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IN C L U D IN G
Bank & Quotation Section
Railway Enrninys Section
VOL. 110 .
Railway & Industrial Section
Bankers* Convention Section
SATURDAY, JANUARY 24 , 1920
’g \ u
(fa h v o
W e e k e n d in g J a n u a r y
B a n k a n d Q u o t a t io n (m on th ly ) I R a il w a y a n d I n d u s t r ia l (se m i-a n n u a lly )
R a il w a y E a r n in g s (m o n th ly )
E l e c t r ic R a il w a y (se m i-a n n u a lly )
S t a t e a n d C it y (sem i-a n n u a lly) | B a n k e r s ’ C o n v e n t io n (y e a r ly )
T e r m s o f A d v e r tis in g — P e r In c h S p a c e
Transient matter per inch space (14 agate lines).................................... * 4 20
Discount on contract m atter12 consocutlvo insertions 10% discount; 26 consecutive insertions
15% discount; 52 consecutivo insertions 20% discount.
Business Cards, twolve months (62 times) per inch.............................. 175 00
CHICAGO Office—39 South La Salle Street, Telcpliono Majestic7396.
L ondon Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.
W IL L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
F ro n t, 1’ ln o an d D c p e y ste r S ts., N ew Y o r k .
Published every Saturday morning by W IL L IA M B . D A N A C O M P A N Y .
Jacob Seibert Jr., President and Treasurer; Arnold O . Dana, Vice-President and
Secretary. Addroasos of both, Office of the Com pany.
CLEARING HOUSE RETURNS.
Th e following table, made up by telegraph, A c ., indicates that the total bank
clearings o f all the clearing houses o f the United States for the week ending to-dav
have been $8,000,895,006, against $9,830,272,803 last week and $6,917,341,500
the corresponding woek last year.
Clearings — Returns by T elegraph.
W eek ending January 24.
1920.
P er
Cent.
1919.
Now York.............................................. $3,982,074,634
Chicago.....................................
537.277,497
Philadelphia....................
403,528,505
343,161,238
Kansas City........ ................................
221,511,018
St. Louis........... ..................... ......... .
155,547,290
San Francisco........................................
139,785,942
141,830,413
*105,000,000
Baltimore............... ..............................
73,520,430
Now Orleans.... ........................._..........
77,849,938
$3,171,500,656
440,021,462
333,025,722
274,285,154
171,919,130
138,234,466
110,695,159
117,577,215
61,000,000
08,380,026
63,519,838
+25.0
+ 20.5
+ 2 1 .2
+ 25.1
+28.9
+ 12.5
+ 19.9
+ 2 0 .6
+ 72.1
+7.5
+ 2 2 .0
Eloven cities, 5 days.......................... $6,181,087,505
Other cities, 5 days.................... .........
1,310,044,498
$4,062,058,828
899,947,986
+24.6
+45.6
Total all cities, 5 days.................... . _ $7,491,132,003
All cities, 1 day................................. ..
1,475,763,092
$5,862,006,814
1,055,334,092
+ 27.8
+ 39.8
$0,917,341,506
+ 29.6
Total all cltlos for week....................
$8,900,895,695
Th e full details for the week covered by the above will be given next Saturday.
W e cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures tor the week ending Jan. 17 show:
W e e k e n d in g J a n u a r y
1020.
1010,
$
s
In c. or
D ec.
17.
1918.
1917.
Now Y o r k ...... 5,487,527,780 4,217,44.3,503
Philadelphia___
522,053,181 433,749,111
Pittsburgh........
160,312,171 140,009,918
09,519,134
Baltimore______
87,809,704
Buffalo.............
45,510,063
26,133,941
Albany_____ _
0,073,388
5,282,400
Washington____
18,355,102
17,329,587
Roohcstcr______
12,853,022
8,996,720
Scranton_______
6,140,228
1,111,1.(11
Syracuse_______
5,730,139
4,081,008
Reading----------3,089,025
2,040,718
Wilmington____
4.438,480
3,015,155
Wllkes-Barro___
2,029,022
2,193,300
Wheeling______
5,374,229
4,191,370
3,700,050
Trenton_______
2,826,143
1.030.004
York..................
1,220,568
2,608,244
Erie___________
2,280,330
1,001,080
Chester............. .
1,858,525
Binghamton____
1 .2 0 0 ,2 0 0
800,400
Greensburg____
1,050.000
977,199
1,058,180
Altoona_______
791,737
Lancaster______
2,300,000
2,026,730
Montclair______
541,799
438,220
Total Middle.. 6,305,471,817 4,071,872,493
$
$
+ 30.1 3,425,298,055 3,486,494,981
+ 24.1 377,091,692 330,267,496
+ 14.6
71,277,119
69,736,878
+ 13.0
42,773,005
41,861.015
+ 74.1
20,088,218
20,195,484
+ 15.0
5,652,018
5,121,538
+ 6 .0
12,169,396
9,910,583
+ 40.3
7,827,767
6,543,133
+ 1 0 .2
3,011,088
3,978,878
+ 22.5
4,587,784
3,993,084
+ 17.0
2,793,148
2,572,873
+ 2 2 .8
3,335,920
2,835,342
+ 33.6
1,880,033
2,228,830
+ 28.2
3,770,289
3,061,052
+ 31.2
2,760,156
2,068,906
+ 33.7
1,147,100
1,105,270
+ 18.8
1,903,361
1,612,035
— 1 0 .6
1,394,609
1,362,273
+ 43.5
920,200
857,500
+ 7.6
925,000
848,826
+33.7
700,000
650,000
+ 13,5
2,642,136
2,225,615
+ 24.2
678,241
524,790
+ 28.8 3,095,320,212 4,005,688,598
Boston________
Provldcnco_____
Hartford.............
New Haven____
Springfield_____
Portland__ ____
Worcester______
Pall River.........
New Bedford___
Holyoke_______
Lowell_________
Bangor . . . . . . . . .
448,050,171
17,051,100
10,977,027
7,647,417
0,145,320
2 ,1)0 0 ,0 0 0
6,171,825
3,043,170
2,510,828
1,050,000
1,493,846
8 0 0 ,0 0 0
364,151,248
11,769,400
7,204,215
0,249,580
4,183,277
2,732,717
4,205,004
2,110,913
2,185,064
809,873
1,100,300
600,811
+23.2
+ 50.1
+ 52.4
+ 22.4
+ 46.9
+ 0 .1
+ 20.4
+ 43.8
+ 14.9
+29.6
+ 36.3
+ 33.1
Total Now Eng,
608.040.222
407.389.311
+ 24.7 354,508,5671 281,449,537
NO. 2848
17.
C le a r in g s a t -
PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
For Ono Year.................................................................................... ..........* 1 0 00
For Six Months.........................................................................................
0 00
European Subscription (including postage)............................................. 13 50
Europoan Subscription six months (including postage)......................... 7 7 5
Canadian Subscription (including postage)..................... ...................... $ 1 1 5 0
NOTICE.—On account o f the fluctuations In the rates o f exchange,
remittances for European subscriptions and advertisements must bo made
In New York funds.
S u b s cr ip tio n in c lu d e s f o ll o w i n g S u p p le m e n ts —
Clearings at —
Electric Railway Section
State and City Section
%
300,856,871
13,151,000
7,803,919
6 ,0 0 0 ,0 0 0
4,160,859
2,500,000
4,269,220
2,160,270
1,904,338
752,960
1,250,000
758,630
239,287,699
10,642,900
<1,045,070
5,735,597
4,359,499
2,900,000
4,032,831
1,685,540
1,606,374
1,096,024
1.121,388
963,723
I I n c . or
1920.
C h l c a g o ............
C i n c i n n a t i ___
C l e v e l a n d _____
D e t r o i t ..............
M i l w a u k e e ________
I n d i a n a p o l i s ______
C o l u m b u s _____
T o l e d o ____________
P e o r i a .................
G ra n d R a p id s —
D a y t o n ____________
E v a n s v i l l e ________
S p r in g fi e ld , 1 1 1 . ..
Y o u n g s t o w n -------F o r t W a y n e ..
L e x i n g t o n _____
A k r o n _________
R o c k f o r d -------------S ou th B e n d ..
C a n t o n ..............
Q u i n c y ......................
S p r in g f i e ld , O —
B l o o m i n g t o n -------M a n s f i e l d _________
D e c a t u r ----------------J a c k s o n v i l l e , 1 1 1 ..
D a n v i l l e ___________
L i m a _______ . . . . .
L a n s i n g ______ . . .
O w e n s b o r o ..............
A n n A r b o r ________
A d r i a n — ........... ..
$
713,888,410
73,096,042
140,000,000
116,721,312
32,000,000
21,211,000
16,896,900
17,064,222
6,029,138
8,212,033
4,981,729
5,808,572
2,676,011
6,531,612
2,063,405
3.150.000
11,234,000
2.050.000
1.650.000
4.500.000
2,012,054
2,208,816
1,822,274
1.350.000
1,727,851
613,706
790.000
1,410,989
1,810,120
1,747,366
500.000
2 0 0 .0 0 0
I
D ec.
1918.
%
$
566.733,210 + 26.0
65.447.059 + 11.7
103,768,3201 + 3 4 .9
83,000,000, + 4 0 .0
32.527.059
— 1 .6
17,510,000 + 2 1 .1
12,189,100 + 3 8 .6
11,792,617| + 44.7,
6,171,193
— 2.3'
6,115,238 + 3 4 .3
4,250,233 + 17.2
4,610,592 + 27.3
2,289.255 + 16.9
4,732,589 + 38.0j
1,238,768' + 6 6 .0
3,094,322
+ 1 .8
5.424.000 + 107.1
1.050.000
+ 5.1
1,181,996 + 39.6
3,009,409 + 49.5
1,607,835 + 25.2'
1,534,582 + 4 7 .9
2,075,010 — 12.2
1,118,315 +20.SI
1,331,797 + 29.7,
896,963 — 31.6
530,000 + 49.1'
935,401 + 60.8
970,928 + 86.4
1,846,416
— 5.4
387,568 +29.21
80,345 +148.9|
T otalM ld .W est 1,206,077.562| 905,439,720
1 0 0 .0 0 0
468,231,766
42,557,919
61,679,547
59,352,305
23,348,229
14,701,109
10,126,800
11,543,141
5.250.000
5,561,864
4,384,242
2,601,821
1,923,416
3,632,378
1,660,251
1,111,504
5.316.000
1,359,164
944.609
3,550,625
1,027,042
1,408,978
950,354
896,802
803.025
385,311
471,444
775,000
1,112,408
1,098,561
278.609
108,135
+ 2 6 .9 ,
754,940,455
738.205.319
142.454 ,753' + 2 3 .7
37,2801,000 + 1 0 7 .0
41,046 ,401
+ 3 .3
27,337 ,550 + 3l.7|
8,883 ,840, + 5 7 .0
14,791 ,6641 + 1 6 .9
5,962 ,519 — 6.6
8,770 ,94l! + 3 1 . li
4,480 ,348 + 6 1 .7 ,
2,459 ,443 + 4 1 .0
1,885 ,200 + 2 7 1 .9
2,991 .526 + 9 4 .6
■1,190 ,247' + 8 9 .8
1,125 ,052 + 106.4
1 ,0 0 0 ,586 + 6 7 .9
044 ,922 + 3 6 .5
1,252 ,1911 + 7 0 .4
303,569,198, + 3 6 .3
111,600,131
31,289,000
29,290,910
19,365,320
8,877,051
15,596,613
4.004.774
6,227,372
3,749,994
2,274,608
2.123.775
2,408,988
1,158,641
1,057,694
729,254
500,000
1,072,237
241,326,331
90,958,996
31,260,000
16,891,665
14,987,972
5,731,207
14,833,096
2,669,490
5,186,519
2,981,213
2,328,677
1,641,977
1,852,761
1,105,668
530,656
479,672
766,818
195,005,155
200,304,388
32,196,542
45,325,081
14,292,245
17,400,296
17,774,036
5,314,393
7,943,888
8,176,205
7,780,374
3,810,389
3,116,192
1,985,146
751,690
753,482
1,964,754
698,461
1,857,361
1,909,170
950,374
445,376
1,124,090
375,993,997
135,120,685
27,157,837
31,573,468
12,834,357
12,812,134
15,463,107
4,900,451
6,914,196
6,009,690
0,215,509
3,409,579
2,485,029
1,921,031
969,541
624,248
1,477,718
858,274
2,305,000
2,032,802
834,902
416,270
738,859
277.134,747
San F r a n c is c o ...
Los Angeles. .
S e a ttle ---------Portland_________
Spok ane_________
Salt Lake C l t y . . .
T a c o m a _________
O akland_________
Sacram ento..........
San D ie g o '---------Stockton................
Fresno __________
Pasadena..............
San Jose................
Y a k im a ................
R e n o .................... Long Beach_____
T otal P a cific ..
176,150,588
77,180,000
42,387,087
36,000,000
14,028,581!
17,295,214
5,575,250
11,505,580
7,244,562
3,467,770
7,010,500
5,822.572
2,270,436
2,322,607
1,580,483
879,805
3,133,028
413.854,069,
Kansas C ity _____
M inneapolis.........
O m a h a..................
St. Paul................
D e n v e r..... .......... ..
St. Joseph............
D u lu th ..................
D ps M oines.........
Sioux C ity ............
W ic h it a ................
Lincoln__________
T o p e k a ..................
Cedar R apids___
Colorado Springs
Pueblo ..................
Fargo ....................
Frem ont................
W a te r lo o ..............
H e le n a __________
Billings..................
Hastings................
A b erd een_______
T otal otn. W est
266,858,670 201,012,066' + 3 2 .8
52,s48,nfi21 45,030.698 + 17.3
+ 9.8
59,790,797,
65,674,962
18,82.3,018' + 14.0
21,451,025
19,087,723' + 2 2 .2
24,064,214
22,054,377' — 1.4
21,742,571
11,056,016 — 29.8
7,764,063
12,788,184
10,214,719 + 2 5 .2
11,551,122 + 14.4
13,209,175
8,659,188 + 87.3
16,219,233
4,238,022 + 43.1
6,065,256
3,382,901 + 41.2
4,777,120
2,165,372 + 2 4 .7
2.700.000
827,607 + 51.2
1,251,797
+ 2.3
929,676
951,349
+ 1.4
2,957,703
3.000.
000
720,669 + 28.3
925,000
1,541,000 + 39.1
2,143,578
+ 0 .9
2,577,805
2.600.000
1.443.000
1,158,098 + 24.6
552,929 + 53.4
.847,865
1,474,994 + 3 9 .4
2,055,338
531,380,462 430,413,160 + 23.5
St. L o u is ..............
191,002,065
New Orleans____
82,497,634
Louisville..............
19.150.090
H o u sto n ........... ..
31,390,393
G alveston..............
6.300.000
R ic h m o n d ______
8 >,463,430
M e m p h is ..............
39,441,654
Fort W orth -------22,034,017
Atlanta................89,632,897
Savannah..............
14,099,900
N ash ville......... ..
28,386,398
N orfolk....... ..........
13,549,480
B irm in gh am ____
19,607,818
A u gu sta................
7.255,716
LL tle R o c k .........
13.834.091
Jacksonville.. . . .
12,586,615
K n oxville..............
4,568,150
M o b ile ..................
2,705,583
C h attanooga____
7.500.000
Charleston______
6 .0 0 0 . 0 0 0
O k la h o m a ............
13,595,123
M a c o n ..................
6 ,0 0 0 ,0 0 0
Austin....................
3,000,000
Vicksburg..............
841,586
Jackson ________
879,574
T u ls a ....................
11,825,310
M uskogee_______
4,941,320
D allas....................
40,000,000
Shreveport............
5,753,887
T otal Southern 781,442,731
T otal all............ 9,836,272,863
Outside N . Y . . 4.348.745.0741
468,104,266
47.205,442
82,493,112
56,052,631
25,800,047
13,843,000
9.175,200
9,159,724
3,784,141
5,404,598
3,291,810
2,840,069
1,457,278,
3,426,445
1,003,462
1,542,9011
5,755,000
1,717,850
1.000,043'
3,250,282
991,170
1,307,350
812,979
1,020.092
795,930
368,752
505,499
804,735
940,563
584,956
308,228
1917.
1
8 0 8 ,8 6 8
148,670 ,758 131 ,582,969
168,828 ,310 + 13.1
65,926 ,137 + 25.1
33 ,975,992
55,335 ,537
24 ,389,684
19,603 ,414
26,867 ,148 — 28.7
11 ,500,000
17.352 ,168 + 80.9
17,000 ,0 0 0
7,512 ,476 — 1 0 .1
5 ,401,768
5,500 ,0 0 0
22 ,657,457
39,183 ,884
56.353 ,335 + 46.3
11 ,696.682
10,855 ,0S5
22,689 ,693 + 73.8
16,054 ,050
11 ,414,439
16,280 ,294 + 3 3 .3
45,848 ,129
22 ,546,238
64,448 ,512 + 3 9 .1
4 ,163,426
7,253 ,430
7,316 ,103 + 92.7
12,043 ,1 0 0
9 ,010,399
17,870 ,707 + 58.8
6 ,118,378
7,231 ,406
____ + 4 5 .6
9,307 ,284
2 ,809,874
3,349 ,942
11,905 ,9631 + 6 4 .7
3.824 ,926
1 ,611,472
3,458 ,956 + 1 0 9 .8
2 ,905,083
3.824 ,134
5,767 ,531 + 1 3 9 .9
4,112 ,633
3 ,789,595
8,253 ,769 + 5 2 .5
,033,915
2,084 ,716
2.732 ,283 + 67.2
1 ,400,000
1,540 ,00 0
1,580 ,621 + 71.2
4,311 ,422
3 ,971,622
6,381 ,196 + 17.5
5,305 ,194
2 ,735,636
5,100 ,0 0 0 + 17.6
1 0 ,2 0 0 ,403
6 ,483,126
9,533 ;623, + 4 2 .6
2,800 ,00 0
1 ,343,795
2,400 ,0 0 0 + 1 6 0 .0
4 ,500,000
5,000, ,00 0
4,000 ,0 0 0 — 25.0
454, 725 1
237,958
538 717, + 50.3
588,604
692, 197
734 ,30l' + 19.8
,427,487
6,902, 970
9,296 ,423 + 27.2
,361,767
2 ,6 8 6 ,475 + 83.9
2,880, 491
,392,200
20,348, 285
2 1 ,0 0 0 ,000
+ 90.5
_ 2,884 ,800 + 99.5 __ 3J272, 338
5797006 ,825 "+ 3 5 .0 406J389, 175 348,040,160
.642,500 ,707 + 2 8 .8 '188,778, 737 5,845,532,610
.425.057 ,204 + 27.0 2 1763.480, 682 2,359,038.031
286
THE CHRONICLE
THE FINANCIAL SITUATION.
The further advance in the discount rate made on
Thursday by the Federal Reserve Bank of New York
and by the Reserve banks in other Eastern districtsjis
the logical outcome of the existing credit and cur
rency expansion, with the resulting tension in the
money market. The Federal Reserve authorities,
not alone at Washington but at New York and other
points, have for over six months been giving excellent
advice about the necessity of restricting the uses of
credit and especially the need of guarding against
the employment of the facilities of the Federal
Reserve banks for the promotion of speculation.
This advice having failed to achieve the results re
quired, ev'en though it did not pass entirely un
heeded, it became necessary to begin putting the
screws on by advancing rates of discount.
The first advances, made last November, were
only fractional and accomplished hardly more than
the sound, sensible lectures previously administered.
Accordingly the Reserve officials had to replace
gentle pressure with more drastic methods and
apply much more heroic remedies, and not be
squeamish about it either. The result is that by
this week’s action the rate for advances not exceed
ing 15 days secured by all classes of eligible
commercial paper, excepting bankers’ acceptances,
and for rediscounts of such paper, has been moved
up a full l j 4 % — that is, has been raised from 4 % %
to 6 % .
While a 6 % rate may look high, accustomed as the
country has become to the low rates in vogue since
the establishment of the Federal Reserve system,
there is nothing extraordinary about it, having regard
to the conditions that should govern banking affairs
according to correct principles. The rate for com
mercial paper has for a long time been ruling at
stiff 6% , and the rediscounting rate at the central
institutions should always rule higher than the mar
ket rate, so as to discourage the process of re
discounting instead of inviting it as has been the
practice thus far. It should be punitive not lauda
tory. From this standpoint, therefore, the action
deserves nothing but commendation. One could
wish, however, it had been taken earlier and we are
not at all sure that leaving the rate on certificates
of indebtedness at 4 ^ % , giving borrowers on that
class of obligations a preferential of 1% % , is not a
mistake.
Last Saturday’s New York Clearing House state
ment and the return on the same date of the Federal
Reserve Bank of New York gave an utterly erroneous
idea of the true banking situation. Varying the
monotony attending the changing character of these
returns in the past under which improvement
in the condition of the Clearing House banks would in
variably be attended by a poor showing of the Federal
Reserve Bank, and vice versa, a bad showing for the
Clearing House banks would be followed b y im
provement in the exhibit of the central institu
tion— a resort to increased borrowing at the Federal
Reserve Bank, thereby weakening the position of the
latter, being the explanation in the first instance and
a diminution of such borrowings the moving factor
in the second instance— varying, we say, this monot
ony both the Clearing House institutions and the
Federal Reserve Bank simultaneously submitted a
decidedly better exhibit than in the preceding week.
In case of the Clearing House banks the deficit below
[Vol . 110.
the reserve requirements of the previous week of
$2,912,680 was converted into a surplus of $34,227,
810. In the case of the Federal Reserve Bank the
ratio of cash reserves (including not only gold, but
legal tenders as well) to deposit and Federal Reserve
note liabilities which, the previous Saturday , had
been reported at only 38.6% , was raised to 41.4%
This last, however, was only surface improvement.
The gain of the Clearing House banks was again at
the expense of the central institution, but this time
the Federal Reserve Bank managed to transfer some
of its load to the Reserve banks at other centres
having higher percentages of cash holdings.
At all events that is the plain inference which
analysis of the Reserve Bank’s return supports.
An entirely new item appeared in this return for the
first time. This item is termed “ contingent liability
as endorser on bills rediscounted with other Reserve
banks,” and this item is for an aggregate of no less
than $79,500,000. What happened apparently was
that the New York Federal Reserve Bank had to
take over an enormous amount of acceptances
thrown over by the Clearing House banks in the
endeavor to improve their situation, and the Reserve
Bank then succeeded in disposing of these acceptances
to the other Reserve banks. In this way the Clear
ing House banks managed to reduce the total of their
loans by $31,111,000 and at the same time to increase
their credit with the Federal Reserve Bank bv $49,
708,000.
But, obviously, this is not getting rid of the trouble
some factor but merely shifting the burden elsewhere.
In this state of things a radical and drastic advance
in the discount rate was the only means open for
effecting genuine improvement. It remains to be
seen whether this step will be any more efficacious
than the previous steps of the same nature.
, The foreign trade figures for the United States for
December and the twelve months of 1919, made
public late yesterday, show that while both the ex
ports and imports for. the month were less than the
amounts for November, there is in each instance an
appreciable gain over the preceding year. For the
calendar year both the outward and inward movement
established new high records. Specifically, ship
ments of merchandise for December reached a
value of $681,000,000 against $565,880,112 in 1918,
and the aggregate for the 12 months is $7,922,000,000
against $6,149,087,700. The December imports
were $381,000,000 as compared with $210,880,517,
and for the full year the contrast in the import totals
is between $3,904,000,000 and $3,031,212,710. The
favorable, or export, balance for 1919 is consequently
4,018 million dollars against 3,118 millions in 1918.
The late hour at which these results were received pre
vent our giving the usual annual review of the foreign
trade in this issue, but it will be presented next week.
The Canadian foreign trade statement for Decem
ber, also now available, indicates a quite appreciable
gain in total contrasted with cither November or the
corresponding period in 1918, the growth over a year
ago having been quite equally divided between the
imports and exports. The exports for the month
had a value of $137,681,317 against $110,628,542 in
1918, and the imports $94,553,442 against $73,341.
265, with the favorable or export balance $43,127,885
against $37,287,277. With these figures at hand,
we are able to compile the results for the full calendar
Jan .
2 4 1 9 2 0 .]
THE CHRONICLE
year 1919, which in view of the fact that in the period
referred to Canada’s outward trade lacked the stimu
lus that the demand for munitions and supplies for
the armies in Europe furnished in 1918 and 1917, are
distinctly favorable. Altogether, the Canadian ex
ports for the twelve months of the late year aggre
gated $1,285,881,372, this contrasting with $1,262,
432,573 in 1918 and $1,587,430,855 in 1917, when
munitions and food shipments were at their zenith.
The imports for the year also record expansion,
standing at $940,558,681 against $906,945,150 and
$1,005,134,229 one and two years earlier. Finally
the export balance for the twelve months is $345,322,
691 against $355,487,423 and $582,296,626— the
latter the record. In 1916, too, the excess of out
flow over inflow was a little greater than in 1919,
but there is a considerable gain over 1915, and prior
thereto Canada ranked as an importing country.
Explanatory of the increase in exports this year over
last, the expansion in the shipments of agricultural
products, animals and their products and wood and
paper more than offset the decline in munitions, &c.
On the import side of the account the growth is
mainly ascribable to augmentation in the inflow of
foodstuffs and animals.
One of the most striking political events in Europe
has been the failure of former Premier Clemenceau
to obtain the Presidency of the French Republic.
In a caucus of the Senate and Chamber of Deputies,
he was defeated by Paul Deschanel by a vote of 408
to 389. Upon being informed of the result the
veteran Prime Minister was quoted as having said
that “ I did not ask anything. I did not want to
be a candidate. I was told it was my duty. I
believed it. I figure that my part is ended. I have
had no bad feelings toward anybody. I have taken
my responsibilities. What more can one ask than
that others assume theirs ?” In Paris advices it was
declared that he was defeated by political opponents
“ who took advantage of the failure of the United
States Senate to ratify the Peace Treaty with Ger
many, and the consequent European political con
fusion, to raise the issue that his conduct of the peace
negotiations has been injurious to the interests of
France.” In Paris it was stated “ the opinion is that
the vote means the elimination from public life of the
‘Father of V ictory / Premier Clemenceau being
neither a Senator nor a D eputy.” On Friday, after
the caucus, there was said to be much uncertainty
as to whether Paul Deschanel, who had polled 19
more votes than Clemenceau, would be elected by
the Congress of Versailles at its session a week ago
to-d a y .
All ground for doubt on this point was removed by
the vote of that body, which showed that M . Des
chanel had received 734 votes out of 889. He was
elected on the first ballot. The term of office is for
seven years, and the new President will assume his
duties on Feb. 18. The Paris dispatches indicated a
difference of opinion as to the significance of Clemenceau’s defeat, but it seemed to be pretty generally
claimed that it was the result of personal animosity.
In one cablegram it was asserted that “ there was
nothing in the Deschanel platform except the defeat
of Clemenceau.” It was recalled that twenty-six
years before the two men fought a duel because of a
newspaper attack of Clemenceau upon his opponent.
According to the accounts of the affair, “ Deschanel
387
received a wound over the eye which was so severe
that the seconds would not permit the duel to con
tinue.”
The full name of the new President is Paul Eugene
Louis Deschanel. Born in Brussels in 1857, at the
time of the exile in Belgium of his father, Emile
Deschanel, Senator and Professor of the College of
Paris, he entered political life in 1876 as Secretary
to M . de Marcere, then Minister of the Interior.
The records further show that in 1885 President
Deschanel was elected a member of the Chamber of
Deputies, and in 1896 its Vice-President. Two years
later he was elected to the Presidency of that body
and held the office for four years. Having been de
feated for re-election, he was appointed President of
the Parliamentary Commission of Foreign Affairs.
From 1912 to his election as President of the Repub
lic, he served continuously as President of the Cham
ber of Deputies. Mention was made of the fact in
Paris advices that “ this is the second time M . Des
chanel has been a candidate for President of the
Republic.” It seems that in 1913 he entered the
lists against Raymond Poincare, but polled only 18
votes.
The defeat of former Premier Clemenceau resulted
in his resignation and in that of all the members of
his Cabinet as well. This occurred last Sunday.
President Poincare at once asked Alexandre Millerand, Governor of Alsace, to form a new Cabinet.
The Paris dispatches on M onday morning stated
that “ the choice of M . Millerand as Premier has
created an excellent opinion in Parliamentary
circles.” After having received the resignations of
the members of the Clemenceau Cabinet, it was said
that President Poincare “ kept M . Clemenceau for
three-quarters of an hour.” The President was re
ported to have “ expressed the gratitude of France
for the Premier’s services, and his personal apprecia
tion of their excellent relations.” The veteran
leader, who had just laid down the reins, announced
that “ he intended to leave soon for Egypt for a
sojourn of two months.” The Paris newspapers
generally “ greeted the election of M . Deschanel as a
very fortunate event.” M . Millerand formed his
Cabinet promptly. It contains only two members
of the Clemenceau Cabinet, namely Paul Jourdain,
formerly, as now, Minister of Labor, and Yves le
Trocquer, who held the position of Under Secretary
of State for Liquidation of Stocks in the Clemenceau
Ministry, and who is now Minister of Public Works.
In Paris cablegrams Thursday morning most of the
members of the new Cabinet were spoken of as
“ technical men” and not as “ political lobbyists.”
Premier Millerand, in announcing the policy of his
Cabinet to the Council of Ministers, declared that
“ it is the duty of French citizens to produce more and
consume less, and the duty of the country to assume
new fiscal burdens to pay the nation’s war debt.
Paris cablegrams stated that the Premier’s policy
was approved by the Council.
General regret was expressed over the announce
ment from Paris yesterday morning that at a session
of the Chamber of Deputies the day before, the new
Premier felt it necessary to ask for a vote of confi
dence for his Cabinet, because of an attack by
Deputy Leon Daudet, editor of “ L ’Action Francaise,”
on M . Steeg, newly appointed Minister of the In
terior. The vote was 272 to 23, but the assertion
was made in a Paris dispatch that it “ was considered
288
THE CHRONICLE
a moral defeat for the Government, as more than
300 Deputies abstained from voting.” The charge
against M . Steeg was that “ he was an accomplice of
Louis J. M alvy, former Minister of the Interior,
who was banished following his conviction on charges
of communicating with the enemy.”
The opinion
was generally expressed in Paris that “ the Premier
will have to replace M . Steeg as Minister of the
Interior or the Cabinet will be overthrown on the
first question involving the interior policy.” Fol
lowing the resignation of the Clemenceau Cabinet,
new delegates to the Peace Conference were elected,
among whom was Premier Millerand.
Another political development of special signifi
cance, and which became known a week ago to-day,
was the decision of the Supreme Council “ to reopen
commercial relations with the Russians at once.”
The Premiers were quoted as having declared tha*“ the decision involves no change in the attitude of
the Allied Governments toward the Soviet Govern
m ent.” In fact, this assertion was included in the
formal and official statement that was issued. In
the earliest advices the opinion was expressed that
“ the new move is considered as having been fathered
by Lloyd George.” According to one correspondent,
“ the only official explanation of the move is that it is
intended to reach the Russian peasants and thus
weaken the Soviet Government.” He added that
“ some statesmen say that this reasoning is not clear
to them .” Announcement was made that “ Am
bassador Wallace was present at a meeting of the
Premiers earlier in the day, when the new plan was
approved, and that he promptly cabled the action
of the Supreme Council to Washington.” A copy
of the official communique issued by that body was
made public simultaneously in Washington Friday
evening. Paris cablegrams on Sunday stated that
“ Premier Lloyd George proposed the measure
seemingly to conciliate the labor forces of England.”
Premier Nitti was reported to have supported him,
“ explaining that the decision would have a good
effect upon political opinion in Italy.” Premier
Clemenceau was said to have “ opposed any dealings
with Bolshevist Russia, but finally said wearily that
he would agree to such a trade measure as that
finally announced.” The statement was made in
one dispatch that he insisted upon writing the final
paragraph, “ affirming that the Allies had not changed
their attitude toward the Soviets.” In a statement
issued in Washington Saturday evening, Herbert
Hoover said that “ I believe the removal of the
blockade will take away from under them [the
Bolsheviki] one of their greatest props.”
In a
London cablegram on Tuesday morning the claim
was made that “ one of the influences which prompted
Premier Lloyd George to put forward a plan to raise
the Russian blockade was a private letter from the
Food Controller, George H. Roberts, who pointed
out that if arrangements could be made to get food
stuffs from Russia, the prices in England, which
primarily depended so largely on Russia for food,
would rapidly decrease.” According to another
London cablegram “ Threadneedle Street put its
unqualified approval on the lifting of the Russian
blockade by the Allies.” In still another cablegram
from that centre it was stated that “ the military
successes of the Soviet forces were the cause of the
, action of the Allies in deciding to permit the reopening
of trade with Russia.”
[Vol. 110.
Paris appeared to take a more hopeful view of the
possibility and feasibility of renewing trade with
Russia. A cablegram from that city stated that
“ elaborate plans for the resumption of commercial
relations between the Russian people and Allied
nations have been worked out, and it is expected
the Bolsheviki will permit the free interchange of
manufactured goods and raw material.” In a dis
patch from London about mid-week it was claimed
that “ exchange and barter with the peoples of Russia
already are beginning. Four hundred tons of Siber
ian butter are on the way to Great Britain, while
agricultural machinery for Russia is already at Brit
ish ports.” Announcement was said to have been
made at the State Department in Washington Tues
day that “ the United States very soon will lift its
embargo on shipments to Soviet Russia, thus join
ing the Allies in partially raising the blockade of that
country.”
A special Paris correspondent of the New York
“ Times” cabled his paper Tuesday that the lifting
of the blockade was only a part of the policy of the
Allies with respect to Russia, and claimed that “ an
important part of the new plan consists in the placing
of a barrier across the Caucasus from the Black Sea
to the Caspian.” He even claimed that “ it is be
lieved that 100,000 troops or more will be needed.”
A news agency in London was said to have received a
dispatch from its Paris office “ that the forces that the
Supreme Council would send to oppose the Bolsheviki
in the Caucasus are expected to number 200,000.”
According to an Associated Press dispatch from
Helsingfors on Thursday morning, “ the net result
of the conference of representatives of Esthonia,
Letvia, Lithuania and Poland, which has been in
progress here for a week and which closed to-night,
is the appointment of a commission to work out a
plan for a defensive alliance against Soviet Russia.”
From Tokio came a cablegram Thursday morning
stating that the Advisory Diplomatic' Council on
Monday had decided to withdraw Japanese troops
from Siberia, “ Japan’s object in agreeing to co
operate with the United States in supporting Czecho
slovak troops in Siberia having been attained.” It
was reported to have been asserted at the meeting of
the Council “ that Japan has no territorial ambitions
in Siberia.”
In a special cablegram to the New York “ Sun”
yesterday morning it. was asserted that “ the new
political heads of the French Government are re
ported to be planning a reversal of the entire Allied
policy in regard to Russia.” The correspondent
added that “ when Premier Millerand succeeded
Clemenceau it was certain the change would result
in a veto of the British plans.”
Through a Washington dispatch, announcement
was made on Tuesday morning that “ the British,
French and Italian Governments have reached an
agreement on Fiume and the Adriatic question,
which is now before President Wilson for his con
sideration.” In an interview in Paris, Premier Nitti
of Italy was quoted as saying that “ I think that
Jugo-Slavia will meet us in the same spirit of concilia
tion that we have shown.” He added also that “ we
feel, too, that the United States should come around.”
He concluded by asserting that “ I want to say Ihat
Italy has gone her limit in renunciation.”
Jan . 24 1920.]
THE CHRONICLE
Word was received from Paris Wednesday morning
that “ the Supreme Council broke up to-night [Tues
day] without a settlement of the Adriatic question.”
Signor Nitti was quoted as having said that if the
Jugo-Slavs did not accept Italy’s terms to-night
[Tuesday] he would withdraw his compromise offer
and that “ Italy will demand that France and Great
Britain execute purely and simply the Treaty of
London of April 1915.” The reply of the Jugo
Slavs was received before the Supreme Council
broke up, and Premier Nitti was reported to have
asserted that it was unacceptable, although its
authors claimed that it constituted the “ supreme
effort of Jugo-Slavia to bring about an agreement
with Italy.” Signor Nitti left for Italy Tuesday
evening and Premier Lloyd George was expected to
start for home Wednesday morning. In a Washing
ton dispatch on Wednesday morning the assertion
was made that it had been officially stated that
“ there has been no change in the American position
regarding the settlement of the Adriatic question,
since the announcement of this country’s attitude by
President Wilson in Paris.” The Paris papers were
inclined late in the week to criticize rather severely
the handling of the Adriatic situation by the Pre
miers. The opinion was expressed that they acted
unwisely in calling upon the Jugo-Slavs to accept the
Adriatic compromise by this evening, on the alter
native or threat that “ France, Britain and Italy will
proceed with the enforcement of the compact of
London.”
German diplomats have arrived in Paris and have
taken up their residence in the former German Em
bassy. Wilhelm Meyer is to be the Charge d’Af
faires, and was scheduled to reach the French capital
yesterday. Baron von Treutler, Minister Plenipo
tentiary Delegate to the Peace Conference, and an
expert on reparation questions, was to accompany
the mission.
The Supreme Council decided at its session Wednes
day that “ the new conference of Ambassadors would
be inaugurated on M onday, Jan. 26.” It was ex
plained that “ this conference would take up part of
the work of the Supreme Council, which virtually
concluded its labors Tuesday night, and will be in
trusted with the task of insuring the carrying out of
the Treaty of Versailles and the discussion of current
routine matters connected with peace affairs.” Ac
cording to the advices “ the great questions of inter
national policy will be reserved for settlement at
conferences in which the heads of the Allied Govern
ments will sit.” According to the “ Temps” the first
meeting of the Premiers will take place in London
“ in the very near future.”
It •became known a week ago to-day through Paris
dispatches that the Supreme Council had “ drawn
up a formal request to the Dutch Government to
hand over the former Kaiser for trial, in accordance
with the terms of the Peace Treasy.” It was said
also that the “ British describe the communication
as a demand; the French call it a request.” Accord
ing to the advices, “ it was accompanied by a copy
of the indictment against Wilhelm, approved by the
three Premiers.” The Dutch Government on M on
day asked that official acknowledgment of the
receipt of the Allied note be published, and it was
added that “ high-placed officials of the Dutch
289
Government have given assurances that an answer
to the Allied demand will be forthcoming within a
few days.” A cablegram from The Hague last even
ing stated that “ the Dutch Government has refused
the demand of the Allied Powers for the extradition
of Ex-Emperor William of Germany.” The reply
to the Allie’s was said to have asserted that “ the nat
ional law does not permit betrayal of the confidence
of those who intrusted themselves to Holland
and her free institutions.” Paris advices stated
that the repy was received there yesterday
morning.
A Paris cablegram on Wednesday contained a syn
opsis of a financial budget prepared by M . Klotz,
retiring French Finance Minister, which he would
have presented to the Chamber of Deputies, except
for the downfall of the Clemenceau Ministry. Ordi
nary expenses for 1920 were placed at 17,861,000,000
francs, while ordinary resources were estimated at
only 9,368,000,000 francs, indicating a deficit of
8.493.000. 000 francs. As partial offsets to this
deficit it was proposed to levy “ a tax on business
turnovers of 1% generally and of 5 to 10% for non
essential commodities.” From this source the Min
ister calculated that 4,200,000,000 francs would be
realized. It was explained that this tax would re
place the luxury tax now in force. Among the other
sources of income counted upon were “ increased
indirect and war taxes amounting to 1,862,000,000
francs; a tax on acquired wealth of 1,461,000,000
francs;increased postage and other services 414,000,
000 francs; registration stamp duties 219,000,000
francs; receipts through suppression of fraud 53,000,
000 francs; refined oil monopoly 35,000,000 francs;
prescription of unpaid dividends for the benefit of the
State 27,000,000 francs. Adding all of these to
gether it was still estimated that there would be
222.000.
000 francs unprovided for.
According to a London cablegram on Wednesday
the British Treasury “ is attempting to refund three
maturing issues of Exchequer bonds, aggregating
£211,000,000, by offering at par an indeterminate
amount of 5 % % exchequer bonds maturing in
1925.” Because of the high rates for money pre
vailing, it was stated, that “ the ingenuity of the
Treasury has been taxed to induce holders of maturing
bonds to convert them, as well as to persuade the
public to buy for cash.” Among the novel features
introduced to achieve this end were “ the guaranty of
16 days of free interest, bringing the first year’s yield
of the new bonds up to 6 % ; also the giving of holders
the privilege of filing a year’s notice in any January,
beginning in 1921, to have the bonds paid off a year
later.” The assertion was made by the corres
pondent that “ it would have been easy for the Trea
sury to float a 63^% new issue” but he added that
“ this is against the principles of deflation which the
Government hopes to achieve by reducing gradually
the yield on new bonds.” He made the further sug
gestion that “ the fact that the new bonds are issued
at 5 % % is taken as an indication that there is no
possibility of an increase in the bank rate.” With
regard to additional Government financing this year
the correspondent said: “ That all the year’s maturi
ties are covered, so far as Exchequer bonds are con
cerned, does not settle the question of the floating
debt.”
390
Just at the close of last week London heard that
the German railways had resumed work in a majority
of the districts. According to the reports the men
received wage increases of 200 marks a month, while
the salaries granted to officials were said to have
represented increases as high as 150%. The grant
ing of the larger rates of pay, it was estimated, “ would
bring about a deficit of an additional 1,500,000,000
marks for the railways,” which, it is added, “ will
probably lead to another increase in rates” — the
inevitable outcome. Advices from Berlin via Am
sterdam stated that “ the railroad strike in the
Rhine and Westphalia regions has ended and service
has been resumed.” Word came fron Rome that a
strike of the postal, telegraph and telephone workers
had started. On the other hand the miners’ strike
at Linares, Spain, was reported to have come to an
end. State employees in Belgium went back to
work on the promise of the Premier that members of
the Ministry would consider the question of salaries.
Toward the end of the week the railroad labor
situation in Italy appeared to be worse. According
to a dispatch from Geneva, Thursday morning, “ the
Italian international express trains are being held
up by the strike in Italy.” It was added that
“ troops hdve occupied Domodossola, on the Simplon
tunnel route, and no trains are being permitted to
pass through the tunnel.” In a cablegram direct
from Rome the same day, it was stated that “ though
improvement is reported in the railway strike situ
ation, military forces occupied the Central Railway
Station in Rome by order of the Minister of Trans
portation.”
Considerable apprehension was expressed in Berlin
cablegrams over the probable effect on the labor
situation in Germany of the passage by the National
Assembly of the Ships Councils Bill, known also as
the “ Exploitation Laws.” The measure was char
acterized as “ one of the most radical pieces of eco
nomic legislation since the war.” Its provisions are
too complicated to explain in a word, but apparently
its adoption would give a strong voice in the manage
ment of a business to its workers. Still the Berlin
cablegrams stated that “ the bill does no satisfy the
Independents.” Yesterday morning’s cablegrams
from a half dozen important centres in Italy indi
cated that the labor situation in that country was
getting worse. The Government had caused the
arrest of many railroad strikers and communications
were said to be crippled. The Government requi
sitioned 12 large steamers to relieve the traffic.
The British Treasury statement for the week end
ing January 17 showed another substantial gain in
ingoes over outgoes, which resulted in an increase
in the Exchequer balance of £799,000, bringing that
item up to £4,630,000, as against £3,831,000, the
amount held in the statement published a week ago.
Expenses for the week were £29,263,000, with the
total outflow, includingjrepayments of Treasury bills,
advances, and other items, £145,775,000. The
income from all sources totaled £146,574,000. Of
this sum,- revenues equaled £39,228,000 and savings
certificates £1,450,000. Other debt brought in
£1,550,000 while advances yielded £24,000,000.
Nothing wasr received from either Victory bonds or
the new funding loan. Sales of Treasury bills were
£80,346,000, and as this was less than the amount
repaid, the volume of Treasury bills outstanding was
educed to £1,130,951,000, as against £1,144,881,000
r
[Vol. 110.
THE CHRONICLE
in the previous report. Temporary advances, how
ever, have advanced and now stand at £215,074,000,
against the previous total of £209,074,000. The
total floating debt is now reported at £1,346,025,000.
While the above statement is for a week, compari
sons are not yet feasible, since the preceding report
was for a period of ten days.
Official discount rates at leading European centres
continue to be quoted at 5% in Paris, Berlin, Vienna
and Copenhagen; 5J^% in Switzerland, 6 % in
London, Sweden, Norway and Petrograd, and 4 ^ %
in Holland. In London the private bank rate is now
reported at 5% for sixty days and 5 ^ % for ninety
days, comparing with 5
and 5% % , respectively, a
week ago. Call money in London remains as here
tofore at 3}^ @ 4 % . A cablegram from Calcutta
under date of Jan. 21, advises that the Bank of
Bengal has advanced its rate of discount 1% to 6 % .
The previous rate of 5 % had been in effect since
June 5 1919.
The Bank of England in its weekly return an
nounced another gain in gold on hand, this time
£2,519,607. Total reserve was expanded even more,
or £2,675,000, there having been a shrinkage in note
circulation of £155,000. Public deposits increased
£2,815,000 and other deposits £12,907,000. Gov
ernment securities were expanded £13,448,000. Loans
however (other securities), showed a contraction of
£373,000. Threadneedle Street’s gold holdings aggre
gate £96,806,712. Last year the total held was
£80,287,602 and in 1918 only £58,914,686. Re
serves now stand at £27,162,000, which compares
with £29,716,097 in 1919 and £32,141,781 the year
preceding. Circulation is £88,094,000, as against
£69,021.505 a year ago and £45,222,000 in 1918.
Loans total £84,407,000, in comparison with £79,
041,349 and £95,214,194 one and two years ago,
respectively. It is stated that recent increases in
the Bank of England’s gold holdings represent metal
deposited by the Joint Stock banks under a special
arrangement for centralizing the precious metal.
Clearings through the London banks for the week
amounted to £741,540,000, as contrasted with
£758.300,000 a week ago and £473,530,000 last
year. We append a tabular statement of compari
sons:
BA N K
O F E N G L A N D ’S
C O M P A R A T IV E
STA TEM EN T.
19 2 0 .
19 10 .
10 18 .
10 17 .
10 10 .
Ja n . 2 1.
Ja n . 22.
Ja n . 23.
Ja n . 24.
Ja n . 20.
£
£
£
£
£
0 0 ,0 2 1 ,5 0 5
4 5 .2 2 2 ,0 0 5
Circulation------------- 8 8 ,0 9 4 , 0 0 0
3 8 ,7 8 4 ,0 0 5
3 3 ,8 2 0 ,8 2 5
Public deposits-------- 2 1 , 4 7 2 , 0 0 0 2 7 . 2 1 7 , 3 8 4 4 1 , 8 1 4 , 5 0 2 5 0 , 7 2 1 , 3 1 0 0 2 , 8 7 5 , 0 4 2
Other deposits-------- 1 4 0 , 3 4 1 , 0 0 0 1 2 0 , 5 7 3 . 3 8 1 1 2 4 , 4 4 0 , 1 0 3 1 3 0 , 2 3 1 , 5 0 0 1 0 0 , 9 6 1 , 1 0 7
G overnm ’ t securltlee 0 8 , 1 5 7 , 0 0 0 0 2 . 9 3 3 . 7 4 4 5 0 , 8 3 0 , 8 5 1 1 3 3 , 8 7 0 , 4 7 0 3 2 , 8 3 8 , 6 0 1
Other securities------ 8 4 ,4 0 7 ,0 0 0 7 9 , 0 4 1 , 3 4 0 0 5 . 2 1 4 , 1 0 4 3 7 , 8 3 0 , 2 0 8 1 1 2 , 2 0 4 . 7 0 0
Reserve notes A coin 2 7 , 1 6 2 , 0 0 0 2 9 . 7 1 0 , 0 0 7 3 2 , 1 4 1 , 7 8 1 3 0 , 2 8 8 . 1 3 5 3 0 , 8 4 4 , 7 4 2
Coin and b u llio n ... 9 0 , 8 0 0 , 7 1 2 8 0 ,2 8 7 ,6 0 2 5 8 , 0 1 4 , 6 8 0 5 0 , 6 2 3 , 0 4 0 5 2 , 2 2 4 , 5 0 7
Proportion o f reserve
19 .3 0 %
10 .3 3 %
to liabilities______
10 .7 7 %
10 .10 %
2 2 .4 0 %
5%
6%
5%
Bank r a t e . . . . . . . . .
6%
6 H %
The Bank of France in its weekly statement shows
a further gain of 504,827 francs in its gold item this
week. The Bank’s aggregate gold holdings are thus
brought up to 5,579,908,952 francs, comparing with
5,499,318,252 francs last year and with 5,360,655,414
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. During the week
decreases were registered in all the other items, silver
falling off 4,923,257 francs, bills discounted 2,360,393
francs, advances 410,531 francs, Treasury deposits
2,164,542 francs, and general deposits 20,670,375
Jan . 24 1920.]
THE CHRONICLE
francs. Note circulation showed a further contrac
tion of 221,179,805 francs, bringing the amount out
standing down to 37,079,424,911 francs. This con
trasts with 31,793,747,120 francs in 1919 and with
23,102,033,805 francs the year previous. On July 30
1914, just prior to the outbreak of war, the total
outstanding was only 0,083,184,785 francs. Com
parisons of the various items in this week’s return
with the statement of last week and corresponding
dates in 1919 and 1918 are as follows:
BA N K
O F
F R A N C E ’S C O M P A R A T IV E
C h a n g es
STA TEM EN T.
$574,780,000. The increase in aggregate reserves
amounted to $49,781,000 to $597,800,000. Reserve
requirements were augmented $12,640,490, hence
the excess of reserves over legal requirements now
stands at $34,227,810, which compares with a deficit
last week of $2,912,680, and a surplus in the same
week of 1919 of $66,638,550. These figures for
surplus are based on legal reserves of 13% for member
banks of the Federal Reserve system, but not in
cluding cash in vault held by these banks, which last
Saturday amounted t j $99,755,000.
--------------------------------- S ta tu s a s o f ----------------------------------Jan. 2 2 19 2 0 .
F ra n cs.
Jan. 2 3 19 19 .
F ra n cs.
Jan. 24 19 18 .
F ra n cs.
5 0 4 .8 2 7
3 ,0 0 1,0 3 0 ,5 3 0
3 ,4 0 2 ,2 0 9 ,7 0 7
3 ,3 2 3 ,5 4 0 ,9 2 9
N o ch an ge.
1,9 7 8 ,2 7 8 ,4 1 0
2 ,0 3 7 ,1 0 8 ,4 8 4
2 ,0 3 7 ,1 0 8 ,4 8 4
fo r W eek .
F ra n cs.
291
The rates for call money at this centre were lower
all week than they have been recently. This fact,
however, did not bring about any increase in specu
T o t a l .............................. I n o .
5 0 4 ,8 2 7 5 ,5 7 9 ,9 0 8 ,9 5 2
5 ,4 9 9 ,3 1 8 ,2 5 2 5 ,3 0 0 ,0 5 5 .4 1 4
S i l v e r ................................. D e c .
4 ,9 2 3 ,2 5 7
2 5 0 ,4 0 9 ,3 7 1
3 17 ,2 9 8 ,0 3 7
2 4 7 ,9 19 ,0 1 0
lative activity in stocks. On the contrary, the vol
B i l l a d t s c o u n t e d -------D e o .
2 ,3 0 0 ,3 9 3 1,7 0 2 ,0 4 5 ,8 4 4
1.2 4 7 ,4 1 0 ,0 8 7
8 9 3 ,8 3 4 .4 3 3
ume of trading averaged the smalles; it has been for
A d v a n c e s ......................... D e o .
4 1 0 , 5 3 1 1 ,5 3 5 ,3 8 0 ,2 8 9
1 ,2 1 7 ,4 0 9 ,9 8 5 1 ,2 2 0 ,4 9 1,3 0 0
N o to c i r c u l a t i o n ...D e o 2 2 1 ,17 9 ,8 0 5 3 7 ,0 7 9 ,4 2 4 ,9 11 3 1 ,7 9 3 ,7 4 7 ,1 2 0 2 3 ,10 2 ,0 3 3 ,8 0 5
some
time. The substantial surplus, relatively speak
T r e a s u r y d e p o s it s ..D e o .
2 ,10 4 ,5 4 2
4 5 .2 5 5 ,0 2 4
7 0 ,2 5 4 ,3 0 0
0 0 ,0 17 ,7 4 1
G e n e r a l d e p o s i t s . .. D e c . 2 0 ,0 7 0 ,3 7 5
3 .0 10 ,3 5 3 ,8 0 9
2 ,7 0 8 ,8 8 0 ,3 7 4 2 ,8 3 5 ,1 7 8 ,0 5 0
ing. shown by last Saturday’s bank statement, nat
urally had a reas luring effect in some speculative
After an interval of over three weeks, the Imperial circles. Those who were giving the most careful
Bank of Germany has, within the last few days, attention to the money market in a broad way realize
issued two statements, one showing conditions as of that the change from a deficit to a surplus in the
D ec. 31, and the other for Jan. 7. The first indicated statement of the local banks did not indicate any
increases in gold and bullion of 2,000,000 mks.; important change in ‘ the m m etary situation as a
Treasury notes, 514,224,000 mks.; bills discounted, whole. Accordingly they were not inclined to change
0,895,821,000 mks.; securities, 103,120,000 mks.; their views materially about this matter and con
circulation, 1,571,764,000 mks.; and deposits the tinued to express the opinion that commercial and
huge total of 5,924,901,000 mks. Decreases were industrial loans must be liquidated before the money
260.000 mks. in coin, 1,500,000 mks. in note circu market could be given real relief. The advance in re
lation, 7,875,000 mks. in advances, 7,870,000 mk3. discount rates on Thursday by several of the Federal
in investments and 1,034,000 mks. in liabilities.
Reserve banks in the eastern part of the United
Changes in the statement of Jan. 7 included a re States was naturally taken as representing the first
duction in gold and bullion of 502,000 mks., and a step in the bringing about of such liquidation. Rep
decline of 592,000 mks. in gold. Bills discounted resentatives of the Federal Reserve Board were
were reduced spectacularly, 6,240,307,000 mks., quoted in a Washington dispatch yesterday as having
while deposits showed a falling off of 6,285,535,000 expressed the opinion that the advancing of the rate
mks. Treasury notes declined 20,667,000 mks., on commercial paper by only a few of the tweive
advances decreased 4,708,000 mks., and securities Federal Reserve banks would not reduce commercial
195.216.000 mks. Circulation was contracted 65,- loans materially. It will be interesting io see what
376.000
mks., and liabilities 11,024,000 mks. Theplan is worked out by the representatives of the
only increases reported were a total of 864,000 mks. Clearing House banks at the Chicago conference.
in notes of other banks and 8,647,000 mks. in in The offerings of securities have been somewhat
vestments. The German Bank’s stock of gold on smaller this week. If the readjustment of the mone
hand is reported at 1,088,917,000 mks. A year ago tary situation is brought about in a logical and com
it stood at 2,260,180,000 mks. and in 1918, 2,405, prehensive way some little time will be required.
800,000 mks. Note circulation has reached a total
Dealing with specific rates for money, call loans
of no less than 35,632,893,000 mks., which compares have ranged between 6 and 8 % , in comparison
with 22,336,810,000 mks. in 1919 and only 11,343, with 6 @ 1 8 % last week. Monday 8 % was the high
320,000 mks. the year preceding.
and this was also the basis for renewals, with the
low 6% . On Tuesday 7% was the highest; the low
Last Saturday’s statement of the New York As was still at 6 % , while renewals were negotiated at
sociated Clearing House banks, which is given in 7 % . Wednesday and Thursday there was no range,
more complete form on a later page of this issue, 6% being the only rate quoted, and the high and low
made a better showing and, as had been predicted, on each day. Call rates on Friday ranged at 6 @ 7 %
the deficit of the previous week was turned into a with 6% the ruling figure. The above quotations
surplus, while loxns were further curtailed. There are for mixed collateral and all-industrial loans alike.
was an increase of $95,222,000 in net demand de For fixed maturities trading was again light and the
posits to $4,240,904,000, Government deposits of market little better than nominal. Mixed collat
$193,920,000 deducted, this latter being a reduction eral loans were quoted at 7 j^ % for all periods from
of nearly $109,000,000. Net time deposits expanded sixty days to six months, the same as a week ago,
$13,012,000 to $263,428,000. The loan item showed until Friday (to-day), when a few trades for small
a decrease of $31,111,000. Other changes were a amounts were put through at 7 % , with the range
decline in cash in own vaults (members )f the Federal 7@ 7)/£% . All-industrial money is still quoted at
Reserve Bank) of $11,284,000 to $99,755,000, and a 8 @ 8 )^ % . Funds were in slightly better supply,
reduction in reserves in own vaults (State banks and but trading at no time was active.
trust companies) of $251,000 to $11,271,000. Re
Commercial paper rates have not as yet been af
serves of member banks with the Federal Reserve fected by the advance in Federal Reserve quota
Bank gained $49,708,000— a factor which served tions, though brokers look for higher levels in the
to restore the surplus account— and now stand at near future. Sixty and ninety days’ endorsed bills
G o ld H o l d i n g s —
I n F r a n c e ........................I n o .
A b r o a d . ' ...........................
THE CHRONICLE
293
receivable and six months’ names of choice character
were not changed from 6 % , though names not so
well known are now at 6 @ 6 )4 % , against 6 % a week
ago. Transactions in the aggregate were only of
moderate proportions with very little doing in any
direction.
Banks’ and Bankers’ acceptances have shown a
fair degree of activity, with the turnover on several
days of the week representing a larger amount than
for some little time. This is of course due to the
easier conditions in the call loan market. The
undertone was firm and following the raising of Fed
eral Reserve rates, quotations have been marked
up on both eligible and ineligible bills. Loans on
demand for bankers’ acceptances are now at 5% ,
against 4 % % last week. Dealers reported that the
New York Federal Reserve Bank has increased its
buying rate to 5)4 % on all maturities. Detailed
rates follow:
------------------S p o t
N in ety
D ays.
D e liv e r y -----------------T h ir ty
w ith in
D ays.
D ays.
30 D a y s.
E l i g i b l e b i l l s o f m e m b e r b a n k s ___________ 5 J 4 @ 5 ) 4
E l i g i b l e b i l l s o f n o n - m e m b e r b a n k s ______
5H @ 5
S j f b id
6 M @ 5 )4
0
SH@5H 5M@5M 5%@5yi
I n e l i g i b l e b i l l s .............................................................. 6
© 5M
D e liv e r y
S ix ty
634@ 0
5% bid
b id
Increases anew in the discount rates of the New
York Federal Reserve Bank, and the Boston and
Philadelphia Federal Reserve banks are discussed at
the beginning of this article and narrated in detail
in a special item in that part of to-day’s issue of our
paper devoted to “ Current Events and Discussions”
(page 316.)
The higher rates were announced
on January 22 by the Federal Reserve Bank of New
York; the most important of the changes affects
commercial paper, the rate for advances thereon not
exceeding 15 days (except bankers’ acceptances),
being increased from 4 ^ to 6% ; for advances not
exceeding 15 days, secured by Liberty Loan bonds
and Victory notes and for rediscounts not exceeding
90 days, a rate of 5 )4 % has been established as com
pared with 4z/i°/o heretofore, while for advances not
exceeding 15 days, secured by bankers’ acceptances,
and for rediscounts of same not exceeding 90 days,
the rate is now 5 % against 4 % % previously. For
advances not exceeding 15 days secured by U. S.
Treasury Certificates of Indebtedness, and for re
discounts of customers’ notes so secured not exceeding
90 days, the rate remains unchanged at 4 % % . The
new rates established by the Federal Reserve Bank
of New York have also been made in the case of the
Federal Reserve banks of Boston and Philadelphia,
and the Federal Reserve Board is also said to have
authorized the three Reserve banks here referred to
to increase the rate on agricultural paper from 5 to
6 % , and the rate on notes secured by War^Finance
Corporation bonds from 5)4 to 7 % .
Sterling rates took anjther sharp downward swing
this week and after a slight temporary rally in the
initial dealings, weakness once more set in and prices
were forced down repeatedly until the unprecedent
edly low figure of 3 60)4 was reached for demand
bills. This represents a loss of 8 cents in the pound
for the week, and is 5 cents lower than the previous
low point established in the second week of Decem
ber last. Trading was nervous and excited and at
times scenes closely bordering upon demoralization
were witnessed. As has been the case on previous
occasions of a similar nature, quoted rates frequently
showed a wide disparity and this added to the gen
eral confusion and uncertainty. Toward the close
the market steadied somewhat and quotations rallied
V ol . 110.
about 4 cents, although the final range was 3 62 @
3 64)4.
Market observers have been, as usual, b u ily en
gaged in assigning reasons for the fresh outbreak of
acute weakness in sterling exchange after a period of
comparative steadiness anct the consensus of opinion
seems to be that while the underlying cause of the
market’s instability is still to be found in the abnor
mal excess of exports over imports which manifests
itself from time to time in the form of a voluminous
outpouring of commercial offerings of all descriptions
far beyond the market’s powers to absorb, this latest
collapse in values is probably largely attributable to
the discouragement felt abroad over the dilatoriness
of Congress in reaching a compromise agreement in
the controversy over treaty reservations, it being at
last fully realized that very little hope need be enter
tained for either the resumption of normal interna
tional trade relations or the granting of credits upon
anything like the comprehensive scale requisite for
the support of exchange until the peice treaty has
been actually and formally ratified. As a proof of
this view, it was pointed out that a feature of the
week’s dealings has been heavy selling for account of
several of the large London banks, a development
which induced substantially lower quotations at that
centre, and in turn served to depress rates in this
market. However, be this as it may, on Thursday
the foreign selling movement ceased almost as ab
ruptly as it had commenced, and this, together with
active covering operations on the part of speculative
short interests, combined to bring about the recover
ies above recorded. Still another link in the week’s
chain of unfavorable influences was believed to be
the recent action of the Federal Reserve Board in
announcing its intention to materially curtail private
loans which, it is alleged, has led to the unloading
of a large volume of sterling bills by exporters and
others who were doubtful of their ability to carry
them under the new conditions.
The War Finance Corporation announced that
applications for $10,000,000 additional credits had
been granted for the exportation of machinery to
England, France, Italy and Belgium, but this had
apparently already been discounted and was without
appreciable effect on market quotations. Advices
from London state that a new organization, called the
Sound Currency Association, has been formed there
to aid in eliminating the inflation of currency, restore
the pound sterling to its par value and accelerate the
return to the gold standard, although full details are
still lacking as to the practical workings of the body
in question. As a result of the overwhelming success
which has attended the recent /Belgian loan, it is
believed that attempts to float other large foreign
loans are likely to be soon forthcoming. Late last
week the Treasury authorities granted permission to
the Italian Government to issue $25,000,000 bonds to
be distributed in this country, while it is understood
that Poland is negotiating with prominent bankers
here in the hope of arranging for an issue of bonds in
this market.
As to the day-to-day rates, sterling exchange on
Saturday last was easier and a further decline noted
to 3 68}4@ 3 69 for demand, 3 69@ 3 69^4 for cable
transfers and 3 65@ 3 65^4 for sixty days. On M on
day trading was dull and lifeless, and weakness was
again in evidence with demand off nearly a cent to
3 68)4 @ 3 68)4, cable transfers to 3 69@ 3 69)4 and
J a n . 24 1920.]
THE CHRONICLE
sixty days to 3 65@ 3 6534- What amounted prac
tically to demoralization prevailed on Tuesday when,
following a sensational lowering in quotations from
abroad, prices broke almost 3 cents in the pound,
carrying demand bills to 3 65)4 @ 3 6734, cable trans
fers to 3 66)4 @ 3 68 and sixty days to 3 64@ 3 65)4In Wednesday's dealings rates were again forced
down, this time to 3 60 )4 @ 3 62)4 for demand,
3 6 1 K @ 3 6334 f ° r cable transfers and 3 57)4@
3 59)4 for sixty days; heavy selling by London banks
was a salient feature in the recession. Following
early weakness when demand touched 3 60)4 > a
recovery took place on Thursday of about 4 cents,
making the range 3 60)4 @ 3 64)4, while cable trans
fers ranged at 3 61@ 3 65 and sixty days 3 57@ 3 61;
a cessation of the foreign selling movement coupled
with short covering by local interests was mainly
responsible for the rally. Friday’s market was irreg
ular but quieter and about steady; demand bills ruled
at 3 62@ 3 64)4, cable transfers 3 62)4 @ 3 65 and sixty
days 3 59)4 @ 3 61)4- Closing quotations were 3 60)4
for sixty days, 3 63)4 for demand and 3 64 for cable
transfers. Commercial sight bills finished at 3 63,
sixty days at 3 59, ninety days at 3 57, docu
ments for payment (sixty days) 3 58)4, and seven-day
grain bills at 3 62)4* Cotton and grain for payment
finished at 3 63. The week’s gold movement in
cluded a shipment of $105,000 gold coin to South
America, $620,500 for Ceylon, $410,000 to Mexico
and $1,500,000 for India, making a total in all of
$3,135,500. Gold coin to the amount of $10,000,000
has been received this week from Canada, represent
ing undoubtedly the balance of the $20,000,000
which the Dominion contemplated shipping last
December.
In the Continental exchanges also sensational de
clines have taken place, notably in marks, kronen,
lire and francs, bringing the depreciation in all these
currencies to the lowest levels ever recorded. Marks
were again the weakest feature in the list, with a
slump to 1.38 for checks, or another 29 points off.
Austrian kronen, rates for which have almost ap
proached the vanishing point, tumbled to 00.31.
French exchange moved irregularly and after ruling
relatively steady during the early part of the week,
turned weak and broke to 12.06, a loss of 44 points
for the week, while Belgian currency, for a long period
maintained above French francs, fell even lower,
registering a decline to 12.12— a drop of no less than
55 points. Despite favorable loan prospects, Italian
lire participated in the general weakness, and at one
time sold down to 14.14, representing a recession of
43 points from the low of a week ago, and about 895
points from the pre-war level of 5.19. Undoubtedly
the market was adversely affected by the break in
sterling, but in every case excessive offerings were
reported, with no demand to speak of. Toward the
close of the week and following the rally in sterling,
firmness developed at nearly all of the Continental
centres, with a measurable recovery from the phe
nomenally low figures recorded, except marks, which
closed only a fraction above the lowest for the week.
Trading was not particularly active through
out, though a considerable quantity of exchange
changed hands at the exceptional concessions
offered.
The decision of the Allies to resume trading with
Russia came as something of a surprise in financial
circles and resulted in an advance of about 75 points
293
in ruble currency. Quotations for ruble exchange are
of course not as yet available. Private advices from
London would seem to indicate that a new Russian
policy is soon to be announced, which is likely to
exert a pronounced influence on the exchange situa
tion as a whole. It is asserted that the lifting of the
blockade is only a preliminary of the new program
which is now being worked out. According to
advices from Washington the removal of the Russian
blockade means the release of vast stores of provisions,
hides and other products, which will do much to
relieve the present shortage in Europe, and develop
ments in this direction from now on are likely to be
closely watched. A dispatch from Berlin states that
the Reichsbank has offered to exchange 6)4 marks
in paper for every silver mark piece presented. As a
result of this action, it is expected that silver coins
will vanish completely from circulation in Germany.
Another dispatch from the same source is quoted as
saying that negotiations with Holland for a loan to
Germany of 200,000,000 guilders will shortly be
completed. Of this total, io is alleged that 14,000,000
guilders will cover purchases of raw products and tho
balance foodstuffs. The credit is for ten years and
provides that Germany obtain the commodities
specified in the arrangement only from Holland.
This is understood to be the firsc credit granted
Germany since the conclusion of peace. M . Marc
Peter, new Swiss Minister to the United States, is
accredited with the statement that thus far Ger
many’s efforts to lay the foundations for extensive
future trading with Switzerland have met with very
little encouragement from the Swiss people, the feel
ing throughout the whole country being still strongly
anti-German.
The official London check rate in Paris finished at
43.48, as against 42.89 last week. In New York
sight bills on the French centre closed at 11.94,
against 11.62; cable transfers at 11.92, against 11.60;
commercial sight at 11.97, against 11.65, and com
mercial sixty days at 12.05, against 11.73 a week ago.
Belgian francs finished at 12.00 for checks and 11.98
for cable remittances. This compares with 11.57
and 11.55 the week preceding. Reichsmarks closed
at 1.40 for checks and 1.42 for cable transfers. Last
week the close was 1.76 and 1.78. Final quotations
on Austrian kronen were 00.35 for checks and 00.37
for cable transfers, against 00.42 and 00.44. Ex
change on Czecho-Slovakia finished at 1.65, against
1.65; on Bucharest at 2.30, against 2.20; on Poland
at 80, against 85, and on Finland at 2.85, against
2.80 the week before. For lire the close was 14.02
for bankers’ sight bills and 14.00 for cable transfers,
in comparison with 13.71 and 13.69 a week ago.
Greek exchange continues to be quoted at 6 55 for
checks and 6 50 for cable transfers, without
change.
Neutral exchange remains as dull as ever, although
fluctuations were more pronounced than has been the
case of late. Scandinavian exchange was particu
larly weak, new low records being established in
Copenhagen, Stockholm and Christiania currencies
alike, while Spanish pesetas were under pressure and
registered a substantial decline. In marked contrast
to this, Swiss francs and Dutch guilders were firmly
held, the latter in fact ruling the greater part of the
week at a level slightly above that of the preceding
week. N o specific explanation is offered for the
downward plunge in Scandinavian rates, though it
is believed in some quarters to be the result of
THE CHRONICLE
294
abnormal trade conditions and a reflex of the weak
ness shown at other European centres.
Bankers’ sight on Amsterdam finished at 37% ,
against 37% ; cable transfers at 37% , against 37% ;
commercial sight at 37 5-16 (unchanged), and com
mercial sixty days at 37 1-16, against 36 15-16
last week. Swiss exchange closed at 5 55 for bank
ers’ sight bills and 5 53 for cable transfers, as com
pared with 5 55 and 5 53 the preceding week. Co
penhagen checks, after receding to 16.70, rallied
and finished at 16.85 and cable transfers 17.00,
against 17.55 and 17.70. Checks on Sweden closed
at 20.30 and cable transfers 20.45, against 20.55 and
20.70, while checks on Norway finished at 18.50 and
cable remittances at 18.60, against 19.25 and 19.35
on Friday of last week. Spanish pesetas closed at
18.50 for checks and 18.65 for cable transfers. This
compares with 19.10 and 19.20 a week ago.
With regard to South American quotations a firm
er tone was noted and Argentine rates were advanced
to 43.15 for checks and 43.30 for cable transfers,
against 43.00 and 43.10 a week ago. For Brazil
there has been a fractional decline, with the check
rate 27% and cable transfers 27.50, comparing with
27.75 and 27.87% . Chilian exchange was a shade
easier at 21.40, against 21% , and Peruvian exchange
at 4.80 @ 4 .8 5 , compared with 5.00@ 5.05 last week.
Far Eastern rates are as follows: Hong Kong at
9 4 @ 9 4 % , against 96 % @ 9 7 ; Shanghai, at 159 @
160, against 1 5 9% @ 160% ; Yokoham a, 4 9 % @
4 9 % , against 4 9 % @ 5 0 % ; Manila, 49% @ 4 9 % , against
4 9 @ 4 9 % ; Singapore, 5 0 @ 5 0 % (unchanged); Bom
bay, 4 2 % @ 4 3 , against 4 4 @ 4 4 % , and Calcutta, 42%
@ 4 3 , against 4 4 @ 4 4 % .
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $8,665,000 net in cash as a result of the cur
rency movements for the week ending Jan. 23.
Their receipts from the interior have aggregated
$11,104,000, while the shipments have reached
$2,439,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports and im
ports, which together occasioned a loss of $68,
892,000, 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 $60,227,000, as fol
lows:
W e e k e n d in g J a n . 2 3 .
S u b T r e a su ry a n d F e d . R e s e r v e o p e r
a t io n s a n d g o ld e x p o r t s a n d Im p o rts
N e t C h a n g e in
B a n k H o l d in g s .
Out o f
B an ks.
In to
B an ks.
$ 11 ,10 4 ,0 0 0
$ 2 ,4 3 9 ,0 0 0 G a in
$ 8 ,6 6 5 , 0 0 0
5 6 ,9 17 ,0 0 0
12 5 ,8 0 9 ,0 0 0 L o s s
6 8 ,8 9 2 , 0 0 0
$ 6 8 ,0 2 1,0 0 0
$ 1 2 8 , 2 4 8 , 0 0 0 L o s s S C O ,2 2 7 ,0 0 0
The following table indicates the amount of bullion
in the principal European b a n k s : _______________
Jan. 23 19 19 .
Jan. 2 2 19 2 0 .
B anks'of—
G o ld .
S ilv e r.
£
E n g la n d . .
F ran c e a . .
G e rm an y .
R u s s ia
A u s H u n .c
S p a i n _____
I t a l y ______
N e t h e r l’d s.
N a t. B e l. h
S w lt z ’ la n d .
Sw eden—
D en m ark _
N o rw a y - -
T ota l.
G o ld .
£
£
96 , 8 0 6 , 7 1 2
9 6 ,8 0 8 , 7 1 2
1 4 4 , 0 6 5 ,221 101,2 4 0 ,0 0 0 1 5 4 , 3 0 5 , 2 2 1
1, 1 6 9 , 0 0 0 65., 6 1■4 , 3 5 0
5 4 ,4 4 5 , ,3 5 0
1 2 9 , 6 5 0 ,000 12., 3 7 5 , 0 0 0 1 4 2 , 0 2 5 , 0 0 0 1 2 9
1 0 , 9 4 4 ,000 2 , 3 6 9 , 0 0 0 1 3 3 1 3 . 0 0 0
9 7 , 9 2 0 , ,000 2 5 , 1 7 3 , 0 0 0 1 2 3 , 0 9 3 ,0 0 0
3 ,0 0 6 ,0 0 0 3 5 ,2 0 6 .0 0 0
3 2 , 2 0 0 , ,000
6 1 2 . 0 0 0 5 3 ,2 7 0 ,0 0 0
5 2 , 6 5 8 , ,000
, 0 9 7 ,0 0 0 1 1 7 5 4 . 0 0 0
1 0 , 6 5 7 ,000
, 2 1 6 , 0 0 0 2 3 8 9 4 .0 0 0
2 0 , 6 7 8 ,000
1 6 ,021,000
1 5 , 6 2 1 ,000
1 8 4 . 0 0 0 1 1 2 7 8 9 .0 0 0
1 2 , 0 0 5 ,000
1 3 9 .0 0 0
8 , 1 3 9 , ,000
T o t a l w e e k 0 8 8 ,3 8 9 2 8 3
P r e v . w e e k 6 8 4 ,0 5 6,,7 8 1
, 2 8 7 ,6 0 2
,4 8 8 ,3 9 0
, 7 7 0 ,0 0 0
, 6 5 0 ,0 0 0
,0 0 8 ,0 0 0
, 1 4 0 ,0 0 0
,0 7 1,0 0 0
,5 3 5 ,0 0 0
, 3 8 0 ,0 0 0
, 5 4 2 ,0 0 0
,868,000
,8 12 ,0 0 0
,7 2 0 , 0 0 0
5 9 ,4 4 1,0 0 0 7 4 5 ,8 3 0 ,2 8 3 7 1 9 ,2 7 1 ,9 9 2
5 9 .2 7 4 ,5 5 0 7 4 3 . 3 3 1 . 3 3 1 7 2 1 ,0 2 6 ,4 4 5
S ilv e r .
T o t a l.
£
1 2 ,6 8 0
1,002
1 2 ,3 7 5
2 ,2 8 9
2 5 ,5 8 8
3 ,0 0 0
722
600
2 ,4 2 9
1 3 5 ,0 0 0
,2 8 7 ,6 0 2
16 8 ,3 9 0
, 7 7 2 ,4 6 0
,0 2 5 ,0 0 0
2 9 7 .0 0 0
, 7 2 8 ,0 0 0
0 7 1.0 0 0
2 5 7 .0 0 0
,9 8 0 ,0 0 0
,9 7 1,0 0 0
,868,000
,9 4 7 ,0 0 0
, 7 2 0 ,0 0 0
6 0 , 8 2 0 4 6 0 7 8 0 ,0 9 2 , 4 5 2
6 0 ,6 5 7 2 6 0 7 8 1 ,6 8 3 ,7 0 5
a Gold holdings ol the Bank of Franco this year are exclusive of £79,131,137
held abroad.
* No figures reported since October 29 1917.
c Figures for 1918 aro those given by "British Board of Trado Journal for Dec.7
1917.
h Figures for|1919 are those of August 6 1914.
[V o l .
no.
CLEMENCEAU AND THE FRENCH
PRESIDENCY.
The statement will hardly be questioned that the
news cabled a fortnight or so ago, that Clemenceau
was meeting with formidable opposition in the can
vass for the election of a new French President, was
received by the average American reader with some
thing like incredulity. Clemenceau’s withdrawal
from the contest and the election of a younger and
far less conspicuous man, Paul Deschanel, last Satur
day, was commented on by every one with something
like astonishment.
In the eyes of most Americans, and probably of
most Englishmen also, Clemenceau stands out as
one of the two or three conspicuously heroic figures
of the war. The romantic element, embodied in
the assumption of political leadership in France at
the darkest hour of her hopes and fortunes by a man
of seventy-five years, and by his infusion into the
whole people of his own stubborn determination and
resolute confidence, was of itself enough to make the
Premier almost a legendary figure. An even more
striking, appropriate and picturesque touch was lent
to his personality and achievement by the fact that
this man, who presided over the Allied Council which
laid down final terms of surrender to Germany, was
also the man who had sat in the National Assembly
of 1871 and voted to continue the war with Prussia
even after the disaster at Sedan.
So thorough a Prussian militarist as Ludendorff
confesses repeatedly in his memoirs his admiration
for Clemenceau’s conduct and for the old Premier’s
services to his country at the crisis of the war. He
has been described this week by his successor in the
Premiership as “ in the eyes of the world the incarna
tion of victory.” To the foreign mind at least,
nothing seemed more eminently fitting than that
this great war leader, on relinquishing the Premier
ship, should succeed to the President’s chair which
was being vacated. It was known that he was willing
to accept the office. The familiar comment as to the
ingratitude of republics has therefore been on many
lips this week. There has been a disposition also to
account for so unexpected a result by ascribing it to
the unpatriotic or ultra-radical forces which Clemcnceau had held in check during his term as
Premier.
Republics are frequently enough ungrateful, es
pecially when political partisanship takes a hand at
reckoning with a heroic figure. Washington himself
experienced something of this; Lincoln would probably
have had to meet it if he had long survived the war;
and Grant came to be as violently denounced, in his
political career after the Civil War, as did Welling
ton under somewhat similar circumstances, long after
the defeat of Napoleon. But the case of Clemenceau
is not at all the same as these. In the first place, the
election in his stead of another candidate to the
Presidency was accompanied by no campaign of per
sonal or political detraction. Quite aside from this,
there appear to have been other motives for the
choice that was ultimately made, which foreign ob
servers were likely to overlook.
The French Presidency is an office not exactly
like any other of the kind. The political powers of
the President are closely circumscribed in some
respects and extremely large in others. Beyond the
nominal choice of his Prime Minister (in which his
Jan . 24 1920.]
THE CHRONICLE
functions resemble those of the King of England),
the President of France has virtually no voice or
authority in home politics. He is infinitely less
potent a political figure in such connections than the
President of the United States. But in the field of
foreign politics— in dealing with other nations and in
the making of treaties— he has more individual and
independent power than the chief executive of any
other country, excepting the pre-war absolute
monarchies.
It is only fair to say that this allotment of power
was peculiarly ill-adapted to the personality of
Clemenceau. In the politics of diplomacy h e had
never acquired a high reputation for skill and wisdom;
he has, in fact, made serious mistakes of individual
judgment on such matters, even at the Paris Con
ference. Furthermore, there is always in France the
question of preserving the legislative body’s inde
pendence of the Presidency, and it is highly probable
that doubts existed as to whether a retiring premier
of Clemcnceau’s autocratic temper and exceptional
political prestige would be just the man to continue
the traditions of the office. But, on the other hand,
Clemenceau was certainly not displaced by the fac
tions of lukewarm patriotism or social disintegration.
Had this been so, the successful candidate would
hardly have been Deschanel, whose political rec
ord is distinctly that of a conservative and anti
socialist.
In the years prior to 1900 he was in fact a conspicu
ous leader in combating the social and political inno
vations which were urged by Jaures and less ve
hemently advocated by Clemenceau. If, indeed,
this election to the Presidency had not been marked
by Clemcnccau’s candidacy, or if, though a candi
date, Clemenceau had possessed no other record
than that which he had achieved before 1917, the
result of the vote would unquestionably have been
greeted, outside as well as inside of France, as a
choice precisely in line with the recent conservative
and anti-Bolshevist vote in the elections for the
French Assembly, and as personally a most fitting
selection. Deschanel is not only an experienced
public man (he has been Speaker of the Assembly)
and has not only been an ardent patriot, but he is
widely known as a scholar, a literateur and a polished
orator— accomplishments which the French are fond
of seeing represented in their President, as they have
been represented in Deschanel’s immediate prede
cessor, Poincaire, and in such other incumbents of
the office as Thiers and Carnot.
The Ministry selected by the new French Presi
dent is headed by one of Clemenceau’s own ad
herents; it has at once met a somewhat stormy re
ception by the Deputies. That was to be expected;
for France is no more likely than other Parliamentary
Governments to be free from the emphasizing of
political jealousies and functional division which was
bound to follow the ending of the necessary union of
parties to conduct the war. Clemenceau still sits
with the League of Nations Council, whose first
decisive act has been to vote for reopening of trade
with Russia. What the old War Minister’s personal
views were in regard to that decision is not abso
lutely known; it has been received in France with very
mixed emotions. But neither Clemenceau nor any
of his colleagues can yet say what will be the tangible
consequences, economic or political, from this change
of attitude.
295
THE BANKS—AND SPECULATION.
Speaking of the year 1919, on January 8th, in
Boston, W . P. G. Harding, Governor of the Federal
Reserve Board, said:
“ Speculation became rampant in all sections of
the country and individuals everywhere gave free
reign to extravagant tendencies hitherto restrained.”
This is history by one who knows, sees, and under
stands. It is not easy always to define “ specu
lation,” but in its extreme form it is not difficult to
distinguish from investment for profit. There is an
old saying that “ nobody ever made any money in
Wall Street.” This is not hard to realize when we
interpret the terms. After the “ longs” and the
‘ ‘shorts” have “ settled,” the old levels return; if
they do not the causes be elsewhere. When the
wind blows, the waves roll high, but only the rivers
and the rains feed the ocean of production. And
yet we must have freedom. Legitimate investment
for use and increase would be hampered if every
enterprise must be carried to completion. It must
ever remain true that it is better to “ settle” than to
carry an undertaking through to certain failure.
Hence it is contrary to progress to try to draw a
rigid line between investment and speculation. But
when buying and selling contain no element of in
vestment for use and increase, when they are for
the sole purpose of profits on “ paper,” when the sole
intent of the buying or selling is to deal solely in
prices, or to influence the “ market” one way or
the other, then we have “ speculation.”
“ Now and then,” and no oftener, a successful specu
lator in stocks cashes his paper profits and retires
“ ahead of the game.” For the rest no one probaby
ever did make any money in Wall Street. Unfortu
nately and unjustly the “ Street” has been made the
synonym of the extreme form of “ speculation.”
But as Governor Harding indicates, and as Edwin
Lefevre has recently pointed out in an article, the
locale of speculation is often over the hills and far
away from Wall Street. Practically on the surging
tide of advance everybody everywhere bought, and
then seeking to sell everybody unloaded and broke
the market and ruined themselves. Only the rivers
of toil and the rains of the factories and fields were
left to feed the ocean of production evaporating
through consumption. But while the gold bug was
active in the brain, while everybody was rich on
paper on the broker’s books, everybody “ lived high,”
spent money lavishly, scorned economy, and helped
to swell the prices of necessary commodities, and
these have a way of staying up— after the fever of
speculation in stocks subsides.
We have here to deal with a phenomenon as old as
the human race. Every man wants to get rich
quick. It is not in itself an ignoble ambition. He
who can make the wheels of production turn faster
is a public benefactor. And it may be remarked, not
in extenuation, that there is a benefit accompanies
over-speculation itself. The momentum of trade
is increased in consequence. Men are drawn into
their highest endeavor, though it be but to meet
speculative demand. A dead stock exchange means
dearth and depression in business. So that legiti
mate efforts to get rich quick arc not to be violently
condemned. If then, in the wake of war men sought
to “ take advantage of circumstances” to seize the
“ opportunity” before it passed on, they were but
following the age-old urge to acquire and accumulate
296
THE CHRONICLE
and to do so before the sands of life run low. The
newly invented machine asks no permission of human
labor to enter productive industry. N o man can
ask of all others whether his buying and selling will
interfere with their several individual schemes.
To balance one “ chance” against another makes for
equilibrium, a form of equality. Thus, we are com
pelled to apply an ineradicable tendency, an innate
desire, to economics. The time will never come when
men do not invest and speculate.
The importance of an analysis of any passing
phase of industrial history, or any history, is its
application. What will 1920 bring forth? And
while the processes of trade tend to repeat themselves,
without regularity, however, what may commerce and
finance learn from 1919? The “ propensity to ac
quire” (and acquire quickly) remains. What may
be done if anything to minimize “ speculation” and
restrain the riotous' living which after all is said
grows by what it feeds on ?
It is to a large extent futile to preach personal econ
omy to the “ newly-rich,” especially to the man of
“ paper profits” who feels rich. And the important
things to consider in economics therefore are the
causes and conditions which tend if they can be fore
seen to make 1920 a repetition of 1919. Putting
human nature aside, we enter the domain of the ma
chinery of trade. And here we come face to face with
credit. If all stock transactions were in cash they
would take on the nature of ordinary commerce—
even though this also is dependent on a form of credit
— liquidating credit, however, or payment through
and by consummation. Throughout all trade, of
whatever character, the bank is the instrument
and exponent of credit. Without going into detail,
the Federal Reserve system may be characterized
as a fountain of credit— but the banks control the
flow of that credit into trade. And upon them
must rest the responsibility of control, so far as it
can be exercised through machinery. As we look
upon the propensity to get rich quick, upon the
desire to take advantage of the varying chances of
a world in tumult, there are indications that would
augur another speculative wave in 1920. Suppose,
as suggested, great finance corporations are estab
lished to deal in and cause to be listed foreign gov
ernment and industrial securities, to the end that
these may absorb surpluses of investment in this
country tending to equalize the balance of trade and
exchange. Turn to the rise and fall of “ industrials”
in this country during and following the war, and
the subsequent and present flotation of new issues
of stocks, what is to prevent “ rampant” speculation
in these foreign stocks and bonds, once the machinery
is provided for their marketing, if it be not the control
which may be exercised through the individual con
duct of the several great banks? These finance
corporations ostensibly may provide an effectual
means of legitimate absorption, but speculators will
not lack the zeal and discernment to see in these
securities a new field for their peculiar methods of
exploitation.
There may be soon a completed
League of Nations, pouring oil oh the troubled
waters of war’s aftermath. It may even seem that
the whole world grows suddenly solid and sane. At
least there will be a certain apparent security in
governments based upon territorial extent and func
tioning forms of political rule. There is indeed
much good to be hoped for, and cause for a steadied
nnd restrained optimism. But the farther away the
[VOL. 110.
field of industrial operation, the more glowing may
appear its possibilities. And this makes for undue
speculation.
This is but one illustration. Another may be
found in the Edge bill corporations to engage in
foreign trade. There is reason to believe that oppor
tunities for speculation during the year will come
thick and fast. And while an excess of Federal
Reserve notes may facilitate speculation they can
do so only when the banks 'permit it. One thing is
certain, the rediscount of Government obligations
must be overcome by their retirement by the banks
to the people, before the ordinary increasing needs of
a resumed and resonstructed trade can be supplied
or conserved. And then control of speculation be
comes largely a matter of classifying loans. Though
not a parallel, it is well to recall an era of industrial
consolidations which was also an era of “ speculation.”
While the elasticity of credit considered as a whole
is so tremendous as to afford new wonders all the
time, a defect in the consistency of any part of it may
cause it to snap. Liquid banks, based on commodity
credits, rarely fail to measure up to any degree of
trade increase. Arid while there is always a human
hand tending a machine, in so far as the machine
is given automatic action, that far the certainty of
results is independent of human error or weakness.
We may discuss pro and con a dozen phases of the
effect of easy credits on trade, speculation and
the high cost of living, but control of the flow of credit
is the automatic means of making our economies
and our get-rich-quick forms of speculation amenable
to the needs of a reviving and increasing industrialism
and commerce. There are delicate and difficult
problems involved in this part of banking. It is
not easy or always possible to discriminate. But
it is reasonable to say that a recurrence of past
speculation may lead to great disaster, and that the
people will best be saved from themselves by their
banks.
THE “ ALL-AMERICAN FARMER-LABOR
CO-OPERATIVE COMMISSION.”
Whatever its price-reducing,power, whatever its
soul-satisfying value, this is a mouth-filling name.
If this seems lightly said in a spirit of levity we
hasten to announce that we intend no disrespect to
this “ movement,” that we will seriously try to fore
cast some of its results, and that we will watch its
course “ with great interest.” If we arc not able to
foresee its economic utility and success, we may be
pardoned if we find in it certain negative values that
inure to the public welfare. If, for instance, “ labor”
has now perceived that it has carried the policy of
coercive strikes, to advance wages, to the breaking
point, that is a great gain to the people of the country
upon whom has fallen ultimate burdens no longer
endurable. If, again, “ labor” is now honestly con
vinced that raising wages raises prices, and nothing
is really gained for the workingman, so far as this
influence is operative on price, and 'another way
is sought to reduce the high cost of living, then we
must regard this as a great gain to “ labor.”
There is such significance in this name itself, indi
cating so comprehensive a scheme, that we are con
founded in the beginning of our examination. “ All
American” may mean a number of things, but if it
is intended to divorce the movement from “ inter
nationalism,” to keep it purely domestic, few will
object, for there is plenty of room here at home. If
Jan . 24 1920/
THE CHRONICLE
“ Farmer-Labor,” in this hyphenated form, indicates
a factitious joining of irreconcilable factors in our
civic and commercial life, we must at least question
its closeness to, and its fitness for, universal co-opera
tion. And if “ Co-operative Commission” is not
at war with itself in endeavoring to place workmen,
who are seeking help through separate craft unions, at
the mercy of some super-autocracy more powerful
than the unions, we are unable to quite understand
the meaning of the terms. The very comprehensive
ness of the effort may be its undoing. And it may
be asked at the outset whether anything short of
this all-embracing character will indicate final suc
cess.
Our augury for success is chilled somewhat, we
must confess,by a naive explanation of intent, given
by a member of the commission, in the following
words, as reported by Associated Press from Wash
ington. There is to be, the report of the Commis
sioner’s language says “ a vigorous campaign for
direct dealing between farm producers and city con
sumers, and, as soon as feasible, between city pro
ducers and farm consumers.” The words “ as soon
as feasible” ought to give the farm producers pause.
It would be fatal to true co-operation to find in the
end that reducing prices of farm products to city con
sumers could not be reciprocated in kind. The
farmer owns the products of his labor, but the city
consumer is a wage-earner and does not own the
products of his labor. The farmer can do his share
of the co-operating now, but the city-consumer
wage-earner cannot do so until he owns the mills
and factories, and that may take a long time. And,
furthermore, the farmer is individual owner of the
products of the farm and can send them straight to
the co-operative store, which is to be the common
meeting ground, whether a pound of butter, a bushell
of corn, or a twist of tobacco, but no wage earner and
factory operative can soon be expected to have the
same individual ownership and control over the
shoes, shirts, overalls, scythes, and corn-knives,
which his labor produces in the corporation. It
actually seems like saying to the farmer-producer,
you co-operate first and then we will if we can.
Perhaps we will come nearer to the core of this
whole scheme by considering the problem of co-opera
tion in its broad sense. We have always contended
that in “ competition” there is the true underlying
spirit and motive of “ co-operation” — in a word to
produce by individual effort the most and best with
which to buy (exchange) the most and best of others.
This levels all production “ up” and not “ down.”
It must be apparent at the first casual look that these
chains of stores though they seem to be co-operative
within themselves (however owned) are competitive
with each other. T o successfully eliminate the
individual merchant, the “ middleman,” we should
have a huge “ chain” of interlocked department
stores receiving and dispensing all the products of
all the laborers, whether in city or country. Other
wise we have in fact competition. A chain of cornwheat-potato stores, to maintain itself, must sell
for enough in price to hold its own with a chain of
shoe-shirt-scythe stores, or some of. the consumerproducers will “ lose out.” And somewhere in the
“ misty mid-regions” of twilight land there must be a
power that will keep the quantity and quality of
both lines of production even with the quantity and
quality of universal consumption. And this is a
big job even for so comprehensive an institution
397
as an All-American Farmer-Labor Co-operative
Commission.
The difficulty must always be not only to keep
these chain gangs at work but to keep volume and
time of production from interfering with what we
term “ average price.” Linking producers together
on the one hand and consumers on the other will not
bring the fabled equality of co-operation, even if
they could be separated. Water running down hill
may produce factory power in constant degree, but
water falling from, clouds is an uncertain quality.
Corn competes with wheat, and cotton with wool,
in economic industry, and price to a certain extent
follows, regardless of all the commissions farmerproducers and city-consumers can create. In the
broadest and best sense competition is co-operation.
There are already existing several chains of cigar stores
and restaurants. They are supposed severally to com
pete with each other. And if they were owned by
interlocking directorates they would still be compelled
to compete in “ service.” But none of them seem
to be selling cheap, or lowering prices, just now in
the wake of war. And their ability to do so at any
time depends primarily on buying in quantity from
producers, and selling (at reduced operating costs)
to consumers who are not producers in kind. Some
of them offer profit-sharing", of somewhat dubious
character, with consumers but not with producers.
It is said of the Rochdale system that no attempt is
made to “ cut the general market price.” What
kinship can there be between these twenty-five-dollarshare stockholders (also buyers and consumers) and
the original producers who sell at the “ general market
price,” when they sell, and as they must? Co-opera
tion between producers and consumers on a large
scale is difficult to establish.
Why talk of farmer-producers and city-consumers ?
Here is division. W hy not start at the other end
and begin co-operation by seeing that the cityproducers serve the farmer-consumers first? What
is to become of the country towns? Suppose in
every country town of five thousand inhabitants
there could be set up this ideal co-operation— one
“ general store” where every human need was satis
fied, disbursing all the products of labor, field and
factory. Can it be possible that “ system” could be
so perfected therein that return profits go equally to
field and factory producer-consumers ? Can a com
munity congested, become a factory and a field at
the same time? What about transportation costs
as part of this •dual chain-store plan? Turn the
problem around and it has as many faces as there are
interests and industries. And the best that can be
said is that segregated independent chain store
systems can be established and operated. But they
have no close relation to this ideal of union between
producer and consumer, and less between city and
country. Usually in this country they have failed,
when the corporate and selfish plan has been given
up for the co-operative and benevolent one.
THE TRADE COMMISSION AND RESTRAINTS
UPON BUSINESS.
Before three separate meetings of business asso
ciations, held in this city, M r. W . B . Colver of the
Federal Trade Commission has lately repeated, in
course of a single week, a discourse of his intended
to explain and justify the existence and the doings of
that body. There is a sort of appropriateness in his
doing this, for the Commission really needs condona-
398
THE CHRONICLE
[Vol.
110
tion and appreciation among business men. We say years ago (still before war was thought of) Mr.
repeated” because the three discourses are very Wilson told Congress that “ we are now about to
closely alike in purpose and trend and even in lan give expression to the best business judgment of
guage; further, one of them begins by repeating America, to what we know to be the business con
something said by him some weeks earlier (noted science and honor of the land.” Looking into his
by the “ Chronicle” at the time) to the effect that own mysterious consciousness, he preceived that the
business is now suffering under a great hardship in business men of the country “ desire the advice, the
that ‘ ‘laws made to apply to business are of necessity definite guidance, and the information which can be
inflexible while business changes from day to day.” supplied by an administrative body, an Inter-State
Quite correct; the simple appliance called a strait- Trade Commission.” So, within nine months there
jacket binds the human body effectually against after, we had the Clayton and the Trade Commission
almost every action of the voluntary muscles, and is laws.
,
designed to do so, but it is put only upon unfortunates
How the business men of the country have been
who for the time being have lost rational control of not only not consulted but have been snubbed as
those muscles. The jacket is for necessary restraint incompetent because “ interested” advisers ever since,
of the insane; does business need it?
is matter of record. It is also impossible to suppose
M r. Colver admits that it does not, and deprecates that any man with a trace of humor in his composi
“ laws made to apply to business” because they are tion could have conceived the notion that he had
inflexible. He goes on to repeat his former declara been called, as a modern Moses, to lead the American
tion that “ what is good for one industry is bad for people from bondage to a “ New Freedom.” In fact,
another, what amounts to a mortal sin in one industry Mr. Wilson was not “ called” to anything unusual,
is actually a virtue in another. . . . These anti but became President because the once-invincible
trust laws are not only inflexible but the multitude Republican Party was split by an individual ambi
of decisions which have been handed down have, of tion; and all talk about a depraved state of national
necessity, created a zone of doubt through which business honor and •a deadening of conscienc e was
business has to pass and yet where, each step it takes, never anything better than mere rhetorical rubbish.
it fears a pitfall.” And so on, but we have had this When “ wealth accumulates and men decay” that
before, and he proceeds, once more, to explain and means the downfall of any land; does any man here,
commend a ridiculous bill for permitting anybody seriously, and when not posing before the footlights,
who has any business venture in mind to take it in believe the average of business honor was lower than
advance to Government and get a quasi-“ license,” usual in 1913-14? We have had, since, the oppor
and then he could proceed— until somebody com tunities and the temptations of selfishness through
plains.
war and after-war; we have our knaves, as we have
The remainder of M r. Colver’s three discourses always had; we have Reds as never before; we have
or thrice-repeated discourse) seeks to explain how half-sane theorists and empirical reformers as rarely
ihe Commission works and gives a summary of the before; we have had it shown to ourselves (if we take
complaint, orders to desist, et cetera, of which bulle notice) by a general lassitude of public opinion upon
tins are from time to time sent to the press. This such footpad propositions as the Plumb, that we
calls for no further comment, but he does not omit have become rather too wonted to the unsound and
to repeat, every time he speaks, his strictures on the the immoral; and yet, after all this, the brain
excess profits tax. It no longer has any excuse for and the conscience of this country stay sound
existence, he says, since Government no longer fixes as ever.
,
prices and fixes them so high as to bring out the highIf this were not so? Conceiving it not to be so,
cost product needed in the war and thus give “ ab we might as well then give ourselves up and call New
normal and undue profits to low-cost producers;” York Petrograd or any other handy name. If it
the ta*x multiplies itself several times between the were not so, there would be no purgative and no cure
consumer and the Treasury, “ it is a bonus given for in Government, for that is always somewhat below
inflated capitalization and a penalty on conservative (never a particle above) the average level of intelli
capitalization.” Beyond doubt, excessive taxes not gence and honor in the people. No stream rises
only stimulate studying ways of evasion but discour above its fountain. N o elected government can
age effort. We are able to agree with M r. Colver in successfully prescribe for any disease in the people;
his call for abolition of this particular tax, and an it cannot even diagnose correctly. As well go to the
other reason therefor which he does not mention is turtle for lessons in aviation, or to the toad for relief
that there are no excess profits now, as there in affections of the skin, as for the people to expect
were, or, perhaps should be said, were supposed uplift by a government they have themselves clumsily
to be.
set up.
The simple and comprehensive Sherman A ct of
But the defect in these curative professions lies
1890, though very general in terms, showed that an still deeper. The regulators carefully exempt the
exaggerated fear and hatred of trusts and monopo agriculturist as the man at the beginning of the line,
lies was not new even then, and this law was quite and in this they are correct; without him there would
ample of itself. M r. Roosevelt raised the fury be nothing to carry or. to trade in. Yet transporta
higher by his exaggerations, and the present Admin tion and trading are inseparable parts of distribution,
istration announced a new campaign of liberation. and distribution is essential, for crops that did not
Seven years ago, before any of us dreamed of the get to the consumer could as well rot on the ground.
struggles and woes to come on the world, we had There is really no distinction between the three in
announced to us “ the New Freedom, a Call for the point of essential service. Which is the most neces
Emancipation of the Generous Energies of a People.” sary link in a chain, which is the important leg on a
We were told that “ American industry is not free as three-legged stool? Yet for some forty years the
it once was free,” a statement which organized labor country has been acting on the baseless assumption
has since been doing its utmost to make true. Six that as soon as things leave the soil a process of
Jan . 24 1920.]
THE CHRONICLE
public menace begins; that selfishness and corruption
enter into carrying and trading, and that “ business”
is hostile and dangerous in proportion as its scale is
large. The economic law that a small profit-margin
on a large volume of transactions is quite as remun
erative and desirable as are small sales at large
margins is overlooked. The career of the late F. W .
Woolworth is an evidence that the assumption is
wrong; yet demagogues who saw a “ catchy” slogan
in it have been dinning upon shallow-minded persons
that size proves robbery, and so we have been trying
to keep all business cut up in small units. “ Com
bination” and “ monopoly” have been our bugbears.
This is the fundamental error which has led to the
present crisis in our railroads.
We need to revise our notions. Competition,
initiative, the widest production and distribution, the
lowest prices, and the most comfortable living— these
will come best and soonest under a policy of liberty.
THE TRIAL OF THE SOCIALIST ASSEMBLY
MEN .
In the trial of the case of the five Socialist Assem
blymen ex-Judge Hughes and his associates have
not been allowed to appear professionally and have
also been politely told by the Assembly Judiciary
committee that they cannot be permitted to be pres
ent; yet they have substantially gained their position
by being allowed to file their brief. M r. Hughes has
made it distinct that he does not appear “ for” and
on behalf of the five men but for and on behalf of
the public, and nobody should fail to note and keep
the distinction. The point made by the Bar Asso
ciation that the question of fitness should be raised
before administering the oath is good on the score
of propriety and custom, but that the constitutional
power to judge “ qualifications” is not “ arbitrary”
seems uncertain as a proposition in law, although that
power ought surely to be exercised in keeping with
“ the essential principles of representative govern
ment,” and it is impregnably sound that disfran
chisement of constituencies because of political
opinions “ strikes at the security of the community
and the maintenance of law and order.”
The opening statement of the committee’s chair
man discloses the error of the proceeding, in that it is
levelled at a “ party” instead of against individuals.
A party cannot be indicted, or punished, or deprived
of representation, however absurd its doctrines or
however inconsistent they may seem to be with re
publican institutions. The disqualification of Victor
Berger arose in his personal conduct, and if these men
cannot be proved guilty of unlawful acts their nomi
nal affiliations with a party do not add to their in
dividual unfitness, because of low intelligence or
otherwise, to share in making statutes. The So
cialist Party, as already pointed out, is a vague thing
which nobody can define. Those who call them
selves by that term seem to have one characteristic
in common: they are dissatisfied, and they imagine
that somehow or other mankind can be advanced by
a general uprooting. The mere dissatisfaction we all
share. Many things are wrong, and it is the province
and duty of each succeeding generation to make them
a little less so, starting where their predecessors left
off. Discontent is the germ of all progress; but the
constructive and the mere destructive kind are very
distinct. Men tried anarchy (which^isjmerely the
299
right of the strongest to have his own way) until they
found no progress in it; so they devised a crude social
state which is still trying to work out its problems,
and those are not to be solved by blowing up the
entire structure.
“ Parties” do not necessarily contain any practical
sense or do any good; they are pushed to the surface
of the boiling pot, and may then disappear, as every
man of considerable experience can recall. A
“ Socialist Labor” party ran through the quadrennial
elections from 1892 on, never polling quite 40,000
votes in the whole country. In 1900, Debs thrust
up as the “ Socialist” nominee and went through four
campaigns. The thing reached its peak in 1912,
and some persons have undertaken to point to the
rising vote as a solemn warning to “ capitalists” of a
day of reckoning; but in 1912 (when the maximum
vote of about 900,000 was reached) there were only
five States where it gathered as many as 50,000 of
the discontented and wandering minds; Ohio was at
the head of these with about 90,000, and Illinois,
Pennsylvania, California and New York were the
others.
• The folly is bad enough, yet it is an inseparable
part of the self-purging of universal suffrage. Having
given the ballot to a multitude who are not really
competent to use it, they must be permitted to
make their blunders, and to involve the rest of us in
them. That is a natural consequence of our break
ing down the suffrage door which cannot be closed
again. The best we can do is to try, in patience and
hope, to educate these incompetents, and we begin
very badly if we try to insist that they vote our way
and not their own.
THE ROCKEFELLER FO UNDA TION .
It is well to remember that the Rockefeller Founda
tion, whose annual report for 1918 has just reached
us, is the organization which was so bitterly vitu
perated when it applied for a charter from the
Congress of the United States.
Fearful bogies of the tremendous evils it would be
likely to do in the future were trotted out as it was
made the embodiment of organized and chartered
capital. Congress adjourned without granting the
charter which was subsequently obtained from the
Legislature of New York in 1913. This is the sixth
annual report of a philanthropic work which for its
scope and magnitude, its far-reaching thoroughness
and wisdom, is without a parallel.
Some of the details for even a single year are worth
calling to the attention of the public. The appro
priations for the year were $13,474,813, to which
were added $3,713,912 for unpaid prior appropria
tions carried over. On these $15,050,202 were ac
tually paid. Of this sum over eleven million dollars
were spent on war work. In addition appropria
tions amounting to $9,724,642 were made for the
immediate future, covering the larger enterprises that
have been inaugurated.
Interest will naturally centre in the nature of the
work and the evidences of its importance and success.
It primarily attacked world-wide forms of preventa
ble disease. The extent and fatal character of some
of these were little known, and their nature and treat
ment were generally not understood. The Founda
tion early organized an International Health Board to
represent it in the field of preventive medicine and
its account of its dealing with hookworm is illustra
300
THE CHRONICLE
[Vol.
110.
tive. During the year the board conducted work in enlarged and its important work in research, serum
twelve Southern States of the United States, in five production and special instruction extended with
South American countries, in three regions of Brazil, supplementary appropriations of $265,000. Sixtyin four of the West Indies, in Australia, Siam, Fiji, eight fellowships in medical study have been dis
tributed at an expense of $55,000 and the special
the Seychelles, Ceylon and China.
In some instances approximately 60% of the in staff of sixty maintained by the board have
habitants were found to have the disease. In Ceylon been furnished similar additional opportunity of
it was as high as 98% among laborers on the estates. study.
The war work of the Institute was varied and ex
The effects are disastrous both mentally and phy
tensive.
It had 581 army and navy surgeons and 40
sically. The mentality of 10,000 white men at
Camp Travis harboring the disease was about 33% civilians under special instruction, with some 380
below normal. In large areas the efficiency of nurses and enlisted men. It supplied 25,000 doses
laborers is reduced from one-fourth to one-half the of serums of various kinds, and pushed investigations
normal. Even mild cases are serious as they are for the serums of some extensive forms of disease
almost certain to spread and increase in intensity. in which the scrums have not yet been deter
In Ceylon the death rate from influenza was doubled mined.
It will be seen that M r. Rockefeller’s original gift
among those who had the hookworm. The board
has everywhere proved the serious character of the of something over $120,000,000 is being used without
disease and the possibility of its eradication, and in restriction as to principal or interest to promote
most instances has induced the States or towns to human welfare in the broadest and most intelligent
undertake the job either at their own charges or with way. It extends everywhere and seeks to deal pri
the initial aid of the Foundation. As the crux of the marily with diseases that are most extensive and for
problem is in preventing infection of the soil and then the prevention of which the people arc least informed
contact with hands or feet, the destruction of o v a -’ or prepared. It is dealing with its problems in the
impregnated feces will eventually eradicate the dis most thorough-going manner, investigating causes
ease, which the work of the board has amply proved and pointing out and inaugurating methods of effec
tive prevention or control, and it is to be recognized
and made possible.
M any pages of the report are given to show the as efficient in its administration as it was largemeasures by which this work was carried out, and minded in its creation. That M r.Rockefeller’s con
also to the experimental work in the South to eradi fidence in the administration, which he has put en
cate malaria. Some striking results have already tirely out of his own hands, is complete, is wit
been obtained with every evidence that they may be nessed in his adding $50,000,000 to its resources
generally secured by similar methods. In four towns to-day.
This article is written not merely to call attention
in Arkansas with a total population of 9,250, the
number of physician’s calls for malaria was reduced to the operation of a great philanthropy, but to set
in one year from 5,065, the average of the two pre forth the evidence that great private benefactions,
ceding years, to 554, a reduction of 89% . This was in the number and magnitude of which America is
accomplished by screening against mosquitoes, by leading the world, can be administered with a wisdom
immunizing with quinine and by treating carriers of and an effectiveness which no similar work of the
the disease. Already the results obtained are induc State can equal.
ing many communities to undertake the work them
selves. The value of this single achievement for the
CLEARINGS AND SPECULATION IN. 1919.
country at large is incalculable.
A combination of very active business and ex
M uch work was done to control yellow fever in
Central America, where there was an epidemic in tremely high prices for the vast majority of commodi
1918. Extensive and successful measures were un ties entering into general use served to establish for
dertaken in France to combat tuberculosis, which 1919 in the United States as a whole, and at all but
has become very prevalent. French science is at the a few of the individual cities— only 18 in fact— new
front in knowledge of the nature of the disease and high yearly records of clearings. At some points the
of the method of prevention and cure. But this gains were of phenomenal proportions, increases of
knowledge was very restricted, and the Foundation 30% or more having been not uncommon, and these
was able to render important assistance by extensive following very important gains in 1918 over 1917.
spectacular advertising with traveling exhibits and Furthermore, at a few cities,such as Birmingham,
visiting lectures, by opening training centres and or Little Rock and Macon, the expansion in the totals
ganizing local committees, establishing many dis was extremely heavy, explainable, however, in con
pensaries and new laboratories, supplying competent siderable measure by the operations of the newly
nurses, and in general demonstrating the value of a established Federal Reserve Bank branches. It
unified system. So successful was the work that the would be difficult to explain the current enormous
French are pushing a nation-wide system of combat clearings totals in face of the excessive prices of
ing tuberculosis as a permanent policy of the State, commodities (a development that in normal times
which will before long enable the Foundation to with would work to contract purchases) except upon the
draw. Meanwhile special attention is given to the basis of the unusual prosperity a large part of the
general cause of medical education. The board has population has enjoyed. With the great mass of
made Peking the centre of an effort to supply the wage earners in receipt of incomes increased in much
vast empire of China with modern medicine of which greater ratio than the cost of living, means were
her need is extreme. A plan involving the expendi provided for enjoying to the full much that only a
ture of a large amount of money and extending over very short time ago was looked upon as really out
many years has been adopted, and a numerous staff of reach. And observation has tended to prove that
of specialists has already been introduced. The the opportunity has been availed of to the bounds of
Rockefeller Institute of Medical Research has been utmost extravagance in many instances.
Jan . 24 1920.]
THE CHRONICLE
301
Not only has our home trade been of dimensions in the aggregate of all the expansion over 1918 is
to swell clearings, but dealings with the outside world 17.8%. On the Pacific Slope the 20 cities making
have very materially expanded. It was expected in up the group, with one exception, show augmentation
some quarters that with the cessation of war activities and in several cases of large percentage with the
abroad and the return of the American forces, there growth in the aggregate 28.3% . The South, too,
would shortly follow a steady if not rapid contraction makes an excellent exhibit, the high prices obtained
in our outward trade that would naturally find for cotton throughout the year having doubtless
reflection in the bank clearings. But such expecta been an important factor in it. All but one of the
tions failed to take into account that for some more 40 cities comprising the division report heavier
or less considerable time supplies would have to go aggregates than in 1918, with the average increase
forward from here to help feed and clothe the peoples 21.5% . Finally, the “ Other Western” section—of the warring nations of Europe until conditions in embracing cities to the number of 30 in the territory
the various countries once more approached the west of the Mississippi River, but not including the
normal. N ot only that, but the wholesale and States bordering on the Pacific Ocean and Nevada
wanton destruction of buildings by the Germans and Utah grouped therewith, nor Oklahoma and
made it imperative that much material for recon Texas, which we have always combined with the
struction purposes should be supplied by the United South, gives a good account of itself, declines being
States. Accordingly, no further explanation is needed noted at but three points and the grand total over
for the fact that instead of a contraction in business topping 1918 by 14%.
here following the end of the war there was further
As already noted, 157 of the 173 cities outside of
marked expansion, as indicated by bank clearings— New York report totals in excess of 1918 and in
the unfailing commercial barometer.
155 instances new high records for the 12 months
The total of clearings at New York for 1919 ran have been established. This is eloquent testimony
ahead of the extremely heavy aggregate of the pre as to the extent of the activity of the late year,
vious year by a considerable amount (an outcome more particularly as many, if not all, of the high
due in only small degree to the expansion in the records of 1919 (by more or less considerable percent
volume of share dealing} at the Stock Exchange) and ages) followed high marks in 1918. But we must
consequently established a new high record. It is repeat that high prices were a very potential factor
hardly necessary to explain, of course, that in times in the results attained. It is out of the question to
such as we have been passing through the effect of enumerate all the influences operating in each of the
stock operations on bank clearings (the bulk of the 174 cities embraced in our compilation. The de
dealings in stocks being cleared through the Stock velopment of the automobile manufacturing industry
Exchange Clearing House) is decidedly secondary, has left an important impress in Middle Western
although not by any means negligible. The patent, localities, and other factors have been strikingly
factors in the augmentation have been the decided influential elsewhere. Passing further comment, we
increase in the volume of business passing through append a table showing the course of clearings at
the port on foreign account, the marked expansion leading cities for December and the 12 months for
in home trade, and last but not least, the great
^our years:
inflation in the prices of commodities, as contrasted
B A N K C L E A R IN G S A T L E A D IN G C IT IE S .
------------------ D e c e m b e r ------------------------------ J a n . 1 t o D e c . 3 1 -------------with the preceding year. This feature of the situa
(0 0 0 ,0 0 0 s
19 10 .
19 18 .
19 17 .
19 16 .
19 19 .
19 18 .
19 17 .
19 16 .
tion it is not necessary to refer to further. Suffice
o m itt e d .)
S
S
S
S
S
$
§
$
N e w Y o r k . .....................2 3 , 9 8 0 1 6 , 6 5 9 1 4 , 6 1 4 1 6 , 9 3 6 2 3 5 , 8 0 3 1 7 8 , 5 3 3 1 7 7 , 4 0 5 1 5 9 , 5 8 1
it to say, therefore, that the gain at this city over C h i c a g o ............................. 2 , 8 2 0 2 , 2 4 5 2 , 0 7 2 2 , 0 6 0 2 9 , 6 8 6 2 5 , 9 3 0 2 4 , 9 7 5 2 0 , 5 4 2
1,9 2 8
1,4 3 7
1,17 3
1,0 4 0
17 ,9 0 3
15 ,6 3 7
12 ,6 6 3 10 ,7 5 7
1918 is no less than 32% , compared with 1917 it is BP ho si ltaodne...............................
l p h i a .................. 2 , 2 0 2
1,7 7 2
1,5 5 0
1 , 3 5 2 2 2 ,0 9 5
19 ,7 17
1 7 ,1 9 $ 13 ,0 8 3
555
8 ,2 0 2
7 ,8 3 9
6 ,9 6 7
5 ,3 7 1
32.9% and contrasted with 1914, when normal condi S t . L o u i s .......................... 7 6 2 7 0 8 6 7 4
P i t t s b u r g h .......................
730
564
328
329
7 ,2 7 7
5 ,7 6 2
4 ,0 2 2
3 ,4 0 2
S a n F r a n c i s c o _______
774
548
439
357
7 ,2 8 6
5 ,6 2 9
4 ,8 3 8
3 .4 S 0
tions prevailed, the growth is 183%.
B a l t i m o r e .......................
4 17
368
18 9
202
4 ,3 4 3
3 ,3 5 6
2 ,2 6 6
2 ,2 0 6
Outside of New York the clearings made a new C i n c i n n a t i _____________ 3 0 8 2 6 4 1 5 6
16 2
3 ,1 3 1
2 ,8 4 8
2 ,0 3 0
1,7 4 8
K a n s a s C i t y .................. 1 , 0 1 2
794
8 16
5 2 1 11 ,2 2 3
9 ,9 4 1
7 ,6 6 2
4 ,9 5 4
high record by a very appreciable sum. In fact, the C l e v e l a n d ...............
576
401
326
283
5 ,4 8 2
4 ,3 4 0
3 ,6 9 0
2 ,4 7 4
________
367
268
239
17 5
3 ,1 7 0
2 ,6 6 0
1,6 9 8
1,3 8 1
total at $181,716,888,501 contrasts with but $15,3 MN ei wn n Oe ar pl eoa lni ss ...............
236
224
15 3
14 6
2 ,2 6 7
1,9 4 9
1,6 6 1
1,4 7 0
L
o
u
i
s
v
i
l
l
e
.............................
8
0
1
0
5
9
6
9
4
9
2
9
1
,
1
0
0
1
,
0
1
3
942
820,777,681 for 1918 and $129,539,760,728 for 1917.
D e t r o i t .................................
480
297
228
235
4 ,5 0 3
3 ,1 8 1
2 ,7 4 9
2 ,2 0 1
These two years alone furnish a record of marvelous M i l w a u k e e ...................... 1 3 5 1 3 2 1 1 7
10 6
1,5 2 8
1,4 7 7
1,3 0 0
1,0 4 8
___________
260
14 3
12 2
13 8
2 ,3 3 9
1,5 4 7
1,5 0 2
1,2 3 9
growth in the business passing through the banks, PL or os vAi dn eg ne lcees ______
_
75
49
52
45
602
594
548
5 11
242
231
17 9
12 5
3 ,0 5 8
2 ,8 2 0
1,8 7 4
1,2 7 9
but going a little further back we find that in 1914 OB umf faahl oa .................................
..................................
18 8
10 5
86
SO
1,6 5 5
1,14 0
983
798
81
70
71
966
807
759
785
the total for these outside cities was much less than S t . P a u l ............................... 1 0 1
I n d i a n a p o l i s ________
77
62
55
58
8 10
776
684
563
83
70
1,6 3 0
1,2 0 3
871
683
half that of the current year, while the aggregate of D e n v e r .................................. 1 6 1 1 2 0
350
254
17 2
10 3
3 ,0 9 1
2 ,4 0 4
1,4 7 2
9 30
R i c h m o n d .........................
a decade ago (1909) was barely one-third of that now M e m p h i s ............................ 1 4 8
96
80
56
1,12 8
738
621
470
S e a t t l e .................................
18 4
17 3
110
77
2 ,0 2 1
1,8 0 0
1,15 1
790
presented. With the general showing so favorable' H a r t f o r d ............................. 4 2 3 2
32
37
452
4 13
4 16
429
79
76
64
827
698
7 10
5 13
it is quite natural that every section should share in S a l t L a k e C i t y _____ 9 6
3 8 , 7 3 7 2 8 , 2 1 1 2 4 ,2 8 7 2 4 , 4 7 5 3 8 3 , 4 0 7 3 0 4 ,9 5 9 2 8 3 , 7 9 8 2 4 3 , 7 4 4
it. Furthermore, where losses are shown at indi O tTh eo rt ac il t...........................^
i e s .................... 3 , 6 2 1 2 , 5 8 8
2 ,2 5 1
1,8 19
3 4 ,1 13
2 7 ,3 9 5
2 3 ,14 7
18 ,112
vidual cities, they have their origin in locally operat
T o t a l a l l ..................... 4 2 , 3 5 8 3 0 ,8 0 9 2 6 , 5 3 8 2 7 , 2 9 4 4 1 7 , 5 2 0 3 3 2 , 3 5 4 3 0 6 ,9 4 5 2 6 1 , 8 5 0
ing causes. In all, however, there are only 16 points O u t s id e N e w Y o r k - 1 8 , 3 7 8 1 4 , 1 5 0 1 1 , 9 2 4 1 0 , 3 5 8 1 8 1 , 7 1 7 1 5 3 , 8 2 1 1 2 9 , 5 4 0 1 0 2 , 2 7
exhibiting any declines,and most of these are hardly
The most notable increases over the pre-war period
more than nominal.
have been as an almost universal rule at cities in
The New England group, comprising 14 cities, which are located the Federal Reserve banks or their
include 4 with smaller clearings than a year ago, but branches. These comprise New York, Boston, Phila
Boston exhibits a very satisfactory increase and the delphia, Cleveland, Atlanta. Richmond, Chicago,
combined total records an improvement of 13.3%. St. Louis, Minneapolis, Kansas City, Dallas and
The middle division (New York City not included) San Francisco, on the one hand, and Buffalo, Pitts
embraces 29 cities, at 22 of which gains are shown burgh, Baltimore, Cincinnati, New Orleans, Jack
and the collective gain is 17.1% . In the Middle sonville, Birmingham, Detroit, Louisville, Memph
Western section every city exhibits ji n increase and Nashville, Little Rock, Macon, Omaha, Denver
El Paso, Houston, Salt Lake City, Seattle, Spokane
and,Portland, Ore. Due to the ban upon the sale
of wtasitey, operative a great part of the year, the
clearings at Louisville for 1919 fell below 1918 by
19.9% , but elsewhere the gains ranged from 4.6%
at St. Louis to 104.5% at Birmingham. [We omit
reference to the higher percentage at M acon, as at
that city a newjplan; of compiling the clearings has
been put in force^which includes items not generally
made a part of the totals, vitiating comparison with
earlier years. This plan, according to our investiga
tions, has been adopted at only two other cities in
cluded in our table— Adrian, M ich., and Stockton,
Cal.]. Contrasted with 1914 the increases in most
cases are simply enormous— over 100% at all points
except Chicago. Minneapolis and Louisville, in excess
of 200% at Cleveland, Detroit, Atlanta, Seattle,
Kansas City, New Orleans, Birmingham, Omaha,
Denver, Little Rock, El Paso, Dallas and Richmond,
reaching at the last two named 444% and 634%,
respectively. Furthermore, the total for the 33
cities (covering 93% of the aggregate of clearings
covered by our compilation) at $387,967,454,870 is
no less than 173.6% in excess of the amount reported
in 1914.
For the whole country the aggregate of bank clear
ings for 1919 reached $417,519,523,388, running
ahead of the preceding year by 85 billion dollars, or
25.6% , and by that amount establishing a new high
record. Again we have to note that a striking feature
of these clearings returns is the preponderating in
fluence of New York in the totals. From time to
time new cities have been added to our compilations
but the supremacy of New York over all the others
combined has never been threatened in the least.
On the contrary, the lead of New York has tended
to increase. In 1890 our tabulation covered 49
cities, but the total of clearings for New York alone
was 15 billion dollars greater than for all others
combined; in 1900 the number of cities had increased
to 91, and this city's excess to 19 billions; ten years
later, with 133 clearing houses reporting, New York
was in the lead by approximately 30)4 billions, and
in 1915 by 33)4 billions, 160 cities making returns.
