnatural it would seem, to a people
always accustomed to plenty. Also something must be
done to promote our foreign trade. A big slump in exports
would naturally affect the buying power of the American
people, especially in the great agricultural and manufacturing sections of the country. Naturally, this in turn
would react upon domestic trade generally, adding this
drawback to the loss in foreign commerce, due to Europe's
crippled buying power. Yet, on the whole, the feeling in
this country is not uncheerful. Obstacles, it is believed, will
be surmounted. Europe will somehow get credits. It needs
our commodities and we need its custom. "One hand
washes the other," or must in this knotty problem, which
taxes the ingenuity of financiers and merchants at home and
abroad.
A world-wide conference to solve the present economic
problems is the aim of the Chamber of Commerce of the State
of New York. Paul Warburg, Frank A. Vanderlip, Thomas
W. Lamont and Alfred E. Marling were selected to represent
this country in the preliminary work leading up to this
exchange of ideas, and they are understood to have begun
their task on the 15th inst. Eminent citizens of Great
Britain, France, Holland, Switzerland, Denmark, Norway,
Sweden and the United States will address a memorial to
their respective governments laying down sound principles,
on the lines of which, the signatories believe, the solution of
the world's economic problems must be sought. The step
is being taken, the formal announcement says, because the
signatories are convinced that critical days are now imminent
for Europe and that no time is to be lost.
Butter prices have recently fallen, owing, it is stated, to
arrivals here of 144,480 pounds of Danish butter, which will
be followed by other shipments of daily products. Also
there have been arrivals from Holland favored by high
prices here and low exchange. Cold storage warehouses in
this State on Dec. 1 last held 21,418,516 pounds of butter,
against 12,187,247 pounds at the same time in 1918 and
20,503,720 dozen eggs, against 11,039,880 dozen in 1918.
The export demand at American butter markets is not so
large as expected, and the very low rate of exchange is
causing Scandinavian Europe to send foodstuffs to this
country. That may help materially to relieve food conditions here. Strange as it may sound, Dr. George Frederick
Kunz, gem expert, finds that the rise in the cost of diamonds
is partly the result of increased purchases by shipyard workers, municipal workers, in farming districts, at ports of embarkation, and in large cities near which camps have been
located. It is said that the working classes are spending
more freely than the wealthy.
Julius 11. Barnes warns wheat and flour handlers of price
hazards which may confront them after the withdrawal of
Government control on June 1 next. Wheat prices fell early
in the week 25 cents per bushel.
London cables state that both Sauerbeck's and "Economist's" index numbers of British commodity prices are reported at record high prices at the end of December. The
271
former was 235.4, compared with 231 the preceding month,
and the "Economist" at 7,364, against 6,985.
The Boston Shoe Dealers' Association says that shoe
prices must be raised. High cost of materials, a big domestic
and export demand and under-production due to labor troubles are among the reasons given.
At the present level of clothing prices any increase cannot
be met by the public, said Howard Figg, assistant to Attorney-General Palmer, to the National Association of Retail
Clothiers. Prices should go down within six months, he
said, and if they don't the Government is determined to find
out why not. Clothing is not only high but the qualityis
notoriously inferior to that sold formerly for half the price.
LARD quiet; prime Western 24.80@24.90c.; refined to the
Continent 270.; South America 271/0.; Brazil in kegs 283c.
Futures have declined with grain. This offset the firmness
of prices for hogs early in the week. Stock yard interests
have been sellers at Chicago. Exports, however, have been
liberal. Shorts have been buying. Last week the exports
from New York were 7,503,330 pounds.of lard and 29,872,745
pounds of bacon. To-day prices declined and closed lower
than last Friday.
DAILY CLOSING PRICES
Sat.
January delivery_ _ _cts_23.90
May delivery
24.90
July delivery
25.22
OF LARD FUTURES
Mon. Tues.
Wed.
24.10 23.97
24.00
24.77
25.05
24.80
25.40
25.12 25.05
IN CHICAGO.
Fri..
Thurs.
23.97
24.15
24.95
24.75
2512
25.20
PORK quiet; mess $45 50@$46; family $52@$53; clear
$44@$50. January pork closed at 38.80c., a decline for the
week of 200. Beef slightly easier; mess $18@$19; packet
$19@$20; extra India mess $45@$47; No. 1 canned roast
beef $3 25; No. 2, $6 25. Cut meats firmer; pickled hams,
10 to 20 lbs., 243@26c.; pickled bellies 25(4)27c. Butter,
creamery extras, 62M@630.; other grades 51@63c. Cheese,
flats, 20@33c. Eggs, fresh gathered extras, 76c.. first to
extra firsts 72@75c.
COFFEE on the spot quiet but steady; Rio No. 7, 16(4)
16Y4c.• Santos No. 4 25 M@253
/
4c.; fair to good Cucuta
28@)28 Mc. Futures declined, partly owing to reports that
the Brazilian Government had been selling. This offset
what is regarded as a strong statistical position. Long liquidation has been very noticeable, althoguh Brazilian prices
have advanced. Firm offers, too, have been strong. The
stock at Rio of 124,000 bags withdrawn in July 1918, is said
to have all been sold. The Santos Government, it appears,
sold recently 250,000 bags. The quantity held under valorization is now stated at 2,669,000 bags, mostly of high
grades, supposed to be easily salable. It is part of the gossip
here, however, that the Sao Paulo Government is supposed
to be bulling futures at Santos in order to make a market to
sell on. This is one reason why so little attention has been
paid to the Santos cables, reporting higher prices. The
world's visible supply of coffee, exclusive of Brazilian Government stocks, on Jan. 1, however, was only 6,957,718 bags,
the smallest in over twenty years. It compares with 11,111,401 bags in 1917 and 10,430,976 in 1916. For twenty
years the supply on Jan. 1 ranged from 7,000,000 to over
16,000,000 bags. The decrease during December was
379,607 bags. In reply to an inquiry from the New York
Coffee Exchange regarding the Government's stock at Rio,
.the Comtelburo, Ltd., has cabled the following: "Twenty
seven thousand bags, representing Food Controller's requisition, distributed to local roasters and transferred in September by Government to free stock. Rumored with appearance of veracity that part or whole of balance of 97,000
bags privately sold in Rio market, but official confirmation
unobtainable." To-day prices here closed 15 to 18 points
higher, but they end lower for the week. Closing prices:
Jan_ _ _cts_15.85©15.88 I May_ ..cts_16.16©16.171Sept _cts _15.05016.10
March _ _MOO ©16.011July
16.35018.37IDecember _15.90 ©15.91
SUGAR in better demand; centrifugal, 96-degrees test,
Cuban, 13.040.; Porto Rican, 150. The strike of longshoremen in Cuba has checked business to a considerable extent,
but the outlook there now seeing better. Cuban sugar has
been sold for clearance this week at 12 cents cost and freight
to refiners. Later January shipments were quoted at
11'gc. Cuba for February f. o. 'b., 11(4)11 Xo.; March to
May, 10Mo. Porto Rico, it is stated, has been offered at
15 cents delivered. Trading on sugar futures here may
possibly be renewed before long. Refiners are delivering as
a rule on allotments to the regular trade at varying prices,
i. e., 15 to 16 cents for fine granulated.