Finally, in this compilation for 1919, which includes
174 cities, New Y ork’s total is 54 billions heavier
than that for the outside cities. In the subjoined
we give the totals for New York and for outside cities
and the aggregate of all annually for the 15 years
1905 to 1919, inclusive:
Y ea r.
19 19
19 18
19 17
19 19
19 15
19 14
19 13
19 12
19 11
19 10
19 0 9
19 0 8
19 0 7
19 0 6
19 0 5
...............
________
............ ...............
________
...............
________
...............
...............
...............
----------_______
_______
...............
...............
N e w Y o rk
C le a r in g s .
In c .
or
D ec.
C le a r in g s
O u t s id e
N e w Y o rk.
S
2 3 5 ,8 0 2 ,6 3 4 ,8 8 7
17 8 ,5 3 3 ,2 4 8 ,7 8 2
17 7 ,4 0 4 ,9 6 5 ,5 8 9
1 5 9 ,5 8 0 ,6 4 8 ,5 9 0
1 1 0 ,5 6 4 ,3 9 2 ,6 3 4
8 3 ,0 18 ,5 8 0 ,0 16
9 4 ,6 3 4 ,2 8 1,9 8 4
1 0 0 ,7 4 3 ,9 6 7 ,2 6 2
9 2 ,3 7 2 ,8 12 ,7 3 5
9 7 ,2 7 4 ,5 0 0 ,0 9 3
10 3 ,5 8 8 ,7 3 8 ,3 2 1
7 9 ,2 7 5 ,8 8 0 ,2 5 6
8 7 ,18 2 ,16 8 ,3 8 1'
10 4 ,6 7 5 ,8 2 8 ,6 5 6
9 3 .8 2 2 .0 6 0 ,2 0 2
%
+ 3 2 .0
+ 0 .6
+ 11 .5
+ 4 4 .4
+ 3 3 .2
— 12 .3
— 6 .1
+ 9 .1
— 5 .0
— 6 .1
+ 3 0 .7
— 9 .1
— 16 .7
+ 11 .6
+ 3 6 .7
S
1 8 1 ,7 1 6 ,8 8 8 ,5 0 1
15 3 ,8 2 0 .7 7 7 .6 8 1
12 9 ,5 3 9 ,7 6 0 ,7 2 8
1 0 2 ,2 7 5 ,12 5 ,0 7 3
7 7 ,2 5 3 ,17 1,9 11
7 2 ,2 2 0 ,5 3 8 ,2 1 8
7 5 ,1 8 1 ,4 1 8 ,0 16
7 3 , 2 0 8 ,9 4 7 , 6 4 9
0 7 ,8 5 0 ,9 6 0 ,9 3 1
6 0 , 8 2 0 ,7 2 9 ,9 0 6
6 2 ,2 4 9 , 4 0 3 , 0 0 9
5 3 ,13 2 ,9 6 8 ,8 8 0
5 7 ,8 4 3 ,5 6 5 ,1 12
5 5 ,2 2 9 ,8 8 8 ,0 7 7
5 0 .0 0 5 ,3 8 8 ,2 3 9
In c .
or
D ec.
%
+
+
+
+
18 .1
18 .7
2 6 .7
3 2 .4
+ 7 .0
— 3 .9
+ 2 .7
+ 7 .9
+ 1.0
+ 7 .3
+ 1 7 .2
— 8 .4
+ 4 .8
+ 10 .1
+ 13 .9
T o ta l
C le a r in g s .
In c .
or
D ec.
3
4 17 ,5 19 ,5 2 3 ,3 8 8
3 3 2 ,3 5 4 ,0 2 6 ,4 6 3
3 0 0 ,9 4 4 ,7 2 6 .3 1 7
2 6 1,8 5 5 ,7 7 3 ,6 6 3
18 7 ,8 17 ,5 6 4 ,5 4 5
15 5 ,2 4 5 ,118 ,2 3 4
10 9 ,8 15 ,7 0 0 ,0 0 0
17 3 ,9 5 2 ,9 14 ,9 1 1
16 0 ,2 2 9 ,7 7 3 ,6 6 0
16 4 ,0 9 5 ,2 2 9 .9 9 9
16 5 .8 3 8 ,14 1 ,3 3 0
13 2 ,4 0 8 ,8 4 9 ,13 6
14 5 .0 2 5 .7 3 3 .4 9 3
15 9 ,9 0 5 ,7 17 ,0 3 3
14 3 .8 2 7 ,4 4 8 ,4 4 1
+ 2 5 .0
+ 8 .3
+ 1 7 .2
+ 3 9 .4
+ 2 0 .9
— 8 .6
— 2 .4
+ 8 .6
— 2 .4
— 1.0
+ 2 5 .2
— 8 .8
— 9 .3
+ 11 .0
+ 2 7 .7
%
Detailed reference to the influences operative from
month to month during the year is omitted, it being
sufficient to remark in passing that activity in almost
all commercial and industrial lines was apparent
throughout the 12 months although, as indicated by
the figures given below, most in evidence in the last
six months. We append a compilation showing the
totals of clearings month by month and quarter by
quarter for 1919 and 1918:
no.
[V o l .
THE CHRONICLE
303
M O N TH LY
C le a r in g s ,
19 18 .
19 19 .
C L E A R IN G S .
C le a r in g s
T o tal A ll.
%
19 19 .
O u t s id e
N ew
19 18 .
Y o rk .
%
$
$
S
$
J a n ___ 3 2 , 4 1 5 , 8 1 4 , 2 0 1 2 6 , 5 4 7 , 6 1 3 , 2 9 9 + 2 2 . 1 1 4 , 5 5 5 , 1 7 1 , 3 6 7 1 1 , 8 2 8 , 5 4 5 , 7 0 9 + 2 3 . 1
9 ,9 9 5 ,7 0 7 ,7 0 2 + 16 .0
F e b . . . 2 5 ,7 9 2 ,8 3 9 ,2 5 6 2 2 ,2 5 5 ,0 0 3 ,7 5 7 + 1 5 .9 11 ,5 9 8 ,5 8 6 ,7 4 4
M a r . . 3 0 ,0 7 6 , 7 5 7 , 9 9 5 2 6 ,0 8 3 , 7 4 7 ,0 6 7 + 1 5 . 3 1 3 , 5 8 9 , 7 8 4 , 3 2 6 1 2 , 2 4 3 , 4 6 5 , 0 8 0 + 1 1 . 0
1 s t q u . 8 8 ,2 8 5 ,4 1 1 ,4 5 2 7 4 ,8 8 6 ,4 2 4 ,12 3 + 1 7 .9 3 9 ,7 4 3 ,5 4 2 ,4 3 7 3 4 ,0 0 7 , 7 1 9 , 1 5 7 + 1 6 .7
+ 7 .0
A p r i l . . 3 0 ,5 9 2 , 2 9 6 , 5 9 2 2 6 , 4 8 1 , 1 6 2 , 6 3 1 + 1 5 . 5 1 3 , 2 5 9 , 2 2 9 , 1 6 9 1 2 , 3 8 7 , 6 5 5 , 0 4 5
M a y . . 3 3 , 1 6 0 , 2 7 1 ,7 3 2 2 8 ,2 6 6 ,6 6 4 ,5 1 8 + 1 7 .3 1 4 ,2 7 7 ,3 7 3 ,5 0 3 12 ,7 0 0 ,9 6 3 ,8 8 8 + 1 2 .4
J u n e . . 3 4 , 2 4 0 , 4 1 9 , 9 0 1 2 7 , 3 1 8 , 4 7 9 , 8 7 1 + 2 5 . 3 1 4 , 4 8 6 ,5 8 8 , 7 0 9 1 2 , 4 0 0 , 8 2 5 , 3 5 1 + 1 0 . 2
2d
q r . 9 7 , 7 9 2 , 9 8 8 , 2 2 5 8 2 , 0 6 6 ,3 0 7 , 0 2 0 + 1 9 . 4 4 2 , 0 2 3 , 1 9 1 , 4 4 1 3 7 , 5 5 5 , 4 4 4 , 8 8 4 + 1 1 . 9
6 m o s . 18 6 2 7 8 3 9 9 ,6 7 7 1 5 6 9 5 2 7 3 1 , 1 4 3
+ 1 8 .7 8 1 ,7 6 0 ,7 3 3 ,8 7 8 7 1 ,6 2 3 ,1 0 4 ,0 4 1 + 1 4 . 1
J u l y . . 3 7 , 4 9 0 , 3 3 6 , 2 6 7 2 8 , 6 4 4 , 2 2 0 , 4 4 1 + 3 0 .9 1 5 . 6 1 5 , 7 0 0 , 4 2 7 1 3 , 2 4 3 , 0 2 4 , 2 0 0 + 1 7 . 9
A u g . . 3 4 ,6 8 2 .2 0 3 . 0 4 9 2 8 , 1 5 8 , 3 2 0 , 0 2 1 + 2 3 . 2 1 5 , 1 5 5 , 0 9 3 , 2 5 2 1 3 , 1 9 9 , 8 9 3 , 3 9 7 + 1 4 . 8
S e p t . . 3 5 , 5 8 5 , 8 4 4 , 4 8 4 2 0 , 3 7 5 , 3 8 2 , 5 3 3 + 3 4 .9 1 5 , 9 7 5 , 9 7 8 , 2 2 7 1 2 , 7 1 1 , 5 0 5 , 4 0 4 + 2 5 . 0
3d
q r . 1 0 7 7 5 8 3 7 4 ,7 9 0 8 3 , 1 7 7 , 9 2 2 , 9 9 5 + 2 9 . 5 4 6 , 7 4 6 , 7 7 7 ,9 0 0 3 9 , 1 5 4 , 4 2 3 , 0 9 1 + 1 9 . 4
9 m o s . 2 9 4 0 3 6 7 7 4 ,4 7 7 2 4 0 1 3 0 6 5 4 , 1 3 8 + 2 2 .4 1 2 8 5 1 3 5 1 1 , 7 8 4
1 1 0 7 7 7 5 8 7 ,1 3 2 + 10 .0
O c t ____ 4 1 , 8 0 7 , 9 9 3 , 6 3 2 3 2 , 0 6 4 , 9 4 5 , 9 2 1 + 3 0 .4 1 8 , 0 9 4 , 2 4 0 , 8 3 3 1 5 , 1 4 9 , 7 1 0 , 0 7 5 + 1 9 . 4
N o v . . 3 9 , 3 1 7 , 2 1 1 , 0 7 0 2 9 , 3 4 9 , 3 5 9 , 2 8 7 + 3 4 .0 1 6 , 7 3 1 , 4 5 8 , 5 8 1 1 3 , 7 4 3 , 5 3 3 , 1 9 5 + 2 1 . 7
D e c ___ 4 2 . 3 5 7 , 5 4 4 , 2 0 3 3 0 , 8 0 9 , 0 1 7 , 1 1 7 + 3 7 . 5 1 8 , 3 7 7 , 6 7 7 , 3 0 3 1 4 , 1 4 9 , 9 4 0 , 0 7 9 + 2 9 . 8
4 t h q r . 1 2 3 4 8 2 7 4 8 .9 1 1 9 2 ,2 2 3 ,3 7 2 ,3 2 5 + 3 3 .9 5 3 , 1 2 3 , 3 7 0 ,7 1 7 4 3 ,0 4 3 ,1 9 0 ,5 4 9 + 2 3 .0
Y e a r . . 4 1 7 5 1 9 5 2 3 ,3 8 8 3 3 2 3 5 4 0 2 6 4 6 3 + 2 5 .6 1 8 1 7 1 6 8 8 8 ,5 0 1
15 3 820 77 7 0 8 1 + 18 .1
In the exhibits by quarters for the different sections
of the country the striking fact is that in each period
for every one of the various groups, and particularly
for the city of New York, gratifying gains over the
extremely heavy totals of the previous year arc dis
closed. Our usual compilation, therefore, is pre
sented without further explanatory remarks:
First
Quarter.
Second
Quarter.
Third
Quarter.
Fourth
Quarter.
Total
Year.
(10 19 .
119 18 .
.( 1 9 1 7 .
119 10 .
119 15 .
119 14 .
S
4 8 ,5 4 1,8 0 9
4 0 ,8 18 ,7 0 5
4 2 ,15 0 ,6 8 0
3 5 ,9 8 1,4 14
2 1 ,3 3 4 ,0 3 3
2 4 ,4 5 8 , 9 0 0
S
5 5 ,9 6 9 ,7 9 7
4 4 ,5 10 ,8 6 2
4 6 ,3 3 4 ,7 5 7
3 6 ,7 3 7 ,0 5 0
2 5 ,4 7 2 ,3 0 2
2 3 ,6 3 1 ,2 5 2
s
0 1,0 11,5 9 7
4 4 , 0 2 3 ,5 0 0
4 3 ,7 4 8 ,5 19
3 7 ,5 0 2 ,0 0 1
2 6 ,8 5 7 ,2 19
1 7 ,3 8 9 , 8 0 8
*
7 0 ,2 7 9 ,3 7 2
4 9 ,1 8 0 ,18 2
4 5 ,1 7 1 ,1 1 0
4 9 ,3 0 0 ,1 7 8
3 0 ,9 0 0 , 2 3 9
17 ,6 3 8 ,5 5 4
S
2 3 5 ,8 0 2 .0 3 5
1 7 8 ,5 3 3 ,2 4 9
1 7 7 ,4 0 4 ,9 0 6
15 9 ,5 8 0 ,6 4 9
1 1 0 ,5 0 4 ,3 9 3
8 3 ,0 18 ,5 8 0
(19 19 .
T o t a l O th er
| 19 18 M i d d l e ............... . ( 1 9 1 7 .
119 10 .
119 15 .
119 14 .
8 ,7 9 0 , 9 7 5
0 ,0 3 5 ,4 8 8
0 ,5 9 9 , 7 8 0
5 ,12 6 ,5 3 3
3 ,6 0 4 , 0 2 0
3 ,8 9 2 ,2 5 2
9 ,2 4 2 , 2 7 8 1 0 , 0 8 3 , 3 3 3 1 1 , 0 7 0 , 0 8 0
8 ,4 7 9 ,114
0 ,4 8 9 ,2 8 'J
8 ,8 5 2 ,7 5 2
7 ,0 4 5 ,3 18
0 ,5 8 5 ,5 2 2
7 , 4 0 0 ,0 0 1
0 ,3 8 1,10 3
5 ,4 1 5 ,0 8 9
5 ,3 0 0 , 8 7 7
3 ,8 5 7 ,2 2 4
3 ,8 8 5 ,7 8 7 4 ,9 5 0 ,8 1 7
3 ,9 9 6 ,4 1 0
3 ,0 7 4 , 7 8 7 3 , 7 1 8 , 1 0 5
3 9 ,19 2 ,6 7 2
3 3 ,4 5 6 ,6 4 3
2 7 ,0 3 0 ,0 2 1
2 2 ,2 2 4 ,2 0 2
10 ,2 9 7 ,8 4 8
1 5 ,2 8 1,0 2 0
(19 19
T o tal
119 18
N e w E n g la n d . . < 1 9 1 7
|19 10
|19 15
119 14
4 , 3 0 9 ,8 8 2
3 ,7 4 5 ,7 8 9
3 ,4 6 0 , 8 7 0
3 ,0 9 7 ,3 6 3
2 , 2 2 8 ,0 9 9
2 , 4 4 2 ,6 4 0
4 ,7 6 4 ,0 2 3
4 ,7 5 4 ,2 4 3
3 ,6 5 1,6 2 3
3 ,1 9 9 ,2 8 6
2 ,4 3 5 ,7 6 0
2 ,4 0 1,9 5 9
0 ,0 4 8 , 7 0 2
5 ,0 3 1 ,9 9 8
4 ,18 0 ,3 2 0
3 ,7 10 ,0 18
3 ,0 2 7 ,5 7 5
2 ,12 2 ,3 3 0
2 0 ,2 9 5 ,16 5
1 7 ,9 0 7 ,7 5 3
14 ,9 0 9 ,2 7 7
1 2 ,8 8 0 ,0 2 1
9 ,9 2 8 ,10 4
8 ,9 9 8 , 4 9 5
1 1 ,0 1 0 ,7 3 6 1 1 ,7 9 5 ,9 4 7 1 3 ,1 5 7 ,4 9 6 1 4 ,0 5 1 ,3 0 9
9 ,7 18 ,0 3 5 1 0 ,5 5 1 ,9 1 9 10 ,9 1 2 ,7 9 7 1 1 ,2 8 3 , 1 0 8
9 ,3 4 5 ,7 5 1 10 ,0 0 9 ,3 2 5 9 ,5 9 2 ,3 2 5 1 0 ,1 0 0 ,0 2 5
7 ,4 8 5 ,7 0 5 7 ,8 0 5 ,9 3 5 9 ,2 8 1 ,4 8 4
7 ,1 0 5 ,9 7 1
5 ,8 0 3 , 0 0 9 5 ,8 5 5 , 8 0 0 0 , 8 0 1 , 5 3 5
5 ,0 1 6 , 0 9 0
5 ,4 9 9 , 2 0 5 5 , 4 3 7 , 0 8 5
5 ,9 2 5 ,9 18
0 ,0 7 2 ,17 5
5 0 .0 15 .4 8 8
4 2 ,4 0 5 , 8 5 9
3 9 ,10 7 ,3 0 0
3 1,7 3 9 ,15 5
2 4 ,0 7 7 ,1 6 0
2 2 ,9 3 4 ,3 8 3
Clearings Reported.
(0 0 0 s omitted.)
.
.
.
.
.
.
(19 19 .
T o tal
119 18 .
M id d le W e s t . . ( 1 9 1 7 .
(19 10 .
119 15 .
(19 14 .
5 ,11 1,9 4 8
4 ,3 7 5 ,7 2 3
3 ,6 1 0 ,4 6 4
2 ,8 7 8 ,7 5 4
2 ,2 3 0 ,0 7 0
2 ,0 3 1,5 0 6
(19 19 .
| 19 18 .
T o t a l P a c i f i c ____ ( 1 9 1 7 .
| 19 10 .
.
|19 15 .
(19 14 .
3 ,4 6 9 , 2 4 5
2 ,7 8 1,4 9 6
2 ,3 7 3 ,3 7 8
1,7 2 2 ,3 13
1,4 7 3 ,8 7 8
1 ,5 5 0 ,6 0 7
3 ,7 4 8 , 3 0 4
3 ,0 9 3 ,5 5 5
2 , 6 0 0 ,0 7 7
1,8 0 7 ,3 9 3
1,4 8 8 ,5 0 3
1,5 7 2 ,4 3 4
4 ,4 2 3 ,3 7 7
3 ,3 6 5 ,0 6 0
2 ,0 4 7 ,2 2 4
1 ,9 7 9 ,0 10
1,5 4 3 ,7 0 2
1,5 1 0 ,2 8 3
5 ,1 0 4 ,3 4 5
3 ,8 0 8 , 0 0 8
3 ,1 4 0 ,4 4 5
2 ,4 0 1,0 2 5
1,7 9 2 ,0 0 8
1,5 7 8 ,17 9
10 ,7 4 5 ,2 7 1
13 ,0 4 8 ,7 19
10 ,7 0 7 ,7 2 4
8 ,0 3 0 ,3 4 1
0 ,2 9 8 ,6 9 1
0 ,2 17 ,5 0 3
(19 19 .
119 18 .
W e s t .. . ( 1 9 1 7 .
| 19 10 .
|19 15 .
(19 14 .
5 ,2 2 4 ,0 5 7
5 ,0 3 9 ,5 8 8
3 ,5 8 5 ,4 8 5
2 ,0 8 0 ,9 4 5
2 ,2 7 9 ,7 2 3
1 , 9 0 7 ,8 8 6
5 ,5 15 ,3 7 1
4 ,7 0 1,4 3 1
3 ,8 3 8 ,0 15
2 ,0 0 2 ,3 2 0
2 ,1 0 5 ,8 2 7
1,8 9 0 ,7 4 3
0 ,4 5 4 , 4 3 4
5 ,3 7 0 ,5 3 7
3 , 9 0 0 ,2 8 3
2 ,9 8 3 ,7 7 3
2 ,13 8 ,1 0 7
2 ,0 4 6 ,7 0 3
0 ,7 4 0 ,5 9 4
5 ,8 1 4 ,9 7 0
5 ,14 2 ,14 0
3 ,7 4 1 ,0 7 9
2 ,9 7 0 ,5 7 8
2 .4 9 2 .13 9
2 3 ,9 3 5 ,0 5 0
2 0 ,9 9 2 ,5 2 0
1 0 ,6 3 1 ,9 2 3
12 ,0 0 8 ,1 2 3
9 ,5 5 4 ,2 3 5
8 ,3 9 7 ,4 7 1
(19 19 .
| 19 18 .
T o t a l S o u t h e r n .. ( 1 9 1 7 .
| 19 10 .
|19 15 .
(19 14 .
6 ,8 7 8 ,0 4 7
6 ,14 4 ,5 2 0
4 ,5 4 0 ,5 5 0
3 ,4 6 1 ,0 9 7
2 ,7 0 0 ,9 5 8
2 ,9 3 1 ,3 4 7
0 ,9 4 0 ,7 0 9
5 ,9 1 7 ,9 8 0
4 ,6 8 3 ,3 9 2
3 ,3 8 2 ,15 0
2 ,5 3 9 ,3 8 5
2 ,5 9 0 ,8 0 5
7 ,5 2 0 ,1 4 9 1 0 ,1 8 2 ,3 4 1
0 ,2 7 0 ,9 5 3 7 , 6 1 5 ,8 1 8
4 ,6 3 7 ,0 7 1 0 ,8 19 ,8 3 0
4 ,9 5 9 ,0 2 0
3 ,5 2 4 ,4 10
2 ,4 4 0 ,8 0 7 3 ,3 0 3 ,9 1 8
2 ,3 0 1,3 0 5
2 ,6 7 3 ,4 8 9
3 1,5 3 3 ,2 4 6
2 5 ,9 4 9 ,2 7 7
2 0 ,5 8 0 ,8 4 9
15 ,3 2 7 ,2 8 3
1 1 ,0 9 7 ,12 8
10 ,3 9 7 ,0 0 0
(19 19 .
|19 18 .
.< 19 17 .
I 19 10 .
|19 15 .
(19 14 .
8 8 ,2 8 5 ,4 1 1
7 4 ,8 8 3 ,0 2 1
7 2 ,0 6 2 ,3 9 1
5 9 ,17 5 ,0 3 6
3 9 ,2 4 4 ,0 0 7
4 3 ,3 2 1 ,9 3 3
9 7 , 9 8 3 ,0 2 9
8 2 ,0 0 9 ,110
7 8 ,0 0 3 ,10 7
0 0 ,7 4 9 , 6 0 5
4 3 ,7 6 2 , 0 7 0
4 2 ,0 0 9 , 5 8 7
10 7 7 0 8 3 3 4
8 3 ,17 7 .9 2 2
7 4 . 7 8 0 ,3 4 8
6 2 ,0 9 5 , 3 0 0
4 4 ,9 0 4 ,2 18
3 4 ,4 5 3 ,0 5 7
12 3 4 8 2 7 4 9
9 2 ,2 2 3 ,3 7 3
8 2 ,0 3 1,8 7 7
7 9 ,8 3 5 ,113
5 9 , 8 4 7 ,2 7 0
3 5 ,4 5 9 ,9 4 1
4 1 7 ,5 1 9 ,6 2 3
3 3 2 ,3 5 4 ,0 2 0
3 0 6 ,9 14 ,7 2 0
2 0 1 ,8 5 5 ,7 7 4
18 7 ,8 17 ,5 0 5
15 5 ,2 4 5 ,118
3 9 ,7 4 3 ,5 4 2
3 4 ,0 6 4 ,9 16
2 9 ,9 1 1,8 14
1 3 .19 4 ,2 2 2
1 7 ,9 0 9 ,3 7 4
1 8 , 8 0 2 ,9 0 7
4 2 ,0 13 ,2 3 2
3 7 , 6 5 8 ,2 4 8
3 1,7 2 8 ,3 5 0
2 4 ,0 12 ,0 0 9
18 ,2 8 9 ,7 0 8
18 ,3 7 8 ,3 3 5
4 0 ,7 5 0 ,7 3 7
3 9 ,15 4 ,4 2 2
3 1,0 3 8 ,8 2 9
2 4 ,5 3 3 ,3 6 9
18 ,10 6 ,9 9 9
1 7 ,0 0 3 ,8 4 9
5 3 ,2 0 3 ,3 7 7
4 3 ,0 4 3 ,1 9 1
3 6 ,8 0 0 ,7 6 7
3 0 ,5 3 4 ,9 3 5
2 2 ,9 4 7 ,0 3 1
17 ,9 2 1 ,3 8 7
1 8 1,7 16 ,8 8 8
15 3 ,8 2 0 ,7 7 7
1 2 9 ,5 3 9 ,7 0 0
10 2 ,2 7 5 ,12 5
7 7 ,2 5 3 .17 2
7 2 ,2 2 0 ,5 3 8
T o tal
O th er
T o ta l a ll.
(19 19
O u t s id e
I 19 18
N e w Y o r k ____ ( 1 9 1 7
19 10
19 15
19 14
.
.
.
.
.
.
Operations in share properties on the New York
Stock Exchange were, with the single exception of
those for January, heavier than in 1918, month by
month and in almost all instances very decidedly so.
The result is that for the full year a new high record
in stock dealings has been set, the high mark of 1906
having been exceeded by an appreciable margin.
Transactions for the 12 months aggregated 316,787,
725 shares, against only 144,118,469 shares the
preceding year, 185,628,948 shares two years ago,
233,311,993 shares in 1916 and 173,145,203 shares
in 1915. The nearest approach to the current total
Jan . 24 1920.]
THE CHRONICLE
was in 1906 when sales of 284,298,010 shares were
recorded. The level of prices was on the whole
above the high point reached in 1918, but final
quotations of the year were with isolated exceptions
well down from the top. United States bonds were
very actively dealt in throughout 1919, the sales
being practically confined to the Liberty Loan issues
and reaching the unprecedented aggregate of $2
900,913,150 par value, against 81,435,716,500 in
1918 and only 8285,951,250 in 1917. Indicative of
the activity in the trading in Liberty bonds, we note
that in seven separate months the sales reached
over 200 million dollars, while the smallest aggregate
(in January) amounted to more than 167 millions.
In State, city and foreign securities, on the other
hand, the transactions, while greater than in the
previous year, were moderately less than in 1917.
Railroad and industrial issues were in better demand
than in 1918, the dealings aggregating 8621,858,500,
against 8356,441,000. In all classes of bonds the
aggregate transactions, due mainly, of course, to the
extraordinarily heavy sales of Liberty bonds, were
no less than 83,809,002,650 par value, against
82,062,827,000 the preceding year, 81,056,543,250
in 1917 and 81,149,851,950 in 1916. A summary of
the dealings is appended:
Twelve Months 1 9 1 9 .
Descrip
tion.
Par Value
or Quantity.
Actual
Value.
Twelve Months 1 9 1 8 .
Acer.
Par Value
Price. or Quantity.
A c tu a l
Value.
Acer
Price.
S to ck /S h s.
3 10 ,7 8 7 ,7 2 5
14 4 ,118 ,4 6 9
\ V a l . 8 8 , 8 1 6 , 0 0 7 , 2 8 0 2 5 , 9 0 1 , 8 8 7 , 8 1 0 9 0 .0 $ 1 3 4 4 7 , 9 4 4 , 1 0 0 $ 1 2 4 8 2 , 0 3 1 , 0 1 0 9 2 . 8
R R . b o n d s.
5 0 7 ,2 1 5 ,9 7 7 9 1 .2
3 1 5 ,9 7 2 ,0 0 2 8 8 .0
3 5 6 ,4 4 1,0 0 0
0 2 1 ,8 5 8 ,5 0 0
U . 8 . G o v 't
b o n d s _____ 2 , 9 0 0 , 9 1 3 , 1 5 0 2 , 7 4 2 , 4 7 0 , 9 1 7 9 4 .5 1 , 4 3 5 , 7 1 0 , 5 0 0 1 , 3 8 5 , 8 1 2 , 9 7 2 9 0 . 5
S t a t e , A c .,
b o n d s _____
2 8 0 ,2 3 1,0 0 0
2 7 0 ,6 6 9 , 5 0 0
2 8 1 , 7 3 0 . 9 1 8 9 8 .4
2 5 7 , 1 2 9 , 1 5 1 9 5 .0
B an k stk s.
2 0 ,4 0 0
1 0 3 ,0 8 2 2 1 5 . 1
4 8 ,2 0 0
5 2 ,0 5 1 19 7 .2
T o t a l _____ 1 2 , 0 2 5 , 7 1 8 , 1 1 0 2 9 , 4 9 0 , 4 1 5 , 3 1 0
9 0 .4 $ 1 5 5 1 0 , 7 9 7 , 5 0 0 $ 1 4 4 4 1 , 5 9 7 , 2 5 2
9 3 .1
Referring our readers to the “ Retrospect of 1919”
(to be published hereafter) for a clear and concise
presentation month by month of the influences
operating in the stock market during the year, we
now present our customary table covering dealings
in shares monthly and quarterly for two years:
SA LES O F STO CKS A T TO E
N EW
YO R K
8TO CK
10 19 .
A f /t/l
h .
i>J
Number
of
Shares.
Values.
Par.
EX C H A N G E.
19 18 .
Number
of
Shares.
Actual.
Values.
Par.
Actual.
$
$
$
$
J a n . . 1 1 ,8 5 8 ,4 0 5 1 ,1 2 0 , 7 5 5 ,7 0 5 1 ,0 3 7 ,4 2 0 ,8 0 8 1 3 , 6 1 0 ,3 5 7 1 ,2 7 9 ,7 4 0 ,7 0 0 1 ,1 7 5 ,4 2 7 ,0 8 8
F o b . 1 2 ,2 1 0 ,7 4 1 1 , 1 5 2 ,1 8 1 ,0 0 0 1,0 3 8 ,2 7 0 ,0 18 1 1 ,4 1 8 .0 7 9 1,0 8 3 ,2 16 ,9 0 0
9 9 6 ,5 4 8 .2 12
M a r . 2 1 ,4 0 3 ,5 3 1 2 ,0 1 0 ,2 3 0 ,1 0 0 1,8 4 5 ,3 6 9 ,4 2 7 8 ,4 1 9 ,4 7 7
7 7 2 ,4 7 5 ,9 5 0
7 1 0 ,5 8 1 ,4 9 7
1 s t q r 4 5 , 4 7 2 , 7 3 7 [ 4 , 2 9 8 , 1 0 0 , 8 0 5 [ 3 ,9 2 1 , 0 7 3 , 1 5 3 3 3 , 4 5 3 , 9 1 3 3 , 1 3 5 , 4 3 3 , 5 5 0 2 , 8 8 2 , 5 5 7 , 3 8 8
A p r il 2 8 ,5 8 7 ,4 3 1 2 , 7 1 0 ,1 9 0 ,8 5 0 2 , 1 4 1 , 0 5 3 , 2 9 8 7 ,4 0 4 ,17 4
6 8 7 ,3 7 1,8 0 0
0 3 1,4 9 7 ,8 4 1
M a y . 3 4 ,4 1 3 , 5 5 3 3 ,2 1 5 ,4 7 3 ,4 2 5 2 , 8 4 1 , 3 4 7 .8 1 1 2 1 ,1 3 9 . 0 9 2 1,9 8 4 ,4 0 5 ,9 0 0 1,8 2 0 ,4 0 4 ,9 1 7
J u n o . 3 2 ,8 6 0 ,3 0 5 2 ,8 7 9 ,6 0 7 ,4 5 0 2 .0 4 9 ,9 2 4 ,6 1 8 1 1 , 7 7 2 , 2 6 1 1 , 0 8 7 ,6 0 6 , 1 5 0 1 ,0 1 0 ,4 7 8 ,4 0 2
2 d q r . 0 5 , 8 0 1 , 3 4 0 8 , 8 0 5 , 2 3 7 , 7 2 6 | 7 ,6 3 2 , 3 2 5 , 7 2 7 4 0 , 3 1 5 , 5 2 7 3 , 7 5 9 , 3 8 2 , 8 5 0 3 , 4 0 8 , 4 4 1 , 2 2 0
0 in o s 1 4 1 3 3 4 0 8 0 1 3 1 0 3 4 0 4 , 5 3 0 j l 1 5 5 3 3 9 8 ,8 8 0 7 3 , 7 0 9 , 4 4 0 8 , 8 9 4 ,8 1 0 , 4 0 0 6 ,3 5 0 ,9 9 8 . 6 0 8
J u l y . 3 4 ,6 0 2 ,2 4 2 3 ,0 1 7 ,0 0 4 ,6 5 0 2 , 8 1 0 ,4 7 4 , 8 1 1
A u k . 2 4 ,4 3 2 ,0 4 7 2 ,1 0 5 ,1 0 7 ,4 7 5 :2 ,0 5 0 ,0 2 7 ,0 3 7
S e p t . 2 4 ,1 4 1 ,8 3 0 2 ,2 1 0 ,2 0 7 ,8 7 5 2 ,1 1 4 ,4 4 8 ,9 2 7
8 ,4 4 9 .8 8 8
0 ,8 8 7 , 6 8 9
7 ,7 6 3 ,0 6 8
7 7 1,7 2 3 ,8 9 0
0 5 1 ,8 8 5 ,2 7 5
7 2 7 ,4 5 7 ,3 5 0
7 18 ,5 6 8 ,0 17
6 0 0 ,4 9 9 ,8 1 8
6 8 1,7 4 6 ,9 8 2
3 d q r 8 3 ,0 7 0 ,7 1 0 7 ,3 9 2 ,3 7 9 ,0 0 0 0 ,0 8 1 , 8 5 1 . 3 7 5 2 3 ,1 0 0 ,5 4 5 2 , 1 5 1 , 0 6 6 ,5 1 5 2 , 0 0 0 ,7 1 5 , 7 1 7
9 m o s 2 2 4 4 1 0 8 0 5 2 0 4 0 5 7 8 4 , 4 3 0 1 8 5 3 5 2 5 0 , 2 5 5 9 0 ,8 0 9 ,9 8 5 8 ,0 4 5 , 8 8 2 , 9 1 5 8 , 3 5 1 , 7 1 4 , 3 2 5
O o t . . 3 7 , 3 5 4 , 8 5 9 3 , 3 6 9 , 2 8 0 , 8 8 0 '3 , 2 4 9 , 1 4 7 , 9 1 8 2 0 , 6 7 1 , 3 3 7 1 , 9 4 5 , 0 8 5 , 0 2 5 1 , 8 0 0 , 4 5 7 , 2 6 8
N o v . 3 0 .1 0 9 ,1 7 8 2 , 7 6 2 ,1 3 1 ,1 6 0 2 ,12 0 ,4 8 7 ,0 2 9 14 ,0 5 1 ,8 4 4 1 ,3 0 0 ,4 3 4 ,5 2 5 1,2 8 4 ,0 4 0 ,3 9 0
D o c . 2 4 , 8 5 2 , 5 8 3 2 , 1 8 9 , 4 7 0 , 8 0 0 2 , 0 0 0 ,0 0 2 , 0 1 4 1 1 , 9 2 5 , 3 0 3 1 , 0 8 9 , 9 4 1 , 0 3 5 1 , 0 4 0 , 4 1 9 , 0 1 7
303
T o avoid any misunderstanding of the foregoing
we would state that the average price given is not
per share without regard to the par thereof, which
ranges all the way from 85 to 8100, but is based upon
a par of 8100. In other words, the actual sales for
the year 1919 were 316,787,725 shares, equaling
288,166,673 shares of 8100 par (with the few proper
ties with no stated par taken at 8100) of an approxi
mate sale value of 825,904,887,816, or an average
of 90.
The activity in stock speculation was also in
evidence on the New York curb market, transactions
having reached a very much heavier aggregate than
in 1918. The sales of industrial and miscellaneous
stocks were 41,758,218 shares, against 10,223,749
shares in 1918 and 15,121,401 shares i n ; 1917^11
stocks 59,341,613 shares, against 34,877,265 shares
and 38,121,805 shares, and mining stocks 79,521,653
shares, against 44,020,796 shares and 73,098,074
shares. The aggregate of all, therefore, at 180,
621,484 shares compares with 89,121,810 shares and
126,341,280 shares, respectively, one and two years
ago. Bond dealings on the curb were 856,604,100
par value, against 868,953,000 in 1918 and $84,417,
900 in 1917.
The other leading markets of the country have
been in harmony with New York in showing a larger
volume of stock dealings than in 1918, and in most
cases the increase has been noticeably heavy. Boston
sales reached 8,525,573 shares, against 3,727,008
shares in 1918 and 5,090,982 shares in 1917, and
Philadelphia’s trading covered 3,230,740 shares,
against 1,827,978 shares and 3,644,887 shares, re
spectively. Chicago transactions aggregated 6,811,
885 shares, against 1,955,151 shares and 1,696,428
shares one and two years ago; Pittsburgh 5,579,055
shares, against 6,072,300 shares and 7,638,766 shares,
and Cleveland 725,970 shares, 176,463 shares and
329,487 shares.
Bank clearings in ’the Dominion of Canada also
record very important expansion in 1919 and shared
in quite generally. In fact, the only points from
which declines are reported are Lethbridge and
Winnipeg. In the Eastern Provinces new high
records were established at most points with the
percentages of increase largest at Ottawa, London,
St. John and Kitchener. In the West the most
notable gains were at Edmonton, Vancouver and
New Westminster. The aggregate of clearings for
the 25 cities reporting comparative figures at $16,
585,559,034 is not only 20.9% greater than for 1918
and 32.1% in excess of 1917, but sets a new high
water mark for a 12-month period and overtops 1914
by 105.5%. Stock speculation was much more active
than in 1918 on both the Montreal and Toronto ex
changes. On the former the sales totaled 3,865,683
shares, against 1,108,986 shares, and on the latter
746,606 shares, against 341,782 shares. The Can
adian clearings summarized by quarters are as follows:
4 t h q r 9 2 , 3 7 0 , 0 2 0 8 , 3 2 0 , 8 8 2 , 8 3 0 7 , 3 0 9 , 0 3 7 , 5 0 1 1 7 ,2 4 8 , 4 8 4 4 . 4 0 2 , 0 0 1 , 1 8 5 1 , 1 3 0 , 9 1 6 . 6 9 1
Y e a r 3 1 0 7 8 7 7 2 5 2 8 8 1 0 6 0 7 2 0 0 2 5 9 0 4 8 8 7 8 1 o l l 4 4 1 1 8 4 0 9 1 3 4 4 7 0 4 4 10 0 I 1 2 4 8 2 6 3 1 0 1 6
The relation the transactions in share properties
for 1919 bear to those of earlier years is clearly shown
in the subjoined statement which carries the com
parison back to 1896:
N U M B E R A N D V A LU E O F SH A R E S SO LD
Year.
19 19 ..
19 18 —
19 17
19 10
19 16
10 14
19 13
19 12
19 11
10 10
19 0 0 .10 0 8 —
Stocks,
Shares.
3 10 ,7 8 7 ,7 2 5
14 4 ,118 ,4 0 9
18 5 ,0 2 8 ,9 4 8
2 3 3 ,3 11 .0 9 3
17 3 ,14 6 ,2 0 3
4 7 ,0 0 0 ,5 0 8
8 3 ,4 7 0 ,0 9 3
13 1,12 8 ,4 2 5
1 2 7 ,2 0 8 ,2 6 8
1 0 4 ,0 5 1 ,0 0 1
2 1 4 ,0 3 2 ,10 4
19 7 ,2 0 0 ,3 4 0
First
Quarter.
Second
Quarter.
Third
Quarter.
Fourth
Quarter.
Total
Year.
(19 19
119 18 —
C a n a d a ...........................( 1 9 1 7 —
119 16
119 15
119 14 —
8
3 ,3 10 ,4 3 0
2 ,8 18 ,4 1 7
2 ,0 5 7 .2 0 5
2 ,10 2 ,2 10
1,0 5 0 ,3 4 1
1,9 0 5 ,3 10
$
3 ,9 4 0 .8 0 3
3 ,3 8 7 ,1 3 1
3 ,3 0 3 ,8 0 7
2 ,6 18 ,4 8 2
1,7 4 3 ,2 6 5
2 ,11 3 ,5 3 7
$
4 ,10 5 ,0 5 1
3 ,2 12 ,6 0 0
2 ,9 2 3 ,7 3 5
2 ,4 8 9 ,5 18
1,7 4 1 ,2 4 3
1,9 8 2 ,4 0 0
$
5 ,2 2 3 ,2 15
4 ,3 0 0 ,4 2 5
3 ,6 1 1,9 7 1
3 ,2 3 0 ,3 8 3
2 ,0 6 2 ,8 9 2
2 ,0 0 8 .13 8
$
10 ,5 8 5 ,6 5 9
13 .7 18 ,6 7 3
1 2 6 5 6 ,7 18
10 ,5 0 6 ,6 9 9
7 ,7 9 7 ,7 4 1
8 ,0 0 9 ,3 9 1
AT N . Y . STO CK EX C H A N G E
Aver.
Price.
Values
( approximate)
Year.
Slocks,
Shares.
9 0 .0
0 2 .8
0 1.2
0 3 .8
8 5 .1
9 3 .2
9 0 .2
9 7 .7
0 5 .8
0 0 .2
9 7 .5
8 0 .0
$
2 5 ,0 0 4 ,8 8 7 ,8 16
1 2 ,4 8 2 ,6 3 1 ,0 1 0
1 5 .0 0 9 ,3 3 5 .0 9 8
1 8 .8 0 9 ,8 4 0 9 5 5
12 ,6 6 1,4 7 6 ,0 0 2
3 ,8 9 8 ,4 14 ,2 8 5
7 ,17 0 ,8 6 2 ,0 8 0
11 ,6 0 2 ,12 9 ,8 3 5
11 .0 0 3 ,0 0 0 ,8 2 9
1 1 , 1 2 .- , ,8 7 5 ,8 9 7
19 ,1 4 2 .3 3 9 ,1 8 4
1 5 .3 1 0 ,4 9 1 ,7 9 7
19 0 7 —
19 0 6 —
19 0 5 -.
19 0 4 ..
19 0 3
19 0 2 ..
19 0 1
19 0 0
18 9 9
18 9 8
18 9 7
18 9 0 ..
1 9 0 ,4 3 8 ,8 2 4
2 8 4 ,2 9 8 ,0 10
2 0 3 ,0 8 1,15 6
18 7 ,3 12 ,0 6 5
10 1 ,1 0 2 ,1 0 1
18 8 ,5 0 3 ,4 0 3
2 0 5 ,9 4 4 , 6 5 9
13 8 ,3 8 0 ,18 4
17 0 ,4 2 1,1 3 5
11 2 ,0 9 9 ,9 5 7
7 7 ,3 2 4 ,1 7 2
6 4 ,0 5 4 . 0 9 6
Clearings Reported.
( 0 0 0 s omitted.)
Aver.
Values
Price. ( approximate)
8 5 .8
9 4 .2
8 7 .3
6 9 .9
7 3 .2
7 9 .9
7 9 .0
6 9 .2
7 8 .0
7 2 .7
6 7 .0
6 5 .2
$
14 ,7 5 7 ,8 0 2 ,1 8 9
2 3 .3 9 3 .1 0 1 ,4 8 2
2 1 ,2 9 5 ,7 2 3 ,6 8 8
1 2 ,0 6 1 ,4 5 2 ,3 9 9
1 1 .0 0 4 ,0 8 3 ,0 0 1
14 .2 18 ,4 4 0 .0 8 3
2 0 ,4 3 1 ,9 6 0 ,6 5 1
9 ,2 4 9 .2 8 5 .1 0 9
13 ,4 2 9 ,2 9 1 ,7 15
8 ,1 8 7 ,4 1 3 .9 8 5
4 ,9 7 3 ,5 5 3 ,0 6 5
3 ,3 2 9 ,9 6 9 ,9 4 0
FAILURES IN 1919.
In reviewing the mercantile failures record for the
previous calendar year (1918), we inclined to the
opinion that we were dealing with an exhibit of sol
vency that, at least as regards number of defaults,
came very close to establishing an irreducible mini
mum. At that time, however, the indications did not
favor the view that 1919 would be (as it has actually
304
THE CHRONICLE
proved to be) a year of practically unexampled ac
tivity in business at high and very remunerative
prices, with a large part of the general public enjoying
unusual prosperity through wage increases or other
additions to income, and thus possessing greatly
augmented purchasing power which, as events have
proved, has been freely exercised. In this state of
things, it is to be inferred, a further shrinkage in
1919 in the failure list can occasion no surprise. There
was, during 1919, an almost entire absence of real
stress in any direction, though the putting into effect
of war-time prohibition at least might have been ex
pected to unfavorably affect concerns largely engaged
in the sale of liquors. In no year back to, but not
including, 1881 were there so few insolvencies in the
United States as in 1919, and the ratio of number
of disasters to the total of firms in business is, there
fore, quite naturally the smallest on record.
The last remark clearly indicates the satifactory
nature of the year’s exhibit, which the monthly re
ports, of course, had prepared us to expect. In
every one of the twelve months the number of failures
was smaller than for the corresponding period of the
previous year— in most all cases decidedly so— and
the same is essentially true of the comparison with al
years since monthly statements have been issued.
The volume of liabilities monthly in 1919, also, while
in one or two months only moderately lower than in
the previous year, was in most instances considerably
smaller, with the aggregate for the full twelve months
decidedly less. Contrast with all earlier years for
more than a decade back, moreover, is exceedingly
favorable to the current exhibit, and in only two
years (1899 and 1905) in more than a third of a
century did the total of failed indebtedness fall below
that recorded in the statement for 1919. It is also
satisfactory to note of the late year that the quite
general tendoncy was toward contraction in number
of insolvencies as the year progressed, and although
there was an upturn in November and December, the
disasters in both of those months were under the
January and March totals. In quarterly periods, the
largest number was furnished by the first quarter,
and the smallest b y the third quarter.
It is to be noted, too, that what are classed as large
failures (those involving liabilities of 8100,000 or
more) were at no time in the year more than a secon
dary feature. Actually they were much fewer than
in 1918— 191 contrasting with 230— and the indebted
ness covered was decidedly less— $55,986,543, against
$81,562,965. Going further into this phase of the
subject, we find that the showing both as regards
number and amount of confessed indebtedness was
the best since 1906. Of the large failures of the year
the greatest number, as usdal, was in manufacturing
branches, but at 100 for $29,644,087, the exhibit is
more favorable than for any recent twelve-months
period except 1916, comparison being with 132 for
$44,173,393 a year ago and 147 for $43,435,232 in
1917. In the trading division the casualties were the
least in number of any year in over a quarter of a
century and the liabilities at $8,156,247 less than half
those of the preceding year, and lighter than earlier
years back as far as 1906. Among brokers, trans
porters, &c., a smaller number of insolvents is like
wise to be noted and the liabilities show a decline
from all years since 1911. Segregating the failures
for $100,000 or over into classes, we have the fol
lowing exhibit for the last two years:
<
[VOL. 110. *
LA R G E
F A IL U R E S
IN
19 19
AN D
M a n u fa c tu rin g .
L ia b ilit ie s .
N o.
19 18 .
T r a ilin g .
N o.
L ia b ilit ie s .
B ro kers, & c.
N o.
L ia b ilit ie s .
J a n u a r y ___________ ___________________
F e b r u a r y ................................. .........................
M a r c h . ............................. .. ................... ...........
12
11
10
$ 2 ,5 4 6 ,8 0 6
3 ,0 3 4 ,1 6 2
2 ,8 2 4 ,12 4
3
3
8
$ 3 8 6 ,0 0 0
5 0 0 ,0 0 0
1 ,8 3 7 ,7 9 5
3
7
11
$ 4 3 8 ,3 8 1
2 ,0 12 ,1 3 0
3 ,5 7 2 ,1 6 5
F i r s t q u a r t e r 1 9 1 9 . . ........................
do
1 9 1 8 .............................
33
37
$ 8 ,4 0 5 ,0 9 2
10 ,12 8 ,4 3 9
14
13
$ 2 ,7 2 3 ,7 9 5
4 ,4 8 2 ,6 2 3
21
22
$ 6 ,0 2 2 ,6 7 6
9 ,3 7 5 ,3 4 5
A p r i l ............................................................ ........
M a y ____________________________________
J u n o _________________________ ________
12
17
7
4 ,2 6 2 ,1 15
5 ,3 9 7 ,0 9 7
2 ,12 7 ,9 3 5
5
2
2
1,116 ,8 5 0
5 0 0 ,0 0 0
3 13 ,7 4 2
4
3
4
1,3 8 4 ,7 8 7
6 4 0 ,5 0 2
3 ,6 0 0 , 0 0 0
S e c o n d q u a r t e r 1 9 1 9 ...........................
do
1 9 1 8 ...........................
36 $ 1 1 ,7 8 7 ,1 4 7
33
9 ,3 0 6 ,4 3 4
9
12
$ 1,9 3 0 ,6 9 2
2 ,15 3 ,0 3 2
11
13
$ 5 ,6 2 4 ,2 8 9
0 ,1 4 5 ,5 3 6
F i r s t h a l f - y e a r 1 9 1 9 ................................
do
1 9 1 8 ................................
69 $ 2 0 ,1 9 2 ,2 3 9
70
19 ,4 3 4 ,8 7 3
23
25
$ 4 ,0 5 4 ,3 8 7
0 ,0 3 0 ,2 5 5
32 $ 11 ,6 4 6 ,9 6 5
35
1 5 ,5 2 0 ,8 8 1
J u l y _____________________________ _______
A u g u s t ...............................................................
S e p t e m b e r ____________________________
3
5
6
$ 6 4 4 ,6 17
1,6 4 7 ,3 7 3
1,5 0 4 ,8 9 1
2
1
2
$ 2 0 5 ,1 8 5
2 0 0 ,0 0 0
5 2 2 ,9 3 5
2
1
10
$ 9 4 7 ,7 10
3 0 0 ,0 0 0
2 ,9 4 9 ,2 6 7
T h i r d q u a r t e r 1 9 1 9 .............................
do
1 9 1 8 .............................
14
31
$ 3 ,7 9 6 ,8 8 1
9 ,7 8 3 ,8 5 3
5
8
$ 9 2 8 ,1 2 0
3 ,3 11,2 9 1
13
10
$ 4 ,19 6 ,9 7 7
4 ,4 4 3 ,7 0 0
O c t o b e r _______________________________
N o v e m b e r ___________________
D e c e m b e r _____________________________
6
9
2
$ 8 5 6 ,3 16
4 ,3 7 3 ,15 1
4 2 5 ,5 0 0
2
2
6
$ 2 3 5 ,0 0 0
2 0 0 ,0 0 0
2 ,13 8 ,7 10
4
1
3
$ 1,2 5 1,0 7 6
15 0 ,0 0 0
9 4 1,19 1
17
31
$ 5 ,6 6 4 ,9 6 7
14 ,9 5 2 ,6 6 7
10
13
S 2 , 5 7 3 ,7 4 0
3 ,8 3 7 ,3 0 4
$
7
$ 2 ,3 4 2 ,2 6 7
3 ,6 6 5 ,9 4 1
31
62
S 9 ,4 5 1,8 4 8
2 4 ,7 3 6 ,5 2 0
15
21
$ 3 ,5 0 1 ,8 6 0
7 ,14 4 ,5 9 5
21
17
$ 0 ,5 3 9 ,2 4 4
8 ,0 8 9 , 8 4 1
T o t a l y e a r 1 9 1 9 ......................................... 1 0 0 $ 2 9 , 6 4 4 ,0 S 7
do
1 9 1 8 ........................................ 1 3 2
4 4 ,17 1 ,3 9 3
38
46
$ 8 ,1 5 6 ,2 4 7
13 ,7 8 0 ,8 5 0
5 3 $ 18 ,18 6 ,2 0 9
5 2 2 3 ,0 10 ,7 2 2
F o u r t h q u a r t e r 1 9 1 9 _____________
do
1 9 1 8 . .................. ..
S e c o n d h a l f - y e a r 1 9 1 9 ..........................
do
1 9 1 8 ...........................
As regards the individual States, we note a greater
number of defaults this year than last in only West
Virginia, Georgia, Florida, Arkansas, New Mexico
and Oklahoma, and a strikingly large contraction in
Massachusetts, New York, Pennsylvania, Ohio,
Illinois, Louisiana and Michigan.
According to Messrs. It. G. Dun & C o.’s compila
tions, the number of mercantile and industrial insol
vencies in the United States as a whole in 1919 was
6,451, with indebtedness of $113,291,237, these com
paring with 9,982 and $163,019,979 a year earlier,
13,855 and $182,441,371 two years ago, 16.993 and
$196,212,256 in 1916, and 22,156 and $302,286,148 in
1915. It will be noted, of course, that improvement
has been continuous each year since 1915. Further
more, as already stated, it is necessary to go back to
1881 for a lesser number of failures than disclosed in
the late year, and to 1905 for a smaller aggregate of
liabilities. In only eight years of the half-century
1869 to 1918, inclusive, moreover, were there as few
defaults as in 1919, despite the vast increase in the
number of firms in business in the interim. The
failures situation, quarter by quarter, the last two
years is indicated in the subjoined compilation:
F A IL U R E S
B Y
Q U A RTERS.
---------------------- 1 9 1 9 ------ ------------------------------------------ 1 0 1 8 -----------------------N o.
L ia b ilit ie s .
A verag e
L ia b ilit y .
A verag e
L ia b ilit y .
N o.
L ia b ilit ie s .
F i r s t q u a r t e r _________ 1 , 9 0 1
S e c o n d q u a r t e r ______ 1 , 5 5 9
T h i r d q u a r t e r ................ 1 , 3 9 3
F o u r t h q u a r t e r ............. 1 , 5 9 5
§ 3 5 ,8 2 1,0 5 2
3 2 ,8 8 9 ,8 3 4
2 0 ,2 3 0 ,7 2 2
2 4 ,3 4 9 ,0 2 9
$ 18 ,8 0 2
2 1 ,1 10
14 ,4 0 7
15 ,2 0 4
3 ,3 0 0
2 ,5 8 9
2 ,18 0
1,9 7 3
$ 4 9 ,7 8 0 ,3 0 0
3 8 ,0 13 ,2 0 2
3 5 ,18 1,4 0 2
4 0 ,0 2 9 ,9 5 5
§ 15 ,1 8 3
14 ,0 8 0
10 ,13 8
2 0 ,5 9 3
T o t a l y e a r ................... 6 , 4 5 1
§ 113 ,2 9 1,2 3 7
§ 17 ,5 0 2
9 ,9 8 2
$ 1 0 3 ,0 1 0 ,9 7 9
$ 10 ,3 3 1
The ratio of failures to number in business was very
much the. lowest in the history of the United States,
so far as authentic records permit of drawing con
clusions. In 1906 the ratio was conspicuously low
(0.77% )— presumably the lowest recorded up to
1918, when it fell to 0.58% , but in 1919 was only
0.38% . The return of peace and the release from
service of many whose calling in the draft had meant
the temporary discontinuance of some concerns, is not
reflected in Messrs. Dun & C o.’s statement of the
number of firms in business in 1919, which shows only
a very slight increase— from 1,708,061 in 1918 to
1,710,909.
While all the branches of trade into which the
year’s defaults are divided furnish positive evidence
of improvement as compared with 1918, the trading
division clearly leads in that respect. Furthermore,
in every line of business in that group, the number
of insolvencies was smaller for 1919 than for the
THE CHRONICLE
Jan . 24 1920.]
previous year, and in only one— paints and oils did
the indebtedness run ahead of that of 1918. Liquors
and tobacco, a line expected to be unfavorably affec
ted by the going into effect of “ war-time” prohibi
tion on July 1, reported failures fewer in number by
56 % 7 with the indebtedness cut down in about the
same ratio. The greatest contraction in indebted
ness, however, was in hotels and restaurants, notwith
standing these were adversely affected through the
cutting off of the privliege of serving alcoholic bever
ages. The aggregate trading liabilities of the year
at $37,070,443 were 20 million dollars less than those
of 1918.
!
N -C
Banking insolvencies, on the other hand, wenMiot
only greater in number, but involved much heavier
liabilities than in 1918. The suspension of financial
institutions was confined to 18 States and were for
noticeably large amounts only in Pennsylvania,
Massachusetts and Colorado. Failures totals for
the last three years as classified by Messrs. R . G.
Dun & Co. follow:
T O T A L F A IL U R E S .
L ia b il it ie s .
N u m b er.
305
CONTINUED OFFERING OF FRENCH TREASURY
BILLS.
Another block of French Treasury bills was dis
posed 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. 23.
P A Y M E N T OF INTEREST ON UNITED KINGDOM OF
GREAT BRITAIN A N D IRELAND BONDS.
Holders of J. P . Morgan & Co. trust receipts for United
Kingdom of Great Britain and Ireland three-year 5J ^ %
convertible notes and ten-year 5 ^ % convertible bonds
liavo been notified that as tho definitive notes and bonds will
not bo ready for delivery until about March 15, the three
months’ interest due Feb. 1 will bo paid by J. P . Morgan &
Co. in Now York and Drexel & Co. in Philadelphia, or either
of their agents, viz., the National Shawmut Bank in Boston
and the Harris Trust & Savings Bank in Chicago upon pre
sentation of the trust receipts heretofore delivered (accom
panied by a properly executed Federal income tax ownership
certificate, Form 1001A) for endorsement of such payment
thereon. Such holders as they may request, it is announced,
either—
(а) M ay have the trust receipts returned immediately on or after Feb. 1,
with a check for the interest duo, or
(б) M ay have the check for tho interest delivered on or after Feb. 1,
and the trust receipt retained by J. P. Morgan & Co. or its agents for ac
count of the owner until the definite notes and bonds are ready for delivery,
when such notes or bonds will be forwarded in accordance with instructions
to be given at the time of presenting tho receipts.
1918.
1917.
1919.
1918.
1917.
M anufacturing--------T rad ing.......................
O ther............................
1,8(15 2,700
4,0 111 0,494
722
673
3,091
9,430
734
$51,014,210
37,070,443
24,000,578
$73,381,094
57,910,971
31,727,314
$79,543,507
70,110,009
32,781,195
The offering of these bonds and notes was referred to in
our issue of Oct. 25, page 1563.
T otal.........................
Banking.......................
0,461
60
9,982 13,855 $113,291,237 S1G3,019,979 $182,441,371
5,131,887
18,461,964
42
10,520,802
20
I T A L IA N BOND ISSUE OF $25,000,000 TO BE OFFERED
A T 97.50.
1919.
Total all..................
0,501 10.002 13,897 $129,812,099 $168,161,966 $200,893,335
For the Dominion of Canada also the 1919 failures
record is a favorable one, dlthough not as decidedly
so as that for the United States. Numerically, the
mercantile defaults were much the smallest of which
there is reliable record, which would cover a period
of at least twenty years, but, due to stress in some
manufacturing lines, the volume of liabilities was
moderately larger than in 1918. The insolvencies
numbered in all only 755, involving debts of $16,
250,259, this contrasting with 873 and $14,502,477
a year earlier, 1,097 and $18,241,465 in the year
preceding, 1,685 and $25,069,534 in 1916 and 2,661
and $41,162,321 in 1915. This latter was the high
record of indebtedness for the Dominion, as was the
$6,499,052 of 1906, the low mark of recent times.
Failures were less numerous than in 1918 in all the
Eastern Provinces except Newfoundland, but from
the West M anitoba alone reports a better showing in
that respect. As regards liabilities the exhibit by
contrast with a year earlier is mentionably unfavor
able only in Quebec, pressure in manufacturing lines
having served to materially swell the total there.
Banking insolvencies have at no time, at least of
recent years, been an important factor in the business
situation of the Dominion. In fact there has not
been a failure of this kind in Canada since 1915 and
only six financial institutions have been forced to the
wall in the last ten years. Our compilation for
Canadafor three years follows:
C A N A D IA N F A IL U R E S .
L ia b il it ie s .
N u m b er.
1919.
1918.
1917.
1919.
1918.
1917.
M anufacturing..........
T rading................... ..
O ther............................
213
494
48
232
590
51
201
777
69
$10,234,477
4,475,028
1,510,154
$8,248,807
5,142,397
1,111,273
$7,455,094
8,417,239
2.3G9.132
T otal.........................
755
873
1,097
$10,250,259
$14,502,477
$18,241,465
According to an announcement made by tho Guaranty
Trust C o. of this city on Jan. 21, tho issue of $25,000,000 6 %
Italian bonds dated Feb. 1, and authorized for flotation in
this country by tho United States Treasury Department,
will be offered to tho public at 97.50 and accrued interest.
Mention of tho new issue was made in those columns last
week, page 203. The Guaranty Trust C o .’s announcement
of Jan. 21 said:
Tho conversion privilege, whereby bondholders may bo paid, at maturity,
either in dollars or in lire at tho rato of seven to tho dollar, at the holder’s
option, has already occasioned much favorable comment among Italian
and American investors. It is expected that tho bonds will bo Issued
during tho early part of February.
N. Y. STOCK EXCHANGE RESCINDS RULING AFFECT
ING JAPANESE BONDS BEARING
REVENUE STAMPS.
On Jan. 9 the Committee on Securities of tho Now York
Stock Exchange ruled that the following, adopted Jan. 15
1915, bo rescinded:
Tho Committee on Securities rules that bonds of tho Japanese Govern
ment bearing revenue stamps of any foreign Government, shall be dealt in
specifically and so quoted, and will not, until furtlior notico, bo a delivery
for other than such a specific transaction.
BELGIAN LOAN OF $25,000,000 DOUBLY SUBSCRIBED.
Tho Belgian loan of $25,000,000, offered last week, and
which met with such a ready response as to result in its over
subscription on tho first day of tho offering, is reported to
have been doubly subscribed. Dotails of tho offoring ap
peared in our issue of Saturday last, page 203.
UNPRECEDENTED P REM IUM FOR GOLD I N LONDON.
Cables received in W all Street on Thursday announced
that the premium on gold in London had reached an unprece
dented level. According to tho New York “ W o rld ,”
bullion was quoted in tho London market at 114 shillings per
fine ounce, whereas tho normal rate is 85 shillings, so that the
premium is approximately 3 4 % . “ Tho W orld” added:
(ffoixvcnt g u c u ts mul Qlscxtssiaus
All tho Now York bullion dealers yesterday stated emphatically that
there was no premium on gold hero. The Inference is that London bankers
are buying gold at tho best price obtainable In order to increase their gold
reserves. This theory is supported by tho Bank of England's weekly re
port, which shows an increase for tho week in gold coin and bullion holdings
of £2,519,607. The bank now holds £96,806,712 gold as compared with
£80,287,602 In 1909 and £58,914,686 in 1918.
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
K N A U T H , NACIIOD cfc K U IIN E ON ADVANCING
SILVER PRICE.
The usual offoring of ninety-day British Treasury bills
was disposed of this week by J. P . Morgan & C o. on a dis
count basis of 6 % , the same as in other recent weeks. The
bills in this week’s offering are dated Jan. 19.
The soaring price of silvor and the reason therefor is the
principal subject discussed in tho circular dealing with “ Tho
Investment Situation” issued under date of January 15
by Knauth, Nachod & Kuhno. Tho domand for silver,
306
THE CHRONICLE
says the circular, “ shows every evidence of continuing, and
predictions are being made that its price tendency will be
upward for a long time to com e.” The falling off in the
production of gold is commented upon, and the statement
is made that “ with the price of gold definitely fixed in ac
cordance with the monetary standard, there is left little
margin for stimulating production by offsetting increased
costs. Therefore, silver,” continues the circular, “ which
next to gold is the most universally accepted form of money,
has come to the front to bolster up the inflated currency and
otherwise watered capital of the world, and to meet the
necessity for a largely increased circulating medium of ex
change.” The following is what the circular has to say in
full on the subject:
Among tho phenomena o f soaring prices, which havo followod one another
in bewildering succession these last few years, there is probably none fraught
with greater economic significance than that in the market for silver.
Within the last few days, the white metal has sold In New York at $1 39
an ounce, tho highest price on record, comparing with an average price of
58.17 cents for tho fifteen years prior to the war. The demand for it,
moreover, shows every evidence o f continuing, and predictions are being
made that its price tendency will be upward for a long time to come. At
$1 29K an ounce, it reached the point where its bullion value exceeded its
value in coin.
The fact is that tho productive vitality o f the world, now in such urgent
need of being increased on a scale never before attempted, has come to bo
dependent upon this metal to an extent beyond the dreams of oven the most
ardent o f silver’s political partisans.
Underlying this remarkablo situation are two commanding causes.
First is the position o f gold. As everybody knows, it is mainly to that
metal that the modern world has looked to perform for productive enter
prise the requisite functions o f facilitating exchange, furnishing the basis
of the credit system and imparting liquid form to capital.
But compared with the almost Inconceivable burdens which gold has
been called upon to carry since 1914, Its supply is lamentably deficient.
.Estimates for 1918, the latest year for which figures are available, place
tho total world stocks of the metal, exclusive o f those o f India and Egypt
at about $9,600,000,000. Against this, it is estimated that during the war,
the world's bank deposits Increased $25,000,000,000 and note circulation
$100,000,000,000. From which it becomes apparent why tho great central
banks and treasuries have been so eager to gather into their vaults every
vestige of the gold supply available, leaving a scant 15% in general circula
tion, or less than half tho requirements of normal times; and why authorities
hold the opinion that the metal will probably not for years to como bo
allowed to circulate freely for internal purposes, especially in European
countries.
In the face o f this basic need for gold, so rapidly growing in urgency,
production has been falling off. In 1915, for example, it was $470,329,527;
in 1918 only $384,576,700. Preliminary estimates indicate even smaller
world production for 1919. Nor can this situation easily be corrected.
With tho price of gold definitely fixed in accordance with the monetary
standard, there is left little margin for stimulating production by offsetting
Increased costs.
Therefore, silver, which next to gold is the most universally accepted
form of money, has come to the front to bolster up tho inflated currency
and otherwise watered capital o f the world, and to meet tho necessity for a
largely Increased circulating medium o f exchange.
Added to these demands are those rising out o f the abnormally largo
trade balances which India, China and practically all o f tho other Eastern
countries where silver is in special favor, have been piling up against the
rest of the world. In theso countries there has lately been a great awakening
to tho opportunities o f closer international relationships.
This country has, of courso, been tho main source o f the silver supply,
not only because of the position it took a few years ago as tho world's largest
producer, but also because in comparison with Europe, it has been under a
relatively slight monetary strain. Despite tho fact that, as shown by a
recent Federal Reserve Board report, wo exported over $368,000,000 gold
last year, our holdings still amount to perhaps 25% !of tho world's stock. And
the ratio o f reserves to net deposits and reserve note liabilities combined,
stands at about 45% , comparing, for example, with reserves of 14J£%
against note circulation o f the Bank of Franco and a ratio of only about
3M % in Germany.
We exported last year, according to this same authority, $239,000,000
silver, much of it In the form of bullion obtained front melting silver dollars
— a process which becomes profitable with silver selling over 1 29 } 4 c . an
ounce. There are about $300,000,000 of theso coins remaining, for tho
melting and sale o f which additional legislation is now being sought in
view of tho continued demand.
As in tho ease o f gold, silver production has been falling off, notably in
the United States, Canada and Mexico, which together normally account
for about three-quarters o f tho world's annual supply. Figures aro not
available for the 1919 operations o f either our northern or southern neigh
bors, but tho official preliminary estimato for tho United States places
1919 production at 55,285,196 ounces as compared with 74,961,000 ounces
In 1915, tho record for the last decade.
Manifestly, the shortage of silver production must in somo way be over
taken. The freo market and high premium in tho price will o f courso, to
a large extent, provide the necessary incentive, but within our own domains
where most o f the silver is obtained as a by-product of mining tho baso
metals such as copper, lead and zinc, there aro obstacles to overcome which
seem liablo to retard activity.
Canada also, in view o f her industrial problems, of which the relative
scarcity and high cost of labor aro not tho least, may require a still higher
price to enablo her fully to develop her sources of supply.
Mexico, however, can save tho silver situation. Sho is one of the oldest
producers, but her resources aro known to bo nowhero near exhausted.
The white metal is there in big quantity and It Is obtainable at a lower cost
than anywhere else in the world.
T o be sure, solution o f the “ Mexican problem" still resists the most earn
est efforts. But as one after another of its phases are revealed, capital is
taking courage to seize the opportunities awaiting it in that field of rich
potentialities.
_____________________
PAUL M. WARBURG ON FISCAL A N D CURRENCY
STANDARDS A S MEASURE OF CREDIT.
Paul M . Warburg, of Kuhn, Loob & Co. and formerly a
member of the Federal Reserve Board, speaking before tho
Second Pan-American Financial Conference in Washington
[V o l . 1 1 0 .
on Jan. 22, on the subject of “ Fiscal and Curroncy Stand
ards as tho Future Measure of the Credit of N ations,”
expressed the belief that the world will not enjoy “ fairly
stable standards of curroncy and credit until it returns to
the observance of approximately the same principles of
banking and finance as prevailed before tho war.” “ Unless
Government credits and commercial conditions aro stabil
ized,” M r . Warburg argues, “ wo could not stabilize ex
changes oven if an additional billion dollars of gold woro
poured into the world.” “ W e aro living,” ho says, “ in an
era whero tho production of money andcrodithas increased
and the production of goods has decreased. In order to
emerge we must produce less credit and money and produco
more goods.” Ho also said: “ When by curtailing ex
penditure and by increasing current revenues tho issuo of
Government loans to cover current deficiencies has como to
a stop, when the floating supply of undigested Government
securities has gradually been absorbed, tho time will bo ripe
for an effective control of monoy markets by tho contral
banks. And when central bank rates aro thus once more
effective, and the foreign credit of a country has boon re
stored, the moment will be at hand when the resumption of
gold payments may be considered, and with that the stabil
ization of foreign exchanges. Wlionover that point is
reached, a country may bo deemed to have completed its
economic convalescence. The first stop in this direction
must be the establishment of honestly balanced budgots.”
Another observation by M r . Warburg is that “ side by side . . .
with the determination of the Government to stop tho furthor
increase of Government debt must go an equally firm policy
on the part of the note-issuing banks to arrest a furthor
expansion of credit.” “ Taxes that on a rising scalo are
laid on spending, not on saving, and effective consumption
taxes that make for lower price levels and enrich the G ov
ernment,” will, M r . Warburg points out, “ be tho logical
outcome of sensible and conscientious budgeting.” Tho
following is taken from his speech:
Tho essential characteristic of ante-bellum banking In leading countries
was that their paper circulation and their doposit liabilities were protected
by, and therefore kept in a.certaln relation to, largo gold reserves assembled
in their contral banks. These central institutions. In turn, could strengthen
themselves by drawing on tho floating gold supply carried in tho pockets
of the pcoplo and in the vaults of tho banks, or_by collecting thoir holdings
of other nations' gold obligations.
A gold country repudiating Its obligation to pay in’ gold would havo been
deemed a bankrupt, and a country permitting tho existence of a substantial
gold premium, bo it domestic or in tho form of an excessive discount on Its
foreign exchanges, would havo been considered as boing headed for In
solvency, a condition which would havo caused widespread alarm.
Tho fear not to bo ablo to fulfill their gold obligations, tho wish-and will,
at all hazards, to ward off any such catastrophe, was tho strongest directing
forco and regulator, not only of tho financial, but oven of tho economic
policies of such countries. Rather than to expose themselves to tho danger
of a suspension of gold payments, they would resort to such weapons as
high discount rates, high import duties or taxes, tho oxport premium, bor
rowing in foreign markets on even onerous terms, or to any other means
of counteracting demands caused by an overwhelmingly ad verso trade
balance.
Tho war brought about a completo roversal of theso doctrines and tradi
tions. Tho will to win, of necessity, became stronger than tho dcsiro to
preservo gold standards, and inasmuch as victory was dependent upon
ammunition, food and other supplies, goods becamo moro important than
gold, and a policy dictated by tho flow of gold was quickly subordinated
to a policy directed by tho flow of goods. With a greater or smaller degreo
of promptness and frankness practically tho wholo world, In one form or
another, after having withdrawn gold from circulation, suspended gold
payments.
Tho danger of internal and external gold demands thus eliminated, tho
protection of high interest rates bccamo unnecessary, and almost all belliger
ent countries embarked upon an era of government financo based upon
low interest rates born of inflation.
This enabled the countries to procuro tho domestic goods and services
needed at a cheap prico for monoy, but at high prices for tho things required;
people imagining that they wero escaping taxation when they were paying
it in its most drastic and most inexorable form, by tho depreciation of
money.
Tho controlling and constraining power of gold onco removed, thcro was
no limit to inflation as long as any vestlgo of government credit remained.
And on this basis thcro was, thereforo, no limit to tho domestic purchasing
power of governments, and, consequently no limit In sight to tho riso of
prices, onco It was well started by preclpitato and competitive govern
ment buying.
There was no limit on purchasing foreign goods (as far as thoy could bo
furnished and shipped and as far as they could not be paid for In services,
goods or securities owned) except tho willingness of tho foreign seller either
to grant individual or government credits in his own currency, or to convert
his money into foreign balances or obligations, tempted by tho low level of
exchanges which naturally followed oxcessivo foreign buying.
When foreign exchanges first began to declino to somo points bolow tho
normal gold parities, a shiver ran down tho splno of tho financial com
munity. Bankers and business men predicted that trade would stop and
that tho end would como If their exchanges were permitted to establish
themselves at a substantial discount. But when prices for goods had risen
by 100% and moro, and when government printing presses, manufacturing
a constantly Increasing supply of monoy and credit, woro paving tho way
for further rises, it was difficult to understand why tho addition to cost of
a few points, as involved in tho Initial fall of exchanges, should havo had
so far-reaching an effect upon trado. Subsequent.ovonts shoGcd, indeed,
that tho flow of goods, at that stago, was hardly affected by this com
paratively moderato Increaso In cost. Tho urgent domand for goods had
over-ridden tho gold tradition of tho past and it overthrow with equal vigor
and thoroughness tho gospel of tho inviolability of tho gold parities of
J a n . 24 1920.]
THE CHRONICLE
307
oxchanges. As a matter of fact, this later development was nothing but a tivity and credit. This differential is not tho cause of tho evil, nor tho
logical sequence; for countries had. In effect, surrendered their exchange evil itself, as many appear to think, it is a necessary and wholesome factor
of adjustment; a partial remedy— though, indeed, a painful one— but not
parities at tho very moment when they suspended gold payments.
It Is truo that for a while thoy struggled to preserve tho trauitional ex the disease itself.
Tho belief is entertained by some that, as a solution of our difficulties,
change levels. Hut with gold unavailable and with a shortago of exportab
goods, tho remaining moans of defence could not long protect them. Thoy we are likely to abandon gold as tho future means of ultimato settlement
could try. Indeed, to draw money from the seller's country into their own, of international balances. I do not beliovo that tho world will enjoy fairly
but that course was rendered difficult through the low money-rates generally stable standards of currency and crodit until it returns to the' observance of
prevailing in their countries, as a consequence o f tho process of Inflation approximately tho samo principles o f banking and finance as prevailed
applied for tho purposo or facilitating Government financing on easy terms. before tho war.
That does not mean that I foresee that ante-bellum exchange parities
(Special rates allowed on foreign doposlts were not capable of overcoming
this obstaclo to moro than a moderato degree). They could, furthermore, will generally bo re-established. Indeed, I hold tho viow that quite a
number
o f countries will nover regain their previous oxchango lovels. Their
try to place their own government obligations in tho creditor country’s
markots and payablo In the creditor's currency. Hut that courso could power to reclaim all or in part tho shrinkage of their standards will depend
give only temporary relief, because the absorbing power for foreign loans, upon their ability to produce and to save, and upon tho measure o f perman
oven In normal times, Is, at best, only a limited ono. It is even more re ent depreciation sustained during tho war, not only through a decrease of
stricted during a period when tho savings of a country are unremittngly tho valuo of their property, but also through tho increase of thoir national
drawn upon for tho purposo of meeting tho homo government’s require indebtedness. But whatever tho level they may bo ablo to recover, ultim
ments, and when— tho natural accumulation o f investment funds not keeping ately it will bo to their vital Interest once moro to fasten it to a definite gold
paco with tho government’s demands—artificial measures become necessary relation and to re-establish a stablo exchange, fluctuating between tho
in order to lead to success these homo flotations, while tho instruments of maxima and minima of gold parities, without which a country’s trade and
inflation aro not made directly availablo for tho benefit of foreign govern growth will remain subject to a fatal handicap. (Wo may expect some
ments. In theso circumstances, tho only remaining avenuo to follow was countries to aim for a direct roturn to a freo gold standard, while others
tho direct placing o f foreign loans with the creditor’s government. But, may havo to choose tho Indirect routo of a gold exchange standard).
But, it is claimed, there may not be gold enough to servo as a basis for
when tho war emergency had passed, that method becamo very unpopular
whero a creditor country was already saturated with its own government tho world’s financial structure, particularly in view o f the phenomenal
bonds and additional issues involved further inflation of prices and in increaso in prices.
Times does not permit to dwell at length upon tho question o f tho future
creased annual burdens o f taxation.
In such conditions, whoro the productive power o f a country had been trend of prices and to inquire whether we may not hope, in due courso, to
drastically reduced for an extended period, while its heavy demands for witness a substantial recession. Let us boar in mind, however, that the
foreign goods remained unabated, it was inevitable that after a certain moro perfect tho machinery of credit, tho more insignificant becomes the
timo o f grace its foreign oxchanges should sink to a heavy discount in coun necessity of settling in actual gold. Where national credit, industrial
tries with a fairly undisturbed productive power, so placed as to bo able to enterprises and banking systoms aro established on a sound basis, adverse
furnish tho goods. It was natural, however, that governments did not balances can bo satisfied in many other ways than by payment in actual
easily surrender to tho slaughter o f their exchanges. They tried to ward it gold. If government credits and commercial conditions are stabilized, we
off because thoy knew that, as long as the decline was moderato and as may confidently undertake the stabilization o t exchanges with the existing
long as confidence still prevailed in an ultimate return to normal exchange gold supply. Unless government credits and commercial conditions are
lovols, largo forolgn balances would bo accumulated as a speculation for a stabilized, wo could not stabilize exchanges even if an additional billion
rlso and that theso, In themselves, would prove important factors in arresting dollars of gold were poured into tho world.
And that indicates tho road wo shall have to follow if we wish to wend our
tho fall. If this decline exceeded certain bounds, thoy knew, on tho other
hand, that distrust would bo aroused, causing not only such balances to way out of tho presont labyrinth. We are living in an era whero the
bo withdrawn but opening tho door to "boar speculations,” resulting in a production of monoy and credit has increased and tho production of goods
has decreased. In order to emerge wo must produce less credit and money
greater shrinkage than was warranted on strictly economic grounds.*
If to-day wo havo reached a point where for many countries tho old and produco moro goods.
In practically all leading countries tho pcoplo have been urged in tho
oxchango parities havo becomo a myth, have wo any reason to bo astonished?
Is It not much moro surprising that wo should have expected any other strongest possible manner to produco more and to consume less. I beliove
it is safo to say that this appeal to voluntary action on tho part of the
result?
When countries had waived thoir obligation to sottlo their international individual has universally failed. Extravaganco will not bo curbed and
gold obligations In gold; when, In doing so, thoy had shaken off tho "straight- tho increaso in prices will bo arrested not by moral suasion, but only through
jacket” with which tho yellow metal had kept under restraint thoir issues the effective pressure of necessity.
If governments adopt a rigid policy of preventing tho further issue o f
of currency and credit obligations; when, as a consequence, thoy had in
creased thoir government indebtedness In such a volumo as to mako it a government securities and money for tho purposo of covering current
deficiencies,
thoy will tako the first and most effective step in combating
very gravo and puzzling problem for thorn to raise tho additional revenues
necessary to moot tho increased interest charges; when government credit tho decrease o f production, tho rlso of prices, and tho fall of exchanges. If
thus Impaired militated against the placing In foreign markets of some thoy will not, or cannot, adopt such a course, thoy aro headed for insolvency
government securities whllo others, still enjoying a good standing, en and social and economic disruption.
Whero gold payments have been suspended and foreign oxchanges have
countered over-saturated markots bccauso countries squandered their now
paper prosperity in lavish extravagance instead of accumulating savings becomo demoralized, tho restraining influence onco wielded by gold must
be
exercised at this stage by rigid budgets. Whon by curtailing expenditure
for Investment; when, in theso circumstances, decreased production and
increased demand for goods had resulted In a general depreciation of money, and by increasing current revenues tho issuo of government loans to cover
whon tills depreciation varied, however, in the different countries from current deficiencies has come to a stop, whon tho floating supply of un
approximately 100% In ono to 1,000% in another; the review of economic digested government securities has gradually been absorbed, the timo will
Statistics” estimates that prices In Italy and Franco aro now
times, in again be ripe for an effective control of money markets by tho central banks
tho United Kingdom and Japan 2 Vi times and tho United States and And when central bank rates are thus onco more effective and the foreign
Canada over doublo tho respective 1913 average prices; when some coun credit of a country has been restored, tho moment will be at hand when tho
tries had fairly well arrested tho process of inflation while others were still resumption of gold payments may bo considered, and with that tho stabil
printing millions o f currency and treasury bills to cover their daily defi ization of foreign oxchanges. Whenever that point is reached, a country
ciencies— what was there that could mako us assume that the pre-war may bo deemed to havo completed its economic convalescence. Tho first
dollar was still equal to the pre-war rublo, or mark, or lira, or franc or step in this direction must bo tho establishment of honestly balanced
sterling?— What, in tho final analysis, had remained to determine the level budgots.
A country’s ability, without additional borrowing, to balanco its regular
of exchanges but tho flow o f goods, and what remained to control and adjust
budget, is tho test of its solvency. Tho character of this test at this juncture
tho flow of goods except tho exchange levels 7
Tho discount at which tho oxchanges o f some o f tho borrowing countries will decide tho measure of its future credit; and upon that, in turn, w 11
sold In somo of tho leading countries had to becomo so marked that it would largely depend its power to rehabilitate its commerce and trade and its
provo for tho borrowing nations not only an effective brake on unnecessary foreign exchanges.
Side by sido, however, with tho determination of tho government to
importations and extravagant consumption, but also a stimulus to greater
productivity by putting a premium on larger exportations. At tho same stop the further increaso of government debt must go an equally firm policy
time, an excessively low oxchango rate would ultimately act as a powerful on tho part of tho noto-issuing banks to arrest a further expansion of cir
It was tho excessive, though unavoidable, issuo of government
incentive for capital to flow, for temporary or permanent investment. Into culation.
securities that destroyed the sound under-structuro of note Issues based
tho markots affected.
With cortain reservations, which it would lead too far hero to specify, upon commercial paper and gold. Directly or indirectly government
ono might say that tho premium, or discount, o f foreign exchanges repre treasury bills becamo tho main asset of leading central banks, crowding
sents tho differential tending to cqualizo tho discrepancies in tho price into unimportance commercial paper and gold reserves.
As wo rovlow this causo and courso of tho ovil, wo gain a clear perception
lovels of things between countries of different degrees of Inflation, produc
of the remedy. As the harm was done through excessive issues of govern
* If wo placo tho cost of tho war at $220,000,000,000, that would consti ment securities, so tho euro lies in arresting and, if possible, retracting that
tute an amount smaller than one-fourth of tho estimated anto-bollum worth course. Governments, through a sound budget policy, must stop as fast
of belligerent countries, if we included the neutral countries, tho propor and as far as possible tho increaso of their securities and where a gradual
tion would 1)0 correspondingly reduced. In tho United States it. would
amount to loss than 10%. If wo deduct our foreign loans, it would equal amortization Is not practicable, they must, In conjunction with the central
banks, embark at least upon a policy compelling a distribution of tho
loss than 5% of tho estimated worth of our country.
Hut let us arbitrarily assume that it was as much as ono-fiftli or tho value floating material— of bonds and treasury bills— driving them away from
of tho entire globe, wo would haVo added 20% of “ water’ to tho world tho central banks and commercial banks Into tho hands of the Investors.
balanco shoot, whllo world prices havo risen over 100% (and in many This may lnvolvo higher levels of interest ratos for both commercial paper
countries soveral times 100%). This extraordinary rise in prices is, there
fore, not justified on tho mere basis of direct money and credit Inflation, and treasury bills, but in the long run it would prove a lower price for
but, to a largo oxtont, It must bo attributed to temporary disturbances, tho country to pay than tho undisturbed display of forces making for a
including decreased production. If wo regain approximately our pre-war continued area of rising prices and social and economic unrest. Unwilling
power of production, I beliovo that after a glvon number of years we shall
look back upon our present period as ono of oxcosslvoiy high prices for goods ness on tho part of central banks further to Increase thoir investments— or
and oxcosslvoiy low prices for somo ratos of foreign oxchango in countries their desire, if at all possible, to reduce their holdings— accompanied by
oxpoctod to survlvo and to regain social and economic conditions approxi curtailment of extravaganco on tho part of tno governments, is bound to
mating pre-war standards. That, In many cases, oxchanges havo declined bring about contraction of loans and a tendency toward falling prices.
too far may bo established from a comparison of tho respcctlvo cost or
Moreover, a movement in this direction would bo furthered through the
production of articles enjoying a world market.
If a Viennese and American factory turned out tho samo quantity or Increased taxation necessary In order to accomplish tho contemplated.in
shoos and could soil them at tho samo price In Argentina, and If tho \ ionnese creaso of government revenues.
factory, owing to the fall of oxchango, could bo bought for, lot us say, halt
It Is essential, however, that taxation bo so devised as to curb extrava
tho cost of the American plant, there would bo reason to beliovo that oxchange had declined too far. Ono might ask: Why has not tho price for gance. Our present form of taxation has proved a failure in so far as in a
tho Austrian factory risen moro? Tho answer is that adjustments of this rising market tho equivalent of extreme Income and profit taxes is being
character naturally take time and that millions of people, who lived on added to tho price tho public pays for things, and- In so far as it cripples
fixed ineomo, aro reduced to poverty; that If shoes in Austria roso too far the Investment power of a country and thereby retards Its further de
tho domestic salo would bo too drastically reduced, and tho homo market
Is gonorally more important than tho foreign fiold. Moreover, owing to velopment.
shortago of raw material and disorganization of labor, quantities availablo
Through the depreciation of tho purchasing power of monoy tho valuo
for Immodiato oxport would not bo sufficient materially to affoct the world of the return from investments (that is from savings of the past) has been
markot for shoes or adequately to pay for tho masses o f material tho country
requires at onco. Those circumstances, together with other abnormal cut in two in countries with tho soundest economic conditions, and in those
influences, may in cortain casos bring about a temporary depreciation or most adversely affected it has been decimated, if not practically wiped out.
forolgn oxchango ratos far In oxcoss of what economic conditions would The distribution of Income in all countries has, therefore, been drastically
warrant as a pormanont basis, unless a country’s comploto economic collapso modified. In tho aggregate tho share of the farmer and tho wage earner
is to bo expected.
308
THE CHRONICLE
[V o l . 1 1 0
has been phenomenally Increased at the expenso o f those who lived on shall be able not only to do our full share in the reconstruction and rejuvena
fixed Income from savings o f the past. Extravagance must not only be tion of Europe, but also in developing the intimate trado relations which,
curbed on top, but just as much on the part o f the masses receiving the as a matter of logic and sentiment, must link together tho sister republics
bulk of the national income and, in the aggregate, doing the largest share of the three Americas.
o f the country’s spending. Taxes that, on a rising scale, are laid on spend
ing, not on saving, and effective consumption taxes that make for lower
price levels and enrich the government (and not the producer, wholesaler
or retailer) will; I believe, be the logical outcome o f scnsiblo and conscien
tious budgeting.
The world, as a whole, has, since the beginning o f the war, been living in.
In the Philadelphia News Bureau, Herbert N . Casson
what business language would term, a "seller’s market” ; it must bo turned
into a "buyer’s market” if we are to perfect a cure. In other words, goods writes from London as follows;
must seek the market more eagerly than tho market seeks the goods. It
Optimist as I am, I cannot fail to see that Great Britain is at the moment
is only in this manner that tho “ flow o f goods” may again become subjected a whirling F ool’s Paradise of extravagance, bureaucracy, over-capitalization
to a policy directed by the "flow o f gold.”
and non-production.
The debacle o f foreign exchanges is the logical consequence o f the finan
Britain is prosperous beyond the dreams of idealists. There are no poor
cial anarchy prevailing since “ king gold” was deposed.
except tho unpitied professional classes— tho New Poor, who hido their
The discount o f the foreign exchanges of borrowing countries is not the poverty behind their pride.
disease, but the symptom. It expresses the differential between various
In tho great cities, in tho factory towns, in every farming country
degrees o f depreciation o f money and credit, and between dissimilar grades prosperity is roaring along like a Barnum & Bally procession.
of productivity, in different countries.
The luxury stores are packed with buyers. More than 16,000 women
When the equalizing power o f gold, interest rates, and government credit stormed Sclfridge’s in a single morning of last week.
has spent itself, the discount o f foreign exchanges acts as tho only remaining
Fully 300,000 people have ordered automobiles and paid $250 deposits
means o f adjustment.
Tiny factories, whose present output is four cars per week, havo taken,
Foreign exchanges o f the countries affected cannot be stabilized until orders for 10,000, 20,000, 25,000.
their Importations and exportations more nearly balance one another and
Nearly all tho industrial companies are capitalizing war values. They
until the process o f dilution o f currency and government credit is uniformly are accepting the rise in prices as a real advance in wealth. They are fooling
reduced, or arrested.
themselves with the fictitious totals of the war period.
Rigidly balanced budgets are, therefore, required; because they restore
They are not using their war prodits to write down their assets, but to
the public credit; because they arrest further inflation; because they lead spend and invest elsewhere. They aro writing everything up— up— up.
to curtailment o f expenditures and increased taxation— which, if properly
The extent of this over-capitalization of industrials is probably more
devised— makes for decreased consumption, increased production and lower than $1,250,000,000. This, of course, is all fictitious unless it can bo Justi
prices. And these in turn are essential in that they stimulate exportations fied by increased production and a continuance of big prices.
and discourage unessential importations, and thereby bring about the
An era of amalgamations, in a small way, has begun. Small firms are
possibility o f more nearly balancing tho two.
huddling together for safety and for purposes of finance.
For years to come the rehabilitation o f currency standards and foreign
Tho latest of these amalgamations is an automobilo group of 11 firms,
exchange levels of borrowing countries will depend primarily upon the fiscal which has capitalized Its hopes at $30,000,000.
policy o f their governments; it will be tho character o f their budget (in
By December of next year there will be several other automobile groups;
cluding, as it does, the question o f labor and increased production) that, of this there can be no doubt. Many a firm Is not dlscoverng that a per
more than anything else, will decide their future economic worth and manent business cannot be created by making three models and taking
development.
20,000 orders.
I f we agreed on these premises it is obvious why It would be foolish to
A Get-Rich-Quick boom is now sweeping over England.
think that in times like the present foreign exchanges could or should have
Even tho sedate old cotton business is jazzing wildly. A gang of outside
been permanently “ pegged.”
speculators havo dashed among the cotton men and suddenly bought up
Unless the flow o f goods, or the issue o f treasury bills and currency In dozens o f mills.
payment o f deficiencies, could have been arrested in borrowing countries,
Solly Joel, tho John W . Gates of England, has flung more than $25.
no lending country could have granted or absorbed loans largo enough to 000,000 into tho cotton trade. He has even bought Ilorrocks, which has
keop on an artificial basis o f parity things that intrinsically had become so shocked Manchester as deeply as though ho had bought the City Hall or
dissimilar in value. Moreover, indiscriminately to grant such loans would the Cathedral.
have been an unwise and uncharitable policy for all parties concerned;
Before the„war, the cotton firms wero under-capitalized. For five years
because it would have pushed nearer the precipice both debtor and creditor no new mills have been built; and a 100,000 spindle mill that was worth
country instead o f leading them, in the opposite direction, towards gradual $625,000 in 1913, is now being bought fo r.$3,000,000. The cotton men
recuperation.
wero slow to realize the vast increase In tho value of their mills, and a body
For the vast number o f American consumers, a recession o f prices is o f of shrewd outsiders have been quick to tako advantage of the opportunity.
Infinitely greater Importance than boosted exports sold at high prices to
There is no sign that the orgy o f spending and capitalizing is about to
purchasers whose natural limit o f credit has been fairly exhausted.
come to an end. There have nover been so few failures—only 628 bank
For foreign countries buying our goods a decline In our prices would mean ruptcies last year, as against 3,358 in 1913. This Is largely because of
either a corresponding drop in their own prices or a recovery in their ex special emergency legislation for the protection of debtors.
changes, or a combination o f both. In any case, we would servo them
A few of Britain’s real statesmen, notably Northcliffo, are trying to stop
better if we sold them at a lower price the minimum that they must have, this mad gallop toward the wilderness; but we shall not probably stop
than if we furnished them on credit and at high prices tho maximum they until wo come to the wilderness edgo.
might tako.
*
Tho motto o f tho Government is "merry and bright— all’s well if we say
After five years o f suffering and sacrifices the masses at present are so." Every day has a now excitement— revolution in Egypt, tho home
unruly, self-willed and unreasonable. They aro unwilling to submit to coming of tho Prince o f Wales, thoi Iron-moulders’ striko, Lady Astor in
irksome government interference or drastic burdens o f taxation. Tho Parliament, motor shows and prize-fights.
lending countries, by insisting on tho adoption o f a balanced budget policy
No one thinks of the drought in Australia, tho Civil War in China, tho
on the part o f borrowing countries asking for new loans, and by reducing sedition in India, the Japanese competition, the destruction or half our
such credits to tho very minimum necessary, would assist their debtors to foreign markets.
choose a safe course, which without such outside influence, their govern
No one remembers that the war has cost us a tenth of our men and a half
ments might not always be able to follow.
o f our wealth. N o one figures. N o one reflects, apparently. As for
Except where plainly altruistic motives must exercise a determining arithmetic, it is a lost art.
influence, I believe that the timo is near at hand when international bankers,
How fascinating the whole scene would bo to Gibbon, were he alive in these
considering new loans, will apply the strictest principles not only with most critical days of tho British Empire.
respect to budgeting; but also with regard to the urgency o f applications
and the purposes involved. As it will be every citizen’s patriotic duty to
accumulate savings, so tho aggregate gathered for investment will have to
be looked upon as a sacred fund belonging to the nation „ to be employed
only where it will do the greatest possible good. World demands in the
Geneva (Switzerland) cablegrams on Dec. 17 announced
near future will far outdistance world savings and— if it wero possible—
nothing would be more timely than a "world priority list" regulating the that M ile. M arie Prodhom, 28 years old, had been appointed
use of now capital. These views, I fear, do not sound very encouraging to
countries o f our Hemisphere whose future largely depends upon now de director of the Bank of Geneva and will sign tho notes and
velopment. Happily, however, several o f them are In the class o f lending scrip issued by the bank. According to these advices M ile.
rather than borrowing countries, and quite a number, through the emerg Prodhom, who proved herself an excellent financier during
encies of the war, have been taught to develop their resources and new
Industries and have made admirable progress in the "direction o f greater the war, is the first woman in Europe to hold such an im
economic and financial independence.
portant position.
M y own belief is that capital in tho old world will find so vast a field in
work of reconstruction and colonization in “ darkest Europo” that It will
not bo able to devote itself as liberally to the development of the countries
of this Hemisphere as it did in the past. The three Americas will, there
fore, be drawn together in a commercial and financial union o f growing
strength and intimacy.
Details of the cost of tho war to Turkey wero contained in
The aftermath o f war finance must be cleared up beforo countries may
return to a pre-war attitude towards business. I believe that the United Associated Press advices from Constantinople Dec. 1,
States is moving faster in this direction than almost any other country.
According to tho statement o f tho Secretary o f the Treasury wo have printed as follows in the N ew Y ork “ Tribune” of D ec. 14:
The war debt o f tho Ottoman Empiro is'said';by experts to havo Increased
stopped increasing our public debt and have begun reducing it. W e must
persist in this policy and now bend our efforts towards arresting and break less than that of any,other,nation. Her bonded indebtedness was Increased
ing the rise o f prices; towards compelling greater industry and thrift, and by only one new loan of about $80,000,000, and, adding to this other in
towards distributing our undigested war obligations. It Is very possible creases in obligations such as homo military, requisitions and, advances from
that in order to accomplish these aims, and to free ourselves from tho last Austria and Germany, her war, expenses ran to only $600,000,000. Conse
vestige o f hot-house financing, we may temporarily have to submit to a quently, allowing for various offsets, her post-war indebtedness amounts to
»
„
„
period o f liberal interest rates for both Treasury and commercial bills. about $1,000,300,000.
This would make it appear that Turkey "ran tho war on a shoestring,
While the immediate future, therefore, may not look bright, with a viow
financially,
as
compared
to
Great
Britain
with
her,
$40,000,000,000
war
to foreign financing on easy terms, we shall bo all the stronger after we shall
have gone through this process o f purification, which will be the shorter debt, or France with $30,000,000,000, and the'.Uni ted. States, with $25,000.
and the easier the earlier we— earnestly undertake it. We can now safely 000,000 and Italy with possibly $15,000,000,000.* It.will.be recalled that on
embark upon it without fear o f a crash, while the problem might prove paper the Ottoman Empiro mobilized nearly 4,000,000 men, yet she escaped
graver if we indulged in a policy o f continued inflation and prosperity with something like tho war expenses o f a country like little Rumania or
Bulgaria.
,
based on a further rise o f prices.
The record o f the Turkish war indebtedness is uniquo. Tho Empiro met
I f we keep our heads cool and act wisely; if we deal with our problems,
war
costs
by
requisitions
and
by
printing
in
Germany
155,000,000 Turkish
not from the narrow aspect o f what serves best tho single Individual or
single country, but from tho broad point o f view o f what, at this critical paper pounds, or normally about $680,000,000, but this, according to tho
Juncture in the history o f the world, is the course that is best'for all— we experts, cannot be considered a Government liability. ^
A GREAT BRITAIN'S FOOL'S PARADISE OF
PROSPERITY.
W O M A N DIRECTOR OF B A N K OF GENEVA.
COST OF WAR TO T URKEY— THE LATTER'S SMALL
DEBT.
Jan . 24 1920.]
THE CHRONICLE
It Is not a financial burden, as it bears no interest, and also the proper
administrative body o f the Peace Conference can at will have it canceled.
Turkey’s paper money, it is claimed, has not depreciated as much as that
of her allies. Counterfeiters do not seem to have operated hero extensively,
duo to tho lack of Bolshevism and good printing presses. In Mesopotamia
Turkish paper monoy is refused since tho British occupation, which the
Turks do not consider fair since tho paper money was issued for tho whole of
tho Ottoman Empire, which made war as a whole.
Tho amount of Turkey’s war reparation is yet to bo determined.
DEPRECIATION I N E XC H A N G E , NORMAL EXPRES
SION OF SUPPLY A N D D E M A N D , ACCORDING
TO JAMES S. ALEXANDER.
Foreign oxchango is a commodity and present demoralized
depreciation in rates for sterling and other European ex
changes is a normal expression of the law of supply and domand, it is doclared by James S. Alexander, President of the
National Bank of Commerce in Now York, in a statement on
tho situation made recently in response to a request by tho
Associated Press for an explanation of this highly compli
cated international business problem. Restoration of an
approximate equilibrium of the imports and exports between
the Unitod States and Europo and a return of the currencies
of Europo to a gold basis are tho fundamental factors which
will rostoro tho normal demand for foroign oxchango in this
country and bring it back to normal lovols, he says. M r .
Alexander has taken a loading part in considering the foreign
trado situation, having been chairman of the Committee on
Credit and Finance at tho Atlantic City International Trado
Conference hold with unofficial representatives from Europo
undor tho auspices of tho Chamber of Commerce of tho Unitod
Statos, and boing now chairman of tho Executive Committee
of tho National Committeo on European Finance. Ho is
chairman of tho Board of Directors of tho French American
Banking Corporation and a director of the Foroign Finance
Corporation. His statement says:
Depreciation o f tho foroign exchanges is primarily only a reflection of
deopor problems in tho relation of exports and imports between America and
Europe. Tho problem may bo simply stated as follows:
When exporters sell for foroign buyers, they draw chocks, drafts, &c., on
those foroign consignees or tlioir banks for the amounts duo. These bills
aro drawn in foroign monoy, preponderantly pounds sterling— that is, on
houses in London, long tho world’s international clearing house. Americans
drawing bills soli them in tho foroign oxchango market for what they will
bring, which under norma^ conditions fluctuates within narrow limits of
faco valuo. Tho total volume o f such chocks and drafts coming into the
foroign oxchango market constitutes the supply o f foreign exchange in
existence at that time. Tho foreign exchange market consists o f foreign
oxchango houses whose function is to buy exchange, say in New York, on
London, and send it thero for collection or the establishment o f balances.
Ordinarily, at tho same time Americans aro sellinggoodsto foreigners,
foreigners aro soiling goods to Americans who therefore have remittances
to make abroad. They therefore buy from foroign exchange dealers drafts
or chocks against tho balances those dealers have established abroad through
tho purchase o f foroign exchange. Thus, while American exporters sell
foroign exchange, American importers buy foreign exchange. Tho one
creates tho supply, tho other creates the demand.
Normally this supply and demand were about equal because the total
volume of goods and services sold to Europo about equalled tho total volume
of goods and services bought from Europe. In pre-war times tho difference
in the two volumes fluctuated between narrow limits and tho excess one
way or the other was settled by shipments o f gold.
Tho foregoing states in general torms what normally took place in the
foroign oxchango markot, ignoring many technical details, which, however,
do not alter tho main thought.
Tho war, however, has materially changed tho situation. In the first
placo, while there havo been huge increases in our exports to Europe, thero
havo been groat decreases in our imports from Europo. There has therefore
como Into tho foroign oxchango markot a greater volume of chocks and drafts
on Europo than Europoan drafts on America, resulting in a far greater
supply o f foroign exchange in this market than thero is a demand for on
tho part or Americans having remittances to mako abroad. As always
happens in tho case of any commodity when supply exceeds demand,
prices of tho foreign exchanges fell. Tho depreciation of foreign exchange
in this market, therefore, is merely a normal expression of tho law or supply
and demand.
During Kuropo’s war purchases from us before America’s entry into tho
war, foroign dxchango on Europo was kept from depreciation to present
levels by tho groat volumo of gold she sent us in cash liquidation o f her ad
verse balance, until she sont about all tho gold she could spare. At this
point Amorica entered tho war and government credits wero extended to
our allies, serving to keep a largo volumo o f foroign oxchange for Europe’s
purchaso out of tho markot. Drafts and chocks which would otherwise
havo como Into tho markot during this period wore, in effect, funded In a
consolidated long time credit. This postponed the depreciation. The
extension o f government credit, however, has coascd, and there is nothing
now to provont foroign oxchango from coming into tho markot In greater
supply than thero is demand for, duo to the continuing excess o f Europe's
purchases from us over her salos to us.
In addition to this, oxchango on Europo is further depreciated by the
fact that foroign currencies aro depreciated because of the abandonment of
gold redemption made necessary by great issues o f paper monoy and the
reduction of tho gold basis through shipments o f gold to Amorica. Foreign
oxchango calls for payment in foreign moneys, and, naturally, since those
foroign monoys aro below faco valuo, foreign exchange bills themselves will
bo correspondingly below faco value.
Tho quostlon as to what will correct the situation can bo answered on gen
eral principles without any attempt to prophesy. Foreign exhange can
not come back to parity until tho restoration o f tho gold standard in Europo
corrects tho depreciation of Europoan currencies and until tho restoration
of approximate equilibrium botwoon our oxports and our imports in respect
to Europo again makes tho demand for foreign exchange approximate tho
supply.
309
U. S. GOLD A N D SILVER EXPORTS A N D IMPORTS
I N 1919.
According to a report made public by tho Federal R esorvo Board on Jan. 17, gold to the amount of $3 6 8 ,1 4 4 ,5 4 5
was exported from tho United States during the calendar
year 1919, whilo tho imports of the metal during the year
were but $ 7 6 ,5 3 4 ,0 4 6 . Tho excess of exports over imports
amounted to $ 2 9 1 ,6 1 0 ,4 9 9 , and represented, it is said, the
largest excess of oxports on record. Tho gross amount
shipped for tho year was the second largest on record,
the high figures having been established in 1917. Of the
total gold exports of $ 3 68 ,1 44 ,545 in 1919, $ 9 4 ,1 1 4 ,1 8 9
wont to Japan, $ 5 6 ,5 6 0 ,0 0 0 to Argentina, $ 4 0 ,0 4 5 ,2 6 6 to
H ongkong, $ 3 9 ,1 0 9 ,7 6 9 to China, $ 3 4 ,3 0 0 ,6 6 6 to British
India, and $ 2 9 ,7 7 8 ,0 0 0 to Spain.
Of the $ 7 6 ,5 3 4 ,0 4 6
gold imported during tho year, $ 4 4 ,4 8 7 ,3 9 0 came from
Canada, $ 1 0 ,0 1 7 ,5 5 0 from Hong K on g, $ 4 ,4 6 4 ,1 4 0 from
M exico, and $ 4 ,0 5 5 ,7 3 9 from England. Silver exports
were valued at $ 2 3 9 ,0 0 1 ,0 5 1 , British India taking $ 1 0 9 ,
1 8 0,71 8, China $ 7 7 ,5 8 3 ,3 6 7 , and Hong K ong $1 0,22 5,3 51
for coinage purposes. The growing Europoan demand for
silver for curroncy was shown in $ 1 5 ,6 3 5 ,3 8 6 exports of
silver to England, $ 6 ,5 8 8 ,1 9 7 to France, and $ 2 ,0 9 4 ,0 8 4
to the Netherlands. Im ports of silver were $ 8 9 ,3 8 9 ,5 3 6 ,
of which $6 3,3 0 3 ,4 3 7 came from M exico.
Below aro the figures in detail of gold and silver exports:
Im p o rts
T o ta l
’ 19.
§831,002
C a l. Y r .
Belgium...............................................................
D en m ark.
_______________
______
F ra n ce___________________________________________________
G reece........................................................................
95,000
Ita ly _________________________________________
______
N e th e rla n d s_________________________________
______
S pain__________ ____ _________________________
______
S w e d e n ______________________________________
______
Switzerland__________________________________
______
U nited K ingdom , E ngland____________
4,055,739
British Honduras____________________________
______
C a n a d a .......................
44,487,390
Costa R ica — ........................................................
616.583
G u a te m a la _______________
29,267
H o n d u r a s ................................................................
285,255
N icaragua........ _.............
1,424,217
Panam a_______1_____________________________
3,401
S a lv a d o r................................................................... 1,140,911
M e x ic o ...............................
4,464,140
Newfoundland
61
Jamaica_____________
1,947
T rinidad___________
18,838
C u b a _______________
9,593
Virgin Islands (U. S.)
525
Dominican Republic.
Dutch AVcst Indies__
5,200
Argentina__________
102,721
Bolivia______________
2,582
Brazil_______________
26,200
C h ile ...........................
233,837
Colombia___________
556,572
Ecuador____•________
379,911
British Guiana______
139,159
Dutch Guiana_______
20,144
Peru________________
814,583
U ruguay___: _______
Venezuela...........................................................
381,981
China_____________________________________
______
Chosen (Korea)___________________________
. 1,7 14
British India______________________________
______
Straits Settlement__________________ ______
______
Dutch East Indies_________________________ 3,851,075
Hong Kong......................................................... 10,017,550
Japan_____________________________________
______
Russia (Asia)_____________________________
______
New Zealand...................
1,354,578
Philippine Islands................
581,924
British South Africa___ ____________________
8,150
British East Africa_________________________
______
Portuguese A frica.......... ..................................
619,296
T o ta ls ............................................................. §76,534,046
E x p o r ts T o ta l
’ 19.
§31,900
C a l. Y r .
2,002,666
4,152,533
454,925
15.000
29,778,000
661
67,570
2,091,066
12.000
5,706,428
21,300
16.500
1,390,000
3,124,020
10,357.619
7,910
25,000
56,560.666
2,500,000
525.000
100.000
5,268,620
5,005
19,795
3,383,369
9,205,000
12,052,220
39,109,769
34,300.666
4,209,667
7,365,111
40,015.266
91,114,189
23,000
102,500
240
§368,144,545
PRACTICE OF REFERRING TO “50 CENT DOLLAR ”
BAD POLICY, S A Y S SECRETARY OF TREASURY
GLASS.
In a letter answering a communication from some one
who had given evidence of his efforts to “ com bat the
tendency to speak of a depreciated American dollar,”
Secretary of tho Treasury Glass assorts that “ thero is
nothing tho mattor with tho Amorican dollar.”
Its
intrinsic value is unchanged, ho says, “ since our curroncy
in tho main rests fundamentally on gold, which, with
unimportant exceptions, is the standard of valuo the world
over.” The following is tho letter of Secretary Glass, as
published in the Now York “ Commercial” of Jan. 21:
1 havo read with great interest and pleasure your letters o f Jan. 7, In
which you combat the tendency to speak of a depreciated American dollar.
Your letters aro not only an evidence o f practical patriotism, but thoy exhibit
as well as good sense and clear thinking o f a stimulating kind.
1 am ln hearty accord with your view that the practice o f referring'to
“ a 50-cent dollar” Is bad policy on the part o f our citizens and is provocative
THE CHRONICLE
310
o f an unhealthy spirit o f discontent. The underlying assertion, moreover,
Is contrary to the facts.
There is nothing the matter with the American dollar. Its Intrinsic value
Is unchanged, since our currency In the main rests fundamentally on gold,
which, with unimportant exceptions, is the standard o f value the world over.
Naturally, since gold is the standard, its value cannot change. It is the
unchanging value by which the value o f all other commodities is measured.
The purchasing power o f the American dollar abroad, as Indicated by the
current exchange rates for the currencies o f our European Allies in the war,
has since the beginning o f the war very decidedly increased.
The purchasing power o f the dollar at home Is materially less than It was
before the war for the simple reason that the costs and prices o f labor and
o f most o f the commodities In common use have sharply risen. The causes
of the rise in prices are not far to seek. They are primarily the excess of
demand over supply coupled with the present tendency to reckless spending
and the apparent willingness o f many purchasers to pay without question
whatever prices aro asked.
NEED FOR LOAN TO EUROPE CLAIMED TO BE
EXAGGERATED.
Stating that “ the need for American loans to Europe has
been tremendously exaggerated in this country, judging
from the actual course of European trade in recent m onths,”
the “ American Exporter” in its issue of Jan. 19 says:
For months alarmists have reiterated the statement that only huge loans
from us would save Europe from disaster, restore her trade and industry
and permit her to continue Importing American merchandise.
Here aro some o f the facts which refute pessimistic predictions frequently
made in recent months.
In the eleven months ended November 30 our exports to markets other
then Europe increased in value over the same period a year ago by 19%,
but our exports to Europe Increased in value by 36% .
For the single month o f November, the latest figures available, the grain
to markets other than Europe was 11% over last year but the gain to Europe
was no less than 64% .
Our exports to tho Allied nations In the eleven months onded November
were not only greater In value than last year but were far greater than the
entire year’s exports to all the world for any year prior to tho war.
When the armistice was signed our trade with the Allies was so one-sided
that Great Britain’s purchases from us were eighteen times as much as her
sales to us, those to France 18 times, and those o f Italy over 50 times as
much.
Now Great Britain is only buying from us 5 times as much as she sells us,
Franco slightly less than 4 times as much, and Italy the same. This re
duction Is due, not to a falling off In our exports, for the exports to these
countries have increased, but to a very marked increase In the Importation
from Europe made possible by the recovery o f trade and industry abroad.
Another significant fact is that from the time we entered the war until
Dec. 1 wo have actually loaned to Great Britain, Franco Belgium and Italy
through Government advances or publicly marketed loans, moro than
enough to offset tho collective adverse trade balance against them for the
same period.
This Is shown by the following tablo.
U .
S.
T r a d e w ith
and
Loans
to
G rea t B r ita in ,
France,
B elg iu m ,
and
Ita ly,
A p r i l 1 1917 t o N o v . 30 1919.
Exports from U. S________________________ _______________ $9,768,071,839
Imports by U. S-------------------------------- -----------------------------881,479,599
Excess of exports____________________ - ______ ____ _____ $8,886,592,240
Loans by U. S_________ __________ _______________________ 9,656,521,649
Excess of loans and imports over exports------------------------ $769,929,409
29% o f the exports to the United States are now taken by Great Britain
and 41% of our exports are now taken by the British Empire. The con
dition o f Great Britain Is, therefore, the most important single Influence
upon our export trade.
_
Perhaps the most sign'fleant illustration of the strength o f Great Britain s
present position is the fact that in December, 1919, she was exporting
goods to the value of 68% o f her imports, whilo during calendar year
1919 Great Britain exported goods at the rate of 59% of her imports only
40% in 1918, 66% in 1915, 75% in 1914, and 82% in 1913, which was also
the average for the three years before the war.
Great Britain’s exports per capita in 1919 amount to $101.51, exceeding
by $38.87 or moro than 62% her per capita exports In 1913, but what Is
oven more remarkable, they exceeded by over 41% thoso of tho United
States, which as calculated from our eleven month’s trade, amount to
$72.48.
,,
For some time past alarmists freely predicted that tho unfavorable sit
uation with respect to foreign exchange would cause a drastic reduction of
Great Britain’s Imports.
Despite these predictions British imports In December 1919 were 10%
greater than the previous high record for the year. Moreover, during the
year 1919 the greatest increase in Great Britain’s imports took place dur
ing Just those months when the price o f the dollar in Great Britain showed
tho greatest relative Increase.
Furthermore, although tho price o f the dollar in Great Britain rose 34%
from January, 1919, to December, 1919, the wholesale price of commodi
ties in Great Britain rose 59% in the same period. In other words, at no
time dur ing the year 1919 was the Increase of the cost of the dollar In Great
Britain as great as tho Increase o f the wholesale price o f British goods.
LONDON DIFFERS ON WORLD CREDIT PLAN.
The following special cable dispatch from London, ap
peared in the N ew York “ Evening Post” of Jan. 19:
The memorandum published last week by bankers o f the United States,
England and various neutral countries, calling for an International financial
conference, it Is believed here, probably had its beginning with members of
the original Supreme Economic Council, like Lord Robert Cecil and Brand
of Lazards. The international financial situation Is well stated in the
memorandum.
Nevertheless, it is believed that, like Palsh’s schemes, it savors too much
of a desire to escape the unploasant financial consequences o f the war. It
Is believed that America and England, employing the Governments and
tho bankers of those two countries, could have arranged all really neces
sary financial assistance for tho devastated areas, first Imposing drastic
but necessary and wholesome conditions.
This and similar plans, It Is surmised in some circles here, are partly to bo
explained by apprehensions o f bankers and capitalists of possible “ bad
[V o l .
no.
times” unless some gigantic relief scheme is organized. Nevertheless,
important and sound opinion hero prefers the old-fashioned methods, based
on the theory that the disease will work out its own euro. It Is pointed
out that some important names are missing from the English group of
signers o f the memorial.
PROPOSAL FOR INTERNATIONAL CONFERENCE TO
CONSIDER RESTORATION OF CREDIT
A N D COMMERCE.
A movement has been inaugurated looking toward the
calling of an international conference for the purpose of ex
amining the existing economic situation arising out of the
war, with a view to recommending “ upon the basis of au
thentic information what action in the various countries is
advisable among the peoples interested in reviving and
maintaining international commerce.” The appeal for the
conference is made to the Governments of the United States,
Great Britain, France, Holland, Switzerland, Denmark,
Norway, and Sweden. The petition, which is also sont to
the Reparations Commission, and the United States Chamber
of Commerce, is in the form of a memorandum, and the
objective of the movement is indicated in the following ex
tract therefrom:
The war has left to conqueror and conquered alike tho problem of finding
means effectively to arrest and counteract tho continuous growth in tho
volume of outstanding money and of Government obligations, and, its
concomitant, tho constant increase of prices. A decrease of excessive con
sumption and an increaso of production and taxation arc recognized as the
most hopeful— if not the only— remedies. Unless they aro promptly
applied, the depreciation of money, it is to be feared, will continue, wiping
out the savings of tho past and leading to a gradual but persistent spreading
of bankruptcy and anarchy in Europe.
The memorandum sets out that “ it is evident that Ger
many and Austria will have to bear a heavier load than
their conquerors” and it states that for the sake of their
creditors and for the sake of the world whoso futuro is in
volved “ Germany and Austria must not be rendered bank
rupt.” The loads of the burden and tho period during
which it is to be borne, the signatories to the memorandum
contend, must not exceed certain bonds. It is pointed out
that when once the expenditure of the various European
countries has been brought within their taxablo capacity
and when the burdens of indebtedness “ have been brought
within the limits of endurance, tho problem arises as to how
these countries are to be furnished with the working capital
necessary for them to purchase the imports required for
restarting the circle of exchange, to restoro their productivity,
and to reorganize their currencies.”
It is submitted that
“ while much can be done through normal banking channels
the working capital needed is too largo in amount and is
required too quickly for such channels to be adoquato.”
Tho signatories disclaim any intention to suggest in detail
the method by which international co-operation in the grant
of credit m ay be secured, but thoy make certain observations
in which, among other things, it is mentioned that “ assist
ance should as far as possible be given in a form which loaves
national and international trado free from the restrictive
control of governments” and that “ any scheme should
encourage to the greatest extent possiblo the supply of
credit and the development of trade through normal chan
nels.” The following is the memorandum in full:
The undersigned Individuals beg leave to lay before their G ov
ernment, tho Reparations Commission, and tho Chamber of Commerce
of tho United States tho following observations and to recommend that tho
Chamber of Commerco of tho United States designate representatives of
commerce and finance to meet forthwith (tho matter being of tho greatest
urgency) with thoso of other countries chiefly concerned, which should
include the United Kingdom and tho British dominions, Franco, Belgium,
Italy. Japan, Germany, Austria, tho neutral countries of Europe, tho
United States, and tho chief exporting countries of South America, for the
purposo of examining the situation briefly sot forth below and to recom
mend upon tho basis of authentic information what action in tho various
countries is advisable among the peoples Interested In rovlving and main
taining international commerce.
They venture to add to the above recommendation the following observa
tions.
,
The war has left to conqueror and conquered aliko tho problom of finding
means effectively to arrest and counteract the continuous growth In the
volume of outstanding money and of Government obligations, and, Its
concomitant, tho constant increaso of prices. A decrcaso of excessive
consumption and an increase of production and taxation are recognized
as tho most hopeful— if not tho only— remedies. Unless thoy aro promptly
applied, tho depreciation of money, It Is to be feared, will continuo, wiping
out tho savings of tho past and leading to a gradual but persistent spreading
of bankruptcy and anarchy In Europe.
Thero can be no social or economic futuro for any country which adopts
a permanent policy of meeting its current expenditure by a continuous in
flation of its circulation and by Increasing its interest-bearing debts without
a corresponding increaso of its tangible assots. In practice every country
will have to be treated after careful study and with duo regard to its in
dividual conditions and requirements. No country, howover, Is deserving
of credit, nor can it be considered a solvent debtor, whoso obligations wo
may treat as items of actual value in formulating our plans for tho future,
that will not or cannot bring its current expenditure within tho compass
of its receipts from taxation and other regular income.
This principle
must be clearly brought home to tho peoples of all countries: for it will bo
J a n . 24 1920.]
THE CHRONICLE
impossible otherwise to arouso'them from a dream o f false hopes and illu
sions to the recognition o f hard facts.
It is evident that Germany and Austria will have to bear a heavier load
than their conquerors, and that, in conformity with the Treaty of Peace,
they must beat tho largest possible burden they may safely assume. But
care will have to be taken that this burden does not exceed tho measure
of the highest practicable taxation and that it does not destroy the power
of production, which forms the very source o f effective taxation.
For the sako of thcir.credltors and for tho sake o f the world, whose future
social and economic development is involved, Germany and Austria must
not be rendered bankrupt. If, for instance, upon close examination, tha
Commission on Reparation finds that, even with the most drastic plan
o f taxation o f property, income, trado and consumption, the sums that
these countries will bo able to contribute immediately towards the current
exponsos o f their creditors will not reach the obligations now stipulated,
then tho commission might bo expected to take tho view that tho scope
of tho annual contribution must bo brought within tho limits within which
solvency can bo preserved, even though it might be necessary for that pur
pose to extend tho period o f instalments.
The load o f tho burden and tho period during which it is to bo borne,
must not, however, exceed certain bounds; it must not bring about so
drastic a lowering o f the standard of living that a willingness to pay a Just
debt is converted into a spirit o f despair and revolt.
It is also truo that among the victorious countries there are some whose
oconomic condition is exceedingly grave, and which will have to reach the
limits o f their taxing powers. It appears therefore to the undersigned that
tho position o f those countries, too, should be examined from tho same point
of view o f keeping taxation within the power of endurance, and within a
scope that will not be conducive to financial chaos and social unrest.
When once tho expenditure o f the various European countries has been
brought within their taxable capacity (which should bo a first condition of
granting them further assistance), and when the burdens o f indebtedness,
as between tho different nations, havo been brought within the limits of
endurance, tho problem arises as to how these countries are to be furnished
with the working capital necessary for them to purchaso tho imports re
quired for re-starting the circle o f exchange,to restoro their productivity
and to reorganize their currencies.
Tho signatories submit that, while much can be done through normal
banking channels, tho working capital needed is too largo in amount and
is required too quickly for such channels to bo adequate. They aro of
opinion therefore that a moro comprehensive scheme is necessary. It is
not a question o f affording aid only to a single country, or even a single
group o f countries which were allied in tho war. The interests o f the wholo
o f Europe, and indeed o f the whole world, arc at stake.
It is not our intention to suggest in detail the method by which such in
ternational co-operation in tho grant o f credit may be secured. But we
allow ourselves the following observations:
1. Tho greater part of tho funds must necessarily bo supplied by those
countries, whero tho trado balance and the exchanges aro favorable.
2. Long term foreign credit, such as is hero contemplated, is only desir
able in so far as it is absolutely necessary to restoro productive procosscs.
It is not a substitute for those efforts and sacrifices on the part of each
country, by which alone they can solve their Internal problem. It is only
by tho real economic conditions pressing severely, as they must, on the
individual that equilibrium can bo restored.
3. For this reason, and also bccauso o f tho great demands on capital for
their own internal purposes In tho lending countries themselves, tho credit
supplied should bo reduced to tho minimum absolutely necessary.
4. Assistance should as far as possible be given in a form which leaves na
tional and international trade free from tho restrictive control of govern
ments.
5. Any scheme should encourago to the greatest extent possible tho supply
of credit and the development o f trado through normal channels.
0. In so far as it proves possible to issue loans to the public In tho lending
countries, thoso loans must bo on such terms as will attract the real savings
o f. tho Individual; otherwise inflation would bo increased.
7. Tho borrowing countries would have to provide tho best obtainable
security. For this purpose it should bo agreed that:
a. Such loans should rank in front o f all other indebtedness whatsoever
whother internal debt, reparation payment or interallied governmental
debt.
b. Special security should bo set aside by the borrowing countries as a
guarantee for tho payment of interest and amortization, the character of
such security varying perhaps from country to country but including in
tho case o f Germany and tho now States tho assignment of Import and export
duties payablo on a gold basis, and in the case o f States entitled to receipts
from Germany, a first chargo on such receipts.
Tho outlook at present is dark. No greater task is before us now than to
doviso moans by which some measure o f hopefulness will re-enter the minds
of tho masses. Tho re-cstabiishmont of a willingness to work and to save,
of incentives to the highest individual effort and of opportunities for every
one to onjoy a reasonable share of the fruit o f his exertions must be tho aim
toward which the best minds in all countries should co-operate. Only if
wo recognize that the timo has now come when all countries must help one
another can we hopo to bring about an atmosphere in which we can look
forward to tho restoration of normal conditions and to the end of our present
evils.
In conclusion' tho signatories desire to reiterate their conviction as to the
vory gravo urgoncy of these questions in point of time. Every month which
passes will aggravate tho problem and render Its eventual solution increas
ingly difficult. All tho information at their disposal convinces them that
vory critical days for Europo are now immlnont and that no tlmo must be
lost if catastroDhios are to be averted.
,
Tho American signatories aro:
Edwin A. Alderman, University of
Virginia.
Frank B. Anderson, San Francisco.
Julius II. Barnes, Duluth.
Robert L. Brookings, St. Louis.
Emory W . Clark, Detroit.
Cleveland II. Dodge, New York.
Charles W. Eliott, Cambridge, Mass,
llerbort Floischliacker, San Francisco
James B. Forgan, Chicago.
Arthur T . Hadley, Yale College.
R. 8. Ilawkes, St. Louis.
A. Barton ilophurn, Now York.
Myron T. Herrick, Cleveland.
Louis W . Hill, St. Paul.
Herbert Hoover, San Francisco.
II. IJ. Judson. University of Chicago.
Darwin 1’ . Kingsley, Now York.
George H. McFadden, Philadelphia.
Alfred E. Marling, Now York.
A. W. Mellon, Pittsburgh.
A. L. Mills, Portland, Oro.
J. P. Morgan, Now York.
William Followos Morgan, New York
F. II. Rawson, Chicago.
Samuel Rea, Philadelphia.
George M . Reynolds, Chicago.
R. G. Rhett, Charleston, S. G.
Ellhu Root, Now York.
Levi L. Rue, Philadelphia.
Charles H. Sabin, New York.
Jacob I I . Schiff, New York.
Edwin R. A. Seiigman, Columbia
College.
John C. Shedd, Chicago.
John Shcrwin, Cleveland.
James A. Stillman, New York.
Henry Suzzallo, University o f Wash
ington.
William II. Taft, New Haven.
F. H . Taussig, Harvard University.
Frank A. Vanderlip, New York.
Festus J. Wade, St. Louis.
Paul M . Warburg, New York.
F. C. Watts, St. Louis.
Harry A. Wheeler, Chicago.
Daniel Willard, Baltimore.
311
The British signatories are:
Sir Richard Vassar Smith, Bart.,
Chairman of Lloyds Bank.
Lord Inchcape, G. O. M . G ., K. O.
S. I., Chairman. National Pro
vincial and Union Bank, and
Chairman, Peninsula and Orien
tal Steam Navigation Co.
Walter Leaf, Chairman, London
County and Westminster Bank.
Frederick Crawford Goodonough,
Chairman Barclay's Bank.
R t. Hon. Reginald McKenna, P. O.,
Chairman, London Joint City and
Midland Bank.
Sir Robert Kindersley, K . B. E .,
Chairman, National Savings Com
mittee; Director, Bank of England;
Partner, Lazard Brothers.
Sir Charles Addis, Chairman, Hong
kong and Shanghai Banking Cor
poration; Director, Bank or Eng
land.
Edward Charles Grenfel, senior part
ner, Morgan, Grenfell & C o.;
Director, Bank of England.
Hon. Robert Henry Brand, O. M . G .,
formerly Chairman, Supreme Eco
nomic Council of Allies, formerly
Assistant Secretary of State for
Foreign Affairs.
Rt.
Hon. Lord Robert Cecil,
P .C .K .C ., formerly Chairman Su
premo Economic Council o f the
Allies; formerly Assistant Secretary
for Foreign Affairs.
Rt. Hon. Herbert Henry Asquith,
P. G., formerly Prime Minister.
Rt. Hon. Sir Donald Maclean, K. B.
E ., leader, Liberal Party in House
of Commons.
Rt. Hon. John Henry Thomas, M .
P ., leader of Labor Party.
Rt. Hon. John Robert Clynes, M .
P., leader of Labor Party.
Viscount Bryce, G. O ., V. C ., ex
Ambassador to the United States.
The other signatories were:
H o lla n d .
Dr. G. Vissering, President Bank of A. W . F. Idenburg, formerly Gov
ernor-General Dutch East Indies,
the Netherlands.
C. E. tor Moulen, banker, member of formerly Minister o f Colonies.
S. P. van Eeghen, President Amster
firm of IIopo & Co.
Joost van Vollcnhoven, Manager dam Chamber of Commerce.
E. P. de Monchy, President Rotter
Bank of tho Netherlands.
Jonkhecr, Dr. A. P. C. Van Karno- dam Chamber o f Commerce.
beek, Minister o f State, President O. J. K. van Aalst, President Am
sterdam Bankers’ Association.
Carnegie Foundation.
J. J. G. Baron Van Voorst tot G. II. Ilintzen, banker, member of
Voorst, President First Chamber of firm o f R. Mees & Zoonen, Rot
terdam.
Parliament.
Dr. D. Fock, President Second F. M . Wibaut, Alderman o f Amster
dam.
Chamber of Parliament.
Jonkhecr Dr. W . H. do Savornin G. M . Boissevain, economist.
Luhman, President High Court of E. Holdring, Manager Royal Dutch
Steamship Company.
Justice.
S w itz e r la n d .
Gustav Ador, President Interna
tional Red Cross.
Eduard Blumer, President National
Council.
Alfred Fery, President Swiss Fed
eration or Industry and Commerce.
Rodolphe de Haller, Vice-President
Banquo Nationale.
Jean llirtor, President Banquo Nationalo.
Dr. Ernst Laur, Secretary Swiss
Agricultural Union.
Auguste Pettarol, President
Council.
Ernest Picot. Federal Judge.
Guillanmo Pictet, banker.
Alfred Sarasin, President
Bankers’ Association.
Michel Schnyder, President
Press Association.
Dr. Ilans Tschumi, President
Suisse des Arts et Letters.
State
Swiss
Swiss
Union
D en m a rk .
C. C. Andersen, Chairman of the
Socialist Party in the Landsting.
F. I. Borgbjerg, member of the Com
mittee of tho Social Group o f the
Rigsdag.
I. C. Christensen, Chairman o f the
Liberal Party of tho Folkottng.
O. C. Clausen, Chairman of the Mer
chants’ Guild.
C. M . T. Cold, Chairman of the
Danish Steamship Owners’ Society.
Alex. Voss, Chairman of the Cham
ber of Manufacturers Association.
E. Glueckstadt, Managing Director
of the Dansk Landsmandsbank.
Johan Knudsen, Chairman of the
Conservative Party in the Folketing.
Thomas Madsen Mvgdal, Chairman
of the United Danish Agricultural
Societies.
A. Tcsdorpf, member of tho Board of
Directors of tho Royal Danish
Agricultural Society.
A. Nielsen, President of the Board of
Agriculture.
I. P. Winther, I. Lauridson, O.
Ussing, Marcus Rubin and Westv
Stephensen, Managing Directors
of the National-Banken in Kopenhagen.
Jorgen Pedersok, Chairman of the
Liberal Party o f the Landsting.
L. G. Piper, Chairman of tho Con
servative Party of tho Landsting.
C. Slongcrik, Chairman of tho Radikal Liberal Party of tho Folketing.
Herman Trier, Chairman o f the
Radikal Liberal Party o f the
Landsting.
N orw a y.
Otto B. Halvorsen, Speaker o f Par Alf. Buercko, Thune Larnsen, Carl
Kiorulf, Victor l’ lahto, Carl Kutliament.
Jens Tantlberg, Bishop o f Christiania chcrath, Chr. E. Lorentze, Son H.
II. Aarensen T . Fearnly, Chr.
Fridtjof Nansen, Professor and ex
Platou, Presidents of financial, in
plorer.
Ilakon Loejcen, Governor of Chris dustrial and commercial associ
ations.
tiania.
Thoro Mvrvang, President Farmers
Bernt Holtsmark, party loader.
A. Jahrcsn, party
ty le
leader.
& Smallholders’ Association.
J. L. Lcmovinkol, party leader,
Patrick Volckmar, President Norske
Handelsbank.
lv. Bomhoff, President Bank of
Norway.
S w eden .
J. G. A. af Jochnick, President
Sveriges Riksbank.
V. L. M oll, First Deputy Sveriges
Riksbank.
C. E. ICinander, President National
Debt Office.
J. H. R. C. Kjelberg, President Swe
dish Bankers’ Association.
II. L. F. Lagercrantz, President
Swedish Exporters’ Association,
ex-Minister to America.
A. F. Vcnnerston, President Swedish
Industrial Association, ex-Secre
tary o f the Treasury, Member of
Parliament.
K. A. Wallenberg, President Cham
ber of Commerce, Stockholm, ex
Foreign Minister.
M . Wallenberg, Manager Enskilda
Bank.
Oscar Rydbeck, Manager Skandinaviska Kredit Aktiebolaget.
C. Frisk, Manager Svenska Handelsbanken.
K. II. Branting, Member of Parlia
ment, ex-Secretary o f tho Treas
ury, Deputy Sveriges Riksbank.
Count R. G. Hamilton, Deputy
Chairman of tho Lower House
of Parliament.
S. A. A. Lindenman, Member of
Parliament.
Rear-Admiral, ox-Premier, exForcign Minister.
S. II. Kvarnzelius, Member o f Par
liament, Director National Debt
Office.
Ernst Tryggor, Member o f Parlia
ment, ex-Justice o f tho Supreme
Court.
K. G. Cassel, Professor of Political
Economy.
David Davidson, Professor of Politi
cal Economy.
E. F. R . Sommarin, Professor of
Political Economy.
SENATOR OWEN URGES CALLING BY PRESIDENT
WILSON OF INTERNATIONAL FINANCIAL
CONFERENCE.
Following tlio publication last week of the memorandum
urging the calling by the United States and European gov
ernments of an international conference looking to the ad
justment of the credit situation, Senator Owen, of Oklahoma,
on Jan. 16 called the attention of tho Senato to the proposal,
and to the fact that he had appealed to the Administration
from time to time to try to bring about such an adjustment.
Senator Owen had read into the “ Record” the memorandum
in question (which we publish elsewhere in to-day’s issue
of our papor) and a letter which hejhad addressed to Presi-
312
THE CHRONICLE
dent Wilson on N o v . 6 on “ the importance of stablizing in
ternational exchange.” This letter we quote herewith:
N ovem ber
6 1919.
T h e P r e s id e n t,
The
W h ite H o u s e .
M y D e a r M r . P r e s i d e n t . — Will you not permit me again to call your
attention to the Importance o f stabilizing international exchange? Our
excess commodity shipments over imports have fallen from six hundred
millions in June to one hundred and fifty-eight millions in September.
Our export houses are in distress and the exchange rates are going down to
the lowest recorded point.
Francs, 9.05; lire, 11.07; sterling, $4 15.
The British sterling was sustained by a recent loan o f two hundred and
fifty millions placed in the United States.
British currency, French currency, Italian currency have gone through
a serious inflation, and their paper money is not on a gold par basis. The
Italians buying American goods must pay the present high prices plus very
high transportation charges; for example, $28 a ton on coal plus twice the
total in lire. It is obvious that this is ruinous to our foreign commerce
with Italy and is making it impossible for our allies to get back to the
normal production as promptly as we had hoped.
The Europeans can not sell credits in the terms o f thoir currency, because
they are not only not on a gold basis but there is a reason to fear further
inflation in the absence o f a declared policy to the contrary.
The gold standard is temporarily broken down and ought to be promptly
restored. It can be done.
The investing public o f the United States is able and would be willing to
extend the credits necessary to finance our foreign exports, provided the
mechanism were available and sound economic policies were declared by
the Governments whose trade is involved.
The problem is well understood by many men, but apparently is not well
understood by the men and officials responsible for government.
I regard this question as o f the first magnitude and I respectfully request
you to invite an international exchange conference to be held in Washington
City with representatives o f the leading nations o f Europe present to meet
with your representatives here.
I request that this suggestion be submitted to the Secrotary o f the Treas
ury, the Federal Reserve Board, and the Secretary o f Commerce for an
Immediate report to you.
Yours very respectfully,
ROBERT L. OW EN.
In introducing the subject on Jan. 16, Senator Owen said
in part:
M r. President, I wish to call the attention o f the Senate to a matter which
I regard as o f very great national and international importance. It Is a
proposal on the part of the leading business men o f the United States and
o f the Governments of Europe for an international conference for the pur
pose of bringing about a readjustment o f tho credits of the world.
The American dollar has lost in its purchasing power in an important
way during the last few years; that is, in terms o f commodities, but not in
terms o f gold.
Tho reasons why the American dollar has lost in its purchasing power
I wish to call to tho attention o f the Senate.
First, it is due to a great world shortage o f commodities arising from tho
destruction incident to tho war, the stoppage o f the processes o f production
and distribution o f goods during tho war, and the extraordinary demand
from Europe for tho products o f this country; second, great gold imports
in exchange for goods, about $1,100,000,000; third, tho expansion of credits
In the United States. We have issued an enormous amount of bonds.
Not only has the United States oxpanded its bond issues on a very largo
scale, amounting to over $26,000,000,000, but our municipalities and our
States have expanded these forms o f credit. Such bonds in tho hands of
the people are readily converted into money under our system.
Tho expansion o f bank deposits, easily converted Into money, other
stocks and bonds, easily salable on the stock exchange and convertible
into money, and in America theso dollars are exchangeable for gold, and
the holder of a note can obtain gold at his option.
The samo thing has happened abroad; there has been in the Old World
an expansion o f credits in the form o f bonds and other securities on a gigan
tic scale, and, still worse, a huge inflation o f paper currency, no longer
redeemable In gold.
As a currency increases in quantity it diminishes pro rata in its purchas
ing power, in its power to obtain goods by exchange of money for goods.
I call attention to the fact that'the so-called resources, and liabilities
as well, o f the national banks have increased from $10,000,000,000 to $21,
000,000,000 in the last half dozen years—since 1913. Tho expansion of
tho so-called resources, which means also liabilities, upon the part of all
of the banks o f the United States, including all classes o f banks, have in
creased from $25,000,000,000 to $47,000,000,000. The samo kind of ex
pansion has been going on in Europe. Because o f these factors the American
dollar has lost a part o f its purchasing power in America, and tho purchasing
power o f the currency o f Europe has been still further diminished, measured
in terms o f American gold, becauso o f tho inflation there. Tho German
mark has gone down to from approximately 24 cents in gold to 1.8 cents
in gold; the same currency in Poland is worth 0.8 o f a cent; in Roumanla
0.7 of a cent; and in all other countries which havo boon torn by war the
expansion o f currency has diminished the purchasing power o f that cur
rency, as with tho French franc and the Italian lire; so that when you come
to exchange these forms o f currency for the American dollar the oxchango
rate has gono down so severely that tho pound sterling, which has always
been regarded as the standard currency o f tho world, if I may uso such an
expression— the pound sterling is bringing $3 73 instead o f $4 86; tho
French franc instead o f exchanging 5.18 francs for $1— a dollar of this
diminishing purchasing power— is exchanging at the rato o f 11.50 francs
for the dollar, and the Italian lire 13 and a fraction for the dollar. The con
sequence is that the export business of tho United States—and I call tho
attention o f the Senate to its responsibility in this matter— is being tre
mendously interfered with.
l[have appealed from time to time to tho administration to try to bring
about an adjustment o f this matter by an international conference, and,
without pausing to read it, I place in tho "Record” a letter which I addressed
to tho President o f the United States on Nov. 6 last, one of a series of efforts
which I have made to attract the attention o f the Senate and the attention
of this Government to the importance o f this question.
W e also give in part the discussion which followed:
F M r . Gronna.— I am sure the Senator has given this matter more attention
than I have; but, if he will permit me, I will say that, so far as I am concern
ed, irdo not agree with him that wo should help to deflate the currency
norldo I believe that that is a remedy. In my humble judgment tho
remedy is to help Europe produce more, so as to enable her to offsot her
debts,\her obligations, with her products. That will regulate it, and not
anyj act to deflate the currency, either in this country or In any other
country.
[Vol . 110.
M r. Owen.— Tho Senator has not permitted me, of course, to answer
the question ho originally propounded. IIo has answered it himsolf in
part, and I agree with him In the answer ho has mado, so far as to assert
it is absolutely necessary that Europo bo put back upon production. Mon
must work and economize, create values without consuming them, but the
mechanism of exchange, tho moneys of tho world, must bo put on a basis
of stability, on a known basis of valuo, and men must not uso tho printing
press to Issue securiies without intention of redemption nor without the
ability to redeem. Those countries, however, in order to bo put back on
a condition of stabilized credit must stop Inflating their currency and must
put their currency back upon a basis which will bo approximately tho
same basis— the gold basis or some other agreed basis— which is common
to the whole world.
The European nations must adjust thoir budgots to their income from
taxes and keep within thoir income.
They must bring their currency back to par of gold and do it by an arbi
trary adjustment at tho present relative valuo of such currency.
They must adjust thoir war bonds to samo standards and issuo now
bonds payable in gold on long timo and low rato so that tho taxpayers
shall only pay the present gold valuo of such bonds and not bo required to
pay from three to ten times tho present gold valuo of such bonds.
Mr. Kirby.— I understand tho condition as stated by tho Senator from
Oklahoma. I do not understand, however, whothor tho romedy suggested
or that might bo suggested by tho conference would bo one that would
enhance tho valuo of tho dollar on tho other side or reduce tho valuo of the
dollar on this side. In other words, I understand that both our dollars
have become cheap In tho way o f purchasing commodities, but no tho other
side of the world thoir money has become so much moro cheap that thoy
have to pay two or three times in products tho price of our dollar in order
to trade with us, and on that account trade languishes. Now, would wo
increase the price of the dollar on the other sldo; and if so, how can it bo
done unless at the oxpense of our own dollar?
Mr. Owen.— In order to arrive at a just understanding of this matter
it is necessary to observe what the foreign exchanges really mean. Tako,
for instance, the exchanges of Norway and of Sweden and of Holland and
of Switzerland Whilo thoy are affected by tho oxcoss of commodity ship
ments from the United States, thoy are not affected by an inflation o f thoir
currency. The same thing is true o f the oxchangos with regard to Spain.
Spain being upon a gold basis and tho commodity shipments being some
what in excess to Spain in our favor, tho Spanish peseta is a little bolow
par; but side by sldo, across an invisible lino, you enter into Franco, and
there the French franc is worth only ono-thlrd o f a peseta, approximately
although nominally each Is equal to 19.30 cents in gold, showing that the
inflation of the currency in France has affected tho valuo of tho currency,
in addition to tho balanco of trado being against thorn. The balance of
trado affects all of Europe, of courso; but it is shown by tho curroncy of
Holland and tho currency o f Norway and Sweden and Switzerland and
Spain that they are only comparatively slightly affected by tho balanco of
trade in our favor, whilo Groat Britain is moro seriously affected, because
It has inflated its currency, and France still moro, bocause tho inflation
tliero has gone to a point whero thoy havo outstanding now 38,000,000,000
francs, amounting to approximately $200 per capita of money in circulation,
while hero wo have $56 as a gross, and about $40 per capita, considering tho
amount which is sequestered in tho reserve banks.
The following table will make this clear:
F o r eig n
N o r m a l r a te .
London ___ .$4.86
Baris........... -5.18 fr. per dol.
B elgium __ -5.18 fr. per dol.
Italy ........... .5.18 lire to dol.
Germany . _-$23.83
R u s s ia ___ -$51.44
Holland___ .$40.20
Switzerland .$5.18
S p a in ......... -19.3d cents
E xch a n ges.
T o -d a y 's
r a te .
D is.
$3.72
11.50 francs
11.40
13.20
$1.75
$3.00
$37.37
$5.56
19.10c. per pestea
%
24 Currency Inflated.
Do.
55
Do.
54
Do.
62
90 Cur.grossly inf It'd
D o.
95
9 Cur. near normal.
7
Do.
1 Currency normal.
Great Britain has doubled Its curroncy during the war and moro than
doubled the deposits, and gold bought with English money costs 110 shill
ings an ounco instead of 79 shillings, tho normal rate, boforo tho war— a
discount of 25% in tho purchasing powor o f English paper money.
Neither Great Britain, Franco, Belgium, Italy, Austria, Germany,
Russia, or any of the east European bolligeronts aro on a gold basis.
It will take world action to put them into production and world credits.
They can not buy; thoy can not pay unless assisted by lntornatlqnal and
internal reconstruction legislative action. I f thoy do not buy and do not
pay, it will seriously threaton our financial and commercial stability. Our
foreign oxports must ceaso.
Our banks holding great amounts In foreign securities and credits will bo
put in serious danger and industrial disturbances of a groat nature may be
anticipated. No time should bo lost. Much valuable time has boon lost
already.
Tho peace treaty should bo ratified at once with or without reservations.
I want to call tho attention of Sonators to this matter, becauso it vitally
effects every single Stato in tho Union. It affects tho valuo of tho manu
factured products of New England, and of tho cotton of tho South and of
the wheat of tho West, and of tho mineral ores of our various States; and
you gentlemen who aro responsible to this country ought to understand
this and ought to consider it. Now, hero the business men of tho country
aro going to call an international conference of tho first magnitudo and bring
the leading business men of tho wholo world together to try and solvo this
problem, so that thoy with thoir combined forces can appeal to tho states
men of tho world to take tho steps necessary to stabllizo tho world and to
reconstruct tho world and to put it upon a basis of stability and credit,
so that out merchants and manufacturers can Interchange their commodi
ties, becauso after all It is an interchange of commodities or an interchange
of the products of labor. What tho Senator from North Dakota said was
truly said, that tho remedy at last is work, orderly work, and avoiding
extravagance In government and oxtravaganco in prlvato life. Tho remedy
is to restore the world by personal economy and by personal production
and by Improving tho processes of distribution, but tho mechanism of ex
change and of currency is absolutely essontial to tho conduct of international
business.
Tho Governments of Europo must act and put thoir budgots in order;
must deflate their curroncy; must readjust thoir war dobts; must arrango
to underwrite the loans needed to buy raw material and seed and supplies
to start production; and the nations ablo to furnish tho raw material and
credits should do so by oponing tho doors to tho investment public and hav
ing tho loans properly secured by tho nations sooklng credits for thoir
citizens.
When tho convention is called to arrango thoso dotalls, tho representatives
of labor should bo present; and, abovo all, tho representatives of tho highest
rank in tho various Governments should participate to seo that justlco Is
done to the pooplo who will meet tho burdons of theso readjustments.
Jan . 24 1920.]
D E A N
JOSEPH
THE CHRONICLE
FRENCH
”
D E FL A T IO N
JOHNSON
UNLESS
CR E D IT
SEES
U N W ISE
IS
“ P A IN F U L
USE
OF
a fe w
m en w h o a ro su p p o se d to sp e a k
u p in
th o p r o p o s itio n
w ith a u t h o r it y .
T h o f a l l a c y is
t h a t th o r is e o f p r ic e s d u r in g th o la s t fo u r
o r f iv e y e a r s w a s c a u s e d b y a n in c re a s e d d e m a n d fo r g o o d s , a n d
t h a t th o
in c r e a s o in t h o c o u n t r y 's s u p p l y o f m o n e y a n d b a n k c r e d it w a s n o t a c a u s e
b u t a r e s u lt o f th e riso o f p ric e s .
I t is a r g u e d t h a t i f th e d e m a n d fo r g o o d s
ra is e s th o g e n e ra l le v e l o f p ric e s fr o m
10 0 to 2 0 0 , th e n d o u b le th o a m o u n t
o f c u r r e n c y a n d c r e d it w i ll h a v e t o b e in u s e i f t h e c o u n t r y ’ s b u s in e s s is t o
go on.
A c c o r d in g t o th o f e w p e o p lo w h o h e ld t h i s v i e w , t h e r e h a s b e e n n o
in fla t io n o f th o c u r r e n c y d u r in g r e c e n t y e a r s .
advanced
s im p ly
b e c a u se th o
E u ro p o an
T h e y h o ld t h a t p r ic e s h a v e
w ar
b ro u g h t a b o u t a n
P r e s id e n t
h a s p u t fo rth
H a r d in g , o f th o
th is v io w
F ed eral
R o se rv e
B o a rd
at
W a s h in g to n ,
In o n e o f h is o f f i c i a l d o c u m e n t s in j u s t i f i c a t i o n
th o t r e m e n d o u s in c r e a s o in th o c o u n t r y ’s s u p p l y o f c u r r e n c y a n d b a n k c r e d it
th o
v ie w
is
u tt e r ly
u n sou n d .
It
g e ts
th o
cart
b o fo ro
th o
y o u k n o w t h a t th o s tr o n g th o f th o d o m a n d d e p e n d s e n tir e ly u p o n th o a m o u n t
and
c r e d it w h ic h
T h e n w ill n e c e s s a r ily b e g in a
y o u r p r o s p e c t iv e b u y e r s c o n t r o l.
H ow
th e n
p ru d en ce
of our
b an kers,
e s p e c ia lly
v e r y m u c h u p o n th o fo r e s ig h t a n d
c a p t a in s o f in d u s t r y , a n d
a ls o
upon
of our
W h e th e r th e
F ed eral
c a u tio n
V ISC O U N T
PEEL,
ON
B R IT IS H
CURRENCY
SECRETARY
OF
at
th o
d iffe r e n t
tim e s
in
th e
U n ite d
K in g d o m
and
Tho
2 0 lo a d in g E n g lis h
banks had
£ 7 5 1 ,0 0 0 ,0 0 0
13
and
had
£ 1 ,7 6 1,0 0 0 ,0 0 0
in
re p re se n ts
2 7 4 .6 .
On
th o
sa m e
a s a b a s is o f 10 0 , th is fig u r e fo r
c o m p a ra tiv e
b a s is
w h o le s a le
1 9 1 9 , a s c o m p a re d w ith 1 9 1 4 , re p r e s e n te d 2 3 6 .8 .
I n th o U n it e d S t a t e s t h e c o n n e c tio n b e tw e e n c u r r e n c y
not
so
c lo s o
and
o b v io u s .
Tho
p r o p o r tio n a te
ris e
of
and
p ric o s
K in g d o m
w e ro
c o n n e c te d
c o u n t r ie s , th o u g h , a p p a r e n t ly ,
th o so
1 9 1 4 , m a d o i t p o s s ib lo f o r th o n a t
io n a l b a n k s a n d m a n y S t a t o b a n k s o f t h is c o u n t r y a lm o s t to d o u b le th e ir
lo a n s a n d d is c o u n t s a n d t h e ir d e p o s it s w it h o u t a n y in c r e a s e in t h e c o u n t r y ’s
cash
b a n k in g
reserve.
T e c h n ic a lly ,
A c tu a lly
E u r o p e s o m e t h in g l i k e S I ,0 0 0 ,0 0 0 ,0 0 0 in
th e o r e t ic a lly
and
le g a lly
th a t
g o ld
b e lo n g e d
to
u s.
w e o u g h t to h a v o th o u g h t o f o u r s e lv e s , n o t a s th o o w n e r s o f it ,
b u t a s t r u s t e e s r e s o lv e d to r e t u r n i t t o E u r o p e a s s o o n a s s lio g o t t h r o u g h
fig h t in g a n d w a s o n c e m o ro a b le to p a y h e r d e b t s b y e x p o r t in g th e p ro d u c ts
o f h e r m ills a n d fa c to r ie s .
I f I s e e a w e ll- d r e s s e d
m an a tta c k e d
b y a c o u p lo o f t h u g s a n d
o f f h is c o a t a n d ru n s to m e a n d s a y s :
o f b r a s s k n u c k le s ,”
fo r a
w h llo f r o m
I s lip
h im
h o p u lls
“ T a k e m y c o a t a n d g iv e m o a p a ir
th o b r a s s k n u c k le s a n d
a s a fo d is ta n c e .
w a tc h
A s it d o es n o t seem
th o c o n te s t
lik e ly t h a t h o w ill
o v e r g e t th o so tw o m e n lic k e d . I w a lk a w a y w ith h is c o a t .
E c o n o m ic a lly
w o h a v o n o m o r e r i g h t t o t h a t b illi o n d o lla r s o f E u r o p e a n g o ld t h a n I w o u ld
h a v o t o t h a t m a n ’s c o a t .
T h e h e ig h te n e d c o s t o f liv in g ,
fo r
m a n u fa c tu re rs
been
and
r e t a ile r s
havo
w h ic h
th e
a lm o s t
fa rm e rs ,
m eat
p ack ers,
but
u n ju s tly
u n iv e r s a lly ,
b la m o d , h a s d r iv e n h u n d r e d s o f th o u s a n d s o f m e n a n d w o m e n to th o b r in k
o f u t t e r w a n t a n d fa m in e , h a s n e a r ly b a n k r u p te d o u r u n iv e r s itie s , h a s e m p
tie d th o u s a n d s o f o u r s c h o o l h o u s e s fo r la c k o f te a c h e r s , h a s b r o u g h t d is tr e s s
to
th o u sa n d s
th e ir
o f h o s p ita ls
e n d o w m e n ts
and
and
is ,
o th o r
I am
In s tit u tio n s
in c lin e d
to
la r g e ly
b e lie v e ,
d epen den t upon
re s p o n sib le
in
so m o
m e a s u r o fo r th o in c r e a s o in th o n u m b e r o f d iv o r c e c a s e s m a n y a c o u p lo h a v i n g
q u a r r e lle d b e c a u s o th o h u s b a n d c h a r g e d h is w ife w it h s illy e x t r a v a g a n c e s , o r
b ccau so
th o
w ifo
ch arg ed
h im
w ith
b e in g
in c o m p e t e n t ,
m oan
o r s t in g y .
U n h a p p i ly , in a p e r io d o f in fla t io n s u c h a s w o a r o p a s s in g t h r o u g h , w a g e s
and
s a la r ie s
do
not
keep
paco
w ith
p ric o s.
M any
la b o r in g
m en
d u r in g
r e c e n t y e a r s h a v o b oon p a id fa b u lo u s w a g e s a n d a ro s t ill g e t t in g t h e m , b u t
c o u n t r ie s ,
n e v e r th e le s s
o n t h o in c o m e o f b o n d s o r in s u r a n c e p o lic ie s ,
p o w e r o f a b o u t fift y ce n ts fiv e y e a rs a g o .
I t is t o b o h o p e d t h a t I n fla t io n in t h i s c o u n t r y h a s r e a c h e d it s p e a k a n d
th a t h e re a fte r th o b a n k e r s a n d
b u s in e s s m e n
o f th o
U n ite d
S t a t e s , w h llo
s e e k in g to o n c o u r n g o t h r ift a n d in c r e a s o p r o d u c tio n , w ill a t th o s a m o tim e
o r fu r t h e r e x p a n s io n
o f c r e d it .
I t is t o
b e fe a r e d ,
h o w e v e r , t h a t th o o r g y o f e x p e n d it u r e in w h ic h t h o u s a n d s o f o u r p e o p lo h a v o
I n d u lg e d In a l l p a r t s o f t h o c o u n t r y is n o t a t a n e n d , f o r m a n y m illio n s o f
b o n d s h a v o n o t y e t ro a ch e d
a s a n In v e s tm e n t.
a s c a s h , fo r th o y
aro
th o s t r o n g b o x e s o f m e n
M a n y p e o p le a r o s t ill t r e a t in g th e s o
fo r c a sh
or bank
c r e d it a n d w ith th o p ro c e e d s a ro p u r c h a s in g a ll k in d s o f lu x u r ie s .
e x c h a n g in g
th e m
S o lo n g
a s th o A m e r ic a n p e o p lo s p e n d m o ro t h a n t h o y p r o d u c e , a s th e y h a v o b e e n
d o in g
in
th o la s t y e a r , th o
h ig h
c o s t o f liv in g
w ill s t a y
w ith
c o u n t r y a s a w h o lo w ill b o g r o w i n g p o o r e r in s t e a d o f r ic h e r .
th in g
to d o w ith
V ic t o r y a n d
L ib e r t y
b o n d s is t o
c r e d it fo r th o o n c o u ra g o m c n t o f w iso p ro d u c tio n
u so th e m
and
us and
th o
T h e p a tr io tic
a s a b a s is fo r
n o t a s a m e d iu m
of
x c h a n g e fo r t h e g r a t i f ic a t i o n o f a n in s a n o p a s s io n fo r h ig h life a n d l u x u r y .
H o w lo n g th o p r e s e n t h ig h le v e l o f p r ic e s w ill c o n t in u o n o m a n
can
fo re s e e .
A l l w o k n o w is t h a t v e r y so o n a f t e r th o fin a n c ia l a n d in d u s tr ia l r e c o n s tr u c
t i o n o f IC u ro p o a n d t h o r o - o s t a b l!s h m o n t o f n o r m a l c o n d it io n s in I n t e r n a t i o n a l
t r a d o , th o h u g e s t o c k o f g o ld n o w ’ h e ld in th o U n it e d S t a t e s , b e in g m u c h in
in
w o r ld
m ark ets.
c lo s o ly c o n n e c te d
sy m p a th y
w ith
P r i c e s in
w ith
o th e r
cu rre n cy
in
cu rren t
of
g en o ral
cu rren cy
T h o s a m e c a u s o a c c o u n t e d fo r th e ris o
in
In th a t
e x p a n s io n
w a s n e cessary
A ll th in g s p o in te d
fo r
fin a n c in g
b u s in e s s .
to th o c o n c lu s io n t h a t th o h ig h
w o r ld
le v e l o f p ric e s
f o r w a r p u g flp s c s .
Tho
w h ic h it w a s r a is e d a n d
in c r e a s o o f d e b t in
it s e lf, a p a r t fr o m
th o
w ay
in
th o e f f e c t .it w o u ld h a v e o n t r a d o a n d c r e d it , d id
n o t a ffe c t p ric e s v e r y m u c h .
In
s o m o c a s e s w h e r e t h e r e w a s n o in c r e a s e d d e b t t h e r e w a s a v e r y la r g e
in c r e a s o in p r i c e s .
N o d o u b t it d id m a k o a g r o a t d iffe r e n c e w h e th e r d e b t
to o k th o fo r m o f e x is tin g s a v in g s o r th e c r e a t io n o f fr e s h c r e d it s .
W it h fr e s h
c r e d it s th o y g o t m o ro s p e n d in g p o w e r , m o r e c u r r e n c y , a n d m o ro p u r c h a s in g
P ow er.
A ll th o
b e llig e r e n t s
in ft h is s t r u g g le
havo
su ffe re d
fro m
fin a n c ia l s t r a in
b u t th o g r e a te s t s t r a in h a s b e e n b o rn e b y E n g la n d i f w o a r e to ju d g e b y th
t o s t o f t h o in c r e a s o o f d e b t p e r h e a d .
B ut
th is
te s t
does
n o t d o ifu ll
ju s t ir e i t o
th o
o ffo rj
m ade
by
E n g la n d
F r a n c e a n d I t a l y in c lu d e d in t h e ir .d e b t f e u m s E n g l a n d h a d le n t t o t h e m , a n d
th o s t r a in o f r a is in g t h a t m o n e y h a s fa lle n
o n E n g la n d .
E n g l a n d h a s le n t t o it s a l l ic s 'm o r o .t h a n it w ic e a s m u c h a s t h e U n it e d S t a t e s
h a s le n t to h e r .
o th e rs.
I t h a s r a is e d im o r e jm o n e y
by
ta x a t io n
th a n
any
o f th e
Y e t E n g l a n d h a s e x p e r ie n c e d .) le s s r i s e o f p r i c e s a n d le s s d e p r e c ia
tio n o f e x c h a n g e th a n a n y o f it s E u r o p e a n a llie s .
E n g l a n d h a s t w o g r e a t a d v a n t a g e s in h e r f i n a n c ia l m a t t e r s , b e c a u s o s h o
h a s r a is e d la r g o s u m s b y t a x a t io n a n d h a s n e v e r fin a n c e d h e r s e lf b y p r i n t
in g n o t e s .
T h e C o n t in e n t a l,b a n k s h a v e b e e n d ir e c t a g e n t s o f t h e g o v e r n
m e n t s in I s s u in g p a p e r m o n e y a s a . d i r e c t m e a n s o f d e f r a y i n g
G o vern m en t
e x p e n d itu r e .
I t i s n e c e s s a r y in a l l t h e s o d is c u s s io n s a f f e c t i n g f i n a n c e t o l a y g r e a t s t r e s s
o n th o q u e s tio n
o f p ro d u c tio n .
I f e v e r y b o d y in t h o c o u n t r y w ill d o
m o ro w o r k , m o ro g o o d s .w ill b e p r o d u c e d a n d
th e ro is b o u n d
10
to
to b o a
yet
t h o p u r c h a s in g p o w e r o f e a c h d o lla r t o - d a y is o n ly e q u a l t o th o p u r c h a s in g
V ic to r y
g r c 'a t e r
c a s e th o In c r e a so o f th o c u r r e n c y w a s a c o n s e q u e n c e o f h ig h p r ic e s , a n d it s
c o n s e q u e n t f a l l in p r i c e s .
o rp h a n s liv in g
w h o s o in c o m e s a r o b u t lit t lo la r g e r th a n t h o y w e ro f i v e y e a r s a g o a n d
L ib e r ty a n d
th o
p r i c e s in n e u t r a l c o u n t r ie s w h ic h h a d v e r y l i t t l o w a r e x p e n d i t u r e s .
w id o w s a n d
b o n d s v ir tu a lly
ro se
in s o m o o f t h o l a r g e r c o u n t r ie s .
15 %
w h o w ill h o ld t h e m
in
n o t so
p r ic e s in t h o m a r k e t , w h ic h w a s it s e l f c o n t r o lle d b y t h o in c r o a s o o f
t h e r e a r o g r e a t m a s s e s o f p o o p lo , s u c k a s c le r k s , t e a c h e r s , p r e a c h e r s , a n d
d ls c o u r a g o s p e c u la t io n
p ric e s w a s
w as
T h is m ig h t b e a c c o u n te d
w a s in th e m a in d u o t o t h o c r e a t io n o f c r e d it b y t h o b e llig e r e n t g o v e r n m e n t s
I n t w o y e a r s w o im p o r t e d fr o m
g o ld .
p ric e s
T h o m a in c a u s e w a s u n d o u b t e d ly th o f a c t t h a t t h e U n ite d S t a t e s a n d th e
w itn e s s e d a r is o o f p r ic o s th r o u g h o u t th o w h o le f i e l d o f w h a t w o m ig h t c a ll
in g s y s t e m , w h ic h g o t in t o o p e r a t io n in
30
o n d e p o s it .
T a k in g t h e b a n k d e p o s it fig u r e s o f 1 9 1 4
19 19
U n ite d
F ir s t, b ecau so o u r F e d e ra l R e s e rv e B a n k
fo o d
o n d e p o s it o n Ju n o
1 9 1 3 , w h ile o n Ju n o 3 0 1 9 1 9 th o s o b a n k s h a d b e e n r e d u c e d b y a m a lg a m a tio n
n o In c r e a s o in o u r s u p p ly o f m o n e y a n d a v a i l a b l e c r e d i t , w o s h o u ld h a v e
a lm o s t s im u lt a n e o u s in c r e a s o in o u r s u p p ly o f c u r r e n c y
th e
p ric e s .
f o r in m a n y w a y s , p a r t l y b y in c r e a s e d v e l o c i t y o f c i r c u l a t i o n .
B u t th o ro w a s a n
W AR ,
T h e r e is a p p a r e n t ly a v e r y c lo s o a n a lo g y b e t w e e n th o d iffe r e n t a m o u n t s
o f cu rren cy
w h e lm in g d o m a n d fo r m u n iio n s a n d s u p p lie s o f a ll k in d s .
a n d c r e d it , a n d fo r tw o re a s o n s:
a ll
The department of foreign information of the Bankers
Trust C o. of this city has made public, under date of Jan. 17,
details of a discussion in the British House of Lords on
currency inflation, credit and high prices, furnishing in part
the viewpoint of the British Government, as expressed by
Viscount Peel, Under Secretary of W a r. According to the
lattor, “ all the belligerents in this struggle have suffered
from financial strain but the greatest strain has been borne
by England if we are to judge by the test of the increase
of debt per head.” “ England,” he states, “ has lent to its
allies moro than twice as much as the United States has lent
to her. It has raised more money by taxation than any of
the others. Y e t England has experienced less rise of prices
and less depreciation of exchange than any of its European
allies.” Observing that it is necessary in all discussions
affecting finance to lay great stress on the question of pro
tection, Viscount Peel added that if everybody would do
10 to 1 5 % more work, more goods would be produced and
a consequent fall in prices would be bound to come. His
remarks were made public as follows by the Bankers’ Trust:
a n in c r e a s o in t h o a v a lla b lo s u p p l y o f m o n e y a n d c r e d i t ?
Y o u a ll re m e m b e r h o w th o w a r b r o u g h t to th is c o u n t r y a n a lm o s t o v e r
th o m a rk e t s fo r o th e r g o o d s.
our
IN F L A T IO N .
th a n th o p r o p o r tio n a te ris o in th o c a s e o f c u r r e n c y .
“ w a r g o o d s " a n d so m e w e a k n e s s o f p ric e s in
by
th o d e v e lo p m e n t a m o n g
c a n th o r o b o a n in c r e a s o in t h e d e m a n d fo r g o o d s u n le s s f i r s t t h e r e h a s b o o n
I f th e re h a d b e e n
R eserve
e x e rc ise d
c la s s e s o f o u r p o p u la t io n o f th o s t e r lin g h a b it s o f t h r i f t a n d e c o n o m y .
to
u n le s s th e r e a r o b u y e r s w h o h a v o m o n e y o r c r e d it a t th o ir c o m m a n d , a n d
o f m oney
s o -c a lle d
h o rse.
Y o u m e n k n o w fr o m e x p e r ie n c e t h a t th e r e c a n b o n o d e m a n d fo r y o u r g o o d s
and
b a n k e r s , a ls o
of
w h ic h th o o p e r a t io n s o f th o F e d e r a l R e s e r v e B a n k h a v o m a d o p o s s ib le .
B u t
w isd o m
a b n o rm al
In c re a so In th o d o m a n d fo r g o o d s a n d a c o n s id e r a b le c u r t a ilm e n t o f t h e s u p
p ly .
tio n i f th o fr e e e x p o r t o f g o ld is p e r m it t e d .
c o u n t r y s h a ll w e a th e r t h a t p e rio d o f d e fla t io n d e p e n d s v e r y m u c h u p o n th e
A V O ID E D .
L e t m o f ir s t b r a n d a m is c h io v io u s f a l l a c y w h ic h h a s b e e n g iv e n c u r r e n c y
by
e x c e s s o f t h o c o u n t r y 's n e e d s in n o r m a l t i m e s , w i l l i n e v i t a b l y s u f f e r d im in u
c o n t r a c tio n o f b a n k in g c r e d it s a n d a d e c lin e o f t h e p r ic e le v e l.
N o less an authority than Dean Joseph French Johnson, of
tho School of Commerce of N ew York University, and. form
erly financial oditor of the Chicago “ Tribune” makes the
statement that business men are now doing business “ under
conditions of tho most romarkablo period of inflation which
this country has over seen,” and that they and the bankers
of this country “ will have to do some hard thinking about
money and credit during the next five years if you are to
prospor individually or if your country is to be saved from
financial disaster.” Professor Johnson, whoso views are
submitted under tho head of “ American Financial Outlook,”
stated in presenting his opinions, that “ American business
men will bo forced into a period of painful deflation and
falling pricos within a year or two unless they avoid the unwiso use of credit, a tendency induced by tho Federal Reserve
Board’s too liberal policy of extending bank credits on the
basis of its largo gold supply, obtained as securities for
foreign countries.” In part Prof. Johnson also said:
su m m ed
313
SOL
W EXLER
ON
THE
PRESENT
GOLD
RESERVE.
In a discussion of the'prosent gold reserve, Sol Wexlor, of
J. S. Bache & C o ., makes tho suggestion that “ if our low
gold roservo is to bo considered as an index of the condition
of our financial institutions, and as tho warrant for tho very
high rates which aro being charged in some of the money
contres, particularly against stock exchange loans, then it
would seem as if somo provision should bo mado to permit
tho Government bonds which are being carried, to operate
as a reservo against tho equivalent amount of circulating
notes which it has been necessary to issuo in the purchase and
carrying of samo.” M r. Wexlcr argues that “ if the holdings
of Government bonds wore so applied, then tho gold roserve
against currency issued for’ actual commercial transactions
and deposit liabilities in tho Federal Reservo Bank would be
moro than 8 0 % .” Tho following is M r . W exol’s comment
314
The
THE CHRONICLE
re ce n t sta te m e n t o f th e
F ed eral R eserve
B an k
sh o w s it h a s re d is
c o u n te d fo r th e N a tio n a l B a n k s o f th e c o u n try , n o te s se c u re d b y G o v e m m e n t
o b lig a tio n s a m o u n tin g , In ro u n d
fig u r e s ,
to
$ 1,3 0 0 ,0 0 0 ,0 0 0 .
In
[V o l . 1 1 0
1 9 1 8 , o f $ 12 4 ,3 18 ,0 0 0 .
T h e b ills p a y a b le a r e la r g e ly b a s e d o n G o v e r n m e n t
s e c u r itie s .
T h e t o t a l a m o u n t o f b ills p a y a b lo , e x c lu s iv e o f b ills
a d d itio n
p a y a b le
w ith
th o
to th is , th e sa m e s ta te m e n t sh o w s t h a t th e F e d e r a l R e s e r v e B a n k s a r e c a r r y
F e d e r a l R e s e r v e b a n k s , o n N o v . 1 7 1 9 1 9 , w a s o n ly $ 5 6 ,1 9 9 ,0 0 0 , s h o w in g th e
in g G o v e r n m e n t b o n d s t o t h e a m o u n t o f $ 3 2 9 ,0 0 0 ,0 0 0 , a n d t h a t N a t i o n a l
e x t e n t to w h ic h t h e b a n k s n o w r e s t r ic t t h e ir b o r r o w in g s t o F e d e r a l R e s e r v e
B a n k s , a c c o r d in g to th e la s t s t a t e m e n t o f th e C o m p tr o lle r o f th e C u r r e n c y ,
ban ks.
o w n G o v e r n m e n t o b lig a t io n , t o t h e a m o u n t o f $ 3 ,2 9 6 ,5 9 3 ,0 0 0 .
T h o t o t a l r e d is c o u n t s (in c lu d in g $ 4 5 6 ,8 9 8 ,0 0 0 , r e d is c o u n t s w it h
T h is d o es
eral
w h ic h a r e p r o b a b ly e q u a lly a s m u c h , s o t h a t th e t o t a l a m o u n t o f G o v e r n m e n t
c r e a s e o v e r S e p t . 1 2 1 9 1 9 , o f $ 2 3 9 ,5 6 6 ,0 0 0 , a n d a n In c r e a s e a s c o m p a r e d w it h
o b lig a t io n s in t h e F e d e r a l R e s e r v e B a n k a n d in t h e N a t i o n a l B a n k s a n d S t a t e
N ov. 1
b a n k s is u p w a r d
ban ks)
on
N ov.
17
19 19 ,
a m o u n te d
to
$ 6 8 0 ,4 7 6 ,0 0 0
an
in
1 9 1 8 , o f $ 5 1,3 2 2 ,0 0 0 .
U n ite d S t a t e s G o v e r n m e n t s e c u r itie s o w n e d b y N a t io n a l b a n k s o n N o v .
o f $ 6 ,5 0 0 ,0 0 0 ,0 0 0 .
T h e s e fig u r e s d o n o t in c lu d e lo a n s m a d e b y N a t io n a l a n d S t a t e B a n k s to
th e ir c u s to m e r s a g a in s t G o v e r n m e n t
b o n d s.
W e h a v e no m ean s o f ascer
t a in in g w h a t th e s e m a y a m o u n t to e x c e p t th r o u g h t h e it e m
o f $ 1,3 0 0 ,0 0 0 ,
0 0 0 t h e r e o f, w h ic h h a s b e e n d is c o u n te d w it h t h e F e d e r a l R e s e r v e B a n k .
I t is e v id e n t fr o m
R eserve
th e F e d
n o t In c lu d e t h e a m o u n t o f G o v e r n m e n t o b lig a tio n s c a r r ie d b y S t a t e b a n k s ,
t h e fo r e g o in g t h a t t h e r e is a fr o z e n c r e d it th r o u g h o u t
17
1 9 1 9 , in c lu d in g b o n d s o f o ld is s u e s , L i b e r t y b o n d s . V ic t o r y n o t e s , c e r t if i
c a te s o f In d e b te d n e ss , W a r S a v in g s a n d T h r ift s t a m p s , a m o u n to d to $ 2 ,8 8 1 ,
0 0 0 , a re d u c tio n s in c e S e p t . 1 2
1 9 1 9 , o f $ 4 1 4 ,7 1 2 ,0 0 0 , a n d a re d u c tio n sin c o
N o v . 1 1 9 1 8 , o f $ 2 7 4 ,4 3 1,0 0 0 .
O f t h e U n it e d S t a t e s G o v e r n m e n t s e c u r itie s
h e ld
b y
th e N a t io n a l b a n k s , C e r t ific a t e s o f in d e b te d n e s s . L ib e r t y
b o n d s.
t h e c o u n t r y a g a i n s t w h ic h a li k e a m o u n t o f F e d e r a l R e s e r v e N o t e s a r e in
V ic to r y n o te s, W a r S a v in g s a n d T h r ift sta m p s a m o u n te d to a b o u t $ 2 ,2 0 0 ,
c ir c u la t io n a n d a g a in s t w h ic h n o t e s a tr e m e n d o u s g o ld r e s e r v e is r e q u ir e d .
0 0 0 ,6 0 0 ,
On
c ir c u la tio n .
th e o th e r h a n d , th e
R eserve
B ank
sta te m e n t o f Ja n u a r y
t h a t t h e t o t a l a m o u n t o f c o m m e r c ia l b ills d is c o u n te d
th e
open
m a r k e t o n ly
a m o u n ts
a g a in s t a p p r o x im a t e ly
B an ks.
If
to ,
in
ro u n d
and
fig u r e s ,
12 th
$ 1,3 0 0 ,0 0 0 ,0 0 0 , a s
of
th e s e
$ 2 2 ,0 0 0 ,0 0 0 ,0 0 0
o f lo a n s
N a tio n a l
is
a g a in s t
by
th e
w ith
In
in
ro u n d
fig u r e s ,
be
$ 17 ,0 0 0 ,0 0 0 ,0 0 0 ,
out
of
w h ic h
th e
F ed eral
p r in c ip a lly
o ld
N a tio n a l
banks
on
N ov.
17
19 19 ,
o th e r
N a tio n a l
to
banks
th o V ic t o r y
a ls o
n o tes a n d
ow ned,
on
N o v.
of
T h e am ount
L ib e r ty
in d e b t e d n e s s
p a p e r a r is in g fro m
R aserve
B anks
fo r
c o m m e r c ia l t r a n s a c t io n s .
re d is c o u n tin g
to
$ 1,18 3 ,7 6 4 ,0 0 0 .
$ 8 2 9 ,1 5 1,0 0 0
h e ld
by
a ll
th o
N a tio n a l
n o tes a n d
banks
as
S.
c o lla t e r a l
of
19 19 ,
U .
of
L ib e r ty
CortlficatesTof
for l o a n s w a s
$ 12 2 ,4 5 6 ,0 0 0 .
A s a m a jo r it y o f a ll th e L ib e r t y b o n d is s u e s a n d V ic t o r y n o te s w o re p la c e d
o f cu sto m e rs’
I t is , h o w e v e r , q u ite e v id e n t
19 19 ,
b o n d s. V ic to r y
$ 1 ,1 2 2 ,9 5 3 ,0 0 0 , a re d u c tio n s in c e S e p t . 1 2
F ed eral
a m o u n te d
C e r t ific a t e s o f In d e b te d n e ss , th e
17
a n d t h e ir a b il it y t o c a r e fo r t h e ir c u s to m e r s w it h o u t th r o w in g a n e x c e s s iv e
th e
b o n d s s e c u r in g
ban ks.
a d d itio n
p a r t ic u la r ly e m p h a s iz e t h e e x c e lle n t c o n d it io n o f S t a t e a n d N a t i o n a l B a n k s
upon
S ta te s
b o n d s.
T h e s e fig u r e s d o n o t s h o w th a t th e c o u n t r y is o v e r -e x p a n d e d , a n d t h e y p a r -
b u rd o n
U n ite d
N a t io n a l b a n k s . In c lu d in g b ills p a y a b le w it h th e F e d e r a l R e s e r v o b a n k s a n d
G o v e r n m e n t b o n d s , t h is fig u r e b e in g m e r e ly a g u e s s , n o e x a c t d a t a b e in g
R e s e r v e B a n k h a s r e d is c o u n te d o n ly $ 1 ,3 0 0 ,0 0 0 ,0 0 0 , o r a p p r o x im a t e ly 8 % .
b e in g
T h is e x c e e d s b y m o re t h a n $ 1 2 0 ,0 0 0 ,0 0 0 th o t o t a l o f th o b ills p a y a b le o f a ll
o b t a in a b le , th e n t h e t o t a l a m o u n t o f c o m m e r c ia l lo a n s c a r r ie d b y a ll b a n k s
w o u ld ,
b a la n c e
T h e V ic t o r y n o t e s a n d U n it e d S t a t e s C e r t ific a t e s o f in d e b te d n e s s o w n e d
b ills b o u g h t in
S 2 2 , 0 0 0 ,0 0 0 .0 0 0 o f lo a n s o f a l l S t a t e a n d
$ 5 ,0 0 0 ,0 0 0 ,0 0 0
sh o w s
th e
th r o u g h th e m e d iu m o f th e N a t io n a l b a n k s o f th o c o u n t r y , th e a b o v e fig u r e s
t h a t t h e v a s t a m o u n t o f G o v e r n m e n t b o n d s s t ill in t h e h a n d s o f fin a n c ia l
fu rn ish
In s t it u t io n s is t h e r e a l c a u s e o f t h e lo w g o ld r e s e r v e a n d o f t h e s o -c a lle d t ig h t
m oney.
w h ic h o u r G o v e r n m e n t w a r Issu e s h a v e a lr e a d y b e e n a b s o r b e d b y p e r m a n e n t
W hen
th e F e d e ra l R e se rv e B a n k
b ite d fro m
w a s o r g a n iz e d it w a s d is t in c t ly p r o h i
r e d is c o u n tin g p a p e r s e c u r e d b y s t o c k s a n d
t i n c t ly p e r m it t e d to m a k e lo a n s
t o th e U n ite d S t a t e s
t im e i t w a s n o t c o n t e m la t c d t h a t w e w o u ld e n g a g e
an y
su ch
am ount
o f G o vern m en t
o b lig a tio n s ,
e v e r b e is s u e d , o r t h a t th e b a n k in g s y s t e m
b o n d s , b u t w a s d is
a rise
th e re fr o m ,
o f t h e c o u n t r y w o u ld
th a t
w o u ld
B ank
o f E n g la n d
is d is t in c t ly
a g a in s t G o v e r n m e n t o b lig a tio n s u p
p e r m itt e d
to
to a s p e c ifie d
g r a t ify in g
and
now
th o
aro
a m o u n t, a n d
n o tes
i f o u r lo w
c o n v in c in g
p r o p o r tio n
e it h e r o w n e d
by
e v id e n c e
o f th e
th e
o f th o g ro a t
G o vern m en t
a n in c r e a s o s in c e S e p t . 1 2
1
19 18
C a p it a l, s u r p lu s a n d
an
u n d iv id e d
in c re a s e
p ro fits o n
over
S e p t.
12
N ov.
19 19 ,
17
very
h ig h
ra te s
w h ic h
a re
b e in g
19 19 ,
a m o u n te d
o f $ 5 5 ,2 7 1 ,0 0 0 ,
and
in c r e a s o s in c e N o v . 1 1 9 1 8 , o f $ 1 7 8 ,7 5 4 ,0 0 0 .
T h o in c r e a s e s In r e s o u r c e s o n N o v . 1 7 1 9 1 9 , a s c o m p a r e d w i t h
th e in c r e s o w a s $ 1 9 ,9 8 8 ,0 0 0 ; in th o E a s t e r n S t a t e s th o
fo r th e
th e m
as
1 9 1 9 , o f $ 6 3 ,5 0 8 ,0 0 0 , a n d a n in c r e a s e o v e r N o v .
o f S e p t . 1 2 1 9 1 9 , a r e q u ite w id e ly d is tr ib u te d .
w a rra n t
by
o f $ 2 0 9 ,6 3 8 ,0 0 0 .
in s titu tio n s a n d
th e
e x te n t to
o b lig a tio n s
N a t i o n a l b a n k s o r h o ld
g o ld r e s e r v e is t o b e c o n s id e r e d a s a n in d e x o f t h e c o n d it io n o f o u r fin a n c ia l
as
w ar
O th e r b o n d s, s e c u r itie s , & c . o n N o v . 1 7 1 9 1 9 , a m o u n te d to $ 1 ,8 7 0 ,1 0 3 ,0 0 0 ,
$ 2 ,4 9 4 ,0 5 2 ,0 0 0 ;
is s u e c ir c u la t in g
and
s m a ll
c o lla t e r a l f o r lo a n s .
ever be
c a lle d u p o n t o c a r r y a n y s u c h a m o u n t o f s u c h s e c u r it ie s .
T he
w h ic h
G o v e rn m e n t. A t th a t
in a w o r ld w a r a n d
as
h ig h ly
in v e s to r s ,
to
an
th o c a ll
In th o N o w E n g la n d S t a t e s
in c re a s o w a s
$ 2 9 0 ,
c h a r g e d in s o m e o f t h e m o n e y c e n t r e s , p a r t ic u la r ly a g a in s t S t o c k E x c h a n g e
9 6 8 ,0 0 0 ; in t h e W e s t e r n S t a t e s , $ 8 0 ,5 3 3 , 0 0 0 ; In th o S o u t h e r n S t a t e s $ 3 6 2 ,
lo a n s , th e n
4 13 ,0 0 0 .
th e
It w o u ld se e m
G o vern m en t
bonds
a s i f s o m e p r o v is io n
w h ic h
aro
b e in g
s h o u ld
c a r r ie d
to
b e m a d e to p e r m it
o p erate
as
a
re se rv e
s a r y t o I s s u e in t h e p u r c h a s e a n d c a r r y i n g o f s a m e .
I f th e h o ld in g o f
th e
G o v e r n m e n t b o n d s w e r e s o a p p lie d , th e n t h e g o ld r e s e r v e a g a in s t c u r r e n c y
is s u e d
fo r
a c tu a l
c o m m e r c ia l
tr a n s a c t io n s
and
d e p o s it
lia b ilitie s
In
th e
Tho
T h e a c t u a l r e m e d y t o t h e c o n d it io n w o u ld b e in t h e r e fu n d in g o f a l l G o v
e x c e p t th e
3 A %
S e p t.
t w e lv e
12
ta x -e x e m p t
b o n d s,
in to
one
S ta te s
19 19 ,
$ 16 9 ,6 8 8 ,0 0 0 :
th o C e n t r a l W e ste rn
and
s h o w in g
N ov.
17
C a lifo r n ia
th o
la r g e s t
19 19 ,
w ero
A la b a m a
The
is s u e
S o u th
$ 5 9 ,5 9 8 ,0 0 0 ;
C a r o lin a
$ 19 ,6 2 0 ,0 0 0 ,
and
Y o rk
4%
o r u n d er.
$ 3 4 3 ,10 9 ,0 0 0 ;
H o u sto n
W o rth
$ 2 1 ,1 0 7 ,0 0 0 :
h e ld
b y fin a n c ia l In s tit u
B o sto n
$ 1 1 ,9 6 0 ,0 0 0 ; a n d
tio n s c o u ld b o d is t r ib u t e d t o t h e p u b lic a n d p r o b a b ly m a n y o f th e m
w o u ld
120
fin d lo d g m e n t In o t h e r c o u n t r ie s w h e r e In v e s to r s m ig h t w is h t o d is t r ib u t e
t h e ir r is k a n d h a v e a p rim e s e c u r it y a t a f a ir r a t e o f in te r e s t .
ASSETS OF NATIO NAL B A N K S UNDER NOVEMBER
CALL— MORE THA N DOUBLED I N SIX YEARS.
In making public on January 19 the returns of the N a t
ional banks under the call of N o v . 17 1919, Comptroller of
the Currency John Skelton Williams announced that the
resources of the National banks aro now greater than the
assets of all reporting banks, including State banks, savings
banks and trust companies, as late as June 1910. In six
years he states, the assets of the National banks have more
than doubled, and the cash in vaults and balances with
Federal Reserve banks, he says, exceed all previous records.
It is also pointed out that Liberty bonds and Victory notes
are being steadily absorbed by permanent investors. In
presenting the figures the Comptroller says:
T h e o ffic ia l re t u r n s o f th e N a t io n a l b a n k s a s o f N o v . 1 7
a
g ro w th
and
d e v e lo p m e n t
3 3 8 ,0 0 0 ;
b e tw e e n
$ 3 4 5 ,0 7 0 ,0 0 0 ; T e x a s
$ 5 3 ,0 8 4 ,0 0 0 ;
M a ssa c h u se tts
V ir g in ia
Los
A n g e le s
$ 2 0 ,5 17 ,0 0 0 ;
$ 18 ,6 0 9 ,0 0 0 .
19 19 ,
an
in c r e a s o in r e s o u r c e s
w e r o , in t h o o r d e r
$ 2 9 ,2 5 3 ,0 0 0 ;
R ic h m o n d
$ 2 0 ,18 0 ,0 0 0 ;
N ow
nam ed; N ow
$ 2 1 ,8 4 8 ,0 0 0 :
O r le a n s
F t.
$ 12 ,6 5 5 ,0 0 0 :
D e n v e r $ 10 ,3 4 5 ,0 0 0 .
of
b a n k in g
19 1 9 , ju s t C o m
pow er
never
b e fo re
NATIO NAL B A N K S I N U. S. WITH RESOURCES
OF OVER $25,000,000 EACH.
In a statement depicting the growth of the national banks
of the country, Comptroller of the Curroncy John Skolton
Williams, reports that there are now 120 national banks
with resources of over $25,000,000 oacli in 25 States,
whereas twenty years ago (in September, 1899) there were
but 19 national banks in the United States having resources
of the amount, and those 19 banks were confinod to 5 States.
The Comptroller also states that tho total resources of all
tho national banks on N o v . 17 1919 were $2 2,444,992,000,
and that $10,383,479,000 of these resources wore hold by
the 120 largest national banks. The following is tho Comp
troller’s statement, which was made public on Jan. 10.
T h e d e c e n t r a l i z a t i o n o f t h e c o u n t r y ’s b a n k i n g p o w e r , f o r m o r l y s o l a r g e l y
c o n c e n tr a t e d in a fe w
la r g o c it ie s , is v i v i d l y in d i c a t e d in a n a n a l y s i s w h ic h
h a s j u s t b e e n c o m p le te d r e la t iv e
to
th o g e o g r a p h ic a l lo c a t io n a t t h is t im e
o f t h o c o u n t r y ’s 1 2 0 b i g g e s t n a t i o n a l b a n k s .
b a n k s w h o so re so u rce s on N o v . 1 7
T h o s t a te m e n t re fo r re d
h a s t a k e n p la c e in
s o u r c e s o f $ 2 2 ,4 4 4 ,9 9 2 ,0 0 0 .
S t a t e s h e ld , o n
T h is
w as
an
th e d a te n a m e d , re
o r s in c e 18 9 9 .
in c r e a s e
sin c e
S e p t.
12
of
th e g r e a te s t o v e r p re v io u s ly re p o rte d : a n d a n In c re a se fo r
y e a r , o r sin c e N o v . 1
A s co m p ared
w ith
0 0 0 ,0 0 0 , o r 1 0 7 %
th o re tu rn s o f A u g . 9
1 9 1 3 . th e In c r e a se is $ 1 1 , 5 8 5 ,
in a b o u t s ix y e a r s .
D e p o s its o n N o v . 1 7
On N ov.
a s $ 2 5 ,0 0 0 ,0 0 0
in
co m p ared
C h ic a g o a n d
w ith
T w c n ty -fiv o ,
74%
in
Y o r k C it y ) ; 1 7
M is s o u r i a n d
Y o rk
o n o in
each; an d
o f th e so
19
C i t y , o n o in B o s t o n , o n o in
S t . L o u is .
1 9 1 9 th e re w e ro 1 2 0 n a t io n a l b a n k s h a v in g re s o u rc e s o f m o re
$ 2 5 ,0 0 0 ,0 0 0 .
in N o w
1 9 1 9 , w e ro $ 17 ,4 6 7 ,8 5 3 ,0 0 0 , a n In c r e a se o v e r S e p t.
17
w h ic h
t h o c o u n t r y ’s b a n k i n g p o w e r in t h o p a s t t w e n t y y e a r s ,
O n S e p t . 7 1 8 9 9 t h e r e w e r o 1 9 n a t io n a l b a n k s in t h o U n it e d
P h ila d e lp h ia , tw o
th a n
to $ 2 5 ,0 0 0 ,0 0 0 o r m o r e .
to a ls o illu s t r a t e s th o a s t o u n d in g g r o w t h
b a n k s 1 4 , o r 7 4 % , w e r e lo c a t e d in N o w
th o
1 9 1 8 , o f $ 2 ,6 2 3 ,5 8 8 ,0 0 0 .
T h o lis t in c lu d e s a ll n a t io n a l
19 19 a m o u n te d
S ta te s h a v in g re so u rce s o f a s m u ch
T h e N a t io n a l b a n k s o f th e U n ite d
8 2 9 ,5 7 6 ,0 0 0 .
$ 18
reso u rces
B y t h is m e a n s , a n d w it h th e s e a t t r a c t i v e r a t e s , it is p r o b a b le
t h a t a la r g e a m o u n t o f G o v e r n m e n t b o n d s n o w
p ile d , s h o w
e q u a lle d .
O k la h o m a
M in n e s o ta
s u c h b o n d s t o b e a r a r e a s o n a b ly h ig h r a t e ,s a y 5 %
fo r th e s u c c e e d in g f iv e y e a r s , 4 % fo r th e n e x t fiv e y e a r s a n d 3 A %
th e r e a ft e r , m a k in g th e b o n d s t a x e x e m p t w h e n o v e r th e r a t e c a m e d o w n to
In
Y o rk
R e s e r v e c it ie s w h o s e N a t io n a l b a n k s sh o w
o f 9 0 ,0 0 0 ,0 0 0 o r m o r e s i n c e S e p t . 1 2
4 A %
N ow
$ 2 4 ,8 9 7 ,0 0 0 ;
m a tu r in g s a y o n e h u n d re d y e a r s h e n c e , 1 % th e r e o f to b e a m o rtiz e d a n n u a lly ,
fo r th e fir s t fiv e y e a rs
S t a t e s d e c lin e d
in c r e a s e s
$ 4 3 ,0 6 3 , 0 0 0 ; N o r t h C a r o l in a $ 5 8 , 0 0 3 , 0 0 0 ; C o l o r a d o $ 2 8 , 9 5 8 ,0 0 0 ;'L o u i s l a n a
$ 2 6 ,4 8 3 ,0 0 0 ;
F e d e r a l R e s e r v e B a n k w o u ld b e m o re th a n 8 0 % .
e rn m e n t o b lig a tio n s ,
R e s o u r c e s in
th e in c r e a s o in th o P a c i f ic S t a t e s w a s $ 9 4 ,7 5 0 ,0 0 0 .
a g a in s t t h e e q u iv a le n t a m o u n t o f c ir c u la t in g n o t e s w h ic h it h a s b e e n n e c e s
or
le s s
th a n
18 9 9 , w e re lo c a t e d
in
2 1% ,
N ew
or
Y o rk
th e so
b an ks,
p ta to
as
( a ll b o in g
In P e n n s y l v a n i a , 9 in C a l i f o r n i a , 7 e a c h In I l l i n o i s
T exas; 6
in
V ir g in ia ,
5
each
in
M a ssa c h u se tts,
M in n e s o ta
1 2 1 9 1 9 , o f $ 7 8 6 ,2 7 1 ,0 0 0 ; a n d a n in c r e a s e fo r th e y e a r , o r s in c e N o v . 1 1 9 1 8 ,
a n d O h io ; 3 e a c h in C o lo r a d o a n d O r e g o n , 2 e a c h in G e o r g i a , I n d i a n a , M a r y
o f $ 2 ,4 16 ,3 8 0 ,0 0 0 .
la n d , M ic h ig a n , N e b r a s k a , N o w
T he
crease
in c r e a s e in
in
lo a n s
d e p o s it s w a s a b o u t a
fo r
th e
$ 11 ,5 6 0 ,2 4 2 ,0 0 0 , a n
In cre a se o v e r N o v .
The
y ear,
th e
1
on N ov.
T h e to ta l cash
d o lla r s m o re t h a n
N ov.
17
19 19 ,
th o
in
a m o u n tin g
to
d is c o u n ts
1
A la b a m a ,
D is tr ic t
of
C o lu m b ia ,
K e n tu ck y ,
L o u is ia n a ,
r e d is c o u n ts )
do-
S e p t. 12 19 19 ,
19 18 .
O f t h o s e b a n k s , 4 9 a r e in t h o N e w
F e d e r a l R e s e r v e b a n k s (in c lu d in g
B u ffa lo ,
1;
P h ila d e lp h ia ,
10 ;
P it ts b u r g h , 6 ; S c r a n to n ,
T h e r e a r e in M a r y l a n d , D i s t r i c t o f C o lu m b ia a n d
of
g re a te st e v e r re p o rte d ,
b e in g a n in c r e a s o
o v e r S e p t.
1 2 1 9 1 9 , o f $ 1 4 4 ,3 4 2 ,0 0 0 , a n d a n in c r e a s e o v e r N o v . 1 1 9 1 8 , o f $ 3 8 5 ,2 9 4 ,0 0 0 .
12
banks
on
N ov.
1 9 1 9 , o f $ 7 10 ,0 0 0
17
and
19 19 ,
an
w as
$ 6 8 0 ,8 7 9 ,0 0 0 ,
in c r e a s o
a
o f $ 5 ,1 8 1 ,0 0 0
th o
b ig
b an ks,
in c lu d in g
R ic h m o n d , 5 ; N o r fo lk ,
th o
c it ie s
of
1 ; A t la n ta , 2 ; N a s h v ille ,
1,
and
N ew ark , 2 .
th o S o u th e rn
B a ltim o r e .
2;
S ta te s 2 3
W a sh in g to n ,
1;
1 ; L o u is v ille , 1 ; B ir m in g
h a m , 1 ; N e w O r le a n s , 1 ; D a lla s , 3 ; H o u s to n , 2 ; F t . W o r t h , 2 , a n d T u ls a , 1 .
T h ir t y - fo u r o f th o
b ig g e s t b a n k s a r o in
th o C o n tra l W e s t, a n d
th o
W e st,
in c lu d in g th o c it ie s o f C le v e la n d , 2 ; C in c in n a t i, 2 ; T o le d o , 1 ; I n d ia n a p o lis ,
T o t a l o f b ills p a y a b le o n N o v . 1 7
o f $ 2 ,4 5 1 ,0 0 0 s in c o S e p t . 1 2
E n g la n d a n d M id d le
A t la n t ic S t a t e s , in c lu d in g th e c it ie s o f B o s t o n , 5 ; N o w Y o r k , 2 2 ; A lb a n y , 2 ;
to $ 2 ,18 8 ,7 5 5 ,0 0 0 , th e
o f N a tio n a l
T en
T o - d a y th e 1 2 0 n a t io n a l b a n k s w ith $ 2 5 ,0 0 0 ,0 0 0 o r m o re a r o d is t r ib u t e d
a m o n g 3 9 c it ie s .
la w fu l r e s e r v o a n d it e m s in p r o c e s s o f c o lle c t io n ) o n N o v . 1 7 1 9 1 9 , a m o u n t e d
C ir c u la tio n
O k la h o m a ,
I n 18 9 9 , a s sh o w n a b o v e , f iv e c it ie s in th e U n ite d S t a t e s c o n t a in e d th e 19
n a t io n a l b a n k s w ith re s o u rc e s o f $ 2 5 ,0 0 0 ,0 0 0 o r m o re .
( e x c lu s iv e o f
a s c o m p a re d w ith 6 6 .4 5 %
o n h a n d a n d d u e fro m
re d u c tio n o v e r S e p t .
o v e r N o v . 1 19 18 .
o n o e a c h in
n e s s e e a n d W is c o n s in .
1 9 1 9 , o f $ 4 7 4 ,7 8 0 ,0 0 0 , a rid a n
1 9 1 8 , o f $ 1,4 6 3 ,3 0 2 ,0 0 0 .
p r o p o r tio n o f lo a n s a n d
p o s its o n N o v . 1 7 1 9 1 9 , w a s 6 6 .18 %
a n d 6 7 .0 8 %
b illio n
lo a n s o n
in c r e a s e s in c e S e p t . 1 2
J e r s e y a n d W a sh in g to n , a n d
1 9 1 9 , w a s $ 1 ,0 6 2 ,1 5 5 ,0 0 0 , a re d u c tio n
1 9 1 9 , b u t a n in c re a s e a s c o m p a re d t o N o v .
1
2;
D e tr o it,
O m aha, 2;
2;
C h ic a g o ,
7;
M ilw a u k e e ,
D e n v e r , 3 ; M in n e a p o lis ,
2;
1;
S t.
S t.
L o u is ,
P a u l,
2,
3;
and
K an sas
C it y ,
D u lu th ,
1.
4;
Iu
Jan . 24 1920.]
THE CHRONICLE
t h e P a c i f i c S t a t e s t h e c it ie s c o n t a in in g 1 4 o f t h e la r g o b a n k s a r e S a n F r a n
c is c o , 5 ; L o s A n g e le s , 4 ; P o r t la n d , 3 , a n d S e a t t l e , 2 .
The
b ig
banks
to
a
la r g o
e x te n t a re
th e
lo g ic a l r e s u lt
o f th e
tre m e n
315
In part the N ew York “ Tribune” gave the following
account of what M r . Vanderlip had to say:
o f th e
M r . V a n d e r lip p r e fa c e d h is s t a t e m e n t w ith r e fe r e n c e t o th o L ib e r t y a n d
o f t h e ir c u s
V ic t o r y lo a n s w it h th e a s s e r tio n t h a t r is in g p ric e s , r e s u lt a n t u n r e s t a n d t h e
to m e r s , a n d b y in c r e a s in g t h e ir c a p it a l a n d r e s o u r c e s a r e e n a b le d t o m e e t
d is s a t is fa c t io n o f in v e s t o r s w it h g o v e r n m e n t s e c u r itie s , a ll p r o c e d d e d fr o m
th o in c r e a s in g
th o fu n d a m e n t a l m is t a k e m a d e b y th e g o v e r n m e n t a n d th o F e d e r a l R e s e r v e
d o u s g ro w th
co u n try
of our
have
in d u s t r ia l a n d
k e p t step
w ith
c o m m e r c ia l u n it s .
t h e e x p a n s io n
dem ands upon
th e m
In
th e
fo r c r e d it a n d
T h e banks
b u s in e s s
lo a n s .
T hey
fa c ilita te
lo c a l d e v e lo p m e n t b y m a k in g it u n n e c e s s a r y fo r b u s in e s s m e n t o g o a w a y
fro m
h o m o fo r b a n k a c c o m m o d a t io n a s h a d
Tho
to ta l
re so u rce s
o f a ll
$ 2 2 ,4 4 4 ,9 9 2 ,0 0 0 , a n d
12 0
la r g e s t
th o
n a t io n a l
$ 10 ,3 8 3 ,4 7 9 ,0 0 0
n a t io n a l
ban ks;
th o r o u g h ly d is tr ib u te d
but
banks
on
N ov.
17
b ig
banks
w ere,
as
w ere
by
sh o w n
th o
th e re
i s n o l o n g o r t h a t c o n g e s t i o n o f t h o c o u n t r y ’s b a n k i n g p o w e r i n a f e w
la r g e
Tho
in
o v id o n c o b e fo r e th o I n a u g u r a tio n
r e s o u r c e s o f th o n a t io n a l b a n k s , a b o u t 7 ,8 0 0 , w h o s e a s s e t s
in
th o
t o t a l re s o u rc e s o f a ll n a t io n a l
T h e r e fo r e ,
th e m o re th a n
10
b a n k s , la r g e
b illio n
and
s m a ll,
20
y e a rs
d o lla r s o f a s s e t s o f th e 1 2 0
r e p r e s e n t o n ly p a r t o f th o h u g e in c r e a s e o f n e a r l y 1 8
ago.
In
1 8 9 9 t h e r e w a s n o b a n k w i t h r e s o u r c e s o f a s m u c h a s $ 2 5 , 0 0 0 , 0 0 0 in
th e e n tir e S o u th fr o m
M a r y la n d to th o M e x ic a n b o rd e r.
g r e a t n a t io n a l b a n k s w ith
“ K e e p in g
re so u rc e s o f m o re th a n
G e o r g ia ,
1
T o -d a y th e ro a re
$ 2 5 ,0 0 0 ,0 0 0
each
in
in A l a b a m a ,
1
in
L o u is ia n a ,
1
in
K en
M r.
N ow
18 9 9
th e ro
w e re o n ly 3
V a n d e r lip
p o lit ic a l,
d is c o u n t r a t e
a sse rte d
th o u g h
o f th o
not
th a t
th o
b a n k s w it h r e s o u r c e s o f $ 2 5 ,0 0 0 ,0 0 0 w e s t o f
Y o r k a n d P e n n s y l v a n i a , b e in g 2 in C h ic a g o a n d
1 in S t . L o u i s .
On
F ed eral R eserve
p a r t is a n ,
F ed eral
c o n t r o l,
m o re
t h a t th o in s titu tio n
pen d en ce to
M r.
th o
w as ask ed
in te r e s t
f l o r e p lie d
ra te s
of
s h o u ld
i f th o
he
sa id ,
and
c o m p a r a b le in
o f th o
m ake
d is c o u n t r a t e
c o m m e r c ia l
a g e re so u rc e s o f $ 1 ,2 9 3 ,5 6 2 p e r b a n k .
On N o v . 17
19 19 th e re w ero n e a rly
7 8 1 p o r b a n k , a n in c r e a s e o f 1 1 8 % in t h o n u m b e r o f b a n k s a n d a n in c r e a s e
in t h o r e s o u r c e s p e r b a n k o f 1 2 1 % .
N.
Y.
STATE
BAR
C O M P A N IE S
A SSO C IA TIO N
A C T IN G
IN
OPPOSED
LEGAL
TO
TRUST
t h a t it is in
w o u ld
lo a n s
m o re
d a t io n s , b u t , in h is o p in io n , i t w o u ld
c r e d it .
A s
fa r
a s s e c u r itie s
b o b e tte r to d o th is th a n fu r t h e r to
“ I t is b e tte r t o s lo w
d o w n n o w ,”
w ere
c o n c e r n e d , in te r e s t r a t e s w o u ld
M r.
V a n d e r lip
d e p r e d a t e in t h e
re m a rk e d .
n o t b e p o s s ib le t o g e t b a c k to w h e r e w e w e ro im m e d ia t e ly .
“ I t m ig h t
B u t w e c o u ld
s t o p w h e r e w o a r e , a n d t h a t w o u ld b o b e t t e r th a n t o f a ll b a c k w it h a c r a s h .”
Tho N ew York “ Sun” of the 18th inst. in referring to M r .
Vanderlip’s criticism of tho Treasury Department for keeping
the Federal Reserve discount rates down, quoted him as
saying:
T h o y b o a s t e d t h a t t h o y h a d 2 1 ,0 0 0 ,0 0 0 in v e s t o r s in G o v e r n m e n t s e c u r it ie s
C A P A C IT Y .
a s th o r e s u lt o f t h e s e lo a n s a s a g a i n s t o n l y 4 0 0 ,0 0 0 b e fo r e t h e w a r .
Objection to tlio serving of trust companies in a legal
capacity is voiced in a resolution adopted by the Now York
State Bar Association at a meething held in this city on
Jan. 10. The following is tho text of tho resolution:
R e s o lv e d , T h a t It is th o s e n s e o f t h is m e e t in g
in d e
m a k in g it s o m e w h a t, o f a h a r d s h ip o n th o s e w h o m ig h t n e e d b a n k a c c o m m o
2 in M i c h i g a n , 1 in W is c o n s in , 7 in M i s s o u r i , 5 in M i n n e s o t a , 3 in C o l o r a d o ,
8 ,0 0 0 n a t i o n a l b a n k s in t h o U n i t e d S t a t e s w i t h a v e r g a e r e s o u r c e s o f $ 2 , 8 5 3 ,
w as
t h a t c o m m e r c ia l lo a n s w o u ld b e re n d e re d m o re c o s t ly ,
in fla t e
1 8 9 9 t h e r o w e r e 3 ,5 9 5 n a t io n a l b a n k s in t h o U n it e d S t a t e s w i t h a v e r
under
it
S ta te s.
n o t b e a f f e c t e d , b u t t h o s e b r in g i n g in lo w r e t u r n s w o u ld
m ark et.
In
w as
th a t
w a s p e n d in g in C o n g r e s s , a n d
N o v . 1 7 1 9 1 9 o f t h o b i g b a n k s w o f i n d 7 in C h i c a g o , 5 in O h io , 2 in I n d i a n a ,
2 in N e b r a s k a , 2 in W a s h i n g t o n , 3 in O r e g o n , a n d 9 in C a l i f o r n i a — a t o t a l
o f 48.
get
g re a te r to -d a y
sy ste m
b e fre e a n d
in c r e a s in g
s e c u r itie s
w as a
to
H e s a id t h a t h o h a d fo u g n t th is
th o S u p r e m e C o u r t o f th e U n ite d
V a n d e r lip
a ffe c t
B ank
c o m p e tit o r s
R eserve
m e a n in g ,
p r in c ip le w h ilo t h e b ill c r e a t in g th o s y s t e m
s t ill b e lie v e d
c o s tly ,
t u c k y , 1 in T o n n c s s e o , 1 in O k la h o m a , a n d 7 in T e x a s .
In
th o
T h e s p e a k e r a d d e d t h a t t h e v o lu m e o f c u r r e n c y w a s 6 8 %
th a n b e fo re th o w a r .
t h o S o u t h e r n s e c t io n , in c lu d i n g 2 in M a r y l a n d , 1 in t h o D i s t r i c t o f C o lu m
b ia , 0 In V i r g in ia , 2 in
dow n
d o m in a te d b y th e T r e a s u r y D e p a r t m e n t .
b y n a t i o n a l b a n k s in t h o p a s t t w o d e c a d e s .
23
o f it s a s s e t s in a c t u a l g o ld .
T h is n e a r ly h a p p e n e d , w ith th o re s u lt t h a t p ric e s so a r e d
g r a v e m is t a k e .
T h o le n d in g o f c r e d it s e n a b le s
in to t h e f ie ld , a n d o f c o u r s e p ric e s g o u p .”
b ig b a n k s
b illio n d o lla r s sh o w n
“ T h is h a s o n ly a b o u t 3 5 %
" B y le n d in g t o m e m b e r b a n k s it s c r e d it it w a s p o s s ib le to e x p a n d c r e d it
t h ir t y v o lu m e s .
eve ry w h e re .
o f th o F e d e r a l
c a s o o f e a c h b a n k a r e le s s th a n 2 5 m illio n d o lla r s a r e n o w f a r g r e a t e r th a n
th e
a s a c e n t r a l d e p o s it a r y , t h e r e s e r v e s o f it s b a n k m o m b e r s ," M r . V a n d e r lip
s a id .
above,
in e v e r y s e c t io n a n d
c it ie s w h ic h h a d b e e n
R e se rv e S y ste m .
th ro u g h o u t th o c o u n try
fa ilin g t o in c r e a s e t h e d is c o u n t r a t e .
“ J u s t a f t e r t h e w a r b r o k e o u t , it [th o F e d e r a l R e s e r v e B a n k ] to o k o v e r ,
19 19
o f th e s e r e s o u rc e s w e r e h e ld
th e se
b a n k in
b e e n u s u a l in t h o p a s t .
th o in te re s t
th e y
r e a lly
got
t r a n s a c t io n .
so
w o u ld
w as
2 1 ,0 0 0 ,0 0 0
d is g u s te d
p e o p le
who
lo s t m o n e y
W hat
by
th e
I t is p o s s ib le t o r a i s e $ 4 ,0 0 0 ,0 0 0 ,0 0 0 b y b o r r o w in g , b u t t o d o
add
to
th e a lr e a d y
m o re g o o d s to b u y .
e x tr e m e c o m p e tit io n
T h o r e s u lt w o u ld
fo r g o o d s w ith o u t a n y
b e a c o n t in u e d
advance
in p r i c e s .
T h e w is e c o u rs e w o u ld b o t o r a is e t h e d is c o u n t r a t e s a t o n c e a n d p r e v e n t
t h i s s t e a d y r is o in p r i c e s .”
o f s o c lo ty t h a t th o in tim a te a n d d ir e c t r e la t io n s h ip o f a t t o r n e y a n d c lie n t
s h a ll b o p r e s e r v e d a n d t h a t c o r p o r a t e , o r la y , p r a c t ic e o f la w is d e s t r u c t iv e
o f t h a t r e la t io n s h ip a n d t e n d s t o lo w e r th o s t a n d a r d o f p r o fe s s io n a l r e s p o n s i
b ilit y .
R e s o lv e d
fu rth e r,
T h at
tru st
c o m p a n ie s
le g it im a t e fu n c t io n s o f a b u s in e s s a n d
w h ilo
R e s o lv e d ,
fu rth e r,
th a t
e ffo rts
B a n k e r s ’ A s s o c ia tio n
o f th o
to
p ro p er
T ru st
le g a l
a d v ic e
C om pany
to
c lie n t s ,
S e c tio n
e lim in a t e e v il p r a c t ic e s o n
o f th e
th o
p art o
t r u s t c o m p a n ie s b o e n c o u r a g e d a n d t h e e ffo r t to c o - o p e r a t e w it h th o b a r b e
c o r d ia lly w o lc o m c d .
R e s o lv e d , T o t h a t e n d t h a t w e r e c o m m e n d t o S t a t e a n d lo c a l b a r a s s o c ia
tio n s t h a t t h e y b r in g to th o a t t e n t io n o f th o T r u s t C o m p a n y S e c tio n o f th o
A m e ric a n
B a n k e r s ’ A s s o c ia tio n
b a n k e r s o f w h ic h
any
e v il
p r a c t ic e s
o f tru st
t h o y a r e a w a r e in o r d e r t h a t th o
c o m p a n ie s
R e s o lv e d , T h a t a s p e c ia l c o m m itte e o f s ix b o a p p o in t e d to p r e p a r e fo r th e
u so o f S t a t o a n d lo c a l b a r a s s o c ia t io n s a c a r e fu l b r ie f o f w h a t c o n s t it u t e s
and
V A N D E R L IP
w h a t c o n s titu te s u h la w fu l a n d
im p r o p e r p r a c t ic e
o f t h e la w b y la y m e n o r l a y a g e n c ie s , a n d t h a t s a id c o m m itte e r e p o r t a t th o
n e x t c o n fe r e n c e .
SEES EUROPE IN
— MORETON
FREW EN
C R IT IC A L
FOR
N EED
SIL V E R
R E M O N E T IZA T IO N .
On tho 13th inst., in addressing tho Council on Foreign
Relations, on the occasion of its dinner at tho Hotel Astor,
M r . Vanderlip reiterated previous assertions as to financial
conditions in Europe, and in urging that tho people of this
country give thoughtful consideration to the situation, said
according to tho N ew York “ Herald” :
or
b a n k e r s ' o r g a n iz a tio n
m a y , lik e th o la w y e r s ’ o r g a n iz a tio n , p u r g e it s r a n k s o f w r o n g d o in g o r e r r o r .
p r a c t ic e o f th o la w
F. A .
and
fid u c ia r y c h a r a c t e r , a r e n o t c o n s ti
tu te d o r o rg a n iz e d fo r th o p u rp o s e o f fu r n is h in g
d r a w in g w ills , o r fu r n is h in g le g a l s e r v ic e s .
A m e ric a n
p e r fo r m in g
I t Is p o s s ib le t h a t w o m a y fa c e a b r e a k d o w n
p re se n t situ a tio n
a c tio n .
in e x c h a n g e s t o w h ic h t h e
m a y b e re g a r d e d a s v e r y ta m e in d e e d .
c o m e s, th e n w o a r e fa c e d w ith d is a s te r .
I f th o c o n d it io n
W o m u s t ta k e a c tio n , im p o r t a n t
I f w o d o n ’ t , t h e c h a o s t h a t Is g o in g t o r e s u lt in C o n t r o l E u r o p e , a n d
p o s s ib ly f u r t h e r w e s t , is g o in g to b o b e y o n d d e s c r ip t io n .
Y ou
m u st w ak e u p
to
th o s e r io u s n e s s o f th e s it u a t io n .
s e r io u s s it u a t io n th o w o r ld o v e r f a c e d .
tim e to w a k e u p .
■
I t is t h e m o s t
W o ’v o g o t i t o n h a n d n o w , a n d i t ’s
Tlio “ Herald” also quoted him to the following effect:
F.
A.
Y A N D E R L IP
RESERVE
URGED
D IS C O U N T
R A IS IN G
RATE
TO
OF
CHECK
FEDERAL
C R E D IT
E X P A N S IO N .
K a c li a d d it io n a l b lo c k , b o e x p la in e d , a d d e d “ a s m u c h p u r c h a s in g p o w e r
n s a ll th o le g a l m o n e y u n d e r th e b a so o f o u r p y r a m id .”
A d d in g t h a t p u r c h a s in g p o w e r m a d e n o w c o m p e tit io n fo r g o d d s , h o s a id :
" C o m p e t it io n
fo r g o o d s g ro w
w h ilo th o a m o u n t o f g o o d s d id n o t g r o w a n d
a
g e n e ra l riso
o f p ric e s, c a u s e d
by
th e
c r e d it
a t th o p r e s e n t t im e is t h a t a l l t h e c o u n t r ie s t h e r e a r e r u n n in g w i t h
exp en se
g re a te r
p art
le a s t ,”
Tho “ hooping down” of tho discount rate of the Fodoral
Rosorvo Bank was characterized as “ a grave mistake” by
Frank A . Vandorlip, formerly President of tho National City
Bank of this city, in addressing members of tho Leaguo for
Political Education, in Carnogio H all, this city on January
17. [T*ho rato has been advanced since M r. Vanderlip
spoko.] Higher discount rates, M r. Vandorlip argued, were
imporativo as a check on credit expansion and soaring prices.
Tho Now York “ Tim es,” ' says M r. Vanderlip, pointed out
that tho law pormittod tho dilution of tho resorves of tho
Fodoral Rosorvo Bank so that only one-third of the total was
in gold, and that upon tho legal monoy baso in the Resorvo
Bank a pilo of thirty “ blocks” could bo built. Tho “ Tim es”
further cpiotod him to tho following offoct:
w o g o t u n iv e r s a l ly h ig h e r p r ic e s ,
in fla t io n o f c r e d it .”
M r . V a n d e r lip s a id t h a t th o fu n d a m e n ta l tr o u b le w ith E u r o p e a n
th o
th a n
t h e ir in c o m e s .
h e a sse rte d ,
o n ly
th a t su ch
o c c u p a t io n
a
"T h e y
“ b y r u n n in g
in
c o n d it io n
E u ro p e
b r in g s a
a re
m a rk in g
t h e ir p r in t in g
t h a t is
now
up
th e
p re sse s.
w o r k in g
e le m e n t in t o
d e fic it ,
th o
as
T h a t , in f a c t , i
o v e r tim e .
N ow ,
w o see
e x c h a n g e s itu a tio n ,
v i z ., th e d e p r e c ia t io n o f th o c u r r e n c y lt s o lf.”
M r . V a n d e r lip d e c la r e d t h a t b e fo r e th o n a t io n s o f E u r o p e c o u ld h o p o t o
o b ta in
and
m uch
th e n
g iv e
c r e d it fr o m
th o n o w
A m e ric a
lo a n s a
th e y
p r io r it y
m u s t f ir s t b a la n c e
th e ir b u d g e ts
o v e r a ll t h e w a r lo a n s .
"E u ro p e
h a s g o t to a p la c e w h e ro r e c e iv e r s ' c e r t if ic a t e s a r e n e c e s s a r y i f i t g e t s a n y
m o n e y ,” h e s a id .
“ Undor no circumstances,” said M r . Vandorlip, according
to tho Now York “ Tim es,” “ should wo grant additional
Govornmont credit to Europe. W o must go directly to the
investors for this m oney.” The New York “ Commercial”
reported that M r . Vanderlip was “ sharply takon to task” for
his statements by Moroton Frowon, tho English economist,
who, so the paper quoted, said, rominded him that Great
Britain was far from bankrupt and that experience had shown
that tho recreation of wealth following a war was nothing
short of magical. M r. Frewon, the “ Commercial” contin
ues, laid tho collapso of the exchanges to tho drain of gold
to India and earnestly favored tho romonetization of silver.
E x p la in in g t h a t th o b r a k e " t o p r e v e n t th o p ilin g o f t h r s o b lo c k s u p to th o
d a n g e ro u s p o in t, n e a r t h ir t y tim e s th o b a s o ,”
w a s th o ra to c h a rg e d
b y th o
F e d e r a l R o s c rv o B a n k o n c r e d it ro s o rv e s b o rro w e d b y th o m e m b e r b a n k s ,
M r . V a n d e r lip a d d e d t h a t th is d is c o u n t a n d
lo w b y th o T r e a s u r y D e p a r t m e n t .
“ D o n ’t
u n d e rsta n d
m a lig n ly s e t o u t to
In fla t io n
mo
as
in v o lv e
s a y in g
a n d t h i s r i s e in p r i c e s , " s a id
T h e y d i d n 't u n d e r s t a n d .
th a t
th o
t h i s c o u n t r y in
M r.
in te re s t ra t o
been
kept
T reasu ry
D ep artm en t
has
th e a w fu l c a t a s t r o p h e o f th is
V a n d e r lip .
T h o y h a d th o b e s t o f m o t iv e s .
“ T h e y d id n ’t seeT h e y w a n t e d to
T h e y w a n te d to s a v e
p a y in g a h ig h in t e r e s t r a t o , a n d t h e y w a n t e d t o h a v e th o
r c c d lt , u iu lo u t o d ly , o f fin a n c in g a g r e a t w a r o n a lo w in t e r e s t r a t o .
SU G G E ST IO N
TH AT
OF
A M E R IC A N
RESERVE
BA N K S
C O M M E R C IA L
f lo a t tlio U n it e d S t a t e s b o n d s a t a lo w in t e r e s t r a t o .
th o c o u n t r y fro m
had
ACCEPTANCE
R A ISE
PAPER
TO
C O U N C IL
RATES
ON
6% .
In an article dealing with the,policies of tho Federal Reserve
Board with respect to discount rates, the American Accep
tance Council, in its January “ Bulletin,” refers to tho ac
tion of the Board in abolishing special rates heretofore in
force for so-called “ war paper” as a timely stop in the right
THE CHRONICLE
316
direction.” It contends, however, that the present rate
structure of the Federal Reserve system, still remains en
tirely anomalous. In advocating that the Reserve Banks
raise their rates for single name commercial paper to G % ,
the Council^says in part:
k
T h o o r ig in a l p o lic y o f t h e F e d e r a l R e s e r v e B o a r d c o n t e m p la t e d r a t e s fo r
dom and
fo r
[V o l . 1 1 0 .
c o m m o d itie s
by
in d iv id u a ls
d u r in g t h e w a r , b u t w h o a ro n o w
dem and.
ra th er
who
r e s tric te d
T h i s r is in g s c a lo o f in c o m e h a s le d
th a n
n e c e s s it ie s
and
to
th e ir
p u rch ases
b u y in g f r e e l y In c o m p e t it io n w i t h e x p o r t
th o
to
d iv e r s io n
th o p u r c h a s e o f lu x u r ie s
o f la b o r a n d
e s s e n tia ls to n o n - e s s e n t ia ls .
I t is b e c o m in g e v i d e n t , a ls o , t h a t th o c x t r a v a g a n c o
m a te r ia l fro m
o f in d iv id u a ls , a n d
th o in d is c r im in a te g r a n t in g o f c r e d it s b y so m o b a n k s fo r in v e s t m e n t s a n d
s p e c u la t iv e
at
th ro u g h
c ir c u m s ta n c e s
th a t
le d
to
a
p o lic y , e n tir e ly
by
an
th o
re so u rce s
in d ire c t p ro c e s s, fo r
th o F e d e r a l R e s e r v e
o b ta in e d
r a t e s m o v in g a ro u n d 5 % .
W e a ro fa m ilia r w ith th e
u sed ,
cau sed
of
th o
F ed eral
R eservo
in t e n d e d o r a u t h o r iz e d b y l a w .
I t w a s th o in te n t o f th o fr a m e r s o f th o F e d e r a l R c s o r v o A c t t o p r o v id o .
in m o s t R e s e r v e b a n k s , w h ile b a n k e r s ’ a c c e p ta n c e s a r o b o u g h t b y th e m
be
havo
banks
A t p r e s e n t r a t e s fo r 9 0 - d a y s in g le n a m e c o m m e r c ia l p a p e r s t a n d a t 4 M %
to
p u rp o ses
b a n k e r s ’ a c c e p ta n c e s a p p r o x im a t e ly 1 % , o r m o r e , b e lo w th e r a t o fo r s in g le
n a m e p a p e r a n d a r a t o fo r t r a d o a c c e p ta n c e s in b e tw e e n th e s e tw o le v e ls .
to
m eet
p u rp o se s o th e r th a n
b a n k s , a so u rc o fro m
u n e x p e c te d
or
s t r ic tly
th o so
w h ic h fu n d s m ig h t b o
s e a s o n a b le
dem ands
r e s o u rc e s o f t h e ir m e m b e r b a n k s m ig h t b o t e m p o r a r ily
w h ic h
u n a b le to
th o
s u p p ly .
ju s t i f ie d b y t h e e m e r g e n c ie s t o b o m e t , o f lo w r a t e s fo r G o v e r n m e n t b o n d -
I t w a s n o t c o n t e m p la t e d t h a t t h e R e s o r v o b a n k s s h o u ld b o lo o k e d u p o n a s
secu red p ap er.
in o x h a u s t ib le r e s e r v o ir s o f lo a n a b lo
B u t , w ith
w a r b o r r o w in g b e h in d u s , w h a t e v e r a p p e a l th o
G o v e r n m e n t w i ll m a k e t o t h e m o n e y m a r k e t in f in a n c in g i t s r e g u la r b u d g e t
ta in e d , e v e n
to
in v e s t m e n t ..
G o v e rn o r n a r d in g
sh ap e
th e
m a rk e t
and
th e
g e n e r a l d is c o u n t
stru c tu re
o f th e
F ed eral
R e s e r v e S y s t e m s o a s t o fa c ilit a t e G o v e r n m e n t fin a n c in g .
T h o sta te m e n ts o f th e F e d e ra l R e s e r v e B o a rd
a n d th o F e d e r a l R e s e r v e
m is t a k a b le
in d ir e c t ly , fo r th o
n o te
of
th e
o f tim e ly
F ed eral
R eserve
to
B o a rd
h a s so u n d ed
b a n k s o f th o c o u n t r y
L o a n s o n L ib e r t y a n d
V ic to r y b o n d s o u g h t
and
fu r t h e r d a n g e ro u s in fla tio n
th o so
b o rro w ers
an
un
w hen
re q u ir in g
he
a g r ic u lt u r a l, c o m m e r c ia l a n d in d u s t r ia l a c t iv it ie s .
T h o o n l y w a y in w h ic h t h o e x is t in g s i t u a t i o n m a y b o m e t s a t i s f a c t o r i l y ,
V ic t o r y b o n d s w ill h a v e to s u b m it to th o s a m e r a t e s a s b o r
th e ir lo a n s t o
th o
th o fu tu ro , a s fa r a s th e F e d e r a l R e s e r v e b a n k s a ro c o n c e rn e d , o w n e rs o f
and
re s tric t
w a r n in g
u rg es
L ib e r ty
to
e n te r p r is e s , o r fo r
b a n k s , r e p r in t e d in p a r t in o t h e r p a r t s o f t h i s is s u e , w i s e l y i n d i c a t o t h a t in
r o w e r s o n c o m m e r c ia l p a p e r .
th e m
fu n d s , o r t h a t th e ir a s s is ta n c e b o o b
fin a n c in g o f s p e c u la t iv e
fu n d s fo r
b o a v o i d e d , is f o r o u r b a n k s , o n o a n d
a ll.
s p e c u la t io n
to r e a liz o f u l l y th o g r a v i t y o f o u r p r e s e n t c r e d it c o n d it io n , a n d to m a k o t h e ir
o u g h t n o t t o b e e n c o u r a g e d b y p e r m it t in g b a n k s t o m a k e a d d itio n a l p r o fit s
a d v a n c e s t o t h e ir c u s t o m e r s in a c c o r d a n c e w i t h s o u n d a n d p r u d e n t b a n k i n g
to
bo
p a id
o ff b y
s a v in g s ,
and
c o m m e r c ia l o v e r - b u y in g
and
b y u s in g th e re s o u rc e s o f th e F e d e r a l R e s e r v e S y s t e m
in o r d e r to in c r e a s o
t h e ir c o m m e r c ia l lo a n s .
T h e F e d e r a l R e s e r v e b a n k s , a t th is t im e , m u s t a im
to re d u c e th o a g g r e
g a t e o f th e ir in v e s t m e n t s a n d
t h e r e b y in c r e a s e t h e ir r e s e r v e p o s it io n .
It
w o u ld a p p e a r t h a t t h e r e is l i t t l e c h a n c e f o r t h e ir s u c c e e d in g in t h a t p o lic y
a s lo n g a s th e ir d is c o u n t r a t e s o ffe r s o a t t r a c t i v e a m a r g in o f p r o fit t o th o
and
O n D e c . 3 1 G o v e r n o r H a r d in g a d d r e s s e d a m e s s a g e to th o G o v
F ed eral
w h ic h so a b ly
R eserve
d is c u s s e d
b a n k s w h ic h
w a s so
i t in p a r t a s f o llo w s :
“ . . . T h e F ed eral
R eserve
banks
sh o u ld
ta k e
a n d th o
in m o s t o f th o d is t r ic t s .
That
p o s itio n
e lim in a t in g d e m a n d s o f q u e s tio n a b le p r o p r ie t y .
O n th o o th e r h a n d , it is s u g g e s t e d t h a t F e d e r a l R e s e r v o b a n k s ’ h o ld in g s
heavy
and
t h a t t h a t w o u ld
p e rtin e n t,
and
th o
ad va n ta ge
of
th o
fa c t
s t r e n g th e n t h e ir p o s itio n v e r y m a t e r ia l ly , th u s m a k in g p r o g re s s t o w a r d a
n o r m a l s it u a t io n . . . . T h o F e d e r a l r e s e r v e b a n k s s h o u ld m a in ta in a s t r o n g
t o r a i s e th e ir r a t e s fo r s in g le n a m e c o m m e r c ia l p a p e r t o 6 % .
w arran t a
s im u l
S in c e th o b e g in n in g o f th e o p e r a
in o r d e r t o m e o t l e g i t i m a t e d e m a n d s .
T h is c a n o n ly b o d o n e b y
o f A m e r i c a a s t h o w o r l d ’s f i n a n c i a l c e n t e r a n d
T h c r o is m u c h d is c u s s io n
m a n y c o n d it io n s fa v o r o u r
a s p ir a t io n s to t h a t p o s itio n , b u t w o s h a ll n o t b o a b lo to a t t a in o r to r e t a in
it
t a n e o u s fu r t h e r in c r e a s o in r a t e s fo r b a n k e r s ’ a c c e p ta n c e s .
T h is , h o w e v e r , w o u ld b o a m is t a k e .
and
p a r t t o b o t a k e n b y o u r b a n k s in it s a c c o m p lis h m e n t t h a t w e d o s iro t o q u o t e
b e in g s o , it w o u ld a p p e a r a s i f t h e tim o h a d c o m e fo r F e d e r a l R e s e r v o b a n k s
o f b a n k e rs' a c c e p ta n c e s a re
t im e ly
th o n e c e s s it y fo r c r e d it c o n s e r v a t io n
t h a t th o G o v e r n m e n t h a s a c t u a l l y b e g u n a r o t ir o m o n t o f th o w a r d e b t , t o
r e d is c o u n te r s o f s in g le n a m e p a p e r .
T h e o p e n m a r k e t ra t o fo r c o m m e r c ia l p a p e r is a t p r e s e n t o v e r 6 %
F e d e ra l R e se rv e b a n k ra to sta n d s a t 4 % %
ju d g m e n t.
e rn o rs o f th e
s im p ly
b ecau se
of
our
reso u rces.
W o
m u st
stre n g th e n
p o s i t io n in o r d e r t o m e o t p r o b a b l y c a l l s a n d d r a i n s .
our
fin a n c ia l
A s th o o n ly fr e o g o ld
tio n s th o 9 0 - d a y r a t o f e r c o m m e r c ia l p a p e r o f t h e N o w Y o r k F e d e r a l R e s e r v e
m a r k e t , w o a r o lo s in g la r g o a m o u n t s o f g o ld p r i n c ip a lly to O r ie n ta l c o u n t r ie s
B an k
su ch
h a s a d v a n c e d fro m
m o v e d u p fro m
fro m
2%
4%
to 4 % % >
to o r a b o v e 5 % .
w h ile it s r a t e fo r a c c e p ta n c e s h a s
In o th e r w o rd s, th e a c c e p ta n c e ra to
t im e t o tim o h a s b e e n a d ju s t e d t o w o r ld c o n d it io n s , th o o ffic ia l ra to
fo r c o m m e r c ia l p a p e r h a s n o t .
B y
m o v in g th o la t t e r to
6%
and
le a v in g
a s Ja p a n ,
C h in a
and
I n d ia .
to
o ffse t
fu rth e r
dem ands
upon
exp o rts
b e tw e e n
s t a n t ly a d v a n c in g p r ic e s le a d
th e
tw o
ty p e s
of paper
w o id d
b e r o - e s ta b lis h e d .
I f our accep
to
c o u n t r ie s
r e c e iv in g
o r t o e x p o r t in n o r m a l t i m e s .
over
b o rro w er
pays
an
in te re s t p e r a n n u m
a c c e p ta n c e
c o m m is s io n
e q u iv a le n t
to
to
1 %
2%
in o rd e r t o s e c u r e th o b a n k e r s ’ g u a r a n t e e a n d th is c o s t
m u s t b o a d d e d t o t h e d is c o u n t r a t e .
O n th e o th e r h a n d , it is th is g u a r a n t e e
t h a t e n title s th e a c c e p ta n c e to th o lo w e r r a t e , a n d
th o v e r y fa c t t h a t th is
p r e fe r e n t ia l ra to e x is ts te n d s to m a k e th o b a n k e r s ’ a c c e p ta n c e th e fa v o r it e
in v e s tm e n t o f th e b a n k s ; t h a t is , it a s s u re s it s w id e m a r k e t .
T h a t t h e F e d e r a l R e s e r v o b a n k s ’ i n v e s t m e n t in b a n k e r s ’ a c c e p t a n c e s is
fa r
th is
as
d r a in
has
o r d e r ly
been
la r g e ly
liq u id a t io n
is a c
our
c o m m o d itie s
w ill
bo
c u rt a ile d .
Con
to u n e c o n o m ic a l p r o d u c t io n a iu l m a y s t im u
t a n c e m a r k e t is t o b e c o m o a w o r ld f a c t o r o u r d is c o u n t r a t e fo r a c c e p ta n c e s
th o
fa r
So
la t e th e e x p a n s io n o f o u r p r o d u c t iv e fa c ilit ie s b e y o n d o u r p o w e r t o c o n s u m e
m u s t n o t b e u n r e a s o n a b ly h ig h .
M o r e o v e r , it m u s t b o b o r n e in m in d t h a t
u s.
c o m p a n ie d b y lo w e r p r ic e s , c o m m o d ity e x p o r t s w ill b o s t im u la t e d a n d g o ld
b a n k e r s ’ a c c e p t a n c e s a t a p p r o x i m a t e l y t h e ir p r e s e n t le v e l , a p r o p e r r e la t io n
T h o B r it is h d is c o u n t r a t o h a s b e e n r e d u c e d a g a in t o 5 % .
Thus
o l 'f s o t b y r e c e i p t s o f G e r m a n g o l d , b u t w o m u s t l o o k t o o r d e r l y l i q u i d a t i o n
c o n s u m p t io n
aro
th o
B u t , a t th o m o m e n t , u n d e r p r o d u c t io n a n d
real m on aco,
r e s u ltin g
in
a
c o n t in u o u s
riso
of
p ric e s a n d m a k in g it m o ro d iffic u lt , th r o u g h s a v in g , to a c c u m u la te c a p it a l
fo r fo re ig n in v e s tm e n t .
C a lls fo r a id
in t h o r e s t o r a t i o n
o f E u r o p e sh o u ld
c a r r y w ith
t h o r n a n a p p e a l t o e c o n o m i z e in o u r o w n c o n s u m p t i o n in o r d e r
th a t
m ay
th e re
b o a v a ila b le ,
n o t o n ly
c o m m o d itie s
fu n d s fo r fo r e ig n lo a n s a n d in v e s t m e n t s to
I t sh o u ld b o th o r o u g h ly u n d e rs to o d t h a t
fo r
exp o rt,
but
a ls o
s u p p ly m o a n s o f p a y m e n t ."
th o re so u rc e s o f th o F e d e r a l
R e s e r v e S y s t e m w ill c o n t in u o to b o a t th o d is p o s a l o f c o m m e r c e a n d in d u s t r y ,
th e
a n d t h a t t h o F e d e r a l R e s c r v o b a n k s in t h o f u t u r o , a s is t h o p a s t , w i ll c o n t in u o
h ig h e r w ill b o th o p r o p o r tio n o f b a n k e r s ’ a c c e p ta n c e s to o th e r in v e s t m e n t s
to t a k o c a ro o f th o le g it im a t e a n d r e a s o n a b le r e q u ir e m e n ts o f b u s in e s s a n d
in n o r m a l tim e s , w h e n th o h e a v ie s t in v e s tm e n t s o f F e d e r a l R e s e r v e b a n k s
a g r ic u ltu r e .
is lik e ly a lw a y s t o b e in t h a t p a p e r w h ic h c o m m a n d s th o lo w e s t r a t o .
T h o t o t a l a m o u n t o f a c c e p ta n c e s g iv e n b y n a t io n a l b a n k s , s t a t e b a n k s
o f D a lla s to d e te r m in e n o t o n ly th o e lig ib ilit y o f p a p e r o ffe r e d , b u t , a s f a r
a
heavy
o n e is n a t u r a l, a n d
th o
b e tte r o u r b a n k in g
sy ste m
d e v e lo p s
Ilo w o v e r ,
it w ill b o th o
p o lic y o f th o
F ed eral
R cso rvo
bank
a s p o s s ib lo , t o d e t e r m in e a ls o w h e t h e r th o p u r p o s o w h ic h p r o m p t s r e q u e s t s
a n d t r u s t c o m p a n ie s a t th o e n d o f S e p te m b e r w a s e s t im a te d b y th e f e d e r a l
fo r a c c o m m o d a t io n
R eserve
w it h th e p r in c ip le s o f c o n s e r v a t iv e c r e d it ju s t m o n t .
T h o b a n k s o f th is d is tr ic t, b o th m e m b e r a n d n o n -m e m b e r, sh o u ld c a re
B o a rd
at
a p p ro x im a te ly
5 6 0 0 ,0 0 0 ,0 0 0 .
Tho
F ed eral
R eserve
b a n k s ’ h o ld in g s o f a c c e p ta n c e s a m o u n ts t o - d a y t o $ 5 7 5 ,0 0 0 ,0 0 0 , s o t h a t a n
is in a c t u a l c o n f o r m i t y w i t h
and
im m e d ia t e o r e x c e s s iv e in c r e a s e in a c c e p t a n c e h o ld in g s n e e d n o t b e e x p e c te d
f u lly a n a ly z o t h e n e c e s s it y fo r e a c h
a s a c o n s e q u e n c e o f a p r o p e r m a r g in b e tw e e n c o m m e r c ia l p a p e r a n d a c c e p
to d is c o u ra g o th o s e e k in g o f a c c o m m o d a t io n s w h ic h h a v o n o t to d o d ir e c t ly
t a n c e d is c o u n t r a t e s .
O n th e o th e r h a n d , th e F e d e r a l R e s e r v e
in g
m e r c ia l p a p e r a n d
in
w a r p a p e r o u g h t to
r a t o w o u ld b o e s t a b lis h e d .
A
p o lic y
lo a n
th e s p ir it o f th o la w
m a d e b y t h e m , a n d d o th e ir b e s t
w it h le g it im a t e p r o d u c tio n , o r w h ic h a r o n o t s o u g h t a s a m e a n s o f s u p p o r t
S y s t e m ’s in v e s tm e n t s in
go
com
d o w n s u b s ta n tia lly i f a
o f t h is c h a r a c t e r w o u ld
6%
b o lik e ly to
c o m m e r c ia l,
in d u s t r ia l
or
a g r ic u ltu r a l
o n to rp riso s
w h ic h
aro
v ita lly
e ss e n tia l to th o c o m m o n g o o d .
I f s u c h a p o lic y is n o t u n i v e r s a l l y a d o p t e d a n d f o llo w e d , it is c o n c e i v a b le
b r in g a b o u t c o n t r a c t io n o f lo a n s a n d c ir c u la t i o n , w h ic h a r o d e s ir e d a t th is
t h a t m a n y b a n k s m a y fin d
tim o , a n d
In a c c o r d
m a d e e it h e r fo r s p e c u la t io n o r in v e s tm e n t t h a t t h e y a r o u n a b le to t a k o c a r o
w i t h t h o p r i n c ip le s o r i g i n a lly la i d d o w n b y t h o s o in i t s c h a r g e a n d m o r e in
o f th o le g it im a t e s e a s o n a b le d o m a n d s o f th e ir c u s to m e r s w h e n th o s o n e e d s
acco rd
a ris e .
w o u ld
w ith
le a d
th e sy ste m
th e b a n k in g
back
to
a
b a sis m o re
u sag es th a t go vern ed
n e a rly
t h e w o r ld
b e fo re th o
w ar
It
th e ir r e s o u rc e s s o c o m p le t e ly
w ill b o d if f ic u lt ,
i f n o t im p o s s ib le , fo r s u c h
tie d
up
b a n k s to
in
lo a n s
liq u id a t e
e m e r g e n c ie s a r o s e .
O n e sh o u ld e x p e c t t h a t th o c u r r e n t r a t o o f th o fu tu r o fo r t a x c e r t ific a t e s
lo a n s o f th o c h a r a c t e r m o n tlo n o d , a n d c e r t a in ly t h e y w o u ld n o t b o a b lo to
and
a id
b a n k e r s ’ a c c e p ta n c e s sh o u ld
m ovo
fa ir ly
n e a rly
on
th o sa m o le v e ls .
T h o c o u n t r y — b a n k s a n d in v e s t o r s a lik e — s h o u ld lo o k t o th e m
a s th o id e a l
in v e s t m e n t fo r fu n d s t h a t m u s t b o k e p t In liq u id f o r m , e a r n in g , in d e e d , a
c o m fo r ta b le
in te re s t
retu rn
but
a v a ila b le
d e m a n d s fo r im m e d ia te p a y m e n t o f c a s h
in
a ll
c ir c u m s ta n c e s
to
m eet
r e d is c o u n t s u c h
fro m
p a p e r w ith
th o
o th e r b a n k s s h o u ld
e m b a r r a s s in g
a lte r n a tiv e
F ed eral
G O V . R. L . V A N Z A N D T O F D A L L A S F E D E R A L R E S E R V E
C U R T A IL M E N T
SP E C U L A T IV E
OF
LOANS
d u o to
w a r c o n d it io n s a n d
th o n e c e s s it y fo r a id in g o u r G o v e r n
o f w a r fin a n c e , th e re h a s a rise n
H ow
e v e r , it is n o t p o s s ib le fo r u s t o o v e r lo o k th o f a c t t h a t th e r e a r e o th e r c o n
t r ib u t in g c a u s e s t o t h e p r e s e n t c o n d it io n o f in f l a t i o n , w h ic h is n a t io n w id o .
In c o m e s
g e n e r a lly
havo
advanced
m a te r ia lly
th e p r in c ip le s o f e c o n o m y in c a lc a te d
e ra lly
re la x e d ,
w ith
th e
r e s u lt
th a t
th e re
d u r in g
If an
a p p e a l fo r
b o le ft o n ly
th o
c u s to m o r s e e k in g
th e
The
if u sed
re so u rc e s o f th e
d ir e c t ly
or
in d ir e c tly
c r e d it p o lic y
F ed eral
R eso rvo
w h ic h
S y ste m
Is s o
aro
u rg e n tly
n o t u n lim
b e fo re
It
r e s u lts
in
fo r p u rp o s e s n o t c o n t e m p la t e d
w id e s p re a d
in ju r y
to
our
b u s in e s s
by
th o
and
our
RATES OF N .
Y.
p e o p lo .
a n d s t iil e x is ts a tr e m e n d o u s a n d u n p a r a lle le d e x p a n s io n o f c r e d it s .
and
it e d .
checked
PURPOSES.
m e n t in c a r r y i n g t h r o u g h i t s g r e a t p r o g r a m
th e
A c t , a n d it w ill b o n e c e s s a r y t h a t th o p re s e n t e x p a n s io n o f c r e d it b o s h a r p ly
FOR
The curtailment of loans for speculative purposes is the
subject of a circular letter addressedjto tho banks and trust
companies of tho Dallas F ederal Reserve District on Jan. 9
by Governor R . L . Van Zandt. Tho problems ahead of us,
G ov. Van Zandt warns, although different, aro no less
important than those of tho past; in many respects, ho says,
they will require moro skillful handling. lie closes his lotter
with the warning that “ the leso trees of tho Federal Reserve
system aro not unlimited, i f used directly or indirectly for
purposes not contemplated by the A ct, and it will bo neces
sary that tho present expansion of credit be sharply checked
before it results injwidespread injury to our business and our
people.” W e give the letter in part herowith:
M a in ly
to
o p e r a t io n o f a l l b a n k s in t h o E l o v o n t h D i s t r i c t In o u r e f f o r t s lo o k in g t o w a r d
o b lig a tio n s .
th o e s t a b lis h m e n t o f th a t c o n s e r v a t iv e
ON
bank.
th e re w o u ld
th o s itu a tio n
a c c o m m o d a t io n , w it h a n e x p la n a t io n o f th o c a u s e s le a d in g to it .
I t is o u r s in c e r e h o p e t h a t w o w ill b o g iv e n th o c lo s o a n d c o n s t a n t c o
n ecessary .
B A N K
R eso rvo
b o o f n o a v a il,
o f s t a tin g
la s t
tw o
y ears,
d u r in g w a r tim o h a v e b e e n g e n
h a sJL b e c n fc re a te d
an
in c re a s e d
FURTHER
IN C R E A S E
IN
D IS C O U N T
F E D E R A L R ESERVE B A N K — ALSO BOSTON
A N D P H IL A D E LP H I A .
The discount rates of tho Federal Reserve Bank of Now
York have once moro beon raised— tho increase amounting
to as much as 1 kt % in the caso of advances secured by com
mercial paper, tho rato this wook having been fixed at 6 %
as compared with 4 % % horotoforo; tho rate for advances
secured by Liberty Bonds and Victory Notos is raised
from 4 % % to 5 j ^ % , while for advances secured by bankers
acceptances the rate has beon increased from
to 5 % .
N o chango has beon made in tho case of advances secured by
Treasury Certificates of Indebtedness, tho rate in that caso
remaining at 4 % % . Increases similar to those put in force
by tho Now York Fedoral Bank were also approved on
Thursday by the Federal Reservo Board for tho Philadelphia
and Boston Federal Reserve Banks. Announcement of
\ z/v
Jan . 24 1920.]
THE CHRONICLE
tho changes adopted by the local Reserve bank was made as
follows on Jan. 22.
FEDERAL RESERVE BANK OE NEW YO R K .
Circular No. 2?7.
Jan.
•
R a tes
22 1920
o f D is c o u n t.
T o a ll M e m b e r R a n k s i n th e S e c o n d F e d e r a l R eserv e D is t r ic t — D e a r S ir s
You aro advised that the following rates o f discount at this bank have
been established, effective after the close o f business to-day and until fur
ther notice and superseding all previous rates:
•
C o m m e r c ia l P a p e r .
For advances not exceeding 15 days secured by all classes o f eligible com
mercial paper, excepting bankers acceptances, and for rediscounts of such
paper, 6% .
L ib e r ty L o a n
B on ds an d
V ic to r y N o t e s .
For advances not exceeding 15 days on Liberty Loan bonds, Victory
Notes and customers notes secured by either o f the foregoing, and for re
discounts o f customers notes, so secured, for periods not exceeding 90
days, 5 X % .
B a n kers A cc e p ta n c e s .
For advances not exceeding 15 days secured by bankers acceptances,
and for re-discounts o f same not exceeding 90 days, 5% .
U . S . T r e a s u r y C e r tific a te s o f I n d e b te d n e s s .
For advances not exceeding 15 days secured by U. S. Treasury certifi
cates o f indebtedness, and for re-discounts o f customers notes so secured
not exceeding 90 days, 4 J i% .
Yours very truly,
J. H. Case, D e p u t y G o v er n o r .
317
Into the hands of stock gamblers and the business man Is alarmed and knows
not where to turn.
If the Federal Reserve Board is responsible for anything it is responsible*
for money. The Federal Reserve Board should promptly explain why
there is such violent manipulation of values under money fluctuations
permitted in no other country in the world. And this is the only country
having a money board with absolute dictatorial powers for money rates
over the whole country.
FEDERAL RESERVE BOARD HEREAFTER TO GIVE
MORE PUBLICITY TO ITS ACTIVITIES.
Following a meeting of the Federal Reserve Board on
January 20, Governor W . P. G . Harding is said to have
stated that more information will hereafter be given the
public as to the activities of the Federal Reserve Board in
the handling of routine matters of the Federal Reserve banks.
“ Financial America” of January 20, which is authority for
this statement, added:
Tho principal financial problems of the country, problems pe uliar to the
Federal Reserve bank system, new methods adopted for the transaction of
bank business, and other subjects wll be announced by the ; oard as they
aro taken for consideration, Governor Harding promised
he new policy adopted by the Board with respect to the publication of
nows regarding its activities, also includes tho announcement of changes
in rediscount rates approved by the Board for each district as applications
for increases and reductions in the present level of rates are received.