OILS.-Linseed quiet and unchanged; January, February.
and March in car lots $1 77; April, $1 72; and May-September, $1 62. Lard strained winter, unchanged at $1 80;
extra $1 70. Cocoanut oil, CeYlon, barrels, 19%©19c.;
Cochin 203
/0. Olive higher at $2 75@$3 10. Corn oil,
refined, car lots, 23.560. Cod, domestic, 1.100.• Newfound' Common
land, 1.12@1.14c. Spirits of turpentine $1 97.
to good strained rosin $19 20.
PETROLEUM in brisk demand and firm; refined in barrels 20@21c.• bulk New York 13@14c.; cases New York
24.74@25.75(;. Gasoline also in good demand and higher;
motor gasoline, in steel barrels, 263/2c.; consumers, 283o.;
gas machine, 433c. It is declared that salt water infiltration in some oil wells in Louisiana amounts to as much as
40% and affects a considerable portion of the Homer field;
also that some wells have stopped flowing and others have
been pinched in. It is said that water thus far affects those
wells in the deep sand in a southeasterly direction from the
fault line, which cuts diagonally through the Homer field
from northeast to southwest. Wells to the northwest of the
272
1.ilE CHRONICLE
[VoL. 110.
fault line in shallow sand, it is asserted, have not been affecThe following shows the week's total receipts, the total
ted and are expected to be of much longer life than those in since Aug. 1 1919 and the stocks to-night, compared with
deep sand. The Texas Co. has advanced gasoline one cent a, last year:
gallon in Alabama, Florida, Georgia and Mississippi. Following prices are now in effect: Alabama, 25 cents minimum,
Stock.
1918-19.
1919-20.
27 cents maximum; Florida, 243' cents min., 27 max.; . Receipts to
This Since Aug This Since Aug
Jan. 16.
Georgia, 253/20. min., 273/2c. max.; and Mississippi, 25 cents.
Week. 1 1919. Week. 11918.
1920.
1919.
Kerosene prices have advanced one cent a gallon in Alabama, Galveston
68,574 1,387,342 71,297 1,065,251 275,938 310,326
Florida, Georgia and Mississippi.
Texas City
30,145
12,062 211,866
6,560
79,778
----
Pennsylvania
$3 13
$5 00 Indiana
Corning
3 60 Princeton
3 27
°shell
3 42 Illinois, above 30
Somerset, 32 deg.
degrees
3 27
and above
3 25 Plymouth
2 78
Ragland
1 75 Kansas&Oklahoma 3 00
Wooster
3 70 Corsicana, light_ 2 75
North Lima
3 23 Corsicana. heavy 1 35
South Lima
3 23 Electra
3 00
Strawn
$3 00 Aransas Pass_
3 00 Port Arthur, &c_
Thrall
367
2 25 New Orleans
Healdton
40,156
Moran
3 00 Mobile
8,600
Henrietta
3 00 Pensacola
3 63 Jacksonville
Canada
35
Caddo. La., light_ 2 75 Savannah
37,993
Caddo heavy
1 50 Brunswick
11,000
De Soto
2 90 Charleston
4,859
Wilmington
4,170
RUBBER declined, then became firmer, in response to Norfclk
stronger London advices. Trade has been quiet, however. N'port News, &c_ 14,518
243
New York
235
Asking prices were 533'c. for ribbed smoked sheets and first Boston
1,242
latex pale crepe, spot and nearby, 539o. for February- Baltimore
4,376
644
March arrival, 543jc. for April-June, and 543'c. for last Philadelphia
half of the year; Para up river fine 49c.; Caucho ball upper
Tettnla
ono 074 A
35c.; Central, Corinto, 34Mc.
OCEAN FREIGHTS have been quiet and weak, as tonnage is plentiful. Some ships, it is said, are leaving halfladen and many return in ballast. And the United States
Railroad Commission has again put a ban on the exportation
of coal. Europe is reported a less insistent buyer of American commodities, having in some cases replenished its supplies. Charters include 20,000 quarters of grain from St.
John, N. B., to Greece at 30 s.; coal from Virginia to Greece
at $29, January; linseed from Buenos Aires to New York
$29 February; coal from Virginia to Pernambuci or Bahia
$12; coal from Virginia to Santos $15; coal from Philadelphia
to Guadaloupe $9 50; coal from Norfolk to Sagua $7 50;
coal from Atlantic Range to West Italy $24 50; coal from a
Virginia port to Buenos Aires, 75 shillings; coal from North
Atlantic port to Buenos Aires, $12: logwood Haiti to Mobile
$6; eight months time charter in general trade $8 50 January.
TOBACCO has been quiet, as is not unusual at the beginning of the year, when stock-taking engages general attention. But this is regarded as a mere lull before the resumption of activity on a noteworthy scale in the near future.
What is more, prices are firm and holders are hopeful and in
many cases confident of an advance before long.
COPPER still in fair demand and slightly higher; electrolytic 193@193'c. The production for the month of November was 105,835,000 pounds, against 108,345,000 pounds
in October. Tin lower at 62@033/2c. Lead remains
quiet but higher at 8N,c. spot New York and 8Ysc. for spot
St. Louis. Zinc in fair demand but slightly lower; spot New
York 9.55c.; St. Louis 9.20c.
PIG IRON has sold to a considerable extent for the second
half of this year, and prices are strong. Many think the
trend is upward. Nearby and first quarter deliveries are
exceedingly hard to get. Makers are heavily sold ahead.
They are as a rule awaiting developments. As it is so difficult to fill domestic wants, export business is in abeyance,
although there is said to be a sharp export demand.
STEEL is in keen demand and it is growing. Makers are
not at all anxious to sell. They are in some cases selling for
delivery only at the earliest possible date. Buyers have to
be satisfied with that. Deliveries seem to be growing more
distant. Scarcity of labor hampers output. Most concerns are running at about 75 to 80% capacity, and there
seems to be little prospects of an early improvement. Railroads are still inquiring for rails. Plates have advanced $5
per ton in one instance at Chicago. Slab, sheet bars and
forging billets have recently advanced about $2. Tubular
products are held at $10 per ton higher. There is a fair
export business with Japan,South America and South Africa.
As a rule the trouble in the steel trade is not to sell the product but to satisfy the demand within a reasonable time of
delivery. Prices are believed to have an upward tendency.
Friday Night, Jan. 16 1920.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
209,074 bales, against 224,546 bales last week and 213,945
bales the previous week, making the total receipts since
Aug. 1 1919 4,235,761 bales, against 3;081,150 bales for the
same period of 1918-19, showing an increase since Aug. 1
1919 of 1,154,611 bales.
Sat.
Mon.
Tues.
9
$
Wed.
Thurs.
8,122 13,947
2,917
____
9,286 6:529
2,518
1,367
Fri.
Total.
6,105 68,574
1,053 12,062
367
367
6,401 40,156
1,318 8,600
35
35
6,926 37,993
11,000 11,000
804
583 1,200 4,859
735
395
962 4,170
1,305 2,120 1,964 14,518
43
------------235
48 1,242
253
'781
4,376 4,376
____
644
222
_---
4.,- §iii
6-,ig5
20 70 29 991
Al 008 900 074
I
474,505
27,439
465,038
22,207
5,779
283,080
5,731
57,096
52,817
95,647
10.500
289.705
3,000
56,708
51,964
110,100
92,168
60,254
14,482
5,444
10,355
6,801
6,117
11,760
AA." 060 1 440 950
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- I
1920.