Tho press dispatches from Washington on the 22nd also NEW YORK FEDERAL RESERVE B A N K SEEKS . TO
stated that the Federal Reserve Board had increased the
CURTAIL MEMBER BANKS’ LOANS.
rato (so far as the three Reserve banks indicated are con
Efforts on the part of the Federal Reserve Board to bring
cerned) on agricultural paper of all maturities, from 5 % to 6 % about a reduction in loans by member banks were renewed
and on notes secured by W ar Finance Corporation bonds toward the close of last week, when the interests in the Fed
from 5 % to 7 % .
The action of the Reserve Board in eral Reserve Bank of New York made the matter one of
approving tho new high rates on Thursday is in furtherance special conference with local bankers. N o official pro
of the efforts to curb credit expansion, and the unexpected nouncement is available, and we hence quote the following
ness of tho action, in advance of yesterday’s conference in from the New York “ Tim es” of Jan. 17:
Washington of representatives of Clearing Houses to consider
I h o first positive stop in tho reducing process, it was learned yesterday
further tho question of interest rates on deposits and their [Jan. 16] has been directed toward those member banks which nowiare
relation to Reservo bank discount rates, is commented on borrowing amounts which exceed twice their combined capital and surplus.
Tho heads of several of these institutions have been summoned to the
as follows in Washington advices appearing in “ Financial Reserve Bank and notified of the new policy.
America” yesterday.
Tho reduction of momber banks’ borrowings at the Reserve Bank will
This now rise in discount rates is understood to have been sanctioned as
an emergency moasure only in order that tho clearing houso conferences
beginning to-day might bo given time In which to work out some program
adequate to meet tho situation and to put such a plan into operation.
It is admitted at tho Federal Resorvo Board that the now advance in
discount rates in Eastern sections will not tend to solve the problem of
speculation in commodities any more than tho steps which already have been
takon by tho board without any material success. The Federal Reserve
Board is anxious that tho problem of speculation be solved outside of tho
Government councils if possible. Since tho problem first arose in all its
serious proportions tho Board has been careful to manago tho affairs of the
Federal System without linking Its activities in any way with speculation.
Its present position has been taken it was pointed out to-day to afford tho
bankers o f tho country an opportunity to deal with tho question without
appealing to tho Government for decisive action.
mean a curtailment in the amount of credit the individual banks are lending.
This collateral reduction, it was said by bankers, is to bo left to their discre
tion, with no attempt on tho part of the Reserve authorities to dictate how
it shall bo accomplished, or through what channels. Tho movement, it
was pointed out, is not directed against the stock market any moro than
against any other component part o f the financial and commercial structure.
It merely is insisted that tho loans bo cut down.
According to bankers who are fully informed regarding the present situa
tion, the Reserve system has now reached a point where its reserve ratio
must be advanced. Tho local Reserve Bank is in even worse position than
tho system as a whole, for last week its reservo ratio was only 38.6% , as
against 45.4% for tho whole system. This being tho case, bankers said
yesterday thoy expected moro heroic measures would bo taken in this dis
trict than elsewhere, but they contended that the whole system wouldifeel
tho effects of the credit contraction, and that something would have to be
done in all Reserve districts.
The higher discount rates which have since been resorted
INFORMAL AGREEMENT OF BALTIMORE BANKS TO
to b y the local Federal Reserve Bank are noted elsewherojin
COMBINE TO EXTEND LOANS.
to-day’s issue of our paper.
According to tho Baltimore “ Sun” of Jan. 15, an informal
agrooment has been mado between several of the Baltimore
banks by which the combination will be able to lend up to
$1,000,000 to any single customer. The paper in question
says:
banking law prohibits the national banks from lending more than
10 /fc o f thoir capital and surplus to any ono borrower. The business of tho
city has grown to such an extent that there are many borrowers who need
much moro accommodation than this. As they are unable to obtain it at
any one bank, tho banks themselves have entered into tho agreement
whereby thoy can extend tho accommodation by splitting tho loan among
them. The principle is somewhat the same as that pursued by tho bonding
companies, which reinsure in other companies part o f any large risk thoy
may obtain. The policy was suggested as a workable ono in "The Sun” some
weeks ago, when ono o f tho local bankers made tho suggestion that tho plan
bo adopted by the Baltimore banks to meet tho exigencies . It is believed
that other similar combinations will be formed.
FINDS FAULT W ITH FEDERAL RESERVE BOARD
BECAUSE CALL MONEY IS ALLOWED TO SOAR.
Tho following from W . F . Fitzgerald, of Fitzgerald, Hub
bard & C o ., appeared in the “ W all Street Journal” of Jan. 21:
SUBSCRIPTIONS TO TREASURY CERTIFICATES
SERIES T D 1920.
Subscriptions of $703,026,000 to Treasury Certificates of
Indebtedness, Series T D 1920, were announced by the
Secretary of the Treasury on Jan. 18. The certificates,
which aro dated Jan. 2 1920 and will mature Dec. 15 1920,
bear interest at
They were offered on Dec. 29 (as
indicated in these columns Jan. 3, page 32), and tho subscrip
tions were closed on Jan. 16. The allotments of subscriptions
by Federal Resorve districts were as follows:
4% % .
Boston. ........................... $52,782,500 Minneapolis------------------ S15.515.000
New Y o r k ....................... 324,189,000 Kansas C ity................._. 13.030,500
Philadelphia..................... 48,300,000 D a lla s .. --------------------- 8,506,500
Cleveland......................... 40,119,500 San Francisco---------------- 38,400,000
Richmond......................... 11,858,000 "treasury----------------------- 29,000,000
Atlanta............................. 14,600.500
Chicago
..................
77,484,500T otal----------------------- $703,020,000
St. Louis........................... 23,234,000
SENATOR OWEN’ S BILL TO L IM IT INTEREST ON
CALL LOANS.
I am Interested in manufacturing concerns in the same lino o f business
Senator Owen on January 21 introduced in the Senate a
on both sides o f tho Atlantic. Hero I find the Government passing financial
legislation, organizing commissions and encouraging meetings to promote bill prohibiting member banks of the Federal Reserve system
production and export.
But from tho Federal Reserve Board goes forth tho edict that in effect from charging a rato of interest in excess of 6 % per annum on
says: "Smash values. Knock out Wall Street. Cut down loans. Curtail loans secured by stocks or bonds as collateral and made sub
and shut down."
ject to call or having a term of less than thirty days. Tho
In tho foreign field, tho bankers aro coming to us advising extensions and
Improvements and offering to finance tho required capital on a 5% basis bill was referred to the Senate Committee on Banking and
and long tlrno. There Isn’t any double-headed government ono side of Currency. It is as follows:
which says: "Build up," and the other side o f which says. "Pull down ’’
A BILL to amend tho Federal Reserve Act, as amended, prohibiting a
In Europo the manufacturer and tho upbuildcr is encouraged by tho
rate of interest in oxcess of 6 per centum per annum on loans secured by
banker, while hero ho is exploited by the banker. Tho Federal Reserve
stocks or bonds as collateral.
Board which was supposed to stabilize money will givo you funds at loss
B e it e n a c te d b y the S e n a te a n d H o u s e o f R ep re s e n ta tiv e s o f th e U n ite d S ta tes
than 4% ono month and permit 30% money in tho same year. Under tho
o f A m e r i c a i n C o n g r es s a s s e m b le d , That no member bank of the Federal
Federal Reserve administration, values have counted for nothing. Rumors
of all kinds aro circulated concerning money and panic following secret Resorvo System shall chargo a rate of interest In oxcess of 6 per centum per
on loans secured by stocks or bonds as collateral and made subject
conferences o f tho Board and leading bankers. Investors are frightened annum
to call or having a term of less than thirty days.
THE CHRONICLE
318
In a statement accompanying the measure, Senator Owen
said the measure was designed to stabilize commercial in
[V o l . 110.
OTTO H K A H N WOULD IMPOSE T A X OF 1 % ON PUR
CHASES EXCEEDING $2.
Speaking before the Association of Credit M en in Newark
on Jan. 21 on the subject of “ Taxation,” Otto II. Kahn
declared that, while he had beon strongly in favor of the
war profit tax, he opposed the misleadingly so-called excess
profit tax, which laid a heavy and clumsy hand^on all suc
cessful business activity. M r . Kahn said that the faulti
Banks ought to be content with a fair rate and avoid usury. They shoud
ness, the complexity and freakish results of this tax, its
respect the spirit of the statutes, which put a limit of 6% as a fair basis.
The national banks earned at fair rates a billion dollars last year, and technical provisions, and its baneful influence id various
the public is entitled to fair rate of interest. It would be better for the directions, including tho enhancement of the cost of living,
country to lower the rate of interest for productive and distributive purposes
havo now become so widely recognized that we m ay look
and thus lower the high cost o f living.
forward, I hope, with reasonable assurance, to its repeal or
REPRESENTATIVE McFADDEN'S BILL TO PERMIT thorough modification in the early future.” In offering his
suggestions for tax reform M r . Kahn said:
STATE BAN K MEMBERS OF RESERVE SYSTEM
terest rates.
H e also said:
The purpose Is to stop violent and arbitrary fluctuations o f interest rate
by banks in leading cities on call loans. There is no sound reason in these
excessive call loan rates, which are alleged to be justified by the desire to
check speculation. The high rates do not stop speculation but promote s
bear market and create a situation that permits the insiders to sell short
TO RECEIVE GOVERNMENT DEPOSITS.
A bill intended to permit State banks and trust companies
which became members of the Federal Reserve System to
receive Government deposits was introduced on Jan. 20 by
Representative M cFadden of Pennsylvania. In explaining
the purpose of his proposed amendment to the Federal
Reserve A c t, Representative McFadden said:
Among tho minor measures that I would suggest In the way of tax reform
is a small tax on checks which Congress, for some unaccountable reason,
has failed to enact. But the principal suggestion for which 1 would Invite
your consideration is the Imposition of 1% on every single purchase ex-
Cesuch a$ measure would be productive of a vast amount of revenue and
would not be harmful to any one. In fact. It would be barely perceptible to
the rank and file certainly far less so than tho results or our present taxa
tion A similar tax was imposed in tho course of tho Civil War and appoara
to have functioned so well and to have met with such ready acceptance
Section 15 o f the Act which provides that certain moneys may, upon the that it was not repealed until several years after the close of that war.
Such a tax. as I conceive it, ought to be paid by the purchaser and should
direfctlon o f the Secretary o f the Treasury, be deposited In Federal Reserve
banks, contains the provison "that nothing in this Aot shall be construed not be included in tho selling price, but should be specifically added to it
to deny the right of the Secretary o f tho Treasury to use member banks as in each Instanco. as a separate Item.
, .
,, „„„
It has been calculated that a tax of this nature, of only 1 /{,, vtould p
depositaries." This inferential^ would indicate the intention o f Congress
that all State member banks should be depositaries, but counsel for the duce from two to four billion dollars annually, according to whether it to
Federal Reserve Board has rendered an opinion that-this proviso cannot be imposed on all commodity transactions or only on retail sales to tho ultlso interpreted and that under existing law State bank mambers cannot be
designated as depositaries o f public moneys other than postal savings funds. “ VotheTaMercaso, the tar should, I think, be made varying in its scale, say
from 1% to 10%, or even 20% . progressing according to the value land
The following comment on Senator Owen’s bill is taken possibly the nature) of tho articlo purchased: so that, for Instanco. a person
making a $5 purchase would pay 1% tax, 1. e., five cents while a person
from the “ W all Street Journal” of yesterday (Jan. 23):
Leading bankers oppose the bill Introduced by Senator Owen of Okla making a $5,000 purchase would pay 10% tax., i. e., $500, and so on.
homa which would prohibit banks from charging more than 6% interest Such a progressive scale would, of course, still further enhance tho proon collateral call or 30-day loans.
,
In commenting on the situation one banker said: "Senator Owens bill
to prohibit banks from charging more than 6% is an extremely dangerous
measure. It is elementary that tho freedom of interest rates attract
money to the point where needed most. If an arbitrary limit bo placed
on the law o f attraction tho more acute emergency willbe denied the natural
relief. High rates for money are not paid by the borrower from choice
but through necessity.
"It is a singular perversion o f thought that admits the virtue of a safety
valve and yet argues for the locking o f the valve when steam pressure
becomes dangerously high. High rates offered for call money do not neces
sarily indicato excessive stock speculation. They may bo tho result of
withdrawals and coincident with a thoroughly liquidated condition of tho
stock market. The consequences of denying to borrowers tho right in
those or any other circuirfstances tho only means o f relief would tax the
i m a g i n a t i o n . " __________________________
PRESIDENT WILSON'S MESSAGE TO PAN AMERICAN
FINANCIA L CONFERENCE-WELCOME BY
SECRETARY GLASS.
.
W ith the opening of the second Pan-American Financial
Conference at Washington on M onday last (Jan. 19) a
message was read from President W ilson in which ho re
joiced “ that in these troubled times of world reconstruction
the Republics of the American Continent should seek no
selfish purpose, but should be guided by a desire to serve
one another and to serve the world to the utmost of their
capacity.” The President’s message in full follows:
dU[ tbellovo Indeed, that a tax of the kind indicated would jield so largo a
measure of revenue that it might be found possible, If dcemed deslrab e. to
abolish altogether the Federal taxation of incomes up to, say, $4,000 simul
taneously with a drastic reduction of the supertaxes.
We have had a two years’ test now of a scheme of taxation based princi
pally upon taxing capital and business at rates without a parallel anywhere.
The result is writ large in the high cost of living, industrial and economic
dislocation, and social discontent— for all of which our taxation policy Isl*
contributory, though, of course, not the sole, cause.
On the subject of the depreciation of the exchanges,
M r . Kahn said:
m
„ ,
Thero is widespread expectation that when and if tho Poaco Treaty Is
ratified by tho United States, the effect of that act will go a long way to
cure the existing state of international exchanges by setting in motion a rreo
flow o f American credits to European nations. Those who hold that view
are, I venture to think, harboring a delusion.
The eventuality referred to would very likely have, to a certain degree,
a steadying influence upon tho exchanges, but that influence would, I
think, be largely sentimental and therefore only temporary. Tho credits
which, apart from advances by our Government, wo havo already extended
to Europe amount to a far larger aggregate than is generally supposed.
Our banks and other financial institutions and exporting houses cannot
go much further. Our credit structure Is greatly strained, as It Is. The
only large reservoir which can still be tapped is tho mass of private invest
ment capital, and tho way to that reservoir Is barred by the faults of tho
lDHtTwould lead the people to believe that they can be benefited—or indeed,
that they are other than greatly harmed— by oppressive taxation of capital,
fools himself, or attempts to fool others. Such taxation Is bound In the
e n d to l e a d to stagnation and retrogression.
As to William Jennings Bryan and his doctrines M r .
I regret more deeply than I can well express that the condition o my
health deprives me o f the pleasure and privilege o f meeting wtih you and Kahn had the following to say:
Twenty odd years ago, Mr. Bryan, acting, I am certain, from true con
personally expressing the gratification which every officer of this Govern
ment feels because of your presence at the National Capital, and particu viction and in absolute good faith, offered to tho peoplo a scheme which
they
were led to believe should practically cut their debts In half, enhance
larly because of the friendly and signfleant mission which brings you to us.
greatly the price of farm products, thon at low obb. Increase wages largely,
I rejoice with you that in these troubled times of world reconstruction tho
Republics o f tho American Continent should seek no selfish purpose, but and bring about other results strongly appealing to selfish interest.
No more tempting lure was ever held out to tho popular vote. It took
should bo guided by a desire to serve one another and to servo tho world
tho Republican Party managers a long while beforo they musterod courage to
to the utmost of their capacity. Tho great privileges that havo been show
meet the issue squarely and to come out flatfootedly. but they did finally,
ered upon us. both by reason o f our geographical position and because of
and M r Bryan’s challenge was met by a most Intensive campaign of edu
the high political and social ideals that havo determined tho national
cation and information. Intricate questions of economics and currency
development o f every country of tho American Continent, carry with them
wero discussed and debated up and down the land. Tho result was that a
obligations, the fulfillment of which must be regarded as a real privilege
great majority of tho people recognized the Intrinsic obliquity and tho eco
by every true American. It is no small achievement that tho Americas
nomic faultiness of Mr. Bryan’s program under the then existing circum
are to-day ablo to say to the world: “ Here is an important section of the
.
globe which has to-day eliminated the idea of conquest from its national stances and rejected it.
When tho pros and cons of a proposition, of whatever naturo, havo boon
thought and from its international policy.” The spirit o f mutual help
set fully and plainly before thorn tho great majority of tho American people
fulness which animates this conference supplements and strengthens this
can bo trusted to form rignt and just conclusions, and to reject fallacies,
important achievement o f international policy. I rejoice with you that
however appealing, plausible and tempting. Tho facts as to tho harm
we are privileged to assemble with the solo purpose of ascertaining how we
and futility of our existing revenue measures are indisputable and easily
can servo ono another, for in so doing we best servo tho world.
explained and demonstrated. It is for us business men to bestir ourselves
W OODROW WILSON.
and seo that these facts are brought to tho attention of tho peoplo duly
The President’s message to the Conference was read by and effectively. The average man and woman are amply capable or
Secretary of the Treasury Glass, who in welcoming tho dele grasping thorn, and they will bo found entirely ready to see stark unfair
ness remedied and damaging errors corrected.
___
gates, asserted the great causo of Continental co-operation
made necessary that those high in the financial and eco
nomic affairs of their nations should meet personally and
know each other’s views. Secretary Glass stated that ‘ the
world is uncertain of tho future. European culture is
undergoing a test. The ideas of liberty and representative
government seem far short of what wo wished. There may
be a breaking down of governments if thinking men do not
work together for the common good.”
DEVELOPMENTS REGARDING THE PEACE TREATY.
Washington, D. C., Jan. 22 1920.
Slow but sure progress is boing mado on tho Poaco Troaty.
Thoro aro formal and informal conferences being hold day
and night among the Senators, and marked improvement is
taking place. Thore has been no compromise nor partial
compromise mado as yot on Articlo X , but the equal voting
THE CHRONICLE
Jan . 24 1920.]
articlo, it seoms, is about to bo agreed to. Another session
of the conferees to tho bi-partisan conference has been held
to-day, and small meotings attonded by only a few of the
Senators are being hold in tho cloak-rooms and in tho offices
of the legislators. The Lodgo group have agreed to a slight
change in tho reservations covering Article X , but the effect
is tho samo, and Wednesday it was quiotly reported that an
agreement had been reached; tho Administration Senators,
howover, balked and will meet again on this themselves.
Tho languago of tho proposed compromise on Article X is
not available, but it is understood that it reads practically
as follows: “ Tho United States assumes no obligation to
presorvo tho territorial integrity or political independence
of any other country, except]*, the exercise of the friendly
right to use its good offices, o r to interfere in controversies
between nations— whether members of the Leaguo or not—
under tho provisions of Article’ X , or to employ the military
or naval forces of tho UnitedjStates under any articlo of tho
treaty for any purposo, unless in any particular case Congress,
which has tho solo power to declare war or to authorize the
employment of tho military or naval forces of tho United
States, shall by act or joint resolution so provide.” The
change in tho original reservation proposed by tho com
promise lios in the phrase “ oxcept tho exorcise of tho friendly
right to use its good offices.” M an y changes in tho phrase
ology of tho reservations adopted by tho^Senate last session
havo been agreed to. ThoroHiave been concessions made
on both sides.
AMERICAN RANKERS’ ASSOCIATION TO CO-OPERATE
IN SALE OF FOOD STUFFS.
Tho co-operation of tho American Bankers’ Association
in tho plan of Horbort Hoover, of tho American Relief
Administration to sell orders on warehouses in the form
of “ food drafts” has been assured in tho following state
ment issued by R . S. Hawes, President of the Bankers’
Association:
Tho American Hankers’ Association will cordially and effectively co
operate In tho plan for tho Issuance of "food drafts,” or orders, to enable
relatives in this country of needy Europeans to relievo suffering, amounting
almost to famlno, In tho Indicated sections o f Europe. Tho bankers of tho
country havo shown many times since America entcrod tho war their desire
to render patriotic service, and their action in doing their full part in meet
ing national emergencies is a matter o f record. They will carry the same
spirit Into all connnondablo efforts to help remedy world conditions intelli
gently and advisedly, and especially will they be foundjwilling co-adjutors
In measures for emergency relief, carefully thought out and well adminis
tered. From the Inception o f Mr. Hoover’s "food draft” plan, tho profits
of which, if any, will accruo to tho European Children’s Fund, the American
Bankers’ Association, through its committee on commerco and Marino, has
been in constant consultative touch with alljdovelopments connected with
tho proposal, and its endorsement Is given heartilylafter the most thorough
consideration. I bespeak for the plan tho earncstjsupport o f the 20,000
members o f tho association throughout tho country.
M r. Iloovor, in a letter to tho “ bankers of America” on
D ec. 27, in explaining tho purpose of,the'movo, said in part:
There are three to four million families in the United States with family
affiliations In Eastern and Central Europe. Many o f them aro desirous of
giving direct personal assistance to these relatives and friends
Some aro
endeavoring to perform this service by preparing or purchasing packages of
food for overseas shipment. In some cases the packing and extra freight
Involved add 100% to tho cost. W o aro proposing to sovc this difficulty
by establishing warehouses to carry stocks of staple foodstuffs In European
cities where distress Is particularly acute. Wo proposo to sell, In America,
orders upon theso warehouses In tho form o f "food drafts," which can bo
transmitted to friends or relatives In Europo. Wo proposo to charge tho
buyer o f tho ’food draft” tho factory cost of tho food plus a reasonable
margin to cover cost o f transportation and Insurance. Profits, if any
accruo, will bo turned over to tho European Children’s Fund.
Tho object o f this plan Is to add to the total stock of available food
slip piles in Central and Eastern European countries. Under an agreement
sot up with tho Governments of theso countries, this food will bo allowed to
rovolvo outsldo the rationing system, with tho hopo that enough food will bo
injected to rcduco tho pressure on tho narrow marginal supplies. Tho
officials of theso new Governments aro endeavoring to impress upon the
American pcopo that It Is useless to remit money to a family In Central or
Eastern Europe with tho hope of improving its food situation. Tho sum
total of food now available in Contral Europe Is insufficient to keep tho
population nlivc, and under theso circumstances money thus becomes that
much paper so far as nutrition Is concerned. A hungry man wants food,
not money, and under tho arrangement outlined above we can meet his
need. I feel that you will agreo that such an enterprise, organized on a
thoroughly business basis, will effect a considerable amount of actual relief
abroad. I am Informed that tho President o f tho American Bankers’
Association rtates that the Association will co-operate In all possible ways
in tho plan as above outlined. 1 do not believe, under the system which we
havo devised, that this will ontail any great effort on tho part o f tho banks,
and tho plan is one o f such sympathetic character that tho banks can well
entertain It to aid the distressed people of Europe.
Four kinds of food drafts aro provided for. Drafts A and
C tiro to soil for $10 each, drafts B and D for §50 each.
Draft A calls for tho delivery of the following: 24
pounds
of flour, 10 pounds of beans, 8 pounds of bacon and 8 cans
of milk; Draft C for 2 4
pounds of flour, 10 pounds of
beans, 7
pounds of cottonseed oil and 12 cans of milk;
Draft B for 140 pounds of flour, 50 pounds of beans, 16
pounds of bacon, 15 pounds of lard, 12 pounds of corned
Yz
Yi
Yi
319
beef and 48 cans of milk; Draft D for 140 pounds of flour,
50 pounds of beans, 45 pounds of cottonseed oil and 48 cans
of milk.
F.
W.
FOWLER ELECTED PRESIDENT AMERICAN
EXPORTERS AND IMPORTERS CO.
A t tho annual luncheon of the American Exporters and
Importers Association at the Whitehall Club on Jan. 15,
J. F . Fowler, Vice-President of W . R . Grace & C o ., was
elected President. M r. Fowler has long been connected
with the export business and brings to his new responsibilities
wide experience. Tho rotiring President, George F . Trow
bridge, of tho firm of Strong & Trowbridge, has been an
officer of tho Association since its inception and was largely
responsible for its organization. He has been untiring in his
efforts to increase tho influence and benefits of tho organiza
tion, and to him is largely due tho valuable co-operation the
Association gave tho Government during the war.
WHEAT DIRECTOR REVOKES LICENSE OF BOYD STUN
ELEVATOR CO.
Julius H . Barnes, United States W heat Director and Chief
of the Cereal Division of the United States Food Administra
tion, announced on Jan. 4 that the license granted to the
Boydstun Elevator Co. of W ashita, Olda., has been revoked,
effective at noon Jan. 3 1929, until further notice— the
W heat Director license being revoked in its entirety and tho
Food Administration license in so far as tho dealings of the
above company in wheat and wheat flour aro concerned.
His announcement said:
These licenses wero revoked for violation o f tho wheat and food control
Acts and tho rules, regulations and requirements of tho Wheat Director
and Food Administration, and also for violation of tho conditions of said
licenses, particularly including tho company’s failure to render reports;
failure to answer official communications and furnish Information; and
failuro to appear or answer when summoned to a hearing before D. F.
Fiazzek, Kansas City, M o., Second Vico-President of the United States
Grain Corporation and Special Agent of tho United States Wheat Director
and of the United States Food Administration.
PRICE OF M IL K REDUCED.
Announcement was made January 21 by one of tho largest
milk distributing companies of New York— the Sheffield
Farms C o. Inc.— that the price of milk would be reduced
one cent per quart, beginning February 1. The reduction
applies to grado A (bottled) milk, grade B (bottled) and
can (looso) milk, which are now being sold at 20 cents, 18
cents and 14 cents per quart respectively. This reduction
is in part duo to the fact that dairy farmers will receive less
from tho distributors for milk in February than in January.
Bearing on this, a statement was issued on January 21 by the
Dairymen’s Leaguo, (the farmers’ organization) in this city,
which read as follows:
Tho prico to farmers for 3% milk in February 1920, will be almost half
a cent (S.00446) per quart loss than thoy aro receiving this month. The
price which distributors will pay in the country at tho 200-210 mile freight
zone will bo $3 48 per 100 lbs., as compared with S3 69 in January. This
is at the rate of 7.4 cents a quart.
Four cents per 100 lbs. will bo added to tho farmer's price for each onetenth of 1% increase in butter fat. Thus milk testing 3.6% butter fat
will net tho farmer 7.9 cents per quart next month, as against 8.3 cents
per quart this month.
The producer’s price in February 1919, was $3 60 per 100 lbs.
Tho reduction in tho prico to tho farmer is due to a decrcaso in tho whole
sale price of butter and cheese, which are used, in part, in computing tho
Dairymen’s League price. Butter dropped recently about 10 cents and
cheese 1 cent a pound.
Tho farmer will continue in February to sell milk below what it costs him
to produco it, repeating his experience o f tho past few months.
Some idea of what tho milk producer is up against hi his feed bills alone
may bo gained from the fact that in December 1919, the wholesale price
of gluten feed was quoted at $76 90 per ton, as compared with $60 40 in
December 1918, $50 In December 1917, and about $35 in December 1916.
Prices o f all other feeds have Increased in proportion.
The farmer's feed bills next month will not bo any loss than they arc th
month.
In a paid advertisement appearing in the N . Y . “ Tim es,”
January 21, Loton Horton, President of the Sheffield Farms
C o. Inc., said:
»
N o ono can tako any glory for reducing tho prico of milk. The laws of
supply and demand are tho balanco wheels of overy industry, and particu
larly does this apply to tho milk business, as tho product is ono which must
bo consumed hi forty-eight hours after its arrival in tho city.
He also had the following to say in tho advertisement
referred to:
Sheffield Farms wishes to thank its patrons for tho fair-mindedness and
co-operation shown in paying, without complaint, a prico necessary to
enablo us to maintain our high standard o f quality and efficiency.
On Jan. 1 last year wo reduced tho price to our customers ono cent per
quart, a reduction warranted by supply and demand at that time. This
year buying milk at a prico based on butter and checso tho market did not
break in time for us to buy for less money. As the market is now broken,
and wo, on Jan. 20, mado our contracts with tho farmers for tho month o f
February at tho butter and cheese price, wo aro ablo to get milk at a material
THE CHRONICLE
320
reduction. Consequently we reduce the price to our customers the same
as wo have on our butter and eggs.
Milk should be sold the same as any other commodity, at its market
value. The antiquated idea, that it should bo sold the whole year around
at. the same price, was an injustice to many and a beneift to few.
W hy should the housewife, who is obliged to live in the city for fifty-two
weeks a year, pay a profit to tho milkman for eight months, sufficiently
large to enable him to sell milk the other four months, at less than cost,
to people who are in town only during the winter months? It is wrong in
principle and wrong in practice.
Tho peak price for this winter, 18 cents a quart (Grade B ), was reached
In December and January and as tho public expects, and have a right to
expect, will now show a gradual decline as tho cost o f production and the
cost o f distribution becomes less. The hard traveling over icy streets
will soon be over, and we are glad to offer reduction as conditions permit.
W o cannot resort to the storing o f milk In tho time o f plenty and distribute
It in tho hour o f need, and wo hope that when the supply becomes more
expensive to produce, and smaller in volume, and we come to our customers
and say that it is necessary to have another penny per quart that they will
not be influenced by tho hysterics o f agitators, rainbow chasers and would-be
politicians, who would have them believe that the milk distributor Is rob
bing them.
Florid speeches and sensational investigations have never helped the
milk consumer, the milk distributor or tho milk producer. What the com
munity needs is good milk, safe milk and good servico. It Is our business
to provide these. W e aro doing it and have done it for over fifty years
We propose to continue regardless o f tho shrieks o f calamity howlers.
RESUMPTION
OF
TRADING IN
AUTHORIZED.
SUGAR
FUTURES
Announcement was made on Jan. 19 that trading in
future sugars on the N ew York Coffee and Sugar Exchange
would be resumed on Feb. 16 after a suspension of such
transactions for two and a half years. The announcement
was contained in a resolution adopted by the Board of M a n
agers and made public on the floor of the Exchange shortly
after the market opened. Tho resolution stated “ that it is
the intention of the Board of Managers that trading in sugar
future contracts should be resumed M on day, Feb. 16 1920.”
Under an amendment to the by-laws, effective when trading
is resumed, fluctuations in sugar prices will be limited to
one cent a pound in either direction in any one day. Trading
in sugar futures was discontinued Aug. 16 1917, at the re
quest of the Government, which then assumed control of
the sugar situation.
Officials of the Department of Justice at Washington an
nounced on Jan. 20 that Attorney-General Palmer did not
contemplate the issuance of any order or message relative
to trading in sugar futures on the N ew York Sugar and Coffee
Exchange. Action in this matter, it was pointed out, is
beyond the jurisdiction of that Department, although it
now has the powers of the United States Food Administra
tion. Considering the prospects of activity again in sugar
futures trading on the Exchange, the “ W all Street Journal”
of Jan. 21 had the following to say:
I f the Department o f Justice places no obstacle In the way o f resuming
ugar futures trading, It will accentuate the purpose o f the Government to
get back to a free supply and demand basis market in sugar. Tho sugar
department o f the Sugar and Coffee Exchango was suspended Aug. lb 1917.
Reopening of the market in futures is not of particular interest to refiners.
Unit of trading is 50 tons and purchases of refiners are so large that this
market was not used by them to any great extont. Most purchases by
refiners in this country are made in the street market through brokers.
Comparatively small refiners often melt from 1,000 to 1,500 tons o f raws a
day and covering of their requirements on the floor o f the Exchage would
cause large fluctuations.
The sugar futures market has been used mainly by manufacturers as a
hedge, by Cubans and by speculative interests. Transactions on tho street
in a general way have usually been in line with futures market prices.
Some arbitrating also used to take place between the Exchange and the
outside market.
Sugar men say the unit o f trading would have to be enlarged to bring the
Exchango into greater use by refiners. At ono time recently changing of the
trading unit to provide for an f. o. b. Cuba basis o f delivery instead of a
New York basis was under discussion, but this plan is believed to have been
shelved, temporarily at least. It is planned to limit fluctuations, if trading
is resumed, to 1 cent a day for any position above or below the previous
day’s bid price.
ARGENTINA TO M A IN T A I N SUGAR EXPORT EM
BARGO TO REDUCE THE PRICE FOR HOME
CONSUMPTION.
There will be no exportations, of sugar from Argentina
during the coming year, notwithstanding prospects of a large
crop, according to reports said to have been received by the
Department of Commerce at Washington. W ith regard to
the Department’s advices, Washington dispatches of Jan. 23
to “ Financial America” said:
The sugar production o f Argentina during 1919. it was estimated, totaled
260.000 metric tons. Subtracting tho estimated total consumption of
234.000 metric tons from the 1919 production, plus the stocks o f domestic
and Imported sugar on hand, it is estimated that the excess production for
the current crop, available for export, amounts to 52.000 tons.
The petition o f the sugar millers to the Argentine Government, asking
the removal o f tho embargo against sugar exports, however, has been re
fused. on the ground that the prices o f sugar on the Argentine market aro
excessively high, and that the surplus o f the commodity is needed to bring
about a reduction in prices.
[V o l . 110.
FRANCE FIXES PRICE OF SUGAR.
Paris press advices of Dec. 26 announced that the retail
price of sugar had been fixed at 3 francs, 20 centimes per
kilogram, or 1 franc, 45 centimes a pound. Crystallized,
unrefined sugar, it was stated, would sell at 3 francs per
kilogram.
____________________________
WORK OF FIRST INTERNATIONAL LABOR
CONFERENCE.
The first international labor conference held at Washing
ton under the provisions of the Treaty of Versailles adjourned
on N o v . 29, having been in session precisely a month.
Delegates of more than 30 nations attended tho conference
which incidentally was the first international body authorized
by the Peace Treaty to begin functioning. Tho next rogular
meeting will be held, it is understood, late in 1920 at Geneva,
the seat of the League of Nations.
Albert Thomas, French labor leader, was chosen DirectorGeneral of the international labor office by the governing
body of the conference on N o v . 28. His permanent head
quarters will be at the seat of the League of Nations, and
there he will organize the staff that will attempt to carry
on the labor program begun at Washington. Arthur Fon
taine, of France, was selected as permanent Chairman of
the governing body on N o v . 28. Washington press dis
patches of N o v . 29 had the following to say with reference
to the proceedings:
The first international labor conference held under the provisions of the
Treaty of Versailles was concluded hero to-day, and adjourned subject to
tho call of tho governing body. It was understood generally that tho next
meeting would be lato in 1920 at tho seat of tho League.
Delegates from all countries representing labor and employer groups as
well as the governments have attended the conference sessions, which con
tinued exactly ono month. In that time the members of tho conference
have perfected their organization, created a governing body, appointed
a director-general of tho labor offlco and agreed upon a groat volume of
ldontlc legislation to bo recommended to their respective governments.
A protest against tho proponderanco of European influence In tho gov
erning body made by William Gemmlll, omployors’ delegato from South
Africa, marked the closing session. Tho body has 24 mombors, 20 of whom
aro from European countries and only two from the Americas. M r.
Gemmlll pointed to the injustice of such organization and asked for an
expression on his protest, which was supported by a vote of 44 to 39.
Arthur Fontaine, Director of tho Labor Department o f tho French
Ministry of Labor, and President o f tho governing body, Insisted that a
criticism o f the body’s organization was ‘ ‘premature.” Ho defended tho
assertions of those responsible for tho appointment that no unfairness was
intended, and Indicated the expediency of having the majority from Euro
pean countries. Tho board will meet every two months at the seat of the
League, and because of that, M r. Fontaine pointed out, It would bo more
convenient for members from European countries to attend than for those
in far away countries.
"The other point is," said M r. Fontaino, "that thoro aro some small
countries which might bo grouped togother. It would not bo fair that thoso
small countries which have no Industries should decide on Important ques
tions which may effect big countries like tho United States."
Tho chief function o f the governing body will be to carry on organization
work connected with the conference and on that account it was agreed that
the agenda for the next meeting should be prepared by It. An effort was
made by some of the delegates to pledge tho conforonco to a discussion of
certain subjects at tho next meeting, but it failed. Tho first meeting of
the governing body will be held Jan. 26, probably in London, the temporary
headquarters of the League of Nations.
Tho draft conventions and recommendations adopted by tho conference
will find their first lodgment at tho International Labor Offlco, of which
Albort Thomas, the French labor leader, is tho Director-General. To
tho five draft conventions, Including that providing for tho gonoral adoption
of the eight-hour day and tho forty-eight hour week, and that looking to
the alloviation o f tho unemployment problem, there was added to-day, as
virtually the last act of tho conference, tho proposed convention providing
for the Indemnification o f wage-earning mothors at tho time of childbirth.
It provides for tho granting of a six-weeks leave o f absence prior to the birth
o f tho child and an equal period immediately afterward, and tho payment,
either by tho State or by some form of Insurance, for tho time lost.
Before the conference adjourned Secretary of Labor
W illiam B . W ilson, the Chairman, expressed to tho dele
gates the regret President W ilson felt that ho had been un
able to meet with them, and in turn various delegates spoke
briefly of their appreciation of the courtosy that had been
extended to them by the United States. Referring to the
work of the Labor Conference, Secretary Wilson said:
I am groatly Impressed with the idea that you have beon hewing out the
blocks for tho foundation of a structure to shelter tho tolling massos o f tho
future. You have worked patiently, you have brought a splendid enthus
iasm, a high standard o f intelligence and a thorough oarnostnoss toward
the laying of this foundation, and I am sure that I oxprass tho hopes of the
peoples of the world when I say that time may dovolop the fact that you
have built well, that you have laid the foundation for a structure that will
stand through all the ages as the protector of the tollers of the world.’
The day before adjournment (i. e ., N o v . 28) five conven
tions brought before the Intornatioanl Labor Conference
by its Drafting Committee were adopted. Those will bo
submitted to tho various Governments represented. The
five draft conventions approved wore:
Unemployment, providing for tho abolition of private employment agen
cies, the establishment of Government agencies, the maintenance o f an
effective system o f unemployment Insurance and that only by mutual agree
ment shall laborers be recruited in one country for work In anothor.
Employment of womon at night, providing that no woman may work
during the night in any public or prlvato Industrial undertaking, othor
than one in which only tho members o f tho family are employed.
Jan . 24 1920.]
THE CHRONICLE
Hours o f work, providing for an 8-hour day and a 48-hour week.
Admission o f children to industrial work, providing no child under 14
years of ago shall bo employed in any industrial work except In Japan where
tho age was reduced to 12 years and in certain o f the countries loss developed
Industrially, where tho subject was made ono o f special consideration,
t, Night work for young persons, providing that no one, malo or female
might work at night in any industrial concern.
Tho International Labor Conference opened its sessions at
Washington in the Pan-American Building on Oct. 29.
William B . Wilson, Secretary of Labor, who called and con
vened the conference, was elected its permanent President
on Oct. 31. A t tho same time H . B . Butler, of England,
Secretary of the organizing committee, which was appointed
on April 11 by tho Peace Commissioners at Paris, was
elected permanent Secrotary of the Labor Conference. Dele
gates at the conference were divided into three groups,
representing Government, employers and labor. There
wero no representatives of American industry present at tho
opening session, but on motion of Baron M ayor des Planches,
the Italian Government delegate, United States employers’
and workers’ organizations were invited unanimously to
send representatives to tako part in tho conference.
In his address to the conference on Oct. 29, M r .. W ilson
said:
Tho completion o f tho organization cannot take placo until tho Leaguo
o f Nations has boon created. While tho final technical stops have not been
taken, tho creation of the League is now an assured fact. Wo can, there
fore, go on with (ho definite assuranco that it will bo ultimately completed,
and I tako the liberty o f suggesting that this conference proceed during
tho process o f organization to tho consideration o f the questions it has
boforo it.
Any conclusion that this conference arrives at that does not give full
consideration to tho fact that workers are living, sontimont beings, will fail
of Its purposo.
From tho days o f Moses, when tho Biblical leader set out as a walking
delegate for the brickmakers of Israel, tho best means of obtaining a fair
adjustment between employers and employees and of securing tho acme of
production whilo at tho same time protecting tho workers, has been an
ever-present question.
On tho proper solution of this question depends tho future prosperity
of tho world.
B y a vote of 71 to 1, with ono abstontion, membership in
tho International Labor Conference was accorded to Ger
many and Austria by tho conference on Oct. 30. Dobato
on tho question occupied almost tho entire daily session,
despite tho single voto in opposition.
Louis Guerin, employers’ representative of Franco, cast
tho singlo voto against tho former Central Empires. Jules
Carlior, employers’ representative of Belgium, abstained
from voting.
Tho resolution was submitted by tho organizing commit
tee. Under tho rules no motion or resolution could bo voted
on unless notico of it had been given on tho previous day or
unless copies of it wore circulated at the opening of tho session
of tho day on which a vote was sought. Tho resolution road
as follows:
I
W h e r e a s , In tho courso of tho negotiations concerning tho Troaty «of
Peace, tho Allied and Associated Powers agreed with Germany and Austria
to accept tho idea of their early admission to tho international'labor organ
ization, and decided to remit tho question to tho Washington conference
for its decision with a recommendation in favor o f their admission after
tho conclusion o f tho conference; and
W h e r e a s , At a later date tho Allied and Associated Powers remitted tho
question o f the immediate admission of Germany and Austria to tho labor
conierenco at Washington, to the decision o f the conference itself; therefore,
tho International Labor Conference, acting in accordance with the decision
of tho Allied and Associated Powers,
R e s o l v e s , That in anticipation o f their admission to tho League of Nations
and In view o f their expressed willingness to co-operate In tho work of tho
labor organization, Germany and Austria are hereby admitted to member
ship in tho International Labor Organization with the samo rights and
obligations possessed by tho other members o f tho labor organization,
according to tho terms of tho treaties of peace signed at Versailles on tho
28th day of Juno, 1919, and at St. Germain on tho 10th day o f Sept. 1919.
A cablo message received N o v . 7 from Paris informed tho
conference that Austria would not send delegates and had
so notified tho Supromo Council of tho Leaguo of Nations.
On N o v . 28 a messago of regret was received from tho Ger
man delegation, which was notified on tho day it was to
havo sailed from Gothonbcrg of the hopelessness of attempt
ing to arrive hero beforo, adjournment of tho conference.
Tho messago expressed the hope that its failure to attond
would not be misconstrued. In his address accepting tho
election to tho Presidency on Oct. 31, Secrotary Wilson stated
his appreciation of tho honor conferred upon tho American
pcoplo by tho election of ono of its citizens as the first pre
siding officer of the conference. IIo spoko in part as follows:
331
upon another until it is completed. That is the task now before tho Inter
national Labor Conference— tho task o f finding the material and fitting it
into its proper place in the structure.
On N ov . 4 by a vote of 5 to 1 the Committee on Admis
sion of Now Nations decided to recommend that all coun
tries requesting admission bo accepted as members of the
International Labor Organization. Canada voted against
tho proposal.
Probably tho most important subject which was before
tho Labor Conference was the eight-hour day. On N ov . 4
the organizing committee submitted to tho conference a
report on this subject, recommonding tho forty-eight hour
week rather than tho eight-hour day. On tho following
day, N o v . 5 , D . S. Majoribanks of England, a representa
tive of tho employers, submitted a draft plan recognizing
tho justice of tho basic 48-liour week, but holding that the
unit of measurement should bo the year, and that special
provision should be made for longer working hours in those
countries which have beon devastated and are in need of
reconstruction. Samuel Gompers, President of the American
Federation of Labor, selected to represent organized labor
in tho United States, attended tho conference for the first
time on N o v . 5 . M r. Gompers bitterly attacked the em
ployers’ proposals and the implication contained therein
that labor had tried to limit production. M r . Gompers’
remarks aro quoted further below. The plan submitted
by the employers on N o v . 5 follows:
Determined to accomplish tho high mission o f social peace which has been
entrusted to it by tho Treaty of Peace of Versailles, tho International Labor
Conference is of opinion that a rightful movomont toward tho betterment o f
tho condition of tho work people necessarily involvos tho favorable con
sideration o f any measure for limiting tho number o f hours of work in
industrial concerns.
Taking into consideration, however, the loss o f balance between produc
tion and tho human requirements caused by tho devastation and tho loss o f
millions o f human lives brought about by the war, the progressive increase
of tho cost of living would load to disaster If tho needs o f tho present situa
tion wore not considered in conjunction with tho alms o f the representatives
of labor.
Moreover, wo havo to consider agreements winch havo been mutually
and constitutionally agreed to in various countries between the organiza
tions o f employers and work people, as woll as tho legislation enforced in
tho most important countries. The conference, whilo admitting the prin
ciple of the limitation of dally work to eight hours, or forty-eight hours a
week, is of tho opinion that tho realization of this measure is subject to the
following conditions;
1. A guarantee that all industries shall work to thoir normal fullest ca
pacity.
2. Unanimous agreement to maintain and incroase output.
3. The adoption of provisional measures which will enable speedy pro
duction and normal distribution in thoso industries whose upkeep and
working is indispensable to tho economic life o f tho nations of tho world.
4. Tho adoption of spocial systems which will hasten relief in tho Indus
trial districts devastated during tho war.
Tho International Labor Conference, whilo recommending to all coun
tries tho drawing up of goneral legislation fixing tho eighHiour day or the
forty-oight hour week, suggest tho following essential conditions to the
adhered to:
1. Tho term "working day” moans a poriod of actual work.
2. Tho laws and agreements which will bo made as a rosult o f tho appli
cation of this system may entail for various districts o f the various indus
tries tho samo basis of work, based on a different periodicity, such as
week, a fortnight or a month, and for industries subject to weather or
seasons of tho year, tho year may be taken as a periodicity. In those cases
If tho actual duration of work exceeds eight hours tho average number of
daily hours oter tho period in quostion shall equal eight hours per day,
subject to tho following observations;
3. Special conditions have to bo considered in regard to Intermittent
work and with regard to workers engaged either on spocial occupations or
on work which is done aftor working hours.
4. Spocial consideration must be given to work executed by order of an
official authority, in tho interests of national defense, to maintain public
sorvlcos and in connection with urgent work tho execution of which is im
perative either to provent or to ropalr accidents which might stop work.
5. Tho limit of 48 hours per week or eight hours per day may bo oxceeded
and extended to a maximum of an average week of 56 hours In those indus
tries where continuous processes aro carried out by successive shifts.
Industries subject to changes of weather, or which aro for unforseon
circumstances subject to periods o f enforced Idleness, will have spocial
regulations enabling them to make good for tho loss of time arising from
such enforced idleness. And with suitable control this will apply also In
cases of Idleness arising from "force majeuro.”
Tho recommendations on the eight-hour day submitted
by tho organizing committee, to which wo have alluded,
were as follows:
Adoption of tho principle of tho forty-eight hour week rather than that
of the eight-hour day.
This would allow moro elasticity in arrangement of eight hours of work,
would facilitate tho adoption of a half-holiday or whole by enabling a longer
period than eight hours to bo formod on other days and would help secure
tho weekly rest day, whereas tho principle of tho eight-hour day by itself
does not.
,
Permission to exceed tho forty-oight hour limit for thoso Industries re
quired to bo carried on continuously by a succession of shifts, provided
Mankind lias had two groat economic problems to solve. Tho first of tho working h9 urs do not exceed fifty-six hours on tho average. Tho class
thoso was tho problom of production, tho means o f producing sufficient of Industries to which this exemption would apply includes first furnaces,
by which tho material comfort o f tho world might bo secured. Tho In coke ovens, oil refineries, public utility services; chemical works, sugar
ventive genius o f man has solved that quostion to a very great extent, refineries, milk factories, cement factories, smelters, construction work,
lhoro is no longer any fear that tho people o f the world cannot produce salt works and glass factories. It Is intended to cover all industries carried
onough to provldo for the material comfort o f ail that may be born into it, on soven days in tho week.
provided there is ample opportunity to work under proper safeguards, and
Extension to not moro than sixty hours a week to persons engaged in
that tho things produced aro oquitably and Justly distributed.
special conditions of employment, such as boiler attendants, electricians,
The solution o f theso problems will not bo as a rosult of tho brilliant con oilers, and greasers, furnace men and others who havo to come on bofore
ceptions of any ono mind. Tho problems o f production and other problems the normal hour for beginning work and who havo to romain after tho day’s
that man has solved havo been solved by tho process o f adding ono stone work is over.
332
Overtime for not more than 150 hours in a year to be allowed In the caso
of persons engaged in industries liable to press of work at certain recurring
seasons of the year or to accumulation of orders arising from unforscen
events or industries in which tho article manufactured or material used is
of perishable nature or in which tho time for completion of work cannot bo
accurately prescribed. The rate of pay for such overtime to bo fixed at not
less than 25 % moro than the normal rate of pay.
In other industries overtime of not more than 150 hours a year during tho
next five years to be permitted, under tho same conditions and thereafter
not more than 100 hours a year.
In order to facilitate enforcements employers to bo required to post notice
stating tho times at which employment of workers commence and end and
where tho work is carried on in shifts, the times at which employment o
each shift commences and ends.
Provisions of the convention, which are to be enacted into laws by tho
Government’s subscribing to it, may bo suspended by any Government
in event of war or other emergency endangering the national safety.
Convention to be made effective in all countries not later than July 11921.
On N o v . 7 Tom Shaw, adviser' to the workers’ delegate
for Great Britain, presented on behalf of labor a draft of
policy for the consideration of tho conference which would
limit the maximum hours of work in industrial and commer
cial enterprises to the eight-hour day and tho forty-eighthour week as a maximum. In industrial undertakings the
draft included mines, quarries, manufacturing industries,
construction, reconstruction, maintenance, repair, trans
port of goods and passengers. It provided for exceptions
to the maximum hours in cases of emergency. In seasonal
industries the draft would allow overtime not to exceed
seventy hours a year, with 5 0 % for overtimo.
I he labor
draft contained tho following proposals:
The working hours o f employed persons shall not exceed eight hours a
day and forty-eight hours in the week, except only in cases which can bo
justified by accidents, such as fire, flood or unforseen catastrophes. Tho
provisions of the present convention shall not, however, apply to tho per
sons holding positions of supervision or management or employed in a
confidential capacity. When persons are employed in three shifts, as in
blast furnaces. It shall be permissible to employ persons in excess of fortyeight hours in any week of the average number o f working hours over a
period o f three weeks does not exceed forty-eight.
The limit o f eight hours in the day and forty-eight hours in the week may
bo exceeded with the privilege o f a compensating rest in case o f accident,
breakdown o f machinery or plant, but only so far as may bo necessary to
avoid serious interference with the ordinary working o f the undertaking.
In industries which require by reason o f the nature of the industry
processes to bo carried on continuously by a succession o f shifts, the limita
tion of the hours o f work shall not affect any holidays which may bo assured
for the workers in such industries by law, including the weekly rest to which
all workers are entitled.
Tho limit of eight hours in tho day and forty-eight hours in the week may
be extended to not exceeding fifty-four hours in the week for certain special
In seasonal industries overtime may be worked for not moro than seventy
hours a year, subject to the condition that a worker when employed over
time in excess o f the daily eight hours shall receive a rate of pay which shall
be higher by at least 50% .
That condition Is inserted in order to make, so far as possible, overtime
work impossible. The International Labor Office Is charged to convene a
special meeting to consider the mercantile marine and agriculture with as
little delay as possible.
Tho workers’ delegates demand there be organized in each country a
department of labor inspection, staffed by government officials and dele
gates appointed by Workers’ organizations, and which department, among
other things, shall be charged with the investigation o f the application of
International conventions, and shall make an annual report to the Inter
national Labor Office.
The workers’ delegates recommend that all countries should introduce a
Saturday afternoon holiday and limit the working week to forty-four hours.
This meeting is a meeting for the purpose of avoiding war. W e are In
favor o f the abolition o f war.
_
After a week of open discussion on the question of the
eight-hour day and the 48-hour week, tho Labor Conference
closed general debate on N o v . 10 and referred tho entiro
subject to a commission of fifteen for consideration and re
port. The motion, offered by Newton W . Rowell of Can
ada, -and seconded by Arthur Fontaine of France, both
Government delegates, carried with it the draft convention
proposed by- the organizing committee together with all
amendments. Two attempts by labor delegates to amend
the motion was defeated.
The adoption by the conference of the 44-hour week was
made impossible, it was said, by the terms of the Peace
Treaty. On this point Chester M . W right, Washington
correspondent of the Now York “ Tribune, in advices to
that “paper under date of N o v . 6, wrote as follows:
All chance for adoption o f a forty-four-hour week convention by tho
conference at its present session is out o f the question, if tho interpretation
of the powers o f tho conference held by the Right Hon. George Nicholl
Barnes, British Government delegate, proves correct. M r. Barnes holds
that the language of tho peaco treaty binds tho conference to a choice
between the eight-hour day and the forty-eight hour week.
"D oes tho language of the agenda and tho language of the treaty, which
provides that this conference shall consider tho application of the principle
of the eight-hour day or the forty-eight hour week, preclude the possibility
of adopting the principle o f the forty-four hour week?”
I submitted that question to M r. Barries to-night, through his secretary.
“ It does,” was his answer. He said the language o f the treaty, as written
at Paris, limited the powers of this conference.
In yesterday’s debate labor delegates, especially Samuel Gompers,
emphasized tho desirability of the forty-four hour week, which means a
Saturday half-holiday.
On the following day M r . Wright wrote as follows:
With Introduction to-day o f proposals o f the labor section, it became
assured that the International Labor Conference will; adopt as a world
[V o l . 1 1 0 -
THE CHRONICLE
standard a working week of forty-eight hours and that tho main point of
conflict will bo whether there also is to be set up a standard of eight hours
as tho length of tho working day. Labor’s proposal is for a maximum eighthour working day.
Tho conclusion virtually is unanimous that there is no possibility, under
tho treaty, of obtaining forty-four hour week, although tho labor proposal
recommends It. Labor’s effort in that direction will centre on an effort to
have tho forty-four hour week placed on the agenda for the next conference.
In bis speech on N ov . 5 dealing with tho employers pro
posals Samuel Gompers said:
Unless tho eight-hour day, under normal conditions, shall bo tho maximum
of tho day’s labor, you might as well abandon tho discussion of this subject,
for labor of American and labor of Europe and labor of all countries, which
has some intelligence and understanding, wiU not consent to a longer work
day than eight hours in each day.
The charge of limitation of output against workers is only .incidental aim
repetition of that which wo hear from employers overywhero. The state
ment that employers shut down their factories and establishments for the
purpose of exploiting tho people in unfair profits is not referred to. I ho
limitation and restriction of output on tho part of employers are direct
rather than that so unjustly attributed to labor.
If I quote correctly, among the proposals of tho employers as react uy
JMr. Majoribanks, it Is not only permissible undor certain conditions to
work fifty-six hours a week, but also under certain circumstances 300 extra
hours of work a year may be imposed on tho toilers—at least, not moro than
300 hours— and then the proviso is that further exceptions may bo made so
that additional hours may be imposed.
Wo are not going back, nor aro wo going to bo driven back, and tho whole
purposo and worth of tho International Labor Commission, the wliolo pur
pose of tho draft convention, tho whole purposo of tho International Labor
Conferences, was to bring light into the lives of tho working people of tho
world and not to take from them by indirection or otherwise the advan
tages which they have gained. Tho proposition made by tho employers to
this conference might better be termed a declaration for tho abandonment of
the limits of the hours of labor in tho whole civilized world rather than a
proposition to regulato tho hours of labor.
The employers could, if they wanted to, if Mr. Marjorlbanks suggest o
should be adopted, work the employees 168 days In each year sixteen hours
a day and let tho workmen go idlo for tho balance of tho year. I do n
presumo that that was in the minds of tho employers when they adop
that declaration, but that construction is lnescapablo.
It is a fact, which all history of Industry bears out, that there is moro
produced by tho worker, everything elso being equal, in an eight-hour < ay
than in a ton or twelve-hour day. Tho fact is that If you want the best that
is in a workmen in tho least possiblo time, then work him about forty-oigno
hours continuously and ho will bo all in. If you want tho best that Is In a
workman for a period of six or eight or ten years you will work him ton,
eloven or twelve hours a day. But if you want tho best that is In a workman
covering a long period of years you will impose no longer than an eight-hour
tL At^homeotings of the Commission on International Labor Legislation in
Paris there arose some question as to tho make-up not only of tho personne
but also of tho representatives in tho international labor conferences, an
the proposal was for two from the Government, ono from tho representatives
of employers and ono from the representatives of workers of each country.
Thero wore somo of us who advocated tho principle of ono government
representative, ono employers’ representative and ono labor representative.
I remember tho .argument that was made against those who proposed
"one-ono-ono.” It was this: Tho employers and tho workers will act In
collusion against tho government. You. have heard tho demonstration of
tho collusion this afternoon.
The declaration of M r. Majoribanks for the employers contains something
liko this, as my memory may servo mo and from a memo that I h avoI1la
that while tho employers recognize tho principle of tho forty-eight-1 ou
week, in practice they are opposed to it.
. . .
P„_tv,
If the employers aro to maintain the position that has been put fo th,
then all that the labor men can do is to appeal over their heads to tho rep
resentatives of tho governments, and tho representatives of tlio govern
ments, as tho result of their expression of tho feelings and tho needs or
all their peoples, will support a proposition so malfcstly fair as tho maxi
mum eight-hour day.
.,
.
During the debate on the eight-hour day Vice-President
T . R . Marshall appeared before tho International Labor
Conference on N o v . 7 and pleaded with tho delegates to got
together in harmony to solve tho problems of tho industrial
life of the countries concerned. His addross in part was as
I assume you aro looking forward to legislation— legislation In tho in
terests of what you call tho laboring classes of tho world and very frank y,
ladies and gentlemon, I don’t like tho definition. I object to classes In a
world where God mado men.
I don’t know enough about your problems to discuss them with you.
That is a very frank statement. I havo troubles of my own. I am prt>
siding over tho Senato of tho United States, whero thero Is at the present
time a distinct effort to writo ninety-six separate treaties with the Imperial
German Government. But I do havo somo idea, not as politician nor as
lawmaker, but as a man who thinks ho loves his fellow man, I do have some
idea as to how the many wrongs which exist In tho relations of labor and
capital aro to bo solved. I cannot help saying this to you: For God s sako
got at tho solution of these problems in a spirit of amity and friendship
and common sympathy.
The Committee on Standing Orders on N o v . 10 agrood to
the seating in tho conference of Govornmont delegates from
fourteen countries without capital and labor representatives.
J. Oudogeest of Holland and Conrad Ilg of Switzerland,
labor members of tho committee, accoptod the recommen
dation, but served notice that an effort would bo made to
change tho basis of representation in futuro conforonoos.^
The Associated Press in Washington dispatches of N o v . 25
announced tho appointment of labor and employors roprosontatives to tho governing body, which will bo a pormanont
part of the International Labor Conference. Tho dispatchos
said:
,
. ir
.
The International Labor Conference took stops toward perfecting pormanont organization, as contemplated In tho Treaty of Versailles, to-day w 1 1
announcement o f the croation of tho governing body, composed of twoivo
government representatives, six labor representatives and six representing
*
J a n . 2 4 1920.1
THE CHRONICLE
capital. Through this body will be established tho International Labor
Offlco provided for in tho treaty and which forms tho agency through which
all labor clauses aro to be worked out.
The government representatives on tho board o f governors will be named,
according to tho plan approved by tho conference by Belgium, France,
Groat Britain, Italy, Japan, Germany, Switzerland, Spain, Argentina,
Canada, Poland and, ponding ratification o f tho treaty by the United States
and its formal participation, Denmark.
Kmployors’ representatives nominated by tho conference were Sir Allan
Smith, Great Britain; M . Guicrin, France; M . Pirelli, Jr., Italy; Jules
Carlior, Belgium; Mr. Kodacz, Czecho-Slovakia, and, ponding American
participation, Mr. Schindler, Switzerland.
Tho workers' representatives nominated were Leon Jouhaux, France;
Jan Oudegeest, tho Netherlands; Stuart Bunning, Great Britain; M r.
Lindquist, Sweden; and, pending American participation, M r. Draper,
Canada.
Announcement o f this program brought an immediate protest from the
Latin-Amorica delegates against tho fact that only ono member of the board,
tho Government representative from Argentina, would come from those
countries. Submitting a formal objection to this phase of the plan, in
which all Latin-American delegates joined, Francisco Carrera Justiz, of
Cuba, declared that ‘‘no matter what motive or procedure brought about
the distribution, it evidently is against the spirit o f equity which has
always prevailed where international interests are concerned."
Tho governing body is described as tho controlling organization of labor
in tho Loaguo o f Nations, directing the affairs o f tho International Labor
Offico through which all questions growing out o f international labor
problems will bo considered. Tho function o f tho office will be to keep in
constant communication with governments and labor or employers’ organ
izations throughout tho world, to collect Information, give advice and, if
neod bo, to pass disputed matters on to the Council o f tho League of Nations.
In addition to reservations made for United States representatives on
each o f throo groups in the governing body, places also were held for Ger
many in tho Government workers’ group. The following radio message
was sent to tho German Government:
“ Gorman Government, as representing ono o f eight States of chief
Industrial importance, is entitled to nominate members o f Government
bodies to International Labor Office under Article 393 o f the treaty. Should
bo glad to bo Informed of name of nominee at earliest convenience. Workers’
delegate also allotted a place on governing body to representative o f German
workers. Kindly communlcato your decision to general commission and
forward name o f thoir nominee.”
The International Labor Conference on N o v . 23 issued a
statement regarding its work up to that timo. Tho state
ment road as follows:
Tho conference has proved itself different in many ways from any other
conference yet hold. For tho first timo Governments have agreed to submit
tho recommendations o f an international labor gathering to their legis
lative bodies for approval, though It should bo clearly understood that
until such approval Is given no Stato Is in any senso bound. Tho present
Conference, therefore, will not merely meet, debate, pass resolutions, and
thon adjourn, but will have the guarantee of each of tho forty States repre
sented to present its findings officially to tho competent legislative authority
within ono year.
Tho conference is, moreover, more widely representative than any other
yet hold. It includes not only the high industrial States of Europo and
North America, but tho less developed States of South America. Africa
and Asia. While, o f course, this broad representation o f States with such
widely varying standards makes agreement most difficult to obtain, it
serves, nevertheless, on tho ono hand, to extend to those States which are
now becoming industrialized tho safeguards o f a moro liberal industrial
legislation, and on tho other hand, to protect the moro advanced States
from tho unfair competition of lower standards.
Tho organization o f tho conference Into three groups, governments,
employers and workers, has also had a salutary effect. Not only has it
allowed tho employers and workers of different countries to unite on an
identic program without fear of unfair competition from States having
lower standards, but it has also assured tho support of each group to any
decision finally reached by tho conference. Consequently tho conference
recommendations will not only have been thoroughly threshed out by tho
various groups In each country called upon to endorso them, but each
nation will bo free of tho fear o f prejudicing its interests by adopting legis
lation moro liberal than that o f its neighbors.
Probably tho most Important outgrowth o f tho conference will bo the
constituation of tho international labor offico which is designed to be tho
permanent labor organization associated with tho League of Nations. Its
function will bo to act as a clearing house for Information on all international
fabor problems, to register laws and regulations, and to prepare tho agenda
lor tho annual conferences. Already many problems havo been referred
to It by tho conference for examination. Considerable difficulty has been
experienced In selecting tho governing body of this offico, but agreement is
expected this week. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
PUBLIC SERVICE COMMISSION OF M A R Y L A N D FOR
CONSTRUCTIVE POLICY I N RATES FOR
PUBLIC UTILITIES.
A n interesting and broad-minded discussion of the subject
of rato fixing in rolation to tho earning capacity of public
utilities is contained in an opinion recently handed down by
tho Public Sorvico Commission of M aryland. W o need
hardly say that propor treatment of tho question is of tho
utmost importance becauso of tho fact that such a large
numbor of public utility companies havo gone into tho hands
of rocoivors owing to tho failuro of Stato regulatory bodies
to pormit rato increases comonsurato with tho augmented
cost of operations, maintenance and service, resulting from
advancos in wages and in tho pricos of practically all com
m odities.
Wliilo in somo cities and States public utilities havo been
permitted to put into effect now schedules of rates providing
for adequate returns, in others— notably in N ew York City
in tho caso of tho Interborough Rapid Transit Company
and tho Brooklyn Rapid Transit— they are still operating
on tho samo rates as five or six years ago before tho general
advance in prices began.
333
“ If rates are to bo based upon value, they must bo based
upon ‘fair present value’ ” says the opinion of the Maryland
Public Service Commission.
“ W ith the end of the war the time has come when we can
no longer be satisfied merely to preserve the
of utilities subject to our jurisdiction. Rather has the time
como for the inauguration of a truly constructive policy in
tho case of business enterprises of all kinds, our public
utilities included.”
Continuing the opinion said:
status quo ante
If, before and during the war, there was any uncertainty as to the rela
tions which should or would continue to exist between tho public and our
public utilities, now that the war is over, it is tho time, of all times, when
this question should be definitely settled, in order that both the utilities
and tho public should know what will bo the policy of tho State with respect
to such utilities in the future. Upon no other basis than that of a full
mutual understanding of tho relative rights and obligations of our public
utilities and tho public, can tho former go ahead and do tho best there is
in them toward rendering adequate scrvico at reasonable rates to the public
they have undertaken to serve.
The opinion quoted above was filed on N o v . 29 1919 by
the Public Service Commission of Maryland in the case of
tho United Railways & Electric C o. of Baltimore (under
which the company was allowed to increase its fare from
]/2 to 7 conts) and was supplementary to ono handed down
on Sept. 30. In part tho supplementary opinion reads as
follows:
Q
If rates are to bo based upon value, they must bo based upon "fair present
value," and conditions are still so far from normal that we would not feel
justified at the present time in accepting present-day prices as conclusive
of that fair value which should be used as tho basis for the making of rates
to remain effective for any considerable period in the future.
On tho other hand we would not feel justified in continuing longer to fix
rates upon the "war emergency” basis, since the theory of that method of
rate-making was merely to proservo the s ta tu s quo a n te of tho property and
business during tho period of the emergency created by the pendency of
tho war. . . .
With respect to the particular utility whose affairs aro here under con
sideration, this Commission has had little or no difficulty in determining
what should be its policy in tho future.
Practically ever since the creation of the Public Service Commission of
Maryland in 1910, this Commission has had before it for consideration
questions concerning the property, affairs and operation of tho United
Railways & Electric Co. of Baltimore. It is one of the largest public utili
ties which aro fully subject to this Commission’s jurisdiction. As wo have
pointed out in other of our opinions, its continued operation is of the utmost
importance to tho entire community which it has undertaken to serve
This company’s property is ono of great value, and ono which should not bo
jeopardized or needlessly impaired in value by the adoption on tho part of
this Commission of a narrow or illiberal policy with respect to its financial
affairs.
Timo and again wo havo had occasion to consider the question o f the
character of scrvico actually rendered by tho company to the public, and as
well tho character of service which tho property is suscoptiblo of rendering
with comparatively minor improvements and additions. More recently
we havo noted on tho part of the management of the company what has
seemed to us to bo a sincere desiro so to operate the property as to render
tho public more adequate service than has been rendered at times in the
past. This attitudo apparently has been based upon a growing recognition
of tho fact that tho public has rights in our public utilities which must
not bo subordinated to tho rights of tho owners of the property.
Our consideration of tho company’s affairs has extended as well to its
financial situation and requirements, and this Commission, from time to
timo in tho past, has passed orders authorizing the issuance of securities
of largo aggregate value for tho betterment of tho property and service.
With this intimate knowledge of the company’s affairs, acquired through
a period of what is now nearly ton years, this Commission is firmly con
vinced that tho present and future welfare of this community requires the
preservation of tho property of tho company and its continued operation
in the service of the public not only unimpaired, but in a position to meet all
reasonable demands incident to the growth of the city and community.
Whllo tho property of this company nominally belongs to its stockholders,
subject to mortgages held by its bondholders, the public itself is interested
even to a greater extent than either tho stockholders or bondholders in the
continued proper operation and maintenance of such property.
“ T h e P u b lic I s th e F i r s t to S u ffe r f r o m I n a d e q u a te S e r v i c e .”
In tho caso of operation, tho public is tho first to suffer from inadequate
service. Inasmuch as proper service can never long be rendered in any
lino of business enterprise without reasonable compensation, it is incumbent
upon the public to pay for tho kind of scrvico it desires, and such public
cannot justly coniplain if it does not receive a character of service better
than that for which it has paid.
But the requirements of the public will be by no means fully met
merely by a satisfactory operation of tho company’s present property and
equipment.
The City of Baltimore is ono of the most important commercial and in
dustrial centres in the country. This growth during the past twenty years
has been regular and consistent, and has kept pace fairly well with our other
largo cities. During this period it has boon necessary for tho Itailways
Company to add to its scrvico equipment and property in order that it
might keep up with tho community which it has undertaken to serve.
During tho war tho advantages of Baltimore as a commercial and Industrial
centre, and as a place of residence as well, camo to bo appreciated to a greater
extent than ever before, with the result that a new impetus was given to
our city and it lias now fully ontcrod into an era of prosperity and growth
tho like of which It has never enjoyed at any timo in the past. But tho
city cannot continuo to grow to advantage unless tho street railway system
continues to grow as well and keep abreast in all respects with the com
munity which it serves.
It appears by tho petition of tho company that it now has under considera
tion plans for tho expenditure in tho near futuro of threo or four millions of
dollars in the purchase of somo throo hundred to three hundred and fifty
cars, tho improvement or reconstruction of approximately forty miles of
track and the general improvement of service.
This money is to be expended for the benefit of tho public. The surplus
which tho company accumulated in pre-war timos, together with tho depre
ciation reserves which had been accumulated under moro favorable condi
tions. has been exhausted. Therefore the company has no funds at the
324
THE CHRONICLE
present time with which to make thoso improvements. Hence this largo
sum must be borrowed, and in order to borrow tho same tho company must
have credit with tho investing public.
It is a well-known fact that there is at tho present timo an almost unpre
cedented demand for money to meet tho requirements of tho business world
o f to-day. The high prices being paid for commodities o f all kinds, with
their resulting promise o f unusually largo profits, are stimulating enterpriso
in almost every line of business endeavor. Foreign governments as well
as our own government are offering higher rates o f interest for tho uso o f
money than thoy have paid for generations past. Tho securities of large
and hitherto most prosperous public utilities throughout tho country are
being bought in tho open market at abnormally low prices in order that
purchasers thereof may assure themselves o f an interest yield materially
in excess o f tho roturn with which they woro satisfied prior to tho war. The
daily papers are full o f offers of all kinds o f securities issued by business
enterprises o f the highest standing, and which aro so much in need o f money
for further developments that thoy aro willing to pay unusually high prices
for the use o f the same.
Companies with assets in somo instances o f a value several times in excess
o f their outstanding obligations and with assured earnings three, four, fivo
and six times their interest charges, aro offering 6 and 7 and in somo in
stances as high as 8% for tho uso o f funds with which to further develop
their business.
‘ ‘ I n v e s to r s A r e D e m a n d in g S u b s ta n tia l S e c u r ity f o r
T h e ir L o a n s . "
With such a demand for the use o f money, investors aro demanding sub
stantial security for their loans, and are insisting that thero bo both a sub
stantial equity in the property over tho amount o f funded securities and
assured earnings largely in excess o f the aggregate interest charges thereon.
I f less than this is offered, tho investors will either declino to make tho loan
upon any terms whatsoever, or will insist upon an abnormally high rate
o f interest in order to compensate them for the additional risk taken in
making the investment. This last moans either that tho interest rate
itself must be abnormally high or that tho securities bo sold at a discount
whiph will yield the desired rate.
In tho case o f a public utility, where securities aro sold at a discount with
tho consent o f tho State regulatory body, the utiltly is entitled to charge
tho public in addition to what would othorwise be the cost of tho service,
the amount necessary to amortize such discount during tho lifo of tho se
curity. Where, on tho other hand, tho interest rate is made abnormally
high with tho consent o f tho State regulatory body, good faith requires
that the purchasers o f such securities bo protected in their investment by
the fixing o f rates which will enable the utility to pay such abnormally
high rate o f interest.
Thus, in cither event, tho public is tho ono to suffer most where tho finan
cial credit or any o f its utilities is so far impaired, that it is obliged to pay
abnormally high prices for the loan o f funds to be usod in improving its
property or service for tho benefit o f the public.
•
S a tis fa c to r y A s s u r a n c e M u s t B e O iv en th e I n v e s t o r .
,
It follows that tho prospective investors shall be given reasonable assur
ances of earnings materially in excess of the Company’s interost charges.
Tho present intorest charges o f the Railways Company amount to ap
proximately threo million dollars. It is this Commission’s judgment that
balanco to surplus varying from approximately $1,000,000 as a minimum
to $1,500,000 as tho maximum, both conditioned as hereinbeforo sot
forth, and tho latter subject to increaso with increases In the company’s
funded debt, would not only provide fair and reasonable compensation to
the company for tho service which it expects hereafter to render tho public,
but would In addition give the company such credit with the investing
public as will enable it to secure upon reasonably favorable terms tho capital
necessary for all its corporate requirements.
Pending tho establishment of fares based upon a valuation o f tho com
pany’s property or tho adoption o f a plan, under which fares will be more
or less automatically established upon the basis o f actual cost of the service
rendered, it is tho belief o f this commission that an earning capacity of
one and a half times tho fixed charges o f the company is reasonable and nec
essary and in the interest of tho public. But wo do not believe that the
entiro burden o f earning this surplus should bo placed upon the public
at tho present timo and under existing circumstances. We feel that a
portion o f the responsibility for earning such balanco to surplus should bo
placed upon tho company, and that this responsibility can and should be
met by tho exorcise of all reasonable economies and efficiencies on its part.
But the commission is not to be understood as undertaking to establish
in the future rates and fares estimated to yield such a balance to surplus of
$1,500,000, or to increaso existing rates in order that thoy may yield such
amount. Wo merely mean that it is not our intent to refuse such earning
capacity, provided tho company, by diligent, sensible, economies and good
service can produce such surplus. If, in time, the balanco to surplus under
any existing rate o f fare, should come to exceed such $1,500,000, tho com
mission, of its own initiative, will proceed to consider tho propriety o f re
ducing rates o f fare then In force.
Pending tho institution and coming Into full effectiveness of such econ
omies and Increased efficiency, it was at the date o f the original opinion and
is now tbe view of this commission that the rates o f fare authorized to bo
charged by tho company should be such as may reasonably bo anticipated
to yield a balance to surplus o f approximately ono million dollars ($1,000,
000) after tho payment o f the company’s operating expenses, taxes, fixed
charges, and the making of reasonable allowances for tho maintenance of
tho property and o f its accident and depreciation reserves.
In other words, if, after exercising what may seem to the commission to
bo a reasonable economy and efficiency in the operation o f Its property,
it appears that tho company is unable to earn under tho established rates
such a balance to surplus o f approximately one million dollars, tho com
mission stands ready, upon request of tho Railways Company, to reconsider
tho estimates set forth in Its original opinion, and also the rates of faro
authorized to be charged by our Order No. 5120 passed pursuant thereto.
But In fixing 81,000,000 as the minimum balance to surplus which the
company should bo permitted to earn under existing conditions, this com
mission is not to be understood as undertaking to guarantee such balance
to surplus at the expense o f the public at any and all hazards.
It will be noted that wo have conditioned our conclusion as to such balance
to surplus, first, upon the exerciso of reasonable efficiency in tho operation
of the property, second, upon the exercise of reasonable economies, and,
third, upon the expenditures o f no more than reasonable amounts for tho
maintenance o f the property and o f Its accident and depreciation reserves.
PROGRESS OF RAILROAD LEGISLATION A T
WASHINGTON.
Washington, D. C., Jan. 22 1920.
Tho entire attention of the conferees on the railroad bill
during the past week has been occupied largely with the
matter of consolidation, and they have gone somewhat out
[V o l . 1 1 0.
side of the scope of their duties in reconciling cortain diffi
culties of viows on the railroad legislation. Senator Cum
mins is advocating 21 lines and a majority of tho House
conferees are in favor of 14 lines. Tuesday and Wednesday
of this woek the conforees reverted again to tho anti-strike
provision of the proposed legislation, and no dofinito agree
ment was made; but it is known that the Houso conferees
will win in this phaso of tho controversy.
Thursday the conforees devoted their attention to now
loans to railroads for tho purpose of onabling carriers to
properly servo the public during tho transition period follow
ing the termination of Foderal control, and an agreement
has boon reached that all carriers must make application for
the desired loan before the expiration of two yoars. This is
the House provision of the bill, but tho conferees aro yot
not in agreement it appears on tho character of tho security
which must bo offered for such loans, as thero sooms to be
somo conflicting opinion as to the
of tho carriers
to offer preferred liens under present conditions.
Tho conferees havo also agreed as to tho enlargement of
the Inter-State Commerce Commission, and havo passed
for the timo being, it is understood, the matter rolating to
additional duties to bo imposed upon tho mombors of that
body.
In all, very littlo progress has been made with tho most
important phases of the proposed legislation. Tho conforees
aro in accord that it is absolutely essential that there must
be immediate consolidation of somo sort of all tho lines.
Tho transportation board question is a mattor of sorious
dispute, and it is understood that tho provisions of tho
Senate bill will be somewhat changed, but no announcement
as to details is available. It is known that tho conforees
have agreed to a most liberal policy governing tho mattor of
loans to tho railroads, and while somo 500 millions of dollars
will bo available as tho initial step, this amount will bo
substantially increased during tho present sossion of Congress.
Tho conferees havo devoted much timo during tho past
week to important amendments to tho original Commerce
Act and the amendatory Acts, and a prepared statomont will
bo submitted to both Houses of Congress tho first wook in
February, and a separate vote domandod.
ability
now
CHARLES H A Y D E N OF CHICAGO ROCK ISL AND A
PACIFIC R. R. ENDORSES RATE PROVISIONS
OF C U M M IN S BILL.
In a circular letter to the stockholders of tho Chicago,
Rock Island & Pacific R y . C o ., boaring on pending railway
legislation, President Charles Hayden declares that “ tho
vital necessity of the new legislation is an adequato provision
relative to a rate structure.” All othor features of the pond
ing bills, he contends, aro secondary in importance to tho
rate question. Tho House or Esch bill, it is pointed out,
in effect perpetuates the present requirement of tho IntorStato Commerce A ct, that all rates shall bo just or reasonable,
and this, it is observed, has provod unsatisfactory in tho
past. Tho provisions of Section G of tho Senate or Cummins
bill, which provide that the so-called “ oxcoss oarnings” over
6 % shall bo divided botweon the company and tho Govern
ment, are, says M r . Hayden, “ vory much more satisfactory
to your company than the provisions of tho Houso bill.’
A definite roturn of 5 J ^ % , says M r . Haydon, “ oven when
coupled with a provision for tho division with tho Govern
ment of any excess ovor 6 % , is so immoasuroly bettor than
a return to tho old manner of fixing rates that wo boliove
it essential to your intorest that legislation bo passed fixing
a definite roturn.” W o give in part tho circular herewith:
I m p o r t a n c e o f R a te P r o v i s io n s .
Tho vital necessity of tho new legislation is an adequato provision rclatlvo
to a rato structure. A l l o th er f e a tu r e s o f th e p e n d in g b ills a r e s e c o n d a r y i n
i m p o r t a n c e to the r a te q u e s tio n .
As stated In paragraph 5 abovo, tho rates
must bo so fixed as not only to protect tho oxlstlng capital, but also to attract
new capital. The difficulty In tho problem is that rates In any roglon must
be the same for all roads, and that a rato basis which permits tho avorago
road to earn a fair return upon its capital will pormit tho most favorably
situated roads to earn a very handsomo roturn, while others may oarn
nothing at all.
Tho Houso bill, or Esch bill as it is called, makes substantially no chango
In the oxlstlng law, as it simply in effect perpetuates tho presont require
ment of tho Inter-Stato Commerce Act that all rates shall bo Just and rea
sonable.
This has proved unsatisfactory in tho past, and thero Is no assuranco. In the law or otherwise, that It will bo satisfactory In tho futuroThe Senate bill, or Cummins bill, in section G roqulrcs tho Inter-Stato Com.
merco Commission to divido the country Into rato making groups, and to
fix rates so that tho carriers in each group shall earn a roturn equal "as
nearly as may bo” to 51$% upon the aggrogato valuo of tho property in
% is allowed to bo Invested In non-produettvo
that group. An additional
improvements. Tho excess ovor 6% is divided: between 6% and 7% ,
one-half goes to tho carrier, to bo used for a reservo fund, and ono-half
goes to tho Government, to bo used for a goneral railroad contingent funds
over 7% , ono-fourth goes to tho carrier for its reservo fund, and threo-fourth;
J a n . 24 1920 .]
THE CHRONICLE
to’ tho Covornmont for Its contingent fund: when the carrier’s reserve fund
reaches 5% o f Its property value, It may retain for Its own purposes onethird o f the excess over 6% . The foregoing rates and bases for the divis
ion o f rovenuo are subject to modification every five years. These pro
visions aro very much more satisfactory to your Company than the pro
visions o f the House bill.
Thcro Is opposition to the requirement that the so-called "excess earnings"
ovor 6% shall be divided between the company and the Government.
Section 6, howover, was drawn by a Senate Committee composed of lawyers
o f many years’ experience, and its legality is approved by eminent counsel.
Even if thoro bo a doubt as to the constitutionality of the excess earnings
part o f the section, the intorest o f your company lies so clearly in the direc
tion o f having a definitely established standard o f rate making that wo
advocate tho passage o f tho legislation as proposed by the Senate Com
mittee, leaving the constitutional question as to tho excess earnings for
determination by the courts.
O th er F e a tu r e s o f L e g is la tio n .
We call your attention particularly to the following features of tho pond
ing legislation, and ask your assistance in the advancement of our views,
If thon moot your approval:
(1) Funding of carriers’ indebtedness to the Government.
Tho Railroad Administration has expended over ten million dollars in
additions and betterments upon your property. It is very Important for
obtaining future capital that this Indebtedness be funded and mado payable
ovor a long term, say, at least ten years. The Esch bill contains a pro
vision for tho striking o f a balance betwoen the carrier and tho Government,
and only the not amount duo for additions and betterments after the strik
ing o f this balance can be funded. This Is wrong in principle, as it cannot
bo expected that capital expenditures can bo met out o f current Income.
(2) Anti-strike provisions o f Cummins bill.
Tho Cummins bill contains a clause forbidding strikes. This Is primarily
a matter in which the public is interested. There Is great controversy
about It, but, whllo your interests as stockholders are in the direction of
securing the continuous operation o f your road, the Interest of the public
In tho matter is so very great that wo do not ask you as stockholders to
tako part in this controversy.
(3) Compulsory consolidation and Federal Incorporation.
Tho Cummins bill coqtains a provision for compulsory consolidation,
beginning after seven years. Wo believe the interests o f the country aro
adequately preserved If pormisslvo consolidation Is authorized, as sug
gested In our former letter. LIkowlso, wo believe that Federal incorpora
tion may bo desirable, but we do not regard it as imperative at this time
in settling tho problem.
(4) Guarantee o f present standard return for six months after Federal
control.
This is very important to tho carriers, to enable them to adjust themselves
to new operating conditions. W e believe that both the House and Senate
look favorably upon it.
(5) A definite return o f 5M % upon tho value of your property, even when
coupled with a provision for tho division with the Government of any
excess over 6 % , is so immeasurably better than a return to the old manner
o f fixing rates that wo believo it essential to your interest that legislation
bo passed fixing a definite return.
The tlmo to advise your Congressman, or your Senator, o f your views Is
now. Wo ask you to do so, by letter or In person, and to ask influential
citlzons in your communities to do likewise. Further information about
any phaso o f the legislation will bo very gladly sent to you upon your
requost.
Wo repeat, the problem is not only to provide a return on capital already
invested, but to ofror some incentive to the billion dollars a year of now
capital which tho transportation needs o f tho country demand if tho public
Is to havo such service as the American people want and are entitled to have.
Tho Constitution protects tho existing investment, .but tho attraction of
now funds is a matter which only the wisest and most helpful legislation
can consummate.
.
For your information, wo beg to advise that your company has executed
tho standard contract with tho Government which provides a return of
#15,880,681.32. Our claims for additional compensation were denied,
but wo thought it better to execute the standard contract than to engage in
litigation with tho Government at this time. Further particulars will be
contained in tho forthcoming annual report.
Tho circular Issued on Jan. 16 was unanimously approved at meeting
on Jan. 16, at which tho following directors were present:
Charlos Hayden, Nathan L. Amstcr, Marcus L. Bell, Henry Bruere,
G. Watson French, Jas. A . Patten. Wm. Z. Ripley, James Speyer, Peter
G. Ton Eyck.
W I L L I A M CHURCH OSBORN A D V O C A T E S “ T A K E -O F F ”
I N CASE OF RA IL ROAD E A R N IN G S — I V Y L.
LEE A N D PROF. S C H U R M A N ’ S V I E W S .
In a discussion of “ Tho Rights of the Railroads and tho
Public” boforo the National Republican Club in this city
on Jan. 17 William Church Osborn, Chairman of the Execu
tive Board of tho Texas & Pacific R R ., directed his remarks
to what ho termod the “ take-off” — meaning he said, that
“ tho Government must take off the big fellow’s earnings
onough to koop the little fellow from going under,” and in
advocating this proposal he suggested that the situation
created by the existence of strong and weak roads be met
by applying to railroad earnings the principle of the super
tax. Tho Now York “ Times” gave the account as to what
M r . Osborn had to say as follows:
Tho centre o f tho storm which Is raging about railroad finances, according
to M r. Osborn, lies In tho change In tho conception o f railroads as a field for
privato profit to that of the railroad as a public investment in which security
and Interest aro tho Inducement to invest in a public service.
"And tho owners," said Mr. Osborn, "aro looking for any port in the
storm. There Is a doflnito lino o f demarcation between private and public
sorvico industries. Tho day o f profit in stoam railroads, I am convinced,
has gone, and It Is hopeless to look forward to tho revival of a system
o f Individualism in their control.
"T h e situation to-day Is that many railroads aro making no profits, while
a fow aro making substantial profits, and any rise in rates to benefit tho
former would give to the latter very largo profits. Now tho difficulty with
thoso who object to the ‘tako o ff’ is that they aro looking to a large profit
which thoy do not enjoy now but would enjoy if tho Government gave It to
thorn, whllo I boilovo that tho power that gives should also be the power
that takes.
325^
" T o meet tho situation created by the existence of strong and weak roads,
my suggestion is that the principle of the supertax be applied to railroad
earnings. After a road Is given its fair return of 5H or 6% and another
4% for betterment of plant and depletion, I would tax each added per cent
of earnings on the principle o f the surtax. Tho first per cent distributable
surplus would bo taxed, the second per cent would bo taxed still more, and
so on. This scheme is not subject to objections on the ground of constitu
tionality, as are many other schemes, and it would eliminate exorbitant
profits, which, rightly or wrongly, have become obnoxious to tho people
of the United States."
Ivy L . Lee of the Association of Railway Executives,
and Jacob Gould Schurman also voiced their views on the
subject at the gathering, M r . Leo, it is pointed out in the
“ Tim es,” taking issue with the idea that the earnings of
large railroads should be limited in any way, while D r.
Schurman held that in the unscrambling of the railroads
“ some way must be found to stimulate the accumulation
of large fortunes so that great ability will set itself to the task
of creating more wealth to divide up amongst the rest of
u s.” In stating that M r . Lee strongly objected to this solu
tion on the ground that it would destroy those incentives
which had operated to bring the ablest men into the railroad
business, that it would eliminate those reasons which rail
roads had for practicing economy, and that capital would
not be attracted to the railroads, the “ Times” added:
“ The groat problem,” he continued, "is to prevent men and money from
going into other lines o f endeavor. It must be remembered that in so far
as improvements are concerned, the railroads to-day aro stagnant. An
official of tho Pennsylvania told me to-day that only a few days ago had
tho last phaso of tho great New York improvement projected in 1902 been
completed. It took eighteon years to finish that piece of work, yet to-day
nothing Is being planned by tho railroads to meet tho future.
“ Capital is not being drawn to the roads. It is going into other lines o f
industry, ft I was told by the member of a great banking firm tho other day
that thoy had not one reilroad security in tholr vaults, but each day we see
these samo people floating bonds for moving picture enterprises, grocery
stores, and lyceum circuits.”
Dr. Schurman objected particularly to tho Plumb Plan on tho ground that
“ to" turn ovor tho railroads to average men is going to distribute wealth
more equally whilo it lasts, but make no provision for the creation of
more wealth.”
’
"There is no patent way o f creating it," ho continued, “ except by good
business organization and hard work. It is essential that men of the typo
of James J. Hill shall continue to load in our business. I agree that the
railroads must no longer bo run for profit, but to get such men as Hill somo
way must bo found to make an appeal to the solf-seeklng nature of men .
Some provision must also bo made to attract capital. In tho presentation
of socialistic schemes too much attention is given to tho problem of dividing
up tho wealth that exists, but wo must in some way stimulate the accumu
lation of largo fortunes to provide more to divide up among us.
“ I venture to say that tho solution of tho problem of efficient railroading
will bo found in making tho jobs of managing thorn more attractive by the
financial Towards attached to them than by any other means."
S A L A R IE S OF $20,000 A N D OVER PAID ^TO RA IL R O A D
O F FIC IA L S I N 1917.
&.'More or less attention lias been given to a statement made
itl Congress by Representative Thetus W . Sims, of Ten
nessee, in which ho presented figures showing salaries in
excess of $20,000 received by officers, receivers and attor
neys for Class I railroads during 1917. Representative
Sims’s remarks were made during the discussion in the
House on N o v . 18 of the proposed railroad legislation, when
the so-called Webster amendment, undertaking to establish
a rule for rate-making, was under consideration. M r . Sims
stated that if the Webster amendment were adopted he
would offer as an amendment to his amendment as a proviso
the following as a limitation on the expenses of operation:
P r o v id e d , That not exceeding $20,000 of tho salary or compensation paid
any official of any railroad company shall be charged to operating expenses
or bo considered by tho Intor-Stato Commerce Commission in reaching its
conclusion as to tho justness and reasonableness o f any rate, fare, charge,
classification, regulation, or practice.
M r . Sims further said:
May bo I bad better support this provision of the bill, provided I do
not understand what I am endeavoring to do in the way of attempting
to save tho consuming public from having to pay as operating expenses
salaries that strongly smack of the worst form of profiteering. But why
was It necessary in this bill to specifically mention certain elements which
have always been considered in rate-making? Why include In brackets
or parentheses tho wages o f labor, depreciation, taxes, and in other por
tions of tho bill maintenance? Now, why put in about tho wages of labor?
Was It to catch the labor vote by referring to them or was it to indicate
to the Commission that thoy must not permit the wages of labor to be
unreasonably high? This Is an invitation to every State, county, and
municipality to lay on all tho taxos thoy can, because It goes in as the
expense of operation and must bo considered In rates. Tho railroad com
panies pay what thoy please to tholr officials, their officers, and their
attorneys, because that goos in as the expenses o f operation, which we
say in this bill must be considered in rate-making.
M y personal Mend, tho able gontleman from Virginia, Ex-Gov. M on
tague, says thnrt there is a tendency to have too many employees under
Government operation. It may be true— 1 am not controverting it— but
what in tho name of consistency has been the tendency of tho railroad
companies when they had the right to employ as many as they pleased and
pay as many officials as they pleased and as much as they pleasod and aU
o f it to be charged up to expense of operation? Take the greatest railroad
system in this country, which Is, according to my Judgment, tho Pennsyl
vania Railroad System. It had for the year 1917 a President at a salary
of $75,460, which is more than tho I*resldent of the United States receives.
It has eloven vice-presidents with compensations beginning with $40,620
and running down_to $25,000. I have only included the officers of this
336
THE CHRONICLE
system receiving salaries o f $20,000 and over. In all, it has in this class
23 officers and attorneys whoso compensation is from $20,000 to $75,460
amounting in all to $681,960. The President o f the United States receives
$75,000. Ton Cabinet officers receive altogether $120,000. The nine
Justices of the Supreme Court receive $126,500. The Vice-President of
the United States receives $12,000. The Speaker of tho Houso of Repre
sentatives receives $12,000. These 23, the highest-paid officials o f all
departments o f the Government, executive, judicial, and legislative, all
combined, receive salaries amounting to $345,500, just a little more than
half the 23 executive officials o f the Pennsylvania Railroad System amount
to all combined.
Did tho Inter-State Commerce Commission have any power to consider
the reasonableness of expenses o f operation, including tho payment of
salaries to railroad officials greater than that of tho President o f the United
States in fixing rates? I said tho other day in my opening remarks that
some of the ablest railroad officials in tho United States have never recoived
salaries of more than $25,000.
This amendment is to limit expenses chargeable to costs of operation,
and does not prevent these railroad officials receiving any amount in
excess of $20,000 each, provided it is paid out o f tho net earnings which
belong to tho stockholders who elect the directors, who allow these exorbi
tant salaries. They undoubtedly do it for other reasons than the public
interest, as tho public interest requires no such extravagant expenses of
operations o f this kind. Tho owners o f the roads are responsible for the
employment and compensation of these officials.
I do not object to giving M r. Rea tho salary he receives if it comes out
of tho net earnings in excess o f $20,000. A distinguished official o f the
Southern Railroad, coming from Virginia, a fine young man, gets $50,500.
These salaries o f railroad officials that I have referred to were for the year
1917, and my information comes from tho report o f tho Government
Railroad Wago Board. Now, the Director-General may have employed
more laborers under operation and effect o f tho Adamson eight-hour law,
and for tho further reason that the best men they had were taken from them
for army service, both here and abroad, but everyone knows that thoy have
not employed more general officers than did tho railroads themselves before
they were taken over. The railroads, prior to Federal control, had for tho
year 1917 208 general officers, including attorneys and receivers, receiving
$20,000 and over a year as salaries or compensation. Tho following were
tho officials and attorneys o f the Pennsylvania System who received salaries
o f $20,000 and in excess o f that sum for the year 1917:
Samuel S. Rea, president_______________________________________ $75,460
James J. Turner, vice-president__________________________________ 40,620
W . \V. Atterbury, vice-president________________________
Edward B. Taylor, vice-president________________________________ 31,235
G. L. Peck, vice-president_______________________________________ 30,030
George Dallas Dixon, vice-president_____________________________ 30,000
D . T . McCabe, vice-president___________________________________ 30,000
B. McKeen, vice-president______________________________________ 25,020
W . Heyward Myers, vice-president______________________________ 25,000
J. M . Schoomakor, vice-president_______________________________ 25,000
Henry Tatnall, vice-president____________________________________ 25,000
James F. Fahnestock, treasurer__________________________________ 20,000
William Newell Bannard, special assistant to general manager___ 25,000
Thomas Rodd, chief engineer_____________________________________ 21,080
Francis I. Gowen, general counsel_______________________________ 30,000
C. B. Ileiseman, general counsel________________________________ 20,000
Henderson & Burr, solicitors_____________________________________ 29,700
Loech & Richards, solicitors_____________________________________ 25,805
O’Brien, Boardman, Harper & Fox, counsel_____________________ 26,500
G. S. Patterson, general solicitor_______________________________ 30,000
A. H. Strong, general attorney__________________________________ 20,000
McKenney & Flannery, solicitors_________________________________21,250
M r. Chairman, from the same official report there appears that the
following general officers, receivers, and attorneys for Class 1 railroads
during tho calendar year 1917, received a compensation of not less than
$20,000 per annum, to wit:
[V o
l
. 110
C o m p e n s a t io n .
Carpenter, Myron J., President, Chicago Tcrro Ilauto & South
eastern____________________________________________________ 25,040 00
Carter, Lcdyard Sc Milburn, general counsel, Denver Sc Itlo
Grande..........................
55,000 00
Carstonson, John, Vice-President, Now York Central_____ 35,000
00
Cary, Robert J., general counsel, Now York Central______ 22,000
00
Chadbourne & Shores, counsel, Denver Sc Rio Grande_____ 63,000
00
Chambers, Edward, Vico-Prcsidcnt, Atchison Topoka & Santa Fo 25,000 00
Clark, James T ., President, Chicago St. Paul-Minneapolis Sc
25,160 00
O m aha.....................
Coapman, E. II., Vlco-President, Southern____________________ 30,150 00
Cooke, Delos W ., Vice-President, Erie____________________ 25,826
67
Cooper, Thomas, assistant to President, Missouri Pacific_ 25,000 00
Cravath & Henderson, general counsel, St. Louis Sc San Francisco 20,000 00
Crowley, P. E., operating Vice-President, Now York Central.. 25,000 00
00
Daly, C. F., Vice-President, New York Central___________ 35,000
Darlow, E. R ., President, Buffalo & Susquehanna_________ 35,300
00
Davis, J. M ., Vice-President, charge of operations and mainten
ance, Baltimore & Ohio_____________________________________ 24.000 00
Dean, Richmond, Vice-President, Pullman Co________________ 30,000 00
Depow, Chauncey M ., Chairman Board of Directors, Now York
Contral..........................
25,260 00
Dice, Agnow T ., President, Philadelphia & Reading_______ 35,000
00
Dickinson, J. M ., receiver, Chicago Rock Island & Pacific_120,732 90
Dixon, Goo. Dallas, Vice-President in charge of traffic, Penn
sylvania ............................................................................................. 30,00000
Donolly, Chas., assistant goneral counsel,,Northern Pacific___ 20,000 00
Doran, Joseph I., general counsel, Norfolk & Western_________ 20,310 00
Earllng, A. J., President, Chicago Milwaukee & St. Paul_____ 75,319 00
Earling, II. B., Vico-President, Chicago Milwaukee & St. Paul. 20,000 00
Edson, J. A ., President, Kansas City Southern_______________ 25,000 00
Elliott, Howard, director, President and Chairman, Now York
New Haven & Hartford____________________________________ 37,381 69
Evans, W. F., general solicitor, St. Louis & San Francisco_____ 25,000 00
Fahnestock, James F., Treasurer, Pennsylvania_______________ 20,000 00
Farrell, J. D ., President, Union Pacific______________________ 30,030 00
Felton, S. M ., President, Chicago Great Western_________ '___ 40,259 96
Galloway, Chas. W m., Goneral Manager, Baltimore & Ohio__ 20.210 00
Gilman, L. C ., President, Spokane Portland Sc Seattlo________ 30,000 00
Gorman, J. E ., President, Chicago Rock Island Sc Pacific______ 47,715 00
Gowan, Marcus L., general counsel, Pennsylvania Railroad___ 30,000 00
Gowen,
40,000 Francis I., general counsel, Pennsylvania____________ 30,000 00
Gray, C. R ., Chairman of Board, Western Maryland R ailw ay.. 32,960 00
Gruber, Jamos M ., Vice-President and General Manager, Great
N orthern__________________________________________________ 25,000 00
Hannaford, J. M ., President, Northern Pacific________________ 50,000 00
Hanson, Burton, general counsel, Chicago Milwaukee & St. Paul 25,000 00
Harahan, W . J., President, Seaboard Air Lino_______ 1_______ 40,857 00
Harden, A. T ., Vice-Presidont, Now York Contral___________ 35,020 00
Harris, Albert II., Vico-President, Now York Central-------------- 35,560 00
Harrison, Fairfax, President, Southern_______________________ 50,500 00
Hawkins, W. A ., gonoral attorney, El Paso & Southwestern— 25,000 00
Ileiseman, C. B., goneral counsel, Pennsylvania Western--------- 20,000 00
nonderson & Burr, solicitors, Pennsylvania System----------------- 29,700 00
Herbert, J. M ., President, St. Louis Southwestern of Texas------ 20,343 36
Herrin, William F., Vico-President and Chiof Counsel, Southern
38,170 00
P a cific...............
Hill, Louis W ., Chairman, Great Northern----------------------------- 50,000 00
Hillard, Charles W ., Fourth Vico-President, St. Louis-San Fran
cisco ______________________________________________________ 20,000 00
Hines, Walker D ., director. Chairman, Atchison Topoka &
Santa Fe............................................................................................. 77,210 00
Holden, Halo, President and director, Chicago Burlington &
Quincy___________
65,000 00
Houso, F. E ., President and General Manager, Duluth Sc Iron
Range.....................................................................— ...................... 34,645 00
L i s t o f R a i l r o a d O f f i c e r s a n d A t t o r n e y s W h o R e c e i v e d a S a l a r y o f $20,000 o r
Howard, E. A ., Vico-President, Chicago Burlington & Q uincy.. 20,000 00
Hughitt, Marvin, Sr., Chairman Board of Directors, Chicago &
M o r e D u r i n g 1917.
C o m p e n s a tio n .
North Western_____________________________________________ 60,460 00
Aishton, Richard H ., President, Chicago & North Western___ $50,240 00 nughltt, Marvin, Jr., Vico-President, Chicago Sc North Wcetorn 25,050 00
Atterbury, W . W ., Vice-President in charge o f operations, Penn
Hungorford, L. S., General Manager, Pullman C o____________ 20,000 00
sylvania ___________________________________________________ 40,000 00 Huntington, C. W ., President, Virginian Railway C o_________ 20,660 00
Auch, John F., Vice-President and Traffic Manager, Philadel
Huntington, G. It., Gonoral Manager, Minneapolis St. Paul &
phia & Reading_____________________________________________ 20,000 00
Sault Ste. M arie............................................................................... 20,000 00
Baker, Potts, Parker & Garwood, attorneys, Southern P a cific.. 30,000 00
nustis, James H ., President, Boston & Maine_________________ 35,200 00
Bannard, Wm. Newell, special agent to General Manager, Penn
Hyser, Edward M ., Vico-President and General Counsel, Chicago
sylvania ___________________________________________________ 25,060 00
& North Western Railway_________________________________ 36,260 00
Batchelder, F. C., President, Baltimore & Ohio Chicago Terminal 22,015 00 Ingersoll, Howard L ., assistant to President, New York Contral 20,000 00
Bell, M . L ., general counsel, Chicago Rock Island & Pacific Rail
Inglis, Wm. W ., Vice-President and Manager, Delaware Lacka
way C o__________________________________________________ . . 59,486 45
wanna & Western__________________________________________ 30,030 00
Bernet, J. J., President and General Manager, Nashville Chat
Jackson, Wm. J., receiver, Chicago & Eastern Illinois------------ 27,000 00
tanooga & St. Louis________________________________________ 26,906 66 James, Arthur Curtis, Vice-President, El Paso & Southwestern.. 26,650 00
Berry, J. B ., consulting engineer, Los Angeles & Salt Lake_____ 23,600 00 Jeffery, E. T ., Chairman of Board, Denver Sc Itlo Grande--------- 20,166 66 '
Besler, W . G ., President and General Manager, Central Railroad
Jeffries, L. E ., general counsel, Southom Railway------------------- 23,083 32
Co. o f New Jersey_________________________________________ 50,210 00 Jennoy, W m. S., Vice-Presidont and general counsol, Dolawaro
Biddle, W. P., President, St. Louis-San Francisco Railroad___ 39,879 00
Lackawanna & Western Railroad__________________________ 31,383 98
Bierd, W . G., President, Chicago & Alton____________________ 36,646 55
Johnson, L. E ., President, Missouri Pacific----------------------------- 60,090 00
Biscoe, H. M ., Vice-President, Boston & Albany______________ 20,010 00
Jungen, C. W ., Manager, Southern Pacific----------------------------- 21,500 00
Blair, Joseph P ., general counsel, Southern Pacific___________ 34,500 00
Kearney, Ed F., President, Wabash__________________________ 50,120 00
Bledsoe, Samuel T ., assistant general solicitor, Atchison Topeka
Keely, E. S., Vico-President, Chicago Milwaukee Sc S t . P a u l... 20,000 00
& Santa Fo_______________________________________________ 20,000 00 Kenney, Wm. P ., Vice-President, Great Northern----------------- 22,500 00
Blendinger, F. L., Vice-President, Lehigh Valley______________ 20,120 00
Kerr, John B., President and General Manager-director, Now
Bond, Hugh L., Jr., general counsel and director, Baltimore &
York Ontario & Western Railway--------------------------------------- 20,230 00
O h io ...................
25,290 00 Kramer, Lo Roy, Vice-President, Pullman C o------------------------ 24,000 00
Bowes, Frank B., Vice-President, Illinois Central____________ 20,115 00
Kruttschnitt, J., Chairman of Executive Committee of Board of
Brown, E. N ., Chairman Board o f Directors, Pere M arquette.. 21,666 67
Directors, Southern Pacific Transportation System................... 88,860 00
Brownell, Geo. F., Vice-President and general solicitor, Erio__ 49,010 00
Kurn, J. M . , President, Detroit Toledo & Ironton..................... 20,000 00
Bruce, Helm, local counsel, Louisville Sc Nashvlllo_________ ;__ 27,770 00
Lamb, E. T ., President, Atlanta Birmingham & Atlantic______ 25,110 00
Buckland, Edward G., Vice-President and general counsel, New
•
Lancaster, J. L., President and receiver, Texas Sc Pacific--------- 20,470 00
York New Haven Sc Hartford______________________________ 22,699 99
Lathrop, Gardiner, genoral solicitor, Atchison Topeka Sc Santa Fo 25,000 00
Budd, Ralph, assistant to President, Great Northern__________ 20,000 00
Lawton-Cunnlngham, general and division counsel, Central of
Burn, Charles W ., general counsel, Northern Pacific__________ 30,000 00
Georgia________________________________ __________ ________ 21,000 00
Burnham, C. G ., Vice-President, Chicago Burlington & Q uincy.. 31,249 98
Ledyard, n . B ., Chairman Board of Directors, Michigan Contral 30,240 00
Bush, B. F., President, Missouri Pacific______________________ i 44,170 00
Bush, D . L ., Vice-President, Chicago Milwaukee & St. Paul__ 20,010 00 Levey, Chas. M ., President, tho Western Pacific______________ 25,420 00
Levy, Edw. D ., First Vice-President and General Manager,
Butler, Pierce, counsel o f Federal Valuation, Missouri Pacific— 45,000 00
St. Louis & San Francisco________ _________________________ 27,600 00
Byram, II. E ., President, Chicago Milwaukee & St. Paul______ 60,000 00
Lincoln, Robt. T ., Chairman Board of Directors, Pullman C o .. 25,300 00
Byram, H. E ., Vice-President, Chicago Burlington & Q uincy.. 22,500 00
LIndley, E. C ., Vice-President, director and General Manager,
Calvin, Edgar E ., President, Union Pacific___________________ 35,080 00
Great Northern------------------------ ------------------------------------------ 20,000 00
Campbell, Benjamin, Senior Vice-President and director, New
Loech
Sc Richards, solicitors, Pennsylvania----------------------------- 25,805 00
York Now Haven & Hartford______________________________ 28,343 33
Loomis,
E. E ., President, Lehigh Valley---------------------------------- 44,287 18
Capps, Chas. R ., First Vice-President and director. Seaboard
Air Line............................................................................................. 20,000 00 Loomis, N. J., gonoral solicitor, Union Pacific------------------------ 20,000 00
’ carey & Kerr, general counsel, Spokane, Portland & Seattle__ 22,500 00 Loreo, L. F ., President, Delaware Sc Hudson---------------------- - 50,800 00
J a n . 24 1 92 0 .]
THE CHRONICLE
337
C o m p e n s a tio n .
satlon of $20,000. All public officials, except tho judiciary, have limited
terms of office and incur much necessary expenses, due to being such public
Loree, L . E.. Chairman Board and Exccutivo Committee, the
Kansas City Southern.------- -------------- --------------------------------- 30,825 00 officials. In contrast, theso railroad officials hold office practically for
Lovett, A. S., Chairman Executive Committeo, Union ra cific..l0 4 ,1 0 4 16 life, if not for one railroad it is for another, and all expenses incurred by
them in tho discharge of their duties is paid by the railroads and charged
Lyford, Will H .. goneral counsel to receiver, Chicago & Eastern
Illin ois-------------- --------------- ---------------- ----------- -------------------- 24,040 00 up to operation expenses. Tho officials, whether traveling as officials or
McAllister, Ilcnry, Jr., general counsel, Denver & Rio G rando.. 55,000 00 as private citizens, get free transportation by way of exchange of courtesies
McCabo, D. T ., Vice-President, Pennsylvania............................. 30,000 00 from all railroads in the United States, as do their families. These freo
services can not bo extended to other public officials. Ihcse free ser\ices
McChesney, W . S., President, Terminal Railroad Association,
St. Louis___ ' _______________________________________________ 22,450 00 to thoso railroad officials are no doubt highly prized by them and makes
McCormack, E. O., Vice-President of Traffic, Southern P a cific.. 30,200 00 tho compensation thoy receive additionally remunerative.
At this time these railroads are asking the favor of being permitted to
McDonald, A. D ., Vice-President and Controller, Southern
P a c ific ____________________________________________________ 26,250 00 fund certain of their indebtedness to tho Government and for loans in
McDonald, Morris, President, Maine Central------------------------- 35,735 12 addition and for a guaranty by way of continuation of the standard return
rental after tho roads are no longer under Federal control. All of which
McGonaglo, William A ., President and General Manager, Duluth
Mlssabc & Northern________________________________________ 21,000 00 favors, if granted, must to some extent constitute a burden to the tax
McKecn, B ., Vice-President, Pennsylvania Lines— ................. 25,020 00 payers. Therefore I feel that wo should in this bill reduce the expenses of
operation as much as we can without doing an injustice to anyone, and by
McKenna, E. W ., member conference committee, Chicago M il
_
waukee & St. Paul_________________________________________ 20,000 00 so doing not in any way cripple the service of tho railroads.
Maher, N . D ., Vice-President o f Operations, Norfolk & Western 36,350 00
In commenting on these salaries tho “ Railway Age, in
Markham, C. II., President. Illinois Central................................. 60,555 00
one of its issues, said:
Martin, W . L ., Vice-President and Traffic Manager, Minneap
There has been much talk for years about tho “ fancy” salaries paid by the
olis St. Paul & Sault Sto. Marie.................................................. 20,160 00
railways. It is, therefore, interesting and instructive to find how few largo
Middleton, J. A ., Vice-President, Lehigh Valloy.......................- 30,445 00
Minnis, James L ., Vice-President and general solicitor, Wabash_ 20,833 33 salaries have been paid and what a trifling sum they liavo aggregated in
Mudgo, H. U., President, Denver & Rio Grande--------------------- 43,232 00 comparison with tho total earnings, expenses and pay roll of tho roads.
Representative Sims has mado public a list of the salaries amounting to
Myers, W . Ileyward, Vico-Presldent, Pennsylvania---------------- 25,000 00
$20,000 or more which were paid by tho railway companies in 1917, the
Noonan, William T ., President, Buffalo Rochester Sc Pittsburgh 50,000 00
last year of private operation. There were about 20,000 goneral and divi
O’Brien, Boardman, Harper & Fox, counsel, Pennsylvania......... 26,500 00
sional officers in 1917. Tho list shows that 200, or about 1% of these,
Pardeo, Dwight W ., Secretary, Now Vork Central------------------- 21,500 00 received $20,000 or moro. The aggregate amount paid to these 200 officers
Patterson, G. S., general solicitor, Pennsylvania-------------------- 30.000 00 was $6,644,074. This was $16 out of each $10,000 of the total earnings of
Platt, H. V ., Vice-President and General Manager, Union Pacific 20,000 00 tho roads. $24 out of oach $10,000 of their operating expenses, and $30 80
Pearson, Edw. J., President, New York New Haven & Hartford 40,000 00 out of each $10,000 that thoy paid out in salaries and wages. The amount
Peck, O. L ., Fourth Vice-President, Pennsylvania------------------- 30,030 00 was so small that if Instead of having been paid to the officers it had been
Pennington, E ., President, Minneapolis St. Paul & S. Ste. Mario 52,723 34 divided between tho employees the average employee would have received
Peters, Ralph, President, Long Island------------------------------------- 30,470 00 less than $4 a year moro than he actually did. Tho aggregate salaries of
Pierce, Winslow S., general counsel, Wabash--------------------------- 24,000 00 all thoso receiving $50,000 or more were less than $1,900,000. This amount,
Place, Ira A ., Vico-President, New York Central Lines------------ 35,150 00 if divided between the employees, would have added less than $1 25 to
Potter, Mark W ., President, Carolina Clinchficld & Ohio--------- 20,000 00 their average wages for the year. While to a man who is receiving an in
Randolph, Epcs, President, Arizona Eastern__________________ 26,465 00 come of perhaps $1,000 to $3,000 a year salaries of $20,000 to $100,000 may
Rea, Samuel, President, Pennsylvania_______________________ 75,460 00 seem very large, tho fact is that the incomes which railway officers have en
Reed, J. H ., President and director, Bessemer & Lako Erie------ 23,562 00 joyed in proportion to the amount of energy and ability thoy have devoted
Rldgway, A. O., Vice-President, Chicago Rock Island & Pacific. 25,390 00 to their work havo been much smaller than the incomes made by men of
ltino, E . M ., Vice-President and General Manager, Delaware
corresponding rank in other lines of industry. While it is very unusual
Lackawanna & Western____________________________________ 33,373 33 for a railway officer to receive a salary of $75,000 a year, it is by no moans
Rlploy, Ed. P ., President, Atchison Topeka Sc Santa Fo______ 75,400 00 unusual for men in purely industrial and commercial business to make
Robertson, Alexander, Vice-Presidont, Missouri Pacific________ 25,869 55 incomes largely exceeding those amounts.
Rodd, Thomas, Chief Engineer, Pennsylvania Lines West_____ 21,080 00
A certain newspaper, in commenting upon this list of salaries of railway
Ross, Walter L ., President and receiver, Toledo St. Louis Sc
officers, remarked that It was adapted to increase the sentiment for Govern
W estern___________________________________________________ 25,090 00 ment ownership among railway employees, because it would make them
Ruhlondcr, Henry, Chairman Board of Directors, St. Louis Sc
feel moro sharply the difference between their incomes and thoso of the
San Francisco_____________________________________________ 40,000 00
higher officers. As a matter of fact a very large majority of the men re
Runnolls, John S., President, Pullman C o____________________ 60,500 00
ceiving largo salaries have risen from tho ranks of the employees. The
Russol, Henry, Vice-President, Michigan Central____________ 20,095 00
number of individual officers receiving $50,000 or more whose names ap
Schaff, Charles E ., receiver and President, Missouri Kansas &
peared in this list is 29. Tho following list gives tho positions in which
T ex a s_____________________________________________________ 43,000 00 and the ages at which 18 of these 29 men entered railway service:
Schoomaker, J. M ., Vico-President, Pennsylvania------------------- 25,000 00
r . h . Aishton, axman, 18 years old; W . G. Besler, trainmasters clerk,
Schumacher, Thomas M.,'President, El Paso & Southwestern.. 60,150 00 16 years old: H. E. Byram. call boy, 16 years old; T . J. Earling, telegraph
Scott, W . B ., President, Morgan's Louisiana & Texas RR. Sc S S .. 27,245 00 operator, 17 years old; J. M . Hannaford, clerk in goneral freight office,
Sogar, C. B., Vice-President and Comptroller, Union Pacific__ 37,016 87
16 years old; Walker D. nines, attorney, 23 years old; Marvin Hughitt,
Sowall, E. D ., Vice-President, Chicago Milwaukee & St. P a u l.. 20,160 00 telegraph operator, 19 years old; L. E . Johnson, fireman, 20 years old,
Soymour, M . V., counsel, St. Paul Union Depot_____________ 27,000 00 E. F. Kearney, telegraph operator. 17 years old; Ji Kruttschnitt, engineering
Scott, William R ., Vice-President and General Manager, South
department, 24 years old; L. F. Loreo, assistant to engineering corps, 19
ern Pacific________________________________________________ 23,766 67
Shriver, G. M ., VKo-Prcsidont, Baltimore & Ohio____________ 30,250 00 years old; R. S. Lovett, local attornoy, 24 years old; W . T . Noonan, em
ployee in accounting department, 14 years old; Edmund Pennington, ware
Sloan, Gcorgo T ., First Vice-President, Northern Pacific-------- 35,120 00
Smith, A. II., President, Now York Central-------------------------- 78,360 00 houseman and brakeman, 21 years old; Samuel Rea, engineering corps,
Smith, Milton II., President, Louisvillo Sc Nashville--------------- 20,639 09 16 years old; E. P. Ripley, contracting freight agent, 23 yoars old; T . M .
Schumacher, telegraph operator, 17 years old; W . H. Truosdalo, clerk.
Sponco, L. F., Director of Traffic, Southern Pacific___________ 36,525 00
Spencer, O. M ., goneral counsel, Chicago Burlington & Q uincy.. 27,123 82 18 years old.
A. H. Smith, William Sproulo and F. D . Underwood havo modestly
Sproulo, William, President, Southern Pacific------------------------- 62,036 67
rendered it impracticable for us to ascertain offhand how old they were
Stovcns, Georgo W., President, Chesapeake Sc Ohio--------------- 31,873 26
when they entered railway service, but M r. Smith entered it as a foreman of
Stono, A. J., Vice-President, Erie___________________________ 29,070 00
bridges, M r. Sproule as a clerk and M r. Underwood as .a clerk who soon
Storoy, W . II., Vice-President, Atchison Topeka & Santa Fo— 32,950 00
Strong, A. II., goneral attornoy, Pennsylvania----------------------- 20,000 00 graduated into a brakeman.
It will bo noted that a large majority of these high-salaried men entered
Slado, Georgo T ., First Vice-President, Northern Pacific-------- 35,120 00
railway service when they wero mere boys; and most of them had been
Tatnall, Henry, Vico-President, Pennsylvania-------------------------135,200 00
continuously in tho service for more than 30 years before they became heads
Taylor, Edw. B ., Vico-President, Pennsylvania Lines West-----131,235 00
of railroads and began to draw really largo salaries. When it is considered
Thomas, E. B., Chairman of Board, Lehigh Valloy---------------- 50,880 00
that the 200 men included in tho list as receiving $20,000 or more were the
Thompson, Arthur W ., Vico-President, Baltimore & Ohio------ 30,510 00
principal officers and managers of properties representing an investment or
Todd, Percy R ., President, Bangor & Aroostook-------------------- 30,395 00
approximately $18,000,000,000 and having earnings of over $4,000,000,000
Trabuo, Doolan Sc Cox, district attorneys, for Kentucky, Illinois
a year and operating expenses of almost $3,000,000,000 a year, it is difficult
Contral____________________________________________________ 27,720 00
to understand how any man having any knowledge of the character of the
Truosdalo, William II., President, Dolawaro Lackawanna &
work thoy had to do and tho responsibilities they had to carry can say that
W estern___________________________________________________ 75,399 88
.
Trumbull, Frank, Chairman of Board, Chesapeake & Ohio------ 26,738 97 they were paid too much.
Furthermore, since a very largo majority of them rose from tho ranks it
Turner, James J., Senior Vico-President, Pennsylvania Lines
____________________________________________________________ 40,620 00 would seem that the larger wero tho salaries paid to them the greater would
bo tho incentive afforded to tho ambitious men in tho service to strive, by
Underwood, F. D ., President and Chairman Executive CominitIncreasing their efficiency, to incroaso their chances of rising to tho highest
tco, Erlo___________________________________________________ 77,950 00
positions.
____________________
Utloy, E. II., Vice-President and General Manager, Bessemer Sc
Lako Brio__________________________________________________ 20,867 12
Warfield, S. Davies, Chairman of Board, Seaboard Air Lino— 50,000 00 G E R M A N P E A CE T R E A T Y CO ME S IN T O E F F E C T Waterhouse, Frank, Foreign Freight Agent, Union Pacific------- 24,000 00
BARON VON LERSNER EXPRESSES HOPE T H A T
Williams, W. N ., Vlco-Prosldont, Delawaro Sc Hudson............... 20,636 66
A M E R I C A W I L L R A T I F Y SOON.
Williams. Ilonry It.. Vice-President, Chicago Milwaukee Sc St.
P a u l.....................................
31,117 00
Tho World W ar which began more than five years ago
Winburn, W. A ., President, Contral o f Georgia---------------------- 21,855 00 ended officially on Jan. 10, when representatives of the Pow
Wincholl, B. L., Director of Traffic, Union Pacific----------------- 36,000 00
Woodworth, James G ., Second Vico-President, Northern Pacific 22,500 00 ers which had approved the treaty of peace signed at Ver
sailles on June 28 last, deposited their certificates of ratifi
Worcester, II. A ., Vico-Prosldont andlGenoral Manager, Cleve
land Cincinnati Chicago Sc St. Louis------------------------------------ 22,395 00 cation and signed tho proces-verbal which put tho treaty
Young, J. H., President and director, Norfolk Southern.............. '26,020 00
McKennoy Sc Flannery, solicitors, Pennsylvania......................... 21,250 00 into effect. Germany is now at peace with Great Britain,
Mr. Chairman, theso general officers and attorneys no doubt include Franco, Italy, Japan— all tho greater Powers with the ex
men rrom all walks of life. No doubt many of them have worked their ception of tho United States— and with nearly all tho smaller
way up by sheer merit and Indcfatigablo industry, and I have nothing but
words of praiso for them as citizons o f our republic, and I do not care how nations. Peace became effective at 4:16 o ’clock. Simpli
much compensation thoy may receive for their services from thoso who are city, it is said, marked the ceremony, which took place at
most interested in their services in the way of financial rowards— the
stockholders. But I do emphatically protest against any compensation in Paris in tho Clock Hall of tho French Ministry of Foreign
excess of $20,000 per annum to any official, attornoy, or receiver of any Affairs.
railroad boing charged up as operating exponsos.
* 4 r;
mi
Boforo this ceremony the representatives of England,
Thoro Is not a public official of the United States or any^Stato or city in
tho.United States, except the.President, that receives aniannuallcompon- France, Italy and Japan had met tho two German envoys
338
THE CHRONICLE
in the office of the French Foreign Minister, and the G er
mans had signed the protocol binding their nations to pay
for the sinking of the German naval fleet in Scapa Flow last
June and to carry out the unfulfilled terms of the armistice
of Novem ber 1918. That done, the Premiers and the Ger
mans were escorted to the Clock Room , where were gathered
the diplomats of nearly all the nations of tho world; for, be
sides those signing, other invited statesmen attended the
ceromony. The United States however was not repre
sented. A n invitation to attend the affair had been ex
tended to the “ representatives of Powers participating in the
Peace Coference but not having ratified the treaty.”
This
was dono at the proposal of Premier Clemoneeau it was said,
its principal purposo being to permit American Ambassador
Wallace to be present at the event. His failure to accept
tho invitation was attributed to the fact that ho had n ot
received instructions from Washington to do so. Tho entire
ceremony was over at 4:16 o’clock, when M . Clemenceau
rose and said:
Tho protocal having been signed, as well as theminutes recording tho ex
change of ratifications, I have the honor to declare that the Treaty of Ver
sailles is in full effect and that its terms will be executed integrally.
In a statement immediately after the ceremony, Baron
Kurt von Lersner, head of the German mission said to the
Associated Press:
I am naturally happy that peace finally has become effective. M y great
regret is that tho United States is tho only country with which Germany is
still in a state of war. I hope, however, that this situation soon will bo
changed.
Execution o f tho Treaty of Versailles imposes upon Germany tho heaviest
sacrifices over borne by a nation in modern times. We lost in tho west and
in tho east territories that belonged to Prussia for many centuries. Wo havo
assumed enormous economic obligations. Nevertheless I am glad that
peace is at last reestablished because it will give back to Germany her boloved sons still prisoners abroad.
Asked by the correspondent as to execution of the terms of
tho treaty, Baron von Lersner said Germany was ready and
determined to do her utmost. He continued:
Wo have already, oven without being obliged by the terms o f tho treaty,
delivered a considerable quantity of products, including 2,500,000 tons of
coal, to Ia-anee, and I can say that Germany will go to tho utmost limit of
possibility in fulfilling all the obligations she has incurred. It will mean
hard times for Germany, but with tho recovery o f our ardor for labor and
production wo hope to meet every emergency.
1 ho recovery of our economic prosperity is as much to the interest of tho
Entento as it is to us, on account of the great economic difficulties that
threaten all Europe. It is obvious, speaking chiefly o f France, that her
economic prosperity depends upon the economic recovery o f Germany.
His remarks were further quoted and referred to by tho
Associated Press as follows:
Baron yon Lersner said he had had soveral very satisfactory conferences
with Lotus Loucheur, French Minister o f Reconstruction, regarding tho
resumption of trade relations botween Germany and France, and added that
he hoped the European nations working together would solve tho great
economic problems. Tho worst remaining problem appeared to Baron von
to bo the extradition o f a considerable number o f German officers,
officials and soldiers to bo tried abroad for crimes alleged to have been
committed during the war.
I do not want to give up all hope," continued Baron von Lersner, “ that
among tho Allies tho conviction finally will prevail that by availaing them
selves strictly o f rights conceded in tho treaty for the extradition o f those
accused they may cause tho greatest consequences not only for Germany,
but for quiet and order in Europe generally. We pointed out two months
ago vf ry / rankly to the Allies tho harmful consequences that might ensue
if their right to demand extradition should be executed literally. At the
same time we submitted written suggestions for tho solution o f tho delicate
problem.
I’ho principal features of this proposition wero that Germany would undertako to arraign before the Supremo Court of Germany all persons accused by
tho Entente, would except all such from tho law or amnesty, and would con
sent to tho presence of representatives of tho Entente at tho trial as public
prosecutors, with fullest rights of control. Germany in the meantime has
enacted laws to this end.
Tho Entento did not accept our proposals before peace became effective,
but that does not preclude serious examination anew of tho problem after
tK . es! ablis,lni0nt o f peace’ Your conviction must be tho same as mine
that tho desiro o f tho Entente is by no means to satisfy rovengo but to
punish tho guilty with equity and justice.
I ho Entente proposal for obtaining this object, however, far exceeds tho
demands made by Austria upon Serbia for tho punishment of tho assassins of
tho Archduke, demands which wero rejected by Serbia with tho approval of
tho Entento. I cannot believe that our former adversaries havo any inter
est in compromising tho re-establishment of normal lifo in Germany by
insisting in this question o f oxtradition upon availing themselves unsparingly
of rights tho real end of which might bo attained otherwiso.
After the exchange of ratifications of the treaty Promier
Clemenceau handed to Baron von Lersner a letter rolativo
to the agreement for reparation by Germany for destruction
of the German vessels at Scapa Flow. The letter follows:
-r
.. .
P a r i s , J a n . 10.
Now that tho protocol provided for by tho note o f N ov. 2 has boon
signed by qualified representatives of tho German Government and in
consequence tho ratifications o f the Treaty of Versailles have been doposited,
the Allied and Associated Powers wish to renew to tho Gorman Government
their assurance that while necessary reparations for tho sinking o f tho
German fleet in Scapa Flow will be exacted, they do not intend to injure
tho vital economic interest o f Germany. On this point by this lotter thoy
confirm the declarations which tho general secretary o f tho Peace Conference
was charged with making orally to the President of the German delegation
on Dec. 23.
These declarations are as follows:
First. The General Secretary has been authorized by tho Supremo
Council to assure the German delegation that tho Inter-Allied Commission
[V o l . 110.
on control and the Commission on Reparations will conform with the great
est caro to the statements in tho note of Dec. 8 relative to safeguarding the
vital economic intorests of Germany.
Second. The oxperts of the Allied and Associated Powers believing that
part of tho information on which thoy founded their demand for 400,000
tons of floating docks, floating cranes, tugs and dredges may havo boon
inaccurate on certain points and details, think thoy havo committed an
error as concerns 80,000 tons of floating docks at Hamburg,
If tho investigation to which tho Inter-Allied Commission on Control will
proceed shall show that there has really been an error the Allied and Asso
ciated Powers will bo prepared to reduce thoir demands proportionally In a
manner to lower thorn to 300,000 tons in round numbers, and ovon bolow
that if tho necessity of such reduction shall bo demonstrated by convincing
arguments. But most complete facilities should bo accorded to authorized
Allied and Associated representatives to onablo them to make all necossary
inquiries, with a view to verifying the German assertions, boforo any reduc
tion from the original demands of tho protocol can bo definitely admitted
by tho Allied and Associated Powers.
Third. Tho Allied and Associated Governments, with reforonco to tho late
paragraph of the letter which contains thoir reply, do not considor that this
sole act of sinking tho German ships at Scapa Flow constitutes a crimo of
'var for which individual punishment will bo exacted in conformity with
Article 228 of tho Peace Treaty.
On tho other hand, tho Allied and Associated Powers wish to point out
that without losing sight of tho vital economic intorests of Germany they
havo presented a demand for 400,000 tons on tho inventory established by
them. German experts have furnished details, which wo will vorify and
which givo a smaller figure. Consequently there will eventually bo deduc
ted from tho 400,000 tons of floating docks, cranes, tugs and dredgers
claimed by tho Allies a tonnage of floating docks, which aftor verification
wo v ill recognize as figuring by mistako on the intor-Allied inventory and
which consequently does not exist. Nevertheless, such deduction shall not
exceed 125,000 tons.
The Allied and Associated Powers add that tho 102,000 tons proposod by
tho German Government, of which a list was handed over during tho
deliberations of tho Technical Commissions, must bo delivered immediately.
I'or tho balance of tonnage, as shall bo determined by tho Commission on
Reparations, a delay will be allowed tho Government, which cannot exceed
thirty mon.hs, for delivery of the total amount.
CLEMENCEAU.
Although tho United States did not sign tho procos-vorbal,
its namo figures in tho text of tho document which, as cabloa
on Jan. 10 to tho New York “ Tim es,” read as follows:
Proces-vorbal of tho ratification of tho Treaty of Peace signed at Vorailles Juno 28 1919,
Botween tho United States of America, tho British Empire, Franco, Italy.
Japan, Belgium, Bolivia, Brazil, Cuba, Ecuador, Greeco, Guatemala, Haiti,
Hedjaz, Honduras, Liberia, Nicaragua, Panama, Peru, Poland, Portugal,
Rumania, tho Serb-Croat-Slovcno State, Siam, Czecho-Slovakla, and Uru
guay on the ono hand, and Germany on tho other hand, as well as of the
following acts:
Protocol signed the same day by the same Powers, arrangement of tho
samo date between tho United States, Belgium, the British Empire, France,
and Germany concerning tho occupation of (ho Rhine Provinces.
In tho execution of tho final clauses of tho Treaty of Peace signed at Ver
sailles June 28 1919. tho undersigned havo mot at the Ministry of Foroign
Affairs at Paris to proceed to deposit ratifications and to consign thorn to
tho French Government.
Instruments of ratification or notice of thoir dispatch by four principal
Allied and Associated powers— that is to say, tho British Empiro for the
treaty of peace, protocol, and arrangement: Franco for tho treaty of poaco,
protocol and arrangement; Italy for the treaty of peace and protocal;
Japan for tho treaty of poaco and protocol, and by tho following Allied and
Associated powers: Belgium for the treaty of poaco, protocol, and arrange
ment; Bolivia for tho treaty of peace and protocol; Brazil for tho treaty of
peace and protocol; Guatemala for tho treaty of poaco and protocol; Pan
ama for tho treaty of peace and protocol; Peru for the treaty o f peace and
protocol; Poland for tho treaty of peace and protocol; Siam for tho treaty of
peace and protocol; Czechoslovakia for tho treaty of poaco and protocol—
Uruguay for tho treaty of poaco and protocol havo been produced, and
after being examined havo been found in good and truo form and are
confided to tho French Government to bo deposited in its archives.
Conforming to the provisions of tho final clauses aforesaid, tho French
Government will give notice to tho contracting powers of tho deposit of
ratifications at another time by States which aro signatories of tho afore
said treaty, protocol, and arrangement, but which havo not been ready to
proceed to-day to this formality.
Confirmation of which tho undersigned approvo tho present procos-verbal
and affix thoir seals.
Done at Paris, Jan. 10 1920 at 4:15 o ’clock.
Tho principal events preceding and attendant upon the
formal ceremony at tho proceedings of ratification woro re
ported by the Associated Pross in Paris dispatches of Jan.
10, as follows:
Previous to tho formal ceromony Baron von Lersner, head of tho Gorman
mission, signed the protocol of November 1, providing for reparation for
tho sinking of tho Gorman warships at Scapa Flow and to insure tho carrying
out of tho armistice terms. Tho signing of this documont took placo in tho
office of tho Minister of Foreign Affairs.
Baron von Lersner and Herr von Slmson, tho othor German representa
tive, wore among tho last of those to arrive at tho Foroign Ministry for tho
day’s ceromonics. Thoy passed Into tho Foreign Office shortly aftor Premier
Clemoneeau, who as usual was given an ovation as ho stopped out of his car.
Tho delegates assembled in tho private offico of tho Minister of Foreign
Affairs, where at a secret session tho protocol was signed at 4:09 o ’clock.
Led by Premier Clemenceau, tho delegates then filed into tho famous clock
room, where woro hold tho plenary sessions of tho Poaco Conforonco that
fixed tho terms of tho treaty. Baron von Lersner and Herr von Slmson
were tho last to enter tho room and tho first to sign tho minutes recording
tho exchange of ratifications.
Tho proceedings began without any ceremony, Premier Lloyd George of
Great Britain following the German delegates at tho signature table. IIo
was succeeded by Premier Clemoneeau of Franco, who, on returning to ’hls
scat after signing, stopped in front of Baron von Lersner and Herr von
Slmson. Tho German representatives arose and bowed to M . Clomonceau,
who said a few words which wero inaudible to tho spectators. The Premier
then passed on to his placo without shaking hands.
This instanco was watched with tho most intonso Interest in a dead sllonco.
It was noticed that Baron von Lersner made a movement as if to put out
his hand, but seemed to check himself as ho saw that M . Clemenceau kopt
his gray-gloved hands at his side.
After tho ceremony it was learned that Premier Clomoncoau’s remark
to tho Gorman representatives was to the effect that ho would this evening
J a n . 24 1920.
THE CHRONICLE
give orders for tho repatriation of the German war prisoners. In the secret
session, immediately after the signing of tho protocol M . Clemonceau shook
hands with Haron von Lersner and Herr von Simson.
Premier Nittl of Italy, Baron Matsui, tho Japanese representative, and
Paul Hymans, the Belgian Foreign Minister, followed Premier Clemenceau
in the order named.
Then tho delegates of tho other ratifying nations signed in alphabetical
sequence.
The alphabetical rule led to tho lesser Powers after Great Britain, Franco,
Italy, Japan and Belgium signing as follows:
Bolivia, Brazil, Guatemala, Panama. Peru, Poland, Siam.Czccho-Slovalda
(Tzecho-Slovakia), and Uruguay.
The ceremony was characterized by formal politeness to tho exclusion of
all cordlalily, excepting between tho allied delegates. M . Olemcnceau and
Lloyd George, sitting at the head o f the table, chatted smilingly with Capt.
Andre Tardieu, Louis Klotz and Georges Lcygues o f tho French delegation
throughout tho proceedings. Baron von Lersner was pale and grave and
exchanged remarks in a serious tono with Ilcrr von Simson.
At tho end of M . Ciemencoau’s remarks all the delegates arose and tho
Germans, after slight hesitation, led tho way out without cither saluting
or exchanging words with any o f tho other delegates.
Tho absence of American representatives particularly was remarked.
Up to tho last hour Hugh O. Wallace, tho American Ambassador, was in
doubt as to whether ho would receive instructions to attend tho ceremony.
Finally, hearing nothing from Washintgon, ho returned to the Secretary of
tho Peaco Conf, rotico tho invitations that had been sent him.
The principal Powers and the representatives o f Poland, after signing tho
ratification minutes, also signed tho minutes of tho ratification of the treaty
for tho protection of racial minorities.
Premiers Clemenceau, Lloyd Georgo and Nitti did not leave the Foreign
Ministry with tho other allied representatives but remained for a confer
ence in private.
In conformity with tho peaco treaty and the annex of the League of NaNations covenant. Premier Clemenceau has telegraphed Argentina, Chile,
Colombia, Denmark, Spain, Norway, Paraguay, Holland, Salvador,
Sweden, Switzerland, and Venezula, that tho treaty is now effective anil
inviting them to membership in tho League of Nations.
Tho oxchango of ratifications and coming into effect of the
troaty was considerably delayed beyond tho time originally
sot by tho Peaco Conference because of Germany’s rofusal to
accept tho terms of tho protocol of N o v . 1 without modifi
cation. This will bo observed from tho roview of tho impor
tant ovonts rolativo to tho negotiations, which follows here
with.
Tho Supremo Council of tho Peaco Conference on Dec. 8
sont to Baron von Lersner two notes dealing with the ques
tion of ratification and Germany’s responsibility for tho
sinking of tho Gorman naval vessels at Scapa Flow on
Juno 22. Tho Council, having on N o v . 1 requested Ger
many to sond her representatives to Paris to sign a protocol
guaranteeing fulfillment by Germany of all the armistice
torms, it agreed on N o v . 21 that tho formal ratification and
coming into effect of tho Peaco Treaty should take place
Dec. 1. Tho Gorman protocol commissioners wero sent to
Paris, but shortly roturned to Berlin; thereafter tho German
Government asked that tho Supremo Council modify tho
torms. As a result tho signing of the protocol was delayed.
Tho failuro of tho U . S. Sonato to ratify the treaty tho latter
part of Novombor was bolioved to havo boon in part respon
sible for Germany’s rofusal to sign the protocol on Dec. 1.
Frank L . Polk, then head of tho United States delegation
to tho Peaco Confcronco, was said to havo summoned Kurt
von Lorsner, chief of the German representatives at Ver
sailles, on Doc. 1, and told him that Germany should not
intorprot as being in her favor any delay that might bo
oncountorod in ratifying tho Versailles Troaty at Washington.
“ If there can bo in tho United States several ways of under
standing tho troaty,” M r. Polk was quoted as telling Herr
Lorsnor, “ thoro are not two ways of understanding tho obli
gations incumbent upon Germany, nor tho affection binding
tho United States and her allies.”
Tho toxt of tho Council’s notes delivered to tho German
delegation Dec. 8 woro mado public at Washington by tho
Stato Dopartmont Doc. 9 . Tho first noto denied tho German
domands for modification of tho troaty clauso relating to
tho surrender of Gormans charged with crimes against tho
usages of international warfaro, and to the return of prisoners.
It agreed to consider tho economic effects on Germany of tho
indemnities required for tho sinking of tho warships at Scapa
Flow in ‘ ‘a spirit of equity, after hearing tho Reparation
Commission.”
Tho noto reminded ‘ ‘Gormany tho last timo” that denuncia
tion of tho armistice would givo tho allied armios all latitude
for necessary military mcasuros.
Tho socond noto doalt entirely -with the Scapa Flow inci
dent. It placod tho responsibility for tho sinking upon tho
Germans and noted in Germany’s protest only “ an at
tempt, difficult to explain, voluntarily to delay the coming
into force of tho troaty.”
So hostilo was the attitude of Germany at that time that
tho proposal that Congress authorize tho use of American
armed forces in conjunction with tho Allies, if it should bocomo necessary, to coerce Germany into signing the peace
protocol waslmado in tho U . S. Senate on Dec. 8 , by Senator
339
King of Utah. He introduced a joint resolution which was
referred to the Foreign Relations Committee and which said:
W h e r e a s , The present Government of Germany is manifesting bad faith
with respect to tho execution of the terms of peace accepted by Germany,
which conditions may require tho enforcement of such terms by military
measures which should properly bo taken by the allied and associated powers
in concert, according to the recommendations of the Supremo Council at
Paris,
N o w , Therefore, be it resolved by tho Senate and IIouso of Representa
tives of tho United Statos of America in Congress assembled that the Presi
dent of tho United States as Commandor in Chief of tho Army and Navy is
authorized to employ the armed military, naval and aerial forces of the
United States in conjunction with tho allied and associated powers in any
co-operation or joint measures which may bo undertaken for tho military
enforcement o f tho terms of tho peace accepted by Germany.
N o action was taken on tho above.
The preceding day Gustav Noske, Minister of Defense in
the German Cabinet, was quoted as saying in an interview
printed in Berlin (Dec. 7), that “ I shall recommend a refusal
to sign the peace treaty protocol” H e was further quoted
as expressing himself as follows:
The limit has long been reached. Let tho Allies occupy tho country
if they like. Tho peaco now presented to us is not peace, but a prolongation
of the war.
Wero such a treaty accepted the German nation would rise up and avenge
itself upon tho men who signed it, and it would be right. Groat Britain
and Franco aro deliberately planning the destruction of Germany. All
tho confidence I over had in tho pledges of the Allies is gone forever.
By deceit and trickery tho British and French governments aro working
up opinion in their countries to cripple Germany still further beyond tho
crushing effect of tho first troaty. Wo havo yielded too often, and now
must resist. Let tho Allies do what they please.
Texts of the notes exchanged between M . Clemenceau,
President of the Peaco Conference, and Baron von Lersner,
head of the German peaco delegation, regarding the return
of M . von Simson, Ministry Director, and protocal com
missioner from Paris, to Berlin to report to his government
on the early negotiations leading up to the coming into force
of the peaco treaty, wero mado public on N o v . 26, by tho
Stato Department at Washington.
Tho Peace Conference sent a note to the German Govern
ment on N o v . 1 requesting it to send to Paris duly author
ized representatives to sign a protocol in which Germany
would agree to fulfill various conditions laid down in the
armistice of 1918 which up to that time she had failed to
carry out. Tho treaty of Versailles, tho note said, “ shall
not go into forco until tho execution of tho obligations
which Germany has by the armistice convention and addi
tional agreements undertaken to fulfill.”
Among the considerations set forth in the proposed pro
tocol (subsequently modified) wero requirements that Ger
many deliver certain vessels in return for the destruction of
the German fleet at Scapa Flow within a period of sixty
days; that, within ninoty days Gormany deliver 400,000 tons
of floating docks, cranes, tugs and dredges; that tho destroyer
B 98 be surrendered to tho Allies; that, within ten days, the
machinery and engines of three submarines be also surrend
ered to offset the destruction of submarine U C -48, and that
Germany pay tho Allied Governments the value of certain
oxported aerial material.
Tho note to tho German Government, which was signed by
M . Clemenceau as President of the Peace Conference, ex
plained that three allied powers— Great Britain, France and
Italy— had ratified the treaty, and that Germany, having
ratified, tho conditions had been fulfilled for drafting the
first proces-verbal, but unless Germany fulfilled certain
violated armistice conditions the treaty would not bo put
into effect.
To enablo Germany to put itself in a position to fulfill tho
armistico conditions tho conference informed tho German
Government that if it would authorize its representatives to
sign tho proposed protocol at tho same timo that they sign
the contemplated proces-verbal, such a proces-verbal would
bo drafted and signed by tho Allies, and tho treaty permitted
to como into force.
Both tho toxt of tho note from M . Clomonceau to the Gor
man Government and that of tho proposed protocol were
made public at Washington by Socrotary Lansing on N o v . G
in tho form in which an English translation of them had
been cabled from tho Peace Conference to the State Dopart
mont.
Tho text of the Allied note was as follows:
By tho terms of tho final provisions of tho treaty signed at Versailles Juno
28 1919, it has been stipulated that “ A first proces-verbal of tho deposit of
ratifications will bo drawn up as soon as tho treaty has been ratified by
Germany on tho ono hand and by tlireo of the principal Allied and Asso
ciated Bowers on tho other hand.”
Tho President of tho Peace Conforenco had the honor of calling to the
attention of tho Government that threo of tho principal Allied and Asso
ciated Powers, namely, tho British Empire, Franco and Italy have ratified,
and Germany, on tho other hand, having also ratified the treaty, tho con
dition referred to above lias been fulfilled.
Tho other Allied and Associated powers who havo, up to the present time,
mako known their ratification aro Belgium, Poland and Siam.
330
THE CHRONICLE
In compliance with the said provisions, and if the various acts necessary
to the coming into force o f the treaty be fulfilled in time, there will take place
in Paris, at a dato which will be announced later, and notification o f which
will be given five days in advance, a proces-verbal o f the deposit of these
ratifications, at which the German Government is requested to participate.
The final provisions o f the treaty add: “ From the’ date o f this first procesverbal the treaty will come into force between the high contracting parties
who have ratified. For the determination o f all periods o f time provided
for in the present treaty this date will be the date o f the coming in force
o f the treaty.”
The principal Allied and Associated powers have decided that the treaty
shall not go into force until the execution o f the obligations which Germany
had by the armistice convention and the additional agreements undertaken
to fulfill, and which have not received satisfation, shall have been fully
carried out.
The German Government is therefore asked to give to the German repre
sentatives authorized to sign the proces-verbal o f the deposits o f ratifica
tion full powers to sign at the same time the protocol, o f which a copy is
hereto annexed, and which provides without further delay for this settle
ment.
The German Government therefore is now invited to send to Paris, for
N ov. 10 1919, duly qualified representatives for this purpose to:
1. Arrange in agreement with the representatives o f the Allied and Asso
ciated powers the conditions for the setting up o f the commissions of govern
ment, of administration, and o f plebiscite, the holding over o f powers, the
transfer o f services, the entry o f inter-allied troops, the evacuation of
German troops, the replacement o f the said German authorities, and all
other measures above provided for. Attention is now called to the fact that
the German authorities must leave intact all service organizations and
officers as well as the documents required by the inter-allied authorities for
the immediate entry on their duties, and that the German troops must also
leave intact all the establishments which they occupy.
2. Agree with the staff o f the Marshal, Commander In Chief of the Allied
and Associated armies as to the conditions o f transport o f inter-allied
troops.
[V o
l
. 110.
one received from those companies under date of Jan. 14.
Temporary drilling permits will be granted on application,
but it is the understanding of both sides that the remedy
remains in force only until such time as the Mexican Congress
has passed a petroleum law under Article 27 of tho Mexican
Constitution. It is hoped by the oil interests, it is said,
that this step will lead to an amicable settlement of the entire
controversy.
The telegram from President Caranza announcing that
permits could be secured reads as follows:
M e x i c o C ity , J a n . 20 1920.
H u a s t e c a P e tr o le u m C o m p a n y , T h e T e x a s C o m p a n y o f M e x i c o , S o u th e r n O il
a n d T r a n s p o r t a t io n C o m p a n y , S c o t t is h -M e x ic a n O il C o m p a n y , L t d .,
a n d o th er s ig n e r s , N e w Y o r k
Under the dato of the 17th o f this month I gave to tho Secretary o f Indus
try, Commerce and Labor the following resolution, which I repeat to you
in answer to your cable of tho 14th:
The petroleum companies having manifested in an express manner that
they are disposed to comply with all legal requirements, provided they do
not imply the violation of their rights previously acquired;
Having manifested equally that they are disposed to accopt provisional
permits for drilling wells valid until the Congress of tho Union issues the
organic law of tho Twenty-seventh Constitutional Article, providing that
the acceptance of the use of said permits does not attack or prejudice the
rights of the petroleum companies;
Having manifested equally that they will not claim from the fact of re
ceiving tho said permits to acquire any new right, nor that tho Mexican
Government by tho issuing of said permits abandons any right or principle
that it might wish to defend.
The President o f tho Republic has seen fit to decide that provisional per
mits shall be conceded to the oil companies that may petition for the drilling
of
wells upon the following basis:
The Supreme Council's basis for a final settlement of the
The permits will be valid only until the Congress of the Union Issues the
Scapa Flow sinkings was handed over to Baron von Lersner, organic law o f the constitutional Article 27. The permits that may be
Jan. 5 , when it was announced that an agreement had been granted in the premises may cover all the wolls that have been commenced
or drilled since the first of M ay 1917; also all the wells that may have been
reached with the German delegation.
finished as well as those that now may be in tho process of drilling.
The solution of this question removed one of the chief
Tho respective petitions for permits to drill which the petroleum companies
may
present must contain tho statement that the permits will not mean the
obstacles to the signing of the protocol and coming into force
acquisition of any now right nor the claim that the Mexican Government
of the peace treaty.
by the act of issuing said permits abandons any right or legal principle which
The Scapa Flow reparation agreement was reached as noted It may wish to sustain.
The petitions will also contain an agreement that the permits requested
above upon the Allies tentatively accepting a diminution of
will be valid only until tho Congress of the Union enacts the organic law
125,000 tons from the 400,000 tons of naval material origin of tho constitutional Articlo 27 relating to potroleum, when the Interested
ally demanded from Germany. The Germans argued the parties must comply with the provisions of said law or in tho contrary case
impossibility of surrendering the tonnage originally demanded the provisional permits will lapse. It is understood not to havo prejudiced
in any manner or in any sense tho different questions that are now being
and also pointed out errors in the inventory of the allies. discussed before the Judicial Power of tho Federation In theamparo suits,
In one of its notes to the Supreme Council dealing with nor the discussion before the Federal Tribunals of Genoral Jurisdiction
relating to the application o f Article 27 and of tho different legal decrees on
the Scapa Flow sinkings the German Government said:
the subject of petroleum issued by the Executive Power. Nor will the dis
The German Government maintains its opinion that the best means to cussion of tho petroleum law now ponding before Congross bo prejudiced in
reach a solution o f the Scapa Flow incident would havo been to submit the any way. Respectfully,
case to international arbitration at Tho Hague. Such a measure would
VENUSTIANO C ARRAN ZA.
not have delayed putting the treaty into force, or the signing of the protocol
thus modified.
In reply to the above the oil companies sent the following
Desirous, however, of doing its utmost for the early re-establishment of telegram:
peace, the German Government declares itself ready to make reparations
J a n u a r y 21 1920.
for the damages caused to the allied and associated Governments by the
I l i s E x c e lle n c y , V e n u s lia n o C a rr a n z a , N a t io n a l P a la c e , P r e s id e n t o f R e p u b lic
destruction of the ships.
o
l
M
e
x
i
c
o
,
M
e
x
i
c
o
C
ity
.
But the German Government is unable to effect such reparations in the
The petroleum producers whose names wero signed to telegram to you
manner demanded by the protocol o f November 1 because the execution of
the demands formulated In that protocol would compromise irretrievably dated Jan. 14 have received your telegraphic reply dated Jan. 20, and are
Germany's economic life and also render impossible o f execution the other appreciative of your Excellency’s prompt action in granting them the tem
porary relief which they requested. They will accordingly instruct their
enormous obligations which the treaty imposes on Germany.
The German Government will formulate, through experts, positive de representatives to proceed in tho matter of petitions for permits along the
tailed propositions showing a mode of reparation, which, although adding lines indicated in your telegram.
(Signed by 46 Oil Companies.]
a new and heavy burden on Germany in its present situation, are not alto
gether Incompatible with its vital interests.
W ith regard to the attitude of the United States Govern
The note from which the above is quoted was made public
at Paris D ec. 15. Subsequently the German Government
sent to Paris technical experts, who in co-operation with the
Allied representatives worked out a solution of the problem
of reparations due from the Scapa Flow sinkings.
Japan's ratification of the treaty of Versailles was formally
sent to the Secretariat of the Peace Conference in Paris on
Deo. 26 by Keishiro M atsui, the Japanese Ambassador to
Paris. Announcement to this effect was made on Jan. 2
by the State Department at Washington. The treaty was
ratified by Japan the latter part of last October.. The
treaty was approved by the Privy Council of Japan Oct. 27
at a meeting at which the Emperor presided. The treaty
committee of the council reported that the League of N a
tions covenant did not conflict with the prerogatives of the
Emperor and could co-exist with the alliance with England,
which is defensive and not aggressive. The committee
advised the Government to settle the Shantung matter to
the best possible advantage for Japan. After unanimous
approval without reservations the treaty was submitted to
the Emperor.
M E XIC A N GOVERNMENT PERMITS RESUMPTION
OF OIL DRILLING BY FOREIGN COMPANIES.
It became known on Jan. 21 that -President Carranza
had agreed to allow drilling of oil wells in Mexico pending
enactment by his Government of a new petroleum law.
His action in the matter, which was considered a.concession
on the part of the Mexican Government, was announced
in^altelegram sent to 46 foreign oil companies in reply to
ment toward President Carranza’s action, Washington press
advices of Jan. 21 said:
Action of President Carranza in liting the restrictions on the drilling o f
oil wells by Americans and the temporary arrangement entered into by him
and tho largest American oil producers in Mexico Is merely a temporary
expedient, in the opinion o f officials here, and docs in no way settle the
oil dispute between this country and the Mexican Government.
Throughout the oil controversy, the American companies In refusing to
accept tho confiscatory requirements of tho oxecutlvo decrees of tho Mexican
law have acted in complete concert with the State Department.
Word of the decision of the Mexican Government temporarily to permit
drilling o f oil wells reached the State Department at Washington on Jan. 22,
according to advices o f that date to the New York "Tribune." The ad
vices said:
The decision of the Mexican Government to withdraw Its edict against the
development o f American oil properties in Moxico and to hold tho question
of nationalization of tho oil fields in abeyance until sottlemont of tho dlsputo
is reached in tho Mexican courts was communicated to tho Stato Depart
ment to-day.
President Carranza’s action, it developed to-day, was suggested by
Henry P. Fletcher, American Ambassador to Moxico, when tho subject was
brought up last spring. The stoppage of production of tho Americanowned wells seriously threatened tho commerce o f tho United States. So
critical had tho situation become that last month Chairman Payne of tho
United States Shipping Board Informed Secretary of Stato Lansing that it
was imperative that American commerce be assured a continuous supply of
oil from the American wells In Mexico.
Commenting on the announcement of tlio concession to
the oil companies the N . Y . “ Times” on Jan. 22 had the
following to say:
It was this clause (27) In the Mexican Constitution which was tho original
source o f contention between tho oil companies and tho Mexican Govern
ment. It provides that the sub-soil in Mexico aro inhorontly tho property
of tho State. Tho oil companies maintained that this was confiscatory.
Several sharp notes have been dispatched to Moxico by tho United States
Government In connection with tho situation. It is understood, however,
that the State Department was in no wise concerned with tho present
Ja n . 24 1920.]
THE CHRONICLE
temporary settlement. Negotiations, it Is reported, have been carried on
for the oil companies by the Association for the Protection o f American
Rights in Mexico, which was formed some months ago.
Under the now Moxlcan Constitution President Carranza would not
permit tho drilling o f wells without the taking out o f permits. This the oil
companies refused to do, feeling that the acceptance o f this decree would
Jeopardize their ownership position. The matter came to a head when
Carranza troops forcibly stopped drilling on the property o f certain com
panies not long ago.
Tho curtailment o f drilling was beginning to have a serious effect on the
output o f potroleum from Mexico. In certain fields the older wells have
been playing out, and with no new wells to be brought In by additional
drilling thoro was tho prospect that tho oil supply would bo cut off. The
temporary permits which cover wells already started, will It is considered
do much to alleviate the situation.
It is understood that the permits will apply to all o f the Mexican oil
fields. Recently tho only companies which were drilling now wells were
thoso Incorporated in Mexico.
ATTORNEY-GENERAL McCRAN OF NEW JERSEY
ADVISES RESIDENTS OF THAT STATE NOT TO
P A Y NEW YORK STATE INCOME TAX.
Attornoy-Gonoral M cCran of New Jersey issued a state
ment on January 22 declaring that N ew Jersey residents
affected by the N ew York State income tax should not pay
tho tax, “ or permit deductions to bo made from their salaries
except under formal protest.” Citizens of N ew Jersey
affocted by the law are urged by M r . M cCran to communicate
with him, and he states that “ in the event of the Act being
declared unconstitutional by the United States Supreme
Court legal moans will be taken to compel a refund of sums
unjustly collected from our citizens.” Attorney-General
M cC ran’s statement follows:
Now Jersey residents employed In Now York State should not pay the
Now York lncomo tax or permit deductions to bo made from their salaries,
except under formal protest. This protest should bo addressed to the person
to whom tho money is paid or to the employer who deducts and withholds
tho amount claimed as a tax.
In all other cases no return is required to bo filed before March 15, and
Now Jersey residents should not file returns at this time.
Tho New York Income Tax Act has been declared to bo unconstitutional
by tho United States District Court for the Southern District o f Now York.
Tho Stato o f Now York appealed from tho decision o f Judge Knox and tho
caso, on appeal, was argued before the United States Supremo Court at
Washington, on Monday, Dec. 15. In this appeal tho State o f Now Jersey
was represented and filed a brief on behalf o f our citizens. Every endeavor
is boing made to protect residents o f this Stato from the unjust New York
Act.
I havo asked, and I again urge all citizens o f Now Jersey affected by
this law to communicate with mo. In tho event o f the Act being declared
unconstitutional by tho United States Supreme Court legal means will bo
taken to compol a refund o f sums unjustly collected from our citizens.
I T E M S
A B O U T
B A N K S ,
T R U S T
C O M P A N I E S ,
& c .
Tho publio sales of bank stocks this week aggregate 62
shares and wore all made at auction. Fifty shares of Sea
board National Bank stock, in which no transactions had
boon reported since M arch, 1911, when the price was 4 18,
wero sold at 6 5 5 }^ . Seven shares of Corn Exchange Bank
stock woro sold at 4 46— an advance of 1 35 points over the
prico paid at the last previous sale in M arch, 1919. A
salo of 5 shares of Citizens’ National Bank stock at 2 61
records an increaso of 55 points over the last previous sale
price whioh was made in October, 1917.
HANKS — N e w Y o r k .
L o w . H ig h . C lo s e .
L a st p r e v io u s s a le .
5 Citizens National Hank______ 261
261
261 Oct. 1917— 206
7 Corn Exchatigo Bank---------- 416 446
446
Mar. 1919— 310JS
50 Seabodrd National Bank_____ 655\ i 655\ i 655\ i Mar. 1911— ll.S "
TRU ST COM PAN Y — N e w Y o r k .
10 Title Guarantee & Trust_____ 400 400
400
Jan. 1920— 400
S h a r es .
Throo Now York Stock Exchange memberships were
reported posted for transfer this week, the consideration
boing $110,000 in the case of two and S112,000 for the third.
—
_____________ ;• » c
v
jfggli
A t tho annual meeting of the stockholders of tho M etro
politan Trust Co. of this city on Jan. 21 tho retiring directors
wore re-elected with the exception of Horace W hite, who has
boon succeeded on the board by Harold B . Thorne, VicePresidont of the company. A t a subsequent meoting of the
directors, M r . Thorne was made Senior Vice-President,
succeeding Beverly Chew, who retired last week. M r.
Thorne thus bocoinos a member of tho executive committee.
M r . Thorne entertained the officers of tho Metropolitan
Trust C o. at dinner on Jan. 21 at tho Metropolitan Club in
honor of Harold I. Pratt, tho new President of tho institu
tion. Tho object was an informal discussion of plans bear
ing on futurojgrowth and wolfare of tho company.
In a lottor addressed to the stockholders and clients of tho
Metropolitan Trust Co. on Jan. 22, M r . Pratt makes known
tho rojootionfof proposals for amalgamation with other insti
tutions and “ tho determination to inaugurate a progressive
campaign forjnow business in all departments.” Tho letter
in part follows:
331
I herewith submit a brief statement of the condition o f the company and
tho policies which will govern In tho future.
In December tho surplus was reduced by $1,000,000, this amount being
applied to the book value o f the Investment securities, the market value of
which had depreciated because o f the abnormal state of tho security market.
This reduced tho company’s assets to approximately their actual liquidating
value, which Is reflected In the enclosed condensed statement as o f Jan. 1
1920.
At tho meeting of the board on Jan. 9 the future policy of the company
was fully discussed. Suggestions from other Institutions that we amal
gamate with them were considered and rejected, the board being unanimous
In its determination to Inaugurate a progressive campaign for new business
in all departments. I accepted tho presidency to carry out this plan and
the platform o f the new administration Is to be along progressive, yet con
servative, lines, offering to the clients of the company in the banking,
commercial and trust departments a fully equipped organization to meet
any calls that may be made upon it.
There has been no material change In stock ownership during the past
years, and I am advised that none Is considered, nor Is any further change
now contemplated in the personnel o f the staff.
A t the annual meeting on Jan. 20 of the stockholders of the
Corn Exchange Bank of this city the proposal to increase
the capital from $4 ,200,000 to $4 ,620 ,00 0, through the is
suance of 4,200 additional shares at the par value of $100
was approved. The stock will be sold to the stockholders
in proportion to their present holdings.
A t the meeting of the trustees of The N ew York Trust
Co. on Jan. 21 all of the present officers were re-elected, and
M rs. K ey Cammack and Russell V . Worstell were appointed
additional assistant secretaries.
Andrew H . M ars, heretofore secretary of the Fidelity
Trust C o. of this city, was appointed a Vice-President at
the annual meoting this week. Arthur W . M ellen, who was
assistant secretary, has been made Vice-President and Sec
retary and E . Tilden M a tto x, late assistant to the president,
has also become a Vice-President. John A . Foster and
Frederick T . Fisher have been elected Directors of the
Fidelity Trust C o.
A t the meeting of the stockholders of the Columbia Bank
of this city on Jan. 15 it was unanimously decided to increase
the capital from $1,000,000 to $2,000,000. The proposal
was referred to in our issue of Jan. 10. The new stock is
payable March 1 1920 at $150 per share to stockholders of
record Jan. 15 1920, which will then make the capital stock
$2,000,000 and surplus $1 ,000,000.
Walter N . Stromenger and Harry F . Swope were admitted
on Jan. 1 to tho firm of Alexander Brown & Sons as asso
ciate partners with the rights and special powers prescribed
and limited in the partnership agreement.
Charles H . Remington and Joseph F . Cullman Jr. have
been elected as members of the advisory board, Maiden Lane
branch of the Metropolitan Bank of this city.
Tho Importers and Traders National Bank of this city
announces the inauguration of a new policy with respect
to allowing interest on doposits, effective Jan. 1 1920. This
departure from its traditional policy is rendered desirable, it
is stated, by present and prospective financial conditions and
involves no change in the adherenco to those conservative
principles of banking which have distinguished the institu
tion since its foundation.
“ The Compass” — tho initial number of the Mercantile
Bank of the Americas, 44 Pine S t., this city, has been issued
by tho M . B . A . Club. This little house organ appears in
attractive form with interesting articles and news items of
the company’s activities in foreign trade and business affilia
tions. Tho January issue will bo distributed in company
circles and among its customers.
The Morris Plan Company of N ew York completed its
fifth year on D ec. 31 1919. Its loans to wago-oarnors,
salaried employees and business and professional men of
small means, amounted in 1919 to $7,252,638— considerably
more than twice the annual average for the preceding four
years. Tho number of borrowers (including thousands of
policemen, firemen and postal employees) was 42,219 as
against a previous yearly averago of 23,446. The total
number of borrowers from D ec. 31 1914, was 136,003 and the
total amount loaned was $20,484,446. In the samo period
the company sold $3,276,850 of its 5 % investment certifi
cates bearing interest from the day of purchase, and at the
close of the year $1,571,750 of these certificates were still
in the hands of the public.
332
THE CHRONICLE
W ade Gard’ner, Agent for the Hong Kong & Shanghai
Banking Corporation, is in receipt of a wire from the Head
Office of tho Bank, stating that subject to audit the final
dividend for the year 1919 will probably be Two Pounds and
Five Shillings a share, bonus in addiition to dividend Three
Pounds Ten Shillings, subject to deduction of Income Tax.
Added to Silver Reserve Fund Hong Kong $2,000 ,00 0.
Written off Bank Premises Account Hong Kong $1 ,000,000.
Carried forward to next year Hong Kong $3,250,000.
The Capital of the Hong Kong & Shanghai Banking Cor
poration is Hong Kong $1 5,00 0,0 00. Including tho above
addition the Reserve Fund stands at Hong Kong $38,000,000-
[V o
l
. 110.
Assistant Cashiers. All of the foregoing appointees have
been associated with tho bank for fifteen years or more.
A t the annual meeting of tho board of directors of tho
American Foreign Banking Corporation, on Jan. 16, the
following officers were elected and appointed: Albert II.
W iggin, Chairman of tho Board; Archibald Kaons, President;
Hayden B . Harris, Alfred G . Flotchor, Emil Floischmann,
and Philipp J. Vogel, Vice-Presidents; Charles A . M a c
kenzie, Secrotary and Treasurer; C . B . H olt, and W . E .
Sullivan, Assistant Treasurers; and S. F . Schleisner, Assist
ant to the President.
A t the annual meeting of tho Hudson Trust Company of
A t a meeting of the directors of Columbia Trust C o. of
this city on Jan. 22 all the officers were re-elected and George this city tho following directors whose terms had expired,
S. M ills, who has been with the organization for several years, were re-elected: Frank V . Baldwin, Lynn II. Dinkins, Fred
II. Ehlen, William von Twistern and B . L . Atwator.
was elected Assistant Secretary.
The Discount Corporation of Now York , which began
business on Jan. 2 1919 with a paid-in capital of $5,000,000
and a paid-in surplus of $1 ,000,000, handled, during its first
year, a volume of business aggregating $854,986,121, op
which amount $448,186,691 was in acceptances purchased
and $406,799,430 in acceptances sold. The difference be
tween these amounts, namely, $41,38 7,2 61, represents the
acceptances which were carried to maturity and those on
hand at the close of the year. This showing is announced
by President John M cH u gh , in the first annual report to
the stockholders, which also says:
Tho not receipts o f the corporation for theyear over and above its expenses
o f operation, taxes, &c., amounted to $257,500 51, which is equivalent to
5.15% on the corporation's capital, or 4.29% on tho combined capital and
surplus. Out o f tho profits, thero has been charged o ff tho sum of $23,
182 69 for furniture, fixtures, organization and legal expenses, and tho
remainder $234,323 82 has been carried to tho undivided profits account
of the corporation, as Indicated in its statement herewith.
In view o f the fact that tho operations o f tho corporation in tho first year
o f its business were to a large extent pioneer in character, and in view of
the further fact that tho operations of the corporation in contributing to
and maintaining a market for tho acceptances o f tho banking community
are profitable to tho banks interested, we are confident that the actual
showing will prove satisfactory.
The year just closed, besides being tho first year in tho corporation’s
business, has been a most unusual one from tho standpoint o f financial
markets. The requirements o f our Government to meet its war expenses
havo very properly taken precedence in absorbing funds, and banks, cor
porations and individuals havo employed surplus funds quite extensively
in United States certificates o f indebtedness, which funds in ordinary
times would havo undoubtedly found their way into tho acceptance market.
The very nature o f tho corporation's activities has kept us in close daily
touch with the Federal Reserve Bank o f Now York, and it is a great pleasure
to us to report that that institution and its officers havo rendered every
proper assistance to your corporation in its efforts to build up and maintain
the New York discount market.
As we enter upon the second year o f the corporation’s business, wo aro
hopeful for its future and confidently believe, in view of tho showing already
made, that it will accomplish what those responsible for its organization
expected of it.
As regards the future financial outlook, it is quite apparent that tho prices
of commodities have reached such a figure that even the enormous financial
strength of the United States centralized though it is in. the Federal Reserve
system is feeling the strain. Bankers throughout tho country should
exercise care to the end that credit as it Is realized during tho next few months
bo re-employed only in tho most liquid form and we know of no better form
than prime bank acceptances. Such policy made effective would relievo
tho Federal Reserve system and would bo tho means o f contributing to tho
elasticity which will bo needed to finance the crop of 1920.
Jerome Thralls is Secretary and Treasurer of tho corpora
tion, the offices of which are at 52 W all Street.
A t the annual meeting of the stockholders of tho Corn
Exchange Bank of this city on Jan. 20, the following were
re-elected directors for the ensuing year: David Bingham,
William A . N ash, Clarence H . Kelsey, William R . Stowart,
William II. Nichols, W alter E . Frew, Henry Schaofor,
Charles W . M cCutcheon, Androw M ills, Philip Lehman,
Henry B . Vaughan, Robert A . Drysdalo, J. Louis Schaefer,
and David M . Morrison. Inspectors of Election were re
elected as follows: Edwin H . Peck, John J. Ilalpin and
Edward F . M cM an u s. A t the meeting of tho directors
William A . Nash was re-elected Chairman of the Board, and
W alter E . Frew, President.
A t a meeting of the directors of the Stato Bank of this
city on Jan. 16 the following officers were re-elected: Harold
C . Richards, President; and Albert I. Voorhis, Vice-Presi
dent. The following were re-appointed: W alter L . Burckett,
Vice-President; John Knoisel, Cashier; Frank A . Pappi,
Assistant Cashier; Chester A . Woodworth, Auditor; and
Maxwell M . Toicher, Manager Foreign Department. Tho
following now appointments woro also made: John Knoisol,
William B . Roth, Charles A . Smith, and Harry W . Vogol,
Vice-Presidents; Charles C . Schnecko, Paul M uller, Claronco
E . James, Edward W . Rasp, and Philip L. Tuchmau,
Irenee du Pont of Wilmington, Dolaware, was elected a
directors of the Guaranty Trust C o. of Now York at tho
annual meeting of tho directors on Jan. 21. All officers of
the company were ro-olectod. A t tho annual mooting of the
stockholders, which preceded, tho rotiring directors of the
company wore re-elected. A t a meeting of tho directors on
Jan. 19, Julian W . Pottor, formorly Vice-Prosidont of the
American National Bank of Bowling Groon, Kontucky, was
appointed an Assistant Treasurer of tho company.
A t a mooting of tho directors of tho Asia Banking Corpor
ation on Jan. 20, R .E .E llis was appointed Managor of the y
New York office of the corporation.
Tho Italian Discount & Trust C o. on Jan. 21 announced
tho appointment of Frank M . Rolm as Assistant Socrotary.
M r . Rolin was formerly connected with tho Foroign Depart
ment of the Guaranty Trust C o. of Now York .
Henry N . W hitnoy, head of tho Stock Exchange firm of
II. N . W hitney & Sons, died on Jan. 21 following an illness
of several months. M r . W hitney had formorly boen a
member of the Stock Exchange for 20 years. Ho had also
been the first President of tho Schormorhorn Bank, which
later became tho Mechanics Bank. Ho was a diroctor of tho
Hamilton Trust C o ., tho Preferred Accidont Insuranco C o .,
tho Brooklyn Warehouse & Storage C o. and a trustee of tho
South Brooklyn Savings Institution.
John II. Laeger has boon elected Assistant Cashior of tho
Mechanics Bank of Brooklyn. Edward A . Richards and
James K . Alexander havo boon eloctod mombors of tho
advisory board of tho Twenty-sixth Branch, and Thomas
II. Roulston has boon elected inombor of tho Fifth Avenue
Branch of Mechanics Bank, Brooklyn.
Edward W . Russell, credit managor of tho Franklin Trus
C o. of Brooklyn, was appointed Assistant Socrotary of tho
institution at a meeting of tho trustees on Jan. 15.
A t tho annual meeting of tho Brooklyn Trust C o. on Jan. 13
Walter St. J. Bonedict, John II. Emanuol Jr., Frank Lyman,
Robert L . Piorropont, Alexander M . W hite, Willis D . W ood
and Frank D .T u ttlo woro oloctod to tho diroctorato to servo,
three years, tlioir torms ending Jan. 1 1923. Josiah O. Low
Henry A . Ingraham and William V . IJostor were oloctod
inspectors of the eloction to servo at tho next mooting.
Tho stockholders of tho Fidelity Trust Co. of Nowark,
N . J ., at their meeting on Jan. 13 eloctod John J. Brown,
Prosidont of tho Whoelor Condensing & Engineering C o ., to
tho board of the trust company. Tho other directors of tho
company and all its officers woro ro-oloctod and ono now
office— that of executivo Secretary— was croatod. To that
office John F . J. Sheehan, who for nine years has boon
private Secrotary to President Uzal II. M cCarter, was
elected.
The inauguration of Edward I. Edwards, President of tho
First National Bank of Jersey City, as Democratic Governorelect, of tho Stato of New Jersoy, at Trenton last Tuesday,'
has attracted national attention in political and banking
circles. Governor Edwards was elected on an anti-prohibi
tion platform, and one hour after taking tho oath of offico,
ho set tho wheels in motion to test tho validity of tho Eigh
teenth Amondmont of tho United States Constitution.
Jan . 24 1920.]
THE CHRONICLE
Governor Edwards attacks prohibition as an invasion of the
sovoroign rights of New Jersey, which did not ratify the
Amendm ent, and his fight for a liberal enforcement of the
law, tho interpretation of which ho maintains is reserved to
the States, will be watched with interest'by bankers. M r.
Edwards has proved himself to be a man of action and indepondont thought, and his administration promises to be in
tho public eye.
Frederick A . Boyle, Vico-Prosidont of the Prudential In
surance C o ., has boon elected a director of tho Merchants
National Bank of Newark, to fill tho vacancy duo to the
doatli of J. Brodhead Woolsoy.
A t tho annual mooting of tho directors of the Troy Trust
C o. of Troy, N . Y . , tho following officers were elected:
Chairman of tho board, Ilonry S. Ludlow (formerly Presi
dent); Prosidont, Harold K . Downing
(formerly VicoProsidont and Secretary); Vico-Prosidonts, Arthur T . Smith,
Henry S. D arby and Edwin Q . Lasell; Treasurer, Fred
Bunco, and Secretary, Loland T . Lane.
A t tho annual meeting on Jan. 1G tho following officers of
tho Phoonix National Bank of Hartford, Conn., wore elocted:
Loon P . Broadhurst, President; William B . Bassett, ViceProsidont; Arthur D . Johnson, Cashier; Harry H . Walldoy
and Frank R . Lawronco, Assistant Cashiors. M r. Johnson,
Cashier, was formerly Assistant Cashier. The office of
Cashior is relinquished by M r . Bassott, who has for a con
siderable time hold tho double office of Vice-President and
Cashior. M r . Lawronce, tho newly elected Assistant
Cashior, was formorly Discount Clerk.
A t tho annual mooting o f tho stockholders of the FourthAtlantio National Bank of Boston held on Jan. 13, an incroaso of $500,000 in tho capital of tho institution was
authorized, making tho samo $2,000,000. The now stock
will bo offored to shareholders of record as of Jan. 20 at
$200 por sluiro in tho proportion of ono sharo of now stock
for ovory throe shares hold on that dato. The premium
of $100 por sharo obtained by tho sale is to bo added to
surplus account. Subscriptions for fractions of shares will
not bo accoptod. Payments made on or beforo March 15
aro ontitled to intorost at G % to March 31.
The First National Bank of Clinton, M a ss., was placed in
voluntary liquidation on Jan. 10 when its stockholders
turnod over its assets to tho Clinton Trust C o ., capitalized
at $300,000. All tho stock of tho now company has beon
subscribed and shareholders in tho bank aro being paid $140
por share for their holdings. The names of the officers of tho
Clinton Trust C o. woro givon in our issuo of Decembor 27.
333
A t their annual meeting on January 13 the stockholders
of the Northern National Bank of Philadelphia approved
plans to increase tho capital from $200,000 to $400,000.
The now stock will bo allotted to tho stockholders of record
as of January 13 at $150 per sharo, thus increasing the surplus
to the extent of $100,000 and making total capital and surplus
$750,000. The new capital will become effective when the
Comptroller of the Currency approves the same, the last
date of payment on tho new stock is Feb. 3 1920.
Edmund W illiam s, cashior of the Tradesmens National
Bank of Philadelphia has been elected a Vice-President.
M r . Williams will serve in tho dual post of Vice-President
and Cashier. S. E . Guggenheim who had heretofore been
Assistant Cashier has also been made a Vice-President in
charge of tho Foreign Exchange Department.
J. B . M ustin has been elected an Assistant Cashier of the
Third National Bank of Philadelphia.
W ith the resignation of William Y . Conrad as Vice-Presi
dent of tho Central National Bank of Philadelphia to become
associated with the Irving National Bank of N ow York,
Stanley E . W ilson, Assistant to the Vice-President of tho
Central National Bank has been appointed assistant to the
President.
A t tho annual mooting of tho Provident Life & Trust Com
pany of Philadelphia on January 12th, Charles II. Harding,
J. Wliitall Nicholson, Georgo H . Frazior, Samuel Rea and
Charles J. Rhoads woro ro-elected directors, their terms hav
ing expired. Tho statement of the trust dopartmont shows
$80,713,807 of trust funds, tho amount having increased
during tho year from $77,985,740. The company also holds
for corporate trusts tho sum of $18,984,893. These funds
aro kopt entirely separato from tho company’s assets. The
assets of tho insurance department amount to $110,340,521
as compared with $100,110,387, at the close of 1918.
The Citizens Bank of Philadelphia, a newly organized
institution, oponed for business on Jan. 12 in tho building
formorly occupied by tho Mechanics’ National Bank, at
22-24 South Third St. Tho officers of tho now company
aro A . F . Steinfield, President; A . S. Auerbach, active Vice
President; William F . Kriebel, Cashier; Leon S. Dalsimer,
Kain Ellis, Harry Largman, Harry Linsk and Edward Ost,
Vice-Presidents, and W olf Bodek, Chairman of the board of
directors. The capital is $200,000, tho stock having been
sold at $60 per sharo, par value $50, and $40,000 having
boon put into tho undivided profit account. Tho depositors
include principally manufacturers of ladies’ waists, dresses,
hosiery and underwear, and knit goods of ovory description.
Tho stockholders of Tho Soaboard Bank of Baltimore at
their
annual meeting on Jan. 13 authorized the proposed
A t tho annual mooting on Jan. 13 of tho Fourth-Atlantic
National Bank of Boston tho stockholders authorized an doubling of tho capital of tho institution (roforrod to in our
issue of Jan. 10), thoroby raising tho same from $100,000
incroaso in tho capital of tho institution from $1,500 ,00 0 to
$2 ,000,000. Tho now stock will consist, wo understand, of to $200,000. The par valuo of tho stock is $10, but present
5,000 shares (par valuo $100) at $200 per sharo. The $5 00, stockholders will be offered the now sharos at $13 50, in an
000 premium obtained by tho salo of tho now stock will bo amount equal to 1 0 0 % of their presont holdings. Any
added to surplus and undivided profits account, making tho stock not so subscribed will bo offored to tho public at a
samo in round numbers $3,000,000. W o aro advised tho price to bo named lator by tho directors. Paymont is to be
now capital and surplus will bo oporativo, with tho approval made 5 0 % on or beforo Jan. 25 1920 and 5 0 % on or before
March 1 1920. The promiuin at which the stock is to be
of tho Comptroller of tho Currency, soon after April 1st.
sold will bo addod to tho surplus account. M artin J. Kolin
was elected a diroctor of the institution in lieu of John T .
A t tho annual mooting of tho stockholders of tho Girard
M cN anoy.
National Bank of Philadelphia tho following additional mem
bers woro electod to tho board: A . A . Coroy Jr., Vice-PresiA t the annual meeting of tho stockholders of tho National
dont of tho Midvalo Stool & Ordnance C o ., and R . R . M .
Contral Bank of Baltimore on Jan. 17, tho following were
Carpenter, Vico-Prosidont of tho E . I. du Pont do Nemours
olected directors to sorve for tho onsuing yoar: Clias. II.
Powdor C o ., to fill vacancies. Tho stockholders also auth
Koppolman, John B . A d t, W . A . Eisonbrandt, Frank N .
orized an incroaso in tho directorate to a maximum of 25> Iloon, John P . Lauber, August Wobor, Goorgo F . Lang,
but tho now places authorized liavo not yet boon filled.
Frank N ovak and Chas. F . Stoin. This constitutes ou®
old board with the exception of Messrs. Stein and Novak*
Edwin S. Radley was electod a Vico-Prosidont of the who wero added to tho directorate. A t the organization
Broad Streot National Bank of Philadelphia, at tho annual meeting on Jan. 16, August Wobor, President, and John P ,
mooting on tho 15th inst. Tho institution, which has a Lauber, Vice-President, woro ro-oloctod, and Goorgo *F .
capital of $250,000 and surplus of $57,500, roportod doposits Lang, Cashior, and W . E . Katonkamp, Assistant Cashior#
on Deo. 31 1019 of $1,148,801 and total resources of $1 , woro reappointod.
683,461. W . Perry E . Hitnor is President of tho bank*
ponding tho construction of its now building at Diamond
A t tho annual mooting of tho stockholders of tho Old
and Broad stroots, tho bank is temporarily located at Town National Bank of Baltimore on Jan. 13, an incroaso
2034 North Broad Streot'.
of $100,000 in the capital of tho institution was authorized,
making tho samo $350,000 instead of $250,000. Tho now
334
THE CHRONICLE
capital will become effective when paid for by the subscrib
ers, which, it is expected, will be some time in February.
The stockholders of the National Union Bank of Balti
more at their annual meeting on Jan. 13 authorized the
number of directors to bo increased by two and elected
John E . Boisseau, Vice-President of the bank, and W alter
W . Beers, its Cashier, to the vacancies.
Francis T . Homer was elected a director of the Second
National Bank of Baltimore at its annual meeting on Jan. 13
to succeed the late George R . W illis.
The Western National Bank of Baltimore at its annual
meeting on Jan. 13 elected John A . M ason a director to
succeed E . Bartlett Hayward, resigned. M r . M ason is a
Vice-President of the Bartlett Hayward Co.
The directors of the Western National Bank of Pittsburgh
have elected W illiam J. Ittel, former discount teller, As
sistant Cashier.
A t the annual meeting of the Mellon National Bank of
Pittsburgh the stockholders elected Roy A . H unt a dire ctor
Harry E . H ills, Charles W . Whitehair, and James Dunn
Jr., were made Vice-Presidents of the Union Commerce
National Bank of Cleveland at the annual meoting, Jan. 13.
There were no changes in the directorate of the institution.
M r . H ills, who has ranked for three years as an Assistant
Cashier, joined the Union National Bank staff in 1900, as
messenger, and since that time has served in every depratment and in practically every subordinate position in the
institution. Promotion comes in recognition of long service
and of demonstrated ability. M r . Whitehair, formerly war
correspondent and active in war work, joined the Union
Commerce organization a year ago. M r. Dunn, already a
Vice-President of the Citizens’ Savings & Trust C o ., has
charge of the income tax department of the banks, which
are affiliated under a joint ownership.
Numerous promotions occurred in the official staff of the
Citizens National Bank of Cincinnati at tho annual meeting
on Jan. 13. Principal among these changes is the elevation
of Charles W . Dupuis (formerly Vice-Presidont) to the
Presidency, succeeding Edward Goepper, who has become
Chairman of the Executive Committee; the latter will, it is
said, remain an active executive officer of the bank. Griffith
P . Griffith has been re-elected Chairman of tho Board. Tho
other changes, aside from those just mentioned, are the
election of William D . K nox, formerly Cashier, as Vice
President; R . Cliff Smith has been made Cashier and Bonj. R .
Emloy and M ax C . Rieker have become Assistant Cashiors.
M r . Emley had been Auditor and M r . Rieker had been Dis
count Clerk. The complete list of officers is as follows:
Griffith P . Griffith, Chairman of tho Board; Edward Goopper, Chairman of the Executive Committee; Chas. W .
Dupuis, President; W . A . Julian, Vice-President (re-elected);
Edw . A . Sisson, Vice-President and Trust Officer (re
elected); William D . Knox, Vice-President; R . Cliff Smith,
Cashier; II. Sachtelben (re-elected), B enj. R . Emley and
M ax C . Rieker, Assistant Cashiers.
Recent advices from Cincinnati state that negotiations
were completed on Jan. 2 for tho absorption of tho First
National Bank of Cheviot of that city (capital $25,000)
by the Brighton Bank & Trust C o. (capital $200,000).
Under tho merger plan the stockholders of the First National
Bank of Cheviot will surrender its national bank charter
and go into voluntary liquidation. Stockholders will re
ceive their pro rata distribution of the remaining assets and
will bo given the privilege of subscribing to Brighton Bank
& Trust Co. stock at the price of $350 a share on tho basis
of ono share of Brighton stock for each two shares of First
National of Cheviot held. The capital of tho onlai’god in
stitution will be increased to the extent of these subscrip
tions. The Cheviot bank will be oporatod as tho “ Cheviot
Branch” of the Brighton Bank & Trust C o. and all tho em
ployees of the first-named institution, we understand, will
be retained.
A n increase of $300,000 in the capital of the Dime Savings
Bank of Canton, Ohio, raising it from $200,000 to $500,000,
was authorized at a meeting of the stockholders hold on
[V O L .
110.
D ec. 29. The new stock was taken up by tho existing
stockholders at par, namely $100 per share. Tho onlargod
capital became effective at onco.
The First-Second National Bank and the Peoples Savings
& Trust C o. of Akron, Ohio, announce that, pursuant to
authority granted under a recent amendment to the Federal
Reserve A c t, tho First-Second National Bank is now per
mitted to serve in all the fiduciary capacities offered by
trust companeis; and in accordance with now State laws the
Peoples Savings & Trust Co. has beon granted broader
powers. These institutions may now act as:
Executor, administrator, assignee, guardian, receiver or trustee, or in
any other trust capacity, by order of court: trusteo of a voluntary trust,
made by a living person; trusteo under corporate mortgages, indentures or
trust and trust deeds: transfer agent and registrar of stocks; custodian of
securities pledged as collateral or to establish a sinking fund; fiscal agent
for corporations; depositary under escrow agreements; agent for the
management of property, real and personal, relieving tho owner of all
responsibility.
.
Louis S. Dudley is Trust Officer for both institutions.
Albert W . Bullard, Vice-Presidont of tho Northern Trust
C o ., Chicago, died on Jan. 22 of pneumonia. M r . Bullard
was Treasurer of the Investment Bankors’ Association of
America and was ono of the prominont bankors of tho Middle
W est, having been connected with tho firm of E . H . Rollins
& Sons in their various office for 22 years. In 1910 ho was
instrumental in the forming of the firm of Bullard Ilotherington & C o ., Chicago. In 1917 he became Vico-President of
tho Northern Trust Co. M r. Bullard was 42 years old.
The Chicago Trust Co. of Chicago, III., is distributing
a booklet entitled “ Everyman’s Incomo T a x ” ; it has boen
prepared and copyrighted by KixMillor & Baar, Counsol,
of Chicago, and boars the imprint of the Commerce Clearing
House, Corporation Legal Department, Chicago. In pre
senting tho information which “ ovory taxpayer should have
in preparing returns,” the booklet says:
Tho folder is prepared to cover in a practical way tlio incomo tax prob
lem of Individuals. It docs not attempt to explain tho Excess Profits Tax.
since under the present law corporations only aro taxed under this feature
of tho Act. Tho tax problems of partners aro covered herein. Under tho
present law partnerships as such aro not subject to any Incomo tax, but
only the individual partners arc taxed. This folder explains tho law appli
cable to individuals whoso Incomes consist of salary, rents, dividends,
interest or business profits. Tho Act is covered in tho light of all existing
Treasury Department rulings which aro still in force.
A table illustrating the computation of not income and
income tax of husband and wife, and an individual income
tax table, showing the total tax and a convenient method of
computation are furnished along with the information sup
plied in the book.
First National Bank of Oak Park, Chicago, announces
the election of J. P . Black as Vico-Presidont, Waltor E .
Dwight, director, and A . F . Iverson, Assistant Cashier.
Jefferson Park National Bank, Chicago, elected Samuel J .
Pearce, director, to fill tho vacancy caused by tho resigna
tion of J. II. Huhn.
The Lawndalo National Bank, Chicago, announces the
election of Joseph Kopecky as Vieo-Prosidont, also Vice
President of the Lawndalo Stato Bank. Tho Stato Bank
also announces the election of Frank J. Krajio, Cashior, and
Frank J. Vasek, Assistant Cashior.
Frank C . Weber was elected director of tho Chicago City
Bank & Trust C o ., to fill the vacancy causod by tho resig
nation of John D . Jurgonson.
.
Harry A . Nowburg was oloctod an Assistant Cashior of the
Garfiold Park Savings Bank, Chicago, at tho rocont olection.
E.
F . Woodcock, formerly Assistant Cashior of tho Uni
versity Stato Bank of Minneapolis, was oloctod Vico-Prosident and Credit Managor, and Henry Kerr, forinorly con
nected with tho Canadian Bank of Commorco at Winnipeg,
Cashier of tho Jeffory Stato Bank, Chicago.
The Lincoln Trust & Savings Bank, Chicago, announces
tho election of C . M . Bohrons, Second Vico-Prosidont;
George P . Nixon and C . M . Bohrons to the directorate.
The Mechanics & Traders Stato Bank, Chicago, oloctod
Norman F . Stone, Cashior, as Secretary, to succeed Elmo
Jan . 24 1920.]
THE CHRONICLE
335
Stevenson, and Arthur A . Aldinger, Assistant Cashier and
Manager of the Bond Department.
The Kirchman State Bank, Chicago, announces tho in
crease of its capital from 3100,000 to 3200,000.
Solomon A . Smith, President of the Northern Trust C o .,
was olcetcd President of the Chicago Clearing House Associa
tion at tho annual meeting. William A . Tilden, President
of tho Fort Dearborn National Bank, was elected Vice
President. Charles G . Dawes, President of the Central
Trust C o ., and John A . Lynch, President of tho National
Bank of the Republic, wero olected members of tho Clearing
House Committoo, succeeding John J. Mitchell and Ernest
A . Ham ill, James B . Forgan, George M . Reynolds and E . D .
Hulbert wero re-elected mombers of tho Committee.
The Cosmopolitan State Bank, Chicago, at the annuaj
meeting voted to increase capital from 3200,000 to 35 00 ,0 00 ,
and its board of directors will call for 15 members. Bertram
M . W inston was elected a director to fill the vacancy and
the other members of the board were ro-elected. Charles
F . Buehrlo was elected Vice-President.
‘ ‘Produce M oro, Spend W isely, Save Constantly, Invest
Safely” is tho epigram used in the calondar of the Central
Trust C o. of Illinois, Chicago, now roady for free distri
bution. It is good propaganda and should help to instill
the necessity for watchfulness, as a means of combating
the high cost of living.
The proposod increase of 3100,000 in the capital of tho
Central Manufacturing District Bank of Chicago, making
tho samo 35 00,000, referred to in these columns in our Dec.
20tli issuo, was authorized by tho stockholders at the recent
annual meeting of tho institution. As beforo stated by us,
the now stock will be offered to present stockholders at
3150 por share on the basis of one-fourth of a share of new
stock for each share of their present holdings; the premium of
350,000 obtained by tho salo of tho new stock will bo added
to surplus account, making the samo 3250,000. A t tho samo
meeting an Advisory Committee of tho bank was created
and M . A . Traylor, President of tho First Trust & Savings
Bank of Chicago and John A . Spoor were elected mombers.
S. T . Kiddoo, President of the Livo Stock Exchango National
Bank of Chicago, was added.to tho directorate. The earn
ings of tho Contral Manufacturing District Bank for 1919
amounted to 3118,534 or 3 0 .6 % on tho average capital
stock, as compared with 372,167 or 2 8 .8 % , in 1918, and
2 1 .1 % on the combined average capital stock, surplus
and undivided profits, as against 1 9 .9 % earned last year,
according to President William N . Jarnagin, in his annual
statomont to stockholders. After providing for all reserves
and Federal and local taxes of 344,912, which amounts to
38,192 moro than last year, the net profits of tho bank wero
373.622 43. Regular dividends paid during the year
amounted to 324,000, leaving a surplus after dividends of
349.622 43.
A t the annual meeting of the directors of tho Noel State
Bank held Jan. 14, all tho former officers were re-elected
and two new Assistant Cashiers wero elected. The complete
list is as follows: President, Joseph R . Noel; Vice-Presi
dents, James Davis and Frank W . Hausmann; Cashier,
James T . Perkins; Assistant Cashiers, A . J> Olsen, Arthur
Kort, Frank L . Stetson and Edwin M . Breitsprocher.
Nicholas J. Reuland was re-appointed Manager of the M ort
gage and Bond Department. A t the annual meeting of the
stockholders on Jan. 12 all the directors were re-elected.
N et profits for the last year wero 369,124 13 being 2 3 .0 4 %
of the capital of 3300,000 which was increased Jan. 2 1920
to 3500,000. Deposits increased more than
millions
dollars or 6 0 % during the year. In addition to paying quar
terly bonuses to officers and employees during tho year,
for the seventh consecutive year, 1 % of the profits of the
previous year were distributed among tho employees accord
ing to amount of salary received during that year, and the
length of service of each employee.
1)4,
Lloyd E . W ork, who for some fifteen years was prominently
identified with tho Peabody, Houghteling & Company organ
ization in Chicago, joined Elston & Company, 39 South La
Salle Street, Chicago, as Vice-President, Jan. 1 1920.
M r. W ork has a very wide acquaintance not only on La
Salle Street, but among investors large and small in Chicago
and tho central west. E . W . Thomas has resumed his con
nection with Elston & C o ., after a years leave of absence.
Allen Frako of tho firm of Elston & Company died on Jan. 20
from pneumonia. M r. Frake was one of the most popular
men in tho municipal bond business in Chicago.
Groat Lakes Trust Co. of Chicago was admitted to regular
membership in tho Chicago Clearing House Association at
tho annual meeting, and will begin clearing on Fob. 2.
The Sheridan Trust & Savings Bank, Chicago, has opened
a trust department in chargo of J. H . M cCulloch.
Tho M arket Trust & Savings Bank of Chicago, has olected
Edward Katzinger Vice-President to succeed Frank A .
Hecht Sr., rosignod, and William Ganschow, Adolph L.
Bonner and George Engolking directors, to succeed Albert
M . Johnson, resigned, and D . R . Spooner and H . A . Stocker
deceased.
A new W est Side bank, tho Cook County State Bank, to
bo located at Madison St. and Cicero A v e ., Chicago, is being
organized and will be controlled by a number of business men
of tho business neighborhood. The bank will have a capital
of 3100,000 and surplus of 325,000, and will open for business
tho first week in February. W . D . Eastwood is in chargo of
T.
M . Milinski, formorly cashier wafe elected President,tho organization work.
at tho annual meeting, and August J. Kowalski, Jr., cashier,
and Edward J. Prebis a diroctor of the Northwestern Trust
Tho Madison & Kedzio State Bank, 3131 W est Madison
& Savings Bank, Chicago.
S t., Chicago, announces formation of the Investors Security
Corporation, shares of which are ownod by the stockholders
Tho Peoples Stock Yards State Bank added three assistant
of tho bank. This corporation will underwrite and sell high
cashiers to its list of officers— Clarenco W ebster, F . W . A .
grade first mortgage serial bonds, issues secured by choice
Johnston and John do Gerald.
income-producing city property, and the balance of sub
stantial investment corporations. Tho office of the corpora
Pioneers State Bank, Chicago, elected C . J. Peoples,
tion will be the same as that of tho bank. IJ. H . Baum ,
formorly Cashior, as Vico-Prosidont in place of R . Bradshaw,
President; Benjamin Culp, Vice-President; Jacob Culp,
resignod. R . H . Lovett was raised from Assistant Cashior
Vice-President, and J. T . Mam moser, Secretary.
to tho Cashior-ship.
Four now directors wore added to tho State Bank of W est
Pullman, Illinois— John V . Clinnin, Anthony J. Forschner,
P . M . Lewis, and A . L . Sykes.
The W est Englowood— Ashland State Bank of Chicago,
announco tho change in its namo to the W est Englewood
Trust & Savings Bank. W . Merle Fisher was trust officer
and secretary. H . Buhlig and Hugho S. Ilertel wero elected
directors.
Tho W est Town State Bank of Chicago, last week in
creased its capital from 3200,000 to 3250,000, and eleoted
William S . Klino Chairman of the board to succeed S. E .
Thomason who romains a director.
Last week, page 222, wo roforred to the election of Claude
H . Beatty as Cashior of tho National City Bank of Chicago.
M r . B eatty, it is said, is one of tho youngest men over chosen
as a cashior of a big Chicago bank and brings to his work a
viewpoint acquired through long experience in many parts
of the country. Tho following account of his career is
furnished:
Mr. Beatty was born in Georgia, received his education at an Eastern
school and after taking a Civil Service examination was appointed to a
position In tho office of the Comptroller of the Currency. From the Comp
troller’s office ho wont to Pittsburgh as assistant to tho National Bank
Examiner. M r. Beaty’s experience has been gained in examining many
country banks and also banks in Chicago, Detroit, Cleveland, Pittsburgh
and Indianapolis, and It is bolloved ho will bo a decided acquisition to tho
banking fraternity of Chicago. lie comes to tho National City Bank direct
from tho office of tho National Bank Examiner in tho Seventh Federal
preserve District.
336
THE CHRONICLE
Harry O. Parsons, formerly in charge of the municipal
department of the Union Trust C o ., Chicago, has been made
manager of the bond department of the bank. M r . Parsons
was with the Chicago office of Kean, Taylor & C o. for three
years, later serving as lieutenant in the navy during the war.
A t the regular monthly meeting of the directors of the
Chicago Morris Plan Bank the following officers wero roelected: Joseph E . Otis, President; Herbert F . Perkins,
Vice-President; Robert B . Umberger, Secretary and M a n
ager; Frank E . W right, Assistant Secretary, and Leland H . S.
Roblee, Assistant Cashier. The resignation of Robert I.
H unt as active Vice-President was presented and at his
request accepted. The vacancy caused by M r . H unt’s
resignation was not filled.
W ith the transfer (just effected) of the accounts of the
Winnebago National Bank of Rockford, 111. to the Rockford
National Bank, William T . Robertson, who had been Presi
dent of the Winnebago National since 1902 retires from
active business. M r . Robertson had been identified with
banking interests in Rockford since 1869; the institution of
which he had for the past seventeen years been head, was
founded in 1848, as a private bank by his father, Thomas
D . Robertson and John A . Holland. It became a National
Bank in 1865. Chandler Starr, Cashier of the Winnebago
National enters tho management of the Rockford National.
Arthur Robertson, son of President Robertson, and who
served as Assistant Cashier of the Winnebago National, will,
it is said, withdraw from the banking business.
>
Oliver C . Fuller, President of the First Wisconsin National
Bank of Milwaukee in his report to the stock holders pre
sented at the annual meeting on Jan. 13, announced that
“ the deposits of the bank on Dec. 31 wero 889,194,143, an
increase of 84,086,018 since the consolidation on July 1.
The increase of deposits of the consolidated bank over the
combined deposits of the two former banks since D ec. 31
1918,” he continued, “ has been 815,883,600. Tho savings
deposits of tho bank at the close of the year were 81 3 ,4 1 7 ,
672, having increased 8695,704 since July 1. The number
of savings depositors of the bank is 43,015 and tho number
of checking accounts is 14,763 .”
#
A t a meeting of the stockholders of the ScandinavianAmerican Bank of Fargo, N . D ., held on D ec. 6, it was de
cided to increase the capital of the bank from 85 0,00 0 to
8160,000. The additional stock (par 8100) is to be sold at
8210 per share and the increased capital will become effective
about M a y 1.
Seven years of satisfactory progress and development
with resources totaling more than five million dollars was
disclosed at the annual meeting of The State Bank of Omaha
on Jan. 13. The year just closing being tho most gratifying
in the history of Nebraska’s largest State B ank. Tho sum
of 815,000 was added to tho surplus making that itom
875,000 and the usual dividend was paid. Old directors and
officers were re-elected, and a new director, vice-Presidentt
and Assistant Cashier were elected to assist in caring for
the increasing business. D an W . Gaines was elected a
director and Vice-President, and C . L . M urphy, for some
time past the discount teller of the bank, was chosen an
Assistant Cashier. Tho directory consists of Albert L
Schantz, President; J. R . Cain, Jr. Vice-President; D an W .
Gaines, Vice-President; F . N . H igh, Cashier, Judgo J. R .
H anna, President of the Nebraska State Bank of Grand
Island and tho Greely State Bank, Greely, Nebraska and
Oscar Keeline, Vice-President of the City N ational B ank Of
Council Bluffs. A . A . Nelson, W . C . D avis and C . L .
M urphy are the Assistant Cashiers.
A . L . Wiessenborn, formerly Assistant Cashier of th o
National Bank of Commerce in St. Louis, was made a Vico
President at tho recent annual meeting of the directors. A l"
the other officers were re-elected and tho following now
Assistant Cashiers were chosen from the force: F . A . Peter
son, Ralph J. Kunz, Leo D . K elly and Henry Reis. M r .
Peterson has been with the bank for thirty-four years and
was for twenty years head of the receiving tellers department.
M r . Kunz started with the bank twenty years ago. M r
K elly went to the bank in 1908. M r . Reis has been with
[V o l . 1 1 0 .
the bank for eighteen years. John G . Lonsdalo is President
of the bank, Raymond F . M cN ally, Vice-President and C ash
ier; W . B . Cowen, W . L . Hemingway, W . M . Chandler,
G . N . Hitchcock E . J. M u d d, A . W . Thias and A . L . W iessenborn, Vice-Presidents and Virgil M . Harris, is Trust
Officer.
Tho Missouri Supreme Court early this month affirmed a
judgment for 8700,000 against H . Clay Piorco, in favor of
the National Bank of Commerce. Tho suit involvod 10,000
shares of the capital stock of tho Nashvillo Terminal C om
pany, which tho bank claimed as collateral security for a loan
of 8700,000 advanced by tho bank to the company. The
bank contended that it had a lion on tho stock as security
for promissory notes amounting to 8700,000. The suit had
been ponding in court more thau fivo years, and tho interest
and costs aggregate about 850,000.
M r . Pierce asserted that tho stock had never boon pledged
to tho bank, and that if it had beon plodgod more than five
years had elapsed and the bank had legally forfeited its
claim on the stock as secuity. Pierce had possession of
the stock. Tho opinion of Judge Williams, concurred in
by tho other judges, held that tho stock had clearly been
pledged to the bank and that it had never surrendered its lien _
A t a meeting of the stockholders of tho American Trust
C o. of Richmond, Virginia, on tho 13th, an increase of
89 00 ,0 00 in tho capital was authorized, raising it from 8100,
000 to 81 ,000 ,00 0. Tho additional stock will bo sold at
par, namoly 8100 per share. The enlarged capital will
become effective Feb. 2 . Tho trust company will shortly
move into its new quarters now under construction. Tho
building, it is stated, will be one of tho largest and host
equipped companies in the South.
THE ENGLISH GOLD A N D SILVER MARKETS.
W o reprint the following from tho weekly circular of
Samuel Montagu & Co. of London, writton under date of
D oc. 31 1919:
GOLD.
Tho Bank of England return for the 29th Inst., showed an amount of
£90,291,290 In Its gold reservo against notes, merely £335 less than that of
tho last return. It Is noticeable that for the first tirno, at any rate in recent
years, tho amount of gold in tho Bank Reserves, including that in the
banking department, Is recorded as less than tho total of notes actually in
circulation. The small quantity of gold available for disposal this week
was acquired mainly for India. It is reported from Now York that 5900,000
in gold has been engaged for shipment to Buenos Aires. Tho Rhodesian
gold output for November 1919 was £186,462, as compared with £145,458
for November 1918 and £204,184 for October 1919.
SILVER.
The markot has beon fairly well supplied, so that, notwithstanding tho
weakness of the U. S. exchange, tho price has slightly given way. U. S.
Treasury officials referring to the silver position in tho United States men
tioned on December 4th “ tho hugo quantities of silver now hold for specu
lative purposes.” This is in marked contrast to tho size of tho stock In
London, which is very small indeed. Tho Dutch Second Chamber has
adopted an amendment to tho M int Act which will involvo the lowering
o f tho silver standard to 720 parts in tho 1000 fine. Tho Japanese Gov
ernment is coining silver, nickel, and copper coins amounting to 120 million
yen and withdrawing the 10, 20 and 50 son war emergency notes. Tho
shortago of silver in Asia is indicated by the report current that tho Amcor
of Afghanistan has decided upon an issue of currency notes.
IN D IA N CU R R EN C Y RETURNS.
D e c . 22.
( I n L a cs o f R u p ees)
D ec. 7
D e c . 15.
Notes in circulation_________________________ 17,874
18,000
18,188
Silver coin and bullion in In d ia --------------------- 4,614
4,543
4,454
Silver coin and bullion out of India---------------- ----------Gold coin and bullion In India----------------------- 2,450
2,029
2~991
Gold coin and bullion out of In d ia ----------------857
935
790
Securities (Indian Government)---------------------- 1,703
1,703
1,703
8,250
Securities (British G overnm ent)-------------------- 8,250
8,250
The coinage for tho week ending the 22nd inst. amounted to 40 lacs of
rupees. The stock in Shanghai on tho 20th inst. consisted of about 17,500,
000 ounces In sycco, 810,800,000, and 5,900 bars. No fresh news has come
to hand. The Shanghai exchange is quoted at 7-9 tho tael. Quotations
for bar silver per ounce standard:
C a sh .
Two M os. I
C a sh .
T tco M o s.
Dec. 29 .................76)4d.
75d.
Avcrago.................76.106d. 74.50d.
Dec. 3 0 _________ 76)-id.
74)4d. IBank r a te ______________________ 6%
Dec. 3 1 _________ 76d.
74d.
[Bar gold per oz. fine____ 109s. 8)4d.
The quotations to-day for cash and forward dolivery aro respectively
l ) 4 d . and 1 % d . below thoso fixed on tho 24th inst.
ENGLISH FINANCIAL MARKETS— PER CABLE.
Tho daily closing quotations for securities, & c., at London,
as reported by cable, have boon as follows tho past wcok:
London,
W e ek e n d in g J a n . 2 3 .
J a n . 17 . J a n . 10 . J a n . 20 . J a n . 2 1. J a n . 2 2 . J a n . 23
S a t.
S i l v e r , p e r o z ................................ d . 7 7 ) 4
C o n s o ls , 2 %
M on.
79
p e r c e n t s ________H o l i d a y 5 1 %
T u es.
70%
W ed.
70%
T h u rs.
F ri.
70%
70%
50%
5 1%
51
50%
B r i t i s h , 5 p e r c e n t s ____________ H o l i d a y 9 1 ) 4
9 1%
0 1%
0 1 )4
B r it is h , 4 %
83%
83%
8 3)4
8 3)4
p e r c e n t s ...................H o l i d a y 8 3 ) 4
0 1%
F r e n c h R e n t e s (In P a r i s ) . - l r . 6 8
6 8 .9 0
5 8 .2 0
6 8 .2 5
5 8 .0 0
5 8 .8 6
F re n c h W a r L o a n ( In P a r ls ) f r . 8 8 .5 5
8 8 .5 5
8 8 .0 0
8 8 .0 0
8 0 .0 0
8 8 .3 0
The prico of silver in New York on tho samo day has been;
S i l v e r in N . Y . , p e r o z . . . 0 t s . l 2 9 ) 4
13 1)4
13 2 %
13 2 )4
13 1)4
13 2 )4
THE CHRONICLE
J a n . 2 4 1 9 2 0 .]
GOVERNMENT REVENUE A N D EXPENDITURES.
Through tlio courtesy of the Secretary of the Treasury, we
aro enabled to placo before our readers to-day the details of
Government rocoipts and disbursements for December 1919
and 1918 and for tlio six months of tho fiscal years 1919-20
and 1918-19.
R e ce ip ts .
O r d in a r y —
Custom s...........................
Internal revenue:
Income & prof, taxes
M iscellaneous............
Miscellaneous revenue.
1919.
S
23,820,408
D ec.
905,307,590
125,797,975
37,095,710
T otal.............................1,092 ,027,689
1918.
*6 M o s . 1919.
S
S
9,681,908
141,768,474
D ec.
6
1918.
S
76,451,583
N o t e . — T he am ount to the credit o f disbursing officers and agencies to-d ay was
$1,598,537,575 71. B ook credits for which obligations o f foreign Governm ents are
held by the United States am ount to 3145,736,629 05.
to . •t\Under the Acts of July 14 1890 and D e c. 23 1913 deposits of lawful m on cy’ for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into tho Treasury as miscellaneous receipts, and these obligations are m adde under
the Acts mentioned a part o f the public debt. T h e am ount o f such.obllgatlons
to-d ay was $31,993,919 51^.
M os.
01,916,648
117,658,483
14,213,637
2,003,323,829
743,640,024
338,572,844
685,473,662
589,419,257
257,701,962
203,470,676
3,227,305,171
1,609,106,464
431,588
2,757,922
3,384,646
IMPORTS A N D EXPORTS FOR NOVEMBER.
Tho Bureau of Statistics at Washington has issuedrthe
statement of the country’s foroign trade for N o v . and from
it and previous statements we have prepared the following:
FO R E IG N T R A D E M O V E M E N T O F T H E U N IT E D ST A T E S.
(In the following tables three ciphers are In <fll cases om itted.)
M E R C H A N D IS E .
P a n a m a C a n a l—
Tolls, A c . .......................
663,909
337
P u b lic D e b t—
First Liberty bonds___ ___
Second Liberty b o n d s.. ___
40
Third Liberty bonds___
50,000
51,840
4,775
Fourth Liberty bon d s.'.
620,387,473
V ictory notes__________
819,442
Cert . of Indebtedness. 1,842 730,500 3,070,151,000
W ar Saving's securities.
9 124,292
63,970,813
Postal Savings b o n d s .. . . .
D eposits for retirement
of nat. bank notes A
Fed. Res. bank notes
(Acts of July 14 1890
nnd D ec. 23 1913)
1,004,797
775,795
aat
‘ 350,498
5,052,441
1,026.273,050
7,707,874,013
41,951,170
103,140
8,821,004
2,664,306
565
933,374,396
6,059,578,690
9,069,816,000
664,821,481
198,180
13,658,043
Total.............................1,853,733,806 3,755,336,961
8,850,425,650 16,744,111,661
G r a n d to ta l r e c e i p t s . . .2 ,9 4 6 ,4 2 5 ,4 0 4 3 ,9 5 9 ,2 3 9 ,2 2 5
12 , 0 8 0 ,4 S 8 .7 4 4 1 8 , 3 5 6 , 6 0 2 , 7 7 1
D isbu rsem en ts.
E x p o rts.
1919.
Im p o rt s .
1917.
1918.
January______
February_____
M a r c h _______
April..................
M a y __________
June__________
J u ly ..................
August_______
Septem ber____
O cto b e r ......... ..
N ovem ber____
D ecem ber____
$622,553
585,097
603,142
714,800
603,967
928,379
568,6S8
646,054
596,535
631,910
740,921
Total ...........
................
$504,797
411,362
522,900
500,443
550,925
483,799
507,468
527,014
550,396
501,861
622,236
665,886
T otal.............................
464,856,505 1,670,890,397
3,034,006,825
466,951,566
3,500,958,391 8,559,754,029
3,846,885,109 10,632,147,588
P u b lic D eb t—
Bonds, Interest-bearing
notes & certfs. ret!red2,130,865,008 2,231,237,799 8,485,241,498
One-year Treasury notes
redeemed (Sco. 18,
Federal Reserve Act,
approved Deo. 2 3 ’ 13) ...............................................................................
National bank notes A
Federal Reserve bank
notes retired (Acts of
July 14 1890 and
D ec. 23 1913)............
1,841,943
1,686,030
12,611,504
Total............................. 2,132,700,951 2,232,923,829
8,497,853,003
10,881,553
8,229,405,727
C U R R E N T ASSETS A N D L IA B IL IT IE S .
GOLD.
A sse ts—
L ia b ilit ie s —
S
Gold co in ______ ................ 547,210,009 48 G old certlfs. o u tstand'g. 664,552,351
Gold b u l l io n ... .............. 1,721,094,073 47 G old settlement fund,
F ed . Reserve B oard__1,221,709,193
G old reserve___________ 152,979,025
A vail, gold In gen. fu n d . 229,063,513
00
10
63
22
$
206,685,009 00 Silver certfs. outstand’g .
Trens. notes o f 1890 o u t .
Available silver dollars
In general fund______
149.627,092 00
1,695,736 00
i--t
55.462,7S1 00
200,685,609 00
Total.
G EN ERAL FUND.
200,685,609 00
1,314,230,307 03
Total.
1917.
January____
February___
M a r c h ______
April________
M a y ________
June________
J u ly ...............
August______
S eptem ber...
O cto b e r ____
N o v e m b e r ...
D ecem ber . . .
$3,746
5,084
2,809
3,560
3,599
2,704
7,200
3,277
2,284
2,178
3,048
1,580
$20,720
22,068
17,920
16,965
57,698
67,164
69,052
46,049
31,333
11,154
7,223
4,538
$41,069
$371,884
1918.
1917.
$4,404
2,549
1,912
2,746
6,621
31,892
2,597
1,555
2,611
1,470
1,920
1,766
$58,926
103,766
139,499
32,372
52,262
91,339
27,304
18,692
4.172
4,150
2,906
17,066
$62,043
$552,454
$2,113
3,945
10,481
6,092
1,080
26,134
1,846
2,490
1,472
4,970
2,397
Im p o rts.
1918.
819,615
33,100
23,106
25,077
28,598
12,608
8,262
13,809
12,928
12,270
19,052
T o t a l _____
1917.
1919.
$6,628
6,519
13,432
12,251
46,381
8,506
40,686
20,549
10,310
32,038
7,150
48,300
$5,887
7,694
5,556
4,353
6,272
8,965
5,538
7,504
10,465
6,983
4,789
10,125
$252,846
$84,131
1918.
$5,576
6,757
8,198
7.007
7,913
7,079
5,528
8,327
7,539
8,723
7,019
1917.
$5,998
4,449
6,963
5,081
7,298
5,351
7,257
7,172
6,766
5,490
4,330
$3,346
2,478
2,977
2,376
4,741
2,235
3,420
5,681
6,796
5,050
9,086
6,165
$71,375
$53,341
6 ,2 2 0
E X C E SS O F E X P O R T S O R IM P O R T S .
M er c h a n d ise .
Ja n ..
F c b ._
M ar .
A p r il.
M ay.
Ju n e .
Ju ly .
Aug .
S e p t.
19 18 .
O ct..
N ov .
D e c ..
O o ld .
19 17 .
S
+ 4 0 9 ,5 6 0
+ 3 4 9 ,9 7 3
+ 3 3 5 ,5 4 6
+ 4 4 1,8 4 3
+ 2 7 5 ,0 4 1
+ 6 3 5 ,4 6 4
+ 2 2 4 ,9 4 2
+ 3 3 8 ,7 6 5
+ 16 1 ,0 3 4
+ 2 3 2 ,0 3 6
+ 3 11,7 10
$
+ 2 7 0 ,8 5 5
+ 2 0 3 ,6 4 7
+ 2 8 0 ,7 3 8
+ 2 2 1,4 6 2
+ 2 2 8 ,0 7 2
+ 2 2 3 ,4 4 9
+ 2 6 5 ,5 9 0
+ 2 5 4 ,0 14
+ 2 8 8 ,7 2 7
+ 2 5 5 ,0 9 6
+ 2 7 1,2 2 8
+ 3 5 4 ,9 9 9
+ 3 7 1,5 3 1
+ 2 6 8 ,16 8
+ 2 8 3 ,7 2 9
+ 2 7 5 ,9 9 2
+ 2 6 8 ,9 4 7
+ 2 6 6 ,8 4 4
+ 14 6 ,8 3 2
+ 2 2 0 ,8 0 1
+ 2 18 ,3 10
+ 3 2 0 ,8 7 4
+ 2 6 6 ,7 9 3
+ 3 7 2 ,18 9
19 19 .
4- Exports.
S ti v e r .
19 18 .
$
19 19 .
$ •
+ 1,2 8 3
— 8 35
— 6 ,6 7 8
— 4 ,9 2 2
+ 876
+ 5 6 ,8 3 9
+ 5 2 ,8 2 7
+ 4 2 ,6 9 9
+ 2 7 ,5 7 8
+ 4 9 ,4 6 1
+ 3 ,1 1 7 ,8 7 4 + 3 ,2 8 1 ,4 6 5
T o tal
19 18 .
$
$
— 6 58 + 14 ,0 3 9
+ 630
+ 2 ,5 3 5 + 2 6 ,3 4 3
+ 2 ,0 7 0
+ 898 + 14 ,9 0 8 + 6 ,4 6 9
+ 8 14
+ 7 ,1 7 0
+ 18 ,0 10
— 3 ,0 2 2 + 2 0 ,6 8 5 + 3 9 ,0 8 3
— 2 9 ,18 8
+ 5 ,5 2 9
+ 3 ,2 15
+ 4 ,6 0 3
+ 2 ,7 3 4 + 3 5 ,4 6 6
+ 1,7 2 2
+ 5 ,4 8 2 + 1 3 , 2 9 2
— 327
+ 5 ,3 8 9
+ 3 ,1 6 8
+ 708 + 3 ,5 4 7 + 2 5 ,2 7 2
+ 1 , 1 2 8 + 12 ,0 3 3
+ 1,6 6 0
— 18 6
+ 4 3 ,9 7 6
— 2 0 ,9 7 4
+
18 1,4 7 1
— Im ports.
Totals for merchandise, gold and silver for eleven months:
11
.1.314.230,307 03
1919.
E x p o rts.
$
A sse ts—
L ia b ilit ie s —
$
A va . gold (see a b o v e ) .. 229,063,513 22 Treasurer's checks ou t
AvaPab.o si ver dollars
standing_____________
3,120,824 27
(sco a bove)___________
55,462,781 00 D ep . o f G o v t, officers:
United States notes____
19,792,932 00
Post O ffice D e p t_____
20,140,150 82
Federal Reserve n o t e s ..
45,550,982 50
B d . o f trustees Postal
F ed’ R es’ ve bank notes.
59,808,709 00
Sav. System (5% res )
7,054.886 02
N ations bank notes____
39,774,944 27
Com ptroller of the
Cert, checks on b a n k s ..
136,39 20
Currency, agent for
Subsidiary stiver coin ___
2,455,945 39
creditors o f Insolv
M inor coin _____________
796,113 62
ent banks__________
920,452 38
Silver bullion___________
13,963,999 21
Postmasters, clerks of
U n c la s s ifie d (unsorted
courts, A c _________
28,300,381 15
currency, A o .)_______
25.081,950 70 D eposits for:
D eposits In Federal R o Redem ption of Fed’l
servo banks......... ........ 110,309,850 12
R es. notes (5% fd.) 220,431,140 76
D eposits In special d e
Redem ption o f F . R .
positaries sect, of sales
bank notes (5% fd.)
10,005,710 00
o f certfs. of lndobt’css
Redem ption of nat'l
and Victory notes____ 050,209,000 00
bank notes (5% fd .)
21,432,108 24
D eposits In foreign de
Retirement o f addi
positaries:
tional c ircu la tin g
T o credit Trcas. U . 8 .
18,042,838 04
notes. A ct M ay 30
D eposits In nat. banks:
1908............................
192,560 00
T o credit T rcas. U . 8 .
28,377,384 49
Exchanges of currency,
T o credit of other
coin, A o _____ _____
14,650,627 74
G o v t, officers_____
11,605,441 30
D eposits In Philippine
Treasury:
T o credit Trens. U . 8.
320,814,847 38
nnd other G ov t, o ff’rs
2,687,560 31 N et b alan ce..
887,415,459 66
Total.
$3,031,213 $2,952,468
S IL V E R .
19 19 .
T otal............................... 2,268,304,082 05
T otal................................2,268.304,082 05
N o t e . — Reserved against $346,681,016 o f U . S. notes and $1,695,736 o f Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars In
tho Treasury.
'
S IL V E R D O L L A R S .
T ota l...............................
$3,396
3,110
3,803
1,770
1,956
82,973
54,673
45,189
29,050
44,149
51,858
1919.
TREASURY CASH AND CURRENCY LIABILITIES.
L ia b ilit ie s —
January______
February_____
M a r c h ......... ..
April..................
M a y . . ......... ..
June__________
J u l y --------------August_______
Septem ber____
O cto b e r______
N ovem ber____
D e ce m b e r____
9,849,000
Tho cash holdings of tho Government as the items stood
Doc. 31 aro sot out in tho following. Tho figures aro takon
entirely from tho. daily statement of the U . S. Treasury for
Dec. 31.
5
$241,794
199,480
270,257
253,936
280,727
306,623
225,926
267,855
236,197
221,227
220,535
227,911
Im p o rts.
1918.
T o t a l ______
* Receipts and disbursements for Juno reaching the Treasury In July are Included
A sse ts—
1919.
8,208,675,174
Granditotaldisbursc’ ts .2 ,625,117,616 4,293,899,685 12,344,738,112 18,861,553,315
Silver dollars....................
1917.
$233,942
207,715
242.162
278.981
322,853
260,350
241,878
273,003
261,669
246,765
251,008
210,887
E x p o rts.
8,352,538,136
207,215,893
Panama Canal: Checks
paid (less balances
repaid, A c . ) . . . ..........
920,119
1,033,459
5,205,804
6,869,532
Purchase of obligations
of foreign G ovcrn'ts.
26,634,041 389,052,000
340,720,914 2,061,986,698
Purchase of Federal
Farm Loan bonds:
3,500,000
P rin cip a l................................................................................................ ..
Accrued Interest____ __________ _
___________
___________
37,329
492,410,605 2,060,975,855
1918.
$212,993
235,124
267,596
272,957
328,926
292,915
343,746
307,289
435,501
401,874
429,211
G OLD .
S p e c ia l—
Total ord’y A spcc’l .
$613,325
487,648
553,986
529,928
549,674
573,467
372,758
488,656
454,507
542,101
487,328
600,135
$6,149,087 S6.233.513
O r d in a r y —
Cheeks and warrants
paid (less balances
repaid, A c .) ................ 324,289,693 1,621,125,734
Int. on public debt paid 140,566,812
49,764,663
1919.
M e rc h a n d is e .
O o ld .
(000s
o m it
te d ).
1919
1918
1917
1916
1915
1914
.
.
.
.
.
.
E x
p o rts.
Im
p o rts.
S
7.242,046
5.683,201
5,633,378
4,959,407
3,195,364
1,867,991
s
3,528,132
2,820,326
2,724,556
2.186.801
1,608,764
1,674,619
Excess
of
E x p o rts.
Ex
p o rts.
Im
p o rts.
.
S tiv e r .
M os.
E xcess
of
E x p o rts
$
S
S
$
3,713,914 321,928 63,620 258,308
2,762,875 39,490 60,277 /20.787
2,908,822 367,346 535,389 / l 68043
2,772,606 127,819 527.369 /399550
1,588,600 19,537 400,542 /387005
193,372 222,485 53,279 169,206
E x
p o rts.
$
208,426
204,540
74,005
61,587
46,768
46,291
Im
p o rts.
Excess
of
E x p o rts
$
79,725
67,045
47,186
28,711
31,881
23,220
128,701
137,495
26,819
32,876
14,887
23,071
$
/E x c e s s o f imports.
Similar totals for five months since July
years make the following exhibit:
5
M e rc h a n d is e .
C o ld .
o m it
te d ).
1910
1918
1917
1916
1915
1914
.
.
.
.
.
.
Ex
p o rts.
Im
p o rts.
E xcess
of
E x p o rts.
Ex
p o rts.
Im
p o rts.
Excess
of
E x p o rts
Ex
p o rts.
$
$
$
$
$
$
$
3,184,108 1,917,621 1,266,487 224,920 13,175 211,745 66,321
2,608,975 1,274,322 1,334,653 17,987 10,153
7,834 110,7631
2,345,350 1,171,740 1,173,610 164,811 67,223 107,688 35,278
2,478,787 901,705 1,577,082 61,413 340,390 Z278977 30,545
1,493,656 740,954 762,602 11,954 261,617 /249603 21,919
821,148 693.703 127,446 138,511 22,538 115,976 20,781
/ Excess o f Imports.
six
S ilv e r .
M os.
(000s
1 for
Im
p o rts.
$
37,136
31,908
29,033
13,298
16,139
10,630
E xcess
of
E x p o rts
$
29,185
78,865
6,245
17,247
5,780
10,161
THE CHRONICLE
338
C o m m e rcia l axidp&isccllaxxcaits ^zxos
S T O C K OF M O N E Y IN T H E C O U N T R Y — The follow
ing table shows tho general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
- S l o c k o f M o n e y J a n . 1 '20-------- M o n e y i n C i r c u l a t i o n —
in U .S .
a l l e l d i n T r e a s J a n . 1 1920.
J a n . 1 1919.
$
$
s
s
G old coin (Incl. bullion In
910,731,705
► T r e a s u r y )...........................2,787,714.300 382,042,539 bS46,392,556
062,715,784
G old certificates___________
___________ ___________
423,804,071
83,244,382
55,402.781
81,536,166
Standard silver dollars. 288,221,775
204,817,940
Sliver certificates_________ . ____________ ___________
149,027,092
237,932,836
Subsidiary eilver___ 249,452,405
2,455,945 240,996,460
1,803,107
1,095,736
Treasury notes o f 1890____ ___________ ___________
337,780.901
United States n o t e s .. 346,681,016
19,792,932 326,888,084
45,550,983 2,989,664.862 2,630,662,112
Federal Reserve notes_c 3 ,295,789,145
125,275,233
Federal Reserve Bank notes 269,122,800 59,808,709 209,314,091
690,404,126
National bank notes_ 724,338,692
39,774,944 684,563,748
.7,961,320.139 604,888,833 5,960,382,866 5,951,368,126
Total
Population of continental United States setimated at (d) 106,650,000. Clrcula"
tlon per capita, $55.89.
a This statement of m oney held in tho Treasury as assets of the Government
does not Include deposits o f public m oney In Federal Reserve banks and In national
banks and special depositaries to the credit of the Treasurer of the United States
am ounting to $819,654,520 61.
b Includes .$335,382,333 10 'F ederal Reserve G old Settlement Fund deposited
with Treasurer o f the United States.
c Includes own Federal Reserve notes held by Federal Reserve banks.
d Revised figures.
N o t e .— On Jan. 1 1920 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes S894,726,860 gold coin and bullion, $240,748,280
gold certificates and $260,573,300 Federal Reserve notes, a total o f $1,396,048,440,
__________________________
against $1,374,477,320 Jan. 1 1919.
N ew
Y ork
C ity B a n k s a n d
T r u s t C o m p a n ie s
A ll p r ic e s d o lla r s p e r s h a r e .
Bid
B an k s— N Y
A m e r i c a * _____
A m e r E x e h ___
A t l a n t i c ............
B a tte ry P a rk .
625
300
2 16
2 15
426
14 5
10 5
15 0
14 6
40
220
480
320
13 0
585
2f>0
395
250
350
2 10
233
425
B ro ad w ay C en
B ro n x B o r o * .
B ro n x N a t —
B u tc h A D ro v
C e n t M e r e ...
C hat A Phen.
C h e ls e a E x c h *
C h e m i c a l ____
C i t y .....................
C o a l A I r o n ..
C o l o n i a l * _____
C o l u m b i a * ___
C o m m e r c e ___
O o in m ’l E x * .
C om m on w e a l t h * ___
C o n tin e n ta l* .
C o rn E x c h * ..
C o s m o p 't a n * .
C u b a (B k o f).
E a s t R i v e r ___
K u r o p o . - ..........
3 15
225
G r e e n w ic h * ...
H a n o v e r ______
G a r r l m a n ____
In d u s t r ia l* . .
M a n h a tta n * .
M ech A M e t.
M e r c h a n t s ___
15 5
12 5
16 0
15 6
45
N ew N e th * ..
N ew Y o rk Co
490
330
14 0
595
205
405
P a c l f l o * ............
P a r k ............... ..
P ro d E x c h * ..
P u b l i c ..................
S e a b o a r d _____
S e c o n d ________
S t a t e * ............ ..
2 3 d W a r d * ___
U n io n E x c h . .
U n ite d S t a t e s *
W ash H ’t s * . .
W e stch A v e * .
Y o r k v l l l e * ___
244
2 15
12 0
475
95
16 3
15 0
110
900
15 5
980
240
2 15
380
825
375
18 5
F ift h
__
F i r s t ...............
G a r f i e l d ______
Banks
<m p A T r a d . .
t lr v in g (tru st
c e r t ific a t e s )
L i b e r t y ________
A sk
225
485
10 0
17 5
Bid
605
.4 * *
6 15
393
4 10
285
250
460
242
490
200
12 5
465
13 5
745
350
330
650
400
235
12 5
18 5
200
400
230
375
398
450
290
255
470
24 6
14 0
205
15 0
110
80
87
85
205
115
19 5
14 5
15 5
2 15
16 5
12 0
2 10
13 5
480
770
400
700
425
245
13 5
19 0
500
240
Brooklyn
C o n e y Isla n d *
F i r s t .....................
G r c e n p o ln t--.
H i l l s i d e * ............
13 0
17 0
10 0 0
M e c h a n ic s ’* . .
M o n t a u k * ___
225
N a tio n a l C it y
N o rth S id e * ..
8 35
P e o p l e ' s ______
400
_____ 1
95
95
2 15
13 0
205
16 0
T r u s t C o ’s
Bid
A ik .
Y ork
C ity
R e a lt y
and
F u l t o n ________
G u a ra n ty T r .
H u d s o n _______
Ir v in g T r u s t .
L aw T it A T r
L in c o ln T r u s t
M e r c a n tile T r
M e tr o p o lita n .
M u t u a l (W estC h e s t e r ) _____
N Y L ife In s
A T r u s t ___
N Y T r u s t...
T ltlo G u A T r
U S M tg A T r
U n ite d S t a t e s
W e s t c h e s t e r .-
395
445
355
15 0
290
297
445
230
255
400
14 0
(S e e
IN a t
13 0
17 5
235
295
400
455
365
16 0
300
302
450
265
4 10
15 0
I r v in g
Bank
13 5
3 10
10 5
12 5
740
605
460
4 15
850
13 0
755
620
4 10
425
900
14 0
500
250
262
650
200
305
520
260
272
700
2 10
3 15
Brooklyn
B r o o k ly n
T r.
H a m i l t o n _____
K in g s C o u n t y
M a n u fa c tu re r s
S u rety
C o m p a n ie s
A ll p ric e s d o lla r s p e r s h a r e .
B id
A sk
Bid
A sk
B id
Alliance R 'lty
SO
82
Amer Surety.
Bond A M G . 230
C ity Investing 75
85
Preferred . .
86
210
85
95
Lawyers M tge 120
92
M tge B o n d ..
Nat S u re ty .. 208
N Y Title A
M o rtg a g e .. 143
125
97
217
Realty Assoc
(B rooklyn). 108
U S Casualty- 185
U S T itle Guar 80
W est A Bronx
T itle A M G 160
150
A P P L IC A T IO N S F O R C H A R T E R .
F o r o r g a n iz a tio n o f n a t io n a l b a n k s :
T h o W i n n e r N a t i o n a l B a n k , W i n n e r , S o . D a k -----------------------------C o r r e s p o n d e n t , G e o r g o L . T h o m p s o n , W in n e r , S o . D a k .
T h o F i r s t N a t i o n a l B a n k o f C o n v e r s o , I n d ------------------------------------C o rre sp o n d e n t, B . F . A g n e ss, C o n v e rso , In d .
T h o F i r s t N a t i o n a l B a n k o f K i r k l a n d , W a s h -------------------------------C o r r e s p o n d e n t , G le n n M . J o h n s o n , K ir k la n d , W a s h .
T h e F i r s t N a t i o n a l B a n k o f S o l a h , W a s h ----------------------------------------C o rresp o n d en t, C . S . E c k m a n n ,
Y a k im a , W a sh .
T h o F i r s t N a t i o n a l B a n k o f L a k o H a m i l t o n , F l a ------------------------C o r r e s p o n d e n t , E u g o n e C . B r y a n , L a k o H a m ilto n , F la .
T h e F i r s t N a t i o n a l B a n k o f N e c e s s i t y , T e x a s -------------------------------C o r re s p o n d e n t , J . P . C r o w lo y , N e c e s s it y , T e x a s .
F o r c o n v e rsio n o f S ta t e b a n k s :
T h o L i v e S t o c k N a t i o n a l B a n k o f I l e t t i n g o r , N o . D a k ....................
C o n v e r s io n o f H e tt in g e r S t a t e B a n k .
C o r r e s p o n d e n t , Ir a T . H a ll, H e tt in g e r , N o . D a k .
T h e M i n n e a p o l i s N a t i o n a l B a n k , M i n n e a p o l i s , M i n n ....................
C o n v e r s io n o f th e M in n e a p o lis S t a t o B a n k .
C o r r e s p o n d e n t , M in n e a p o lis S ta t o B a n k , M in n e a p o lis .
A ll
115
200
___
170
C an a d ia n B a n k C learin g s.— The clearings for the week
ending Jan. 15 at Canadian cities, in comparison with
the same week in 1919, show an increase in the aggregate
of 3 4 .1 % .________________________________________________________
T o t a l ........................................................................................................................................................
O F
19 2 0 .
C anada—
M o n t r e a l _________
T o r o n t o .....................
W i n n i p e g ............... V a n c o u v e r ...............
O t t a w a ........................
C a l g a r y ....................
E d m o n t o n ________
Q u e b e c ____________
H a m i l t o n .................
V i c t o r i a __________
R e g i n a ____________
S a s k a t o o n ________
H a l i f a x ........................
S t . J o h n . . ...............
L o n d o n ____________
M o o s e J a w ...............
L e t h b r i d g e ________
F o r t W i l l i a m _____
B r a n d o n ............... .. ..
B r a n t f o r d _________
N e w W e stm in ste r
M e d ic in e H a t . . P e t e r b o r o u g h _____
S h e r b r o o k e ...............
K i t c h e n e r ..................
19 19 .
P r i n c e A l b e r t _____
8
13 2 ,7 9 7 ,6 5 0
9 1,8 9 1,14 7
4 7 ,4 3 5 ,3 8 3
13 ,7 9 4 ,4 1 4
8 ,3 4 8 ,9 6 8
8 ,6 S 0 ,2 2 2
5 ,5 5 8 ,9 8 7
6 ,6 14 ,5 2 3
6 ,8 9 1,5 7 2
2 ,7 9 2 ,9 4 5
4 ,15 0 ,4 2 5
2 ,0 8 4 ,8 9 2
4 ,9 2 6 ,8 9 0
3 ,3 6 4 ,9 0 1
3 ,4 3 3 ,2 9 1
1,5 7 3 ,2 0 3
7 4 4 ,8 2 9
7 0 2 ,6 7 5
8 10 ,0 0 0
1 ,2 9 0 ,5 7 8
5 9 2 ,8 4 8
5 2 3 ,7 9 6
8 4 5 ,2 9 8
1,0 2 4 ,3 2 9
1,10 6 ,2 17
2 ,2 2 4 ,4 8 3
'5 3 1 , 6 4 8
S
1 0 0 ,3 2 6 ,8 5 0
6 4 , 0 7 8 ,4 7 8
4 0 ,0 5 3 ,0 5 2
1 0 ,3 2 0 ,0 1 8
6 ,6 18 ,4 0 8
5 ,3 8 7 ,1 0 0
3 ,7 4 5 ,1 8 5
4 ,3 9 1,5 4 9
4 ,7 11 ,4 0 0
1,9 0 0 ,0 0 0
2 ,3 3 6 ,3 4 1
1 ,7 9 8 ,3 2 9
4 ,3 9 1,2 5 5
2 ,5 6 2 ,0 11
2 ,5 5 2 ,1 9 4
1,7 5 1,6 5 4
6 4 2 ,4 8 3
6 5 9 ,0 8 6
6 5 0 ,0 0 0
8 0 7 ,6 12
4 9 6 ,4 2 3
3 8 4 ,7 0 1
6 9 9 ,17 1
6 6 5 ,0 9 1
6 0 2 ,4 14
1,19 7 ,9 3 4
3 8 1 ,7 0 1
+ 3 2 .4
+ 4 .3.4
+ 16 .8
+ 3 3 .7
+ 2 6 .1
+ 6 0 .4
+ 4 8 .4
+ 5 0 .5
+ 4 6 .3
+ 4 0 .9
+ 7 7 .6
+ 1 5 .9
+ 1 2 .1
+ 3 1.3
+ 3 4 .5
— 10 .2
+ 15 .9
+ 6 .2
+ 2 4 .6
+ 5 9 .8
+ 19 .4
+ 3 0 .1
+ 2 0 .9
+ 5 4 .0
+ 8 3 .7
+ 8 5 .7
+ 3 8 .2
T o tal C an ad a.
3 5 4 ,7 3 6 ,114
2 6 4 ,7 17 ,0 7 6
+ 3 4 .1
%
19 18 .
$ 10 0 ,0 0 0
2 5 .0 0 0
2 5 .0 0 0
2 5 .0 0 0
2 5 .0 0 0
2 5 .0 0 0
2 5 .0 0 0
2 0 0 ,0 0 0
•$ 2 5 ,0 0 0
6 0 ,0 0 0
5 0 .0 0 0
5 0 .0 0 0
2 0 0 ,0 0 0
5 0 .0 0 0
$ 4 3 5 ,0 0 0
C A P IT A L .
A m o u n t.
T h e N a tio n a l B a n k o f C o m m e r c e o f L in c o ln , N o b .
F r o m $ 2 0 0 ,
0 0 0 t o $ 2 5 0 , 0 0 0 ..............- .........................- ...............................,--------5 5 0 , 0 0 0
T h o C o m m e r c ia l N a t io n a l B a n k o f H ig h P o in t , N . C .
l< r o m
$ 1 5 0 , 0 0 0 t o $ 5 0 0 , 0 0 0 .................................- .................. ............... .................. ...
3 5 0 ,0 0 0
T h o F i r s t N a t i o n a l B a n k o f D o d g o v illo , W ls .
F r o m $ 7 5 ,0 0 0
t o $ 1 0 0 , 0 0 0 ................................................- ....................................................................................
2 5 ,0 0 0
T h o F a r m e r s N a tio n a l B a n k o f B r y a n , O h io .
F r o m $ 5 0 ,0 0 0
t o $ 2 0 0 , 0 0 0 - .................... - ..................... - ........................................ - ........................................
15 0 ,0 0 0
T h e F ir s t N a t io n a l B a n k o f W a lte r s , O k la .
F r o m $ 2 5 ,0 0 0 to
2 5 ,0 0 0
$ 5 0 , 0 0 0 .................................................................................................................. - ............... - - - - T h o N o r t h w e s te r n N a tio n a l B a n k o f S io u x C it y , I o w a .
F ro m
15 0 ,0 0 0
$ 1 0 0 , 0 0 0 t o $ 2 5 0 , 0 0 0 ............................. - - - - - - - - .................. ------------T h o F a r m e r s N a tio n a l B a n k o f C h in o o k , M o n t .
F r o m $ 2 5 ,0 0 0
t o $ 5 0 , 0 0 0 - - ................................................... .................................................................................
2 5 ,0 0 0
F ir s t N a tio n a l B a n k o f S a y r o , P a .
F r o m $ 5 0 ,0 0 0 to $ 6 0 ,0 0 0 —
10 ,0 0 0
T h o B r a d fo r d N a tio n a l B a n k , B r a d fo r d , V t.
F r o m $ 2 5 ,0 0 0 to
$ 5 0 , 0 0 0 ..............- ...................- .............................................................................................................
2 5 ,0 0 0
T h e F a r m e r s & M e r c h a n ts N a tio n a l B a n k o f M e r k e l, T e x .
F ro m
$ 2 5 , 0 0 0 t o $ 5 0 , 0 0 0 .....................
2 5 ,0 0 0
T h o F ir s t N a t io n a l B a n k o f O k m u lg e e , O k la .
F r o m $ 15 0 ,0 0 0
t o $ 3 0 0 , 0 0 0 .......................................- ..........................................................................................
15 0 ,0 0 0
T h e N a t i o n a l B a n k o f D o P e r o , W ls .
F r o m $ 5 0 ,0 0 0 to $ 10 0 ,0 0 0 5 0 ,0 0 0
____
T h o L ib e r t y N a t io n a l B a n k o f O k la h o m a C i t y , O k la .
F ro m
$ 3 0 0 , 0 0 0 t o $ 5 0 0 . 0 0 0 .................................
2 0 0 ,0 0 0
T h e F a ir fie ld N a tio n a l B a n k , F a ir fie ld , III.
F r o m $ 7 0 ,0 0 0 to
$ 8 5 , 0 0 0 .............. - ....................................................................................- ...........................................
1 5 .0 0 0
_______ „
T h o C e n t r a l N a t io n a l B a n k o f M a r io t t a , O h io .
F r o m $ 2 5 0 ,0 0 0
t o $ 3 0 0 . 0 0 0 .................... - .........................
--- - - - - - - - - - - - - - - - - - - - - - 5 0 ,0 0 0
T h e C h a s e N a tio n a l B a n k o f th o C it y o f N e w Y o r k , N . Y . F r o m
____
$ 1 0 ,0 0 0 ,0 0 0 t o $ 1 5 ,0 0 0 , 0 0 0 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5 ,0 0 0 ,0 0 0
T h o F ir s t N a t io n a l B a n k o f C h a g r in F a l l s , O h io .
F r o m $ 2 5 ,0 0 0
to $ 5 0 0 0 0
’
_____________________________________________
2 5 ,0 0 0
T h e F i r s t N a t i o n a l " B a n k " o f 1 3 1 1io n v a l e , O h io .
F r o m $ 2 5 ,0 0 0 to
$50 000
2 5 ,0 0 0
T h o F ir s t " N a t i o n a l " H a n k o f H u g o , O k la .
F ro m
$ 7 5 ,0 0 0 to
$ 1 0 0 , 0 0 0 ................................................................... - .............................................. - ............... ...
2 5 ,0 0 0
T h o C it iz o n s N a t io n a l B a n k o f G la s g o w , K y .
F r o m $ 4 0 ,0 0 0
to $0 0 000
2 0 ,0 0 0
T h e F i r s t N a t i o n a l 'B a n k o f C o v in g t o n . I n d .
F ro m
$ 5 0 ,0 0 0
„ „ „„ „
to $ 7 0 0 0 0
2 0 ,0 0 0
T h o F i r s t N a t i o n a l 'B a 'n k 'o f " A n t h o n y , K a n s .
F ro m
$ 5 0 ,0 0 0
„„ „
t o $ 7 5 , 0 0 0 ..............- ..........................................................................................
-- ----2 5 ,0 0 0
T h e N a tio n a l B a n k o f F r e d o n ia , N . Y .
F ro m
$ 5 0 ,0 0 0 to
$ 1 0 0 , 0 0 0 ..............................- ..............................................
- - - - - - - - -- -- 5 0 ,0 0 0
T h e N o r w o o d N a t io n a l B a n k o f G r o e n v illo , S . C .
F r o m $ 2 5 0 ,
0 0 0 t o $ 5 0 0 , 0 0 0 . ...................................................................... - ............... - - - - - - - - - - 2 5 0 ,0 0 0
T h e L a w re n c e N a tio n a l B a n k o f N o r t h M a n c h e s t e r , In d .
F ro m
$ 5 0 , 0 0 0 t o $ 1 0 0 , 0 0 0 ............................. - ..................... - .....................................................5 0 ,0 0 0
T o t a l ......................................................................................................................................... $ 6 , 7 9 0 , 0 0 0
C H A R T E R S E X T E N D E D .
n k o f C la y t o n , M in n .
C h a r t e r o x t e n d e d u n t i l c lo s o
10 4 0 .
_
, ,
...
B a n k o f W ilk in s b u r g , P a .
C h a r t e r o x te n d e d u n til
1 7 19 4 0 .
L
„
- _
C H A N G E O F T IT L E .
T h o N o r t h w e s te r n N a t io n a l B a n k o f S io u x C i t y , I o w a ., to S io u x N a t io n a l
B a n k in S io u x C i t y .
,
. .
T h o P e o p l e s N a t i o n a l B a n k o f O r l a n d o , F l a . , t o F i r s t N a t i o n a l B a n k in
O r la n d o .
V O L U N T A R Y L IQ U ID A T IO N S .
The
of
The
c lo s o
F ir s t N a tio n a l B a
b u s in e s s J a n . 1 5
C e n t r a l N a tio n a l
o f b u s in e s s J a n .
W eek e n d in g Ja n u a r y 1 5 .
C a p ita l.
C l e a r i n g s a t—
In c . or
D ec.
C a p ita l.
$ 15 0 ,0 0 0
T o tal
C H A R T E R S IS S U E D .
O r ig in a l o r g a n iz a t io n s :
T h o A m e r i c a n N a t i o n a l B a n k o f N a s h w a u k , M i n n ...............
P r e s id e n t, E r i k J o h n s o n ; C a s h io r , L . J . V a n B r u n t .
T h o F a r m e r s N a t i o n a l B a n k o f C l a r k s v i l l o , A r k --------------P r e s id e n t, It. A . M o r g a n ; C a s h ie r , W . E . K in g .
T h o R o c k w e ll C i t y N a t io n a l B a n k , R o c k w e ll C it y , Io w a
P r e s id e n t, H e n r y P a r s o n s ; C a s h io r , G e o . B . L e m o n .
T h e E v a n s N a t i o n a l B a n k o f A n g o l a , N . Y --------------------------P r e s id e n t, G . L . S t r y k e r ; C a s h io r , G o o . L . P e c k .
T h o A m e r i c a n N a t i o n a l B a n k o f E n i d , O k l a -----------------------P r e s id e n t , T . E . V e s s o ls ; C a s h ie r , F lo y d E . F o lt .
C o n v e rs io n o f S ta t o b a n k s :
.
T h o F i r s t N a t i o n a l B a n k o f P i n o C i t y , M i n n ..........................
C o n v e r s io n o f th o F ir s t S t a t o B a n k o f P in e C o u n t y .
P r e s id e n t, Jo h n C . C a r ls o n ; C a s h ie r , J . D . B o y le .
IN C R E A S E S
• Banka marked with a (*) are State banks, t Sale at auction or at Stock Exohango this w eek. t Includes one-half share Irving Trust C o
t New s to ck .
x Ex-dividend-,
y Ex-rights.
N ew
N a tio n a l B a n k s.— The following information regarding
national banks is from the office of the Comptroller of tho
Currency, Treasury Department:
New York
B an kers T ru st
C e n t r a l U n io n
C o l u m b i a _____
C o m m e r c ia l..
E m p i r e ...............
E q u ita b le T r .
F arm L A T r .
fVOL. 110.
19 17 .