1918.
1919.
68,574
Galveston_ _
TexasCity,Wc.
12,429
New Orleans_
40,156
Mobile
8,600
Savannah__.._
37,993
Brunswick....11,000
Charleston, r
4,859
Wilmington..
4,170
14.518
Norfolk
N port N.,&c.
243
All others
6,532
71,297
.1,681
32,788
5,126
25,637
2,500
5,027
2,381
7.826
7,686
1917.
24,302
73,652
10,140
5,038
35,499
17,971
1,138
1,339
8,625
21,149
1,000
1,500
1,938
8,352
208 ' 761
5,055
8,909
248
143
8,302
19,143
1916.
42,624
20,528
32,673
2,291
16,705
5.000
3,360
4,063
10,726
7,482
10,337
1915.
160,472
43,708
70,185
6.355
75,032
12,000
13,160
7,956
25,313
3,587
7,395
Total this wk.' 209,074 161,949 130,483 123,929 155,789 425,164
gun... Am. 1 14 92A 7R1 2 nRi i RA Q 12KII 2RQ K AVI 799 A Fa9 1R9 A ARA RA7
The exports for the week ending this evening reach a total
of 269,674 bales, of which 137,437 were to Great Britain,
19,971 to France and 112,266 to the other destinations. Exports for the week and since Aug. 1 1919 are as follows:
Week ending Jan. 10 1920.
Exported toExports
fromGalveston
Texas City_
Houston,,
Pt. Nog.,&c.
New0'leans
Mobile
Pensacola
Jacksonville
Savannah _Brunswick _
Charleston
Wilmington
Norfolk _ _ _
New York__
Boston
Baltimore _
Philadelphia
Providence _
San Fran
Los Angeles
Seattle.
Tacoma
Portland
From Aug. 11910 to Jan. 16 1920.
Exported to-
Great
Great
Britain. France. Other. Total. Britain. France.
44,154
25,944
1,280 45,434 855,047
25,944 99,009
45,336
44,464 67,009 196,242
57,466
17,840
19,216
17,421 39,682 57,103 170,405
15,029 125,878
15,929
13,443 74,105
13,443
11,963 29,363
11,063
3,723 58,013
1,373 2,350
1,893 2,404
6,248
511
3,367
250
250
1,713
325
325
200
50 1,250 10,530
1,000
375
6,020 6,020
22,545
18,877 18,877
Other.
Total.
68,341 231,732 1,156,020
113,580
13,611
45,336
184
184
56,500 319,830 572,581
950 80,280
21,864
17,840
999 20,215
145,660 344,772 660,837
125,878
19,149 10,725 103,979
10,847 65,828 112,038
2,350 33,163 93,526
6,270 75,085 88,203
1,032
1,257
6,556
500
2,213
4,383 24,113
200
375
30,273 36,273
929
929
96,564 00,564
13,521 13,521
1,799
1,790
Total.... 137,437 19,971 112,266260,674 1,781,013 352,558 1,239,269 3,372,840
Total '18-19 55,505 1,000 26,309 82,814 1,140,328 316,059 708,6792,165,066
Total '17-18 66,529 7,809 44,537 118,875 1,540,213 341,005 742,434 2,623,652
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared forGerOther CoastGreat
Jan. 16 at- Britain. France. many. Cont.t. wise.
COTTON
Galveston
12,988 12,179 15,233
Texas City
2,424 4,045 1,623
Pt. Arthur, &c. _
New Orleans.... 5-,915 4-,484 7.741
Mobile
727 1,857
813
Pensacola
Jacksonville
Savannah
.,.8 . 8-,:i6e
57igi
Brunswick. _
254
976 1,042
Charleston
Wilmington
370
710
998
Norfolk
2,718 3,389 3,()22
N'port News,&c.
New York
58
Boston
____
85
75
Baltimore
Philadelphia
40
257
125
ainsala +Ma waale 21 90c 22 460 20 296
1,801
17,317
62,921 1,681
700,747 32,788 798,556
201,053 5,126
90,534
12,020 4,782
9,422
9,177
647
14,968
891,476 25,637 611,764
111,800 2,500
51,950
189,021 5,027 110,706
107.239 2,381
63.211
237,257 7.826 177,454
2,497
--_
2,909
12,986 1.149
4,401
12,170
188
16,984
70,890
920
15,648
13,498
____
30
99c 761 161 0405 mai 1CA 1
Galveston
New Orleans__
Savannah
Charleston
Mobile
Norfolk
Now York *
Other ports *__
64,442
18,809 21,993
14,000
-6,900
1,600
2,000
10,000
500
Total.
4,948 19,995 11,500 100,885
4,873 64,918
110,593
7,000 a14,000 3,000 38,000
1,500 1,500
a3,500
22,000
750
750
3,000
5,500
11,000
1,000
Leaving
Stock.
175,053
363,912
245,080
55,596
5,439
94,897
54,754
157,1 0
Total 1920_ 126,161 24,093 16,821 106,413 16,750 290,228 1,151,841
Total 1919..., 109,899 30,106
60,570 6,400 206,975 1,242,255
Total 1918._ 37.654 44.831
28.008 20.698 132.091 1,233,627
* Estimated. a Including for Japan at Mobile, 400; Savant)Ill, 6,000
Speculation in cotton for future delivery has boon on a fair
scale at irregular prices, declining early in the week, rallying later, but falling still later. The outbreak of serious
riots in Berlin had a more or less serious effect, especially
as they were followed by the declaration of martial law
throughout Germany. This will of course have some tendency to discourage the export trade with Germany. At
times Liverpool has declined. Money has been up to 18%.
Foreign exchange has latterly fallen. On the 15th inst.
marks were 1.80 and to-day 1.73. Now and then there were
reports that spot prices in some parts of the South were
easy, especially on the lower grades, and the demand was
only moderate. This was said to be especially the case in
some parts of Texas. And it was reported that the Federal
Reserve banks would again raise discount rates. This had
JAN. 17 1920.]
273
THE CHRONICLE
The official quotation for middling upland cotton in the
some effect for a time on the 15th inst., though later on it
was denied. But things have come to such a pass that a New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
Jan. 10 to Jan. 16committee of American and European business men has, it
39.25 39.25 39.25 39.25 39.25 39.25
seems, been formed to see what can be done towards a re- Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
adjustment of the economic relations between the United
8.19
13.80 1896_c
9.60 1904_c
39.25 1912..c
States and Europe. And despite oft repeated predictions 1920_c
5.75
8.95 1895
14.80 1903
29.85 1911
1919
to the contrary by hopeful politicians, including Col. William 1918
8.12
8.31 1894
14.55 1902
32.55 1910
9.50
9.88 1893
9.70 1901
17.50 1909
1917
J. Bryan, the treaty of peace has not yet been ratified. Spot 1916
7.56
7.62 1892
12.10 1900
12.50 1908
prices at Liverpool have dropped sharply. • Now and then 1915
9.50
6.00 1891
10.70 1899
8.20 1907
10.50
5.88 1890
12.15 1898
12.85 1906
Liverpool has sold here to a greater or less extent. The 1914
9.94
7.25 1889
7.25 1897
12.90 1905
South has been quite a free seller for hedge account. Wall 1913
Street'sold freely. The utterance of Sir George Paish and
MARKET AND SALES AT NEW YORK.