S
8 0 ,6 0 0 , 6 5 5
5 7 ,1 9 7 ,3 7 5
3 8 ,5 1 6 ,6 6 0
8 ,2 6 6 ,6 9 9
5 ,0 2 7 ,5 5 2
6 ,4 2 0 ,14 5
2 ,9 3 9 ,3 6 1
3 ,8 5 3 ,3 4 0
4 ,6 6 9 ,12 4
1,6 0 5 ,7 0 3
2 ,7 2 3 ,8 7 1
1,4 7 1 ,3 3 7
3 ,5 7 0 ,8 2 4
2 ,0 1 9 ,8 0 7
2 ,2 9 3 ,4 1 3
1,0 2 4 ,8 10
6 4 8 ,4 8 3
6 6 9 ,1 8 1
5 3 9 ,1 0 0
7 7 9 ,2 2 6
3 3 7 ,2 0 2
5 1 0 ,3 12
5 2 5 ,7 9 5
7 2 5 ,7 3 9
4 4 0 ,5 14
S
6 9 ,1 9 7 ,9 8 8
5 0 ,0 0 4 ,5 2 3
3 2 ,5 8 7 ,6 7 9
6 ,4 8 5 ,8 0 7
4 ,6 5 5 ,1 7 7
4 ,7 4 9 ,8 1 4
2 ,2 3 2 ,9 5 8
3 .6 8 1,2 2 7
4 ,3 6 8 ,7 9 8
1,4 3 9 ,9 5 2
2 ,5 5 1,7 8 5
1,4 0 1,2 7 5
3 ,3 6 2 ,9 8 3
1,8 0 5 ,6 7 1
2 ,0 2 9 ,7 7 2
1,0 8 0 ,7 13
■
0 4 4 ,2 17
5 0 3 ,6 9 2
4 3 3 ,0 9 8
7 5 0 ,7 3 4
2 9 3 ,7 8 3
4 5 8 ,6 0 1
5 2 3 ,9 9 3
5 9 9 ,3 2 9
4 9 7 ,12 7
2 2 8 ,0 4 2 , 2 8 8
2 0 2 ,5 2 0 .7 5 9
T h o F i r s t N a t i o n a l B a n k o f C r o t o , N e b ...................................................................
L iq u id a t in g a g e n t, Jo h n T u lly , C ro to .
S u c c e e d e d b y th o F ir s t S ta t o B a n k o f C ro to .
T h o W i n n e b a g o N a t i o n a l B a n k o f R o c k f o r d , I I I --------- _ _ _ _ _ _ —
L iq u id a t in g a g e n ts , W m . T . R o b e r ts o n a n d C h a n d le r S t a r r .
A b s o r b e d b y th o R o c k fo r d N a tio n a l B a n k o f R o c k fo r d . 111.
$ 5 0 ,0 0 0
2 5 0 ,0 0 0
A u c tio n Sales.— Among other securities, tho following,
were recontly sold
at auction in Now York, Boston and Philadelphia:
By Messrs. Adrian H . Muller & Sons, Now York:
not usually dealt in at the-Stock Exchange,
S h a res.
S to c k s.
P e r ce n t.
5 Citizens N at. Bank--------------- 261
10 Tltlo Guarantee A Trust-------400
7 Corn Exchange Bank------------446
.5 Fldellty-Phenlx In su ra n ce ...720
50 Seaboard N at. Bank------------- 0 5 5 #
200 G ulf Cons. Oil CorD.,
$1 each_____________ 50c. per sh.
100 Livingston O il_______ $ 1 # Per sh.
B y Messrs. R . L . Day
S h a re s.
S to c k s.
S h a res.
P ercen t.
P on ds.
$5,000 W abash-PItts. T crm l. R y .
lt t 50-yr. 4s, June 1908 coupons
on; certfs. oi deposit-----------------$25 lot
10.000 W ab.-PItts. Tcrm l. R y . 2d
4s, 1954, D eo. 1904 coupons on;
ccrtfs. of deposit---------------------- $30 lot
& Co.,
$ per sh .
S lo c k s .
1.000 M ecca D ivide M ining..........$17 lot
Boston:
S h a re s.
S to c k s.
ip e r s h .
10 Dartm outh M fg ., com m on......... 3 7 4 #
2 Second National B ank_________ 350
5 Old Colony T ru st-----------------_ .^ 2 9 6 K 25 W alter Baker C o .......................... 135
1 Old South Bldg. Association_____ 25
13
Berkshire Cotton M fg ----------- 2 3 2 #
1
1 Putnam Nall C o -----------------------20 Gosncld M ills v. t. rights.............. 2 2 #
50 M errlmao Chemical, $50 e a c h -. 0 0 #
70 W innsboro Mills, prof________ 101#
60 Paclflo Mills, ex-dlvhlcnd_______1 7 3 # 10 Blgelow-IIartf. Carpet, co m ___ 111
30 W est Point M fg ............................. 3 3 0 # lO L aw rcnco M anufacturing_______183
10 Arlington M i l l s . . . . . ___________156
J
an.
24 1920.]
THE CHRONICLE
339
B y Messrs. W iso, Hobbs & Arnold, Boston:
S to c k s.
$ per sh .
N a u m k e a g S t e a m C o t t o n 2 4 0 3 4 - 2 4 1 34
H o m o B le a o h A D y o W k s ., c o m 3 4 X
S h a r p M f g . , p r o f . , o x - d l v ............. 1 1 2 3 4
N a s h u a M f g . , p r e f ......................
10 3 %
'1’ r o t n o n t A S u f f o l k M i l l s ________ 2 8 1
M e r r i m a c k M l g . , c o m m o n _____ 1 2 3
D a r t m o u t h M f g . , c o m _____. . . 3 7 4 3 4
C o n t i n e n t a l M i l l s .................. ..............1 5 0 3 4
W a lth a m I lle a c h . A D y e W k s . 10 8
I l e r k s n l r o C o t t o n M f g ___________2 3 4
U n i o n T w i s t D r i l l , c o m ___________2 8
C lin t o n W r i g h t W ir e 7 % p r o f . 10 8 3 4
S h a re s.
53
5
0
10
3
12
12
45
3
10
5
1
S h a re s.
5
5
1
5
S lo c k s .
.
D r a p e r C o r p o r a t i o n ....................... . 1 4 7
N o r t h w a y M o t o r s , c o m ., $ 1 0 c a . 8
L y n n G a s A E l e c t r i c __________ 3 0 2
G r e c n d c l d T a p A D i e , p r e f _____9 8
M is c e lla n e o u s
4
B on ds.
P e r cen .
S 5 .0 0 0 R u t l a n d R y . , L . A P . 5 s , ’ 4 0 . 5 0
1 .0 0 0 K a n . C i t y R y s . c o ll. 7 s , 1 9 2 1 0 5
1.0 0 0 L a n s in g F u e l A G a s c o n s .
5 s , 1 9 2 1 ............................................................ 8 9
3 .0 0 0 C o n n e c t i c u t
R iv e r
Pow er
1 s t 5 s , 1 9 3 7 .................................................... 9 0
By Messrs. Barnes & Lofland, Philadelphia:
S lo c k s .
S per sh .
1 , 5 5 0 S t . J a m e s H o t e l , p r e f ______ S 1 0 0 l o t
0 5 R ig h t s to s u b s c rib e N o r t h e r n
N a t . B a n k @ $ 1 5 0 .................. 2 8 - 3 0
1 0 F i d e l i t y T r u s t ...................................5 0 0
0 C o m m o n w ’h T . I . A T . 2 3 5 3 4 -2 3 0 3 4
3 C h e l t o n T r u s t __________________1 4 0
1 5 N o r t h e r n T r u s t ________________ 5 0 0
1 0 C o m m e r c i a l T r u s t _____________ 2 9 5
2 3 L o g a n T r u s t ............... ........1 4 5 1 4 - 1 4 8 1 4
3 2 F lr o A s s n , o f P h lla ., $ 5 0 e a c h .3 3 0
1 2 J o h n B . S t o t s o n , c o m m o n ___ 3 2 5
3 1 2 d A 3 d S t r e e t s P a s s . R y _____1 9 0
1 1 N o r . L ib e r tie s G a s , $ 5 0 e a c h . 3 4 14
1 5 N a t . S e c u r i t y B a n k ___________4 5 3
S h a re s.
S h a res.
14
10
15
40
25
4
25
3
43
S to c k s.
•
U n i o n N a t . B a n k ........................... 2 3 5
M a n a y u n k N a t . B a n s ............ . 4 0 0
C e n tra l T r u st A S a v ., $ 5 0 c a . 84
M a n a y u n k T r u s t, $ 2 5 e a c h .. 90
Q u ak er C it y N a t. B a n k .. . 1 2 8 U >
P h l l a . B o u r s e , c o m ., $ 5 0 e a c h
7J s
1 s t N a t . B a n k o f C o n s h o h ’e n _ 1 5 5
P h l l a . N a t i o n a l B a n k _________ 3 4 5
2 - 3 rig h t s to su b s c r ib e P h lla .
f
4 9 1 - 3 r ig h t s A llia n c e I n s u r a n c e .
B on ds.
P er
•
$ 2 ,0 0 0 B u ffa lo A L . E r i e T r a o . 1 s t
-
D IV ID E N D S .
The following shows all the dividends announced f
future by large or important corporations:
->
Dividends announced this week are -printed in italics.
N am e o f C om pany.
R a ilr o a d s
B o sto n A
M a i n e , o l d p r e f e r r e d ________
Canada Southern__________________
C e n t r a l l i l t , o f N . J . ( q u a r . ) __________
P lt t s b . C ln . C h ic . A S t . L o u is .
P i t t s b u r g h A L a k o E r i e .....................
..
--_
-
•)
.
.)
R e a d in g C o m p a n y , c o m m o n ( q u a r .) .
H e a d i n g C o m p a n y , i s j p r e f . ( q u a r . ) ____
A
W hen
P a y a b le .
$ 1.7 5
Feb.
M ar.
IX
234
Feb.
2 "
M ar.
* $ 2 .6 ' J a n .
Feb.
13 4
*2
Feb.
Feb.
*3
Feb.
3
Feb.
Feb.
IK
$5
Feb.
2
Ja n .
Feb.
3H
Feb.
13 4
1
Feb.
Feb.
Feb.
13 4
2
* $ 2 .5 0 F e b .
Feb.
13 4
Feb.
51
M ar
*500.
20
1
2
1
31
2
2
20
20
2
2
2
29
2
2
19
1
2
Feb.
Feb.
Feb.
M ar
Feb.
Ja n .
Feb.
Feb.
Ja n .
75c.
d S l 25 Ja n .
Feb.
13 4
Feb.
3
Feb.
13 4
Feb.
13 4
6234c. Ja n .
14 •H o ld e r s o f re c . F e b .
2 H o ld e rs o f re c . J a n .
1 •H o ld e r s o f re c . J a n .
1 •H o ld e r s o f re c. F e b .
1 H o ld e rs o f re c . J a n .
31
H o ld e rs o f re c . J a n .
16 H o ld e rs o f re c . J a n .
2 H o ld e rs o f re c . J a n .
31
H o ld e r s o f re c . J a n .
31
H o ld e r s o f re c . J a n .
2 H o ld e r s o f re c . J a n .
2 H o ld e r s o f re c . J a n .
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[VOL. 110
THE CHRONICLE
340
Per
C en t.
N am e o f Com pany.
M is c e lla n e o u s (C o n c lu d e d ) .
N a s h M o t o r , c o m m o n ______________________ $ 1 0
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P a c k a r d M o t o r C a r , c o m . ( q u a r . ) _________
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W a s h i n g t o n O i l ................................ ............................ $ 2
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W e s t ln g h o u s e E le c . A M f g . , c o m . ( q u a r .) $ 1
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M a r.
Feb.
Feb.
Feb.
Feb.
F’e b .
Feb.
F 'e b .
Feb.
Ja n .
Ja n .
Ja n
Ja n .
M ar.
Feb.
F’e b .
Feb.
Ja n .
10
31
20
1
2
2
a
2
1
1
14
7
1
2
2
10
2i
14
2
2
16
24
24
24
24
1
2
2
1
20
Feb.
Ja n .
Ja n .
F’ e b .
Ja n .
M ar.
M ar.
F 'e b .
Ja n .
M ar.
Ja n .
M ar.
M ar.
M ar.
Ja n .
Ja n .
F’e b .
Feb.
F’e b .
M a r.
1 H o ld e rs o f re o . J a n .
2 5 ♦ H o ld e r s o f r e c . J a n .
H o ld e rs o f r e c . J a n .
31
19 H o l d e r s o f r e c . F e b .
H o ld e rs o f r e c . J a n .
31
1 H o ld e r s o f r e c . F e b .
H o ld e r s o f re c . F e b .
1
H o ld e r s o f r e c . J a n .
2
H o ld e rs o f re c . D e c .
25
1 ♦ H o ld e r s o f r e c . F e b .
1
to
Ja n .
30 Ja n .
1 H o ld e r s o f r e c . F e b .
1
H o ld e r s o f r e c . F e b .
1 H o ld e r s o f r e c . F e b .
H o ld e r s o f re c . D e c .
31
H o ld e r s o f r e c . J a n .
31
1 H o ld e r s o f r e c . J a n .
2 H o ld e r s o f r e c . J a n .
H o ld e r s o f r e c . F e b .
10
H o ld e r s o f r e c . F e b .
1
dS
20a
15
15 a
5a
15 a
14
14
15 a
3 1a
20
29
16
15 a
15 a
3 1a
2a
20a
2 1a
2
10 a
* F r o m u n o ffic ia l s o u r c e s , t D e c la r e d s u b je c t to th e a p p r o v a l o f D ir e c to r - G e n e r a l
o f R a ilr o a d s ,
i T h e N e w Y o r k S t o c k E x c h a n g e h a s ru le d t h a t s t o c k w ill n o t b e
q u o t e d e x - d lv ld e n d o n t h is d a t e a n d n o t u n til fu r t h e r n o t ic e ,
a T r a n sfe r b o o k s n o t
c lo s e d fo r th is d iv id e n d ,
b L e s s B r it is h In co m e t a x .
d C o rre c tio n ,
e P a y a b l e In
s t o c k , f P a y a b l e in c o m m o n s t o c k ,
a P a y a b l e In s c r i p ,
ft O n a c c o u n t o f a c c u m u
la t e d d iv id e n d s .
< P a y a b l e In L i b e r t y L o a n b o n d s .
k D e c l a r e d 4 % , p a y a b l e In q u a r t e r l y I n s t a l l m e n t s o f 1 % e a c h o n J a n . 2 4 , A p r i l 2 4 ,
J u l y 2 4 A O c t . 2 5 to h o ld e rs o f re c . J a n . 9 , A p r . 9 , J u l y 9 A O c t. 1 1 , r e s p e c t iv e ly .
n D e c l a r e d 5 % ( p a r v a l u e $ 1 0 ) , p a y a b l e In q u a r t e r l y I n s t a l l m e n t s .
v D e c la r e d 8 % p a y a b le 4 % a s a b o v e a n d 4 % S e p t . 3 0 to h o ld e rs o f r e c . S e p t . 2 5 .
x P a y a b le M a rc h 1 19 2 0 .
a A t ra to o f 8 % p e r a n n u m fro m d a te o f Iss u e , O c t. 6 1 9 1 9 .
B o s t o n C le a r in g H o u s e B a n k s .— W e give below a sum
m ary showing the totals for all the itoms in tho B oston
Clearing H ou se weekly statem en t for a series of weeks:
B O ST O N C L E A R IN G
19 2 0 .
L o a n s , d ls c ’ ts A In v e s tm e n ts .
I n d iv id u a l d e p o s it s , in c l. U . S
T i m e d e p o s i t s ___________________
U n i t e d S t a t e s d e p o s i t s ______ *
E x c h a n g e s fo r C le a r in g H o u se
C a s h I n b a n k A In F \ R . B a n k
R e s e r v e e x c e s s In b a n k a n d
\i- F e d e r a l R e s e r v e B a n k _____
S
3 ,2 8 4 , 0 0 0
5 9 8 .0 3 6 . 0 0 0
4 5 4 .3 6 8 .0 0 0
12 3 .18 4 .0 0 0
1 7 .5 9 3 .0 0 0
3 2 .5 4 7 .0 0 0
2 2 .8 6 3 .0 0 0
7 3 .0 1 6 .0 0 0
7 7 .7 7 3 .0 0 0
$
D ec.
10 1,0 0 0
In c .
2 ,7 5 9 .0 0 0
In c . 16 ,6 13 ,0 0 0
D e c . 1 ,4 2 2 ,0 0 0
D ec.
2 1 9 ,0 0 0
In c .
4 7 3 ,0 0 0
In c .
1,7 0 8 ,0 0 0
In c .
5 ,11 8 ,0 0 0
In c .
4 ,2 4 5 ,0 0 0
2 9 .0 8 1.0 0 0 I n c .
1 F o r m e r ly In c lu d e d u n d e r th o h e a d
C h a n g es fro m
p r e v io u s w e e k .
3 ,4 1 5 ,0 0 0
N EW
YO R K
( S la t e d i n
C L E A R IN G
H O U SE
M EM B ER S
( ,0 0 0 o m i t t e d . )
W eek
e n d ln l
Ja n .
17
19 2 0
W E E K L Y
M a n h a tta n C o .
M erc h a n ts’ N a
M e c h A M e t a ls
B a n k o f A m e r lc i
N a tio n a l C i t y ..
C o rn E xch an g e
Im p A T r a d N a
N a tio n a l P a r k ..
E a s t R iv e r N a t
S e c o n d N a tio n a l
F ir s t N a t io n a l..
Ir v in g N a t B k . .
N Y C o u n tyN a t
C o n t i n e n t a l _____
C h ase N a t B an k
F ifth A v e n u e . .
C o m m e r c ia l E x .
C o m m o n w e a lth .
L in c o ln N a t . . .
G a r f i e l d N a t ___
F ift h N a tio n a l
S eab o ard N a t ..
L ib e r ty N a t . . .
C o a l A Iro n N a t
U n io n E x e h _____
B ro o k ly n T r u s t
B an kers T ru st
U S M tg e * T r
G u a ra n ty T ru st
F id e lit y T r u s t .
C o lu m b ia T r u s t
P e o p le s T r u s t . .
N ew Y o rk T ru st
F r a n k lin T r u s t .
L in c o ln T r u s t .
M e t r o p o lita n T
N a s s a u N .B k ly n
Ir v in g T r u s t C o
F arm L oan A Tt
C o lu m b ia B a n k
C L E A R IN G
H O U SE
R ET U R N S.
t h o u s a n d s o f d o l l a r s — t h a t i s , t h r e e c i p h e r s .',0 0 0
N et
P r o fit s
C a p ita l
N o v . 17
N a t ’l ,
N o v . 12
S ta te ,
T r .C o s .,N o v .12
L oan s,
D is c o u n t
In v e s t
m ea ts,
etc.
A vera g e.
M em b ers o f
.$
S
C ash
in
V a u lt,
R ese rv e
w it h
Legal
D eposl
lo r ie s .
A verage A verage
S
S
2 ,0 0 0
2 ,5 0 0
3 ,0 0 0
6 ,0 0 0
6 ,2 0 6
8 ,2 6 0
3 ,4 5 4
1 2 ,6 7 2
5 5 .7 6 C
9 2 , 9 46
3 3 ,4 0 6
10 7 ,3 6 2
950
4 ,0 9 8
654
9 ,4 0 6
2 5 .0 0 0
3 ,0 0 0
1,0 0 0
300
5 ,0 0 0
2 5 ,0 0 0
500
7 ,0 0 0
3 ,0 0 0
f 3 ,0 0 0
2 ,0 0 0
4 ,2 0 0
1,5 0 0
5 ,0 0 0
1 ,0 0 0
1,0 0 0
10 ,0 0 0
6 ,0 0 0
1,0 0 0
5 4 ,5 7 6
9 ,9 4 7
1,0 5 6
13 8
6 ,3 2 5
2 8 ,6 7 7
1,15 3
6 ,9 2 5
19 ,12 2
f3 ,5 9 9
2 ,6 8 3
8 ,9 2 5
8 ,5 5 2
2 1 ,2 2 7
689
4 ,2 8 0
3 3 ,8 15
8 ,0 7 7
432
5 7 0 ,0 0 5
9 9 ,5 5 6
2 1 ,4 1 8
6 ,3 3 8
13 0 ,9 7 7
3 8 5 ,1 4 4
2 5 ,5 6 4
118 .2 6 C
14 3 ,5 5 6
5 1,1 0 3
3 7 ,2 0 2
15 7 ,4 7 6
3 9 ,5 3 8
2 17 ,5 0 9
10 ,7 18
2 4 ,6 4 3
3 13 ,3 18
13 7 ,8 10
13 ,9 2 3
15 ,1 9 4
1,6 8 0
5 11
12 S
2 ,6 6 0
3 ,4 0 3
1 , 0 IS
5 ,3 7 7
5 ,9 9 0
1,17 1
2 ,111
8 ,6 3 4
902
1,7 8 6
364
807
1,15 2
3 ,6 5 5
958
io!ooo
2 1 ,4 3 2
3 9 3 j9 0 8
6 ,4 5 1
740
400
2 ,0 7 9
1,0 0 0
1,4 6 9
1 ,0 'X )
503
1,0 0 0
4 ,3 13
1 ,0 0 0
7 ,0 8 0
5 ,0 0 0
1,5 5 6
1,5 0 0
1,4 9 4
1,0 0 0
2 ,6 5 6
1,5 0 0
15 ,0 0 0 1 8 , 5 1 0
2 ,0 0 0
4 ,8 0 7
2 5 ,0 0 0 2 9 ,9 6 5
1,3 6 5
1,0 0 0
7 ,2 0 7
5 ,0 0 0
1,6 3 5
1,2 0 0
3 ,0 0 0 1 1 , 2 0 0
1,3 2 0
1,0 0 0
831
1,0 0 0
4 ,4 8 7
2 ,0 0 0
1 ,2 8 0
1,0 0 0
1 ,0 8 0
3 ,0 0 0
5 ,0 0 0 1 1 , 7 1 1
890
1,0 0 0
9 ,5 8 5
18 ,6 7 7
15 ,1 7 8
1 5 ,2 9 9
5 3 ,0 0 3
9 9 ,4 18
2 2 ,3 2 2
2 1 ,4 1 5
4 5 ,6 2 0
3 0 0 ,0 2 2
6 2 ,3 8 5
6 0 2 ,2 0 9
13 ,5 3 5
9 5 ,4 8 4
3 4 ,1 2 1
8 0 ,2 0 0
3 1,0 0 0
2 3 ,7 3 7
4 7 ,3 4 1
19 ,0 3 3
6 2 ,4 3 7
12 8 ,2 5 0
2 3 ,0 0 7
465
1,3 2 9
685
305
1,10 6
570
704
524
763
981
801
3 ,1 3 9
407
1,13 8
1,19 6
470
088
482
028
420
2 ,16 6
4 ,12 1
507
o m itt e d .)
N et
D em and
D e p o s it s .
A verag e.
T im e
D e
p o s its .
A verage A v g e .
$
3 7 ,7 0 5
8 5 ,3 6 6
2 4 ,7 9 1
15 5 ,2 0 6
3 1,17 9
* 5 7 9 j0 9 2
0 9 ,7 3 2
17 ,7 2 8
4 ,9 3 !
9 3 .9 3 C
2 6 8 ,8 9 4
2 5 ,11C
10 2 ,5 4 6
13 6 ,0 4 1
4 0 ,6 4 4
3 9 ,8 3 0
16 3 ,5 7 5
2 9 ,2 0 5
17 2 ,6 0 4
10 ,7 4 9
2 0 ,4 5 2
1 8 8 ,5 4 8
117 ,0 9 1
$
5 ,6 5 2
1 1 ,9 2 5
3 ,2 1C
2 2 ,2 14
6 3 ,8 0 6
9 ,3 8 1
2 ,3 0 7
7 17
12 .8 0 C
3 0 ,0 0 6
3 ,8 9 2
14 ,10 1
19 ,0 4 6
5 ,9 3 7
6 ,16 8
2 2 ,1 7 9
3 ,9 2 3
2 2 ,7 3 0
1,2 8 7
2 ,9 4 7
2 4 ,6 8 8
15 ,6 0 1
1,8 2 2
1 ,1G 9
4 2 ,2 9 7
3 ,2 3 7
S
4 ,3 6 4
7 ,0 8 4
1.2 9 C
4 ,3 5 9
$
772
______
1,7 6 7
1,0 0 0
3 9 ,8 8 5
2 ,5 9 4
537
1,4 3 0
435
14 1
293
4 ,8 4 5
______
5 ,17 1
5 ,1 0 7
SC
11 .0 7 C
10 S
27
0 ,8 7 9
18 S
3 ,4 8 7
6 19
7 ,3 18
3 0 3 ,14 3
2 0 ,3 2 4
8 ,7 1 4
9 ,3 2 4
18 ,7 9 5
14 ,7 9 1
1 2 ,1 5 8
4 9 ,2 14
7 1 ,3 5 5
14 ,5 0 0
2 0 ,4 6 6
2 9 ,10 5
2 3 9 ,0 9 8
5 0 ,9 12
* 4 6 7 ,6 6 5
11 ,7 6 7
8 1,6 5 1
3 2 ,3 9 1
0 1,2 6 5
2 0 ,6 3 9
2 4 ,7 0 2
3 3 ,0 4 5
13 ,0 3 2
0 5 ,2 8 7
* 13 8 ,7 7 5
2 1 ,4 7 2
4 ,5 4 1
10 0
981
4 ,2 7 2
3 ,8 7 6
738
51
4 ,8 5 4
50
636
8 ,1 2 9
2 ,2 8 8
19 8
2 0 ,2 0 9
1,10 0
________
7
54
421
500
4 ,13 4
454
424
6 ,0 7 3
15 ,2 16
8 ,9 4 0
4 1,3 7 8
346
0 ,1 9 7
1 ,0 5 3
2 ,15 1
1,9 6 7
984
1,2 8 5
903
1,2 3 9
1 2 ,9 2 8
17 1
______
2 10
395
247
69
1,9 5 8
408
394
—
13,643
1,2 12
2 ,6 7 5
2 ,0 2 4
1,0 2 3
7 ,2 16
9 ,5 4 7
2 ,17 8
2 ,7 9 2
4 ,0 8 0
3 1,9 8 0
7 ,5 5 0
5 2 ,7 0 2
1 ,6 9 8
10 ,7 5 1
3 ,3 0 8
8 ,9 3 5
2 ,9 2 4
3 ,7 4 0
4 ,4 3 6
1,4 0 6
9 ,1 3 9
14 ,9 7 8
2 ,5 8 8
N a t 'l
Bank
C ir c u
la lio n
—
______
—
______
50
-----
........
1 0 6 ,3 8 1 5 5 5 ,2 3 9 c l , O i l , 19 7 2 3 1 ,5 5 9 3 7 ,3 4 2
A v e r a g e _________ 2 1 0 , 8 0 0 4 0 2 , 5 7 0 5 , 1 5 8 , 2 5 8
J a n . 1 7 5 ,1 3 4 , 4 7 3 9 9 ,7 5 5 5 7 4 ,7 8 0 c l , 10 7 ,4 0 7 2 3 3 ,0 2 0 3 7 ,5 5 0
J a n . 1 0 5 . 1 6 1 , 7 8 0 1 1 1 ,0 3 9 5 2 5 , 0 7 2 4 , 0 1 0 , 4 6 7 2 2 0 . 6 1 0 3 0 ,9 7 0
3 5 , 1 8 8 , 0 5 2 1 0 8 , 0 8 1 5 8 8 ,3 0 4 4 , 0 6 1 , 0 3 0 2 2 7 , 2 9 2 3 0 , 9 7 7
n d t t lo n J a n .
S ta te B an k s.
G r e e n w ic h B a n l
B o w ery B a n k ..
N Y P ro d E x c h .
S t a t e B a n k ___
A v e r a g e _____
m b e rs o f F e d e r a l R e serve B a n k
500
250
1,0 0 0
2 ,0 0 0
1,7 3 7
839
1,3 5 1
1,4 15
18 ,9 7 7
6 ,18 5
2 0 ,3 7 0
6 4 ,13 3
2 ,3 4 5
696
2 ,8 6 0
3 ,6 2 4
1 ,2 7 4
330
2 ,3 5 2
2 ,5 5 2
19 ,5 3 7
5 ,6 0 3
2 8 ,7 2 9
3 3 ,9 7 0
________
93
2 8 ,3 8 1
3 ,7 5 0
5 ,3 4 4
115 ,6 6 5
9 ,5 2 5
0 ,5 14
8 7 ,8 3 9
2 8 ,4 7 4
n d lt lo n J a n . 1 7
n d t t lo n J a n . 1 0
3
n d ltlo n J a n .
113 ,3 0 0
117 ,0 0 1
11 6 ,6 2 0
9 ,3 2 8
9 ,4 5 7
10 ,0 7 0
6 ,5 4 6
6 ,4 2 1
6 ,3 12
8 0 ,5 11
8 9 ,0 0 8
8 8 ,7 4 7
2 8 ,6 0 0
2 8 ,0 6 5
2 7 ,4 0 3
3 ,1 4 7
1,7 4 2
2 8 ,8 19
17 ,4 4 0
1,5 3 6
201
. . . . .
nt M e m b e r s o f F e d e r a l R e s e rv e
T itle G u a r A T r
A v e ra g e .
----- --
........
_____
—
Ba nk
4 0 ,8 0 9
2 5 ,8 5 4
1,113
9 14
18 ,7 3 1
7 2 ,6 6 3
2 ,0 2 7
4 ,8 8 9
4 6 ,2 5 9
1,7 3 7
.............
J a n . 17
Ja n . 10
3
n d ltlo n J a n .
7 2 ,3 13
7 2 ,4 1 0
0 9 ,10 4
1,9 4 3
2 ,0 0 5
1,9 5 8
5 ,2 0 3
5 ,0 0 4
4 ,9 0 4
4 6 ,9 2 6
4 6 ,2 0 7
4 2 ,6 7 4
1,7 4 2
1 ,7 3 5
1,7 2 9
___ _
5 ,0 0 0
4 ,0 0 0
13 ,0 2 0
5 ,7 1 1
9 ,0 0 0
—
2 2 3 , 5 5 0 4 2 0 ,6 4 6 5 ,3 4 6 , 5 8 6 1 1 7 , 9 3 3 5 6 0 ,0 4 2 d l , 1 4 5 , 2 9 5 2 0 1 , 7 7 0 3 7 , 3 4 2
— 2 4 ,7 5 9 + 8 ,2 9 9 + 2 3 9
— 2 0 , 0 2 0 — 7 ,0 9 8 — 4 ,9 0 6
C o m p a r is o n , p re v . w e e k
Ja n .
G r ’s a g g r , a c t ’l
C o m p a r is o n , p re v . w e e k
con d ’n
1 7 5 ,3 2 0 , 0 8 6 1 1 1 , 0 2 6 5 8 0 ,5 2 0 « 4 , 2 4 0 , 9 0 1 2 0 3 , 4 2 8 3 7 , 5 5 0
+ 9 5 , 2 2 2 + 13 ,0 12 + 5 S 0
— 3 3 ,1 1 1 - 11 ,5 3 6 + 50032
In n . 10 5 ,3 5 1 ,1 9 7
5 .3 7 3 ,7 7 6
D e c . 2 7 5 ,19 7 ,4 8 4
D e o . 2 0 5 ,1 8 9 .5 0 9
12 2 ,5 0 1
1 2 0 ,1 ( 1 9
1 2 0 ,1 8 0
118 ,2 5 8
5 3 0 ,4 9 7
5 9 9 ,5 8 0
5 3 4 ,7 2 1
5 2 3 ,0 0 4
4 ,14 5 ,6 8 2
4 .19 2 .4 5 7
4 ,0 5 7 ,10 4
4 ,12 1 ,4 9 2
2 5 0 ,4 10
2 5 6 .4 2 4
2 6 2 ,0 0 0
2 6 4 ,7 0 9
3 0 ,9 7 0
3 6 ,9 7 7
3 7 ,0 2 1
3 7 ,19 1
* I n c l u d e s d e p o s i t s in f o r e i g n b r a n c h e s n o t i n c l u d e d In t o t a l f o o t i n g s , a s f o l l o w s :
N a t io n a l C i t y B a n k , $ 1 4 4 ,7 4 5 ,0 0 0 : G u a r a n t y T r u s t C o ., $ 8 7 ,4 8 5 ,0 0 0 ; F a r m e r s ’ L o a n
A T r u s t C o . $ 2 7 ,3 6 4 ,0 0 0 .
B a l a n c e s c a r r i e d I n b a n k s In f o r e i g n c o u n t r i e s a s r e s e r v o
fo r s u c h d e p o s it s w e r e : N a t i o n a l C i t y B a n k , $ 3 7 ,4 5 4 ,0 0 0 ; G u a r a n t y 1 r u s t G o .,
$ 9 ,9 9 0 , 0 0 0 ; F a r m e r s ’ L o a n A T r u s t C o . , $ 1 , 5 8 6 , 0 0 0 .
c D e p o s i t s In f o r e i g n b r a n c h e s
n o t In c lu d e d ,
d U . S . d e p o s it s d e d u c t e d , $ 2 5 8 ,3 3 9 ,0 0 0 .
o U . S . d e p o s it s d e d u c t e d ,
$ 1 9 3 ,9 2 0 ,0 0 0 . B ills p a y a b le , re d is c o u n ts , a c c e p ta n c e s a n d o th e r lia b ilit ie s , S I , 0 1 0 ,9 2 6 ,0 0 0 .
f AS of D ec. 3 1 19 19 .
STA TEM EN TS
H O U SE M E M B E R S .
Ja n . 17
S t a t e m e n t o f N e w Y o r k C ity C le a r in g H o u s e B a n k s
a n d T r u s t C o m p a n ie s .— T h e follow ing detailed statem ent
shows tho condition o f tho N o w Y o rk C ity Clearing H ouse
m om bers for tho week ending J an . 17.
T ho figures for tho
separato banks aro tho averages of tho daily results.
In the
case o f totals, actual figures at end o f tho week aro also givon
OF R E SE R V E
P O S IT IO N
OF
C L E A R IN G
H O U SE
BA N K S
A N D T R U S T C O M P A N IE S .
J a n . 10
Ja n . 3
19 2 0 .
19 2 0 .
S
$
3 ,5 9 3 ,0 0 0
3 ,3 8 5 ,0 0 0
5 9 5 .2 7 7 . 0 0 0 5 9 3 . 5 2 7 . 0 0 0
4 3 7 . 7 5 5 . 0 0 0 4 4 4 . 2 2 0 .0 0 0
1 2 4 .6 0 6 . 0 0 0 1 2 8 . 2 4 4 .0 0 0
1 7 .3 2 5 .0 0 0
1 7 .8 1 2 .0 0 0
3 2 .0 7 4 .0 0 0 2 4 .1 5 1 .0 0 0
3 0 . 6 4 5 .0 0 0
2 1.1 5 5 .0 0 0
6 7 . 9 2 8 .0 0 0 7 2 .9 4 2 .0 0 0
7 3 .5 2 8 .0 0 0 7 8 .14 6 .0 0 0
2 5 . 6 6 6 .0 0 0
o f " I n d iv id u a l D e p o s its .”
3 0 .7 3 9 .0 0 0
A v erag es.
C ash
R ese rv e
in V a u lt.
M e m b e r s F 'e d c r n l
R e s e r v e b a n k s _____
T r u s t c o m p a n i e s * ___
T o tal
T o tal
T o tal
T o tal
J a n . 1 7 _____
J a n . 1 0 ------Ja n .
3 ------D e c . 2 7 _____
$
9 ,5 2 5 * 0 0 0
2 ,0 2 7 ,0 0 0
11 .5 5 2 .0 0 0
1 2 .0 6 9 . 0 0 0
12 .4 8 5 .0 0 0
12 .3 3 7 .0 0 0
R ese rv e
in
D e p o s it a r ie s
n
T o ta l
R ese rv e.
R ese rv e
R e q u ir e d .
S u r p lu s
R ese rv e.
$
$
$
5 5 5 , 2 3 9 , 0 0 0 5 5 5 , 2 3 9 , 0 0 0 5 2 8 ,4 0 2 ,3 8 0
16 ,0 3 9 ,0 0 0
1 5 ,8 11 ,0 2 0
0 ,5 14 ,0 0 0
6 ,9 10 ,0 0 0
0 ,9 3 8 ,8 5 0
4 , 8 8 9 ,0 0 0
$
2 6 ,8 3 6 , 0 2 0
2 2 7 ,9 8 0
d e l2 2 ,8 5 0
5 7 8 .19 4 .0 0 0
5 8 3 .0 1 7 .0 0 0
6 8 6 .3 6 3 .0 0 0
5 5 9 .4 5 0 .0 0 0
2 7 ,0 4 1 ,7 5 0
2 9 ,4 12 ,7 4 0
3 4 ,0 7 7 ,6 2 0
19 ,0 18 ,9 0 0
5 6 6 .6 4 2 . 0 0 0
5 7 1.5 4 8 .0 0 0
5 7 3 .8 7 8 . 0 0 0
5 4 7 .113 .0 0 0
5 5 1,15 2 ,2 5 0
6 5 4 ,1 7 4 .2 6 0
5 5 1,3 8 5 ,4 8 0
5 4 0 ,4 3 1,0 4 0
S T A T E R A N K S A N D T R U S T C O M P A N IE S IN N E W Y O R K
A c tu a l F igu res.
C a sh
R e serv e
in v a u lt.
M em bers Federal
Reserve banks____
Stato banks*..............
Trust com panies*___
T otal
Total
Total
Total
Jan. 17____
Jan. 10____
Jan
3____
D ec. 2 7 . . .
b
R eser v e
in
D e p o s ita r ie s
R eserv e
R e q u ired .
T o ta l
R e ser v e.
11.271.000
11.522.000
12.028.000
12,952,000
580.529.000
530.497.000
599.580.000
534.721.000
597.800.000
548.019.000
011.008.000
547,073,000
S u r p lu s
R e ser v e.
$
33,818,690
302,020
107,100
503,572,190 34,227,810
550,931,080 def2192,680
557,129,000 54,479,000
8,232.540
539,440,400
* N ot members of Federal Reserve Rank.
a This Is the reserve required on net demand deposits In the case o f State banks
and trust companies, but In the case o f members of the Federal Reserve banks In
cludes also amount of reserve required on net time deposits, which was as follows:
Jan. 17, 30,010,770: Jan. 10, $0,718,770; Jan. 3, $0,734,430: D ec. 27, $0,781,890.
1> This Is the reserve required on net demand deposits In the case of State banks
and trust compaples, but In the case of members of the Federal Reserve Rank In
cludes also amount of reserve required on net time deposits, which was as follows:
Jan. 17, 80,000,000: Jan. 10, 80,018,480: Jan. 3, 80,818,700- D ec. 27, $0,730,830.
S ta te B an ks an d T ru st C om panies N o t in C learing
H o u s e .— The State Banking Department reports weekly
figures showing tho condition of State banks and trust
companies in Now York City
as
follows:
not in the Clearing House,
S U M M A R Y OF S T A T E R A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K , NOT IN C L U D E D IN C L E A R IN G H OU SE S T A T E M E N T *
(.F ig u re s F u r n i s h e d b y S ta le B a n k in g D e p a r t m e n t .)
D iff e r e n c e s f r o m
J a n . 17.
p r e v io u s teeek.
8802,322,100 D ec. 21,460,400
Loans and Investments____________
S pcclo.........................
7,792,000 D ec.
100,700
Currency and bank n o te s ................................................
17,874,800 D ec. 2,124,000
D eposits with Federal Reserve Rank of New Y o r k ..
75,900,200 Inc.
958,000
Total deposits............................................. 871,234,800
D ec. 38,530,000
Deposits, eliminating amounts due from reserve de
positaries, and from other banks and trust com
panies In N . Y C ity, exchanges andU . S. deposits
801,453,500 D ec. 25,007,000
Reserve on deposits___________________ 142,915,000
D ec. 13,282,000
Percentage of reserve, 2 0 .1 % .
RESERVE.
---------S ta te B a n k s --------- ----- T r u s t C o m p a n le s Cash In vaults......................................... S25.395.000 15.25%
870,180,400 14.01%
D eposits In banks and trust cos____ 10,028,000
0.02%
31,311,000
5.77%
T ota l......................................................$35,423,000
21.27%
$107,492,000
19.78%
B an k s and T r u st C om panies in New Y o rk C ity .— Tho
averages of tho Now York City Clearing House banks and
trust companies
witli thoso for tho State banks
and trust companies in Greater Now York City outside of
tho Clearing IIouso, are as follows:
combined
C O M R IN E D R E SU LT S OF R A N K S A N D T R U S T C O M P A N IE S IN
G REA TE R N EW YO RK .
L oan s and
In v estm en ts.
D em a n d
D e p o s its .
* T o ta l C a sh
i n V a u lt.
R eserv e i n
D e p o s it a r i e s .
$
$
0 , 0 2 1 ,0 0 0 ,0 0 0
0,1 1 9 ,2 8 2 ,2 0 0
6 , 1 4 8 ,0 3 7 ,0 0 0
6 , 2 2 2 ,0 1 0 , M)0
0 ,2 2 5 ,3 0 4 ,7 0 0
0 ,1 5 7 .8 5 0 ,0 0 0
0 , 1 5 2 ,3 5 4 ,0 0 0
0 ,1 9 0 .3 3 4 ,1 0 0
0 ,1 0 0 ,2 9 1 ,8 0 0
6 ,0 3 3 ,2 8 7 ,0 0 0
5 .9 0 5 .2 5 4 .4 0 0
6 .9 0 5 .2 5 4 .4 0 0
5 ,9 1 1 ,5 2 3 ,1 0 0
5 . 9 7 7 .5 4 7 .4 0 0
0 ,0 0 2 ,4 7 7 .8 0 0
0 ,0 8 5 ,3 0 7 ,9 0 0
0 , 1 9 0 ,3 9 4 ,5 0 0
0 ,1 4 8 ,9 0 8 ,1 0 0
5 ,0 8 8 ,5 4 1 ,4 0 0
4 ,9 3 5 ,7 8 8 ,1 0 0
4 ,9 5 9 .0 3 0 .0 0 0
4 .9 5 3 .3 8 8 .9 0 0
4 .9 9 5 .6 2 0 .9 0 0
5 ,0 1 1 ,3 3 0 ,8 0 0
5 ,9 9 7 ,7 0 1 ,6 0 0
5 ,0 5 6 ,0 2 9 ,2 0 0
5 ,0 3 2 ,6 2 9 ,9 0 0
4 .9 9 8 .9 1 2 .4 0 0
4 .9 5 7 .9 0 3 .6 0 0
4 .9 5 7 .9 0 3 .6 0 0
4 ,8 9 3 ,7 1 8 ,7 0 0
4 .9 7 7 .6 3 3 .4 0 0
4 .8 7 4 .3 9 7 .0 0 0
4 .9 7 8 .2 2 5 .0 0 0
1 .9 9 7 ,4 7 5 ,1 0 0
4 ,9 4 0 ,7 4 8 ,5 0 0
8
1 3 1 ,5 3 4 .9 0 0
1 3 2 ,1 9 0 ,5 0 0
1 3 3 ,1 8 3 ,0 0 0
1 3 0 .3 0 2 .2 0 0
1 3 5 .2 6 0 .2 0 0
1 3 6 .7 5 1 .7 0 0
1 3 6 .4 2 1 .7 0 0
1 3 4 .3 8 5 .2 0 0
1 4 1 ,4 5 6 ,7 0 0
1 3 9 ,2 8 6 ,4 0 0
1 3 9 .4 7 1 .3 0 0
1 4 2 .6 1 6 .3 0 0
1 4 6 ,1 2 0 ,2 0 0
1 4 4 ,3 2 8 ,5 0 0
1 5 2 ,8 6 7 ,9 0 0
1 4 7 ,1 1 3 .1 0 0
1 5 0 ,5 1 9 ,4 0 0
1 3 6 ,6 9 2 ,8 0 0
$
7 4 4 .3 4 0 .0 0 0
6 0 7 .6 6 5 .2 0 0
0 7 0 ,7 0 1 ,9 0 0
0 8 9 .5 9 8 .4 0 0
6 9 9 ,0 9 3 ,8 0 0
6 9 8 .8 1 2 .0 0 0
0 8 7 ,7 2 6 ,6 0 0
7 1 9 .9 0 8 .1 0 0
7 0 8 .1 0 2 .1 0 0
6 9 6 .7 3 8 .0 0 0
0 9 8 .9 3 2 .4 0 0
6 9 8 .2 8 8 .4 0 0
6 7 3 .8 7 0 .7 0 0
7 0 0 .8 4 4 .2 0 0
6 5 6 .6 4 1 .8 0 0
7 2 9 ,9 9 9 ,1 0 0
6 0 4 .7 3 6 .8 0 0
7 0 3 .7 7 7 .8 0 0
Sept.
Sept.
O ct.
O ct.
O ct.
O ot.
2 0 ------------------------2 7 ..............................
4 .............................
1 1 ..............................
1 8 .............................
2 5 ..............................
N ov.
N ov .
N ov .
N ov .
D eo.
D eo.
8 .............................
1 5 .............................
2 2 .............................
2 9 .............................
0 .............................
1 3 .............................
Doo. 2 7 ________________
Jan. 3 ________________
Jan. 1 0 _________ _______
Jan. 1 7 ______ ___________
* This Item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
New Y o rk C ity Sta te B an k s an d T ru st C om p an ies.—
In addition to tho returns of “ State banks and trust com
panies in Now York City
furnished
by tho Stato Banking Department, the Department also
prosonts a statement covering
tho institutions of this
class in tho City of Now York.
For definitions and rules under which tho various items
aro mado up, see “ Chroniclo,” V . 98, p. 1661.
Tho provisions of tho law governing tho reservo require
ments of Stato banking institutions as amended M a y 22
1917 wero published in the “ Chroniclo” M a y 19 1917 (V . 104,
p . 1975). Tho regulations relating to calculating tho amount
of doposits and what deductions aro permitted in the com
putation of tho reserves woro given in tho “ Chroniclo”
April 4 1914 (V . 98, p. 1045).
not in the Clearing House,”
all
W e e k en d ed J a n .
17
17
1920.
1920.
Jan.
Capital as of N ov. 12.
Surplus as o f N ov. 12.
Loans & lnvestmcnts.
S p e cle ...........................
Currency A bk. notes
Deposits with the F.
R . Rank of N . Y . .
Reserve on dep osits..
P. C . reserve to d c p ..
C IT Y .
T r u s t C o m p a n ie s .
S ta te B a n k s .
g
8
$
8
574,780,000 574,780,000 540,901,310
9.328.000
6.540.000 15,874,000 15,571,980
7,038,900
5.203.000
7,146,000
1.943.000
W eek E nded—
341
THE CHRONICLE
Jan . 24 1920.]
D i f f e r e n c e s fr o m
p r e v io u s w ee k .
17
1920.
Jan.
D if f e r e n c e s f r o m
p r e v io u s w e e k .
S
S
$
S
104.700.000
27.400.000
179.330.000
50,520,100
711.032.800 Inc. 2,683,300 2,182,305,100 D ec. 29,974,600
10,751,500 Inc.
19,400
7,232,100 Inc.
343,000
34.413.000 D ec. 2,082,500
21,923,000 D ec. 2,494,000
73,878,800
884.241.800
132,401,300
20 %
D ec.
622,000 224,481,600 Inc. 1,727,500
D ec. 10,129,000 2,201,919,000 D ec. 43,888,000
D ec. 10,088,800 300,223,200 D ec. 7,922,000
0 .2%
17.6% D ec.
D ee.
1.8%
N on-M em ber B an k s a n d T r u st C om p an ies.— Follow
ing is the report made to the Clearing House by clearing
non-member institutions which are not included iu the
“ Clearing House Return” on tho following page:
R E T U R N O F N O N -M E M H E R IN S T IT U T IO N S O F N E W Y O R K C L E A R IN G
H O U SE .
(S ta ted i n th o u s a n d s o f d o lla r s — th a t I s , th r ee c i p h e r s 1000 o m it t e d .)
N et
L oan s,
N et
D is
R eserv e
N et
C a p it a l. P r o fi t s .
C L E A R IN G
w ith
c o u n t s , C a sh
D e m a n d T im e
N O N -M E M B E R S
in
L eg a l
D e
D e
Nat.bks.Nov.17 I n v e s t
W eek e n d in g
Statebks N ovl2 m e n t s , V a u lt. D e p o s i p o s i t s . p o s it s .
to r ie s .
J a n . 17 1920. T r .c o s.N o v . 12 & c .
M em bers o f
F e d ’ l R es. R a nk.
Battery Park N a t.
N a t’l
Bank
C ircu
la tio n .
A v e r a g e A v e ra g e A v e r a g e A v e r a g e A v e r a g e A v e r a g e
$
1,50C
20C
000
5
1,084
030
663
1,038
723
1,367
$
17,973
12,404
10,148
8,539
12,755
9,048
290
732
$
1,818
1,712
1,315
1,330
1,172
870
S
12,225
11,918
8,332
7,038
7,150
7,530
82
413
173
1,904
5,952
$
210
222
232
S
$
193
New N eth erlan d s
W R Grace A C o ’s
Yorkvllle Rank___
F irstN R .Jcr City.
400
T otal___________
3,400
0,108 70,807
1,708
8,217
54,193
8,524
585
100
374
1,399
918
414
1,2 10
200
440 3.0S2
1,217 14,345
289 7,801
267 6,376
187
ooo
500
379
361
3,120
15,402
7,542
5,921
416
626
..........
1,400
2,214 31,604
3,105
2,137
31,985
1,042
9,209
8,417
593
327
373
267
7,478
3,818
1,128
4,677
920
640
11,296
5,805
500
200
22
392
S ta te B anks
N o t M e m b e r s o f the
F ed e ra l R eserv e B a n k
Rank of Wash Ilts.
Colonial Bank____
International Bank
N orth Side, Rklyn
T r u s t C om pa n ies
N o t M e m b e r s o f th e
F e d e ra lR es erv e B a n k
Hamilton Tr.Bkln.
M ech Tr,B ayonne.
500
T otal......... ..........
200
1,018
465
700
1,513 17,086
5,500
Grand aggregate..
Comparison prevlo us week
9,836 120,157
— 329
5,733 10,994 a97,474 15,371
585
— 503 — 1,074 — 1,455 + 217 — 4,000
G r’d
Gr’d
G r'd
G r’d
9,836 120,480
9,830117,056
9,836 117.014
9,836110,290
0,236
0,027
5,892
5,789
aggr,
aggr,
aggr,
aggr,
Jan. 10
Jan. 3
D ec. 27
D ec. 20
5,500
5,500
5.500
5,600
12,008
11,008
11.113
11,384
98,929
95,785
90,240
96,873
15,154
15,091
13,918
13,602
589
691
593
691
* U. S. deposits deducted, $1,018,000.
Rills payable, rediscounts, acceptances and other liabilities, $8,950,000.
Excess reserve, $1,284,290 decrease.
P h ila d elp h ia B a n k s.— Tho Philadelphia Clearing House
statement for tho week onding Jan. 17 with comparative
figures for tho two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
aro 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with the Federal Reservo Bank. “ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of tho Federal Reserve system the reserve
required is 1 5 % on domand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
1V k . en d in g J a n . 17 1920.
10
1920.
Jan.
T w o c ip h e r s
(00) o m itt e d .
C a pital___________________
Surplus and profits........... ..
Loans, dlac’ ts A Investm'ls
Exchanges for cle a r. House
Duo from banks__________
Rank deposits____________
Individual deposits_______
Tim e deposits____________
Total deposits......................
U . S. deposits (not Included)
Res’ ve with Fed. Res. Bank
Ros’ ve with legal deposit’s.
Cash In vault*......................
Total resorvo A cash h e ld ..
Reserve required__________
Excess res. & cash in vault.
M em bers o f
F .R . S ystem
830,075,0
83,821,0
758,538,0
29,935,0
133,088,0
152,281,0
520,710,0
V
?
T ru st
C os.
84,000,0
11,094,0
34,400,0
747,0
15,0
285,0
19,927,0
7
7
3
1920.
Jan.
T o t a l.
$34,075,0
94,915,0
793,004,0
30,682,0
133,703,0
152,566,0
540,037,0
7,950.0
701,153,0
29.779.0
53.700.0
2,718,0
14,331,0
70.S09.0
54,121,0
10,088,0
$34,675,0
94,930,0
790,170,0
27,717,0
128,206,0
152,057,0
535,204,0
7,001,0
694,802,0
38.037.0
55.895.0
3,188,0
15,094,0
74,777,0
54,374,0
20,403,0
$34,675,0
95,550,0
778,882,0
41,042,0
142,713,0
147,902,0
551,193,0
0,779,0
705,934,0
30.884.0
53,700,0
53.340.0
2,718,0
3,212,0
13,381,0
950,0
10,616,0
07,141,0
3,008,0
73,108,0
51,129,0
2,992,0
52,691,0
1 0 ,012,0
670,0
20.477,0
♦Cosh In vault Is not counted as reserve for Federal Reserve Rank members.
Member B an k s of th e Federal Reserve System .— Following is the weekly statement issued by tho Federal Reserve
Board giving tho principal items of the resources and liabilities of the Member Banks. Definitions of the different items
In tho statement were given in the statement of Deo. 14, 1917, published in the “ Chroniclo” Doc. 29 1917, pago 2523.
STATF.M ENT S H O W IN G P R IN C IP A L R E SO U R C E S AN D L IA R IL IT Y ITEMS O F MEMRER R A N K S LO C A T E D IN C E N T R A L RE SE R V E A N D O T H E R
SE LE CTE D C IT IE S AS AT C L O SE O F BU SIN ESS JA N 9 1920.
Withdrawals In some volume of demand and time deposits, following tho
large gains under those heads tho week before, accompanied by a moderate
lncrcaso In tho holdings of Treasury certificates and In total loans and invastmonts exclusive of rediscounts, aro Indicated by the Federal Reserve
Board's weekly statement of condition of Jan. 9 of 798 member banks In
leading cities.
As against declines of 4.5 millions In United States bonds and of 3.2
millions In Victory notes held, tho banks report an increase of 30.6 millions
In Treasury certificate holdings. War paper on hand, exclusive of redis
counts, fell off 17.6 millions, while loans secured by stocks and bonds show
an aggregate decline o f 37.3 millions and a slightly larger decline for the
member banks In Now York City. All other loans and Investments, ex
clusive of rediscounts, went up 64.9 millions In the aggregate, notwith
standing a decrease under this head of 16.7 millions reported by the New
York City banks.
During tho week under review reporting banks decreased tho amount of
their collateral notes discounted with tho Federal Reserve banks by 116.®
millions, and tho volume of paper rediscounted with the Federal Reserve
banks— by 24.5 millions. The total volume of war paper held under dis
count for all reporting banks by tho Federal Reserve banks on Jan. 9 was
1.088.8 millions, or about 80% of tho total, while tho amount of mercantile
paper proper held under discount for these banks was 640.6 millions, or
over 8 8 % of tho total held under discount by Federal Reserve banks for
all member banks.
Government deposits show an increase for tho week of 4.5 millions, while
other demand deposits (net) declined 94.2 millions (95.6 millions in New
York City alone), and time deposits 14.9 millions. Reserve balances with
the Federal Reserve banks show a reduction of 41.3 millions for all reporting
banks, the New York City banks alone reporting a decrease under this head
of 60.7 millions.
Cash in vault shows a total decrease of 23.7 millions,
though tho New York City members report slightly larger cash holdings
than the week before.
343
THE CHRONICLE
1.
T h ree
cip h er s
(000)
o m itte d .
D ata fo r a ll r e p o r t in g b a n k s In e a c h d is t r ic t .
B o sto n .
N ew York
N um ber o f reporting banks_________
U . 8 . bonds to secure circulation___
Other U . 8 ., lncl. Liberty bonds___
U. 8 . V ictory notes.............................
U . 8 . certificates of indebtedness___
46
$13,111
14,150
7,725
48,261
T otal U . 8 . securities_____ _____
Loans and Investments, exclusive of
bills rediscounted with F . R .
and other banks:
Loans sec. b y U. 8 . war obllgat'n .
Loans sec. b y stocks and bonds.
All other loans and Investments.
Reserve balances with F . It. B ank.
Cash In v a u l t .. .......................... ........
N et demand deposits...........................
Tim e d ep osits-......................................
Governm ent deposits.................... ......
Bills payable with F. R . Bank:
Sec. b y U . 8 . war obligations____
A n oth er.................... .........................
Bills rediscounted with F . R . Bank:
Sec. b y U . 8 . war obligations____
A n o th e r..............................................
2.
(000)
C le v e l a n d .
56
$11,097
28,947
11,883
68.393
90
$41,841
61,352
24,589
60,514
R lc h m ’ d .
A tla n ta .
82
$26,296
37,121
11,511
27,566
Three ciphers (000) om itted.
C h ic a g o .
47
$14,015
29,425
7,682
41,360
S t . L o u i s . M l n n e a p . K a n . C ltv
D a lla s.
35
$7,120
10,495
2,718
18,952
82
$14,067
24,928
6,215
20,652
44
$19,573
18,514
3,781
30,775
$83,247 $785,809 $120,320 $188,296 $102,494
$92,482 $248,520
$67,368
$39,285
$65,862
$72,643 $158,549 $2,024,875
$44,116
204,534
675.049
80,870
24,243
800,456
130,701
47,433
$510,240
1,515,711
3,357,857
648,912
140,736
5,125,440
393,580
330,559
$96,623
210,889
499, ISC,
68,864
19,533
677,203
22,844
49,422
$87,822
347,799
796,051
92,223
35,153
830,301
329,338
41,519
$37,031
112,784
345,478
40,453
20,965
369,475
98,348
7,538
$24,705 398,537
52,182 482,510
358,309 1,401,994
37,169 204,087
15,586
72,757
323,905 1,441,313
123,167 567,733
15,645
61,191
S30.571
157,659
324,812
49,897
11,365
380,368
114,094
23,249
$15,213
31,652
253,910
24,430
10,130
246,880
60,371
6,861
$21,015
75,667
469,712
48,253
16,235
469,535
86,448
7,770
$7,352
31,605
218,884
27,860
11,555
250,498
30,129
17|560
18,676
323,346
69,012
74,647
55,125
575
45,510
510
94,898
21,587
12,0 21
27,223
5,557
11,673
............
36,335
495
10,318
18,757
3,708
18,091
6,409
93,171
1,827
40,405
3,366
43,127
313
4,742
1,922
23,414
53,012
47,320
$48,886
269,161
97,577
370,185
123,795
257,838
79,069
26,069
10,390
39,074
4,533
21,346
02
798
$268,650
033,270
234^935
888i014
$34,605
58,307
12,070
5 2 ’961
$29,437 $ 1 ,002,002
130,341 3^353,333
736 >96 9,438,338
73,992 1,403,010
29,472
407,730
599,576 U ,514i950
353,099 2,318,852
2L 998
633,745
790,053
100
298,662
6331360
D a ta fo r B a n k s in F ed era l R e se rve B a n k a n d B r a n ch C itie s a n d A ll O th e r R e p o r t in g B a n k s.
Jan.
T otal U . 8 . securities..................
Loans and Investments, excl. of
bills rediscounted with F . R .
and other banks:
Loans sec. b y U . 8 . war obllg.
Loans sec. b y stocks and bonds.
All other loans and investments
Reservo balances with F . R . bank
Cash In vault____________ ________
N et demand deposits..... .................
Tim e deposits...................................
Government deposits____________
Bills payable w ith F. R . Bank:
Secured b y U . 8 . war obllgat’ ns
All other___________ _____ _____
Bills rediscounted with F. R . B ’ k:
Secured b y U . 8 . war obllgat'ns
All other_____________________ _
R a tio of TJ. 8 . war securities and
war paper t o total loans and
Investments, per cent__________
T o ta l.
35
$17,178
19,662
4,752
25,776
York.
C h ic a g o .
A l l O th er
R e p o r t in g B a n k s .
A l l F . R .B a n k C i t i e s . F . R . B r a n c h C i t i e s .
T o ta l.
o m itte d .
N um ber o f reporting banks............
U. S. bonds to secure circulation.
Other U . S. bonds, lncl. Lib. bd s.
U . 8 . Victory n o t e s ......................
U. S. certificates of Indebtedness.
San F ra n .
107
$20,861
61,214
43,826
122,619
N ew
T h ree c ip h er s
P h ila d e l.
112
[V o l . 110
9.
Jan. 2.
71
$39,190
238,446
87,320
347,390
71
$39,190
240,863
87,236
332,072
$712,346 $699,361
481,088 481,621
1,363,675 1,402,520
2,994,904 3,011,587
608,772 669,481
125,979
123,660
4,669,929 4,765,497
305,029 311,818
320,364 323,851
Jan.
9.
Jan.
50
$1,439
27,863
19,050
49,545
2.
Jan.
9.
Jan.
2.
Jan.
50
276
276
$1,440 $101,618 $101,838
25,755 373,317 372,568
19,358
134,138
135,813
53,599 600,684 568,319
0.
187
$70,569
137,953
54,315
183,296
Jan.
2.
Jan.
187
$70,569
140,391
55,168
184,835
9.
Jan.
335
$96,469
122,006
46,482
.104,034
2.
Jan.
335
$96,382
124,757
47,142
104,201
9.
798
$268,650
633,276
234,935
888,014
2.
Jan.
Jan.
798
$268,789
637,716
238,123
857,355
1 0 ’ 19
760
$263,184
797,901
1,300,888
$97,897 $100,152 1,209,751 1,178,538 $446,133 $450,963 $368,991 $372,482 $2,024,875 $2,001,083 $2,362,063
69,726
382,557
814,253
141,418
42,130
994,785
258,882
30,088
74,433
384,854
780,952
141,843
44,707
986,118
261,407
36,864
771,564
2,492,170
5,974,930
1,032,793
242,330
8,093,535
1,135,334
510,486
784,004
125,288
129,501
105,810
106,663 1,002,662 1,020,168 1,165,451
2,550,231
451,268 445,846 409,895 394,569 3,353,333 3,390,646)
5,937,965 1,792,291 1,784,663 1,672,017 1,660,811 9,438,338
,4 1 ! 10,131,141
1,078,990 200,667
196,352
169,550
168,943 1,403,010 1,444,285 1,295,723
217,693
76,754
84,983
88,646
431,436
■I 11,608
98,760
407,730
8,188,739 1,712,521 1,712,332 1,70S,894 1,708,176 11,514,950 11,009,247 10,000,502
1,156,044 647,424
642,363 536,094 635,400 2,318,852 2,333,807 1,565,326
607,430
79,368
77,479
43,891
499,022
44,292
633,745
629,201
286,359
361,770
45,570
53,716
496,833
1,419
607,246
2,418
194,335
4,668
197,660
4,098
98,885
1,150
101,872
615
790,053
7,237
006,778 j
7,131
880,280
119,469
246,678
117,870
219,776
2,710
72,518
2,133
95,157
259,967
502,696
260,685
520,954
18,881
73,766
21,923
72,295
19,814
56,898
20,491
60,243
298,662
633,360
303,099 j
053,402
440,707
20.8
20.4
12.2
12.9
18.0
17.8
17.8
18.1
14.8
15.1
17.4
17.4
23.9
T h e Federal Reserve B a n k s.— Following is the weekly statement issued by the Federal Reserve Board on Jan. 16:
Further reduction In Federal Reserve note circulation as against a
considerable Increase In reserve deposits Is indicated in tho Federal Reserve
Board’s weekly bank statement issued as at close o f business on Jan. 16
1920. The return movement o f Federal Reserve notes since the beginning
of the year has caused a net decrease o f about 159 millions o f Federal
Reserve notes in circulation, compared with a net decrease o f about 146
millions during the corresponding period in 1919. Tho banks' reservo
ratio, notwithstanding tho large increase In deposit liabilities, shows but
a slight decline from 45.4 to 45.1% .
War paper on hand shows a nominal decrease o f 0.6 million; other dis
counts went up 20.9 millions, while acceptance holdings were about 1
million larger than the week before. Of the total o f 1,351.5 millions of
war paper held 645.1 millions, or 47.7% , was secured by Liberty bonds:
282.6 millions, or 20.9% , by Victory notes, and 423.7, or 31.4% , by
Treasury certificates, as against 49.9, 19.0 and 31.1% o f a total o f 1,352.1
millions of war paper reported tho week before. An Increase of 17.3
millions in Treasury certificates on hand represents the increase in tem
C o m b in e d R
esources and
L ia b il it ie s
Jan.
RESOURCES.
G old coin and certificates_______________
G old settlement fund, F. R . B oard______
G old wttb foreign agencies
op t h e
F
ederal
R
porary certificates hold by sevon Resorvo banks to cover advances to the
Government pending receipt o f funds duo from d e p o s it o r y institutions.
Discounted paper hold by tho Cleveland, Atlanta, Chicago, St. Louis.
Dallas and San Francisco banks includo 119.8 millions of bills discounted
for other Federal Reserve banks (as against 41.9 millions of such bills hold
by four banks the week beforo), whilo acceptance holdings of six Reserve
banks includo 48.2 millions of bankers’ bills purchased from tho Now York
and Boston banks, as against 60.9 millions the week beforo. A ll classes of
deposits were larger than the week beforo. Government deposits Increased
b.y millions, reserve deposits, apparently as the result of considerable rodemptions on Jan. 15 or Treasury certificates, increased 93.3 millions, and
other deposits (including foreign government credits) 11.4 millions. The
rioat carried by the Federal Reserve banks shows an incrcaso for the week
? £
lllions. As the result— net deposits work out at 103.2 millions more
than the week before. Gold reserves increased 2.5 millions, while total cash
reserves show a gain of 2.2 millions, gold deposits by tho Treasury being in
excess of tho aggregate of export withdrawals and sales of gold held abroad.
eserve
B anks
at
the
C lose
op
B u s i n e s s J a n . 16 1920
16 1920. J a n . 9 1920. J a n . 2 1920. D e c . 26 1919. Dec. 19 1919. D e e . 12 1919. Dec. 5 1919. N o v . 28 1919. Jan . 17 1919i
$
212.119.000
456.260.000
120.323.000
$
220.301.000
380.263.000
123.322.000
$
239.009.000
363.723.000
131.320.000
$
229.445.000
352.785.000
134.320.000
$
241.325.000
399.935.000
137.717.000
3
243.148.000
404.066.000
i.in iitn nnn
$
234.622.000
428.812.000
09ft nnn
lion
o 2 ,udd,UUU
3
235.348.000
440.2.86.000
135.096.000
S
334.696.000
387.572.000
5,828,000
T otal gold held b y banks_____________
788,702,000 723.886.000 734.652.000 716.550.000 778,977,000 788,124,000
790,309,000 811,330,000 728,096,000
G old with Federal Reserve a g e n t s . . . . . . . 1,136,326,000 1,209,508,000 1,205,596,000 1,240,032,000 1.201,054,000 1,188,343,000 1,172,191,000 X
1 i iX'fto
.iq ,79
i ,uuu
nnn 1,289,105,000
/ 2*1
122.367.000
G old redemption fund___________________
1 AO,
1 R 7n.t
nnn
i *iq ftW7,U
nnn
118,850,000
107.977.000
121.850.000 115,182*000 ’ m i s s L o o o
A
/ U'S.U
UU 153,08/
UU
85,368,000
T otal gold reserves____________________ 2,043,878,000 2,041,371,000 2,062,616.000 2,078,432,000 2,095,813,000 2,096,288,000 2,087.264,000 2,093,641,000 2,102,569,000
Legal tender notes, silver, A o ____________
58,657,000
ftft Q0 1 nnn
60,403,000
60,728,000
57,104,000
64,117,000
59,098,000
66 ,020,000
67,594,000
T otal reserves_________________________ 2,104,281,000 2,102,099,000 2,121,272,000 2,135,536,000 2,154,911,000 2,160,405,000 2,154,095,000 2,169,660,000
2,170,163,000
Sills discounted:
Secured by G o v t, war obligations_____ 1,351,454,000 1,352,085,000 1,484,262,000 1.510,364,000 1,414,950,000 1.688,417.000 1,603,313,000 1,736,033,000
1,347,088,000
170
1
7
a
nnn,
All other______________________________ 748.611.000 727.670.000 746.925.000 684.514.000 680
kiu 70ft
nnn
107 ,U
O17U
OO 550,999,000 0U4,
VOU, 1U4
/ UO,UuU 4 /0 ,1 /0,vUU 254.263.000
Bills bought In open m arket_____________
R ij 9 io nnn WOtOlWivVv
40ft ftOft nnn 273.607.000
575.675.000 574.722.000 574.631.000 685.212.000 566,266,000 641.651 !000
T otal bills on h and_______ __________ _ 2,675,740,000 2,054,477,000 2,805.818,000 2,780,090,000 2,561,378,000 2,680,967,000 2,622,327,000 2,709,804,000
1,874,958,000
on qq i nnn
■in
o i7 nnn
IT M Government howls
97
nnn
9ft
8*ift non
2 fl
non
*, 1,UOO,U
V/U
a
Q,OOU,UUU
#D|OM,UUU
20,o47,UUO
26,846,000
26,848,000
26,848,000
28,571,000
U. 8 . Victory N o te s ___________________
64,000
64,000
264,000
04,000
54,000
64,000
54.uno
57,000
349,090,000
U. 8 . certificates of Indebtedness_______
319,684,000 302,406,000
273,507,000 303,558,000 273,219,000 283,863,000 288,032,000 271,173,000
All other earning assets__________________
4,000
T otal earning a s s e t s . . ____ . . . 3,022,524,000 2.983.983.000 3.181.808.000 3,080,495 000 o6.0
roil.OvQfvUv
a**ft non 2
qri iwu/
ns7 ,uuu
nnn 9 o i l nQ9 nnn 9 n94 7A i nnn 2,174,706,000
■ l"01
10.369.000
Bank premises---------------------- ----------------10.461.000
10.410.000
13,002!000
12.980.000
12.985.000
12.896.000
12.878.000
8.083.000
Uncollected Items and other deductions
from gross deposits___________________ 1,116,852,000 1.021.690.000 1.171.778.000 1.075,100,000 1.140.224.000 983.527,000 920,299,000 1,013,420,000 816,914,000
13.130.000
6% redomp fund agst. F . R . bank notes
13.254.000
12.865.000
13,237,000
13.333.000
12.961.000
12.696.000
12.671.000
6.531.000
\ii
other ircpourcefl
1 1 n x /inn
q 07/1 /inn
A
IA UVUvl
I.CUUI vVXJ. . . . . . . . . . . . . . . . . . . .
5,733,000
5,241,000
5,463,000
8,062,000
ll,ol4,UUU
o,270,UUU
8,328,000
0,059,000
10,796,000
Total resources______ _________________ 6,272,446,000 6,136,683,000 6,504,090,000 6,325,432,000 6,224,604.000 0,159,241,000 6.041,396,000 6,230,041,000 5,187,193,000
L IA B IL IT IE S .
Capital paid In_____________ . . . . . . . . . . .
87,529,000
87.433.000
87.451.000
R7 nn9 nnn
Rft Q7*i
nnn
Q7,UUI
nm ,uuu
nnn
87,339 000
87 049 000
oo,w
/ O,uuu
o#
80,510,000
« i 1107 ,uuu
nnn
S u rplu s.._____ _______. . . . . . . . . . . . . . . . .
120,120,000 120,120,000 120,120,000
'l
l 9 to nnn
sa ia ,va/
0S7 ,u
non
R1
nS7 ,uuu
nnn
81,087|000
81 087,000
w
ox ,uo/
OlfUcW
24,758,000
Government deposits____________________
34,698,000
38.920.000
on 70R
nnn
27.798.000
so
ftU
(Vi
nnn
qq
nnn
72,357,000
64 459 000
Otf ,O
>) |V
UV
UO, li oft7
t ,uuu
OV,(
UO,U
UU
48,996,000
Due to members, reserve account_______ 1,943,561,000 1,850,219,000 1,922,800,000 1.786,874,000 1,733!013!000 1,817,400,000 1,830,037,000 1,844,434.000 1,694,960,000
Deferred availability Items______ ________
849.854.000 763,146,000 944.884.000 822,680,000 848.007.000 759.654.000 717
Rft9 nnn O
ma
i ,**oO,UUU
4 *ift nnn 537.205.000
OX
/ A/ |00«,UU(J
Other deposits, lncl. for. G ov t, cre d its..
107.800.000
116.307.000
96.425.000
97,659,000
105.069.000 103.488.000
98.798,000
04,133.000
128.236.000
Total gross d e p o s i t s ............................... 2.935.913.000 2.737.588.000 3.022.911.000 2.779.670.000 2.751.148.000 2.709.951.000 2,681,820,000 2.902.825.000 2.409.397.000
if. R . notes In actual circulation________ 3.849.879.000 2.914.368.000 2.998.992.000 3.057.646.000 1.988.894.000 2.907.435.000 2,881,359,000 2.852.277.000 2.513.089.000
't R . bank notes in circulation— net llab.
258,482,000 259,099,000 258,661,000 261,039.000 259,975,000 268,444,000
125,011,000
267,480.000 256,793,000
kk *
joo non
Ml other liabilities_______________________
lift 7ai
nnn
ft
ft ,‘ftO
4ft i1,uuu
nnn
ftn nftu nnn
20,523,000
16,073,000
18,057,000
VO,
/ ox ,uuu
OU
OU,Uvo,UUU
36 *4 4 8 ,0 0 0
62,677,000
total.liabilities............................................ 8,272,446,00016,138,683,000 6,604,090,000 0,325,432,000 6,224.604.000 6,159,241,000 6,041,300,000 6,230,041,000 5,187,193,000
THE CHRONICLE
Jan . 24 1920.]
Jan.
343
10 1920. J a n . 9 1920. J a n . 2 1920. D e c . 26 1919. D e c . 19 1919. D e c . 12 1919. D e c . 5 1919. N o v . 28 1919. J a n . 17 1919.
Ratio o f gold reserves to net deposit and
43.8%
45.4%
42.6%
43 6 %
45.6%
44.7%
45.0%
44.2%
52.8%
45.1%
45.4%
43.7%
44.8%
46.8%
46.0%
46.4%
45.5%
52.9%
51.5%
51.5%
49.5%
50.3%
53.2%
52.8%
53.7%
52.5%
64.2%
Ratio ol total reserves to net deposit and
Ratio ol total reserves to F . R . notes In
circulation after setting aside 35%
S
8
3
$
S
S
3
S
$
55,743,000
89.003.000
115,440,000
103.555.000
123,248,000
82.562.000
116.925.000 123.727.000
78.472.000
1-15 days bills bought In open m a rk e t..
1-15 days bills discounted........................ 1,386,691,000 1,433,979,000 1,477.607,000 1.484,790,000 1,328,059,000 1,490,897,000 1,470,085,000 1,582,690,000 1,283,297,000
146,815,000
15.745.000
52,457,000
30.235.000
39,889,000
85,606,000
48,578,000
22.158.000
29.075.000
1-15 days U . 8 . certlf. of Indebtedness..
D is t r ib u t i o n bv M a t u r i t i e s —
101.103.000
172.077.000
2,574,000
103,'643’,666
150,000,000
3.151.000
104.217.550
238.153.000
3,000,000
100,060*665
244.890.000
4.865.000
106.219.000
134.643.000
2.072.000
128.987.000
116.113.000
9.221.000
116,662,000
125.005.000
13,242,000
85.690.000
135.642.000
13.012.000
63.689.000
92.171.000
25,000
237,305,56'
323.307.000
11,850,000
237.367.000
312.265.000
7.797.000
2*06",406*.665
341.395.000
6,607,000
209,278*066
292.715.000
3.940.000
188,830*666
362.091.000
6 .221.000
187,068*666
322.128.000
6.651.000
1*8*5*,80*2*666
298.600.000
8,454,000
2*dl*,297*o6o
293.789.000
14.158.000
1*60,74*1*,666
129,955,000
1,030,000
121.761.000
196.111.000
6,600,000
i3 d .iw .6 6 6
160.942.000
8.326.000
147,083,666
153,103,000
7,989,000
15*2*.*1*47*560
152.125.000
10.715.000
147,969,666
151.465.000
9,029,000
147.024.000
191.451.000
8,630,000
129.193.000
189.634.000
0,289,000
117.339.000
183.448.000
17,324,000
53.434.000
68.381.000
16,000
21,879,000
246,203,000
22,554,000
243,243,000
20,929,000
245,888.000
20,858,000
238,242,000
18,854.000
237,658,000
18,827,000
226,659,000
18,724,000
226,793,000
2,226,000
18.640,000
213,303,000
10-30 days bills bought In open m a rk e t..
10-30 days U . 8 . certlf. of Indebtedness..
10-30 days municipal warrants__________
81-00 days bills bought In open m a rk e t..
81-00 days U . S. certlf. o f Indebtedness..
01-00 days bills bought In open m a rk e t..
01-90 days U . 8 . certlf. o f Indebtedness..
O ver 90 days bills bought In open market
O ver «0 days certlf. of Indebtedness____
O vor 90 days municipal w arrants______
F e d e r a l R e ser v e N o t e s —
27,354,000
123,287,000
4,000
3,177,290,000 3,244,314,000 3,291,342,000 3,292,098,000 3,220,560,000 3,148,740,000 3,108,377,000 3,059,652,000 2,770,301,000
327,411,000 329,946,000 292,350,000 234,452,000 231,666,000 241,305,000 227,018,000 207,375,000 257,328,000
2.849.879.000 2.914.368.000 2.998.992.000 3.057.646.000 2.988.894.000 2.907.435.000 2.881.359.000 2.852.277.000 2.512.973.000
F e d . R e s . N o t e s ( A g e n t s A c c o u n t s )—
Recolved from tho C om ptroller__________ 6.163.780.000 6.152.300.000 6.124.340.000 6.060.280.000 6,000,260,000 5.929.780.000 5.869.780.000 5.810.500.000 3.938.240.000
Roturned to tho Com ptroller____________ 2.596.262.000 2.549.149.000 2.504.545.000 2,483,069,000 2.454.972.000 2.431.607.000 2.404.841.000 2.379.085.000 775,134,000
Am ount chargeable to Fed. Res. agent 3,567,518,000 3,603,151,000 3.619.795,000 3,577,211,000 3,545,288,000 3,498,113,000 3,464,939,000 3,431,415,000 3,163,106,000
390,228,000 358,837.000 328,453,000 285,113,000 324,728,000 349,373,000 356,562,000 371.763,000 392,805,000
Issued to Federal Rescrvo banks______ 3,177,290,000 3,244,314,000 3.291,342/100 3,292,098,000 3,220,560,000 3,148,740,000 3,108,377,000 3,059,652,000 2,770,301,000
H o w S ecu red —
242.148.000 248.148.000 244.148,000 244,148,000 244,648,000 244,848,000 249,648,000 236,248,000 249,707,000
By gold coin and certificates___. . . _____
B y eligible paper________________________ 2 .M 0 .9M ,000 2,034,806*,666 2,085,746,000 2,052,066.000 2,018,906,000 1,960,397,000 1,936,186,000 1,910,928,000 1.481,196,000
80,598,000
99,461,000
00,489,000
96,105,000
105.786.000
1 0 1 . 120,000 103.575.000 1 1 0 ,000,000
98,158,000
798.073.000 855.574.000 860.328,000 892.309.000 847,006,000 853,000,000
824,385,000 813,015,000 958,800,000
T o t a l ........................................................... 3,177,290,000 3,244,314,000 3.291.342,000 3,292,098,000 3,220,560,000 3,148,740,000 3,108,377,000 3,059,652,000 2,770,301,000
Eligible paper delivered to F .R . A g e n t.. 2,614,659,000 2,590,549.000 2,730,662,000 2,711,898,000 2,494.034 .000 2,616,646,000 2,536.068,000 2,618,530,000 1,813,066,000
W E E K L Y STATE M EN T O F RE SO U R CE S AN D L IA B IL IT IE S O F EA CH O F TH E 12 FE D E RA L RE SE RVE B A N K S A T C L O SE O F BU SIN ESS JA N . 16 1920
Two ciphers (00 ) omitted.
Boston.
RESOURCES.
Gold coin and certificates_______
Gold Settlement Fund. F . R . B ’d
Gold with Foreign Agencies_____
S
8,903,0
47,525,0
8,784,0
Total gold held by banks............
Gold with Federal Reserve agents
G old redemption f u n d . . . ___. . . .
65,212,0
76,761,0
17,555,0
N ew
York.
PhUa.
s
Cleveland. Richmond Atlanta.
Chicago. St. Louis. M imieap. Kan.CUp.
Dallas.
San Fran.
$
$
T o ta l.
1,383,0
31,166,0
9,626,0
S
2,472,0
23,666,0
5,896,0
8,331,0
24,041,0
4,332,0
S
24,278,0
88,448,0
14,318,0
$
124,643.0
94,198,0
44,158,0
S
12,069,0
41,205,0
9,867,0
2,853,0
22,359,0
5,655,0
S
7,359,0
18,018,0
3,249,0
5
340,0
26,607,0
5,775,0
6,448,0
11,588,0
3,128,0
262,999.0
284,286,0
25,000,0
42,175,0 63,141,0
78,583.0 120,723,0
12,354,0
1,192,0
32,034,0
44.587,0
6,619,0
36,704,0 127,044,0
55,288,0 213,020,0
6,828,0 22,910,0
30,867,0
53,879,0
7,536,0
28,806,0
34,703,0
792,0
32,722,0
38,100,0
5,452,0
21,164,0 45,834,0 788,702,0
33,014,0 103,382,0 1,136,326,0
118,850,0
3,146,0
9,466,0
Total gold reserves...................... 159,528,0
4,641,0
Legal tender notes, silver, & o____
572,285,0 133,112,0 185,056,0
422,0
910,0
45,638,0
83,240,0
204,0
98,820,0 362,974,0
2,278,0
1,103,0
92,282,0
2,934,0
64,301,0
62,0
76,274,0
287,0
57,324,0 158.682,0 2,043,878,0
60,403,0
453,0
1,471,0
164,169,0
617,923,0 133,534,0 185,966,0
83,444,0
99,923,0 365,252,0
95,216,0
64,363,0
76,516,0
58,795,0 159,135,0 2,104,281,0
108,935,0
47.574.0
34.500.0
419,804,0 163,582,0 105,025,0
288.505.0 31,442,0 39.160.0
6,065,0 63.791.0
212.295.0
73,752,0
22.156.0
11.205.0
80,733,0 176,432,0 62,032,0
18,358,0 117.160.0 33.683.0
9,662,0 84.118.0 15.668.0
20,519,0
44,868,0
8,409,0
33,262,0
58.488.0
14.013.0
5,2021,0 55,357,0 1,351,454,0
10,617,0 36,600,0 748.611.0
6,256,0 109,693,0 575.675.0
191,009,0
539,0
73,796,0 105,763,0
116,0 • 8 ,868,0
68,894,0 201,650,0 2,675,740,0
27,036,0
2,632,0
3,966,0
26,074,0
920,601,0 201,089,0 207,976,0 107,113,0 108,753,0 377,710,0 111,383,0
1,457,0
1,385,0
1,153,0
833,0
1,235,0
375,0
4,477,0
10,0
50,0
4,0
71,211,0 31,098,0 34,521,0 17,260,0 15,665,0 52,921,0 17,281,0
217,622,0
1,108,0
993,322,0 233,572,0 243,340,0 125,608,0 124,797,0 435,108,0 129,817,0
500,0
640,0
3,094,0
553,0
480,0
356,0
2,116,0
86,467,0 135,411,0
500,0
462,0
All other_____________________
Bills bought In open market (b ).
U . 8 . Government b o n d s ______
U . S. Government Victory bonds
U . 8 . certificates of Indebtedness
duoitons from gross d ep osits..
redemption fund against
0%
All other resources______________
S
87,310,0
268,237,0
95,285,0
86,507,0
87,512,0
1,072,0
534,0
2,832,0
1,137,0
1,475,0
421,0
1,166,0
470,0
643,0
482,0
$
50,535,0 141,810,0
803,0
149,0
1,692,0
599,0
12,555,0
20,780,0
74,553,0
23,480,0
88,544,0
725,0
282,0
276,0
160,0
958,0
507,0
8,300,0
12,860,0
27,439,0
5,535,0
12,018,0
$
212,119,0
456,260,0
120,323,0
319,684,0
81,160,0 216,300,0 3,022,524,0
10,461,0
231,0
421,0
Mb
60,044,0 53,035,0 1,116,852,0
*
12,865,0
5 5 8 ,a
665,0
5,463,0
388,0
334,0
Total resources............................. 471,815,0 1,886,545,0 464,787,0 518,089,0 298,242,0 276,687,0 946,577,0 300,949,0 175,246,0 302,443,0 201,366,0 429,700,0 6,272,446,0
LIA B IL IT IE S .
87,529,0
3,090,0
7,887,0
4,081,0
5,797,0
9,533,0
4,021,0
3,145,0
7,105,0
22,393,0
4,397,0
3,435,0 12,375,0
12 0 , 120,0
3,569,0
8,805,0
3,724,0
6,116,0
7,539,0
8,359,0
9,0,89,0
5,820,0
3,030,0
45,082,0
4,695,0 14,292,0
34,698,0
2,878,0
5,128,0
333,0
898,0
2 11,0
2,559,0
5,969,0
309,0
1,297,0
9,076,0
4,357,0
1,683,0
D ue to members, reserve account 125,004,0 767,364,0 103,674,0 141,491,0 62,204,0 60,038,0 276,090,0 70,869,0 55,167,0 91,902,0 65,797,0 123,961,0 1,943,561,0
181,977,0 80,854,0 72,886,0 72,758,0 40,731,0 109,912,0 59,720,0 18,049,0 71,842,0 33,427,0 33,531,0 849,854,0
Deferred availability Items______ 74,167,0
107,800,0
2,681,0
8,237,0
4,183,0
4,124,0
5,462,0
50,112,0
6,937,0
3,717,0
2,317,0
6,041,0
2,735,0 11,236,0
All other doposlts_______ _____ _
Total gross deposits___________ 206,110,0
F. R. notes In actual circulation. 228,164,0
F. R. bank notes In circulation
— not liab ility.............................. 20,859,0
1,218,0
All othor liabilities...........................
999,762,0 195,643,0 221,525,0 139,976,0 107,861,0 398,921,0 139,900,0
757,906,0 222,140,0 254,607,0 135,493,0 144,704,0 477,493,0 136,621,0
52,068,0
9,334,0
28,8.84,0 22,140,0
1,42.8,0
1,195,0
12,040.0
516,0
15,502,0
490,0
41,272,0
2,224,0
15,925,0
698,0
76,230,0 170,445,0 110,617,0 168,923,0 2,935,913,0
83,474,0 101,485,0 73,648,0 234,144,0 2.S49.879,0
8,303,0
580,0
19,483,0
893,0
10,141,0
515,0
11,865,0
1,432,0
258,482,0
20,523,0
Total llaollltles............................ 471,815,0 1,886,545,0 464,787,0 518,089,0 298,242,0 276,687,0 946,577,0 300,949,0 175,246,0 302,443,0 201,366,0 429,700,0 6.272,446,0
Memoranda— Contingent llaolllty as endors or on:
Discounted paper rediscounted
119,784,0
5,000,0
79,500,0 25,434,0
9,850,0
Bankers' acceptances sold to
27,364,0
27,364,0
(a) Includes bills discounted for
119,784,0
9,500,0
17,814,0 10 ,000,0
2 2 ,000,0 47,500,0 12,970,0
( 8) Includes bankers' acceptances bought fr om other F. R . banks:
27,364,0
7,134,0
15,165,0
5.065.0
20,817,0
1,444,0
406.0
5.036.0
1 .992,0
11,939.6
W ithout their endorsement___
..........
.............
* Includes Government overdraft of J204.000.
STATE M EN T O F FE D E RA L R E SE RVE A G E N TS AC CO U N TS AT C L O SE O F BU SIN ESS JA N . 16 1920.
Two ciphers (00) omitted.
Boston.
New
York.
Phila.
Cleveland. Richmond Atlanta.
Chicago. St. Louis. Minneap. Kan.Citv.
Dallas
San Fran.
Total.
f
S
%
S
S
t
t
%
$
i
S
$
Federnl Reserve notes:
1
Received from Com ptroller___ 479.900.0 2,007,600,0 510.780.0 485.840.0 305.860.0 298,000,0 848.960.0 299.600.0 154,080,0 207,280,0 146,000,0 419.880.0 6.163.780.0
Returned to Com ptroller____ 199.652.0 975,921,0 248.409.0 182.110.0 135.179.0 98,192,0 305.205.0 120.127.0 57,971,0 89,723,0 50,359,0 133.414.0 2.596.262.0
Chargeable to F. R . Agent____ 280,248,0 1,031,679,0 262,371,0 303,730,0 170,681,0 199,808,0 543,755,0 179,473,0
1 1 0 ,000,0 31,000,0 33,540,0 29,748,0 50,710,0 32,110,0 23,900,0
In hands of F. R . Agent______ 35,780,0
Issued to F. R. bank, less amt.
returned to F . R Agent for
244,468,0
redemption:
Collnt'l security for outst’g notes:
Gold coin and ctfs on hand___
G old redemption fund.............. 15,761,0
Gobi Bet'm’ t Fund, F. R. B 'd . 61,000,0
Eligible paper, mln'in required 107,707,0
921.079.0 231,371,0 270.190.0 140,933,0 149,098,0 511,645,0 155.573.0
30.025.0
183.740.0
10,546,0 12.694.0 15.698.0
90,000,0 65.889.0 75,000,0
037.393.0 152,788,0 149.467.0
4,000,0
2.500.0
587,0
2,948,0
3.788.0
7,876,0
44,000,0 49,000,0 205.144.0 46,931,0
96,346,0 93,810,0 298.625.0 101.694.0
96.109.0 117,557,0
10.660.0
8,250,0
95.641.0 286,466,0 3,567,518,0
7,250,0 390,228,0
17.280.0
85.449.0 109,307,0
78.361.0 279,216,0 3.177.290.0
13.052.0
2,351,0
19.300.0
50.746.0
242.148.0
8.831.0
96,105,0
4.699.0 15.917.0
19.484.0 87.465.0 798.073.0
45.347.0 175,834,0 2.040.964.0
3,240,0
34.860.0
71.207.0
244,468,0
Am ount of eligible papor deliv
ered to F. R. A g e n t .. .. .. ......... 191.009.0
F. R notes ou tstan d in g............. 214.408.0
F. R . notes held by bank_______
16,304,0
021,079,0 231,371,0 270,190,0 140,933,0 149,098,0 511,645,0 155,573,0
85,449,0 109,307,0
78,361,0 279,216,0 3,177,290,0
918.288.0 170.301.0 200,026,0 104.031.0 108.599.0 377.457.0 111.383.0
921.679.0 231.371.0 270,190,0 140.933.0 149.098.0 511.645.0 155.573.0
5,440,0
9,231,0 15,583,0
4,394,0 34,152,0 18,952,0
163.773.0
62.782.0 105.712.0
85.449.0 109.307.0
1,975,0
7,822,0
68.894.0 190.177.0 2.614.659.0
78.361.0 279.216.0 3.177.290.0
4,713,0 45,072,0 327,411,0
F. R notes In actual circulation
757,900,0 222,140,0 254,607,0 135,493,0 144,704,0 477,493,0 136,621,0
83.474,0 101,485,0
73,648,0 234,144,0 2.849.879,0
228,164,0
344
THE CHRONICLE
fB a w fu e r s '
(g a z e tte .
Wall Street, Friday Night, Jan. 23 1920.
R a ilro ad an d M iscellan eou s S to ck s.— Announcement
that the Federal Reserve Bank will materially advance its
discount rate, that the car shortage, resulting in an embargo
on East-bound freight at some points, is a serious handicap
to shippers and consignees alike, and a precipitous decline
in European exchange to the lowest figures evor recorded
have had the effect to greatly restrict business at the Stock
Exchange throughout the week. The money market has
been unusually steady and practically without influence as
a factor, in the market for securities. The volume of busi
ness has been the smallest in recent months and, with irregu
lar and varying results, prices have generally fluctuated with
in a narrow range. Indeed the market has been almost
wholly in the hands of professional traders so that the move
ment of prices has practically no significance. Of 13 notably
active railway stocks 7 aro higher, the advance reaching a
full point in only 1 case, and 2 are unchanged. While of 23
active industrials 12 are at a higher level than at the close of
last week.
Of the exceptional features Gen. M otors and A m . Tobacco
are conspicuous for a decline of 11 points, while Crucible
Steel has advanced 8 points and Mexican Pet. and Royal
D u tch .are 5 points higher. Other changes aro, as noted
above, quite unimportant.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
ST O C K S .
W e e k e n d in g J a n .
23.
S a le s
fo r
W eek .
R ange fo r W eek .
L o w e s t.
1919.
R ange fo r yea r
L o w e s t.
H ig h e st.
H i g ie s t .
P a r . S h ares $ p e r sh a r e .
$ p e r s h a re . $ p e r sh a re S p e r s h a r e .
A m Bosch M agn r ig h ts.. 4,80C
Jan 17
5?* Jan 1£ 6
5?* Dec
6
Deo
Am erican E xpress...IO C
30C 96?* Jan 17 97
Jan 21 76?* Sept 103
M ay
Am La France F I0.no p a r 4.20C 14
Jan 17 14K Jan 22
Am er Teleg & C able. 100
Jan 21 52
Jan 21 50
10 52
D ec 63
M ay
Ann Arbor ..................10C 1,90C
Jan 1£ 1 1
Jan 23
9
1
Apr 13V* N ov
Baldwin Locom , pref.10C
50C 101?* Jan 22101?* Jan 22 100
Dec U l? * June
Barnet Leather___n o p a r
Jan 17 90
10C 90
Jan 17 | 94
Dec 10 1
D eo
Jan 21 8
Brunswick Terminal.10C
10C 8
Jan 21
6 ?* D ec 15V* Aug
B u ff R och & P lt t s b ..l0 0
Jan 2C 50?* Jan 20 50
8 50
D ec 72?* Feb
Chic & E 111 pi tr r c c t s ..
Jan 19 6
Jan 19
400 6
3?* D e c 17?* July
100 80?* Jan 23 80?* Jan 23 58
Continental Insur____25
Jan 84 V* N ov
Cuban-Am Sug, prof. 100
Jan 20 106
100 106
Jan 20 1 0 1 ?* Feb 107?* D ec
Durham H osiery_____ 50
301 60
Jan 23 62
Jan 2ii 61?* D ec 63
D ec
Fisher B od y pref____100
100 100
Jan 23 100
Jan 23 91
Feb n o ? * Oct
100 9.3
Gen Clear deben pref 100
Jan 23 03
Dec 101
Jan 23 90
Aug
H omestake M in in g .. 100
400 65
Jan 21 67
Jan 19 60
Oct 100
Feb
200 127
127
200 81 ?*
1 st pref___________ 100
84
Second preferred_____
55 70?.f Jan 19 70?*
Kress (S I I ) & C o, pf.100
100 100K Jan 17 10 0 ?* Jan 17 105
Jan 110
Aug
Loews Incorp____no p a r 14,300 29?*
31?*
M anatl S u g ar............ 100
Jan 17 128'* Jan 23 130
300 128
D ec
D ec 137
M axwell M ot ctfs d ep __
Jan 21 31V* Jan 20 28
200 31
D ec 43
N ov
1 st pref ctfs d e p os it..
300 59 A Jan 19 60?* Jan 23 59
D ec 69?* N ov
2 nd pref ctfs d e p o s it..
500 25 w Jan 22 26
Jan 20 28?* D ec 35?* N ov
M S t P A S S M , prel.100
Jan 22 91
200 90
Jan 22 90
D ec 109?* M ay
Jan 22 100
M ontana Power, pref 100
10 100
Jan 22 100
N ov 106?* Feb
M orris & Essex............50
24 71
Jan 17 71
Jan 17 71?* Jan 72
M ay
Nine Falls Pnw p r e f.. 100
101 10 2 ?*
102 V*
N orfolk & W est, pref. 100
Jan 22 68 ?* Jan 21 66 ?* D ec 76
200 68
July
Plttsb Steel, pref____100
570 9 1 A Jan 19 92
Jan 19 90?* Jan 99?* M ay
Rem ington 1st n r e L .lo i
10 99
Jan 23 99
Jan 23 96?* June 103
D ec
So P orto R ico Sugar. 100
Jan 17 220
100 220
Jan 17 132
Jan 257
Oct
100 43?*
43?* Jan 23
Texas C o full paid rccts.
600 190
193
Receipts 30% p a i d ...
550 193
193
T ex Pac Land T rust. 100
Jan 19 320
Jan 19 180
50 320
Jan 470
M ay
Tidewater Oil rights____
750 2 1 ?*
2 2 ?* Jan 17
Vanadium rights..............
Jan 21
Jan 21
100 1
1
T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y .
S to ck s.
W e e k e n d in g
J a n . 23 1920.
S h a res.
S a tu rd a y __________
504.324
787,505
496,718
445.725
497,776
536,810
$44,366,200
69.005.000
45,143,800
39,462,500
48.284.000
$852,000
1.793.000
1.856.000
2.663.000
1.767.000
2.240.000
3,268,858 $290,467,100
$11,171,000
T h u rsd ay__________
F r i d a y ..... .................
T o ta l____________
R a ilr o a d ,
& c ..
B onds.
P a r V a lu e .
S a le s a t
N e w Y o r k S tock
E xch an ge.
44,206,600
W e e k e n d in g J a n .
19191
1920.
Stocks— N o. shares___
23.
S ta te, M u n .
& F oreion
B onds.
U n ite d
S ta tes
B onds.
$ 1 , 110,000
1.399.000
593.000
1.028.000
1,175,000
912.000
$5,407,000
10.229.000
16.964.000
9.757.000
9.078.000
21,014,500
$6,217,000 $72,419,500
Jan.
1 t o J a n . 23.
1920.
1919.
3,268,858
2,995,799
$29.1.467,100 $284,095,900
15,985,356
$1,420,966,200
9,287,066
38 S2,170,305
$23,800
2,000
B onds.
Government bonds___
State, m un., * c . , bd s.
R R . and m isc. b o n d s ..
$72,419,500
6,217,000
11,171,000
$42,929,000
14,266,000
9.900,500
$220,810,500
Ul.552,000
42,937,500
$129,762,500
50.643.000
33.536.000
T otal bonds................
$'9,737,500
$67,095,500
3283,300X00
$213,941,500
D A IL Y TR A N SA C T IO N S A T T H E BO STON , P H IL A D E L P H IA
B A L T IM O R E E X C H A N G E S.
B o s to n
W e e k e n d in g
J a n . 23 1920.
S h a r es
P h ila d e lp h ia
B o n d S a les
Saturday _________
M o n d a y __________
T u esd a y __________
W ed n esd a y ______
T h u rsd ay................
F r i d a y .....................
10,687
25,193
20,504
21,471
22,451
19,212
$23,700
96,050
86,650
165,500
111,750
T o ta l....................
119,518
$495,65ol
12,000
S h a res
B o n d S a les
AND
B a ltim o r e
S h a res
|B o n d Sales
1,653
7,425
3,779
2,882
3.626
5,251
$31,850
59,650
42,800
23.000
105,600
28.000
2,379
1,960
3,610
3,116
1,998
2,766
$ 6,000
24,616|
3290,900
15,829
$108,800
21,000
35,000
22,700
20,100
4,000
S ta te an d R ailroad B o n d s.— Sales of State bonds at the
board are limited to 85,000 Virginia 6s deferred trust re
ceipts at 55. The market for railroad and industrial bonds
has been somewhat more activo than last week and, in
[Vol . 110
sympathy with the stock market, the tendency of prices
has been downward. Of a list of 25 active issues only 2
have scored a net advance. Inter. M o t. 4 % s havo recovered
a point of their rocent decline and A m . Tel. & Tel. 6s aro
fractionally higher. Other local transactions, soveral of
which have been notably active, have doclinod with the
rest of the list. Some of the B alt. & Ohios and Frisco’s
have led tho downward movement.
U n ited S ta te s B o n d s.— Sales of Government bonds at
the board include only 84,000 4s reg. at 1 0 5 % and tho var
ious Liberty loan issues.
D a i l y R eco rd o f L ib e r t y L o a n P r ic e s . J a n .
F irst L ib e r ty L o a n
f High
3?*s, 15-30 year, 1932-47 ( Low.
(Close
S e c o n d L ib e r ty L oa n
f High
4s, 10-25 year con v, 1942 (L o w .
IClosc
S e c o n d L ib e r ty L oa n
4s, convertible, 1932-47
17 J a n . 19 J a n . 20 J a n . 21 J a n . 22 J a n . 23.
99.00
98.9C
99.DC
144
90.98
90.90
90.9C
143
____
f High
(L o w .
1Close
Total sales In $1,000 units______
T h ir d L ib e r ty L o a n
( High 03.56
4 ?* s of 1928
(L o w .
93.30
(Close 93.42
Total sales In $1,000 u n its ..
1.908
T h ir d L ib e r ty L oa n
(H igh
93.00
4 ?* s o f 1st L L co n v ,’ 32-'47( Low .
92.80
IClose 92.90
Total sales In $1,000 units______
62
T h ir d L ib e r ty L oa n
( High 91.30
4 ? * s o f 2d L L c o n v ,’ 27-'42 (Low .
91.14
1Closo 91.20
Total sales In $1,000 units............
552
F o u rth L ib e r ty L o a n
High 91.26
4?*s o f 1933-38
(J.ow ,
91.14
(Close 91.20
Total sales In $1,000 units______
2 ,10 1
F o u rth L ib e r ty L oa n
( High 100.96
4 ?* s ,ls t LL 2d c o u v ,’32-47( Low. 100.96
IClosc 100.90
Total sales in $1,000 units______
9
V ic to r y L ib e rty L oa n
(H igh
98.50
4?*s conv gold notes.’22-23( Low .
98.46
IClose 98.52
Total sales In $1,000 units............
677
V ic to r y L ib e r ty L oa n
( High 98.54
3 ?* s,conv gold notos, '22-23 (L o w .
98.44
(Closo 98.50
Total sales In $1,000 units______
85
99.00
98.80
98.82
189
90.88
90.6S
90.08
246
92.30
92.18
92.18
72
93.40
93.18
93.20
2,447
93.00
92.60
93.00
74
91.24
91.12
91.20
1,656
91.28
91.14
91.28
3,707
100.80
100.80
100.80
99.00
98.81
98.91
342
90.80
90.71
90.72
468
92.18
92.00
92.00
98.9(1
98.81
98.91
329
90.91
90.74
90.81
227
92.06
92.04
92.01
93.50
93.16
93.30
2,357
92.50
92.36
92.36
72
91.30
91.18
91.24
1,342
91.46
91.20
91.40
3,999
93.50
93.20
93.40
2,396
92.80
92.40
92.80
68
11
68
91.40
91.12
91.30
1,308
91.50
91.20
91.40
3,509
98.96
98.8(
98.90
177
90.86
90 .Of
90.71
210
92.00
91.98
91.98
12
93.30
93.20
93.28
2,649
92.80
92.00
92.00
33
91.30
91.18
91.30
882
91.44
91.26
91.38
3,162
98.98
08.84
98.92
511
90.80
90.60
90.62
115
91.98
91.86
91.86
62
93.20
93.02
93.20
2,447
02.30
92.26
92.20
57
91.18
90.82
90.96
3.036
91.20
91.00
91.14
9,385
1
— -
— -
----
— -
98.54
98.40
98.48
1.591
98.52
98.40
98.52
1.298
98.50
98.42
98.48
1,746
98.48
98.42
98.40
08.52
98.40
98.54
1.196
08.50
98.42
08.50
91P
98.54
08.44
98.52
1,513
98.50
98.42
98.48
638
98.50
98.28
98.42
1.308
98.40
98.26
98.26
3,193
l.lK lI
Foreign E x ch an ge.— Tho market for storling oxchango
again turned weak and rates established a now low rocord.
In Continental exchange francs, marks, lire and kronen wore
all conspicuously weak, while tho samo is truo of Scandina
vian rates, though other noutral exchanges wore relatively
steady.
ninety days 3 55 H @ 3 57 H and documents for payment (sixty days)
3 57 ?* @ 3 59 K . Cotton for payment 3 01 'H @ 3 63% and grain for pay
ment 3 61?*® 3 63?*.
To-day’s (Friday’s) actual rates for Paris hankers’ francs were 12.03®
12.07 for long and 11.95® 11.99 for short. Germany bankers' marks aro
not yet quoted for long and short bills. Amsterdam bankers’ guilders woro
37 1-16@36?* for long and 37 7-16®37?* for short.
Kxchango at Paris on London, 43.48 francs: week’s rango, 42.03 francs
high and 43.48 francs low.
Tho range for foreign exchange for tho wcok follows:
S te r lin g , A c t u a l—
___
, D ays.
C h eq u e s. C a b les.
S ix ty
High for tho week______________________
3 09?*
3 69
— 3*65?*’
3 65?*
Low for tho wcok__________ _____ _______
7
3 00?*
3 01
. . . 33 557
P a r is H a n k ers' F r a n c s —
High for the week_______________________
-.-111.07
1 .6 7
11.50
11.54
Low for tho week________________________
1 2 .17
7
12.06
-,-12.1
12.04
G erm a n y B a n k ers’ M a r k s —
High for the week. ____________
1.80
1.82
Low for the weok________________
1.38
1.40
A m s t e r d a m B a n k e r s' G u ild e r s—
High for tho w e e k .......................................
5-10
37?*
- . - 37 5-16
37?*
Low for tho week________________________
363
. . . 30?*
37?*
37?*
Dom estic Exchange.— Chicago, par. St. Louis, 15@25c. por SI,000
discount. Boston, par. San Francisco, par. Montreal, S90 por Si.000
premium. Cincinnati, par.
O utside M arket.— Trading on tho “ curb” this weok was
the quiotest in some time past and proceeded in aimloss
fashion. Tho market was firm and weak by turns, with prico
changes for tho most part within narrow limits. M ost
activity centred in tho oil shares. Simms Petroleum ad
vanced from 50 to 5 5 % and closed to-day at 54. GuffoyGillespie Oil com. was activo and sold up somo 3 % points
to 3 6 % then reacted to 3 2 % , tho final figuro to-day boing 33.
Gilliland Oil com. from 46 advanced to 5 1 % , fell back to
4 8 % and finished to-day at 49. Dominion Oil opened tho
week at 26, declined to 2 3 % and recovered finally to 2 4 % .
Internat. Petroleum improved 3 % points to 7 0 % , sank to
65 and sold finally at 6 6 % . Tropical Oil, after early ad
vance from 1 9 % to 2 2 % , fell to 20. W hite Oil , aftor loss of a
point t o 3 6 % early in tho weok.roso to 3 9 % but reacted, tho
final figuro to-day being 3 7 % . Morritt Oil improved from
1 9 % to 2 1 % and closed to-day at 21. Among industrials
Amor. Safety Razor lost over four points to 1 2 % and onds
tho week at 1 2 % . General Asphalt, com. gained 5 % points
to 117 then dropped to 111, recovering at tho closo to-day to
1 1 4 % . Lincoln M otor and Orphouin Circuit, two now
additions, were heavily traded in, tho former up from 49 to
53 and at 52 finally; tho latter, in tho opening trading, moved
down from 3 6 % to 34, later advanced to 37 and weakonod
again, dropping to 33. Tho closo to-day was at 3 3 % .
Submarine Boat gained almost two points to 17 but roactod
to 1 5 % and ends tho week at 16. A good business was dono
in bonds. Belgian G ovt, bonds woro traded in for tho first
time, tho 5-year 6s down from 96 to 9 5 % and up to 9 6 % ,
with tho closo to-day back to 9 5 % . Tho 1-yoar 6s advancod
from 9 8 % to 9 9 % and weakoned finally to 9 8 % .
345
New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T H R E E P A G E S
P o r r e c o r d o f a a le s d u r in g t h e w e e k o f e to c k e u s u a lly I n a c t iv e , s e e p r e c e d in g p e g *
P ER
B IO B
A N D
S a tu r la y
Ja n . 17
83%
797*
*7%
*89
3 1 <4
* 12 1o
83*i
79 78
7*i
91
3 1* 8
4 0 ]4
13 %
LO W
S A L E
T u esday
J a n . 20
M onday
J a n . 10
8 3* 4
70 U
*7 * 8
90
3 1* 4
45
12 l2
84%
79 78
7*4
90
32
40
13
12 9
13 0
55
55
*8
9
*23
24
30
3 6 '4
5 2 12 5 2 l2
8478 8 5
12 0
26%
2 0 's
69%
60
00
1 2 9 1* 12 9 7 8
5 4 *4
8 12
8 '2
*23
24
3 fll4 3 7
5 1 l 2 52*4
85
8 5* 4
20 *8
70
*00
2 7 *8
70
61
*10
*45
*03
22*i
49
47
P R IC E S — P E R
2 3 12
84
*70
7
*9 0
3 112
4 5 *4
♦ 12 U
84
7934
7*8
91
3 17 S
4 5 78
1 3 1,1
SH A R E , N O T
W ednesday
Ja n . 21
P ER
Ja n . 22
S p er sh are
8 4 7S
84
7 9 l2 7 9 i2
7 'g
7 's
♦ 9 0 1,1 9 1
3 1* 8
3 1U
4 5 1.1
45U
13
14 l2
5
p e r sh are
82*4
•7 9 U
*7
S 9 7g
3 1> 2
45%
13 * 8
8 37 g
7 9 7g
7*2
9 0 l4
32
4 5 I2
13 * 4
2 0 12
71
00
*45
23
29
291 *78
79
75 < 2 7 0 1 *34
*3 4 *8 3 5 '17 7 g
19 *8
20
*12
13 1* 2 3 12 20%
*7
7 1*14
15
9 97S 1 0 1
2 1* i 2 2 11
5 5 14 5 5 1.1
37
38*8
28*2 29
* 7 8 1- 80
7 5 * i 70 *8
*34
35
35
18 * 1
19 *8
*25
27
♦ 12
13 12
2 5 1 2 2 5 12
7
7
*14
15
10 0
10 0 * 4
2 17 S 22
5 1* 8
5 1* 8
3 7 's
3 S 's
*10
12
* 19
24
*30
34
1 2 1 * 4 12 2 * 8
07*4 0 7 * i
* 1 1 1 2 12
2 5 l3 2 5 1778
7 "h
* 11
12
♦ 20
24
34
*321.8
12 1* t 12 2 12
0 7 1 - 0 7* 4
*11
12
2 5 *3 25*8
8
23%
231,1
12
* lT
* 19
24
34%
3 4 1.1
1 2 1 5 8 12 2 1 ,1
* 0 7 1.1 0 7 * 1
12 12
1 1 '8
25 > 2 2 8 %
8
8
2 3 12
23U
11
19
*23
11
*17
23*i
*00
1 1 1 .1
19
24
32
32*8
11* 8
11* 8
1 13 4
12 "
31
32
*29
34
3 0 ig
4 1 >8
*70%
82
* 1*8
30>8
■ tH8
72
83
3 1* i
41
*70*8
82
* 1*8
4 0*4
88
*9 0
* 9 5 12
47> 2
88*i
92
97
47
87*8
*9 0
* 9 5 1-
9 1* 4
921-t
9 1 >2
1 1 7 U 117 * 4
5 33,i
5 2 1.i
*0 8 1 o 10 0
1 3 0 " 13 0 7 a
50
5 0 14
m 2
20
25
3 1* 4
4 1 »2
73
83
2
2
48
88
92
9 0 1-
92
110 % 1 1 9
5 2 1 - 5 3* 8
*9 8 *4 1 0 0
13 5
13 7
48*2
13 7 g
lll.i
1 4*i i
2 l-l.i 2 53.1
20
113 ' 114 ’
no
*44
40
*44»2
♦ 03
*0 2 "
05
10 7 1- 11 0
10 7 1a
82
80
8 0 100
♦ 04
*9 4
00
0 77a
05
10 0
•10 4
*10 4
*
*
40
257g
20
2 5 l2
*81
*81
83
0 7 107%
0 7* 8
10 0 1*99
*9 9
7 ,3 0 0
1,5 0 0
500
10 0
4 ,10 0
3 ,0 0 0
2 ,2 0 0
C a n a d i a n P a c i f i c ----------------- 1 0 0
C h e s a p e a k e A O h i o ________1 0 0
C h i c a g o G r e a t W e s t e r n ___ 1 0 0
Do
p r e f ___________________ 1 0 0
C h ic a g o M llw * S t P a u l . . 10 0
Do
p r e f .................. ................... 1 0 0
C h ic a g o * N o r t h w e s t e r n .. 1 0 0
3 ,7 0 0
1,0 0 0
500
10 0
C h i c R o c k I s l A P a o ________1 0 0
7 % p r e f e r r e d _____________ 1 0 0
0 % p r e f e r r e d _____________ 1 0 0
12 0 %
5 1 '2
7U
21
34%
4 S 78
85
116
2 2 ig
68
65>4
57
32
63
19
48
45
9 1%
17 2 ij
3 1*
6%
12 * 8
18 ia
13 * 4
7 5 i8
3 1* 4
44
O S 's
29
*57
* 4 3 12
2 0 l8
*10 1.4
♦ 95>2
7 8 i4
4 2 1S
387.8
2514
4 0 14
5 14
4 4 13
0814
29
70
48
2 0 *8
17
97
79
42%
29 7g
C le v C ln C h ic A S t L o u i s . . 1 0 0
1,10 0
C o lo r a d o A
500
400
500
1,9 0 0
5 ,4 0 0
1,3 0 0
1,10 0
3 ,5 0 0
3 ,1 0 0
D e l a w a r e A H u d s o n ________1 0 0
D e la w a r e L a c k A W e s t e r n ..5 0
D e n v e r A l t l o G r a n d e _____1 0 0
Do
p r e f ___________________ 1 0 0
E r i e ........................ .............................. 1 0 0
Do
1 s t p r o f ______________ 1 0 0
Do
2 d p r e f _______________1 0 0
G r e a t N o r t h e r n p r e f ...............1 0 0
Iro n O re p r o p e r t ie s ..N o p a r
10 0
800
0 ,0 0 0
4 ,9 0 0
1,4 0 0
300
P r e f e r r e d ___________________ 1 0 0
I l l i n o i s C e n t r a l . . .....................1 0 0
In te rb o ro C o n s C o r p ..N o P a r
Do
p r e f ___________________ 10 0
K a n s a s C i t y S o u t h e r n _____10 0
Do
p r e f ............ ...................... 10 (1
2 ,2 0 0
000
1,5 0 0
400
200
2 ,8 0 0
300
4 ,3 0 0
900
10 0
700
5 ,3 0 0
300
L e h i g h V a l l e y __________________5 0
L o u i s v i l l e A N a s h v i l l e _____10 0
M a n h a t t a n R y g u a r ________10 0
5 ,9 0 0
10 0
1,3 0 0
5 ,0 0 0
10 ,3 0 0
2 0 ,7 0 0
10 0
N Y N H
A H a r t f o r d _____1 0 0
N Y O n t a r i o A W e s t e r n ___ 10 0
N o r f o l k A W e s t e r n _________ 1 0 0
N o r t h e r n P a c i f i c ____________ 10 0
P e n n s y l v a n i a __________________ 5 0
P e r e M a r q u e t t e v t 0 _______ 1 0 0
P i t t s C ln C h ic A S t L o u i s . . 10 0
P i t t s b u r g h A W e s t V a _____1 0 0
Do
p r o f ___________________ 10 0
R e a d i n g ---------------------------------- 5 0
Do
1 s t p r e f _______________5 0
Do
2 d p r e f __________________5
8 t L o u ls -S a n F r a n t r c t f s . . 10 0
P re fe r re d A tr u s t c t f s . .1 0 0
S t L o u i s S o u t h w e s t e r n _____1 0 0
Do
p r e f ___________________ 1 0 0
S e a b o a r d A i r L i n e __________ 1 0 0
Do
p r e f ..................................... 1 0 0
S o u t h e r n P a c i f i c C o ________1 0 0
S o u t h e r n R u i l w u y __________ 1 0 0
Do
p r e f ___________________ 1 0 0
T e x a s A P a c i f i c _____________ 1 0 0
S o u t h e r n ______ 1 0 0
M i n n S t P A - S S M ...............1 0 0
M is s o u r i K a n s a s A T e x a s . 10 0
Do
p r e f ___________________1 0 0
M is s o u r i P a c lft o t r u s t c t f s . 10 0
Do
p r e f t r u s t c t f s ______ 10 0
N a t R y s o f M e x 2 d p r e f ___ 10 0
N e w O r l T e x A M c x v t c . , .1 0 0
N e w Y o r k C e n t r a l ....... ............. 1 0 0
N Y C h ic a g o A S t L o u i s . . 10 0
1 0 78
*17
*23
10 7 g
*17
24
*01
1H 2
11
19
24
02
12
10 7 S
*18
*23
*6 0 .
11* 8
11120
25
02
11* 8
4 ,2 0 0
400
700
W e ste rn M a r y la n d ( u < t c ) _ .10 0
Do
2 d p r e f ............................. 10 0
W e s t e r n P a c l f t o .......................... 1 0 0
1.C 0 0
W h e e lin g A L a k o E r i e R y . 1 0 0
32
1,10 0
W is c o n s in C e n t r a l .....................1 0 0
I n d u s t r ia l & M is c e lla n e o u s
A d a m s E x p r e s s _____________ 1 0 0
A d v a n c o R u m e l y ____________ 10 (1
Do
p r e f ..................................... 10 0
A J u x R u b b e r I n o ............... ........5 0
A l a s k a G o l d M i n e s __________ 1 0
A l a s k a J u n e a u G o ld M ln ‘ g . 1 0
A l l l s - C h a l m e r s M f g .................. 1 0 0
Do
p r e f .................................... 10 (1
A m e r A g r ic u ltu r a l C b c n u .lO O
Do
p r e f ___________________1 0 0
A m e r i c a n B a n k N o t e ............... 5 0
P r e f e r r e d .......................... ............. 5 0
A m e r i c a n B e e t S u g a r ______ 1 0 0
Do
p r o f ....................... ..............1 0 0
A m e r B o sch M a g n e t o . .N o p a r
A m e r i c a n C a n _______________1 0 0
Do
p r e f ............... ......................1 0 0
A m e ric a n C a r A F o u n d r y . 10 0
Do
p r e f ___________________ 1 0 0
A m e r i c a n C o t t o n O H ________1 0 0
Do
p r e f .......................... ...........1 0 0
A m e r D ru g g is ts S y n d ic a t e . 10
A m e r ic a n H id e A L e a t h e r . 10 0
Do
p r o f ___________________ 1 0 0
A m e r i c a n I c o ________________ 1 0 0
Do
p r e f . . ______ __________1 0 0
A m e r I n t e r n a t io n a l C o r p . . 10 0
A m e r i c a n L i n s e e d __________ 1 0 0
Do
p r e f ___________________ 1 0 0
A m e r i c a n L o c o m o t i v e ______ 1 0 0
Do
p r e f ___________________ 1 0 0
A m e r M u l t A G r a i n _____N o p a r
A in S h i p A C o m m C o r p . n o p a r
A m S m e lt S e o u r p re f se r A . 10 0
A m e r S m e ltin g A R e f in in g . 10 0
no
p r o f ___________________ 1 0 0
11
19
2 4 *2
04
*29
33
*33
33
*28
*30
4 1 '8
* 7 0 's
80%
1 78
3 1* t
42
71
80%
17 s
♦ 30
4 1 '8
* 7 0 lg
3 H2
4 1* 8
71
30U
301.4
41
4 1* 4
70 7g
7078
82
82
17 g
1*4
4 8 *8
87
91
95
*43
4 9 12
88
9U g
95
45%
*15
*9 2 * 4 9 3 1 92
*38
1 1 6 * 4 H O I63
5 358
99*8 9 9 's
13 0
13 8
13 * 4
2 4 lg
112 145
04
10 3
84
*9 5
97
10 4 130
25
8 1 '2
0 8 12
*9 9
• U 1<1 a n d a s k o d p r i c e s :
$ p er sh are
8 0 '2 D 0 C 1 2
7 6 7 g D e c 19
0
M ar31
8713 D e c 2 9
2 8 *4 D e c 1 5
3 8 12 D e c 16
10
D oc27
12
* 11
♦ 20
24
♦ 34
35
12 1* 8 12 2 12
06*4
07
♦ 1 1 1 2 12 < 2
27
27*8
8
77g
22
23
13 7 *
14 * 8
2 5 * i 20 *8
115
1 1 7 '45
45
0 5 '4
0 5 1.1
10 8
10 9 181
8 5*8
9 5 1- 90
00
07
08
08
100
*101
10 5
*30
38
38
20
2 0 12 5 '2
83
♦ 81
83
r, s 11 0 S 1 2
0 8 110 0
10 0
10 0
1 178
20 *4
118 140
05
110
82*i
*514
70 *8
8%
13 l2
L ow est
R a ilr o a d s
Par
A tc h T o p e k a A S a n ta F e _ „10 0
Do
p r e f ___________________ 1 0 0
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10 * 8 N o v
36% D eo
84% N o v
34
NOV
65
N ov
48
N ov
457g M a y
2 4 38 N o v
112 % N o v
10 5
N ov
50% N o v
18 7 » N o v
50
N ov
58% N o v
40% N o v
96%
39
40
O ot
M ay
Ju ly
17 % D e o
33% N o v
25
N ov
40% Ja n
12
N ov
25% N o v
110
N ov
347s N o v
75% N o v
29% D eo
2 1*4 J a n
7% A u g
10
Aug
65% Ja n
13 7 %
G ot
76*4 N o v
20
M ay
11*4 J u l y
4*413 J a n
2 6 ij Ju n o
17 % F o b
66
Ju n o
12 % N o v
26
N ov
39% O ct
80
Ja n
26% N o v
313 J u n o
37 M a y
8 0 ia
101
au b
35% M a y
4 2 % IA U 8
84
Feb
9 1% M a y
50% M a y
115
44*4
D ec
O ct
22% S e p t
947* A
6 0 1]
ub
O ot
7 1*4 M a y
10 2 % D eo
. . . . ---94I4 O c t
110 % N o v
346
New York Stock Record— Continued— Page 2
For record of calc* during
H IG H
A N D
LO W
S A L E
P R IC E S — P E R
SH A R E
N O T
tho weak of stock* usually inactive, see second page preceding.
P E R
C E N T .
S a tu rd a y
Ja n . 17
M onday
J a n . 19
T u esday
J a n . 20
W edn esday
Ja n . 21
T h u rsday
Ja n . 22
F rid a y
Ja n . 23
9 p e r sh are
$ p e r sh are
*10 5
115
42*4 4 3 1
9 3%
931
13 5
13 5 1
118
113
92%
9 33
*91
93
98
981
*255
275
97%
971
14 6 % 15 2 1
*10 4
10 5
55
555j
18 * 4
19
S p e r sh a re
S p e r sh are
*10 6
112
4 4 3 * 451
S p er sh a re
112
*10 6
44*8
451
S p er sh are
*10 6
112
447* 4 5 %
10 7
10 7
42%
431
13 5 %
* 118
90%
* 9 1%
97%
*256
*95
14 7
*10 3 %
53%
18 %
*56 %
60
4
58%
74%
*74
13 7
118 1
931
93
98
270
971
15 0
10 4 1
531
19
581
61
4
597{
74 %
76
60%
4%
59
*74
*74
62
4%
59%
76
76
15 9 %
_____
66%
17 %
* _____
110 %
12 5
_____
* 1%
27
88 %
9 3%
160.%
15 7
_
*71
67%
60
17 %
17 %
30
*28
112 % 10 9 3 4
12 6
12 4
_
* _____
1%
* 1%
27%
27%
90%
89%
94%
93%
16 2
72
67%
17 %
30
113 %
12 5
113
1%
27%
89%
95%
*10 7
43%
9 3%
13 5
118 %
93
* 9 1%
977*
260
96%
14 8 %
10 4 %
54%
18 * 4
58%
6 1%
4%
59
74
75
112
441
931
13 7 1
13 7
118 3 * 1 1 8
941
93
93
* 9 1%
98
9 734
260
259
97
96
15 17 f
14 8
10 4 7 f
10 4 * 4
56%
*54
20% * 18 %
58%
5 8 12
62%
6 1%
4*8
4%
59
59%
74%
*74
75
*73%
15 9 % 16 0
16 0 %
70
70
*68
66
67%
66%
* 16
19
17
*26 .