Frank Vanderlip have been regarded as more or less pessiThe total sales of cotton on the spot each day during the
mistic, as to the commercial and financial situation at home week at New York are indicated in the following statement.
on abroad, or both.
For the convenience of the reader we also add columns which
Also some believe that the present high price will bring show at a glance how the market for spot and futures closed
about a large increase in the acreage and in the natural on same days.
eourse of things a considerable increase in the crop. They
SALES:
Futures
Spot
•scout the idea of a sixth short crop in succession. Neill
Market
Market
Brothers stick to their crop estimate of 11,700,000 bales,
Closed.
Spot. Contr1.1 Total.
Closed.
exclusive of linters, and of a world's consumption of AmeriSteady, unchanged_ Easy
can cotton of 12,500,000 bales, which, it is true, is higher Saturday___
Steady, unchanged_ Steady
Monday
than some estimates, but lower than others. Textiles con- Tuesday --- Quiet, unchanged__ Steady
100
100
Wednesday_ Quiet, unchanged.._ Steady
tinue to arrive from England, France and Belgium. Even Thursday
Steady, unchanged_ Steady
butter has been received from Holland and Denmark. Friday
Steady, unchanged 'Barely steady
These are considered by some to be signs of the times. In
, 100
100
Total..
other wordst American markets are tempting. Europe will
try to exploit them. It will be favored by the abnormally
VISIBLE SUPPLY OF COTTON to-night, as made
low rates of exchange. There has been a strike of 200,000 upTHE
cable and telegraph, is as follows. Foreign stocks a
mill operatives at Bombay. Some think that the mills at wellby
as the afloat, are this week's returns, and consequently
home and abroad are pretty well supplied for the time being. all foreign
figures are brought down to Thursday evening.
At any rate spot sales at Liverpool have dropped to 5,000 to But to make
the total the complete figures for to-night
8,000 bales a day. Finally, not a few are looking for a (Friday), we add
the item of exports from the United States,
process of deflation during the year 1920. They argue that including in it the
exports of Friday only.
war-inflated prices cannot endure indefinitely. High prices
1917.
1918.
1919.
1920.
Jan.16tend to encourage economy. The big decline in wheat Stock
bales_- 905,000 447,000 441,000 837,000
at Liverpool
29,000
22,000
17,000
11,000
at London
reported early in the week, i. e. 25 cents per bushel, was not Stock
97,000
68,000
126,000
71,000
Stock at Manchester
without some effect for the moment on cotton.
1,042,000 535,000 531,000 963,000
Total Great Britain
On the other hand, prices have latterly advanced at times
*1,000
Stock at Hamburg
on the firmness of spot cotton and nearby futures, notably Stock
*1,000
Bremen
at
224,000
66,000 139,000 272,000
March. May, however, has also shown quite a little Stock at Havre
4,000
1,000
4,000
2,000
Marseilles
Stock
at
strength. Practically no January notices have been issued. Stock at Barcelona
86,000
47,000
26,000
80,000
129,000
23,000
27,000 210,000
Japanese interests, it is understood, bought spot cotton late Stock at Genoa
*1.000
on the 14th inst. at New Orleans to the amount of 5,000 Stock at Trieste
bales. Carolina mills were reported at the same time to be
• 435,000 116,000 217,000 575,000
Total Continental stocks
buying more freely. Memphis has reported a sharp de1,477,000 651,000 748,000 1.538,000
Total European stocks
mand. Reports from Georgia have also been inspiriting. India
78,000
43,000
73,000
30,000
cotton afloat for Europe
765,661 317,282 242,000 472,568
Amer. cotton afloat for Europe
And towards the close of the week money fell off to 8% as Egypt,Brazil,&c.,afloat
90,000
for Eur'e .07,000
48,000 139,000
the highest, and stocks at one time advanced. Governor Stock in Alexandria, Egypt
243,000 392,000 328,000 186,000
556,000 *555,000 *510,000 550,000
Harding of the Federal Reserve Board said that there was no Stock in Bombay, India
1,442,069 1,449,230 1,365,718 1,471,000
ports
U.
S.
Stock
in
immediate intention of raising rates of discount. This of Stock in U. S. Interior towns__ _ -1,318,693 1,489,037 1,297,609 1,273,617
6,190
15,160
33,014
25,195
itself had a heartening effect in and out of Wall Street on U. S. exports to-day
cotton as well as other things. And there are persistent
6,015,437 4,956,744 4,688,487 5,665,384
Total visible supply
reports that strenuous efforts are being made at Washington
Of the above, totals of American and other descriptions are as follows:
Americanto get together and ratify the Treaty at an early date.
bales_ 672,000 291,000 274,000 682,000
Liverpoolstock
Rules have been devised, it is understood, by the Federal Manchester stock
74.000
24,000
32,000
•
82,000
361,000 *86,000 *184,000 *482.000
Reserve Board at Washington for the operation of the Continental stock
472,568
242,000
317,282
Europe
765,661
for
afloat
American
Edge Act. Exports at times have been quite liberal. Large U. S. port stocks
1,442,069 1,449,230 1.365,718 1,471,000
receipts at the ports recently are taken by some as presaging U. S. interior stocks
1,318,693 1,489,037 1,297,609 1,273,617
6,199
15,160
33,014
25,195
exports
to-day
U.
S.
large exports in the early future. Cotton goods are very
active and strong all over the world. The mills are making
4,674,437 3,689,744 3,402,487 4,461,384
Total American
East Indian, Brazil, &c.
extraordinary profits in some countries. At Bombay it is
233,000 156,000 167,000 155,000
stock
said that the best mills are making 300% a year. Later Liverpool
29,000
22,000
17,000
11,000
London stock
23,000
44,000
44,000
39,000
stock
Manchester
news from Germany was taken to be more reassuring.
74,000 *30,000 *33,000 *93,000
Continental
stock
The German Government is dealing with the situation with India afloat for Europe
78,000
43,000
73,000
30,000
90,000
48,000 139,000
&c., afloat
107,000
an iron hand. Many of the rioters in Berlin have been Egypt, Brazil,
186,000
328,000
Egypt
243,000
392,000
Alexandria,
Stock
in
killed or wounded. It may prove to be a salutary lesson. Stock in Bombay. India
556,000 *555,000 *510,000 550,000
German seaports are not supposed to be seouslY
seriously af1,267,000 1,286,000 1,204.000
India,
&c
1,341,000
Total
East
fected. The whole trouble may prove to be short-lived.
4,674,437 3,689,744 3,402,487 4,461,384
Total American
Meanwhile German mill interests are supposed to want
6,015,437 4,956,744 4,688,487 5,665,384
Total visible supply
American cotton. They have always taken it freely in Middling
28.66d. 19.04d. 23.25d. 10.94d.
uplands, Liverpool
normal times.
17.35c.
29.10c. 31.75c.
39.25d.