30
*28
I I D 4 113 7 *
111%
_____ _____ * 1 2 5
* ------* 1%
1%
* 1%
20
27%
2 6 *4
89%
9434 9534
94
1 1 3 3 4 11334
*14
15
55
62%
82%
81
18 %
28
- mmm
12 %
12 %
82%
83%
* 10 5 % 10 7
19 7
205
54
60
* 8 1%
80
18 %
27%
87%
12 %
12 %
80%
8 3%
10 0 % 10 6 %
19 7 % 2 0 5
49%
50
49%
83%
84
83
*350
4 10
*350
*12 %
12 %
12 %
*25
28
*25
*35
42
*35
28
28
*27
*8 5
89%
85
13 2 % 13 4
13 3 3 *
10 2 %
85%
87
80
*10
15
* 10
29%
29%
*2834
*12 0
13 0
*12 0
4 1%
42%
4 1%
3 1%
32
32
17
18
17 %
70%
7 1%
72
16 7 % 16 7 %
16 7 %
300
3 10 %
293
84
84%
84
82%
S2%
82%
77
78%
77%
_____ _
10 0 %
*50
55
*50
44%
44%
44%
*35
37
*35
.........................
76%
10 3 % 10 5
. 10 6
57%
57%
*5 7 1i
55
56%
55%
19 %
19 %
19 %
*79
81
*78
12 6 % 12 6 %
12 7 * 4
113 % 113 %
114
40% 42%
387*
96
97%
95%
23%
23%
23%
79%
82%
81
76%
47
47
*46%
*25
27
54
60
82%
80%
18 %
23%
89%
27
5 1%
84
4 10
12 %
27
41
30
86
13534
10 2 %
80%
15
30
13 0
4 2 *4
32%
17 %
72
16 8
309%
84
8234
79%
10 0 * 4
52
44%
37
76%
10 8
59%
5 6 3*
19 %
8 1%
12 8 %
114
42%
97%
24%
S3
7 6 ?*
48
27
13 3
13 3 %
13 3
13 3
10 3 % 10 3 % * 1 0 3
10 5
*78
85
78
78
30%
30%
3 0 3 * 30 *4
36%
37%
33%
36 7 *
8234 84
8 27* 84%
33%
*19 8
*10 8
22%
*6 4
* 112
* 16 5
* 110 %
34%
34
2 10
* 19 5
111
* 10 8
2 1*4
23
68
*0 3
115
115
17 5
17 0
112 % * 110 %
34
2 12
114
23
67
115 %
17 0 %
112 3 4
9 3%
94%
9 37*
66
17 %
33
112 * 4
12 6 %
112
1%
2 6 *4
95%
9 3%
9 334
10 8
10 8
55%
56
10 6 1* 10 8
*10 8
10 8
97*
*9 %
*9 %
10
*2334 2 6
*23%
25%
27
27
27
28%
2 2 3 4 22*4
22*4 2 2 * i
82
82%
8 1%
8 1* 4
38%
39%
39
39
73*4
74%
*72*4
74%
*63%
6 7 34 * 6 3 %
73
*99
10 0
9
1
3
*
89%
90%
9 1%
10 6 7 * 10 6 7 * * 1 0 4
10 7
55%
55%
55
55%
12 4
12 4
12 3
10 8
10 8
*10 3
10 8
9%
10 %
10
10
24
21
*2334 2 6
26 31 27%
28
28
22%
23
23
23%
80%
80%
80% 82
*39 % 40 %
40
40
74%
74%
-U - *63
68
*63
67
*53%
*60
*81
80%
18 %
28
27
89%
96
20
60
6 1%
5
59
75
75
11 0 %
16 2 %
69
1 0 6 % 10 6 %
9 7* 1 0
* 23*4 26
27*4 28%
23
23%
82
82%
40
40
*72%
74%
*63%
73
10 0
10 0
9 0 7 * 9 33 *
10 7
10 7 %
55%
56 *4
1 0 8 % 110
9%
10
*24
26
27%
27%
2 1%
22%
80
80%
38%
40%
74%
74%
*63
67
94
92%
94
10 8 % * 1 0 7
108-%
55%
55%
56%
55%
56
12 2
12 5 %
12 2
12 6 %
10 0
10 0
10 0
10 0
* 19
19 %
18 %
19 %
38%
38%
38%
38%
*9 5
98
*9 5
93
38%
39
33%
38%
4 1%
42%
40%
42
63
64
6 3 % 04
49%
50%
50%
52%
112
1%
13 6
118
90%
93
977*
259
97%
15 0
10 5
56
11 3 1 * n :;l*
12 % 1 3 %
_____
*52
53
*14
92
*51
93
*10 6
55
16 3 %
70
67%
17
33
113 * 4
12 8
13 7
13 6
119
118
93
z89%
93
* 9 1%
977?
9734
260%
259
97%
*96
14 9 *
14 6 %
10 4 % * 1 0 4
55
54%
20
* 18
59%
*55
6 1%
60%
*4%
59
59%
74%
*74
75
75*4
lie
16 0
16 2
16 0
*68
70
69
66%
65%
65%
* 16
19
17 %
*28
33
*29
110 % 1117 *
110 * 4
12 5
12 5 %
12 6
* ------1%
* 1%
* 1%
26%
27
26%
113 % 113 %
13 3 4
14
*9 3
96
*52
55
13 %
14
_ ......................
*51
56
14 %
94
56
13 8 1 * 1 3 0
119
* 118
943
9 1%
93
* 9 1%
977*
9 8*i
265
260
*9 0
96
14 6 %
15 0 * s
10 4 %
10 1*
55
57
20% * 1 8
*56 %
58%
62*4
61
4%
59%
53*4
74%
76
75*4
76
*52
58
12 7
12 6
19 %
38%
96%
36
4 1%
63%
51
19 %
3S%
9 6 1*
38%
42%
65%
527*
19 %
38
*9 3
38
38%
6 2 *4
5 17 8
19 %
38*4
96
3 8 *4
4 1%
63%
527*
18 7 *
30%
93
36
37%
03
50%
*53%
*59
* 8 1%
8 1%
19
28%
56
62
82%
82
19
28%
*54
59
* 8 1%
8234
18 %
27*4
56
59
82%
83
18 *4
28
12 %
12 %
82
84%
10 6 % 10 6 %
202
206
12 %
83
10 5 7 *
20 3*4
10 0
5 1%
85
{4 15
13 %
25%
*35
*27
82%
13 4 %
10 2 %
79%
* 10 * 4
*29
*12 0
4 1%
32
17
7 1%
* 16 7
303
8334
8 1%
78%
97
*50
*53*4
56%
*81
8 1%
18 %
*27%
*8 0 *4
10 2 3 4
12 %
8 2 *4
10 4 %
204
99%
50*4
84
4 19
12 %
*25
*35
*27
82%
13 5
50*4 5 2 %
84
8 5*4
4003* 4 1 0
12 %
13
2534 2 5 *4
*35
41
*27
29
*8 2%
89
.........................
77%
* 10
30
12 2 %
4 17 *
32
17 %
7 13 j
16 7
299
84%
82%
79%
10 0
*50
82%
15
30
12 2 %
42%
32
17 %
7234
16 7 %
308
84%
8 2*4
8 1%
10 0 %
5 1* 4
*35%
36 *4
76
76
10 7
10 8
58%
58%
56%
567*
*19
20
79
7 9 7*
12 8 % 12 9
40%
96
24
8 1* 4
76%
47
41
97%
24 *4
83
76%
47%
267*
2 6 7*
13 2
1 3 4 34
10 4
10 4
*77
85
30%
30%
32*4 3 5 %
8 3* 4 84*4
40
40
* 19 8
2 10
*10 8
10 9 %
22%
23%
*65
68
* 114
_____
*16 5
17 5
* 1 10 % 112 * 4
12 4
19 * 8
37%
93
37%
39%
63
5 1* 4
i2 3
18 %
36%
*9 0
37
38%
62
4 9 *4
12 5 %
18 *4
37
95
37%
39%
63
5 1* 4
55
*53*4 5 5
57%
57
57%
82
*81
82
82
82%
8 2 *4
19
18 %
18 %
28%
28%
29%
89
* 86*4 8 9 *4
10 2 * < * 1 0 1
10 3
12 %
12
12 %
84
82%
8 3* 4
10 5
*10 4
10 6
2 0 7 34 2 0 5
2 14
99%
99%
99%
52%
50*4 5 17 *
8 4 7 * 8 4 7*
8 4 *4
424
428
428
12 %
* 12 %
12 %
27
*25
27
45
*35
45
30
27
27
85
83
83
13 5
13 3 % 13 5 %
35%
35%
76
76%
10 4
.0 6
58
57%
5534 5 6 %
20
*18 %
787* 79
12 7 % 1 3 0
37%
95
24%
807*
4 1%
97%
24%
82%
357*
9 3%
2 1%
80
3734
95%
25%
8 17 *
46%
47%
46
46
2 6 *4
27
27
27
13 2 % 13 5
13 0 %
*10 3
10 5
10 5
*75
78
78
30%
30%
31
3 3 * 4 34 *4
33
82%
84
84%
2 10
110
23%
08
_____
17 5
112 * 4
33
06
78
307*
33%
83
34
34
* 19 8
200
* 10 7
09
227*
22%
*6 5
68
* 114
17 0
17 0 %
* 1 10 % 112 * 4
*35%
36
10 3
10 3
57%
57%
55%
56
* 18
21
*74
79
12 8 * 4 1 3 1
113
113
374 39%
9 1%
97%
24%
247*
80%
82
76%
76%
46
47
26%
267*
13 0 % 13 1%
1 0 3 % 10 3 * 4
*75
'5
30
30%
33%
3 1%
82%
8 3%
31
*19 8
*10 7 *4
22%
*65
* 114
* 16 5
110 %
* B id a n d a sk e d p ric e s: no s a le s o n th is d a v . t L e s s th a n 10 0 s h a r e s .
F o r f l u c t u a t i o n s In r i g h t s s e e s e c o n d p a g e p r e c e d i n g .
113 %
13 %
9 >
55
12 %
837*
10 5 7 *
210 *4
10 0
53
8 57 *
4 15
12 %
25%
45
30
82%
13 5 %
10 3 %
82
81
82%
80
8 1* 4
12
*10 * 4
12
*10 * 4
15
*28*4 3 1
*30
31
31
*12 0
13 0
13 0
*10 0
13 0
4 0 7 * 4 1* 8
42%
4 1%
4 1%
3 13 *
32
32
30%
3 1* 4
16 7 *
17
17
18
17 %
72
72
z6 9 *f 69%
72
16 7 % 16 7 %
16 9
16 7
18 7 %
3 0 6 12 3 0 0 % 3 0 4 % 2 9 5 % 3 0 3
8 37 * * 8 3 * 4 8 4 *4
8 3%
837*
8 1* 4
8 1%
82%
81
8 1%
79%
77%
80*4
76%
78 *4
98
97
97%
99
97%
52%
*50
55
*50
55
35%
35%
76
77
1 0 6 % 10 6 %
* 5 7 * 4 GO
561.4 5 7 %
19
19
*79
80
12 9
12 9
*19 8
* 10 8
22*4
*6 5
* 114
* 16 5
* 110 %
il3 %
13 %
§96
55
34%
205
10 9
22%
68
12 2
17 5
110 %
S a le s
/o r
th e
W eek
STO C K S
N EW YO R K STO CK
EX CH A N G E
P E R SH A R E
R a n ge fo r Y e a r 19 19
O n b a s i s o f 1 0 0 - s h a r e lo t s
L ow est
I n d u s . & M is c a ll. (C o n ) P a r
9 p er sh a re
1 0 0 A m e r i c a n S n u f f ______________ 1 0 0
10 1% D eo 17
1 5 .9 0 0 A m S t e e l F o u n d te m c t f s . 3 3 1
3 3 i 4 M a y lO
200
P r e f t e m p c t f s ________ N o p a r
91
D ec27
4 .5 0 0 A m e ric a n S u g a r R e f i n i n g .. 10 0
I IU 4 Ja n 2 l
1,2 0 0
D o p r e f .......................... ..............1 0 0
113 1* Ja n 6
10 ,7 0 0 A m e r S u m a t r a T o b a c c o . . . 10 0
73
Aug21
________
D o p r e f e r r e d ............................1 0 0
9 0*8 D e c 3 0
8 ,4 5 0 A m e r T e le p lio n o A T e le g - .lO O
95
D ec30
1 , 1 0 0 A m e r i c a n T o b a c c o ..................1 0 0
19 U s F e b 4
600
D o p r e f ( n e w ) . _ ................... 1 0 0
93% D ec23
4 5 . 1 0 0 A m e r W o o le n o f M a s s ______ 1 0 0
4 5 % J a n 16
400
D o p r e f ....................................... 1 0 0
94% F e b 8
1 . 5 0 0 A m e r W r itin g P a p e r p r e f . . 10 0
27% Ja n 2
1 . 7 0 0 A m e r Z i n c L o a d A S m e l t ___ 2 5
11
Ja n 3 1
300
D o p r e f ............................................2 5
40
Ja n 2 l
17 .5 0 0 A n a c o n d a C o p p e r M in in g ..5 0
54% N o v29
1 . 3 0 0 A s s e t s R e a l i z a t i o n ......................... 1 0
1
Ja n 2
2 . 6 0 0 A s s o c i a t e d D r y G o o d s _____1 0 0
17 % J a n 6
520
D o 1 s t p r e f e r r e d _________ 1 0 0
61
M a r l9
3 10
D o 2 d p r e f e r r e d _________ 1 0 0
58% F e b 8
2 0 0 A s s o c i a t e d O i l _______________ 1 0 0
68
Ja n 2
7 .7 0 0 A t l G u lf A W I S S L i n e . . . 10 0
92
Feb 8
600
D o p r e f . . .....................
10 0
64
Ja n 2 9
2 3 . 8 0 0 A T S e c u r i t i e s C o r p _____ n o p a r
65% D e c 18
5 0 0 A u t o s a l e s C o r p o r a t i o n ............ 5 0
14 % N o v l9
----------6 % p r e f t e m p c e r t l f s ............ 5 0
29
O c t2 5
64% Ja n 2 9
16 3 ,6 0 0 B a ld w in L o c o m o t iv e W k s .1 0 0
2 . 3 0 0 B a r r e t t C o ( T h e ) .........................1 0 0
10 3
Ja n 2
----------D o p r e f e r r e d _____________ 1 0 0
110
F e b 10
----------- B a t o p l l a s M i n i n g ..............................2 0
lt 4 Ja n 2 0
6 , 8 0 0 B e t h l e h e m M o t o r s _____ N o p a r
26
S e p t 22
6 0 0 B e t h l e h e m S t e e l C o r p _____1 0 0
5 5 % Ja n 2 Q
4 9 .9 0 0
D o C l a s s B c o m m o n . . 10 0
55% Ja n 2 1
................
D o p r e f e r r e d ....................... . 1 0 0
90
D cc20
600
D o cum co n v 8 %
p ro flO O
10 1% Ja n 2 2
1 . 9 0 0 B o o t h F i s h e r i e s .................. N o p a
11
D ec 1
2 6 0 B r o o k l y n E d i s o n , I n o ______ 1 0 0
8 5% D eo 18
2 0 0 B r o o k l y n U n i o n G a s ________1 0 0
41
D eo 18
________ B r o w n S h o e , I n c ....... ..................1 0 0
71
Fob 5
----------D o p r e f e r r e d ...................................1 0 0 9 7
A u g tS
7 0 0 B u r n s B r o s ..................................... 1 0 0
115
D ec30
3 . 1 0 0 B u t t e C o p p e r A Z in c v t c . . 5
5% F e b 2 0
1 0 0 B u t t e r i c k ..........................................1 0 0
16
Ja n 2 7
1 . 6 0 0 B u t t e A S u p e r io r M i n i n g . . 10
16 % F o b 1 1
2 . 7 0 0 C a d d o C e n t r a l O il A R e f . . 10 0
19 % D e c 3 0
1 3 . 7 0 0 C a l i f o r n i a P a c k i n g _____ N o p a r
48% J a n 2
2 . 0 0 0 C a l i f o r n i a P e t r o l e u m ______ 1 0 0
20% Ja n 2
600
D o p r e f ........................................1 0 0
64% J a n 2
________C a l u m e t A A r i z o n a M i n i n g . 1 0
56% M a r ls
1 0 0 C a s e ( J I) T h r e s h M p f c t f . 1 0 0
9 1% J a n l 4
3 0 , 8 7 0 C e n t r a l L e a t h e r ............................1 0 0
56% F e b 8
600
D o p r e f ........................................1 0 0
10 4 % J a n 7
5 .3 0 0 C e r r o d e P a s c o C o p . .. .V o p a r
31
Ja n 2 2
2 0 0 C e r t a in - T e e d P r o d u c t s . V o p a r
30% A p r 12
1 2 .3 0 0 C h a n d le r M o t o r C a r . . . V o p a r
90
N o v l2
2 0 0 C h ic a g o P n e u m a tic T o o l . . 10 0
68
A p r l6
5 . 4 0 0 C h i l e C o p p e r .................................... 2 5
16 % D o c 1
32% F eb 0
8 . 3 0 0 C h i n o C o p p e r .......................................5
2 0 0 C l u e t t , P e a b o d y A C o _____1 0 0
60% F o b 2 7
2 4 , 0 0 0 C o c a C o l a ______________________V o p a r 3 7 % N o v 2 S
2 6 . 3 0 0 C o l o r a d o F u e l A I r o n _____1 0 0
3 4 % F e b 10
39% F e b l
9 .0 0 0 C o l u m b i a G a s A E l e c ............ 1 0 0
1 8 . 1 0 0 C o lu m b ia G ra p h o p h o n e V o p a r
5 0 % O c t 18
9 1% D e c 2 9
---------D o p r e f ................................ ........ 1 0 0
37*4 J a n 4
4 0 0 C o r a p u t ln g -T a b -R e c o r d ln g 10 0
54
A u g l8
1 . 0 0 0 C o n s o l i d a t e d C i g a r _____ N o p a r
---------D o p r e f e r r e d ______________ 1 0 0 z 7 8
A U g lS
2 .4 0 0 C o n s o lid a te d G a s ( N Y ) . . 1 0 0
78% D oc29
2 .5 0 0 C o n s In te r - S ta te C a ll M g . . 1 0
5% A p r2 3
2 , 5 ■ ' C o n s o l i d a t e d T o x t l l e ___ V o p a r
30> a D e c l 6
6 5 % F o b 10
1 0 0 C o n t i n e n t a l C a n , I n o ______ 1 0 0
10 0
D o p r e f e r r e d .................. ..........10 0
100 % O c t l 8
10 % S e p t 2 0
3 .9 0 0 C o n t in e n t a l C a n d y C o r p N o p a r
46
Ja n 2 l
1 8 . 7 0 0 C o r n P r o d u c t s R e f i n i n g . . 10 0
600
D o p r e f e r r e d ............................1 0 0
10 2
Ja n 2 3
8 3 .4 0 0 C r u c ib le S te e l o f A m e r ic a . 10 0
52% F e b 7
91
Ja n 2
700
D o p r e f e r r e d ............................1 0 0
3 9 . 2 0 0 C u b a C a n e S u g a r _______N o p a r
20% Ju n 2 7
3 ,2 5 0
D o p r e f e r r e d ______________ 1 0 0
69% M a r 1
1 , 4 7 0 C u b a n - A m e r l c a n S u g a r ___ 10 0
15 0
Ja n 8
2 . 4 0 0 D o r a o M i n e s , L t d ____________ 1 0
10 % J a n 3 1
2 0 0 E l k H o r n C o a l C o r p ................... 5 0
23% D eo 2
_______
D o p r e f e r r e d _______________ 5 0
39
D eo 6
2 0 0 E m e r s o n - B r a n t l n g h a m _____10 0
24% D o c30
1.10 0
D o p r e f e r r e d ______________ 1 0 0
88
D ec 15
4 . 4 0 0 E n d l c o t t - J o h n s o n ____________ 5 0
80 Ju n e 3 0
700
D o p r e f e r r e d ........................... 10 0
lO U s A u g 2 l
2 3 .8 0 0 F a m o u s P la y e r s L a s k y V o p a r
83
D o o l2
............... F e d e r a l M i n i n g A S m e l t i n g 1 0 0
9
D e o 10
400
D o p r e f e r r e d ........................... 1 0 0
25
D e o lS
1 0 0 F i s h e r B o d y C o r p _______N o p a r
38% Ja n 8
1 8 . 1 0 0 F i s k R u b b e r .......................................2 5
39% N o v l3
317* D e c 2 9
4 . 7 0 0 F r e e p o r t T e x a s C o ______ N o p a r
3 .7 0 0 G a s to n W A W , I n c . . . V o p a r
15
D ec 1
47
Ja n 3
1 . 9 0 0 G e n e r a l C i g a r , I n c ................... 1 0 0
14 4 % F e b 2
1 . 3 0 0 G e n e r a l E l e c t r i c ______________ 1 0 0
118 %
Jn n 2 1
> 6 ,3 0 0 G e n e r a l M o t o r s C o r p ______ 1 0 0
82
Ja n 6
1,2 0 0
D o p r e f e r r e d - ........................... 1 0 0
6 .8 0 0
D o D e b e n tu re s t o c k . . . 10 0
82% F e b 17
56% Ja n lO
.
G o o d r i c h C o ( B F ) ....................1 0 0
10 2
Aug 7
2 .8 0 0
D o p r e f e r r e d ......... .............. . 1 0 0
4 7% D eo 10
...............G r a n b y C o n s M S A P ______ 1 0 0
2 0 0 G r a y A D a v i s , I n o ......................2 5
46% D eo 9
2 0 0 G r e e n e C n n a n e a C o p p e r . . 10 0
32% D eo 2
49% F eb 8
1.5 0 0 G u lf S t a t e s S te e l t r c t f s .. l 0 0
54% Ja n 8
3 . 0 0 0 H a r t m a n C o r p o r a t i o n ............ 1 0 0
10
Feb 6
700 H askel A B a rk er C a r . . . N o p a r
42% F eb 6
7 .4 0 0 In s p ira t io n C o n s C o p p e r . . . 20
10 % J a n 2
3 0 0 i n t e r n a l A g r l c u l C o r p _____10 0
48
Ja n 4
600
D o p r e f e r r e d ______________1 0 0
110 %
Ja n 2 l
6 . 1 0 0 I n t e r H a r v e s t e r ( n e w ) -------1 0 0
1.8 0 0
D o P r e f e r r e d , n e w _______1 0 0
111
D e o lO
1 5 . 2 0 0 I n t M e r c a n t i l e M a r i n e _____1 0 0
2 1% J a n 3 1
10 .4 0 0
D o p r e f e r r e d ____________ . 1 0 0
9 2 % F e b 10
1 9 ,5 0 0 In te r n a tio n a l N ic k e l ( T h e ) . 25
20 % D e o lO
, 1 0 0 I n t e r n a t i o n a l P a p e r ............... 1 0 0
30% Ja n 3
200
D o s t a m p e d p r e f ...................1 0 0
62
Ja n 13
2 .0 0 0 Iro n P ro d u c ts C o r p . . .. V o p a r
34
D eo 12
------- J e w e l T e a , I n o ................................. 1 0 0
15
D ec 13
------D o p r e f e r r e d _____________ 1 0 0
3S7g D e n 2 3
8 0 0 J o n e s B r o s T e a , I n o _______ 10 0
2 4 % D e o lO
-------I C a y s e r ( J u l i u s ) A C o ............... 1 0 0
10 5
Apr 5
68
Ja n 2 1
3 . 4 0 0 K e l l y - S p r l n g f l e l d T i r e ............2 5
700
T e m p o r a r y 8 % p r e fe rr e d 10 0
10 1% D e c 12
2 0 0 K e l s e y W h e e l, I n c ...................... 1 0 0
34
Ja n 2 4
, 7 0 0 K e n n e c o t t C o p p e r _____N o p a r
27% N o v 2 9
,9 0 0 K e y s t o n e T i r e A R u b b e r . . . 10
38% D ec29
9 . 3 0 0 L a c k a w a n n a S t e e l ...................... 1 0 0
62% Ja n 2 1
1 0 0 L a c l e d e G a s ( S t L o u i s ) ____ 1 0 0
33
D ec30
21
Ja n 2 2
9 0 0 L e o R u b b e r A T i r e _____N o p a r
------- L i g g e t t A M y e r s T o b a c c o . . 10 0
19 5
D eo 1
10 7
Ja n 2 7
------D o p r e f e r r e d ...........................1 0 0
1 4 . 1 0 0 L o f t I n c o r p o r a t e d ______ n o p a r
25% D ec23
40% F e b 17
-------L o o s o - W lle s B i s c u i t t r c t f s . 1 0 0
300
D o 2 d p r e f e r r e d .................. 10 0
94
Feb 6
6 0 0 L o r l l l a r d ( P ) ............................
10 0
14 7 % A p r 1 5
10 7
Ja n 2 8
10 0
D o p r e fe rr e d . . .
10 0
S h a re s
5 E x -rig h ts,
a K * d lv
and
r ig h ts,
b 80%
p a id .
PER SH AR E
R a n g e f o r P r e v io u s
Y e a r 19 18
H ig h e s t
$ p er sh are
< p er sh are
14 0
S e p tl8
10 7
D et
47
Ju ly 7
96% A u g l4
14 8 % O c t2 9
98
Ja n
116
M ay
119
M uy2l
10 8 14 M a r
114 % D eo
12 0 % J u n e l 2
60% Ja n
14 5
M ay
10 0
M a y l2
81
Ja n
10 3
Ju n e
10 8 % M a r lO
90% A u g
10 9 % F e b
3 14 %
O c t2 4
14 0 % J a n
19 8 % D e o
10 6
Ja n 6
92% S e p t
10 0 % D oo
16 9 % D e c 3 1
44% Ja n
60% M a y
1 10 % J u n e 5
92
Ja n
96% D eo
20% A p r
69
O ct 2
39% A ug
29
Ju ly l4
11
D eo
2 1% Ju ly
65
Ju ly 2 4
38% D ec
53% Ju ly
777* Ju ly t O
59
D ec z74% O ct
9% N o v 17
2% N o v
% D ec
12
M ay
18 % D eo
65% D oc 11
82
A u g 14
63
D oo
51
M ay
80% M a y 13
30% Ja n
36% Ja n
14 2
N ov
54
Apr
71
O ct
19 2 % O o t 3 1
12 0 % F e b
97% Ja n
76% M a y
67% N o v
58
Ja n
75% D eo 26
20% D eo 8
35% D ee 3
15 6 % O c t2 2
56% Ja n
10 1% M a y
14 5
Ju ly
85
Ja n
110
D eo
119
M ay29
99% Ju n e
10 7 % D eo
2% M a y l3
45
O c t lO
10 7 % J u l y l 5
60
D eo
06
M ay
112
O c t2 3
59% N o v
94
M ay
10 3
Ju (y 2 1
84
D eo
94
Sept
116
S e p t3 0
90% Ja n
10 0 7 * A p r
25
Ju ly 2 4
21
Ja n
28% S e p t
10 2
Aug 1
92
M ay29
78
Aug
93% N o v
1 1 2 % J u l y 16
62
Ju n e
74
N ov
10 1
M a y ll
95
Ja n
98
Apr
16 6
A p r23
6 1%
O ct
10 8
Feb
17
O ct 6
12 % J u l y
5% D ec
7% M a y
39% Ju ly 3 0
18 % N o v
6 1%
Ja n
37% J u l y l l
33% M a y
54% M a y 2 7
87% D e c2 8
60
N ov
36% Ja n
247* N o v
5 6 78 O c t 2 0
12
Ja n
86% S e p t 17
30
Ja n
70% D eo
8 6 % Ju l.v 2 4
71
M ay
61
D eo
10 1
A t t g lO
9 2% D oo
73
Ja n
116 % Ju ly 2 4
73% F eb
54% D eo
114
Ju ly lO
10 8
N ov
10 1% D eo
67% J u l y l l
39
N ov
29% M a r
65% N o v 7
40% N o v
30
O ct
14 1% N o v 5
1 13 % N o v 3
707* Ju n o
68
Ju n e
29% J u l y l l
24 *4 O c t
14 % A p r
507* J u l y l 6
47
M ay
3 1% D oc
10 8
D ec29
65% N o v
45
Ja n
43% N o v 7
66
J u l y 14
34% Ja n
64
M ay
09
O ct 11
44% Doo
28% M a r
75% O et27
9 5% O c t2 8
63% J u ly 1*
30
Ja n
39% Ju ly
75
Ju n e 2 7
86% J u l y l l
10 6 % J u l y l O
82% Ju ly
10 5 % N o v
23
O c t 14
13
Ju n e
7% S e p t
3 7 % N o v 14
10 3 % Ju n o 7
Feb
65% O ct
05
110
Ju n o l7
D eo
09
Ju ly
10 7
15 % O c t2 0
99
O c t2 2
297* J a n
50% N o v
10 9 7 * J u l y 2 5
z90% Ja n
10 4
D eo
201
O c t2 3
74% M a y
62
Ja n
86
Ja n
10 5
Ju ly 3
9 1% Ju n e
27% A pr
34
N ov
65
D eo 8
77% D ec
87% D eo 9
83
Feb
4 10
O c t3 1
16 2
Ja n
13 6
Aug
1 6 1 1 M a y 12
6
Ju n o
15
N ov
43
Ju ly lO
22
Ja n
3 1% N o v
49
Ju ly 2 3
37
M ar
43% N o v
43
Ju n e 2 7
10 1
Ju n e 2 0
15 0
D eo 2
10 7 % D e o 2
12 3
Ju ly l7
23% Ju ly lS
9
O ot
D eo
15
48% J u l y l 4
27
Ja n
44% O ot
17 3
O ct 8
20
Ja n
Ju n e
43
55
O ct 9
04% J u ly l4
38% J u l y l l
Feb
39
2 5 *4 O c t
95% J u ly 2 3
34
Ju n e
Ja n
58
17 6
O c t2 0
12 7 * 4 J a n
15 8 % O o t
400% N o v 5
AUg
16 4
10 0 * 4 J a n
Feb
96
Ju n e 3
76% O ot
88
94% A p r l4
597* O c t
9 3% O c t2 9
38
Ja n
D eo
10 9 % A p r lO
95% D oc
10 4
O ot
50
Ja n 3
Ja n
86
74
53% N o v 20
47% J u l y l l
58% N o v
38% Ja n
Apr
111%
89% O c t2 0
5 8 *4 D e c
M ar
D eo
100 % D e c 2 8
55
37
Ja n
7 1% J u ly l4
49% J u ly
34
687* J u l y l O
4 1% D eo
58% O ct
Ja n
Ju n e
37% Ju ly l4
19
10
Ja n
Ju n e
0 1% J u l y l l
65
38
N ov
O ct
12 1
10 4
14 9 % J u l y 7
O ct
114 % D eo
12 0
Ju n c 2 3
10 7
Ja n
O ct
21
33
67% J u ly 1 1
12 5 % N o v
12 8 % M a y 28
83% Ja n
N o?
Ja n
337* Ju n c 2 6
35
27
45% M a y
24% Ja n
82
N ov 5
Jn n
Ju ly 2 2
65% Ja n
80
58
N ov 7
05
M a r l5
48
" i f " D ec 40% N o v
Apr
88
M ar 6
91
07% Ja n
Ju ly lO
44
Jn n
A p r22
95
O ot
13 0
10 f t
Apr
41
72
D eo
N ov 3
16 4
O c t2 l
110 %
114 %
O c t2 8
24% J u ly
35
O ot
M ar
43
Ju ly t S
29
4 1% N o v
12 6 % J u l y l l
10 7 % N o v I
65% D ec
9 1% M a y
83
Ja n 2 1
82
Ju ly
M ay
00
t2
40
O c t2 1
A p r - 24
D eo
250% A u g 6
16 4 % AU g 2 1 0
D eo
116
Jt lly lH
10 0 % J u n e
N ov
110
27% D cc31
81
Ju ly l4
17 % Jn n
45% D eo
12 0
Ju n e 2 0
53
Feb
D eo
96
14 4 % A u g
245
Ju )y 2 3
200
JM a i
OS J a n n o No*
115
Ju ly 2 0
0 F u l l p a id
t K » - d iv id e n d
New York Stock Record -Concluded— Page 3
Fof record of iilei during ths weak of ttockr a
U th
A N D LOW
S A L S P R IC E S — P E R S H A R E , N O T P E R C E N T .
S a tu r d a y
J a n . 17
M onday
J a n . 19
T u esd a y
J a n . 20
W ed n esd a y
J a n . 21
T h u rsd a y
J a n . 22
$ p e r sh a r e
*00
74
04
64
S p er sh a re
*00*2 72
04
04
S p e r sh a re
*07*2 72
04
04
S p e r sh a r e
*05
72
04
64
*60
04
F r id a y
J a n . 23
th l
W ttk
» » lly i n a c t i v e ,
ro e t h i r d
STO C K S
N EW Y O R K ST O C K
EXCHANGE
page
347
p r e c e d in g .
PER SH A R E
R a n g e f o r Y e a r 1919
0 % b a sis o f \ W h sh a re lots
L o w e st
H ig h e s t
PER SH ARE
R a n g e f o r P recio m
Y e a r 1918
L o w e st
1
H io h e s t
$ p e r s h a re S h a res ln d u s tr la l& M ls c .(C o n .) Par $ p e r sh a re
5 p e r sh a re
$ p e r s h a re $ p e r t h a n
*65
70
M ackay Com panies______ 100
63
Hec30
7978 M ay27
70
D ec
78*2 F i t
*e4
64's
800
llo
pref............................ 100 *63 June 0
06 J u ly ll
67
Jan
05 M ay
2 3212 3212
500 M anhattan Shirt........... .........25
28
Aug 6
38*2
Julyl7
*20
29
29*2 29*
28
28
29
29
2 7 * 2 2D
28
28
600
____
n
o
p
a
r
Martin
Parry
C
orp
23
D
ec
12
317g
N
ov
7
32
33
31*2 31*
31*4 31*
31
‘ 4 30's 30*4 2.400 M axwell M otor, Ine______ 100
3114 30
26*4 Jan22
Cl July 28
22*2 Jan
*57
59
42*2 Nov
59*4 no
*58
69
*58
59
*58
00*8 61*2
700
Ho
1st prel.... ............... 100
50*8 Jan22
84*2 July28
60
Dec
*28
____
30
u97s Nov
20
2/
2578 2 5 7s
4 25*8 25*8
900
Ho
2d pref...................... 100
19*4 Jan 2
46*2 June 3
19 M ay
122*8 123
32*8 No*
122 122 *122 128 *122 128
12 2
12 2
1247g 1217g
1 , 1 0 0 M ay Hepartment S to re s.. 100
60
Jan 4 131*4 OctSl
19 M ay
*100 107 *100 107
32*8 No*
100 % 100 *, *106 106*, 1 0 0 106 *105*4 106*2
300
Ho
preferred.... ............. 100 101
Jan 2 110 M ay 2
47
Jan
187 192*
631, E sc
190*8 195*
193 197*f, 192*8 195*4
2 193*2 197 105,700 Mexican Petroleum________ 100 162*4 Jan23 264
Oct22
79
Jan 194
—
....
Oct
102*1 102*4 *100 103 *100 104
10 0
Ho
pref_______________ 100
99
Hoc 17 118*4 SeptSO
87
Jan
107
D ie
23*8 23*
23*8 24 *( —
23*4 24*8
8 24
24
1,800 M iami Copper
21 Nov29
32*4 Julyl7
22f4 D oc
39*4 45
33*8 J kd
411, 45*4 x42*s 41*.
43*i 4412
t 42*t 44 107,600 M iddle States OH C orp _____ 10
32 Oct 9
71*4 N o v l8
49
49 *
49
49*
49*2 497,
49
4978 49
8 487S 49*4 15.500 M idvale Steel 4 Ordnapee__50
40*4 Feb 7
62*4 JttlyM
64*8 04 b
41
Dec
01 May
03*| 64*4 * .3*4 65
65
01*4 65
05
65
1 , 0 0 0 Montana Pow er___________ 100
54 Nov28
83 July29
64 June
*47*2 48*
81*2 Nov
47*2 48*.
48
48
*47
48
48
l
47
47*2
800
Mullins B od y__________ n o p a r
10 N ovl3
63
Oct20
37*2 38
38
387fl
38*s 38*n
38*8 38*8
l
38*8 38*4
3,800 National A cm e_____________ 60
29*2 Jan 2
4312 July 12
26*4 Jan 33 Mat
05*8 C6U
61*1 05
04*2 05*4
05
657g 11,600 Nat Aniline A Chem vtc.no p a r
65*8
2 65
45 Sept24
75 N ov
*86
88
87
87*fl
87
87
*80
87
8b*4 80*4
800
Ho
preferred v t c ____ 100
87 N ov 13
91*2 Oct
120 120
118 118
*118 120
300 National Biscuit__________ 100 107 Aug20 139
Oct
90 (Aug 110*2 D ei
116 115*8
2
0
0
H
o
preferred_________
100
112
Dec22 *121 M arl4
*76
106*4 Sept H 4
80
Mar
*70
80
76
70
*70
80
*75
77
75*4 76
300 National Cloak A Suit____100
Jan22
92
July20
•100 102*2 *09 104
55 Sept
67*2 D*»
*98 102*4 *90 103
10 0
10 0
*99 102*2
1
0
0
D
o
preferred
...............
100
103
D
oc
1
108*4 M ay26
10
100
Jan 104
Dei
10
10
10*8
10
0*4
9*
10
978 10
1
,
2
0
0
N at Conduit A C a ble.N o par
8*2 Dec30
24*4 July 15
82*4 83*4
13 N ov
21*8 July
82*, 83
82*2 83*2
83
83'.
83*4 84
80
82*^
4,700 Nat Enam’g A S t a m p 'g ... 10(
45*8 Feb 8
88*8 June
*100 103 *101
37*4 Jan
54*2 May
103 *101 104 *101 103 *101 103
IO2 I4 102*4
10 0
..................
D
o
pref.........
10(
93
JanlS 104 M ay27
88 N ov
80*4 80*4
99*2 Feb
80*4 80*4
81
81*8 *80*2 81*2
80*2 81
807g 81
1.500 National Lead____________ 101
64
J a n ll
9412 OC123
43*4 Jan
*107 109 *107 109 *108 n o
69*4 De«
*108 109 •108 100 *108 109
D o pref...................... ...... 10 c 102 Sept 8 112 July 18
*16
99*4 M ar 105*2 May
10J2 *10
17
16*8 16',
10
10's
16*8
16*8
500
Nevada
Consol
C
opper____
6
217g Julyl7
13*4 Nov28
1003.1 107
217S M ay
16*2 Dec
105*4 100
107 107 *105 108
1O012 107 *105 108
800 New York Air Brake____ 100
91*4 Feb 3 145*4 Oct22
*42
98*2 Dec 139 M ay
45
*42
48
40
40
*4312 47
*43*2 47
♦42
44
100 New York H ock ___________ 100
191* Feb 7
70*4 July30
18*2 Jan
*66
59
27 May
*65
00
*55
00
*55
60
555
55
*55
60
25
H o preferred__________ 100
44*4 Marl.3
75 July29
42
Jan
45*2 Dec
* 5 4 12 60
*54
58
200 North American C o _______100
67 July28
47
J a n ll
37i2 Aug
71
6712 Nov
71*8 *70*2 75
71
71*4
70*2 71*4
70U 70*2
1,700 N ova Scotia Steel A C o a l..100
97 Juno 2
46
Jan30
62*8 Dec
70
Aug
45*8 40*8
40*4 46*4
46*4 47*2
40*8 47
46*4 47
10,600 Ohio Cities Oas (T h e )..........25 a35*4 Fcbl4
017g
JulylO
487a 487a *49
35*8
M
ar
48
Oot
51
50
50
*48
♦48
51
*48*4 50
200 Ohio Fuel S upply..... ............... 25
43
Jan 18
65 July25
40
Oct
46*2 Jun*
9
0*8
9
9*h
9'«
0*8
9*4
0*8
9*8
9*8
9*?
8,900
Oklahoma
Prod
A
R
e
fin
in
g
..5
8 Feb 3
13*2 M aylO
H7S 9
9
87S 87g
*87S
400 Ontario Silver M in ing____ 100
11*4 N ov 5
5*2 M a r l 8
*132 14 O' *131 140 *131 135 *131 135
13 Juni
4*4 Jan
133 133
131*2 133
400 Otis Elevator__________ n o p a r 128 N ov 12 149 N ov 3
303.1 35*8 30
35
30*2 30*4
30*8
30
37*4
6.400 Otis Steel_______________ n o p a r
39*4 N o v l4
34*2
U e cl 6
59
59
*58
01
*59
62
*59
61
*59
01
*59
61
200 Owens B ottle_______________26
74
Oct 17
46 M ar 3
70*4 Aut
75*2 75*2
73
74
500 Pacific Hevelopment..................
SO Oct 18
70*4 Hoc 11
67*2 57*2
58
58*4
60
57
57
57
800 Paclflo Gas A Electric_____ 100
58*2
Dec30
76*4
July24
37*2 3 /1 , *30
38
*30
38
100 Pacific Mall S S ........................5
29*2 Feb 8
42*8 J u ly ll
23*2 Jan
40
Dec
42
42*4
3.400 Pacific Teleph A felon _____100
22
Jan2t
41
Dec26
27
Oct
18*4 D ec
88*8 91*8 89*8 9212 91*4 93*4
91
02*2 71,900 Pan-Am Pet A T r a n s _______ 50
90*4 92*8
67
Jan21
140*4
Oct22
03*4 Oct
7214 Oct
87
88
87
88*4 87*2 88*j 87*4 89*i
88*8 89*4
........................
50
9,000
Ho
Class
B
92*4
Hoc
13
1047g
D
ec
19
43*2 43*2 43
43
43
43
43
43*8
*42
43
1,300 Parish A Bingham_____ n o p a r
42
D ecl5
47*4 Nov26
32
32
3,900, Penn-Seaboard St'l v t o N o p a r
27*2 Apr30
68 July 18
36
36
35*2 30
37
377g
*36*2 38
37
38*2
1,800 People’s O U C ( C h ic ).. 100
32
Doc30
67 M ay20
39*s Jan
61 Nov
39*t 39*4
39*4 39*8
39*2 41*8
40'4 40*8
40*s 41
40*8 40*s 20,700 Philadelphia C o ( P ltt s b )...5 0
43
Apr 28
30
Jan
3
35*4 Oot
21
Apr
67*2 70*.| 07
70
07*8 691?
08
07>4 68't
09*8
6578 68*2 69,200 Pierce-Arrow M C a r . . . N o p a r
99
OC120
38*4 Jan22
____ ____ 100 100
34
Jan
51*4 Nov
10478 10478
2
0
0
H
o
pref________________100
Oot20
101*2 Jan 3 111
89*4 Jan 104
Dec
18*4 19*?
19*4 19*4
19*4 20
18*4 19U H i g I f f " 1 2 , 0 0 0 Pierce OH Corporation_____ 25
19*8 19*4
28*8 M ay 9
10
Jan 2
16 Sept
19*8 OC«
93*8 94*8
93*2 03*4
95
05
04
94
*94
95
91
94
1,700
Ho
pref.................
100
93
Hec31 105*2 Oct28
*01
021,
01*2 01*2
60
00*4 61
02
00*8 60*8
63
6.300 Pittsburgh Coal of Pa......... 100
45
Feb 3
74*8 July29
42
Jan
58*4 Feb
*89
01
♦89
91
*89
01
*89
*89
91
90*4 91*2
700
H o pref________________ 100
98 M ay28
85*2 M a r l7
79*4 Jan
857S Dec
24
24
237a 23 7S 24*2 24*2 *23
*23
25
23
23*8
1 , 1 0 0 Pond Creek C oa l___________ 10
12*8 Feb 5
3112 O ctlS
16 N ov
20 Junt
95*2 97
95*4 90
95*2 00*2
07*8 0784
90
96
1,800 Pressed Steel C ar_________ 10o *59
F e b ll 109
Oct20
65*2 N ov
73
Aug
26
Ho pref............................100 1 0 0
M ar 3 106 JulylO
93
Apr 100
Aug
*65
73
*65* "73"
Public
Serv
Corp
of
N
J
..1
0
0
60
91*4 Jan
D ec 18
86
Oct 109*2 Mar
114 115
114*2 114*1 *114*4 115
114 11478 114*2 U ' s
114*2 115
1,800 Pullman C om pany________100 110 N ov28 132*2 Julyl7
100*8
Jan
132*4
Nov
87
88*2
87*2 88*2
88
89*2 917g 89U 90*4
92*4
88*2 89*8 13.700 Punta Alegre Sugar_________ 60
61
Apr 4
98*4 Dec 8
>90
1)7*2 90*4 9078 *90
98
98
97
97*4 'DC
97
97
1 , 1 0 0 Railway Steel Spring......... 100
68*2 Feb 10 107*2 N ov 5
45** Jan
78*2 Dec
04*2 101>r •104 100 *104
104 106 *103*2 107
00 *104
00
10 0
H o p r e f.....................
100 104
Feb
4
112
June 3
95
Jan 105*2 Dec
21*2 21*4
21*2 21*4
21*8 21*4
21*8 217g 21*8 217g
21*- 21*2 2 ,COO Ray Consolidated C o p p e r .. 10
19 M ar 4
27*2 Julyl7
20*4 May
19*4 Dec
86
80
85
85
80
8078 87
86
85*8 86
83*s
85
i . e o o Remington Typewriter v 1 0 100
68 AuglS 105*2 Oct24
*42
40
*43
47
45
40
40
45
45
40
4312 43*2
1 , 0 0 0 Roplogle Steel__________ n o p a r
46
D cc30
53*4 H eel 1
108 n o
107*4 110*4 108*2 110*2 108*4 1107s 108<4 109<4 107*4 109*4 127.700 Republic Iron A SteelU____100
71*2 JanlS 145 N ov 1 x72*s Jan
96 May
104*4 104*4 *10312 10(1
♦103*2 100
Ho
pref__________
100 100
200
Jan13 100*2 July28
92*s Jan 102*a Sept
61U 01*4
51*4 51*4
61*8 51*8
61
6U1
81*4 8 H4
600 Republic M otor T ru ck .N o p a r
441* Sept 8
74i2 N ov 1
1021* 10412 104 10V
105*2 1O07S 104*2 100*8 105*8 107
106*8 1077g 37,500 Royal Hutch Co (N Y shares).
84
Aug27
121
July
17
10
10
15*8 10*8
15*4 15*4 15*4 15*4 1,500 St Joseph Lead..... ....................10 12*2 D e c l 2 17 July 14
15*4 lot's
15*4 157g
72
74
73*2 •72
♦72
74
72*2 72I2 71
72*2 72*2
711?
800 Savage Arms C orp ________100
63*8 Jan24
94*2 O ctl7
80*2 May
61*2 D ec
18*8 19*8
18*8 1012
18*4 19*4
18*8 10*4
18*4 19*4
18*8 19*8 10,400 Saxon M otor Cu* C orp___100
29
Aug 0
0*4 Mar21
18 Nov
*4 Aug
•225 230 •225 230
226 220
220 226
25 k30
225 225
500 Scars, Roebuck A C o ____100 108*2 F ebl3 230*4 Dec30
133*4 June
70*2 Dec
12*2 13
1212 12*2
121, 12*2 *12
13
12*« 12*2
12*8 12*8
Shattuck
Ari*
C
op
per______
10
700
10
F
e
b
19
19*4
July26
*13
Dec
18U Feb
80*2 84
81*2 84*4
83*4 84*2
83
84*4
83
8512 84*2 S57g
Shell Transp A Trading____£2
74
DC312
81*4 Dec31
41*8 42*4
42.a 43*4
42*? 43*8
42*8 43*4
417s 43 lS 417g 42*8
Sinclair Cons Oil Oorp N o pa r
04*4 N ov 3
41*8 D ecl2
73
73
73
74
74*2 75
7412 7512
75*8 70*8
75
79U
9,400 Slosa-Sheffleld Steel A Iron 100
46*2 Feb 10 89 N ov 3
39
Jan
71*4 May
•88
93
*88
05
90
90
*89*2 91
*88
90
89
90*4
Do
preferred..................100
500
85 M a r ll
97*2 July 8
81
Feb
93*4 July
110
110
* 110
So Porto Rico Sugar p r e f.. 100 107
Jan27 117 Sept 0 102
Jan 110 Nov
—
- . - - ►140 150
>140 150
141
________
100
124
Janl4
2
0
0
Standard
Milling
160
O ctlS
84
Jan 120
Dec
—
. . . . *85
90
*85
92
*85
D o preferred__________ 100
94tg Junel
85*2 Jan 2
80 June
89
Jan
70
73
71
72
72
72*4
721a 73
73
73*2
70*8 72*4
7.400 8tromberg-Carburet . N o p a r
36*4 JanlO 1091* OctlO
102*4 101*8 100*4 104*4 1017s 104
102*4 104*8
158.800 Studebaker Corp (Tho) ..1 0 0
45*4 Jan22 151
Oct28
337g Apr
727g Nov
10 1
10 1
D o pref................... . .. 1 0 0
100
92
Jan22 104t2 N ov
80*2 July 100 Nov
121 124>2 121 124
125
125 128*2 125 125 * 1 2 1
123 123
2 , 2 0 0 StutzM otor Car o f A m .N o p a r
42*4 Feb 14 1447g O ct 14
37
Oct
65
Dec
47
47
47*8 47*2
46*4 40*4
600 Superior Steel C orp’n ......... 100
32
Jan21
647* Juno
34*4 Mar
46*8 May
11<4 11*4
11* 8
12 * a
1 1 'a
12
11*4 117g
11*2
117 8
11*8 11*4 14.000 Tenn C opp A C tr ctfs .N o p a r
9*4 D ec 1 17*4 M ay
12*4 Dec
21 July
194 199l2 197*2 20312 202 205
20112 204*4 199 202*2 198*4 202
Toxas
Com
pany
(
T
h
o
lt
___100
27.900
184
Jan
2
345
Oct30
130*2 Jan 203
Oct
90*4 92
90*3 91*4
91*2 92
91
92
89*2 91
89
89*4 11,800 T obacco Products C o r p .. 100
72*8 Jan29 115 June30
48*2 Mar
82*2 Dec
103 103 *102*8 105*2 *102*8 105* *102 105 *103 105
'103*4 105*2
D o pref________________ 100
10 0
97*2 Dec 2 120 June30 *87*4 M ar 1047a Dec
24*4 2C18 25
20*2
20
27*8
25*4 27
25*2 20*4
25*2 26
N o par
48,600 Transcontinental Oil
3434 Dec30
02*8 NovlO
6 0 h 69l2 597a 60*4
0 1* 4
02
59*4 00*2
01*4 01*4
2.400 Transuo A Williams S t . N o p a r
747g Oct20
37*4 J a n ll
36*4 Oct
42 May
180 180
1 , 1 0 0 Underwood Typew riter__ 100
116
Jan 8 197*2 D ec 4 100
Apr 112
Dec
94
94
*02
97*2 *91
97
97*2 *92
91*2 92
400 Union Bag A IJaper C orp. 100
76
Jan 3 100 JulylO
66
Jan
80
May
34
35's
33*4 34*8
34*4 35
34
34*4
34*4 35
34
34*4 12.300 Union O il. . ___________ n o p a r
34*8 H eclS
45*8 Oct 1
*491| 50*2 *49*2 50
49*2 49*2
48*8 40
49
49*2
48*4 49
2.900 United Alloy Steel_____ N o p a r
37*8 J a n ll
68*8 July28
367* Oct
44*2 May
*142 147*2 *142 147*2 143 143
144 144 *143 145
142*2 142*2
300 United D ru g_______________100
90*2 Jan 0 175*8 July29
69 June
907a Dec
*51
52
*51
62
O K g 6 1* 8
*51
52
*51
63
*51
52
D o 1st pre fe rre d ............ 60
200
60 J u ly l 8
68*8 M ay 9
46
Jan
60*2 Nov
D o 2d preferred......100
91
Jan28 165 July29
77 June
86*4 Dec
101*2 195*4 195*2 190
190*4 l o o t
190*2 190*2 ■192" 196*2 •192" 106’
..1 0 0 167
" i ' . I o o United Fruit..............
F e b 10 215
Oct 30
84*4 8612 8412 87
857S 877* 80*2. 87*4 85*4 86*4 85*4 80*2 42.900 United Retail S t o r e s _N o p a r 80*8 A ug21 119*4 O ctU 110*4 Jan 160*2 Dec
22*2
* ------...
20*8 20*4 * 2 1
2 0 * 2 2 0 -8
2 0 *8 2 0 * 2
1 . 0 0 0 U 8 Cast I Pipe A F d y ____100
14
Janl5
38*4 Aug 7
11* 8 A p r
19 May
54
03*2 63*2 *52
53
53
*50*
~ 6 4 h *52*2 54*4
Ho pref..... ........................100
200
42*2 JanlO
74*4 July 7
41
M ar
47*4 Feb
*30*8 31*"
31
31
31
30*8 30*8 30*8 30*8 *30
30*8 30*4
1 , 0 0 0 U 8 Express........................... 100
16*4 Feb 6 32*4 May24
14 12 A p r
16*2 May
09*2 70
67
70*2
077s 08*2 00*8 08
05
60*2
04*8 60
18.400 U 8 Food Products C o r p .. 100
00
Apr 8
91*a Oct 1
105 10C*4 104*8 107
105 107
105*2 108
104*8 105*4 104U 105*4 22.400 U 8 Industrial Alcohol . . .100 X97*8 Dec 1 107 M ay27
x90
Dec 137 May
•102 104 * 1 0 2
10 1
102 104 *102 104
102*8 102*8 *102 104
Ho pref________________ 100
100
96*4
Jan
2
111 M ay23
04
Oct
99 Mar
50*4 53*8
60*4 5212 62*2 54*8 53
53*4
52*4 52*2
62
52*2 13.700 V SR ealty A Improvement 100
17*4 Jan 3
507* June 6
8
M ar
20
OCt
122*4 126
122 125*4 123*2 120*8 123*8 12012 122*2 124*2 122*4 124
_100
76.300 United States Rubber
73
Jan21 139*4 N ov 0
61
Jan
80*2 Dec
113*2 113*4 113*2 113*2 113*4 113*4
114 114
1137* 114*8
Ho
1st
pref...............
lot)
800
109
Jan20 119*2 JulylO X95
Jau 110
Dec
*70*4 71
70*4 71
71*4
*70*4 72
70*2 Yl*8 *70
09*8 70
900 U 8 Smelting Ref A M ......... 50
43*4 Jan’Jl
32*2 Apr
78*4 N ov26
60*4 Oot
*40*2 47*8
40*2 46*4 *4012 47*8 •46*2 40*2 *46*8 47*8
407g 47*8
D o prof........................
50
1,390
45
Jnnl 8
60 Mnr 2
42% Apr
47*4 Dec
l()ll2 105*8 104*8 105*4 1047g 100
10178 105*4 104*2 105*8 101*2 105*8 190.000 United States Steel Corp 100
88*4 FoblO 115*2 Julyl4
86*2 Mnr 110*2 Aug
115*8 1151* 115*4 115*4 115*8 115*8 115 115
115 115*8 115 115*8
D o pref.............................. 100 111*4 Hoc 12 117*2 July 17 108 Mar 113*2 Dec
2,680
75
70*4
75
70
7<*a 70*2 70
74*8 75*4
70*2
74*4 75
7.900 Utah C opper.................... ..1 0
05*8 Fob 7
97*2 JulylO
93
Oot
71*4 Dec
*10*4 10*4
♦9*2 10
*9*i 10*4 ♦ 1 0
10
10
10 *4
* 10
10 *4
100 Utah Securities v i a ......... 100;
8*4 Dec 10 21*8 Junel 1
11 Sept
10*4 Nov
49*8 6U 2 49*2 50*2
50*8 60*8 *48
48*2 487g 47's 48*4 12.800 Vanadium C orp __________ n o p a r 54*2 D c c l 2
49*4
62
D e cll
05*8 60*4
05*8 66*2
60
60U
05*4 0578 05*8 05*4
05*8 05*2
61
FeblO
2 , 1 0 0 Vtrglnta-Carollna C h e m ... 100
92*2 July 14
33*4 Jan
00*4 Nov
112
112
110
I I l 7a *109
112
111
109 111 * 1 1 0
111
111
D o pref..............................100 110
600
Jan 7 1167g Oct 7
98
Jon ll3*t Dec
79
80
79
79
64 Mar31 288
300 Virginia Iron C A C ______ 100
Dec31
50
Jan
73*2 July
*52*4 63*4
52*4 52*4 *52*2 53
52*4 52*4 *52*2 53
*52*4 53
51*4 N o v l2
2 0 0 Wells. Fargo Express_____ 100
79 M ay 23
63*4 Sept
83*4 Jr.n
80*2 86*2
867a 87
*87
88
87*4 88*s
86*2 807»
1 , 2 0 0 Western Union Telegraph. 100
82 8 ept 22
92*2 M ay26
77*4 Aug
96*8 Apr
117*4 117*4 117 117 *115 118 • lifj" 118 " *115 118
115 118
2 0 0 WC8tlnghouse Air Brake____60
94*2
Janl5
126
July
7
96
Dec
95
Dec
52
53
52
52?8
52*4 52*2
62*8 62*2
5**8 62*2
52
52*2
f ,800 Westlughouse Elec A M fe__60
40*2 Jan21
5978 June 9
38*2 Jan
47*2 May
69*4 00*4
59
01
0 0 *8 0 1* 4
00 *2 0 1
0 1* 2 0 1* 2
5878 60*2
0 , 1 0 0 White M o to rs ......... ............... 60
45
Jan 3
80
Oct20
49 Nov
30*4 Jan
28*a 30*.
2S78 29*8 z 28?8 29*2
28** 29*2
28*2 29*4
27*4 287g 57.000 Wlllys-Overlaud (T h e )......... 25
23*4 Jan22
40*4 June 2
16*2 Jan
30 Nov
*89
01*2 *897S 90
00
00
*88*2 91*2 *88*2 91*8 *88*2 90
Ho pref (nctr).......... . .. 1 0 0
10 0
87*4 Jan 7
98*4 M ay 9
75
Jan
89*4 Nov
*74*2 70
75
75*4
75
75
1 /5
75
74*2 75
*73*2 75*2
1.700 W llsonA C o.Inc, v t 0 . . N o p a r
65*8 Jan20 10478 July 2
45*4 Jan
77U Dsc
*97*2 90*2 *97*2 99*2 *97*2 99*2 *07*2 99*2 *95
99
•95
99
D o preierred .............. ..1 0 0
95*4 N ov 11 104*2 JunelO
90*2 Sept
99*2 Doc
*125 130
123 120 •124 127
12 0
123 128
12 0 * 2
120*2 126*8
400 W oolworth (F W ) _________ 100 120
Feb 7 136*8 M aylO
110
Mar
10S*a
Oct
•112 115 ♦112 U51 2 *112 115*2 112 116*2 113 113 *113 116*2
D o pref________________100 112*4 Dec20 117*2 July25
10 0
111
Oct 116 Sept
887s 90*2
89*2 93*2
01
92*2
01
01*8 94
9212 90*4 92*2 2 1 , 2 0 0 W orthington P A M v t C ..100
60
F eb l3 117
Oct 7
34
Jan
69
Aug
92
92
♦90
9212
92
927s
...
02
400
Do
pref A .................... ..1 0 0
88
Jan 9
98*2 O ctlS
85*8 Feb
91
Apr
74
74
"72" 72”
73
73
71*4 71*21 72
72
Do
o r e fB _____________ 100
000
60
Jan 3
81
Oot 8
69
Jan
70*2 July
• Bid and asked prices; no ealee on thle day, | Loss than 100 shares.
lEx-rlghts
a Kx-div and rights, s Ex-dlT
7 For fluctuations In rlgbta see p. 314
348
New York Stock Exchange— Bond Record, Friday, Weekly ana Yearly
J a n > 1Q0 9 t h e E x c h a n g e m e t h o d o f q u o t i n g b o n d s w a s c h a n g e d a n d p r i c e s a r e n o w — " a n d i n t e r e s t ” — e x c e p t f o r i n t e r e s t a n d d e f a u l t e d b o n d s .
BO NDS
H . Y . STO CK EX C H A N G E
W e e k e n d in g J a n . 2 3
A sk
B id
U . S . Q o v » rn m « n t.
F ir s t L ib e r ty L o a n
3H s
1s t 15 -3 0 y e a r ,. 19 3 2 -’ 47
S e c o n d L ib e r ty L o a n
4s
1 s t L L c o n v _ _ .19 3 2 - * 4 7 J
4s
2 n d L L .................. 1 9 2 7 - ’ 4 2 M
T h ir d L ib e r ty L o a n
.
4Ha
1 s t L L c o n v -------1 9 3 2 - ’ 4 7 J
4Ha
2 n d L L c o n v — 19 2 7 -* 4 2 M
4H s
3 r d L L .............................1 9 2 8 M
F o u rth L ib e r ty L o a n
4H 8
1 s t L L 2n d c o n v 19 3 2 -*4 7 J
4Ha
4 t h L L ..................... 1 9 3 3 - ’ 3 8 A
V ic to r y L ib e r ty L o a n
454s
c o n v g n o tes— 19 2 2 - 23
3548 c o n v g n o t e s — 1 9 2 2 - ’ 2 3
8 8 c o n s o l r e g i s t e r e d __________< 119 3 0
3 a c o n s o l c o u p o n _____ ____— < 11 9 3 0
4 s r e g l a t o r e d _____________
19 2 5
4 8 t o u p o n -------------19 2 5
P a n C a n a l 1 0 - 3 0 - y r 2 s .............* 1 9 3 0 Q
P a n C a n a l 10 -3 0 -y r 2 s re g — 19 3 8 Q
P a n a m a C a n a l 3 s B - . ------------1 9 6 1 Q
R e g i s t e r e d _____________
10 6 1 Q
P h i l i p p i n e I s l a n d 4 a .............1 9 1 4 - 3 4 Q
F o re ig n Q o v srn m sn t.
A n g lo -F r e n c h 5 - y r 5 a E x t e r lo a n
A r g e n tin e I n t e r n a l 5 s o l 1 9 0 9 B o r d e a u x ( C it y o f) 1 5 - y r 6 8 .1 9 3 4
C h in e s e ( H u k u a n g R y ) 5 s o f 1 9 1 1
C u b a — E x te rn a l d e b t 5 s o f 19 0 4 E x te r d t 5s of 19 14 ser A --19 4 9
E x t e r n a l l o a n 4 H s ------- — . 1 9 4 9
D o m in io n o f C a n a d a g 6 a — 1 9 2 1
do
do
— .19 2 6
do
do
19 3 1
2 - y r 5 % 3 o l d n o t e s A ig 1 9 2 1
1 0 - y e a r 5 % s _________________ 1 9 2 9
J a p a n e s e G o > t— £ l o a n 4 5 4 8 - 1 9 2 5
S e c o n d s e r i e s 4 H s --------------1 9 2 5
do
do
“ G e rm an sta m p ”
S t e r l i n g l o a n 4 s ------------------1 9 3 1
L y o n s ( C i t y o f ) 1 5 - y r 6 a ------- 1 9 3 4
M a r s e ille s ( C it y o f) 1 5 - y r 0 s l9 3 4
M e x ic o — E x t e r lo a n £ 5 s o f 18 9 9
G o l d d e b t 4 a o f 1 9 0 4 ..............1 9 5 4
P a r i s ( C i t y o l ) 5 - y e a r 6 a ------- 1 9 2 1
T o k y o C i t y 5 s lo a n o f 1 9 1 2 .
U K o f G t B r i t A I r e la n d —
6 - y e a r 5 H % n o t e s ______ . - 1 9 2 1
2 0 - y e a r g o ld b o n d fi H a — 1 9 3 7
1 0 - y e a r c o n v 5 5 4 s _____ — 19 2 ! )
3 - y e a r c o n v 5 H s _________ p i 9 2 2
I T h e s e a r e p r ic e s o n th e b a s is o f
S t a t s a n d C it y S e c u r itie s .
S Y C it y — 4 J4 3 C o rp sto c k -19 0 0
4 # s C o r p o r a t e s t o c k _____1 9 0 4
4 5 4 s C o r p o r a t e s t o c k ------- 1 9 6 6
4 H s C o r p o r a te sto c k J u l y 19 0 7
4 >4 s C o r p o r a t e s t o c k --------- 1 9 6 5
4 H 9 C o r p o r a t e s t o c k _____ 1 9 6 3
4 % C o r p o r a t e s t o c k ___ . - 1 9 5 9
4 % C o r p o r a t e s t o c k --------- 1 9 5 8
4 % C o r p o r a t e B t o c k ______ 1 9 5 7
4 % C o rp o ra te sto ck r e g - .I9 6 0
N e w 4 H a ..................... - ..............1 9 5 7
4 H % C o rp o ra te s to c k — 19 5 7
3 H % C o rp o ra te s to c k — 19 5 4
W Y S t a t e — 4 s ................................. 1 9 6 1
C a n a l I m p r o v e m e n t 4 h— 1 9 0 1
C a n a l Im p ro v e m e n t I s — 19 6 2
C a n a l Im p ro v e m e n t 4 a — 19 6 0
C a n a l Im p ro v e m e n t 4 H 0 - 19 6 4
C a n a l Im p ro v e m e n t 4 H 0 -19 0 6
H i g h w a y X m p r o v 't 4 H a — 1 9 6 8
H ig h w a y Im p r o v ’ t 4 H 8 — 19 6 5
V ir g in ia fu n d o d d e b t 2 - 3 S - - 1 9 9 1
6 s d e fe r re d B r o w n B r o s o tfs
R a ilr o a d .
A n n A r b o r 1 s t g 4 s ___________ 4 1 9 9 5
A t c h is o n T o p e k a A S a n t a F e —
G en g 4
s
. __ _______ 1 9 9 5
R e g i s t e r e d _________________ 1 9 9 5
A d j u s t m e n t g e l d 4 s ______ 6 1 9 9 5
R e g i s t e r e d ................. ........... 6 1 9 9 5
S t a m p e d _________________4 1 9 9 5
C o n v g o l d 4 s ______ _________1 9 5 5
C o n v 4 s I s s u e o f 1 9 1 0 --------- 1 9 6 0
B a s t O k la D lv 1 s t g 4 9 — - 19 2 8
R o c k y M t n D lv 1 s t 48— 19 6 6
T r a n s C o n S h o r t L 1 s t 4 s . l 9 5 tC a l - A r l a 1 s t A r e f 4 H « ‘ * A 'T 9 6 2
a F e P re s A P b 1 s t g 5 8 — 19 4 2
A t l C o a s t L 1 s t g o ld 4 a — . 6 1 9 5 2
G e n u n i f i e d 4 H s ................... - 1 9 6 4
A l a M i d 1s t g u g o l d 5 a — 19 2 .':
B r u n s A W 1 s t g u g o ld 4 S . 1 9 3 S
C h a r l e s A S a v 1 s t g o ld 7 8 .1 9 3 6
L A N c o ll g o l d 4 a ________0 1 9 5 2
d a v F A W 1 s t g o l d 6s _____1 9 3 4
1 s t g o l d 5 s ____________________1 9 3 4
B a l t A O h i o p r i o r 3 H a .............1 9 2 5
R e g i s t e r e d ----------------------6 1 9 2 6
1 s t 6 0 - y e a r g o l d 4 s ............... 6 1 9 4 8
R e g i s t e r e d _____- _________6 1 9 4 8
1 0 - y r c o n v 4 H a _____________1 9 3 3
R e fu n d A g e n b e S e rie s A - 19 9 5
T e m p o r a r y 1 0 - y r 60 ________1 9 2 9
P i t t s J u n o 1 s t g o l d 6 a -------1 9 2 2
P Ju n o A M D lv 1 s t g 3 H s 19 2 5
P L E A W V a S y a re f 4s . .1 9 4 1
H o u th w D lv 1 s t g o ld 3 H a - 1 9 2 6
C e n t O h io R 1 s t 0 g 4 H a - - 1 9 3 0
C l L o r A W con 1 s t g 6 8 - .1 9 3 2
O h io R i v e r R l l 1 s t g 5 a . . . 1 9 3 6
G e n e r a l g o ld 5 a ______ - - . 1 9 3 7
P lt tu C l e v A T o l 1 s t g 0s_ . 1 9 2 2
T o l A C lu d lv 1s t re f I s A . I9 6 0
B u f f a l o R A P g e n g 5 s .............1 9 3 7
C o n s o l 4 H s __________________ 1 9 6 7
A l l A W e s t 1 s t g 4o g u _____1 9 9 8
C l e a r A M a b 1 s t g u g 6s . . 1 9 4 3
B o o b A P it t a 1 s t g o ld 0 S - - 1 9 2 1
C o n s o l 1 s t g 6 s ___________ 1 9 2 2
C a n a d a Sou cons gu A 5 s . ..19 6 2
O a r C l i n c h A O h i o 1 s t 3 0 - y r 6 a *38
C e n t r a l o f Q a 1 s t g o l d 6a , _ . p l 9 4 5
C o n s o l g o ld 5 s ______________ 1 9 4 5
10 - y r te m p se c u r 6a J u n e 19 2 9
O h a tt D lv p u r m o n ey g 4s 19 5 1
M a o A N o r D lv 1 s t g 5 s . - 19 4 6
M i d G a A A t l D l v 5 s ............ 1 9 4 7
M o b i l e D l v 1 s t g 6s ............... 1 9 4 6
C a n t F I R A B o f G a c o ll g 6 s . 1 9 3 7
O a n t o f N J g e n g o ld 5 a ______ 1 9 8 7
______ _
6 1118 7
* N o p r i c e F r i d a y , in e s t t h i s
W e e k 's
R an ge or
L a s t B a le
P r ic e
F rid a y
Ja n
23
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D
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9 1.8 6
9 0 .6 2
S a le 9 1.8 6
S a le 9 0 60
9 2 . 3 0 2 2 5 9 2 . 5 0 9 0 .0 0
9 0 .9 3 14 0 9 9 1.0 0 9 6 .1 0
9 2 .2 0
9 0 .9 6
9 3 .2 0
S a le 9 2 .2 6
S a l e 9 0 .8 2
S a le 9 3 0 2
9 3 . 0 0 3 5 6 9 2 .8 0 9 0 .6 0
9 1 . 1 0 8 7 7 6 9 1 . 1 2 9 5 .3 0
9 3 . 5 8 14201 9 3 .2 6 9 6 .6 0
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8 8 18
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9 3 .4 2
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9 5 . 4 2 102.06
25863 9 l.Ovy 9 5 . 7 2
9 8 . 5 1 8 0 3 1 9 8 .8 0 100.08
9 5 . 5 1 7 3 ) 3 9 8 .8 0 100.48
S e p t ’ 19
9 77S 9 9 78
Aug T9
98
10 0 %
10 4 3 g 1 0 6 %
10 5 %
10 3
10 0 1a
J a n ’ 20
M a r ’ 19
98% 98%
J u l y ’ 18
87% 9 1
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71
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9 2 t4
10
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60
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90%
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8 3 7 8 D e e T t f _____
4
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9 8 78
89
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60
92%
1
98%
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75
79
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76
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J a n '2 0
69
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26
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92% 92%
45% 72%
90% 10 0
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75
86% 9938
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S a l e 8934
90
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89
90%
10 0 % 10 0
10 2 3 4 1 0 0 %
81
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9 8 12
93
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N o v ’ 19
10 0 %
10 0 %
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8934
J a n ’ 20
89
10 0 %
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81
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S e p t’ 19
Ja n ’20
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55
S a le
71
S a le
S a le
S a le
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75%
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S a le
S a le
S a le
S a le
S a le
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9 2 lS S a l e
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93
78
89
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9 3 14
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8 9 34
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10 7 % 10 9 %
10 7 %
52
—
69
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52%
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75
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76%
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87%
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S a le
65
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S a le
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....
9 8 % 9 9 12
9 6 *4 9 9
10 0 ^ 4 1 0 9 %
. . . . 10 6 % 10 8 %
5
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____
60%
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77%
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J a n '2 0
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27
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—
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N o v * 19
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a D ue Ja a .
4 D u e A p r il, e D u e M a y .
P r ic e
F rid a y
Ja n . 23
BONDS
N . Y . STO CK EX C H A N G E
W e e k e n d in g J a n . 2 3
Range
Year
S?
C e n t o f N J ( C o n c lu d e d )
A m D o c k A im p g u 6 s - - - 1 9 2 1 J
L eh A H u d R lv geu g u 5 3 -19 2 0 J
N Y & L o n g B r g e n g J 4 s __1 9 4 1 M
C e n t V e rm o n t 1 s t g u u * a — « 19 2 0 Q
G h e s a A O fu n d A Im p t 5 8 .- 1 9 2 9 J
1 s t c o n s o l g o l d 5 s __________1 9 3 9 f l
R e g i s t e r e d _________________ 1 9 3 9 M
G e n e r a l g o l d 4 H s __________1 9 9 2 '/I
R e g i s t e r e d ................................. 1 9 9 2 VI
2 0 - y e a r c o n v e r t i b l e 4 H f l __1 9 3 0 F
3 0 -y e a r co n v secu red 5 s . -19 4 6 A
B i g S a n d y 1 s t 4 a ---------------- 1 9 4 4 J
C o a l R iv e r R y 1 s t g u 4 S --19 4 5 J
C r a i g V a l l e y 1 s t g 6 s --------- 1 9 4 0 J
P o t t s C r e e k B r 1 s t 4 a ------- 1 9 4 6 J
R A A D lv 1 s t co n g 4 8 .- .1 9 8 9 J
2 d c o n s o l g o l d 4 s ................1 9 8 9 J
G r e e n b r ie r R y 1 s t g u g 4 3 .1 9 4 0 M
W a r m S p r i n g s V 1 s t g 5 S - - 1 9 4 1 *.!
C h ic A A lto n R R r e f « 3 a — 19 4 9 A
R a i l w a y 1 s t li e n 3 H s --------- 1 9 5 0 J
C h ic a g o B u r lin g t o n A Q u in c y —
D e n v e r D l v 4 a ___ - ________ 1 9 2 2 F
I l l i n o i s D l v 3 H s — ................1 9 4 9 J
I l l i n o i s D l v 4 s ..............................1 9 4 9 J
Jo in t b o n d s.
See G r e a t N o rth
N e b r a s k a E x te n s io n 4 s — 19 2 7 M
R e g i s t e r e d ____________— 1 9 2 7 M
G e n e r a l 4 s ___________________ 1 9 5 8 M
C b lo A E 11 1 r e f A Im p 4 s g — 1 9 5 5 J
IT 8 M t g A T r C o c t f s o f d e p . _
l B t o o n s o l g o l d 0 s --------------- 1 9 3 # A
G e n e r a l c o n s o l 1 s t 6 a ______ 1 9 3 7 M
U 8 M tg A T r C o c tfa o f d e p
G u a r T r C o c t f s o f d e p -------P u rc h m o n e y 1 s t c o a l 5 a _ _ 19 4 2 F
C h ic A In d C R y 1 s t 5 s . — 19 3 6 J
C h ic a g o G r e a t W e st 1 s t 4 s ._ 1 9 5 9 M
C h ic In d A L o u ls v — R e f 6 8 .1 9 4 7 J
R e f u n d i n g g o l d 6s ------- — 1 9 4 7 J
R e f u n d i n g 4 s S e r i e s C ------- 1 9 4 7 J
In d A L o u ls v 1 s t g u 4 s — 19 5 6 J
O h io I n d A S o u 5 0 - y r 4 s -------1 9 5 0 J
C h i c L S A E a s t 1s t 4 H a ------- 1 9 6 9 i
C b M A S t P g en g 4a se r A _ e l9 8 9 J
R e g i s t e r e d --------------------- e l 9 S 9 Q
G e n ' l g o l d 3 H s S e r B ------- e l 9 8 9 J
G e n e r a l 4 H s S e r ie s G — — « 19 8 9 J
G e n A r e f S e r A 4 H s -------a 2 0 1 4 A
G e n ref co n v S e r B 6 s — a 2 0 14 F
C o n v e r t i b l e 4 H s ___________ 1 9 3 2 J
P e r m a n e n t 4 a ----------------------1 9 2 5 J
2 5 - y e a r d e b e n t u r e 4 s --------- 1 9 3 4 J
C h i c A L S u p D l v g 5 8 ------- 1 9 2 1 i
C h ic A M o R lv D lv 6 8 — 19 2 6 J
C h i c A P W 1 s t g 5 s ............... 1 9 2 1 J
C M A P u g e t S d 1 s t g u 4 8 .1 9 4 9 J
D u b u q u e D l v 1s t a f 0 8 - . . 1 9 2 0 J
F a rg o A S o u assu m g 6 s .-19 2 4 J
M llw A N o r 1 s t o x t 4 H S - - 1 9 3 4 J
C o n s e x t e n d e d 4 H a ------- 1 9 3 4 J
W l s A M i n n D l v g 5 s ............ 1 9 2 1 J
W l s V a l l e y D l v 1 s t 0 8 --------1 9 2 0 J
C h ic A N ’ w e s t E x 4 s . .. 1 8 8 6 - '2 0 F
R e g i s t e r e d ------------- 1 8 8 0 - 1 9 2 0 F
G e n e r a l g o l d 3 H s _____ . . . _ 1 9 8 7 M
R e g i s t e r e d --------------------- X > 19 37 Q
M
G e n e r a l 4 s ____________ _— 1 9 8 7
S t a m p e d 4 s ---------------------- 1 9 8 7 M
G e n e r a l 5 a s t a m p e d ............... 1 0 8 7 M
S i n k i n g f u n d 0 s .............1 8 7 9 - 1 9 2 9 A
R e g i s t e r e d __________1 8 7 9 - 1 9 2 9 A
S i n k i n g f u n d 5 s .............1 8 7 9 - 1 9 2 9 A
R e g i s t e r e d __________1 8 7 9 - 1 9 2 9 A
D e b e n t u r e 5 s . — -----19 2 1 A
R e g i s t e r e d ------------------------1 9 2 1 A
S i n k i n g f u n d d e b 6s ________1 9 3 3 *3
R e g i s t e r e d ................................. 1 9 3 3 H
D e s P l a i n e s V a l 1 s t g u 4 H s '4 7 M
F re m E lk A M o V 1 s t 6 8 .- 1 9 3 3 A
M an G B A N W 1s t 3 H 0 -19 4 1 J
M llw A 9 L 1 s t g u 3 H a — 19 4 1 J
M il L 8 A W e st 1s t g H s . . . 1 9 2 1 M
E x t A I m p a f g o l d 6s ___ 1 9 2 9 F
A s h l a n d D l v 1 s t g 0 s ___ 1 9 2 5 M
M lo h D l v 1 s t g o ld 6 8 - 1 9 2 4 J
M i l S p a r A N VV 1 s t g u 4 8 . 1 9 4 7 ill
8 t I, P e o A N W 1 s t g u 6s 19 4 8 J
C h ic a g o R o c k I s l A P a o —
R a i lw a y g e n e ra l g o ld 4 s — 19 8 8 J
R e g i s t e r e d _________ - _____ 1 9 8 8 J
R e f u n d i n g g o ld 4 s ______ . - 1 9 3 4 A
2 0 - y e a r d e b e n t u r e 6a --------- 1 9 3 2 J
R I A r k A L o u is 1 s t 4 H S — 1 9 3 4 M
B u r l O R A N 1 s t g 5 s _____1 9 3 4 A
O R I F A N W 1 s t g u 60 . - 1 9 2 1 A
C h o O k l a A G g e n g 58— 01919 J
C o n s o l g o l d 5 s ...................... 1 9 5 2 M
K e o k A D e s M o in e s 1 s t 5 s 1 9 2 3 A
S t P au l A K O Sh L 1s t 4 H s’41 F
C h i c S t P M A O c o n s 6 s ------- 1 9 3 0
C o n s 0 s re d u c e d to 3 H S - - 1 9 3 0
D e b e n t u r e 5 s ...............................1 9 3 0
N o r t h W is c o n s in 1 s t 0 s . _ - 1 9 3 0
S u p e r io r S h o r t L 1 s t 5a g . d 9 3 0
C h i c T H A 8 0 E a s t 1 s t 68 — 1 9 0 0
C h l o A W c a t I n d g e n g 0 8 — 11932
C o n s o l 50 - y e a r 4 s ----------------1 9 5 2
C l n H A D 2 d g o l d 4 H s -------1 9 3 7
C F in d A F t W 1 s t g u 4 s g 1 9 2 3
D a y A M ic h 1 s t c o n s 4 H s 1 9 3 1
C le v C ln C h A S t L g e n 4 s . .1 9 9 3
2 0 - y e a r d e b 4 H s ---------------- 1 9 3 1
G e n e r a l 6s S e r i e s B — — — 1 9 9 3
C a i r o D l v 1 s t g o l d 4 a .............1 9 3 9
C l u V i A M D l v 1 s t g 48 — 1 9 9 1
S t L D l v 1 s t c o ll t r g 4 a . — 1 9 9 0
S p r A C o l D l v 1 s t g 4 a _____1 9 4 0
W W V a l D l v 1 s t g 4 s -------1 9 4 0
O l S t L A C c o n s o l 6 s _____1 9 2 0
1 s t g o ld 4 s ----------------------* 1 9 3 6
R e g i s t e r e d ----------------- * 1 9 3 6
C l n S A C l c o n s 1 s t g 6s . _ 1 9 2 8
C O C A I g e n c o n s g 0 s . . 19 3 4
I n d B A W 1 s t p r e f 4 s _____1 9 4 0
O I n d A W 1 s t p r e f 5 a . — < 119 3 8
P o o r la A E a s t 1 s t c o n s 4 s . 19 4 0
I n c o m e 4 o .................................1 9 9 0
O ie v e S h o r t L 1 s t g u 4 H 0 - - - 1 9 6 1
C o lo r a d o A S o u 1s t g 4 s . . — 19 2 9
R e f u n d & E x t 4 H « ................ 1 0 3 6
F t W A D en C 1s t g 0 8 .. . 19 2 1
C o n n A P a a R iv e 1 s t g 4 s . . . 19 4 3
C u b a U R 1s t 6 0 -ye a r 5 s g — .10 5 2
D e l L a c k A W e ste rn —
M o rris A E s s l s t g u 3 H 8 - - 2 0 0 0
N Y L a c k A W lB t 6 s ............ 1 9 2 1
C o n s t r u c t i o n 5 s -------. . . 1 9 2 3
'T V m A T m n r o v t, 4 * . .
10 2 3
# D ue Ju n e .
* D uo Ju ly .
* D ae A ug.
J
J
B id
J
J
S
F
J
N
N
S
s
A
()
D
D
J
J
F
IV1
55
8534
93
91
75%
74
78
70
j
A
J
J
N
N
S
J
J
N
s
0
J
“6
N
A
J
s
J
J
J
J
J
D
J
J
J
J
O
A
D
D
2
J
J
J
J
J
J
D
D
J
J
A
A
N
F
N
N
N
O
O
O
O
O
O
N
N
y
0
j
j
s
A
H
J
fc
J
J
J
O
J
e
<j
0
j
N
O
A
D
V
D
J
A
V
A ft* L o w
H ig h
98
9834 J a n '2 0
Range
Year
19 19
N o.
Low
08
H ig h
LOO
90%
78%
64>a
71
66
70
7 5 '4
40
3 1%
J
t
M
J
J
tM
D
J
Q M
J
i
J
J
M N
J J
D
J
-1
J
J D
J
J
J
J
M N
M
8
i
J
M N
F
Q
F
Q
J
J
J
J
A <J
J
Q
A
1J
Apr
A
(J
F
A
M N
O
J
C
A
J
J
J
9734
W e e k 's
R a n g e or
L a s t S a le
08
50
50
2
8534
15
S a le 8 5
4
S a le 9 3
9 3%
92
l O U jj a n *17
7534
S a le 7434
■“ I
80»4 M a r * 1 7 _____
7578 1 1 1 '
S a le 7 4
793ft 1 1 0
S a le 7 8
75
O ct TU
80
823.1 8 2 3 4 M a y * 1 9
7.8% D e o * 1 9
09
69
Ju n e * 19
73
J a n *2 0 _____
77%
___ .
J a n ’20
0 8 1« 6 5
50
78%
9 l7 g
05
9 3%
90%
70
83%
70
70%
75
8 2 »4
78%
09
71
707*
85%
9 1%
78%
82*4
78%
09
71
707ft
S a le
S a le
113
F e b *15
46
47
30%
3 1 34
10
25
45%
29 *4
53
40
98%
72%
83
75%
83%
96
J a n *20
75%
75%
82%
82%
2
1
9 5%
7 1%
80%
99%
70%
857ft
91
S a le
80%
20%
21
81
S a le
S a le
98
67
OH
67
61
54%
91
80
62
72
80
68
S a le
99
85%
76
71
7 1%
86
08'%
60
70%
6 8 ‘ift
07%
68
71
59%
9034
60%
S a le
S a le
S a le
S a le
S a le
S a le
97%
99
9 7 14 9 7 %
63%
04
* 9 7 >i
987a 10 0 %
78
80%
82
76%
9 634 9 7%
93
10 0
90% 9 1
87%
8 9 l,i
05
S a le
63%
79
77
79%
95
99
1 0 1 % 10 9
907ft
91
907ft O o t * 1 9
80%
81
20%
21
21
5
10
17
0
22
98
7U j
69
78
97’ j
32
5 It.
97
8 5*4
Ju ly * 19
N ( ,v * 1 9
D e o * 19
A m *19
F o l) * 1 3
M a * -, 1 7
5 8 -1,
J a n *2 0
N o v ’ 19
___
10
___
03
M a y * 19
707ft D e o * 1 9
80
O c t *19
08%
09
9 2% F e b * 16
00
60
76%
7 7 ii
57%
59
97
88
0734
09%
707ft
7 i,2
5 9 14
00
97
9714
93
O ct T 9
B 7U
9 7 ’ .,
03
J a n *20
9 9 '2 D u n * 1 9
10 2
8 n p t* 1 9
78
J a n *20
7 7 ’ i J a n *20
9034
9 034
9 9 U O ot *19
92
J a n *20
92
O o t *19
00
no
7 0 1 , A o r - 19
78
78
7 7 ’ ! D eo '1 9
97
97
10 0
O o t *19
38
51
03%
D S% 1 0 3 %
35*4 8 5 * 4
00%
75
83%
61
1
30
70
00
52
13
17
0
9 0 % J a n *20
90
N o v * 18
9 7 % J a n *20
98
M a r* 10
90% 9 1%
90%
00%
N o v *1 8
89 % 97
1 0 1 % O oo * 16
80%
10 5 % N o v 'l l )
110
88
J a n *17
03
10 0 1, N O VH J
99%
9 0 % 9 5 % J a n *2(1
90
S e p t * lw
93
101 % 1 0 0
98
1 0 0 ' i J f t i i *2C
7-1
D e e *19
7 3 ’ ! 80
85% 9 1
87
87
03
81
80
70%
67
07%
54
6 1%
62
09
56
90%
93
6
90
00
99%
99%
883.1
78
I
9578
99
88
92
id
0 37g
09
11 7 5
70
i
9 5%
10 1%
04
84%
74%
8 17ft
82
85
787ft
10 1
93
99%
74
10 0
10 2
89
82
98%
997ft
93
92
737ft
70%
82%
78%
10 1
10 6
00%
97*4
90%
97
90
98
98
90%
90% 10 4
9 1%
9034 97%
74
9 0 % 938 4
9<)7g 807ft
8 3%
70
30
21
30 *4
20%
10 4
98
80
7 1%
80
78
75
2
10 5
10 9
io o s « 101
99
90
10 4
10 0
10 17 ft 0 4
78%
73%
2 93
98
S a lo
14
79%
73
7 3 7s
69
70%
70%
7 0 % M a y ’ lli _____
00 % 1 7 J
70%
64%
70 % M a r ’ ly
70%
70%
02
03
72
3 ; 00
90
9 0 % J a n *2C
90
97%
9 7 *4 t fu u ’ l l ’
97%
07
M ay* 1H
82%
89
89
89
O c t’ T 9
89
68
70
70%
68
J a n *2G
65
63
71
03%
B 6 I4 J a n *2C
03
10 3
10 4 % 1 0 5
D ee T 9
10 8
10 4
8 3 % N o v ’ lC
8 2*4 8 5
85
80
1 87% 97
85
85
10 0 %
9 3%
_____
07%
79
68
6 7 % J u n o ’ 19
10 0 % 1 0 2
1 0 2 % D e e *IC _____ 10 2 % 1 0 4 %
37 5 2
6S
S a lo 5 8
59
05
75
90
M a y 17
80
S a le
60
* 6 1 % _____
0 2% S a le
90
9 1%
92%
00
__
63%
75
80
7 1%
6 1%
03%
70
81
Ja n ’20
63%
04
3 >
4
75
75%
82
N o v ’ lli
0 9 % D e c *1(1
0 1%
0 1%
3
11
64%
65%
7 4 % J a n * 1 9 _____
87%
H ah
7534
81
7 7 34
00
10 0
78%
88%
10 D »
70% —
53
* 5 1%
15
23
853.1
84%
8 5%
7 0 '! 7 2 %
98
—
73
80
10 1
84
82%
93%
10 2 %
76*4
O c t *19
G e t *I t
S e p t’ 19
M a y * 19
O o t *11!
N o v* 19
52%
20
853-1
8 1%
72%
97
...........
8 5*4
Ja n
Ja n
_____
____
....
_____
___
—
9 D us N ov
n 111, , rtiu*
1
hO
7 111,
8 1%
87
81
70
70%
74%
9 9*4 1 0 1
82%
84
82%
82%
9 37*
93
10 2 % 10 7
70 *4 7 6 * 4
*2(1
" go"
*2 (
12
3 83
8S%
8*13ft
1
82
73%
5
72
Ja n
2 0 _____
97
........... 1 _____
S o p t '1 9
85
707ft
707ft S a l e 707ft
10 0 % I00>ft 1 0 0 % J a n *2C
0 4 % N o v 'l l l
9 5%
91
92%
94
J a n *20 —
f D u e O o t.
80
00
75
82
09%
00%
007ft
74%
«0~
31
89
89%
8 1%
99*4
8 6 *4
73
70
9 9 *4 1007ft
04% 10 1
92% 9 5
349
New York Bond Record— Continued—Page 2
B id
Delaware Lack A W est— C o n c l.
Warren 1st ref gu g 3 H s . 2000
Delaware A Hudson—
1st lien equip g 4 H s ______ 1022
1st A r o t 4s............................1943
20-year oonv 6s__________ 1935
Alb A Suaq conv 3 H s ____ 1940
Renas A Saratoga 1st 7 s ..1921
Denver A R io Grande—
1st cons g 4a______________1030
Consol gold 4 H s _________ 1936
Im provement gold Cs____1928
1st A refunding 5s________1956
R io Gr Juno 1st gu g 6a___1939
R io Gr Sou 1st gold 4 s____1940
Guaranteed____________ 1940
R io Gr W est 1st gold 4 s . . 1939
M tge A coll trust 4s A . . 1940
D el A M ack— 1st lien g 4 s . . 1096
G old 4s.................................. 1995
D ot R lv Tun Ter Tun 4H S--1001
D ul Mlssabe A N or gen 6 s . . 1941
D ul A Iron Range 1st 6 s ....1 9 3 7
imI Registered______________1937
Duli Sou Shore A A ll g 6s— 1937
Elgin Joliet A East 1st g 6 s. .1941
Erlo 1st consol gold 7a______ 1920
N Y A Erie lot ext g 4s___1947
2d ext gold 5s____________ 1919
3rd ext gold 4 H 8 ________ 1923
4th ext gold 6s__________ 1920
6th ext gold 4s__________ 1928
N Y L E A W 1st g fd 7 s . . 1920
Erie lot cons g 4s prior___1990
Registered______________1990
1st consol gen lien g 4 s .1990
Registered___________ 1990
Penn coll trust gold 4 s ..1951
60-year conv 4s Ser A . .1953
do Series U _________ 1953
Gen oonv 4s Series D ...1 9 6 3
Chlo A Erie 1st gold 6a___1932
Clev A M ahon Vail g 5 a ..1938
Brio A Jersey 1st s f 0a___1955
Geneeco River 1st a f 0s___1957
Long D ook consol g 0a____ 1936
Coal 4 U R lot cur gu 0 s ..1922
D ock A Im pt 1st ext 5s___1943
N Y * G rcon L gu g 6a___1940
N Y S ubq A W 1st ref 5 s . . 1937
2d gold 4 H s ..................... 1937
General gold 6e_________ 1940
Terminal 1st gold 6a___1943
M id of N J 1st ext 6s____1940
WUk * East 1st gu g 6 s ..1942
E v * Ind 1st cons gu g 0 s ..1920
Evansv A T H 1st cons 0 s ..1921
1st general gold 6s________1942
M t Vernon 1st gold 0s___1923
Bull C o Branch 1st g 5 s . . 1930
Florida B Coast 1st 4 H * ___ 1959
Fort St U D C o l s t g ->*s.-1941
Ft W orth * Itlo Gr 1st g 4 s .1928
G alvjH ous * Hen 1st 5s____1933
Groat N or C B A Q coll 4 s . .1921
Registered______________ 41921
1st A ref 4 X s Series A ____1901
Registered_____________ 1901
St Paul M A M an 4s......... 1933
1st consol g 0 s . . ________ 1933
Registered___________ 1933
Reduced to gold 4 Ha .1933
Registered_________ 1933
M ont ext lat gold 4s___1937
Regia tcrod___________ 1937
Pacific ext guar 4s £ ____ 1940
E Minn N or D lv 1st g 4 s . . 1948
Minn Union lat g 0a____ ,1922
M ont O 1st gu g 6a______ 1937
Registered_____________ 1937
1st quar gold 6s________1937
Will A S F 1st gold 5 n ..l9 3 8
Green Bay A W deb ctfs " A " ____
Debentureotfs *’ B ” _____
G ulf A H 1 1st ref A t g 6 s ..61952
Hooking Val 1st cons g 414s 1999
Registered________________ 1999
COl A H V 1st ext g 4s____ 1948
Col A T ol 1st ext 4s______ 1955
Houston Belt A Term 1st 68.1937
Illinois Central 1st gold 4 s ..1951
Ilcglstcrod________________ 1951
1st gold 3 H b______________1951
R eg istered ... __________ 1951
Extended 1st gold 3M s_._1951
R e g is te r e d ...__________ 1951
1st gold 3s s te r lin g ........... 1951
Registered______________1951
Collateral trust gold 4s___1962
Registered_____________ 1952
1st refunding 4s__________ 1955
Purchased lines 3 M s_____ 1952
L N O A Texas gold 4s___ 1953
Registered______________1953
15-year secured 6 % s ..___ 1934
Cairo Brldgo gold 4s_____ 1950
Litchfield Dlv 1st gold 3 s .1951
Loulsv Dlv A Term g 3 H s 1963
Registered______________1953
M iddle Dlv reg 5o ________1921
Omaha D lv 1st gold 3 s . -.1961
St Louis D lv A Terra g 3 s .1951
Gold 3148......................... 1951
Registered___________ 1951
Bprlngf Dlv 1st g 3 H s ____1951
Western Lines 1st g 4s____1951
Registered_____________ 1961
Bellev A Car 1st 6s______ 1923
Carb A Shaw lat gold 4 s . . 1932
Chlo St L A N O gold 60..1951
Registered_____________ 1951
G old 3 H a......................... 1951
Registered___________ 1951
Joint 1st ref fis Series A . 1963
M emph D lv 1st g 4s___1951
Registered________...1 9 5 1
St Louis Sou lat gu g 4 s . . 1931
Ind 111 A Iowa 1st g 4 s . . ____ 1960
1st A Grout Nor 1st g 6s____1019
Jamee Frank A Clear 1st 4s. 1959
Kansas City Sou lat gold 3s. 1960
Registered------------------------ 1950
R of A lm pt 5a..............Apr 1950
Kansas City Terra lat 4 s . . .1960
Lake Erie A Weat 1st g 6 s . . 1937
2d gold 5(1.......................1941
North Ohio 1st guar g C s .. 1945
Lch Val N Y 1st gu y 4H B ..1 940
Register'd
togn
•No p r u o
A sk Low
BONDS
N . Y . STO CK EX C H A N G E
W e e k e n d in g J a n . 2 3
Range
Year
19 19
H ig h
N o.
Low
L e h ig h V o l (P a ) co n s g 4 s . .2 0 0 3
9 0 34
M
A
N
O
M
N
9 7 1a
78%
84
8 3 ia
09>g
1 0 0 ' 10 4
6 5 12
70%
7 0 l2
44%
S a le
75%
S a le
m
96
78
78%
7 n ia
97
85%
9 5%
7Q 1«
26
6
3
83
62
65
70
43%
75U
76%
80
60%
34
J i ”i l v ' 1 7
6
64%
64%
52
J a n '2 0 - - - 82
D e o '16 —
62%
47
73%
60
72
84%
89%
95
5
4
78
78
84
84%
7 2 % J a n "20
10 2 % A p r ’ 19
64%
70%
70%
43%
65%
72%
70%
45
J
J
F
J
D
A
J
A
J
J
O
D
64%
5 1%
55
S a le
52
78
M
N
O
76
95
90%
78
A
j
M
M
J
N
s
72
90
95%
80
83
95
97%
82
83
J u n e '1 9 —
89% S e p t '19 . . . .
95
J a n '2 0 —
84%
83
89% 90
9 5 % 10 0 %
92
_____
3
92
92
9 7% D e o '1 9 . . . .
9 4 % TVnV’ 1 5
___
9 8% A u g ’ 19
12 3
53
53%
81
D e c 16
19 5
40
42
9 1%
97%
92
97%
98%
51
98%
70%
L eh v T erm R y 1s t gu 9 6 s ..19 4 1 A
A
L e h V a l R R 1 0 - y r c o ll 6 s . . n l 9 2 8
L eh V a l C o al C o la t gu g 5 S -19 3 3
1VI
IY1 8
o
A
97
s
J
52%
J
J
40
F
A
A
A
M
A
o
o
o
N
M
J
J
J
AT O
1
Tn
1
A
76
98
51
S a le
65
79% 8 1
79%
3 5 % S a le 3 5 %
35%
35
35
39
. S a le 3 8
80% 80% 8 1
9 1% 10 6 %
9t
95
94%
95
10 8
10 8 %
93
10 0
91
80%
64
65
55
10 0 U
40
97
_____
72
72
54
55
J
r*i s
D e b e n t u r e g o ld 5 s _________ 1 9 3 4 j
2 0 - y e a r p m d e b 5 s _________ 1 9 3 7 M
G u a r r e fu n d in g g o ld 4 s — 19 4 9 M
M
N Y B A M B 1s t co n g 5 8 -19 3 5 A
M
N o r S h B la t co n g g u 6 a .0 19 3 2 Q
M
L o u is v ille A N a s h v g e n 6 s . .1 9 3 0 j
G o l d 5 s ............................................1 9 3 7 r/i
U n i f i e d g o l d 4 s ...........................1 9 4 0 J
J
D
A
J
J
o
J
J
J
D
Feb
Feb
J
J
J
J
58%
56%
7
9 1%
9 5%
276
80
80
75%
_____
99
1 0 3 % _____
92%
9 3%
53
8
65
69%
9:s%
9 1%
79%
8%
80
7 1%
84
69%
83
A
80
85
J
O
i
84
M i n n S t L o u i s l o t 7 s ............ - . 1 9 2 7
P a c i f i c E x t 1 s t g o ld 6 s _____1 9 2 1
2
88%
88%
10 5 % D e c ’ 19 . . . .
118
A p r ’ 17
10
91
9 1%
10 2 % M a v ’ lfi
31
83%
83%
86% 88%
10 4
10 8 %
74%
99
10 3 %
13 0 U
9 i
98
52%
8%
73
7 1%
O c t ’ 19 . . . .
A u g ’ 19 . . . .
10 6 %
M ay* 06
i
94
. ..
DOC ' 1 9
D e c ’ 19 . . . .
1
8%
O c t ’ 19 . . . .
9
72
. . . .
76%
82
83
92
72
84
73%
A p r ' 1 9 _____
N o v * 19
N o v ’ 19
8 e i) t* 17
D e c ’ 19 . . . .
N o v ’ 15
N o v ’ 19 —
80
J u l y ’09
88
72
76
73%
S3
Aug
j
M
J
s
D
J
90
94
09%
8 2 is
72%
74%
75%
77%
78
A u g ’ 19 . . . .
Ja n
'2 0
39
58
7 2 1j
73%
78
O c t ’ 09
7 3 lg
7 3 1*
13
33
80
A
J
.?
O
j
65 ‘
78
CO
65
Aug T 9
8 6%
78
vJnntM O
«
Dus Jaa.
this WNt,
88
8 1%
9S%
9 3%
1
S tL IrM
A S gen co n g 5s
19 3 1 A
M o b A O h io n o w g o ld 0 s ____ 1 9 2 7
1 s t e x t g o ld 6 s _____________ 6 1 9 2 7
G e n e r a l g o ld 4 s . . . ......... ........ 1 9 3 8
M o n tg o m e ry D lv 1 s t g 5 8 .19 4 7
S t L o u i s D l v 5 s ____________ 1 9 2 7
S t L A C a i r o g u a r g 4 s _____1 9 3 1
N a s h v C h a t t A S t L 1 s t 5 s . . 19 2 8
N e w O r le a n s T e r m 1 s t 4 s ___ 1 9 5 3
79%
79%
N ew Y o rk C e n tra l R R —
73
88%
9 5%
73
99%
9 5%
R o f A I m p 4 H s “ A ” ............ 2 0 1 3
N ew Y o rk C e n t A H ud R lv —
81
71
95
77%
79 %
»
93
80%
50%
J
Q
M
F
J
J
A
J
J
A
J
A
j
J
A
77
82
64%
7 1 1 * 8 3 1*
82%
90
65
80
78
85%
92
78
Due Feb.
70
as
F
A
J
J
M
M
L a k e S h o r e c o l l c 3 H s _____1 9 9 8 F
F
M i c h C e n t c o ll s o l d 3 H S . . 1 9 9 8 F
F
J
B e e c h C re e k 1 s t s u 8 4 s .. 19 3 6 J
J
J
J
A
J
M o h A M a i 1 s t g u g 4 s ___ 1 9 9 1
V V * TTovInrr* ft IW m
g D u e Ju n e ,
a
D ue Ju ly ,
M
o n r f)
n D u e S ep t,
'2 0
92%
86
72%
86%
9 8 1*
86
SO
92
6 5 *4
76
68%
65%
76%
84
7 7 1*
77
92
94
92
86
91
90%
S ilo
88%
99% 10 8
10 0 * *
97
88%
S0%
8 H a 8 1%
12
10 0
92
9 4 *4
. . . . 10 3
10 5 %
10 0
100
_____
79%
79%
8
10 1%
99
10
67
51
1
80
7 1%
OKI* 9 5 %
101 % 101 %
8
80%
73
.. 95%
84%
_____
87%
82%
9
73
60
77
75
M a r ’ 10
N o v* 10
9 9 % ______ 1 0 1
—
97U
91
75
S a le
74
40
S a le 4 0
3
5
44
30
J u i y ’ 19
94
75
40
8 c p t’ 19
25%
15
24
08
82
95
80
90%
88
10 0
9 1%
74
99%
5 1* 4
70%
9 51s.
10 0 %
73%
85%
83%
02%
S a le
S a le
32
S a le
37
26%
25
3)
12
73% D eo T 9 - - --
O ct T 9
98%
S a le
59
29%
____ _
36
9 5%
6 4 % _____
9 8% 10 1* 8
97
81
D
A
N
s
J
R lv A G D lv 1 s t g 4 8 ... 19 3 3 M
84%
75
77%
7 1%
97%
79
01
73%
9
D
I)
D
T)
D
R
n
91
J a n ’20
J a n '2 0
Ja n T9
Ja n T 9
10 0
5 1%
70%
N o v 'l 'J
Ja n ’20
73%
Ja n ’20
Ja n ’20
64%
F e b ’ 0o
S e p t ’ 1 9 _____
M ayT6
D ec T 9 . . . .
72
9 1%
80
4 8 % ______
25
36
50
05
74
39
83%
91
89
57
fl
S a le
9 1%
S a le
S a le
98%
85%
do
75
69
67%
60
89%
78%
00
05
N o v ’ 16
M a y '1 9 . . . .
N o v ’ 10
M ay* 10
M a r T 9 _____
J a n '2 0 . . . .
Feb T 9
J u l y ’ 18
97
91
98%
90
______ 1 0 3
10 0
10 0
______ 7 9 %
S a le 9 9%
5 1%
5 1%
72%
70%
9 5%
10 1% 10 1%
76
73%
86%
87%
______ 8 2 %
04%
63%
95
95
94%
97%
_____
98%
98%
80 '
69%
70
92
J
2 d g o ld 4 a __________________f f l9 9 0 F
1 s t e x t g o ld 5 s ____________ 1 9 4 4
M
M
j
M is s o u r i K a n s a s A T e x a s —
J
P a n R o f M o 1 s t e x t g 4 s .. . 19 3 8 F
21
. .. .
....
. . -.
32
. .. .
....
IW
i
s
J
J
J
______
82
A
74%
D e c *19
J a n '2 0
Aug T9
9 1%
D e o 19
D ec T9
67%
Ju n e ’ 19 . . . .
8
07
20
69
Ja n ' 11
A u g ’ 19 - - . .
D oc T9
J u n e ’ 1 9 ___ _
O ct T 9
N o v ’ 1 9 ___ _
12
97%
82%
18
90%
N
A
}
73%
81
07
67
95
92
86
90%
8 1%
99%
97%
81
88%
75
M
M
9 9 % 10 2 7 g
97% 1 0 1
S e p t ’ 1 9 _____
A u g ' 1 9 ___ _
J a n '2 0 . . . .
O ct T 9
O c t ’ 06
l
S
j
7 6 14
73
69
71
66
92
78%
60
1
53 "
*53
67% D ec T 9 . . . .
D
O
N
s
F
A
A
A
8
76U
80
83
H ig h
8 0 *2
69
77%
90
9 7% 10 2 %
Ja n
7 1%
S a le
S a le
T e x a s A O k la 1 s t g u g 5 s . . 1 9 4 3
M is s o u r i P a c ific (re o rg C o ) —
1 s t A r e fu n d in g 5 s S e r A . . 1 9 6 5
1 s t A r e fu n d in g 5 s S e r B a 1 9 2 3
1 s t A r e fu n d in g 5 s S e r C . . 1 9 2 6
'2 0 —
5
82%
D ec T 9
M a r’ 17
30
10 1
2
98%
O ct T 3
Ja n
19 19
Low
9 1%
95
93
70
N
F
F
F
M
73%
67
69
10 0
A
S
98
00
15 %
82%
83
73%
64%
68
72%
J
A
M
95%
51
0%
73
68%
M
J
fl
N
J
O
J
A
A
S
J
O
s
A
O
N
s
M
J
M
M
F
F
N
J
J
A
S
fl
N
K a n C it y A P a c 1s t g 4 s . .19 9 0 F
M o K A E 1 s t g u K 5 S ____ 1 9 4 2 A
M K A O k la 1 s t g u a r 5 s . . 1 9 4 2 M
V
79
8 0 *8
79%
92
11 7 i 2
73 '
9.3
9 5%
05%
J
J
74%
74%
99
99
10 8 %
10 3
7 1%
73%
74
s
D
N
HI
j
N o.
73
69%
41
M S S M A A 1 s t g 4 s ln t g u . ’ 2 6
H ig h
92%
86
72
92
99%
87%
89% 9 3
8 0 % ______
72%
79
88
95%
65
85
05
78
67
70
07
70%
69
S a le
j
0
6
65%
s
S t L o u is D lv 1 s t re f g 4 s . . 2 0 0 1 A
72%
t
D
N
S
8
9 5%
72%
j
j
D
s
D
88%
80
71
60
62%
09
j
90%
72%
92% S a le
80
_____
00
67%
68%
R ange
T ear
I 3
CQ
s
83
80
6
1
3
A
M
1 s t A r e f u n d i n g g o ld 4 s ___ 1 9 4 9 M
R e f A e x t 5 0 -y r 5 s S e r A . . 19 6 2 Q
R e f u n d i n g g o ld 4 s ______ 1 9 5 1
A
J
J
rva
78%
60%
78%
96%
95%
89
Ja n
7034
J
D e o * 18
N o v ’ 19 —
Ja n ’20 —
S a le
9 1%
P e n s a c A A t l 1 s t g u g 6 s . ..1 9 2 1 F
A sk Low
71
8 1%
97%
113
10 0 % S a le 10 0 %
_____
98
98%
10 5
63%
S a le
_____
10 9
64%
56%
83
j
J
T
W e ek ’s
R an ge or
L a s t S a le
75
7 1%
8 1%
H a le
96% 10 0
83%
N o v ’ 19
D e o *06
95
90%
M
J
A
M
J
Q
F
N
N
O
O
101
10 7
56
76
9 3%
94
80%
80
j
N F l a A S 1 s t g u g 5 s _____1 9 3 7
85
77%
L C l n A L e x g o ld 4 H s ___ 1 9 3 1
N O A M 1 s t g o l d 6 s .............1 9 3 0
94% 10 1
76
D
J
I
H ender B dgo 1s t 3 f g 6 s ..19 3 1
K e n t u c k y C e n t r a l g o ld 4 s . 19 8 7
L e x A E a s t 1 s t 5 0 - y r 5 s g u 19 6 5
L A N A M A M l s t g 4 H s 19 4 5
L A N -S o u tb M Jo in t 4 s . . 1 9 5 2
'2 0 —
J
82% 84
79
90
85%
105->» 1 0 7
57%
83
52
52
55
96%
98
70%
96%
j
j
S e p t ’ 1 9 _____
39
77%
33%
33
35%
81
95
08
J
O
.)
'2 0
3,
37
5
30%
12
39
14
81
Ja n '1 7
O c t *19 —
9 5% A u g ’ 19 —
63
D e c ’ 19 —
J
A
J
Ja n
M
J
.1
P a d u c a h A M e m D lv 4 s . . 19 4 6 F
S t L o u is D l v 1 s t g o ld 6 8 . - 1 9 2 1 M
M
A t l K n o x A C l n D l v 4 s ___ 1 9 5 5 M
72
72
O
D
J
'2 0 —
72
5 1%
A
J
J
3
78
j
j
M
M
L o n g la id 1 s t c o n s g o ld 5 a . . 6 1 9 3 1 Q
l a t c o n s o l g o ld 4 s _________ 6 1 9 3 1 G
G e n e r a l g o ld 4 s _____________ 1 9 3 8 J
______3 9 %
90% J a n
P ric e
F rid a y
Ja n . 23
B id
H ig h
10 2 % F e b ’ 08
F
F r i d a y ; la t e s t b id a n d a s k e d
W e e k 's
R ange or
L a s t S a le
In te r e s t
P ric e
F rid a y
Ja n . 23
j P e r io d
1
BONDS
If. Y . ST O C K E X C H A N G E
W e e k e n d in g J n n . 2 3
P e r io d
j|
Jan . 24 1920.]
O
N
fl
D
J
S
A
O
J
O
,1
.1
O
J
O
J
D
O
N
A
0
80%
87%
89%
84%
82
90%
74%
S a lo
68%
S a le
1 0 1 % Io T %
9 7 % . ____
67% S ilo
80
76%
______ 8 2
7 3 % _____
9 1%
98%
10 1%
50
30
23%
*20
*15
64
S a lo
9 5 12 9 0
5 1%
92%
68
78
S a le
S a lo
S a le
70%
41
SO
9 3%
88
90
95
’20
41
81
D ec T 9
N o v ’ 19
J a n ’20
D eo T 6
37
59
00
19
29%
30
2 2 % D e c T 9 _____ |
3
3 i
3i
I
25
J a n ’20
2
25%
2512
27
Ju ly T o
58
29
20%
36
35
23*1
25
69
38
30
48
46%
34
27
09%
62%
36
69
55%
61
38%
53
40
69
5 0 *8
62%
60
7 1%
58
38*4
60
82
91
89
50*4
97%
58 "
82
10 0
68
80%
89
88%
10 2
74
80%
68%
80
10 1%
95%
57%
76%
82
74%
96
110 %
20
23%
96%
15
04
95
53
Apr T 7
D oc T 9 - - ..
2
36
O ct T 9 . . . .
A u g ’ 19
D e c TO
D e c T 9 ___ _
83%
91
89%
57%
D ec T 9
O ct T 8
Apr T 7
Feb T 3
J u n e ’ 19
D ec T 9
M a y ’ 19
9 2 *4
J u l y ’ 14
74 *.t
O ct T 7
70%
J a n ’ 20
10 1%
J a n ’20
59
70%
A p r ’ 19
J a n "2 0
96%
M a r ’ 17
Ja n ’ 20
237s
F eb ’ 13
15
65
J a n ’ 20
J n n ’2 0
92
68
77%
66% S a le 6 6 %
.*
66
66%
j
N
7 7 '.t S a l e 7 7 %
*
88
N
79
S a le 6 0
60
A
7 0 1- 6 0
A
60
(30>2 6 0 %
60
A
•
75
D
45
_____
J
83
82%
i
S2%
J
80
10 1
J
O
55
D
72%
49
D
75%
S
SO
75
A
68%
V
«n
AO
o
Ja n
10 1
10 1
97% 99%
74
80
2 35*4 4 9
49
44
45
45
80
69
48
35
12
89
9 3 % 9 7 *4
88
88
___ _
94%
86%
5
2
92%
6 8 178%
124t
7
62
_____
33
_____|
7
. . . J
25
68
80
89
89
68
82
89
97%
73
82%
66
77%
92
02
2, 1 0 0 % 1 0 5 %
96
98%
5
00% 68
1 78
01
. .. .
86% 8 7
. .. .
7 3 *8 8 1 %
2 90% 10 0
25
69
62%
94
50
70
97%
09%
10
3
14
12 5
12
7
69
68
D ec T 9
1
79%
37
N o v ’ 18 . . . .
32
02
3
60
0
6 1%
M a r '1 7
Ja n
87%
75%
94%
90
84% 92
03%
54
0 7 1j in n
'2 0 _____
8 9 % 10 0 %
68% 78%
86
74
66%
00%
70%
73
71
86
59*4
59
00
68
07
70
82
82
M a y TO
N o v ’ 16
75%
80
75%
5
_____
VTftV’ 17 .
1 _____ --------
Due Oet, * Option sals.
350
B id
95
73%
103*8
_____
73
_____
_____
82 %
W e e k 's
R a n g e or
L a s t S ale
AsA L o w
H ig f
92%
925
7 8 % A p r '1!
78
00
99%
77
GO
67
J u l y ’ lC
O c t '1J
A u g '1£
F e b ’ 1£
B on d s
Sold
P ric e
F rid a y
Jan. 23.
BONDS
N . Y . STOCK EXCH AN G E
W e e k e n d in g J a n . 2 3 .
N Y Cent 4 H R R R ( C o n ) —
N Y & Northern le t g 5a. 1923
N Y * Pu 1 st cons gu g 4a. 1993
Pine Creek reg guar 6a____1932
R W & O con 1st ext 5a..ftl922
Rutland 1st con g 4 M a .-.1941
Og <fc L Cham 1st gu 4s g . 1943
Rut-Canada 1st gu g 48.1949
St Lawr A Adir lat g 5 a . . . 1996
2d gold O s ....................... 1996
U tica A Blk Rlv gu g 4a. .1922
Lake Shore gold 3 H b......... 1997
Registered................. ..1997
Debenture gold 4 o _____1928
25-year gold 4a......... ..193 1
R egistered..
. . . . . . 1931
K a A A Q R lat gu o 5a_. . 1938
M ahon C 'l R R 1st o s ____1934
Pitts A L Erie 2d g 63___al928
Pitts M cK A Y 1st gu 68 . . 1932
2d guaranteed 6a............1934
Michigan Central oe_____ 1931
Registered......................... 1931
4 s.........................................1910
Registered_____ ______ 1940
J L A 8 lat gold 3 H a___1951
1st gold 3 H a..................... 1952
20-year debenture 4 b . . 1929
N Y Chi A St L lat g 4fl ..1 9 3 7
Registered..........................1937
Debenture 4a...................1931
West Shore lat 4a guar___2361
Registered......................... 2301
N Y C Lines eq tr 5 a .. 1919-22
Equip trust 4 H 8 _ . 1919-1925
N Y Connect 1st gu 4 Ha A. .1953
N Y N h A Hartford—
N on-conv dehen 4s______ 1947
N on conv deben 3 H a ____1947
N on-conv deben 3 H a____ 1954
N on-conv dehen 4a______ 1955
N on-conv dehen 4a............1956
C on v debenture 3
1958
Conv debenture 6a_______ 1948
Cons Ry non-conv 4a___ 1930 r
N on-conv deben 4a___ 19541J
N ou-conv deben 4s___ 1955|J
N on-conv deben 4a___ 1955 A
N on-conv deben 4a___ 1956 J
Harlem R -P t Chea 1st 4s.. 1954 M
B A N Y Air Line lat 4 a ..1055 F
Cent New Eng lat gu 4s. .1981 J
Hartford 8t R y 1st 4a___ 1930 M
H ousatonic R cona g 5 a .. 1937 M
Naugatuck R R lat 4a____1954 M
N Y Prov A Boston 4 s . . .1042
N Y W 'ch esA B 1st ser I 4 H s’ 40
Boston Terminal lat 4 a . 1939
New England cona 5s____1945
Consol 4s______________1945
Providence Secur deb 4 s .. 1957
Prov A Springfield lat 5s. 1922
Providence Term 1st 4 a . . . 1956
W & Con East lat 4 H 8___ 1943
N Y O & W ref lat g 4a____01992
Registered $5,000 on ly . . o 1992
General 4a......... ................... 1955
Norfolk Sou lat A ref A 5 s . . 1961
N orf A Sou lat gold 5 s............ 1941 (VI
N orf A West geo gold 6a____1931 IVI
improvem ent A ext g 6 a .. 1934
New River lat gold Oa____1932
N A W R y 1st cona g 4 s .. 1996
Registered......................... 1996
D lv’ l lat lien A gen g 48.1944
10-25-year conv 4s_____ 1932
10-20-year conv 4a_____ 1932
10-25-year conv 4 H S ---1 9 3 8
10-year conv 6a________ 1929
Pocab C A C Joint 4 a .__ 1941
C O A T 1st guar gold 58.1922
Solo V A N E lat gu g 4a... 1989
Northern Pacific prior lien rail
way A land grant g 4s____1997
Regletered......................... 1997
General Hen gold 3e..........C2047
Keglatered____________ u2047
Rer A Imp 4H a ser A _____ 2047
St Paul-Duluth D lv g 4a..l99fl
St P A N P gen gold 6a___1923
Registered certificates...1923
St Paul A Duluth 1st 6 8 .. 1931
1st consol gold 4a______ 1968
Wash Cent 1st gold 4a____1948
N or Pac Term C o lat g 6 a .. 1933
Oregon Wash lat A ref 4 a . .. 1961
Pacific Coast C o lat g 5 a .-.19 40
Paducah A Ilia lat a f 4H 8--19 56
Pennsylvania R R lat g 4 a .. 1923
Oonsol gold 4d.................... 1943 (V»
Consol gold 4a_____ ______ 1948 M
Consol 4 H a . . .................... 1900 F
General 4H 8.........................1905
General 6e............................. 1968
Alleg Val gen guar g 4 a . .. 1942
D R R R A Ii'ge lat gu 4n g 1930
Phlla Balt A W lat g *Sa._1943
Bodua Bay A Sou lat g Ca. 1924
Bunbury A Lewis lat g 4a. 1936
U N J R R A Can gen 4 a .. 1944
Pennsylvania Co
ttar lat gold 4 H a............1921
Registered......................... 1921
Guar 3 Ha coll trust reg A . 1937
Guar 3 Ha coll trust aer B.1941
uuar 3 He truBt ctfa C ...1 9 4 2
Juar 3H a trust ctfa D ...1 9 4 4
Guar 15-25-year gold 4a. .1931
lO-year guar 4a ctfa Ser E .1952
- lo Leb A N or gu 4n g __ 1942
I A Mar lat gu g 4 H 8 --.1 9 3 5
Cl A P gen gu 4 He aer A . 1942
Series B ......... ....................1942
Int reduced to 3 Ha . 1942
■Series C 3 H a......... ........... 1948 M
Series D 3 H a.............. ..1 9 5 0
Erso A Pitts gu g 3 H " B .. 1940
Scries C ..............................1940
O r K 4 1 ox 1st gu g 4 H b . 1941
Ohio Connect 1st gu 4 h . . 1943
Pitts Y A Asb 1st coos 5a. 1927
T ol W V A O gu 4 Ha A. 1931
Series B 4 Ha________ 1933
Series C 4a...... ................ 1942
P O C A St L gu 4 H s A. 1940
Series B guar. . . .............1942
Series C g u a r..................1942
Berlea D 4s guar......... .1945
[Vol . n o
New York Bond Record—Continued— Page 3
No
—
—
—
—
—
R ange
Y ear
1919
Ta w
031
78
H ig h
98*4
80
99
67
99%
77%
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07
00
67
103
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4
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70
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85
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85
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33
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8 4 % N o v 'l l . . . .
87
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6 9 78
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82
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96
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90
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103
M a y ’ 17
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81
84
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70
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81%
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99*2
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86*4
50
49
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51
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52
BONDS
N . Y . STO CK EX C H A N G E
W e e k e n d in g J a n . 2 3 .