Middling uplands, New York
30.79d. 31.95d. 26.20d.
sakel,
Liverpool___
68.50d.
Egypt,
good
Liverpool has at times been a good buyer here. Contracts
good. Liverpool_ 45.00d. 37.00d. 45.40d. 18.00d.
Peruvian,
rough
became scarce later in the week. Wall Street shorts bought Broach, fine. Liverpool
24.85d. 18.42d. 22.05d. 10.45d.
25.00d. 18.67d. 22.30d. 10.57d.
considerable March and May. These months became the Tinnevelly, good, Liverpool
leaders, especially March. And of course futures are still
* Estimated.
at heavy discounts under spot cotton. Much stress is laid
Egyptian
on this fact by believers in higher prices. The
Continental imports for past week have been 68,000 bales.
crop, it is said, will be smaller than the last one and Egyptian
The above figures for 1920 show an increase over last week
prices at Liverpool advanced sharply. To-day prices de- of 106,274 bales, a gain of 1,058,693 bales over 1919,an excess
clined, owing to a break in Liverpool, fears that there may of 1,326,950 bales over 1918 and a gain of 350,053 bales
be war between England and Russia growing out of "Red' over 1917.
victories and fear of an invasion of Poland, perhaps India,
QUOTATIONS FOR MIDDLING COTTON AT OTHER
and predictions of an increase in the discount rate in this MARKETS.-Below are the closing quotations of middling
country by the end of January. Selling was general. Spot cotton at Southern and other principal cotton markets for
markets declined in some cases and did not move in others. each day of the week:
The ending is lower for the week. Middling upland spot
cotton remains at 39.250., as a week ago.
Closing Quotations for Middling Cotton onWeek ending
The following averages of the differences between grades,
Saturday. Monday. Tuesday. Wed'day. Thursd'y, Friday.
Jan. 16.
as figures from the Jan. 15 quotations of the ten markets,
42.50
42.25
42.25
42.75
42.75
42.75
designated by the Secretary of Agriculture, are the differences Galveston
40.25
40.25
40.50
40.25
41.00
Orleans.. 41.00
from middling established for deliveries in the New York New
39.00
39.00
,39.00
39.25
39.50
39.25
Mobile
40.00
40.00
40.00
40.00
Savannah
40.00
40.25
market on Jan. 22:
3.28 on
Middling lair
Strict good middling
2.53 on
1.95 on
Good middling
Strict middling
1.05 on
Strict low middling
2.48 off
8.55 off
Low middling
*Strict good ordinary
9.43 off
11.80 off
*Good ordinary
Strict good mid. "yellow" tinged-1.31 off
Good middling "yellow" tinged...2.30 off
Strict middling "yellow" tinged-3.35 off
4.90 oft
*Middling "yellow" tinged
*Strict low mid."yellow" tinged_7.15 off
*Low middling "yellow" tinged_10.10 off
Good middling "yellow" stained.4.78 off
*Strict mid. "yellow" stained.„8.18 off
7.55 off
*Middling "yellow" stained
*Good middling "blue" stained _5.85 off
*Strict middling "blue" stained .8.93 off
8.35 off
*Middling "blue" stained
*These ten grades are not deliverable
upon new style contracts.
Charleston
Wilmington _
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
Dallas
Houston
Little Rock_
_ 39.00
38.75
40.00
39.50
40.00
40.00
41.75
40.50
38.34
39.00
40.00
39.50
40.00
40.00
42.10
41.50
40.00
40.00
38.25
39.00
40.00
39.50
40.00
40.00
42.05
41.50
40.00
38.50
38.75
40.00
39.50
39.75
40.00
41.70
41.25
39.50
39.00
139.00
140.00
39.50
39.75
40.00
42.30
42.00
40.00
38.50
38.75
40.00
39.50
39.50
40.50
41.85
41.50
40.00
274
THE CHRONICLE
[VOL. 110.
AT THE INTERIOR TOWNS the movement-that is,
Brownsville, Tex.-Rain on two days of the week with prethe receipts for the week and since Aug.1, the shipments for cipitation of forty hundredths of an inch. Average therthe week and the stocks to-night, and the same items for the mometer 53, highest 64, lowest 42.
corresponding period of the previous year-is set out in
Dallas, Tex.-There has been rain one one day of the
detail below:
week to the extent of seven hundredths of an inch. The
thermometer has averaged 45, the highest being 58 and the
Movement to Jan. 16 1920.
Movement to Jan. 17 1919.
lowest 32.
Towns.
Receipts.
Ship- Stocks
Receipts.
Ship- Stocks
Palestine, Tex.-Rain on three days of the week. Rainfall
mitts. Dec.
meats. Dec.
Week. Season. Week.
12.
forty-eight hundredths of an inch. The thermometer has
Week. Season. Week.
12.
ranged from 30 to 54, averaging 42.
Ala.. Eufaula_
215
5,145
362 3,208
84
4,044
____ 2,704
Montgomery
1,129 61,682 2,301 19,831
615
55,972
338 26,339
San Antonio, Tex.-Rain on four days of the week with
Selma
34,837 1,755 4,134
392
402
52,684 3,757 20,660
Ark. Helena.._
25,422 1,112 8,565
468
300 27,547
409 7,469 precipitation of one inch and fortyseven hundredths. AvLittle Rock..
4,443 148,881 6,874 53,250 3,994 111,305 4.487 44,543
Pine Bluff
22,330 2,000 17,000 3,000 83,357 3,000 42,807 erage thermometer 46, highest 60, lowest 36.
Ga., Albany
56
9,137
69 2,639
9,874
79
35 4,636
New Orleans, La.-There has beei rain on four days of the
3,765 114,169 5,100 43,513
Athens
571
94,882 2,580 44,191
5,475 178,555 10,532 34,283 6,760 128,856 6,946 26.690 week to the extent of two inches and five hundredths. The
Atlanta
Augusta
13,441 411,735 18,114 193,760 9,828 283,392 5,296175,258 thermometer has averaged 52.
Columbus..
532
33,503 1,695 23,144 1,985
48,899
385 29,100
Macon
6,658 186,673 8,344 49,348 3,000 131,913 3,400 35,571
Shreveport, La.-Rain on six days of the week. Rainfal
Rome
1,000
44,716 1,000 14,746
768 37,342
515 15,253
La., Shrevepor
2,376
64,612 2,441 56,809 2,199 102.767 2,143 52,901 eighty-two hundredths of an inch. The thermometer has
Mlss.,Coltimbus
40
14,457
90 6,538
198
15,821
242 5,399 ranged from 28 to 52.
Clarksdale
2,500 105,580 4,017 49,000 4,091
95,210 4,012 48,403
Greenwood
2,000 95,438 4,000 33,600 2,500 100,378 3,900 43.600
Mobile, Ala.-There has been rain on four days of the
Meridian
1,633
30,317 1,473 11,101
448
31,341 1,589 14,626
Natchez
24,492
175
807 11,250
656
33,775 1,589 15,345 week to the extent of fifty-seven hundredths of an inch.
Vicksburg..
307
15,303
263 10,263
900 24,549
900 12,553 The thermometer has averaged 51 the highest being 68 and
Yazoo City
292
31,793 1,258 11,470
308 30,022_ 17,926
Mo.. St. Louis_ 12,652 424,102 13,055 7,678 18,500 302,670 18,200 23,935 the lowest 36.
N.C.,Gr'nsbor
1,710
31,273 3,945 8,765
600 21,492
800 8,800
Selma, Ala.-Rain on three days of the week. Rainfall
Raleigh
395
8,888
250
462
254
4.866
356
100
0. Cincinnati_ 1,500
32,200 2,000 22,000 3,200 75,683 3,000 14,200 forty hundredths of an inch. The thermometer has ranged
Okla., Ardmo
from 29 to 60, averaging 47.
Chlckasha..
14,035
____ 4,397 1,616
31,226 1,558 10,558
Hugo
Savannah, Ga.-Rain on one day of the week with precipi521
22,136
707 3,312
500 26,247
548 3,900
Oklahoma........
__
23,451
___
247
300 26,387
500 6,500 tation of seventeen hundredths of an inch. Average therS.C.,Greenvill
3,542
97,087 4,3
8 8 39,962 2,420 49,039 2,780 23,640
Greenwood....
14,269 1,178 9,150
218
250
12,711
250 9,808 mometer 39, highest 54, lowest 17.
Tenn.,Memphi 37,056 661,952 36,068287,875 15,761 527,204 15,964343,432
Charleston, S. C.-There has been rain on one day of the
Nashville
_
1,313
____
995 . ____
1,268
_-_ 1,552
Tex., Abilene__ 2,104
38,254 2,911 3,351
7,127
150
200 1,200 week to the extent of eighteen hundredths of an inch. The
Brenham
40
5,796
40 2,201
16,124
200
295 5,200 thermometer has averaged 55, the highest being 69 and the
Clarksville _264
35,229
227 8,153
600 34,527
800 8,800
Dallas
1,185 52,776 2,503 17,661 3,380
60,655 3,000 15,198 lowest 40.
Honey Grove_
893
25,763
900 3,957
400
21,468
700 5,200
Charlotte, N. C.-Rain on two days of the week. Rainfall
Houston
52,425 1,314,530 50,627224,245 48,800 1,248,337 51,300303,214
Paris
3,510
99,047 2,709 13,768 2,800
78,528 2,700 13,770 twelve hundredths of an inch. The thermometer has ranged
San Antonio
500
34,536
500 3,062
400 29,962
500 4,100 from 31 to 64, averaging 48.
- Total, 41 towns 165.902 4.595.414 195.705131869,142.8174.079.451148.5001480037
The following statement we have also received by teleThe above totals show that the interior stocks have de- graph, showing the height of the rivers at the points named
creased during the week 29,803 bales and are to-night 170,344 at 8 a. m. of the dates given:
Jan. 16 1920. Jan. 17 1919.
bales less than at the same time last year. The receipts at
Feet.
Feet.
Above zero of gauge_
13.3
all towns have been 3,085 bales more than the same week New Orleans
11.9
Memphis
Above zero of gauge_
31.2
24.1
last year.
Above zero of gauge..
Nashville
12.0
17.5
Above zero of gauge_
15.8
23.1
OVERLAND MOVEMENT FOR THE WEEK AND Shreveport
Above zero of gauge..
Vicksburg
37.9
27.5
SINCE AUG. 1.-We give below a statement showing the
FUTURES.-The highest, lowest and closing prices at
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for New York for the past week have been as follows:
the week and since Aug. 1 in the last two years are as follows:
Saturday, Monday, Tuesday, ;Ved'day, Thursd'y,
-1919-20Since
Week. Aug. 1.
13,055 b431,733
14,406 276,227
1,415
11,717
3,482
50,255
1,000
17,363
5,891
94,840
16,208 182,635
-1918-19Since
Week. Aug. 1.
a18,200 202,430
10,389 252,288
1,053
13,925
1,013
68,151
2,400
45,153
1,027
90,174
19,943 302,350
Total gross overland
55,457 1,064,770
Deduct ShipmentsOverland to N. Y., Boston, &c_ 6,497 109,544
Between interior towns
8,268
46,360
Inland, &c.,from South
19,274 135,841
54,025 1,064,471
Jan. 16
ShippedVia St. Louis
Via Mound, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total to be deducted
Leaving total net overland*
2,257
812
5,664
36,963
29,661
124,135
34,489
291,745
8,733
190.739
20,968
773,025
45,292
873,712
*Including movement by rail to Canada. a Revised.
b 50,000 bales added as revision for December.
The foregoing shows the week's net overland movement
has been 20,968 bales, against 45,292 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 100,687 bales.
-1919-20- -1918-19
/n Sight and Spinners'
Since
Since
Takings.
Week,
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Jan. 16
209,074 4,235,761 161,949 3,081,150
Net overland to Jan. 16
20,968
773,025
45.292
873,712
Southern consumption to Jan. 16 a 73,000 1,667,000
60,000 1,859,000
Total marketed
303,042 6,675,786 267,241 5,813,862
Interior stocks in excess
*29,803
516,646
*5,6J2
792,421
Came into sight during week
273,239
261,549
Total in sight Jan. 16
7,192,432
6:6-0-6-,285
North. spinn's' takings to Jan. 16 40,364
1,526,536
34,312
1,147,279
* Decrease during week. a These figures are consumption; takings not
available.
Friday,
Jan. 10. Jan. 12. Jan, 13. Jan. 14. Jan. 15. Jan. 16.
136c.
135c. )33c.
Bales.
Since Aug. 1245,028 1917-18-Jan. 18
237,718 1916-17-Jan. 20
237,561 1915-16-Jan. 21
Bales.
7,840,487
9,127,715
8,003,783
WEATHER REPORTS BY TELEGRAP11.-Reports to
us by telegraph this evening from the South indicate that
rain has been general during the week, but moderate as a rule.
Temperature has been a little higher as a rule.
Galveston, Tex.-There has been rain on three days of the
week to the extent of one inch and three hundredths. The
thermometer has averaged 50, the highest being 62 and the
lowest 38.
Abilene, Tex.-Rain on one day of the week. Rainfall
twenty-eight hundredths of an inch. The thermometer has
ranged from 30 to 48, averaging 39.
z 31c.
a 30c.
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the Now Orleans cotton
market for the past week have been as follows:
Saturday, Monday, Tuesday,1Ved'day,IThursd'y, Friday
Jan. 10. Jan. 12. Jan. 13.,Jan. 14. Jan, 15. Jan. 16.
Movement into sight in previous years:
Week1918-Jan. 18
1917-Jan. 20
1916-Jan. 21
Week.
JanuaryRange
37.80 .48 37.80 .50 37.93 .20 37.55 .20 37.00 .40 37.90-.30 37.55-.50
Closing
37.80 .90 37.88 .90 38.15 .20 37.85 .88 38.39 .40 38.00-.10--FebruaryRange
Closing__
36.70 -36.90 -36.95 -36.55 -37.20 -36.75 ---March36.05-.97 36.11-05 36.12-.48 35.58-.36 35.70-.60 35.59-.44 35.581.97
Range
Closing
36.07-.15 36.28-.33 36.25-.30 35.85-.92 36.50-.55 30.05-.10
April-35.00-.30---35.00-.30
Range
Closing..
35.00 -35.40 -35.20-.30 34.65-.75 35.35-- 34.80 ---May34.52-.45 34.68-.50 34.70-.10 34.00-.70 34.00-.00 34.16-.75 34.00/.50
Range
Closing- 34.52-.70 34.88 -34.78-.80 34.20-.25 34.85-.88 34.31-.34--June---------------Range
Closing
33.50 -33.80 -33.80 -33.30 -33.78 -33.20 --- -July32.90-.74 33.15-.80 33.17-.55 32.60-.20 32.70-.35 32.65-.20 32.60).80
Range
Closing- - - - 33.00-.05 33.30-.37 33.30 -32.80-.85 33.28-.30 32.70-.80--AugustRange
32.00-25 32.20-.23 32.00-.05---31.58 ----31.58-.25
Closing
31.65 -32.00-.10 32.00 -31.45 -31.95 -31.50 ---September31.00 -31.45 ----31.00-.45
Range
Closing
30.95 -31.40 -31.30 -30.70 -31.20 -30.75 ---October30.50-.27 30.80-.40 30.70-06 30.10-.75 30.15-.78 30.10-.62 30.10z.40
Range
Closing
30.5(1.65 30.95-00 30.85-.88 30.24 -30.73-.78 30.30-.32--November31.00 Range
31.00 Closing.... 30.25 -30.70 -30.65 -20.95 -30.35 -29.95 ---December30.00-.75 30.75-.90 30.48-.50 29.62-.10 29.75-.17 29.56-.00 29.564.90
Range
cs...i.,,,
',nn _ qn An- nn :(n an -20 7h- RA zn lc - 90 7h ----
January
March
May
July
October
December
39.60 -39.67 -39.47-.5038.75-.80 39.50 -39.14-.19
37.58-.60 37.65-.69 37.47-.51116.90.-95 7.59-.65 37.17-.21
35.57-.59 35.72-.75 35.60-.63 4.96-.00 5.66-.71 35.18-.20
33.75-.79 34.00-.05 13.03-.98 3.32-.37 33.89-.05 33.48-.53
30.60-.71 30.85-.87 10.80 - 0.14-.20 10.80 -30.35.-40
29.90 -30.27 -30.20-.30 9.54 -30.20 -29.75 -
Tone-
Spot
Options
Steady
Steady
Quiet
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
RECEIPTS FROM THE PLANTATIONS.-The following table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Stocks at Interior Towns.
1919-20 1918-191917-18 1919-20
1918-19
Nov.
225,622
28.... 269,805 136,346 182,262 1,274,038 1,340,002 1,151,522305,055 149,671
Dec.
142,024 259,878
308,759
1,216,659
1,331,279
1,325,993
194,741
150,747
5..256,804
,361 159,754 189,912
12__ 227,143 147,395 158,476 1,337,311 1,343,638 1,248,095238
218,542 134,333
19._ 228,361 171,357 122,999 1,347,767 1,390,823 1,250,429 238,817 192,635 166,487
189,286
1,301,441
1,448,017
1,341,811
124,475
26._ 195,242 135,441
Jan.
160,176 141,973
2_ 213,945 123,074 139,294 1,355,312 1,485,119 1,304,120 227,44 i 141,144 147,333
9._ 224,546 131,534 153,526 1,348,496 1,494,729 1,297,927 217,730 156.257 130,165
179.271
16._ 209.074 161.949 130.483 1.318.693 1.489.037 1.297.609
328 Cop
Twist.
Nov d.
21 4734
28 4834
Dec
5 4934
12 5034
19 52
26 53
Jan.
2 54
The above statement shows: 1. That the total receipts
from the plantations since Aug. 1 1919 are 4,752,407 bales;
in 1918-19 were 3,873,571 bales, and in 1917-18 were
4,793,020 bales. 2. That although the receipts at the outports the past week were 209,074 bales, the actual movement
from plantations was 179,271 bales, the balance taken
from stocks at interior towns. Last year receipts from
the plantations for the week were 156,257 bales and for 1918
they were 130,165 bales.
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO JAN. 1.-Below we present a synopsis of the
crop movement for the month of December and the five
months ended Dec. 31 for three years:
1917.
1918.
1919.
1918-19.
1919-20.
Receiptsfrom Plantations.
1917-18 1919-21 1918-19 1917-18
431,246
222,039
294,803
Gross overland for December
935,667 1.500,296
951,625
Gross overland for 5 months
280,371
191,080
231,759
Net overland for December
876,186
764,356
673,334
Net overland for 5 months
673,521
652,900
1,013,600
Port receipts in December
3,746,680 2,739,701 3,490.880
Port receipts for 5 months
470,022
569,112
765,783
Exports in December
2,820,530 1.918,486 2,207,469
Exports in 5 months
1.307,614
1,436,179
1,607,556
Port stocks on Dec. 31
Northern spinners' takings to Jan. L__.. 1,316,473 1,012,778 1,310,190
1,496,000 1,701.000 1,843,000
Southernconsumption to Jan. 1
Overland to Canada for 5 months (in57,645
106,586
75,403
cluded in not overland)
45
Burnt, North and South, in 5 months_ _ _ _
1,642,449 1,263,980 1,455,312
Came in sight during December
6,466,014 5,975,057 7,167,066
Amount of crop in sight Dec. 31
5,627,577 4,744,830
Came in sight balance of season
11,602,634 11,911.896
Total crop
512.85
513.30
506.04
bales
of
weight
gross
Average
487.85
488.30
481.04
Average net weight of bales
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
9
56
16 58
834 N. Shirt- Corn
Pigs, Common Mid.
Up 's
to Finest.
d.
s. d. d.
d. s. d.
5434 30 6 035 8 23.75 48
5534 30 6 035 6 24.58 43
036 0
034 0
039 0
040 0
57
59
61%
63
31 0
34 0
35 0
36 6
64
64
66
38 0 041 6
38 4 042 0
39 6 042 6
834 bs. Shirting*. Common
to Finest.
32$ Cop
Twist.
25.47 41
25.98 41
26.12 38
26.68 38
29.16 38
28.79 3634
28.66 32
COD @OS@ GO
Receipts at Ports
COO COCO GO
Week
ending
275
THE CHRONICLE
JAN. 17 1920.]
s. d. d.
d. e. d.
50 28 3 036 9 20.60
0 20.50
0
27
036
46
44
43
40
40
25 9
25 0
24 6
24 0
034 6
033 9
033 0
033 0
20 16
20.07
20 40
20.40
40
39
34
23 0 032 0
23 0 032 0
21 0 030 0
21.24
19.36
19.04
SHIPPING NEWS.-Shipments in detail:
Total bales.
511
NEW YORK-To Liverpool-Jan.8-Virgilia, 511
1,363
To Hamburg-Jan. 13-Kermoor, 1,363
530
To Genoa-Jan. 10-Duca degli Abruzzi, 530
22,268
TEXAS CITY-To Liverpool-Jan. 10-Dauperata, 22,268
3,676
To Manchester-Jan. 10-Anselma de Lardnaga,3,676
GALVESTON-To Liverpool-Jan. 13-Magician, 12,960... 25,923
Jan. 15-Ninian, 12,963
To Manchester-Jan. 9-Anselma de Larrinaga, 5,70918,231
Jan. 14-Pilar de Larrinaga, 12,522
1,180
To Ghent-Jan.10-Hornby Castle, 1.180
100
To Antwerp-Jan. 10-Hornby Castle, 100
NEW ORLEANS-To Liverpool-Jan. 9-Hanover, 15.873-- 22,545
Jan. 14-Nessian, 6,672
3,094
To Rotterdam-Jan. 15-Cuttyhunk, 3,094
2,450
To Lisbon-Jan. 14-Magunkook. 2,450
-Cadiz.
13
__Jan.
5,330To Barcelona-Jan. 10-P. Claris,
6,776
1,446
To Genoa-Jan. 9-Monte Grappa, 16,394_ __Jan. 15-San 27,800
Giuseppl, 11,406
4,344
To Trieste-Jan. 9-Africana, 4,344
SAVANNAH-To Havre-Jan.9-Nonantum,11,345_ _ _Jan. 10- 17,421
Edgewood, 6,076
10,296
To Ghent--Jan. 10-Edgewood, 10,296
10,811
To Genoa-Jan. 9-Brasher, 10,811
10,642
To Japan-Jan. 10-Charlton Hall, 10,642
7,933
7,933
g,
13-Yesokin
n.
To Gothenburg-Ja
15,929
BRUNSWICK-To Liverpool-Jan. 15-Nortonian, 15,929
_ 13,443
CHARLESTON-To Liverpool-Jan. 10-Gold Springs, 13,443._
11,963
WILMINGTON-To Liverpool-Jan. 12-Lakeside Bridge, 11.963 1,373
NORFOLK-To Liverpool-Jan. 12-Coahoma, 1,373
2.350
2,350
13
.
-Hamlin,
Havre-Jan
To
250
BOSTON-To Liverpool-Jan. 1-Tullamore,250
BALTIMORE-To Manchester-Jan. 1-Thi.stlemore, 150..325
175
Jan.8-Ocean Transport,
1,000
PHILADELPHIA-To Liverpool-Dec. 29-Regina, 1,000
200
To Havre-Dee 24-Casey, 200
50
50
,
To Rotterdam-Jan 2-Schroon
_SAN FRANCISCO-To Japan-Jan. 6-West Sequana,i,2,559_
2007-Tjisonar
Jan.
2,581..
Maru,
7
-Korea
Jan.
5.640
Jan. 10-Venozuela,300
300
To China-Jan. 10-Venezuela, 300
80
80
,
To Phillippines-Jan. 10-Venezuela
-Jan. 8SEATTLE-To Japan-Jan. 7-Africa Maru, 3,683a
Montana, 4,880; West Ison, 5,706_ _Jan. 9-ICashim 18,877
Maru, 4,608
269,674
Total
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows: China&
Ger- -Other EuropeGreat
Britain. France. many. North. South. Japan.Philipp.
530
New York___ 511 ---- 1,363
-__Galveston...-44,154 ---- ---- 1,280 ------.
-4,839,010
_
_25,944
City_
Texas
5,909,163
9
Jan.
supply
Visible
41,370
3,094
3,027,450
-545
4,792,018
New
Orleans_22,
Visible supply Aug. 1
--6,606,283 Brunswick --15,929 -- American in sight to Jan. 16....... 273,239 7,192,432 261,549
823,000 Savannah
187,M§ 10.811 10.642 -_-91,000
17,421
788,000
Bombay receipts to Jan. 15...... 660,000
---23,000
4,000
36,000
_
_13,443
_
b1,000
Charleston
Other India shipls to Jan. 15...
468,000 Wilmington _ _11,963 ---- ---- - -- ---33,000
689,000
Alexandria receipts to Jan. 14.... 645,000
104,000 Norfolk
2,000
1.373 2,350 ---- -99,000
64,000
Othersupply to Jan. 14*
250 ---Boston
-325 - 6,292,402 13,596,450 5,236,559 11,051,733 Baltmore_ _ _ _
Total supply
So
200
Philadelphia. 1,000
Deduct-.80
-_
6,015,437 6,015,437 4,956,744 4.956,744 San Francisco _
Visible supply Jan. 16
18,877
Seattle
6,094,989
273,815
276,965 7,581,013
Total takings to Jan. 16.a
380
233,965 5,718,013 208,815 4,862,989
137.437 19,971 1,363 22,653 52,711 35,159
Total
Of which American
65,000 1.232.000
43,000 1,863.000
Of which other
1918-19.
1919-20.
Cotton Takings.
Week and Season.
Week.
Week.
Season.
Season.
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
not
1.667,000 bales in 1919-20 and 1,859,000 bales in 1918-19-takings
being available-and the aggregate amounts taken by Northern and foreign spinners, 5,914,013 bales in 1919-20 and 4,235989 bales in 1918-19.
of which 4,01.013 bales and 3,003,989 bales American. b Estimated.
BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay for the week ending Dec. 25 and for
the season from Aug. 1 for three years have been as follows:
1919.
December 25.
Receipts at-
Week.
84,000
Bombay
For the Week.
Exports
from-
Great Conti Japan&
Britain neat. China.
Since
Aug. 1.
13,000 26,000
5,000
Since
Aug. 1.
1917.
Week.
Since
Week. I Aug. 1.
121,000
12,000
89,000 150,000
61,000
23,000 650,000 794,000
45,000
33,111
-
39,000
45,000
24,000 29,000
121,000
-
220,000 535,000 800,000
89,000 150,000
61,000
23.000 650.000 794.000
The statement shows that the receipts for the week ending
Dec. 24 were 000,000 cantars and the foreign shipments
were 00,000 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
strong with a good inquiry. We give prices for to-day
below and leave those for previous weeks of this and last
year for comparison:
Total.
2,404
45,434
25,944
67.069
15,929
57.103
13,443
11,963
3,723
250
325
1,250
6,020
18,877
269,674
COTTON FREIGHTS.-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
Liverpool, 1.50c.
Manchester, 1.50c.
Antwerp, 1.000.
Ghent via Antwerp. 1.13c.
Havre, 1.506 1.15c.
Rotterdam, 1.50b,
Genoa, 1.50c.
Christiania. 2.250.
Stockholm, 2.75o.
Trieste, 2.600.
Flume, 2.60c.
Lisbon, 1.750.
Oporto, 1.750.
Barcelone direct, 1.00c.
Japan, 1.50o.
Shanghai, 1.500.
Bombay, 1.25c.
Vladivostok, 1.50c.
Gothenburg, 2.00o.
Bremen, 2.00o.
Hamburg, 2.000.
Danzig, 2.000. asked.
LIVERPOOL.-By cab le from Liverpool we have the fol&c.,at that port:
lowing statement of the week's sales, stocks,
Jan. 9. Jan. 16.
2.
Sales of the week
Of which speculators took
Of which exporters took
697,000 46,000 549,000 81,0001 532,000
Sales, American
Actual export
Forwarded
Since August 1.
Total stock
Of which American
Conti Japan dt
Great
Total.
imports of the week
Total
China.
neat.
Britain.
Total.
Of which American
Amount afloat
Of which American
33,000 187,000 535,000 755,000
39,0
@FedFRASER