P . C . C . A S t . L ( C o n .) —
B id
S o rle s I c o n s g u 4 H 8 . . . 1 9 6 ,
C S t L A P la t co n a g 5 s . . 19 3 5
2 d g o ld 4 H s - ..................6 1 9 2
F e r e M a r q u e t t e l a t S e r A 5 a .l9 5 C
l a t S e r i e s B 4 a ...................... . 1 9 5 *
P h ilip p in e R y l a t 3 0 - y r a f 4a 1 9 3 ’
P i t t a 3 b A L E 1 s t g 5 a ............ 19 4 (
H e a d in g C o g e n g o l d 4 a ______1 9 9 7
J e r s e y C e n t r a l c o ll g 4 b - - - * 1 9 5 1
S t J o b A G r a n d la l l a t g 4 b . . 1 0 4 7
S t L o u ie A S a n F r a n ( r e o r g C o ) —
P r i o r H en S o r A 4 a _________ 1 9 5 0
P r i o r H en S e r B 5 a .................. 1 9 5 0
C u m a d j u s t S e r A 6 s _____5 1 9 5 5
I n c o m e S e r i e s A 6 a _______ 5 1 9 6 0
0 t L o u ts A S a n F r a n g e n 0 0 .1 9 3 1
G e n o r a l g o l d 5 a ..................... 1 9 3 1
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J a n *20 _____
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K C F t 8 A M R y re f g 4 s . 19 3 6
K C i M U i B 1 s t g u 5 S -19 2 9
S t L 8 W lo t g 4a b o n d c t f a . . 19 8 9
2 d g 4 s I n c o m e b o n d c t f a _ .p l9 8 £
C o n a o l g o l d I s . . . ..................1 9 3 2
l a t t e r m in a l A u n ify in g 5 a . 1 9 5 2
S A A A P a n s l a t g u g 4 n ____ 1 9 4 3
S e a b o a r d A i r L i n e g 4 a ............ 1 9 5 0
G o l d 4 a s t a m p e d ___________1 9 5 0
A d j u s t m e n t 5 a ____________ o l 9 4 9
R e f u n d i n g 4 a ..............................1 9 6 9
A t l B lr m 3 0 - y r 1 s t g 4 a ._ ^ 19 3 5
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C e n t P a c la t re f g u g 4 a . .19 4 9 V
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H oua E A W T la t g 6 a . . . 19 3 3 M
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J
M o r g a n ’s L a A T la t 6 a . . 1 0 2 0 J
N o of C a l gu ar g 5 a ... . ..10 3 8 A
O re A C a l la t g u a r g 5 a . . . 19 2 7 J
S o P a c of C a l— G u g 5 a . . . 19 3 7 M
S o P a c C o a s t 1 s t g u 4a g . 1 9 3 7 J
S a n F r a n T e r m ] la t l a . . . 19 6 0 A
T e x A N O c o n g o l d 6 fl. . . 1 9 4 3 J
S o P a c R R 1 s t r e f 4 a ............1 9 5 5 3
S o u t h e r n — 1 s t c o n a g 5w ____ 1 9 9 4 J
R e g i s t e r e d . ............ .............1 9 9 4 J
D e v e lo p A g e n 4a S e r A . . . 19 5 6 A
M o b A O h io c o ll t r g 4 s . . 19 3 8 M
M e m D l v 1 s t r 4 H * - 5 f ...... 1 9 9 0 J
S t L o u i s d l v l a t g i s ............1 9 5 1 J
A la G t S o u l a t c o n s A fin . 1 9 4 3 J
A t l A C h a r i A L 1 s t A 4 H a 19 4 4 J
1 s t 3 0 - y e a r 6a S e r B . . . . 19 4 4 J
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..19 3 0 J
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E T e n n r e o r g H en g 5 a ____ 1 9 3 8 M
G a M i d l a n d l a t 3 s ................. 1 9 4 0 A
G a P a c R y l a t g 6 a ...............1 9 2 2 J
K n o x v A O h io 1 s t g 6 a . . . 1 0 2 6 J
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S e a b o a rd A R o a n la t 6 a ..1 0 2 0
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G e n e r a l 5 a ...............................1 9 3 0
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3 e rr a A s s n o f S t L In t g 4 H h .1 9 3 9
l a t c o n a g o l d 5 a ______ 1 8 9 4 - 1 9 4 4
G e n r e f u n d a f g 4 s ................. 1 9 6 3
S t L M B r id g e T o r g u g 5 a . 19 3 0
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O c t '1 9 . . . .
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86*4
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T o l A O h io C e n t l a t g u 5 a . . 1 9 3 5
W e s t e r n D l v l a t g 6 a ___
19 3 5
G e n e r a l g o ld 6 s ....................
19 3 5
K a o ,4 M 1 s t g u g 4 s ............ 1 9 9 0
2cl 2 0 - y m r S s
................. 11127
T o r H am A B u ff la t g 4 a . .6 19 4 0
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i
U n i o n P a c i f i c 1 s t g 4 a ...............1 9 4 7
79*a
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2 0 - y e a r c o n v 4 s ..............
19 2 7
1 s t A r e f u n d i n g 4 a _______ (72 0 0 8
10 - y e a r p erm se c u re d 6 a . 19 2 8
O r e R R ,v N a v c o n g 4 s . _ 1 9 1 0
O re S h o rt L in e 1 s t g 6 s . . 19 2 2
la t eODnol g 6 s .................... 19 4 0
G u a r r e f u n d 4 s . ................ 1 9 2 9
U t a h A N o r g o ld 5 a . . 1 9 2 6
1s t e x te n d e d 4 s . . . 1 9 3 3
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A m S S o f W V a 1 s t 5 s ............... 1 9 2 0
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19
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75%
B u s h T e r m i n a l 1 s t 4 s ________1 9 5 2
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B u ild in g s 5 s g u a r t a x e x . . 19 6 0
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M a n u fa c t u r in g &
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A m A g r l c C h e m 1 s t 0 5 s _____1 9 2 8
C o n v d e b e n 5 s _____________ 1 9 2 4
A m C o t O i l d e b e n t u r e 5 s ___ 1 9 3 1
A m S m A R 1 s t 3 0 - y r 5 s s e r A '4 7
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G o l d 4 s ______________________ 1951
A m W r i t P a p e r s f 7 - 6 s _____1 9 3 9
A
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B a ld w L o c o W o r .s 1 s t 5 s . . 19 4 0
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19 2 5
C on sol T o b acco g 4s
19 5 1
C o r n P r o d I t e f g s f g 6 s _____1 9 3 1
1 s t 2 5 - y e a r s f 5 s _________ 1 9 3 4
D is till S e c C o r c o n v 1 s t g 5 s . 19 2 7
E I du P o n t P o w d er 4 H a .- .19 3 6
G e n e ra l B a k in g 1 s t 2 5 - y r 6 s . 19 3 0
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C o n v d e b 6 s ............... ........
W e s t E l e c t r i c 1 s t 5 s D e c _____1 9 2 2
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95
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93
82
90%
87
87
98% 10 5 %
90% 99
9 1 78
C o a l, I r o n & S to o l
B e t h S t e e l 1 s t e x t s f 5 s _____1 9 2 6
1 s t A r o f 6 s g u a r A ________1 9 4 2
2 0 - y r p m A Im p a f 5 s . . . 1 9 3 0
B u f f A S u s q I r o n s f 6 s _____1 9 3 2
D e b e n t u r e 5 s ................ _ _ _ a l 9 2 6
J
J
IVI N
J
J
J
D
M
S
S a lo
97
S6%
84%
8 5% S a le
_____
87
92%
94
C o lo F A I C o g e n s f 5 s . . ” l9 4 3 P
C o l I n d u s 1 s t A c o ll 5 s g u ._ 1 9 3 4 F
22
22
22
70
88%
9 3%
97
73
78
55
U n i o n O il C o o f C a l 1 s t 5 s . . 1 9 3 1
36%
363i
U S R u b b e r 5 -y e a r se c 7 s . . .1 9 2 2
79
9 6 12
94
84
87
90
91
9 2 1j|
84% 94
95
10 5
90
98
75
80
97
87
89
8 0 7* 9 4
597* 7 4 %
92% 10 0
90%
88
.
82
98
.
3
.
97
10 1
02
77%
797* 8 8
75
85%
877*
S t a n d a r d M i l l i n g 1 s t 5 s _____1 9 3 0
T h e T e x a s C o c o n v d e b O s .. 1 9 3 1
U n io n B a g A P a p o r 1 s t 6 S . . 1 9 3 0
75
94
96%
I l l i n o i s S t e e l d e b 4 H a ............ 1 9 4 0
I n d i a n a S t e e l 1 s t 6 s _________ 1 9 5 2
A
A
n
85
73
73
0
82%
93
90
9 3*2
93
827*
A
M
N
L a c k a w a n n a S te e l 1s t g 5 s . .1 9 2 3 A
1 s t c o n s 5 s s e r i e s A ________1 9 5 0 M
M ld v a lo S te e l A O c o n v s f 5 s 19 3 0 M
O
S
s
P o c a h C o n C o llie r 1 s t s f 6 s l l 9 5 7 J
R e p u b I A S 10 -3 0 -y r 5 s s f.19 4 0 A
J
T cn n C o a l I A R R gen 5 s . . 19 5 1 J
U S S t e e l C o r p — [ c o u p ____< 11 9 0 3 M
s f 1 0 - 6 0 - y e a r 5 s \ r e g ______d l 9 0 3 M
M
V i c t o r F u e l 1 s t s f 5 s .................. 1 9 5 3 j
V a Ir o n C o a l A C o . 0 1 s t g 5 s 19 4 9 M
T e le g r a p h & T e le p h o n e
A m T e l e p A T o l c o l l t r 4 s ___ 1 9 2 9
2 0 - y r c o n v e r t i b l e 4 H e _____1 9 3 3
3 0 - y r t e m p c o ll t r 5 s ______ 1 9 4 0
7 - y e a r c o n v e r t i b l e 6 s ______ 1 9 2 5
J
M
M
J
F
Q
Q
C u m b T A T 1s t A g e n 5 8 . . . 19 3 7
j
J
F
N Y A N J T e le p h o n e 5 s g ” l9 2 0 M
___ _
73
74%
. .. .
. .. .
. .. .
24
88%
82
94
8 1%
92
82
98
90
3 0 - y r d e b e n s f 6 s ___ F e b 1 9 4 9
P a c i f i c T e l A T e l 1 s t 5 s ............1 9 3 7 J
S o u th B e ll T e l A T 1 s t a f 6 s . 1 9 4 1 J
W e s t U n io n c o ll t r c u r 5 s . . . 1 9 3 8 J
M
. .. .
87
85
92
N o rth w e st T e l gu 4W a g ..!9 3 4
j
90
10 3
80
J
0
J
J
N
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N
J
S
80
92
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89
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84
94
73
93
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60
81
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70
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98
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81
83
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83
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j
81
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77
75
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85%
83
5
17
58
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5
92
15
S a lo
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85
S a le
S a lo
98
85
85^8
99%
87%
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86%
787*
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S a lo
88
9 17 *
S a lo
S a le
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S a lo
79
----
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10 1% 12 8
82% 9 5
94%
75
82
89
96
98%
98
95
93
96
9 2% 10 5 %
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84
8 8*2
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39
12
15
_____
___ _
---3
95
101
10 4 %
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112 %
98
89%
84
93
84
119 %
119
80
72%
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83
86
90%
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78
94% 98%
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70
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2
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98
98
13
90
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3
95
85
1 10 7 % 1 1 3 %
94
85
_____
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4
---23
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18
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----1
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987s 10 3
in n
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95
95
91
10 0 % 10 4 %
8 11* 89%
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60
7 8 1*
102 % 1047*
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83
9 7% 10 7 %
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997* 10 4
96% 99%
95%
84%
80
9 3%
90
98
92
89%
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9 17 *
83%
7 3 1*
8 21ft
05
82%
91
92
81
90
0 8 34
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98%
9 3% 98%
80
10 7
80% 9 1
N o v ‘ 19
___
J a n '2 0
D e c '1 9
20
9 1%
99% 2 5 5
J a n '2 0 _____
N o v '1 9
M a r ’ 19
D e o '1 9
8 3% 88%
92
96%
80%
70
93
87
94% 10 1%
10 1%
97
86% 86%
70
70
87%
81
79%
10 0
82
Ja n ’ 20
82%
83
9 8 1*
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81
14 5
80
80
91
94
79
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96
98%
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94
94%
84%
72
97
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94
91
9 1%
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15 5 %
80
06
41
4
51
5
73
95%
J
J
J
N
N
19
21
'2 0
A u g ’ 19
J u l y ’ 19
J a n '2 0
10 3
N o v '1 9
D e c '18
O c t’ 19
80%
10 3
88
10 4
95%
J a n '2 9
97%
H ig h
67%
35
34
9
97
97%
2
85%
85%
21
85%
86
9 3 % J u l y ’ 1 9 _____
9 1 7 * N o v ‘ 1 9 ___ .
10 1
D e c ’ 14
26
85
85%
12
73
73
8 3% N o v ’ 19
98
F e b * 19
20
82%
83%
5
92%
93
9 3%
94
83
s
J
J
J
J
A
N
S a le
S a lo
82
95
S a le
S a le
10 4 % J a n
12 3 %
997*
9 3%
10 2 %
86%
87%
95
79
10 2 %
86%
10 3
94%
10 1
97
94
9 17 *
83%
J
s
D
A
92%
10 3 %
88
19 19
Low
8
65
_____
9 3%
_____ 1 0 0 %
_____
9 1%
11
82%
84%
1
79
. . . . 112 %
22
54%
91
9 0 7* J u l y ’ 1 9 . . . .
90
19
9 4 7*
97%
98%
74
947*
95%
94%
99% 10 0 % D e c '1 9
80% 8 3
8 0 % J a n '2 0
S a lo
90
9 5%
96
77%
75
7 3 % D e o ’ 18
10 0 % S a le 10 0 %
10 0 %
1 0 0 % 1 0 2 % 1001*
xoo%
80
8 5% D e o ' 19
95%
94
9 3% S e p t’ 19
. . . .
90
88% J u l y ’ 19
72%
69
7 0 % J a n '2 0
96
9 5%
96
98%
96
N o v ’ 18
83
81
83
83
. . . .
10 0
99%
99%
86%
85
84
86%
1 1 0 % lO S 7* J a n '2 0
110
8 7 7 * S a l e 8 7 7*
go
S a le 10 9
10 9
10 9
8 5%
88
8 6 % J a n '2 0
90%
9 7 % J a n '2 0
9 3%
94
A u k *18
92%
9 1%
92
'92 %
99%
99
99%
99%
A
A
N
J
J
J
J
J
D
J
A
D
O
J
Range
Y ear
55
12 %
12
32
98% S a lo 98%
99
S a le 9 8
4
98
98%
8 (1% 8 9
8 6 % J a n '2 0 . . . .
84%
S a lo 8 4 %
39
85
_____ 1 1 9 ‘ 2 A u g ' 1 9
119
78%
. . . .
87
S e p t ’ 19 - - - 8 3% S a le 8 1%
15
83%
F
F
M
J
J
J
J
J
J
J
F
J
A
J
• N o p r lo e F rid a y ; latest bid nnd naked, u D u e J a n . ftD u eA prll. < Duo M ay. # D o e J u n e. a D u e J u ly . t Due Aug. • Due Oot
83
8 3%
90
F e b * 18
91
9 17 *
7 9 % J a n '2 0
80
J a n ’ 2C
80%
80%
J
O
D
S i n c l a i r O il A R e f i n i n g — ” ' '
79
61
63
49
45
16 %
S a le
9 5 i*
S a le
8 1%
80
80
W a s h W a te r P o w e r 1 s t 5 s . . 19 3 9 j
W ils o n A C o 1 s t 2 5 - y r a f 6 s . 1 9 4 1 A
1 0 - y r c o n v s f 6 s ..................... 1 9 2 8 J
69%
96
78
61
55
27
25%
4%
4%
48%
5 7 % J a n '2 0 . . . .
1 5 % J a n '2 0 ___ _
14
D e c * 19
07%
J a n '2 0
O c t’ 19
J a n '2 0
84%
J a n ’ 20
75
M a y '19
66
40
25
83
9 17 8
73
60
70
46%
90
0
0
N o.
00
20
17 %
66% S a le 66%
92%
94
92%
_____ 1 0 0 % 1 0 1 %
S97* 8 8
86
S a le 8 3
83
83
84
82%
79%
73
75
. . . . 15 5 %
12 5
06% S a le 6 5
N a tio n a l T u b o 'l s t 5 s . .
68
67%
72
68
74
j
H ig h
C o m p u tin g -T a b -R e o a f 0 s . . 1 9 4 1
G r a n b y C o n s M S & P c o n 6 s A '2 8
S t a m p e d ................................ ........1 9 2 8
M
I n t M e r c a n M a r in e s f 0 s . . . 1 9 4 1 A
M o n ta n a P o w e r 1s t 5 s A . . .1 9 4 3 J
M o r r i s * C o 1 s t s f 4 H a _____1 9 3 9 J
A
J
N Y D o c . 5 0 - y r 1 s t g 4 s _____1 9 5 1 F
N ia g a r a F a lls P o w e r 1 s t 6 s . . 19 3 2 J
R o f A g e n 6 s ...........................a l 9 3 2 A
N la g L o c . A O P o w 1 s t 5 s . . 19 5 4 M
N o r S ta te s P o w e r 2 5 -y r 5 s A 19 4 1 A
O n ta rio P o w e r N F 1 s t 5 s . .1 9 4 3 F
O n t a r i o T r a n s m i s s i o n 5 s _____1 9 4 5 M
P a n -A m P e t A T r ls t co n v 6s ’ 19 -’27 J
A
02
77 "
45%
0
88
15 %
13
97%
83
897*
91
70
70
78
40%
82
10 5 %
A sk Low
82%
10 6 %
O c t ’ 18
82%
86%
D e c 19
D e c '1 8
D e c '1 9
94
85%
J a n '2 0
A p r ’ 14
65%
75
s
s
a
N
D
O
A
W eek’s
R an ge or
L a s t S a le
S a le 8 17 *
S a le 10 5 %
89%
S a le 8 0%
S a le 8 6
95
96
95
90
9 17 * 9 3
S a le 9 3
8 4 ’% 8 5
83
82
83
55
55
P ric e
F rid a y
Ja n . 23
j
N
O
O
J
N
N
N
O
J
J
O
J
A
J
O
N
O
A
N
J
O
IVI
F
A
F
M
M
A
J
J
F
D e b e n tu re 6 s . . " . . ” ” ” 11 9 5 2 M
J
I n t A g r lc C o r p 1 s t 2 0 - y r 6 s . . 19 3 2 M
I n t P a p e r c o n v a f g 5 s ............ 1 9 3 5 J
1 s t A r e f s f c o n v se r A . . . 19 4 7
L ig g e t t A M y e r s T o b a o 7 s . . 19 4 4 A
5 s _____________ _______________ 1951 F
L o r l U a r d C o ( P 7 s ............ ...
19 4 4 A
5 s ----------------------------------1951 F
N a t E n a m A S ta m p g 1 s t 5 8 .19 2 9 j
84
S0%
21
2
1
B id
9 7 1*
70%
88%
07
72
72%
3
K
BO NDS
STO CK EX C H A N G E
W e e k e n d in g J a n . 2 3
M is c e lla n e o u s
A d a m s E x c o l l t r g 4 s ________1 9 4 8
A l a s k a G o l d M d e b 6 s A _____1 9 2 5
79%
33
33%
28
28
47
50
45
47
42%
45
70
O c t '19 . .
80
M a y '1 8
Y
94%
98%
89
18
_____
2
N
82%
87%
79
47% 6 3
92
10 0
03
03
'2 0
9 3 i« . . . . 1 0 3
S e p t’ 15
85
70
73
J a n '2 0
8 4 7* 9 3 1 2 9 3
J u ly '1 9
80
85
85
N o v ’ 19
85
. . . .
87
J u n e '1 9
S a le 9 9%
10 0
10 0
97
. . . .
98% S e p t’ 19
9 0% 9 6 % D e c '1 9
_____
9 0 1* 9 4 %
94 %
91
89
89%
89%
91
94
F e b '18
10 0
F e b '1 3
8 4 % 8 4 34 8 4
85
91
S e p t ’ 19
9 0 78 9 2 % D e c ' 1 9
8 5 % _____
84% D e c '1 9
9 S 38 9 9 % N o v ' 1 9
9 1%
9 9 1a 9 8
. . . .
A p r ’ 19
7514 8 0
8 2 l2 80
81
D e c '1 9
8 7 is 8 7 1 2 8 7
D e c '1 9
80
10 4 % A p r ’ 1 7
847* 8 5
83
85
0 3 12 04
62%
63%
. . . .
90
9 2% N o v ’ 19
8
9
81
90% Aug* 17
87
8 8 l2
8 1U
2
H ig h
03
_____
3
53
497,
457,
8 OI2
. . . .
____ _
27%
27
7
7 14
51
01
70
19 19
N o J Low
H ig h
3 a lo
S a lo
8 1%
R ange
Year
Bonds
S o ld
W e e k 's
R an ge or
L a s t S a le
| P e r io d
P ric e
F rid a y
Ja n . 23
Bonds
In terest
P e r io d
BO NDS
'
W Y STO CK EX C H A N G E
W e e k e n d in g J a n 2 3
__ S o l d
New York Bond Record—Concluded— Page 4_________________351
Jan . 24 1920.]
847*
98
70%
77
79 %
N ov* 17
85
A p r ’ 10
5
85%
94
92%
98%
9 1%
94
10 1%
83% 9 5%
9 3%
84
94
81
92
80
8 1%
98%
787ft
99%
99%
3
63
80
81
05
95%
96%
88% J a n ’20
13
84%
85
86%
86%
2
797*
80%
10
10 1% S e p t’ 17
94
N o v ’ 1 0 _____ _____ ____ *
« Due Deo. lO ptionm ile
353
BOSTON STOCK EXCHANGE— Stock Record ,„ B
N
0.“,D
5P„ .
S H A R E P R IC E S — N O T P E R C E N T U M
S a tu rd a y
J a n .17
1 2 2 i 2 12 2 7 j
65
65
_____
_____
3 3 12
*135
T u esday
Ja n . 20
M onday
J a n . 19
12 3
64
85
12 3
65
86
12 3
64
85
12 4
641
85
W ednesday
Ja n . 21
12 4
_0_4
12 4 %
04
331j
3 3 l2 33%
3 2 1 2 333 4
3 3 i 2 3334
40
40
40
*39
40
40
40
14 0
* 13 6
14 0
* 13 6
14 0
*136
14 0
*5
*5
7
10
* 7 12
* 6 12
* 13 0
13 0 U * 1 3 0
13 0 "'4
_____
*85
85
85
*5
7
13 0
85
13 0
85
P R IC E S .
T h u rsday
Ja n . 22
12 4
12 5
6 4 i2 6 5 U
*8 5
86
* 3 2 12 3 3
44
44
13 6
13 6
F rid a y
Ja n . 23
6 4 i2 6 5
85
85
80
D ee’ If
33
33
40
40
6 1.
*5
* 6 12
* 12 9
13 2 "
85
85
*6
------* _____ 1 3 2
85
85
26U
_____
_____
18
_____
44
5 5 14
6
6 lS
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6 12
9 7*s 98
*14 3
14 5
82
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3 0 14
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2 i2
212
7
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26 *2
76
16
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16
43
*55
44
—
534
6
H2
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6 I2
6 I2
98
98 U
14 5
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*8 1
82
*16 3 4 1 7
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8
8 12
234
234
6 34
63 4
26U
*8 5
*77
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*8 5
4 2 12
*55
2 6 12
80
16
43
—
512
5 12
*n 2
I 84
6U
6 '4
9 8 lg
97%
14 5
14 5
*8 1
82
17
*16 12
*29
30U
8 I4
8U
2 78
3
684
6 12
64
2 6 l4
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*16
43
54
es
2634
80
17 3 4
43%
55
584
* 5 i2
13.1
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6 i4
6>4
9 7 78 9 8 U
14 5
14 5
81
81
16
17
*29
3d4
83g
8 !t
234
3
6i2
6 I2
8
13 0
N o v ’ IS
D e c ’ 19
10 3 3 4 O c i’ 19
68
Ja n ’20
64
65
64
65
26
2 6 l2
2512 2 6 %
L a s t S a l e 86
J a n ’ 20
* 7 7 i2 78
* 16
1784
L a s t S a le 8 5
J a n '2 0
43
4 3 l2
*50
54
5 0 12 5 1
512
5 i2
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* 6U
184
5H
* 13 g
7
98
14 5
14 5
81
8 H4
*1684 1 7
97U
14 4
81
9734
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2013
6
2012
70
*68
15 2
15 2
34
3 3 12
78
78
*28
29
44
4434
6
20%
68
15 2
34
*78
*28
4312
3 6 i3 3 6 i3
36
6
6
534
28
2 8 12 2 8 l2
10
10 l2
10
*99
10 0
*99
72
71
*72
62
62
*6 U 2
13 8
13 8
*13 7
*4 4
*44
47
* 4 7 * 2 4 8 1 3 *4714
87
87
8 6 l2
17 5
17 5
17 5
*4 3
43
4 3 12
96
16
16
* 15 18
5 13 4
5 13 4
52
I 8 S4
18 *4
18 > 8
46
46
46
1 3 1 U 13 H »
13 0 l2
70
70
70
47
47
4 7 i2
*2534 2 6
25*4
15 U
15 12
15 12
I 9 I4
19
19 * 8
39
4 0 34
4 0 12
23
23
23
* ___
*
72
6 3 34 6 334 * ___
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*
73
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75
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.7 5
L *37
3712
1334
► 13 * 4
712
J *7
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393 1
3
7
34
3 6 18
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20o Fo b 20
7*4 M a y 2 1
6 O0 M a r 8
2
J u l y ‘2 6
42
A p r lO
6 5 * 4 J u l y ‘2 8
78
A p r l2
8 8 1z J u l y 3 0
24
Ja n 2
41
Ju ly 2 9
3 % O c t lO
O lg M a y 9
99c M ar 4
2 3g J u l y . 3 1
3
Ja n 2 5
7% Ju ly 2 8
2
A p r lO
512 J u l y 2 8
218 A p r 2 3
4 5 8 O c t .3 1
4
Fob 7
10
Ju ly 2 8
2
J a n l .3
l3 U Ju n < ) 2
212 F e b 2 4
10
J\ lly 2 0
83
Ju ly 2 8
4912 F o b 7
1
M ar 8
OI2 J u l y 2 8
M ay 2
Fob 11
M ar 1
Ja n l5
Fob20
A p r22
M a r l5
M ur 6
M arl 7
M a r22
M ar 4
Jn n 2 2
M a r l5
Ja n l3
80 J a n l l
4
M ar 8
1
M a r28
1U D e c 16
710 D e c l O
184 M a y 9
7 *2 J a n l 8
1U Ja n 2 8
U 4 M a r l3
50o
Ja n 9
15
M ar 5
40c M a r lS
M ar
M ar
O ot
N ov
Ju n e
88
Sopt
z77U Ja n
62
Ju n o
10 7
Ju n o
5 9 U O c t2 4
15 0
M ay 5
7 4 12 N o v 7
55
M ay 6
31
Ja n 2 5
20 38 N o v 3
0%
8 7*
67*4
8U
9
25c
75o
3 0 12
45
52
40
13
li2
40c
2%
16 * 8
lO O ig
92
82
10
93
9 1U
71
14 7
Ja n 2 3
Ja n 3 0
J a n l .3
Ja n l3
O c t2 8
784 J a n 2 1
M ar24
F o b l4
Ja n 2
Ja n 2 3
Ja n
O ot
Ju ly
Apr
Ja n l5
M ar20
Ja n 9
J a n l .3
Ju n o lS
Ju ly 17
16
M a y 15
5 9 1* O c t2 0
17
15
37
38
25
90
50
62
11
09
80
71
14 9
72
3
32>8
115
5 2 12
44
2 5 la
M ay
N ov
Aug
7*4 J u n o
9912 D c c 3 1
14
46
95
11212 D e o
1212 J u l y 3 1
28
O ct 4
87
N o v lO
13 1* M a y l2
20*8 J u l y 2 3
1* 4 J u l y . 3 0
4U Ju ly 2 9
5 2 is Ju ly 2 8
73
Ju ly 2 8
83
Ju ly 2 8
75
Ju ly 2 9
2 0 12 Ju ly 2 9
4U Ju ly 3 0
3 % Ju n o 0
6 O0 A u g 14
I U 4 Ju n o 5
6 % N ov24
5*4 J u n e 2
2 % S o p tl7
3 3g J u n o 2
12 * 4 J u l y 2 9
5
Ju ly 3 0
4*4 J u l y 2 8
3
Ju ly 2 8
31
Ju ly 3 1
!*$<• M o v 2 7
a H a lt-p a id .
11
27
10 2
45
3 8 12
2 4 *4
6
Ju n
O ct
Aug
Ja n
Ju ly
Aug
Ja n
17
9
35
N ov
Fob
D oe
13
09
15 o
40%
11
9
20o
425
Ju n o
D eo
Ju ly
D eo
Ja n
N ov
O ct
D eo
10*4 J u n o
40
11*
4*4
8 ig
3
D oo
Apr
D eo
M ar
Ju n o
4*4 D o o
15 o M a r
40
Ju ly
4 4 7g D o o
7 9 'g O o t
19 12 J a n
5
Ja n
80c Sopt
3*4 D o o
2
Ja n
2*4 D o o
3*4 S o p t
65o M a r
40o Ju n o
6 OI2 D o o
1% A u g
9*4 D e o
12
6 3 12
8 VC,
1 0 >2
25o
Aug
D ec
Ja n
D oo
Fob
>2 J u n e
32
D oo
4 0 12 Ju n o
69
D oo
38
D oo
7
Ja n
2*4 D o c
12 S o p t
10 c D oo
4
Fob
1U A u g
212 S o p t
7 3 c Doo
lig M a y
7
D oo
1
D eo
1* 3 D e c
*2 N o v
18 -1 D oo
40o M a y
M
N
N
N
N
ay
ov
ov
ov
ov
10 0
Feb
1 3 7g M a r
4 11*
14 0 %
56
4 8 *2
N ov
Aug
D eo
M ay
2012 M a y
9
N ov
25
Sepl
12 12 F e b
42
Apr
1*4 J a n
80
45o
54
10 i4
N ov
M ay
Feb
Aug
10*4 M a y
48o N o v
470
D oo
14 1*
5H *
3
0 7g
12
Feb
N ov
Sept
M ar
N ov
0
Feb
10 ig J a n
30o Sop t
1
Ja n
70
M ay
84
Feb
29
Ju ly
6 1* O o t
1* 4 M a y
8*4 M a y
3<g M a r
6
Feb
7
Ja n
41 * N o v
4*4 O o t
0 0 1* M a y
2 ii Ju ly
17 U M a r
20
Ja n
80
Ja n
9 7* A p r
17 * g M a y
95c M ar
1* 3 D o o
4 5 1* J a n
66
Ja n
78
M ay
57
Ja n
16 * 4 D e o
5*4 J a n
2
Ja n
20o
Ja n
8 7* N o v
4*4 S o p t
4 1* F o b
1%
Aug
4 lg N o v
12
Ja n
3 k i Apr
3
Ja n
2
Ja n
30
Ja n
1 1/ , M a t
353
THE CHRONICLE
J a n . 24 1920.J
Outside Stock Exchanges
S t o c k s ( C o n c lu d e d )
Boston Bond Record.— Transactions in bonds at Boston
Stock Exchango Jan. 17 to Jan. 23, both inclusive:
F rid a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o w .
B on d s—
U S 1.1b L o a n 3 ) 4 s . l 9 3 2 4 7
1 st L ib L o a n 4 s . . 1932 47
2 d L ib L o a n 4 s . . l 9 2 7 4 2
1 s t L ib L 'n 4 ) 4 8 . 1 9 3 2 4 7
2 d I . lb L o a n 4 ) 4 8 1 9 2 7 4 2
3 d I .lb L o a n 4 J 4 8 - . . 1 9 2 8
4 t h L ib L ’ n 4 ) 4 8 . 1 9 3 3 3 8
V i c t o r y 4 ) 4 s _____1 9 2 2 2 3
A m T e l & T e l c o l l 4 s . . 1 92 9
A t l G & W I 8 8 I, 5 s . . 1 9 5 9
C a r s o n H i ll G o l d 7 s . . 1 9 2 3
C h lo J u n o A U S Y 4 s . 1940
G t N o r C B A Q 4 s . -.1 9 2 1
M a s s G a s 4 ) 4 s ........... . . 1 9 2 9
4 ) 4 s ___________________ 193 1
M i s s R i v e r P o w e r 5 s . .1 9 5 1
N E T e l e p h o n e 5 s _____1 93 2
S w if t A C o 1st 5 s ........... 1944
U S S m ltg R A M c o n v 0 s .
W e s t e r n T e l A T e l 6 8 .1 9 3 2
7 9 )4
71
83
9 2 )4
9 8 .5 4
9 1 .0 4
9 0 .4 4
9 2 .2 4
9 0 .6 6
9 3 .0 4
9 1 .0 4
9 8 .2 0
7 9 )4
99
7 9 )4
115
71
9 3 )4
91
83
74
8 4 )4
9 2 )4
1 04
82
S a les
fo r
W eek .
R ange fo r Y ea r 1 91 9.
H ig h .
L ow .
9 9 .0 8 $ 2 5 ,4 5 0
0 ,7 0 0
9 2 .2 4
9 1 .0 4
1 7 ,8 5 0
1 2 ,3 0 0
9 3 .0 0
9 1 .4 4 8 7 ,0 0 0
9 3 .6 0 5 0 ,3 5 0
9 1 .4 6 1 3 1 ,0 5 0
9 8 .0 0 6 4 ,9 5 0
1 ,0 0 0
7 9 )4
1 ,0 0 0
99
7 ,0 0 0
80
3 ,0 0 0
125
1 .0 0 0
71
4 ,0 0 0
9 3 )4
2 8 ,0 0 0
91
6 ,0 0 0
83
1 7 ,0 0 0
75
1 ,0 0 0
8 4 )4
1 0 ,5 0 0
92 H
104
6 ,0 0 0
1 2 ,0 0 0
8 3 )4
9 8 .0 4
9 1 .6 4
9 0 .8 4
9 2 .8 4
9 1 .0 4
9 3 .1 4
9 1 .0 4
9 8 .5 4
77
9 8 )4
79
9 9 )4
71
9 3 )4
89
83
73
81
9 2 )4
99
80
F eb
Jan
D ec
D ec
D ec
D ec
D ec
D ec
I)c c
D ec
D ec
N ov
N ov
D ec
D ec
Apr
O ot
D ec
O ct
F eb
D ec
1 0 0 .6 4
9 5 .9 0
9 4 .8 0
9 0 .5 0
9 5 .9 0
9 6 .5 8
9 6 .5 0
1 0 0 .0 4
8 7 )4
1 0 3 )4
94
130
77
9 5 )4
94
8 7 )4
80
9 3 )4
9 8 )4
1 0 7 )4
91
O ct
M ar
June
Jan
Jan
S ept
Jan
June
Sept
M ar
M ay
D eo
M ar
J u ly
M ar
M ar
M ay
F eb
June
O ct
M ar
P ar.
F r id a y
L a st
W e e k 's R a n g e
o f P r ic e s .
S a le.
P r ic e . L o w .
H ig h .
P e o p l e ’ s G a s L t A C o k e 1 00
P u b S c r v o f N o 111 c o m . 1 00
38
Q u a k e r O a t s C o p r e f ___ 100
R e o M o t o r C a r C o ______ 10
R e p u b lic M o t T r u c k c o m (* )
S e a r s R o e b u c k c o m _____100
P r e f e r r e d . . ........... ..........100
S h a w W W c o m m o n ___ (* )
S t a n d a r d G a s A E l e c _____5 0
P r e fe r r e d ________________ 50
S te w a r t M a n u fa c t u r in g (* )
S te w a r t W a r S p e e d w 1 (* )
S w if t A C o .......................... 1 00
S w if t I n t e r n a t i o n a l . ... 15
T e m t o r l ’ r o d ( C A F ) A c o m '2 5
T h o m p s o n (J I t ) c o m ___ 25
U n io n C a r b A C a r b C o . ( * )
U n it e d P a p e r IJd c o m . . 100
98
2 7 )4
225
20
42
43
1 2 0 )4
54
4 7 )4
74
2 5 )4
W a h l C o __________________(* )
W a rd , M o n tg A C o (W I ).2 0
W e s t e r n K n i t t i n g M i l l s . (* )
W e s t e r n S t o n e __________ 100
W i ls o n A C o c o m m o n . . ( * )
40
3 8 )4
2 3 )4
5
W r i g l c y J r , c o m m o n _____2 5
8 0 )4
B onds—
A rm ou r A C o deb 6 s.
192 0
1 0 9 )4
Pittsburgh Stock Exchange.— Record of transactions at
Pittsburgh Stock Exchange Jan. 17 to Jan. 23 , both in
clusive, compiled from official sales lists:
S tock s—
F r id a y
W e e k 's R a n ge
L a st
o f P r ic e s .
S a le.
P a r . P r ic e . L o w .
H ig h .
A m c r R o llin g M ills c o m . 25
A m o r W i n d G la s s M a c h 1 00
P r e f e r r e d ................ ....... 1 00
A r k a n s a s N a tu r a l G a s new
1 2 5 )4
94
2 0 )4
B a r n s d a ll C o r p o r a t i o n . . 2 5
C a r b o H y d r o g e n c o m _____5
P r e f e r r e d __________________5
C a r n e g i e L e a d A Z i n c _____5
G u f f e y G il le s p ie O l l ( n o p a r )
In d e p e n d e n t B rew c o m . .5 0
4 9 )4
K a y C o u n t y G a s .................. 1
L a B e l le I r o n VVks c o m _ 1 0 ( )
M f r s L ig h t A H e a t ........... 5 0
M a r l a n d P e t r o l e u m ................
N a t F i r e p r o o f i n g c o m ___ 5 0
P r e f e r r e d ................... ..........5 0
O h i o F u e l O i l ........................ 1
O h i o F u e l S u p p l y _________ 2 5
O k la h o m a N a tu ra l G a s . . 25
O k l a h o m a P r o d A R e f _____5
P l t t s b B r e w in g c o m _____5 0
P r e f e r r e d ........................... 5 0
P l t t s b J e r o m e C o p p o r _____1
P lt t s b A M t S h a sta C o p . . 1
P l t t s b O il A G a s ..............100
P l t t s b P la t e G la s s c o m . 1 00
R i v e r s i d e E a s t e r n O il c o m 5
S a n T o y M i n i n g . . ................. 1
S t a n d a r d S a n lt M f g c o m l O O
U n io n N a t u r a l G a s _____1 00
U
W
W
W
W
S S t e e l C o r p p r e f _____1 00
e s t ’ h o u se A ir B r a k e . . .5 0
e s t ’ h o u so E le c A M f g .6 0
e s t P e n n I t y s p r e f . . .1 0 0
e s t P e n n T r A W P c o m lO O
100
P r e f e r r e d ...................
B onds—
I n d e p B r e w i n g 0 s _____1 92 5
P i t t s B r e w i n g 6 s ........... 1 9 4 9
4 )4
3 3 )4
1H
1 1 0 )4
3 7 )4
58 K
5 )4
15
2 9 )4
4 9 )4
4 0 )4
9 )4
4 )4
1 3 )4
40c
1 07
125
1 1 5 )4
1 1 6 )4
7 5 )4
S a les
R a n ge fo r yea r 1 91 9.
i r ° rjii
S h a res.
5 1 )4
15
1 25
94
2 4 )4
105
45
2 )4
4 )4
9
3 2 )4
2 )4
8
1 )4
1 10
3 7 )4
6 7 )4
5 )4
8
15
29
49
38
9
4 )4
1 3 )4
9 0 )4
180
40c
13
164
2 )4
7c
200
125
59
1 1 5 )4
1 1 5 )4
5 2 )4
79
8
6 1 )4
6 1 )4
1 5 )4
1 20
94
3 3 )4
1 05
50
2 )4
4 )4
9 )4
30
2 )4
8 )4
2 )4
1 1 0 )4
3 8 )4
59
0
8 )4
1 5 )4
3 0 )4
50
4 0 )4
9 )4
4 )4
14
91
18c
50c
1 3 )4
1 07
2 )4
7c
200
1 25
59
1 1 5 )4
1 17
5 2 )4
79
8
6 1 )4
20
665
490
1 30
3 0 ,0 9 7
25
6 ,6 2 5
900
330
220
1 1 ,8 8 7
1 00
365
1 5 ,3 6 0
235
880
750
3 7 ,1 2 2
335
95
820
0 71
2 ,6 5 1
1 10
450
1 45
43
6 ,9 0 0
1 1 ,8 0 0
605
285
1 ,1 8 0
500
00
20
1(1
12
1 40
290
50
120
10
55
7 5 )4
55
7 5 )4
S I ,0 0 0
1 ,0 0 0
L ow .
H ig h .
Apr
4 4 )4
D ec
1 4 )4
Jan
79
Jan
7 7 )4
34
D ec
M ay
75
June
32
2 )4 A u g
D ec
3 )4
Sept
0
D ec
3 0 )4
Jan
1 )4
Jan
5 )4
Jan
2
F eb
9 4 )4
6 4 )4 J u ly
20
N ov
157
J u ly
1 0 3 )4
O ct
D ec
4 1 )4
140
D ec
5 0 )4
O ct
5
D ec
5
D ec
1 3 )4
O ct
3 7 )4 D e c
7
M ay
10
M ay
2 )4
D ec
1 2 3 )4 J u l y
Jan
48 M
0
N ov
Jan
5
'J a n
10
Jan
10
F eb
4 2 )4
Jan
2 8 )4
8 )4 M a r
Jan
2
Jan
7
Feb
8 5 )4
Jan
8c
Jan
21c
Jan
8
Jan
110
)4 F e b
F eb
Gc
M ar
1 50
1 1 4 )4 D e c
F eb
30
1 1 2 )4 D e c
Jan
93
Jan
4 0 )4
7 5 ) 4 J u ly
0
D ec
00
M ay
60
8 )4
H )4
24
35
5 4 )4
5 0 )4
1 3 )4
1 0 )4
20
98
67c
70c
1 8 )4
1 00
6 )4
13c
1 70
1 35
63
110
1 2 4 )4
08
8 0 )4
14
00
N ov
O ct
M ay
M ay
N ov
J u ly
N ov
M ay
J u ly
June
M ay
Aug
Sept
June
D ec
O ct
M ay
J u ly
M ay
Jan
Jan
65
7 5 )4
O ct
J u ly
36
52
June
June
O ct
J u ly
M ay
June
Chicago Stock Exchange.— Record of transactions at
Chicago Stock Exchange Jan. 17 to Jan. 23 , both inclusive,
compiled from official sales lists:
S tock s— ■
F rid a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
P a r . P r ic e . L o w .
H ig h .
A m e r ic a n R a d i a t o r _____100
A r m o u r A C o p r e f e r r e d . 1 00
1 0 9 )4
B r is c o e M o t C o r p c o m _ . ( * )
B o o t h F is h e r ie s c o m n e w ( * )
71
P r e f e r r e d ________________
B u n t c B r o s c o m m o n _____ 10
B u t l e r B r o t h e r s _________ lo t )
C a s e (J I ) P lo w W o r k s . . ( * )
F ir s t p r e f e r r e d .....................
S e c o n d p r e f e r r e d .................
C h l C l t y A C I t y p t s h c o m (* )
P r e f e r r e d _______________( * )
C h ic a g o E le v R y p r e f. .1 0 0
C h i c P n e u m a t i c T o o l . . 100
9 3 )4
15
C h i c a g o T i t l e A T r u s t . . 100
C o m m o n w e a l t h E d i s o n 100
C o n t M o t o r s c o m ________10
C u d a h y l ’ a c k C o c o m . 1 00
D e c k e r (A ) C o h n I n c . . ( » )
2 0 )4
97
97
9
7 )4
99
47M
350 '
11194
5 2 )4
68
73
14
14
31
31
94
9 3 )4
1 4 )4
1 5 )4
294
2 9 7 )4
2 2 )4
2 0 )4
95
9 7 )4
98
9 8 )4
1
1 )4
9
9 )4
6
8 )4
99
99
)4
h
4 )4
210
1 3 )4
D i a m o n d M a t c h .............. 1 0 0
G od sch a u x S ugar c o m ..(* )
G r e a t L a k e s D A 1>_____ 1 0 0
H a r t m a n C o r p ................... 1 00
H a r t S h a f t A M a r x c o m 100
H o l l a n d A m c r S u g a r . . . 10
1 2 4 )4
L i b b y M c N e i l l A L i b b y . 10
L i n d s a y L i g h t ......................10
2 7 )4
7 )4
M i d W e s t U t ilit ie s c o m . 1 00
P r e f e r r e d ................ ..........l o o
M i t c h e l l M o t o r C o _____( * )
N a t i o n a l L e a t h e r ................ 2 0
45
350
1 09
52
1 04
1 7 )4
45
10
107
1 3 )4
1 0 2 )4
42
9 5 )4
33
1 23
5 8 )4
94
1 0 3 )4
90
1 7 )4
1 5 )4
8 0 )4
27
7
9 )4
3 3 )4
1 08
1 4 )4
1 0 3 )4
42
97
33
1 2 8 )4
6 8 )4
94
1 0 8 )4
90
17 54
16
81
29
8
9 )4
22
22
45
43
1 5 )4
50
43
1 7 )4
5
O r p h c u m C ir c u it , I n c ........... 1
210
3 3 )4
C h i c a g o C i t y R y 5 s ___ 192 7
C h i c P n c u T o o l 1 s t 5 s . 1921
S ales
fo r
W eek .
S h a res.
2 ,4 3 6
’ 10
1 1 ,7 2 5
30
660
50
10
82
1 ,2 4 0
0 41
1 ,5 0 8
9 31
00
570
200
2 ,3 4 0
35
241
10
25
579
3 ,0 9 5
215
10
120
20
530
00
50
3 ,4 8 5
20
30
2 ,1 3 5
230
5 ,7 8 0
1 ,5 4 5
25
1 70
318
100
9 ,1 3 2
5
10
37
5 ,9 5 0
R ange fo r yea r 1 91 9.
L ow .
Apr
275
9 8 )4 A u g
N ov
47
O ct
55
1 1 )4 D e c
Apr
1 9 )4
J u ly
80
9 )4 J u n e
O ct
250
O ct
20
O ct
97
O ct
9 8 )4
Jan
)4
5
D ec
2
D ec
F eb
6 0 )4
D ec
2
D ec
4
F eb
1 78
100
D ec
Apr
8 )4
F eb
1 0 0 J4
O ct
3 8 )4
D ec
95
N ov
37
June
101
D ec
5 5 )4
82
O ct
82
O ct
F eb
68
1 2 )4 A u g
1 0 )4 S e p t
D ec
7 7 )4
Jan
1 9 )4
D ec
0
7 )4 N o v
D ec
20
40
D ec
Apr
33
1 6 )4 S e p t
H ig h .
345
1 1 2 )4
52
74
25
35
99
15
309
2 7 )4
9 8 )4
9 8 )4
2
1 8 )4
1 7 )4
1 15
4
1 0 )4
220
118
1 4 )4
123
4 8 )4
98
4 0 )4
1 25
00
99
1 0 0 )4
1 0 0 )4
2 1 )4
1 7 )4
1 03
3 6 )4
17
1 0 )4
40
48
5 5 )4
25
N ov
D ec
D ec
D ec
J u ly
D ec
N ov
J u ly
Due
O ct
N ov
O ct
Aug
Aug
Aug
N ov
D eo
Aug
D ec
J u ly
D eo
M ay
O ct
N ov
O ct
D eo
D ec
D ec
D ec
N ov
O ct
D ec
Sept
O ct
Aug
Apr
M ay
D ec
J u ly
Aug
C o m m o n w E d is o n 5 s . 1943
S w if t A C o 1 s t g 5 s _____1 94 4 ..............
38
80
88
98
2 6 )4
51
225
117
280
20
42
4 2 )4
4 4 )4
1 2 6 )4
54
4 7 )4
48
7 3 )4
2 5 )4
70
3 8 )4
38
2 3 )4
5
9 8 )4
9 7 )4
8 1 )4
38
80
88
9 8 )4
2 7 14
51
2 2 7 )4
1 1 7 )4
280
26
42
46
4 5 )4
1 3 1 )4
57
48
4 8 )4
7 4 )4
20
70
4 4 )4
3 9 )4
2 3 )4
5
9 8 )4
9 8 )4
8 1 )4
S a les
fo r
W eek.
S h a res.
50
1 50
10
396
510
20
100
1 48
452
25
25
245
2 5 ,3 0 0
0 ,4 7 5
8 ,0 7 5
305
1 45
8 ,8 3 0
110
30
6 ,1 2 5
4 ,2 1 5
1 ,1 1 0
25
20
185
370
1 0 9 )4 1 1 0 )4 8 1 5 ,0 0 0
3 ,1 0 0
1 1 0 )4 1 1 0 )4
1 ,0 0 0
1 10
110
2 ,0 0 0
1 10
1 1 0 )4
4 .0 0 0
72
70
5 .0 0 0
9 6 )4
9 0 )4
2 .0 0 0
71
71
2 ,0 0 0
48
48
5 ,0 0 0
36
36
88
1 ,0 0 0
88
3 ,0 0 0
9 2 )4
9 2 )4
R ange fo r yea r
1919.
H ig h .
Low .
32
D ec
N ov
80
N ov
83
D ec
94
2 7 )4 D e c
44
Sept
F eb
1 0 8 )4
1 1 6 )4 N o v
1 1 2 )4 M a y
D ec
2 6 )4
D ec
4 0 )4
Apr
45
3 5 )4 N o v
Jan
1 1 5 )4
Jan
4 1 )4
D ec
4 5 )4
34
Aug
56
Jan
Jan
1 7 )4
64
J u ly
1 9 )4 S e p t
D ec
3 7 )4
5 5 )4
9 5 )4
105
1 05
3 5 )4
74
232
1 22
270
3 1 )4
43
59
43
1 4 9 )4
0 5 )4
5 0 )4
5 1 )4
8 5 )4
2 9 )4
70
5 5 )4
4 5 )4
J u ly
M ay
M ay
M ay
O ct
N ov
N ov
Apr
D eo
N ov
N ov
O ct
N ov
M ay
O ct
D ec
D ec
J u ly
J u ly
J u ly
N ov
D ec
4
75
95
7 4 )4
Jan
N ov
Feb
Sept
1 2 )4
104
1 04
89
Apr
J u ly
J u ly
O ct
100 %
1 0 2 )4
1 0 2 )4
1 0 0 )4
65
N ov
D ec
O ct
M ar
N ov
1 0 3 )4
1 0 9 )4
1 0 9 )4
1 0 9 )4
84
D ec
D eo
D eo
D ec
F eb
6 3 )4
3 7 )4
32
87
9 2 )4
D ec
D ec
D ec
D ec
Sept
81
Jan
03
M ay
00
Jan
Jan
9 4 )4
Jan
9 8 )4
(* ) N o p a r v a lu e .
Baltimore Stock Exchange.— Record of transactions at
Baltimore Stock Exchango, Jan. 17 to Jan. 23, both in
clusive, compiled from official sales lists:
S tock s—
S ales
F rid a y
W e e k 's R a n g e
fo r
L a st
o f P r ic e s .
Tree*.
S a le.
P a r . P r ic e . L o w .
H i g h . S h a r es.
A la b a m a C o 2(1 p rof_____100
A ru n d e l C o r p o ra tio n ______ 50
A tl C o a s t I. o f C o n n _____ICO
A tla n tic P e tr o le u m ________10
B a ltim o re B r ic k __________
B a lt E le ctric, p r e f_________ 5 0
B a ltim o re T u b e ___________ 10C
B osto n Sand A G r a v e l, pref
C ele stln e O il v o tin g tr u s t___
C e n t T e resa S u gar, p r e f . .
C om m e rcial C r e d it________ 25
P referred B _______________ 25
C o n so l G , E L & P o w ___ 10 0
C on solid ation C o a l______ 10 0
Cosdon & C o _________________5
Preferred___________________ 6
D a v iso n C h e m i c a l ...n o par
E lk h orn C oal C o r p , p r e f. . 5 0
G e orgia S o A F la , 1st p f .1 0 0
H o u sto n O il tru st c tfs ___ ICO
Preferred tru st c tfs ___ 10 0
In d la h o m a R e fin in g _____
R i g h t s _____ _____________
K e n tu c k y O il...... ............ ..
M e r A M in T ra n s V T . . 1 0 0
M o n o n V a il T r a c , p ref___ 25
M t V -W o o d b c r r y M ll ls Prefcrred v t r _________ 100
N orth e rn C e n t r a l _________ 5 0
P en n syl W a t A P ow er___ 10 0
U n ite d R y A E le ctric _____5 0
W a sh B a lt & A n n a p ______ 5 0
P referred_______________ . . 5 0
W a y la n d Oil & G a s __________5
39 H
.....
74
39 H
88
9
9 3 )4
Bondi—•
75
75
3 ,7 5 1
50
99
25
100
80
8 )4
4 )4
3 4 )4
39
2
40
59
54
3 .0 0
1 0 )4
4 5 )4
25
102
66
93
9 3 )4
70
70
7 8 ) 4 81
13
14
1 9 )4 20
3 5 ) 4 36
4 )4
4 )4
70
70
96
96
79
79)4
95
95
98
96
9 9 ) 4 1 0 0 )4
8 2 )4 8 2 )4
96 H
97
9 0 )4 9 6 )4
9 5 )4 9 5 )4
95
9 5 )4
99
99
C h icago R y 1st 5 s ______ 10 27
C on solidated G a s 5 s ___ 1 9 3 9
C o n s G , E L A P 4 ) 4 s ._ 1 9 3 5
5 % n o te s ________________
6 % n o te s _______________
7 % n o te s ________________
C o n so l C o a l ref 4 ) 4 s ____19 34
C o sd cn & C o scr A 6 S -.1 9 3 2
Scries B 6 s ____________ 19 32
D a v iso n Su lp h u r 6 s ______
E lk h orn C oal C o r p 6 s . . 1 9 2 5
F la C e n t & Pen extended 6 s .
G eorgia P acific 1st 6 S ..1 9 2 2
N o rfo lk S tre et R y 5 s ___ 1944
U n ite d R y & E le e 4 s ___ 1949
In c o m e 4 s ______________ 1949
F u n d in g 5 s , sm a ll___ 1 9 3 6
6 % n o te s ________________
W a s h B a lt A A n n a p 5 s . 1941
W ilm A W e ld o n 4 s ........... 1 9 3 5
20
132
132
8 8 )4 8 9 )4
8 )4
8 )4
1 2 )4 c . 3 0 o.
4
4
55
58
1 7 )4
1 7 )4
39
59
54
2 .5 0
1 0 )4
45
2 4 )4
66
88 )4
3)4
82
9
4 )4
35
39
2
1 0 0 )4
81
88
50
150
735
40
103
5
15
7 ,8 3 7
1 ,7 9 2
57
92
359
1 72
752
650
368
70
3
2 .9 0
1 0 )4
7 4 )4
40
100
9 2 )4
67
47
63
90
76
8 2 )4
100
9 2 )4
6 7 )4
4
10
233
20
330
236
32
18
120
$1,0<
2,0<
2,0<
22,0(
5.5<
11,01
2,0(
4,0<
10.0(
1,0(
10,0<
1,0(
3,0(
12,0
8 2 )4
R ange fo r yea r 1 91 9.
L ow .
00
3 8 )4
8 2 )4
2
1 )4
4 0 )4
50
44
1 .0 0
7 )4
40
24
9 9 )4
78
6 )4
4
35
39
H ig h .
F eb
N ov
D ec
Jan
D ec
D ec
D ec
Apr
M ar
D ec
Ju lV
N ov
D ec
D ec
F eb
Jan
D ec
June
Juno
76
4 1 )4 D e c
97
June
4 )4 J u l y
4
D eo
Feb
4 4 )4
M ay
90
53
N ov
4 .9 0 J u ly
1 2 )4
O ct
50
N ov
26
J u ly
1 1 1 )4 M a y
92
Juno
1 2 )4 M a y
5
M ay
J u ly
50
J u ly
50
Jan
7 2 )4
Jan
7 2 )4
5 )4 June
1 72
D eo
101
M ay
1 2 )4
O ct
61
16
D ec
J u ly
7 2 )4 M a y
30
Apr
71
67
7 6 )4
1 0 )4
19
3 5 )4
3 )4
F eb
D ec
D ec
D ec
D ec
F eb
Feb
100
Aug
80
F eb
8 8 )4 M a y
Jan
2 0 )4
2 9 )4 J u n e
38
Apr
£
N ov
6 3 )4 D e c
97
D ec
D ec
77
95
D ec
D ec
96
1 00
N ov
8 7 )4 M a y
8 4 )4 M a r
Jan
8 5 )4
95
Aug
9 5 )4 D e c
9 9 )4 N o v
1 00
O ct
9 3 )4 J u n e
64
D ec
44
D ec
GO
D ec
D ec
85
76
D ec
8 6 )4 J u n o
7 9 )4
Jan
1 0 0 )4 M a r
8 5 )4
Jan
9 9 )4 J u n o
F eb
9 8 )4
1 0 1 )4 J u ly
88
F eb
1 0 5 )4 S e p t
1 0 5 )4 S e p t
9 6 )4 M a y
9 9 )4 J u n e
101
F eb
1 0 1 )4
Jan
1 00
Jan
7 0 )4
Jan
5 5 )4 M a r
70
M ar
96
Jan
8 3 )4
Jan
8 7 )4
Jan
Philadelphia Stock Exchange.— Record of transactions
at Philadelphia Stock Exchango, Jan. 17 to Jan. 23, both
inclusive, compiled from official sales lists:
S tock s—
F r id a y
W e e k 's R a n g e
L ast
S a le .
-H ig h .
P a r . P r ic e . L o w .
S a les
fo r
W eek.
S h a r es.
5 )4
6 )4
62
61
69
69
40
3 9 )4
1 02
1 02
4 9 )4
4 9 )4
3 9 )4
3 9 )4
40
40
1 30
1 3 2 )4
1 13
1 1 4 )4
5
5 )4
19
19
34
34
12
1 2 )4
21
2 0 )4
85
8 3 )4
64
03
44
4 3 )4
4 9 )4
4 9 )4
50
60
81
8 1 )4
490
274
10
959
2
100
50
76
1 ,9 0 9
110
4
18
309
103
2 ,6 2 0
306
374
200
110
6
39
A m e r ic a n G a s .............. - . 1 0 0
A m e r i c a n R a i l w a y s p f . . 1 00
A m e r ic a n S t o r e s _____n o p a r
B a ld w in L o c o m o t i v e p f 1 00
B u lf A S u s q C o r p p f v t o 100
61
C o n s o l T r a o o f N J _____ 1 00
E l e c S t o r a g e B a t t e r y ___ 1 00
40
1 30
40
34
I n s u r a n c e C o o i F ^ A _____10
K e y s t o n o T e l e p h o n e _____5 0 ________
L a k e S u p e r io r C o r p _____100
2 0 )4
L a n s t o n M o n o t y p o _____100
8 4 )4
L e h ig h N a v i g a t i o n ______ 60
6 3 )4
44
L e h ig h V a l l e y _____________ 60
_
_
_____
M i d v a l e S t e e l A O r d _____60
M i n e h l ll
S H ................... 5 0
N o r th P e n n s y lv a n ia .. . . 6 0
8 1 )4
R ange fo r yea r 1 91 9.
L ow .
43
5 6 )4
2 0 )4
1 0 0 )4
49
3 8 )4
4 1 )4
5 1 )4
39
6
20
2 5 )4
8
17
85
5 0 )4
4 0 )4
41
50
79
H ig h .
D eo
D ec
Apr
Jan
D eo
D ec
Jan
Jan
M ar
Jan
N ov
D ec
N ov
Jan
Apr
74
6 9 )4
4 3 )4
110
53
4 1 )4
59
1 53
IG1
5
22
30
1 8 )4
2 5 )4
8 0 )4
73
0 0 )4
61 Vs
6 2 )4
82
June
Jan
N ov
N ov
Jan
Feb
O ct
N ov
J u ly
J u ly
N ov
Jan
Juno
J u ly
N ov
354
THE CHRONICLE
Stocks— (C o n c l u d e d )
F r id a y
L a st
W e e k ’s R a n g e
S a le .
o ffic e s.
P r ic e. L o w .
H ig h .
P a r.
Pa Cent Lt <fe Power.
43
75
42
43
75
75
4244 4244
.......... 4044 4044
35
3344 3544
2544 25
2544
25X
*2544 2744
01X
60 44 0144
m__ _
2844 29
75
x70
7644
7 44
244 3
2 %
244 244
3044 3644
185
185 185
5444 5444 5544
104 X
104 44 105)4
—
844 844
_____
35
35
.......... a i x 3 1 X
42 X
Tono-Belmont Devel___ 1
Tonopah Mining_______ l
Union Traction..............50
United Cos of N J........100
United Gas Impt..........50
U S Stebl Corporation.. 100
Warwick Iron & Steel__ 10
West Jersey & Sea Sh__ 50
York Railways pref____ 50
Bonds—
U S 3d Lib Loan 4X3.1928
93.22 93.32
4th Lib L’n 4X3-1933-38
91.20 91.36
Victory 4X s___ 1922-23 ____ _ 98.40 98.50
Amer Gas& Elec 5 s ...2007
80
80
Beth Steel 1st ext s f 5s 1926
97
97
Elec & Peo tr ctfs 4s. .1945 6444 6t44 65
Lake Superior Corp 5s 1924
61
61
Lehigh Val cons 4 X s .. 1923
94
94
Collateral 6s______ 1928
10144 10144
Gen consol 4s_____ 2003
71
71
Gen consol 4X s___ 2003
8244 8244
Lehigh Val Coal 1st 5s 1933
98
99
Natl Properties 4-6S..1946
30
30
Small_____________1946
30
30
Pennsylv RR gen 4 >$8 1965
8244 8244
General 5s_________1968 9044 0 0 X 91
Consol 4X s............ 1960
92
92
P W & B ctfs 4s___ 1921
9644 9644
Philadelphia 'Co. cons &
coll tr 5s stamped-.1951
80
80
Phi la Electric 1st 5s.. 1966 9044 9044 9144
Small_____________1966
92
93
1st s f 4s..................1966 7144 7144 7144
Reading gen 4s_______1997
7944 80
Spanish Am Iron 6s__ 1927
100 10044
United Rys Invest 5s_1926
73X
7444
York Railways 1st 53.1937
82
82
S a le s
/o r
S h a res.
Range fo r
Y ear
Low .
1919.
H ig h .
165
12 70
Dec 8444 Feb
2,136 40
Dec 4844 May
10 30
Jan 4244 July
1,224 3144 Jan 3744 Apr
3,857 24
Dec 2644 May
2,038 23
Apr 2944 June
83 59
Dec 71
Jan
26 2744 Aug 30 May
350 74
Dec 9344 June
245
244 Dec 3 15-16 May
1,130
4 May
144 Dec
100 33
Dec 41 May
29 185
Feb 19744 Oct
1,814 5044 Dec 7444 Jan
360 8844 Feb 11544 July
9
Apr
EH 6
844 Jan
7 3 8 X Dec 46
Jan
May 3 2 X May
5 30
45,800 93.24 Dec
11,950 91.24 Dec
9,000 98.70 Dec
3.000 83
Nov
10,000
Dec
4.000 59
Dec
2,000 58
Mar
5,000 102
Nov
1,000 100
5,000 6944 Dec
3,000 77
Dec
3,000 9744 Dec
Apr
1,000 30
Mar
600 32
10,000 7944 Dec
9,000 89
Dec
3,000 8944 Dec
Feb
5,000 95
1,000
64,000
1.500
2,000
145,000
11,000
27,000
1,000
76
86
86
75
78
9944
6244
87
96.38 Jan
95.70 May
100.04 Juno
88
Jan
71
74
102
102)4
8044
93
10044
40
35
Jan
Aug
Mar
Jan
Jan
Feb
Mar
May
Deo
80 X
Jan
98
Jan
96 X Feb
9744 Nov
Dec 89
Dec 96
Dec 9744
Feb 7644
Dec 8644
Nov 102
Jan 7844
Jan 89
May
July
Jan
Jan
Nov
Aug
July
May
N ew Y o r k “ C u rb ” M ark et.— Below we give a record of
the transactions in the outside security market from Jan. 17
to Jan. 23 , both inclusive. It covers the week ending
Friday afternoon. On the “ C urb,” there are no restrictions
whatever. A n y securitv m ay bo dealt in and any one can
meet there and make prices and have them included in the
ists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transac
tions m ay creep in, or even that dealings in spurious securi
ties m ay be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absoluto
trustworthiness of this record of “ Curb” transactions, and
we give it for what it m ay be worth.
W e e k e n d in g J a n .
Stocks---
23.
Pi
.
F rid a y
L a st
W e e k 's R a n g e
S a le .
o f P r ic es .
P r ic e. L o w .
H ig h .
)
8 Yx
>_____
30
)
1 ..........
•.........
> 1244
. 35
1 ..........
) ..........
>_____
> 944
l 1844
l 1844
> 2J4
1 ..........
1 4244
I 62
’ 1744
1 _____
1 28
1 49
_____
Fam Play-Lasky pf r
1..........
1 44
1 11444
Gen Motors com wl (no par)
31
1 _____
3144
Atlantic Fruit.r .
l
l
244
1144
544
• 1544
38
1 _____
Imp Tob o j G B & I___ £1 -------Indian Packing C orp.r.(t)
17H|
1 __
Kay County Gas.r_____ 1
2
1 _____
_
52
Locomobile Co new wl .r. (t) 2444
M arconl Wlrel .Tel.ofAmer5
544
Mercer Motors.r_.(no par)
N Y Shipbuilding. . (no par) 4244
Nor Am Pulp & Paper.(f)
554
Orpheum Circuit com.r - .1 33 x
Pat'.hogue-Plym Mills, (t) 4044
Pennsylvania Coal & C r 50 32
Perfection T & R new r.10
444
Phllllpa-JonesCorp com r(t) 68
Preferred, r ................100
Pressman Tire <fc Rub r ..l0
Radio Corp of Am w l.r(t)
244
Preferred, r_______. . . . 5
344
Rels(Robt;&Cocom r ...(t )
Republic Rubber r (no par)
5
Root & Van Dervoort r 100
Sploer Mlg, com .r____ 100 11444
Preferred. _r________100 11244
1
8
47
36
1544
10
1244
35
2544
9144
4944
9
11/18
*1/1844
244
7244
42J4
58
16
8
28
48
32
95
42
♦11044
3044
9144
31
844
48
37
1544
14
1644
35
27
9244
4944
944
28
28
244
7244
4344
62
1844
8 X
28
49 .
3244
98
47
117
33
9144
34
IX
144
144 1)4
244 244
10
1144
o x
OX
16
42
9944
1344
18
15
244
3
344
28
28
49
53
25
24 X
6
OX
32
32
41
46
544 544
33
37
40
41
29
33
4
444
66
68
95
95
30
31
244 244
4
3
25
2644
444 5X
62
01X
10944 116
112 112441
1544
37
9944
1244
17
14
144
S a les
fo r
W eek.
S h a res.
R ange
sin ce
Low .
1,000
8
400 47
1,300 3444
1,100 \ 3 X
5,300 10
49,300 12 X
1,340 35
1,100 2544
310 9144
goo 49 14
4 600
8
6,100 *1/18
9,800 *1/18)4
1,600
244
110 72 44
5,000 4 2 X
1.400 0 8
8,000 16
8
3,300
200 2744
1,000 48
200 32
1,000 95
2,500 42
16,100 *11044
18,700 3044
100 90
23,200 31
1,400
144
2,380
1)4
1,100
2
1,700 ' 10
900
5
7,000 14)4
1,200 37
500 00x
1,800 1244
2,000 17
400 14
8,800
144
2U
1,200
’ l00 19
37,900 49
6,600 24)4
10,300
544
100 32
2,400 41
9,200
544
37,000 33
700 40
2,700 29
8,000
344
175 66
100 95 •
2,200 30
10,500
2
7,400
3
139 25
7,575
444
400 5144
6,400 10144
l,200l 110
Jan.
1.
H ig h .
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
[Vol. 110
IV
Stocks
.
( C o n c lu d e d )
P a r.
.
W e e k ’ s Rangt
o f P r ic es.
Low .
H ig h
Stand Gas & El com .r..50
- 25
Preferred, r .................50
- 41)4
Standard Ship.r................
.
4
Suanwocd Rubber.r__ (t)
4 17
Submarlno Boat v t c ..(t )
1544
Swift International .r __ 15
- 56
Temtor Corn & Fr pf A(t) 47X4 44
Tobacco Products Exp.r(t)
- 28
Todd Shipyards Corp.r. (t) 180
180
Triangle Film Corp v t 0..5
X
UntdPlctureProdCorp.r(t)
- 16
United Front Sharing..25c
4
244
Un Retail St’s Candy.r.(t)
4 16
U S Distributing com__ 50
47
U S High SpeedSteel&Toolt
4 30
U S Light «: Heat, com.rlO
U S Steamship_________10
3 X
U 8 Transport, r............ 10
11)4
Uzold Tlre.r__________ 5
4
Van Raalte Co com.r__(t)
. 45
Wayne Coal..................... 5
i
444
29
Will & Baumer Candle, (t)
29
Rights.
Brit-Am Tob ord bear .r_.
Ordinary.r_________
Simms Petroleum.r___
Tobacco Products-r__
i
(
i
-
o x
6)4
244
o x
Former Standard Oil
Subsidiaries
Anglo-American OU.r__£l
. 2844
South Penn Oll.r..........100
. 340
Standard Oil (Calif).r. 100 320
313
Standard Oil of N J-r-.100 760
752
Standard Oil of N Y.r.100 433
420
Union Tank C ar.r___ 100
. 127
Vacuum Oll.r.............. 100
. 426
Other Oil Stock*
Allen Oil. r....................... 1
Alliance Oil & R ef.r........5
Allied Oll.r......................1
Alto Gasoline & Oil___ ..5
Amalgamated Royalty.r.l
Anna Bell......................... 1
Arkansas Nat Gas now wl 10
Associated oil of Texas__ 1
Bell Petroleum.r________1
Boone Oll.r..................... 5
Boaton-Mex Petrol.r___ 1
Roston-Wyomlng O ll.r--1
Brazos Oil Corp.r. (no par)
Burknett Van Cleav Oil. . 6
Carlb Syndicate r new w 1.
Circle O ll.r...................... 5
Cosden & Co., com.r___ 5
Cushing Petr Corp com ..5
Dominion Oll.r________10
Duquesne O il..............
Elk Basin Petrol.r_____ 5
Engineers Petrol C o.r__ 1
Ertel Oll.r....................... 5
Esmeralda Oil & Gas. r .. . 1
Federal Oil....................... 6
Fensland Oll.r___ (no par)
Gilliland Oil com.r. (nopar)
Preferred, r_________100
Glenrock Col-r.............. 10
Guffey-Gillespie O ll.r..(t)
Home OH & Refg.r___ 10
Home Petrol of Denver. 10
Houston Oil C om .r...100
Hudson Oll.r___________1
Hughes Petroleum.r........
Internet Petrol.r_____ £ 1
Invincible Oll.r..............50
Island Oil & Transp___ 10
King Petroleum Corp‘.r .- l
Livingston Oil C o r p .r ...l
Magna OH & Refining___ 1
Manhattan Oll.r.(no par)
Maracaibo Oil Explor.r.(t)
Marshall Oil & G as.r...10
Merritt Oil C orp..........lo
Metex Petrol Corp.r___ 5
Metropolitan Petroleum.25
Mexlcan-Panuco Oil___ lo
Mexican Oil Corp_____ lo
Midwest Refining .r ___ 10
Mldwest-Texas O ll.r___ 1
National O ll.r ............. lo
New England Fuel O ll.r.10
North American Oll.r . . .6
Ohio Ranger.r__________
Oklahoma Prod & Ref, N Y
Omar Oil & Gas new___ 10
Osage Nation Oil Synd.r.l
Pand’leProd&R com.r. (t)
Preferred, r................ 100
Pennock Oll.r................ 10
Pennsylvania Gasoline__ 1
Phillips Petrol, com.r .(t )
Producers & R ef.r____ 10
Red Rock Oil & Gas__
Republic Oil & Ref______
Rickard Texas C o . r ____ 5
Ryan Petroleum.r___ -..1
Salt Creek Cons Oil___
Salt Creek Prod.r.........25
Sapulpa Refining.r..........5
Seaboard Oil A G as.r___ 5
Sequoyah Oil A Ref___
Simms Petroleum r(no par)
Skelly OH C o.r.............. 10
Southern Oil A Trans.r_ 10
South States Cons Corp r 1
Spencer Petrol Corp___ 10
Stanton Oll.r...............
Superior Oil Corp. (no par)
Texas Chief Oll.r..........10
Texas Company new___ 25
Texas-Ranger Prod & R ..1
Texon Oil A Land.r____ 1
Thraman Oll.r.... ............. 1
Trinity Oil Corp.r..........1
Tropical Oll.r............... 25
United Tex Petrol.r____ 1
Victoria Oll.r..................10
Vulcan Oll.r.....................5
Wayland Oil A Gas Com.5
Whelan Oll.r....................
White Eaglo OllARcf r .(f)
White Oil Corp.r.(no par)
Woodburn OH C orp.r._(f)
Wyoming Cons Oll.r___ 1
l
70c
26
2
i
[
)
i
,
3
i
.
;
i
C
i
1
i
49
r
!
.
102
33
32o
128
35
i
:
i
.
i
i
I
I
>
.
22 Xi
.
1
25
41X
4X
17)4
17
58X
48
29
180
X
17X
2X
17
48
34
3X
4X
12X
4
45
4X
30
S a le s
fo r
W eek.
S h a res.
X
IX
IX
Lou
100 25
100 4 0 X
4
400
3,500 17
22,400 14
1,500 66
1,300 41
1,100 28
50 180
15,800
X
6,900 14
5,600
2X
14,800 16
1,300 47.
9,250 27
2,500
2
42,500
3 X
3,710 1 0 X
4
4,200
100 45
2,400
4X
900
H
20
8X 23,200
7X 10,020
444 37,500
7X 3,200
28X
340
325
770
448
128
427
100
20
265
110
195
100
20
144 IX
16
1644
X
X
2
2
X
X
69c
71c
25
32X
144 2
2
2X
644 7
2)4 3X
1
IX
2044 22
2
2X
39
41X
4)4 5X
8 X
ox
244 3
23)4 26
744 8X
844 9X
144 IX
1)4 244
44
X
344 3X
644 7
45
61X
100 106X
344 3X
32)4 3644
6
4)4
30c
33c
127 135
X 1 3-16
944 10
65
70 X
33
35
o x
6X
244 2X
2
IX
6
8X
30
37X
22
23
12
12X
19
21X
4 X
4X
3 X
4X
10
18
344 4X
161 166
9,200
3,100
240,000
300
11,700
0,800
2,500
2,300
4,000
21,700
0,300
41,000
850
12.200
9,600
1,800
11,000
3,000
21,900
2,500
25,100
24,710
5,900
4,100
3,500
900
25,500
4,900
5,400
10,700
13,300
11,100
2,600
73,300
700
11,300
9,400
12,000
20,900
49,000
30,400
1,800
1,400
1,000
19,000
2,300
27,200
300
21,200
2,900
2,300
100
950
3,900
17,300
1,500
1,600
1,100
400
600
900
1,000
10,700
8,100
5,400
33,450
2,400
12,700
1,800
5,100
1,000
1,000
7,000
65,500
5,900
1,600
5,000
5,700
13,000
2,400
1,000
3,800
4,700
65,000
5,100
7,800
9,700
10,600
23,100
4,300
300
2,700
400
20,500
3,300
10,800
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
i
Jan
.
Jan
.
Jan
!
Jan
.
Jan
i
*X
X
Jan
.
7X
7 X
Jan
.
80
82X
Jan
i
444 5
Jan
i
IX
IX
Jan
OX
o x
Jan
;
ox
7X
Jan
.
X
X
Jan
22
23
23
Jan
. 87
89
Jan
844 8X
8X
Jan
. 40c
40c
Jan
82 X 86
Jan
8 X
9X
Jan
IX
IX
34
Jan
2
}X
1 7-16 Jan
IX
144 2
1 15-16 Jan
4
3X
4X
21
244 Jan
2044 21
49
47
1344 Jan
50X
644 Jan
7
6X
1644 Jan
“ ex 5
5X
43
Jan
7-10 X
101
54
Jan
60
55X
1344 Jan
11X l i x 12
20
Jan
OX
7
ox
17
Jan
1
IX
17X
244 Jan
17X 19
4
Jan
7-10 X
30
Jan
16
15)4 10X
53
Jan
39
38
41
25
Jan
52
51 *53
Jun
o x
IX
IX
30
Jan
1 1 7-10
00
Jan
2
IX
1
644 Jan
X
37
Jan
20
20
22X
41
Jan
IX
1)4
33
Jan
IX *2X
9
8
444 Jan
ox
68
Jan
4X
4X
95
Jan
1
X
31
Jan
22)4 23
3
Jan
37 X
36X 39 X
7
444 Jan
7X
7)4
28
Jan
35c
40o
40c
a
Jan
Mining Stocks—
6444 Jan
116
Jan Alaska-Brlt Col Metals..1 15-16
1
X
11,650
11344 Jan Amer Hond Min C orp.r.l| 2
IX
1,625
2X
9%
•40
40
1644
1644
1744
35
27
93
40
4
VA
944
28
2844
344
74
4444
70
25
1144
29
60
37
98
48
130
36
0*1
yo
R an ge sin ce J a n .
Jan
Jan
Jan
Jan
1.
High
20X Jan
Jan
41X
4 X
18X
17X
Jan
Jan 59
Jan 4 8 X
Jan 32
•l:ui 200
Jan
X
Jan 1 8 X
Jan!
a x
Jan 19
Jan 61
Jan 34
Jan
a x
Jan
4 X
Jan 1 2 X
4 X
Jan
Jan 45
Jan
OX
Jan 31
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1
Jan
Jafi
Jan
Jan
9
Jan
Jan
Jan
Jan
28X
335
313
730
420
127
426
Jan
Jan
Jan
Jan
Jan
Jan
Jan
31
345
338
795
400
128
435
Jan
Jan
Jan
Jan
Jan
Jan
Jan
OX
OX
0%
IX
10
X
2
X
69c
25
IX
2
6
2X
1
20 X
2
39
4X
8X
2X
22
7 X
8X
IX
I X
X
a x
o x
43
08 X
a x
32 X
4 X
28o
135
X
OX
65
33
Jan
JiWI
j;tn
Jan
Jiyi
Jhb
Jan
jan
Jan
Jan
Jan
Jafi
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jab
Jab
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar.
Jan
Jan
Jan
Jan
Jan
0
Jan
36
Jan
21X
Jan
Jan
19
Jan
4 X
Jan
2X
Jan
10
Jan
a x
159
Jan
Jan
X
Jan
7
Jan
79
Jan
4 X
Jan
Jan
o x
Jan
OX
Jan
X
Jan
22
Jan
87
Jan
8 X
30o Jan
80X Jan
Jan
!S Jan
Jan
!» Jan
Jan
a x
:'0 11 Jan
Jnn
47Jan
OX
Jan
5
6-10 Jan
Jan
45
Jan
11X
Jan
OX
Jan
1
Jan
17X
7-10 Jan
Jan
10X
Jan
38
Jan
50
Jnn
IX
Jnn
X
Jnn
IX
Jan
X
Jan
io x
Jnn
1
Jan
IX
Jan
o x
Jan
4X
Jan
X
22 X Jan
36
Jan
7
Jan
35o Jan
o x
2X
IX
12
1
X
1X
Jan
Jan
8 X
7X
OX
IX
Jan
Jan
16-16 Jan
3
Jan
IX
Jan
71c Jan
Jan
45
Jan
2
2X
Jan
7X
Jan
3 X
Jan
IX
Jan
Jan
24
Jan
3
Jan
53
OX
Jan
1014 Jan
3
Jnn
39X
Jan
10
Jan
OX
Jan
114 Jan
2X
Jan
X
Jan
4 X Jan
7 X
Jan
60X Jan
120
Jan
a x
Jan
30 X
Jan
9
Jnn
30c Jan
161
Jan
1 3-10 Jan
1044 Jnn
77
Jnn
45
Jan
OX
Jan
2 X
Jan
2X
Jan
9
Jan
41
Jan
27
Jan
1244 Jan
2244 Jan
4)4 Jan
4 44 Jan
Jan
21_
444 Jan
180
Jan
X
Jan
8
Jan
15
Jan
OX
Jan
IX
Jan
OX
Jan
744 Jan
Jan
Jan
26
Jan
90
OX
Jan
42c Jan
8944 Jan
1044 Jan
144 Jan
244 Jan
3
Jan
4J4 Jan
23
Jan
6344 Jan
744 Jan
544 Jan
44 Jan
7344 Jan
1344 Jan
744 Jan
Jan
20S.. Jan
X
Jan
17
..
Jan
4744 Jan
5944 Jnn
144 Jan
144 Jan
344 Jan
1
Jan
2344 Jan
144 Jan
*244 Jan
944 Jan
4 X
Jan
1
Jan
24
Jan
♦50
Jan
844 Jan
40c Jan
10X
144 Jan
2 44 Jan
F r id a y
L a st
Safe.
Mining (C o n c l u d e d )
Par
P r ic e.
W e e k 's R a n g e
o f P r ic e s.
'm w .
H ig h .
S a le s
fo r
W eek.
S h a re s.
American Minos, r_______1 1 1-10 1 1-16 1 1-16 2,500
9 10
X
X 75,500
AmcrTin A Tungsten.r..l
17,700
5
3X
2X
Arizona Silver, r_______ 1
3c 12.000
2c
Atlanta Mines.r_______ 1 2Xc
23c 20,500
17c
15c
Belchcr-Dlvldo. r_____ 10c
40c 42,500
30c
Belcher Exteni-lon.r__ 10c 33c
9,100
X
X
X
Big Lodge Copper Co___ 5
6c 34,200
5Xc
6C
Booth, r _____________
73c 34,100
70c
72c
Boston A Montana Dev
1,300
X
X
X
Buito A N Y Copper.r__ 1
38c
40c 15,400
Caledonia Mining........... 1 40c
3,900
1
X
1
7-16
1
Vs
Canada Copper Co. L td..5
X 15,100
X
X
Candalaila Silver.r._
6,375
37
28
27
Carson IT1I1 G old.r..
17,500
7c
8c
Cash Boy Consol___
800
13-lf X
Consol Arizona Smelt___ 5
4 X 4X 2,700
4X
Consol Copper Mines..
1.175
7X
7X *8X
Consol Virginia Silver___ 5
2.200
2
2X
2X
Cresson Con Gold M A M.l
9,700
43 X 42X 48
Do Beers Cons Mines, Ltd
1
11-16 1 232,250
Divide Extension r..........1
6,300
3
3X
3X
El Salvador Sliver Min.
1 13-10 IX 1 15-10 26,800
Eureka Croesus Mln.r.
73c
75c 2,300
73 c
Eureka Holly, r______
IX
IX 13,350
IX
Forty-nine Mining, r__
2 X 4,000
IX
Gadsden.r_____________ 5
5,100
IX
IX
IX
Golden Gate Explor’n.r-.fl
14c
14c 12,700
13c
Goldfield Consol'd_____ 10
9c
9XC
10c 16,800
Goldfield Devel _r___ 10e
4c 14,200
2Xc
Goldfield Merger.r_____ 1 3Xc
31c
35c 17,900
Gold zone Divide.r_____ 1 35c
3c
2Xc 3c 6,700
Great Ilend.r.........
5c 2,f CO
5c
Ilasbrouck Divide__
4
4 X 3,320
Hccla Mining________ 25c 4 3-16
400
5-16 5-16
Iron Blossom.r______ 10c
25 c 11,300
22c
Jim Butler.r___________1 25c
8c
7c
8c 10,400
Jumbo Extension___
1,000
4X
4X
Kerr Lake_____________ 5
3c
3c 11,400
2c
Kcwanus.r________
9Xc 15c 13,600
Knox Divide.r________10c 10c
29c 4,000
28c
La Bose Mines, Ltd____ 5
11-16
X 11-16 7,500
Louisiana Consol___
21c
29c 15.500
MacNamara Crescent.r..l
X 99 C0C
X 61c
MacNamara Mining.r__ 1
3-10 7-16 22,700
X
Magma Chief.r_________1
23c 14,600
21c
Marsh Mining.r________1 21c
1,200
2X
2X
Mneon Valley____ _____ .5
62c J65c 3,000
MoKInley-Darragh Sav-.l
2,700
fic
5Xc
5Xc
Mother Lode, ncw.r____ 1
76c
75c
76c 12,200
Murray-Mog M. Ltd___ I
4,500
12X 12 X 13
National Tin Corp.r__ 50c
35c
30c
3Sc 34,300
Ncvnda Ophlr M ln.r..10c
11X 11X 4,200
Nlptsslng Mines________ 6 11X
18c
19c 3.40C
Nixon Nevada__________1
2,800
IX
IX
IX
Ophlr Silver Mlnes.r___ 1
1 15-10 13-16 16,750
Frinco Cons.r................. 2
4,400
40
40
X
40
X
Band Mines, Ltd w 1_____
9c
8Kc 10c 12,000
Bex Consolidated Min__ 1
3-16 X 49,300
5 16
Bopcr Group Mining___ 1
800
18
16
Seneca Copp Corp .(no par) 16X
X 7-16 2,600
Silver Dollar M .r_______1 7-16
X
X
X 12,000
Silver King ol Arizona__ 1
8c 16,600
7o
7c
Silver King Divide.r___ 1
4c 12,900
Silver Pick Cons’d .r ___ 1
4,900
8
8X
8X
So Amer Gold A I’la t.r..l0
X 3.000
X
X
Standard Silver-Lead___ 1
4c
3c
7c 16,100
Success Mining_________1
7c 13,900
3c
Sutherland Divide, r____ 1 6Xc
2,720
3
2X
3X
TonopahBclmontDcvel.r 1
3X 17,515
2X
2X
Tonlpun Dlvlde.r_______1
2 X 2X 4 050
2X
Tonopali Extension_____ 1
3X
2X
3X 19,450
Tonopan Mining, r_____ 1
6,708
4
4
3X
United Eas.ern------------- 1
8c OXc 18,400
U S Continental Mlnes.r. 1 9Xc
1,400
8
8X
Unity Gold Mines______ 5
2,700
IX
IX
IX
Utah Reservo.r-------------15c
19c 14,400
Victory Dlvlde.r------------1 17c
4c
4c 2,500
3Xc
Washington Gold Quartz. 1
2X 18,850
IX
West End Consolidated..5 1 15-10
2c
1XC 2c 7,500
White Caps Extension. 10c
9c
11c 10,600
White Caps Mining___ 10c 10Xc
0c
8c 29,050
Wilbert Mining------------- 1 7Xc
5,000
IX
IX
IX
Yukon Gold C o.r___ ...5
R a n g e S in c e J a n .
Low .
Jan
1
7-16 Jan
IX Jan
2c Jan
15c Jan
30c Jan
7-16Jan
4Xc Jan
70c Jan
X Jan
31c Jan
IX Jan
X Jan
Jan
27
0c Jan
X Jan
4X Jan
7X Jan
Jan
2
44X Jan
11-16 Jan
Jan
3
IX Jan
72c Jan
1
Jan
IX Jan
IX Jan
lie Jan
9c Jan
2c Jan
31c Jan
2c Jan
5c Jan
3 15-16 Jan
5-16Jan
21c Jan
6c Jan
4X Jan
2c Jan
9Xc Jan
U c Jan
X Jan
21c Jan
57c Jan
3-16 Jan
20c Jan
2X Jan
61c Jan
5Xc Jan
74c Jan
10X Jan
25c Jan
11X Jan
18c Jan
Jan
1
1 5-16 Jan
40
Jan
9c Jan
3-16 Jan
Jan
15
X Jan
X Jan
7c Jan
2c Jan
7 X Jan
3-16 Jan
3c Jan
3c Jan
2 X Jan
2 X Jan
2X Jan
2 X Jan
3 X Jan
8c Jan
Jan
8
1 9-16 Jan
15c Jan
3Xc Jan
1 9-16 Jan
lX c Jan
7Xc Jan
6c Jan
X Jan
1.
CURRENT
New York City Banks and Trust Companies.
See page 338.
H ig h .
1 1-16 Jan
X Jan
6X Jan
3c Jan
30c Jan
49c Jan
9-16 Jail
7c Jan
74c Jan
X Jan
42c Jan
1A Jan
1 1-16 Jan
Jan
40
8c Jan
Jan
y*
5 H Jan
10
Jan
2X Jan
48
Jan
1 15-16 Jan
3X Jan
1% Jan
75c Jan
2X Jan
3
Jan
2X Jan
15c Jan
12c Jan
4c Jan
40c Jan
3c Jan
So Jan
4X Jan
X Jan
25c Jan
8c Jan
4X Jan
4c Jan
15c Jan
Jan
H
Jan
36c Jan
97c Jan
Jan
lA
32c Jan
3X Jan
65c Jan
6c Jan
78c Jan
13 X Jan
38c Jan
12 X Jan
23c Jan
IX Jan
1 3-10Jan
40 X Jan
12c Jan
X Jan
19
Jan
Jan
15-16 Jan
14c Jan
6c Jan
8X Jan
X Jan
7c Jan
7c Jan
3X Jan
4X Jan
2 15-16 Jan
3 y » Jan
Jan
4 A
9Xc Jan
9
Jan
2
Jan
29c Jan
4c Jan
2 7-16 Jan
3c Jan
lie
Jan
8c Jan
IX Jan
s
Bonds—
Jan 89 X Jan
Allied Pack conv del) Os '20 82X 81X 85 132,000 80
74.000
97
96 X Jan 97 X Jan
96X
Amer Tel A Tel 0 s .r ..1922
96
96 X 19,000 95 X Jan 96X Jan
0% notes.r............1021
Jan 98 X Jan
1,000 96
Anaconda Cop Min Os.r '29 96X 96 X 96X
Jan
Jan 97
88,500 97
97
97
Atlantic Fruit deb 7s.. 1934 97
Belgian Govt Ext 0s._ 1925 95 X 95 X 90X 320,000 95 X Jan 96 X Jan
Jan 99 X Jan
External 0s_______ 1921 98X 98X 99X 117,000 98 X Jan
101X Jan
101X 01X 27,000 100X
Beth Steel 7% notes..1923
Jan
Jan 89
87
88 X 115,000 87
O C C A St L Os.r___ 1929 87
Jan
Jan
527,000
101X
99X
01
99 X
Cons Gas of N Y 7s__ 1925
Jan
Copenhagen (City) 5 X s ’44 82X 82X 83 X 43,000 82 X Jan 86
Jan
Jan 101
99 100X 10,000 100
Cuba Cane Sugar 7s w 1—
Jan
69 X 69X 73 205,000 69 X Jan 76
Jnterboro It T 7s____ 1921
97 X Jan
Philadelphia Elec 0s._ 1922 97 X 97X 97 X 60,000 97 X Jan 34
Jan
34 105,000 23 X Jan
28
Russian Govt 0X8-r.-1019 32
Jan
Jan 35
78,000 23
34
28
OMs-r..................... 1921 32
Jan
23,000 94 X Jan 97
94 X 95
Swedish Govt Os.J'nc 15’39
93
Jan
Jan
90
..........
50,000
90
91X
Swltzcrl'd, Govt of, 5Xs'29
♦ Odd lots, t No par value. 1. Listed as a prospect. I Listed on the Stock
Exchango this week, where additional transactions will bo found, o New stock,
r Unlisted, w When Issued, x Ex-dlvldend. v Ex-rlghts. z Ex-stock dividend,
t Dollars per 1,000 liro. flat, k Corrections.
NOTICES
— “ Tho American Merchant Marino, A National Opportunity,” is tho
tltlo of a pamphlet prepared by Blodget & Co., 60 State St., Boston and
34 I’ine St., Now York. Tho pamphlet, copies of which will bo mailed
upon request, says in brief: Of merchant ships wo produced in 1913 less
than 300,000 gross tons; Great Britain nearly 2,000,000 Kross tons. ^ Wo
had a sea-going merchant fleet of only a little more than 1,000,000 tons,
tho British a fleet o f 19,250.000 tons. Ship construction now ranks as one
o f our most important industries. In it the Government lias invested
about $4,000.000,000 and privato enterprise another SI.000,000,000.
American yards in 1919 havo turned out in excess of 4,000.000 gross tons of
shipping. As regards steam tonnage, Lloyds Register estimates that on
June 30 1919, there was a net deficit of 7,473,000 gross tons, which must
be replaced in order to restore tho net losses of world shipping. I hero
are a number of other factors to be considered, however, that will increase
materially tho world's tonnage needs, which wo may state tentatively as
follows; Normal additions, 2,000,000 tons per year; replacements, 750,000
tons per year; Inefficient war tonnago to bo replaced, 2,000.000 tons, use
less type to be replaced, 2,000,000 tons; tanker needs, 400,000 tons per year;
or, total ship needs for next five years, 27,223,000 gross tons, or an average
per year almost identical with the world production for 1918 (which was
stated ns 5,447,444 tons). This indicates that, after tho elimination of tho
Government yards and tho inefficient plants, thore will bo plenty of activity
in tho shipbuilding industry. Whatever advantage the British might have
on cost Is more than off-set by American superiority in speed, quantity
production, modern mechanical methods that rapidly reduce cost of con
struction, our ability to take contracts for early delivery and tho lower cost
of materials In this country.
355
THE CHRONICLE
Ja n . 24 1920.1
New York City Realty and Surety Companies.
See page 338-
Quotations for Sundry Securities
All bond price
"and Interest” except where marked
RR. Equipments— P t r C I B a s i s
6 30 5.95
Baltimore A Ohio 4X s.......
Buff Roch A Pittsburgh 4Xs 6.00 5.75
6.00 5.75
Equipment 4s________
6.00 5.75
Equipment 0 s _______
6.30 5.90
Canadian Pacific 4X s__
Caro Clinchfleld A Ohio 6a.. 6.50 6.00
Central of Georgia 4X*____ 6.50 8.00
6 37 5 90
Chesapeake A Ohio____
6.37 6 90
Equipment 5s_______
7.25 6.50
Chicago A Alton 4X s__
7.25 6.50
Equipment 5s_______
Chloago A Eastern 111 5X *-- 7 25 6.50
6 50 6.00
Chlc Ind A Loulsv 4X s___
6.15 5.75
Ohio St Louis A N O 5s----5.95 5.60
Chicago A N W 4X8..........
6 50 6.00
Chicago R I A Pao 4X*----6.50 6.00
Equipment 5s_________
6.75 6.00
Colorado A Southern 6e__
7.00 6.25
Erie 5s_________________
7.00 6.25
Equipment 444s----------6.75 6.00
Hocking Valley 4ijs-------6.75 6.00
Equipment 6s_________
6 00 5.60
Illinois Central 6s----------6.00 5.60
Equipment 4X s----------6.50 6.00
Kanawha A Michigan 4X*Loulsvllle A Nashville 5a— 5 90 5.50
Michigan Central 5s---------- 6.15 5.85
Equipment 6s__________ 6.15 5.85
Minn St P A S 8 M 4X8----- 6.25 5 75
Missouri Kansas A Texas 6a. 7.00 6.00
Mlssourl Paciflo 5s________ 7.00 6.00
6.55 6.00
Mobile A Ohio 5s__ ______
Equipment 4X8________ 6 55 6.00
New York Central Lines 6s.. 6 15 5.85
6 15 5.85
Equipment 4X s_____
6.25 5.90
N Y Central RR 4l2s . . .
N Y Ontarlo'A West 4X8__ 6.50 6.00
Norfolk A Western 4X b___ 5 95 5.50
Pennsylvania RR 4X s____ 5.90 5.50
5.90 5.50
Equipment 4s__________
St Louis Iron Mt A Sou 6e.. 7.00 6.00
St Louis A San Francisco 5s. 7.00 6.00
Seaboard Air Line 5s______ 7.00 6.25
7.00 6.25
Equipment 4X s________
Southern Paciflo Co 4 X e ... 6.12 6.75
Southern Railway 4X s____ 6.40 6.00
Ordnance Stocks— P e r h a r e .
6.40 6.00
Equipment 5s________ _
Aetna Explosives pref__ 100 65 __ _
Atlas Powder common__ 100 152 157 Toledo A Ohio Central 4 s... 6.50 6.00
9212
90
>
2
Preferred____________100
Babcock A Wilcox_____ 100 121 125
Bliss (E W) Co common. 60 425 440
Preferred___________ 50' * 60 SO
Tobacco Stocks— P e r S h a r e .
Canada Fdya A Forgings. 100 180 190
Par B id .
A sk .
Carbon Steel common__ 100 100 110
1st preferred._______ 100 100 110 American Cigar common. 100 120 124
Preferred____________100 83 89
2d preferred__________100 71 76
Amer Machine A Fdry..l00 HO 120
Colt’s Patent Fire Arms
Mfg...............................25 •59 61 Brltlsh-Amer Tobao ord..£l * x y l 7 19
Brlt-Am Tobao. bearer..£1 **yl7'* 19
duPont (E I) do Nemours
A Co common_______ 100 370 380 Brlt-Am Tobac, rights........ *05sl 6"g
Debenture stock_____ 100 93 94 Conley Foil..................... 100 305 310
Eastern Steel__________ 100 84 89 Johnson Tin Foil A Met. 100 HO 120
Emi Ire Steel A Iron com. IOC 23 29 MacAndrews A Forbes. .100 100 170
Preferred____________100 90 90
Ptefcrred____________100 64 69
Reynolds (R J) Tobacco.100 540 575
Hercules Powder com— 100 222 227
B common stock_____ 100 440 475
Preferred____________100 107121110
Preferred_____ ;__ ...1 00 107 108ia
Nlles-Bement-Pond com.100 107 110
100 Young (J 8) Co................100 130 140
Preferred____________10C 95 250
Preferred____________100 96 105
Phelps-Dodge Corp-------100 210
Scovlll Manufacturing— 100 400 ___
35
•30
Thomas Iron___________ 50
Winchester Co com .____100 375
1st preferred________ 100 97 100
07 72
SLort Term Note* — P e r C e n t .
2nd preferred__ _______
Woodward Iron— .....IC C 45 50 Am Cot Oil 6s 1924..MAS 2 98
85 Amer Tol A Tel 6s 1924. KAA 957g 9618
Preferred--------------------- —
6% notes 1922_____ AAO 9658 97
Public Utilities
97
Amer Gas A Elec com__ 60 ' *126 128 Anaconda Cop Min '29. JAJ 9014 9814
40
*39l2
Canadian
Pao 6s 1924.MAS 2 9712
Preferred__ __________50
Amer Lt A Trao com___ 100 192_ 195 Del A IIudBOn 5s 1920. FA A 99 99ia
97»4
Preferred____________100 89 91 Federal Sug Rfg 0s 1924MAN 97U 100*g
Amer Power A Lt com__ 100 66 69 General Elec 6s 1920___ JAJ 100
99U
Preferred____________100 73 75 Great North 5s 1920— MAS 9834
10 K C Term Ry 4X8 1921.JAJ 95 9(!la
Amer Publlo Utilities comlOO
25
OS Nov 15 1923..MAN 16 O-Jj 99
Preferred____________100
96X 971a
Carolina PowALlght com 100 34 36 Laclede Gas 7s Jan 1929—
403
99>2 9934
LlggettAMyer8Tob6s’21JAD
400
Cities Service Co com__ 100
N Y Cent 6s 1920..MAS 16 9934 100
Preferred____________100 72 7212
9714 9734
Colorado Power com___ 100 15 17 Penn Co 4Xs 1921.-JAD 16 85
S8
Preferred____________100 95 100 Pub Ser Corp NJ 7s '22.MAS
94>a
Com'w'th Pow Ry A Lt..l00 18 21 Sloss-Shef S A I 6s '29.FAA 93«2
05 96
Southern Ry 6s 1922__ MAS
Preferred____________100 43 46
100
Eleo Bond A Share pref.. 100 490 92 SwlftACo 6s 1921__ FAA 16 9934
9 Utah Seo Corp 6s '22 .MAS 16 86 87U
6
Federal Light A Traction.100
Preferred__ _________ 100 40 47
Great West Pow 6s 1940.JAJ 84 88
9 11
Mississippi Rlv Pow com.100
Industrial
Preferred____________100 51
and Miscellaneous
First Mtge 6s 1951...JAJ 74 76
227
Northern Ohio Eleo Corp.(t) *d__ 20 American Brass_______ 100 223
55 American Chicle com___ 100 87 90
Preferred___ ________ 100
64
Preferred____________100 80 85
North'n States Pow com.100
155
Preferred____________100 88 90 American Hardware____ 100 150
44 47
North Texas Eleo Co com 100 79 84 Amer Typefounders oom. 100 89
93
Preferred________....1 0 0
Preferred____________100 68 72
118
Pacific Gas A Eleclst pref 100 86 88 Borden’s Cond Milk com.100 116
Preferred__________..100 95 99
9 12
Puget Sd Tr L A P com .. 100
160
Preferred____________100 63 67 Celluloid Company____ 100 150
23g 25g
Republic Ry A Light----- 100 13 15 Havana Tobacco Co___ 100 11
lUa
Preferred____________100
Preferred_________
100 46 49
1st g 5s June 1 1922.. J-D /50 60
South Calif Edison com..100 88 91
13 16
Preferred____________100 99 102 Intercontlnen Ruhb com.100 70i2
Standard Gas A El (Del). 60 *24 26 International Salt______ 100 68 75
72
1st gold 5s 1951..........A-O
Preferred_____________60 *40 42
3 International Silver pref.160 *95 98
2
Tennessee Ry L A P com.100
9 Lehigh Valley Coal Sales. 60 *87 90
7
Preferred____________100
Royal Baking Pow com .. 100 140 145
United Gas A Eleo Corp. 100
Preferred------------------100 92 94
1st preferred________ 100
Singer Manufacturing__ 100 160 170
2d preferred____ ____100
32
Singer
Mfg L td................£1 d2X 3
United Lt A Rys oom___ 100 28
125
1st preferred________ 100 60 64 Texas Pac Coal A Oil____ 10 *118
221a
W’houseChurchKerrACo
100 Z l6 0 60
21
Western Power common.100
Preferred__ ____
100 71 73 | Preferred___________ 100 n70 SO
* Per share 6 Basis, d Purchaser also pays accrued dividend, e New stook.
/Flat price, n Nominal. * Ex-divldend. v Ex-rlghts. (t) Without par value.
Standard Oil Stock*
P ei S h a t e
A sk
P a j D id
Anglo-American Oil new. £1 28X 28*4
Atlantic Refining............ 19C 150 1500
Preferred___________ 100 113 116
Borne-Scrymser Co------ 100 430 450
Buckeye Pipe Line Co— 60 *95 98
Chesebrough Mfg new— 100 245 265
prefewed new_______ 100 107 111)
Continental Oil------------- 100 5.5 5.5
Crescent Pip* Line Co__ 50 *31 37
Cumberland Pipe Line— 100 118 123
Eureka Pipe Line Co----- 100 145 150
Galena-Signal Oil com— 100 82 85
Preferred old._______ in0 108 113
Preferred new________100 100 105
Illinois Pipe Line............ 100 170 175
Indiana Pipe Line Co----- 60 *297 1(,0
International Petroleum. £1 *66 68
National Transit Co__ 12.60 *33X 3 il2
New York Transit Co__ 100 182 186
Northern Pip* Lino Co. 100 100 103
Ohio Oil Co.......................26 *360 365
Penn-Mex Fuel Co_____ 25 *70 74
Pralrla Oil A Gas_______100 650 660
Pralrl* Pipe Line______ 100 257 262
Solar Refining..................100 360 380
Southern Pipe Line C o.. 100 160 165
South Penn Oil________ 100 330 340
Southwest Pa Pipe Lines.100 95 99
Standard Oil (California).100 318 323
Standard Oil (Indiana)-.100 715 735
Standard Oil (Kansas)...100 650 680
Standard Oil (Kentucky) 100 435 455
Standard Oil (Nebraska).100 625 550
Standard Oil of New Jer.100 760 705
Preferred___________ 100 115 115l2
Standard Oil of New Y’k.100 430 435
Standard OH (Ohio)........100 535 555
Rights............................ 412 14
preferred______________ 112 114
Swan A Finch................. 100 100 115
Union Tank Car Co___ 100 126 129
Vacuum Oil___________ 100 420 430
Washington Oil_________ 10 *35 40
m»
350
THE CHRONICLE
\n m stm m t
[V o l . 110
ami glailrxrail Intelligence.
R A IL R O A D G R O SS EARN IN GS
The following table shows the gross earnings of various S T E A M 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.
L a te s t G ro ss E a r n in g s .
R O A D S.
W eek o r
M o n th .
C u rren t
Y ear.
Jan. 1
P re v io u s
Y ear.
to L a te s t D a te .
C u rren t
Y e a r.
P re v io u s
Y ear.
%
S
$
Alabama & Vicksb. November
243,222 220,798 2.530,799 2,208,247
Ann Arbor________ 1st wk Jan
78,781
73,236
78.781
73,236
Atch Topeka & S Fe November 17564713 1481126 162387311 148372062
Gulf Colo & S Fe. November 2,458,185 1,657,675 19,684,498 17,454,600
Panhandle & S Fe November
764.258 503,942 5.885,540 5,397,403
Atlanta Blrm & A tl. November
373,989 461,320 4,530,659 4,234,204
Atlanta & West P t. November
278.037 241,412 2,534,501 2,283,116
Atlantic City______ Novembor
292,772 440,423 4,199,449 3.943,608
Atlantic Coast Line. November 5,342.483 4,991,596 57,157,217 51,372,446
Baltimore Sc O h io.. November 15316511 15529392 166874202 158832635
B & O Ch T e rm .. November
205,981 130,948 1,864,224 1,645,425
Bangor & Aroostook November
562,042 467,903 4,766,257 4,425.605
Beliefonte Central_ November
8,076
93,331
7,517
80,512
Belt Ry o f Chicago. Novembor
322,110 307,527 3,433,976 3,594,965
Bessemer & L E rie .. November
782,877 1,088,102 12,009,127 12,554,752
Bingham & Garfield November
148,154 281,725 1,159,120 3,189,968
Birmingham South. November
42,482
522,792 1,313,942
84.178
Boston & Maine__ November 6,467,373 6,280,374 66,142,694 64.176.642
Buff Roch & Pittsb. 2d wk Jan 330,666 324,780
595,784
649,561
Buffalo & Susa____ November
70,747 176,867 2,012,577 2,059,798
Canadian Nat R ys. 2d wk Jan 1,864,220 1,420,433 3,506,428 2,714,472
Can Pac Lines in Me November
195,282 246,596 2,385,215 2,090,834
Canadian Pacific__ 2d wk Jan 3,331,000 2,891,000 6,502,000 5,747,000
Caro Clinch & Ohio. November
503,790 455.109 5,417,999 4,316,407
Oentral o f Georgia . . November '1,901,122 1,789,054 19,591,635 18,790,847
Central RR of N J .. November 3,953,429 3,704,18040,926,53541 ,230,780
Cent Now England. November
561,219 474,013 6.178,554 5,555,318
Central Vermont__ November
511,083 428,997 5.338,421 4,735.740
Charleston & W Car November
290,285 279,519 2,798,015 2,696,075
Ches & Ohio Lines.. November 5,354,029 7,263,216 65,799,338 66,631,180
Chicago it Alton__ November 1,769.532 2,078,050 22.890,225 22,202,144
Chic Burl & Quincy November 12796377 13071405 141282136 131533150
Chicago & East 111.. November 1,680.566 2,320,752 22,623,057 24.527.095
Chicago Great West November 1,913,829 1,594,112 20,268,691 17,431,464
Chic Ind Sc L ouisv.. November 1,003,315 984,968 11,277,925 9,971,998
Chicago Ju nction_ November
335,098 308,538 3,391.416 3,096.606
Chic Mihv & St Paul November 12723079 11740337 137782972 122323007
Chic Sc North W est. November 12130561 11315957 128495801 116619478
Chic Peoria Sc St L . November
121,361 157,031 1,574,775 1,988,183
Chic R I & P acific.. November 9,649.588 8,665,381 101427337 91,415,672
Chic R I & G u lf.. November
493,822 423,101 4,536,434 4.065,467
Chic St P M & Om. November 2,637,756 2,348,526 25,319,887 22,583,986
Chic Terre II & S E . November
135,168 428,762 3,735,700 4,614,462
Cinc Ind Sc Western November
297.930 263,106 2,861,231 2,868,440
Oln N O & Tex Pac. November 1,635,009 1.356.594 14,930,164 13.923.753
Colo Sc Southern__ 2d wk Jan 503,989 445,630
961,374
793,788
Ft W & Den C ity. November 1,020,521 781,878 10,109,665 7.150.191
Trln & Brazos Val November
161,053
93,178 1,266,668 1,040,605
Colo & Wyoming__ November
13,614
90,899
890,338 1,032,503
Cuba Railroad __ November 1,022,351 472,392 12,433,778 11,287,834
Delaware Sc Hudson November 2,818.936 2,933,494 31,868,866 32,188,160
Delaw Lack & West November 6,140,294 6,264,230 65,516,900 62,730,353
Denv & Rio Grande November 2,829,990 2,935,490 29,850,620 28,482,681
Donver Sc Salt Lake November
261,474 177,453 2,658,205 1,993,650
Detroit Sc Mackinac November
157.931 108,693 1,538,284 1.397.192
Detroit Tol & Iront. November
372,774 326.846 3,471,796 3,090,747
Det & Tol Shore L _ November
210,934 178,115 2,255,356 1,794,798
Dul * Iron R an ge.. November
435,416 449,885 7,833,187 8,859,778
Dul Missabo & N or. November 1,035,878 1,377,248 19,734,662 21,303,126
Dul Sou Shore Sc Atl 2d wk Jan
78,474
148,665
68,250
130,827
Duluth Winn & Pac November
164.122 175,410 1,752,752 1,564,080
-East St Louis Conn. November
89,109
99,320 1,099,045 1,038,035
Elgin Joliet & East. November 1,186,783 2,014,854 17.315.078 18,647,486
El Paso & So W e st.. November 1,249,360 1.261.595 11,710,341 13,568,194
Erie Railroad........... November 7,627,119 8,232,525 83,677,123 79,679,000
Chicago & E rie.. November
884,406 1,104,758 9,504,852 9.902,470
Florida East Coast. November
864,562 686,018 9,124,702 8,019,537
Fonda Johns Sc Glov December
112,064
99,156 1,251,651 1,123,137
Ft Smith Sc Western November
150,248 115,582 1,490,639 1,175.197
Galveston Wharf__ November
128,115
65,894
854,881
938,122
Georgia Railroad__ November
690,620 699,505 5,868,355 6,078,974
Georgia & Florida.. November
89,443
907,978
931,572
91,598
Grd Trk L in Now E November
290,357 256,264 3.136.976 2.104.095
Grand Trunk S y st.. 2d wk Jan 1,228,846 1,029,578
Grd Trunk West- November 1,878,972 1,864,402 20,408*488 17,165*003
Great North System November 9,418,964 10155810 98,444,269 90,812,866
Gulf Mobile & N or. November
271,342 211,219 2,569,342 2,108,939
Gulf Sc Shp Island. November
225,738 186,759 2,247,071 2.365.579
Hocking Valley____ November
796,447 1,071.034 10,797,806 12,456,617
Illinois Central___ November 8,463,829 9,196.390 98,134,400 98,190,217
Internat & Gt N or. . November 1,451,599 1,174,600 13,103,565 12,298,539
Kan City Mex & Or November
224,767
77,315 1,362,481 1,189,850
K O Mex & O o f Tex November
184,052 112,448 1,156,066 1,111,525
Kansas City South. November 1,282,703 1,375.998 13,643,252 13,86.3,378
Texark & Ft Sm._ Novomber
179,028 139,958 1.413.977 1.154,061
Kansas City T e rm .. November
112.122 105,753 1,268,580 1,138,952
Lehigh & Hud River November
217,524 199,773 2,474,427 2,104,599
Lehigh & Now Eng. November
394,742 337.902 3,613,943 3,655,167
Lehigh V a lle y _____ November 5,705,822 6,014.372 59,085,659 59,692,725
Los Ang & Salt Lake November 1,623,961 1,208,262 15.704,547 13,247,832
Louisiana Sc Arkan. November
226,079 136.903 1,938,182 1.525.579
Louisiana Ry Sc Nav November
308,509 288,190 3,220,197 2,803,668
Louisville & Nashv. November 8,825,435 8,187,716 97,869,337 91,748,390
Louisv Hend & St L November
215,000 257,750 2,660,884 2,595,702
Maine Central_____ November 1,494,711 1,447,228 15,941,862 14,985,764
Midland Valley___ November
334,258 328.218 3,603,480 3,181,840
Mineral Range_____ 2d wk Jan
13,805
23,230
23,473
41,129
Minneap & St Louis November 1,130,816 1,006,802 12,283,146 10.960,675
Minn St P & S S M . November 3,847,139 3,478.412 39,009,993 32,090,114
Mississippi Central. November
90,523
94,201
934,034 1,166,525
Missouri l-Can Sc Tex November 2,432,995 1,858.479 23,083.749 17.915,201
M o K & T Ry o f Tex November 2,932,146 3,124,370 31,260,717 30,183,720
M o & North Arkan. November
131,244 131,188 1,439,267 1,309,216
M o Okla & Gulf____ November
114,403 141,822 1.346,877 1.658.818
Missouri Pacific____ November 8,038,350 8,249,835 84,920,779 81.498,803
'Jan. 1
L a te s t G ro ss E a r n in g s .
R O A D S.
W eek o r
M o n th .
C u rren t
Y ear.
P re v io u s
Y e a r.
S
to L a te s t D a te .
C u rren t
Y e a r.
I
$
P r e v io u s
Y e a r.
$
Monongahela______ November
359,431 315,571 3,348.977 2.915,935
Monongahela Conn. Novembor
245,807 222,079 1,761,331 2,245,461
M ontour__________ November
21,881
82,389 1,157,395 1,212,608
Nashv Chatt & St L November 1,950,823 2,073,169 18,235.552 19,864,024
Nevada-Cal- Oregon 2d wk Jan ■ 5,025
4,172
8,478
8,362
Novada N orthern.. November
157,842 239,976 1,422,155 2,488,027
Newburgh & Sou Sh November
84.898 149,934 1,152,148 1,318,919
New Orl Great N or. November
184.378 190,957; 2,098,324 2,040,348
New Orl & Nor East November
585.717 490.965 5,897,545 5,902,664
N O Texas & Mexico November
182,120 148,079 1,843,017 1,787,889
Boaum S L & W__ Novembor
123,462 131,914 1,226.463 1,319,108
St L Browns & M November
493.124 380,090 4.999.338 4,041,503
New York Central. . November 25642730 28014171 283859373 267308434
Ind Harbor Belt. November
550,014 518,485 5,997,295 5.061,456
Lake Erie & West November
803,986 841,434 8.915.216 8,570,884
Michigan Central November 7,000,358 6,382.960 71,738,231 61,951,200
C levC C & St L _. November 6,061.071 6,134,342 66,622,179 65,093,555
Cincinnati North. November
227,737 268,960 2,653.226 2,546,184
Pitts & Lake Erio Novomber 1,979,770 2,802,700 25,574.280 30,230,268
Tol & Ohio Cent. November
592,701 730,464 8,462,234 9,050,777
Kanawha & Mich November
275,226 486,525 3.957,1911 5,472,767
N Y Chic & St Louis November 1,684,850 2,189,444 21,349.919 20,151,019
N Y N I I & Ilartf.. November 9,527,248 8,630,783 96,602,392 93,686,060
N Y Ont & Western November
781,752 750,649 10.067,522 10,071,006
N Y Susq & W est.. November
333,719 426,557 3,564.6051 4,015,791
Norfolk Sc Western. November 6,872,060 7,910,910 70,354,702 75,175,346
Norfolk Southern.. Novembor
523,511 513,103 5,877,075 5,186,947
Northern Alabama. November
118,763 126,265 1,079,558 1,285,494
Northern Pacific__ November 9,410,239 10028583 92,656,752 92,841,867
Minn Sc internat. November
88,363
80,213
971.424
923,396
NorthwestornPaclfic Novembor
623,175 433,634 6,086,414 5.268,093
Pacific Coast______ November
171,826 457.695 4,491,024 5,161,110
Pennsylvania R R .. November 26928302 82977622 345812671 334189657
Balt Ches & Atlan Novembor
126,276 130,630 1,486.508 1,301,305
Cine Leb & North November
951,031
126,913 101,301 1,078,691
Cumberland Vail. Novembor
412,248 648.617 5,192,269 6,321,515
November 1.747,113 1,691,535 22,619,914 20,552,913
Long Island
Mary Del & V a .. November
983,621
105,546 102,508 1,251,819
N Y Phlla & Norf November
754,945 740,538 7,589,507 6.867,316
Tol Peor & W est. November
140,161 133,392 1,512,967 1.481,009
W Jersey & Seash Novembor
769,394 827,663 11,166,879 9,808,431
Pennsylvania C o__ Novomber 8,444,196 9,200,010 97,634.792 86,575,710
Grand Rap & Ind Novomber
744.378 633,873 7,578,491! 6,649,118
November
Pitts C C & St L .
7.180,718 7,638,773 85,100,763 79,888.415
Peoria & Pekin Un. November
101,555 130,212 1,111,925 1,183,792
Pere Marquette____ Novembor 3,404,145 2,865,397 32,370,466 26,265,438
Perkiomen________ Novembor
101,810 116.217 1,014,831 1,009,827
Phlla Beth & N E — November
73,012 121,565
759.448 1,352,725
Phila & Reading__ Novembor 5,725,497 6,810,739 66.767,564 73,140,301
Plttsb & Shawmut.. November
37,004
99,409 1.031,741 1,227,382
Pitts Shaw & North November
68,711
74,558 1.041,921 1,125,208
Plttsb & West Va_. November
165,500 141,067 1.310,668 1,722.803
Port Reading______ November
217,046 262,928 2,314,468 2,342,015
Quincy Om & K C . . November
68,452 1,021,673
105,680
959,229
Rich Fred Sc Potom . November
568,422 819,711 7,108,046 6,422.946
Wash Southern.. November
321,057 459,830 4,211,151 3,560,680
November
R utlan d______
448,926 341,701 4,423,785 4,199,930
St Jos & Grand Isl’d November
248,130 196,285 2,699,266 2,405,053
StLouis-San F ran.. November 6,997,915 6,451,898 71,361,399 63,778.875
Ft W Sc Rio Gran. November
95,234 1.487.844 1,050,973
166.291
St L-S F of Texas November
141.124 110,748 1,406,477 1,272,408
St Louis Southwest. November 1,306,478 1.107.542 12.263.213 11.716,400
St L S W of Toxas November
683.371 520,091 6.140.555 6,037,564
St Louis Transfer.. November
99,376
77,659 1.024.556 1,015,968
San Ant & Aran Pass November
419,040 434,932 4.068,285 4,000,349
Seaboard Air L in o.. November 3,539,892 3.362.067 37,495,978 35,313,920
South B u ffa lo_____ November
882,266 1,437,511
51,445 135,589
Southern Pacific__ November 15721986 13430018 155014817139986981
Arizona Eastern. November
288,144 361.920 3,366,098 4,085,259
Galv Harris & S A November 2,083,432 1.652,920 19,024,292 19,423,430
Hous & Tex Cent November 1,075,362 704,683 8,660,112 8,240,926
Hous E & W T ex. November
221.717 188,205 2,165,322 1,891,187
Louisiana W estern November
370,315 344,194 3,766,800 3,973.791
Moga La & Texas November
751,934 798,865 7,085,702 7,511,098
Texas & Now Orl. November
687.279 676,170 7.3.34,275 6.818.620
Southern Railway.. November 11146187 10466665 116929031 It 5846923
Ala Great South. November 1,069,828 836,853 9,559.489 8,380,776
Mobile & Ohio__ November 1,376,662 1,188,430 14,118,260 13,499,826
Georgia Sou & Fla November
366,149 349,746 3,933,832 3,273,228
South Ry In Miss. November
192,500 148,180 1,651,182 1,323,951
Spokano Intornat.. November
912,903
124,379
73,542 1,072,680
Spok Portl Sc Seattle Novomber
618,219 767,075 6,742,561 7,768.436
Staten Island R T__ November
174,139 181,242 2,071.810 1,755,587
Tenn Ala & Georgia 2d wk Jan
6,359
2,920
3,073
1.695
Tennesseo Central..'November
190,581 270.572 2.289,776 2,766,718
Term R R AssnofSt L Novomber
342,895 353,002 3,589.971 3,567,207
St L Mer Bdge T.lNovember
299,556 305,266 2,853,612 3.370.304
Texas & Pacific___ '2d wk Jan 689,572 618,276 1,423,628 1,217,559
Toledo St L & West Novembor
773,784 766,087 7,423.814 7,568,070
Ulster & Delawaro.'November
87,130 1,125,572
92,811
950,581
Union Pacific______November 9,644,474 8,954,345 102216188 89,710,832
Oregon Short Line November 3.480,564 3.044.868 35,099,592 31.089,991
Ore-Wash RR & N ,Novembor 2,595,919 2,141,427 20,200,642 23,922,333
Union RR (Penn).. November
593,165 613,870 7,116,478 6.432,148
Utah_______________November
137,247 113,865 1,140,677 1,289,139
Vicks Shrevo & Pac. Novembor
295,246 246,583 3,028,925 2.365.305
Virginian R R ._____November 1,000,660 1,107.501 10,992.835 11,019,094
Wabash RR________November 4,312.597 4,270,769 44,224,914 43,089,430
Western Maryland. November 1,123,170 1,384,843 13.498,704 13,650,723
Western Pacific____Novembor 1,220,182 760,121 12,366,278 10,174,319
Western Ry of A la .. Novombor
227,403 242,231 2,322,752 2,313,037
Wheel & Lake Erio.'November
800,153 1.128.868 11,643,196 12,040,717
Wichita Falls & N W Novomber
249,646 101,801 2,100,374
971,199
Yazoo & Miss Valley November 2,320,573 2,173,895,22,030,222 20.078,207
AGGREGATE OF GROSS EARNINGS— Weekly and Monthly.
* W e e k ly S u m m a r i e s .
4th week Oct ( 9 roads)...
1st week Nov (14 roads)__
2d week Nov (14 roads)__
3d week Nov ( 8 roads)__
4th week Nov (11 roads)__
1st week Dec ( 9 roads)__
2d week Dec (13 roads)__
3 d week Dec ( 9.roads)...
4 th week Dec (11 roads)__
I st week Jan ( 6 roads)__
2 d 'week Jan (13 roads)__
* We no longer include
C u rren t
Y ear.
P re v io u s
Y ear.
S
S
13,060,631 11,621,996
8,852,433 8,110,510
9,193,612 8,065,344
7,838,940 7,038,555
11,286,692 10,578,492
7,005,482 6,424,278
8,342,697 8,262,309
7,426,581
8,671,764
11,528,338 10,498,450
5,894.615 5,151,529
8,048,690
6,827,044
In cre a se o r
D ec re ase .
$
+ 1,438,635
+741,923
+ 1,128,268
+800,385
+708,200
+581,204
+80,388
— 245,183
+ 1,029,888
+743,086
+1,221,646
%
12.38
9.15
13.99
11.37
6.69
9.05
0.97
2.88
9.83
14.42
17.89
* M o n th ly S u m m a rie s .
M ile a g e .
C u rr. Y r. P re v . Y r.
January ._ ..232,655
February . ..232,957
March____ -.226,086
April_____ -■-232,708
M a y _____ ..233,931
June_____ ..232,169
July........... -.226,654
August__ ..233,423
,September ..232,772
October__ ..233,192
Novomber -.233,032
4
C u rren t
Y ear.
$
233 199 395,552,020
233 266 351,018,747
225 631 375,772,750
233 251 388,697,894
234 339 413,190,468
232 682 424,035,872
226 934 454,588,513
233 203 409,868,078
232 349 495,123,397
233, 186 508,023,854
232, 911 436.430,551
P re v io u s
Y e a r.
S
284,131,201
289,392,150
365,096,335
370,710,099
378,058,163
393,205,898
469,246,733
502,505,334
485,870,475
489,081,358
439,029,989
In cre a se or
D ecrease.
+ 111,420,819 39.22
+61,656,597 21.31
+ 10,070,415 2.90
+ 17,986,895 4.85
+35,132,305 9.29
+30,709,974 7.83
— 14,658,220 3.18
— 32,636,650 6.40
+9,252,922 1.07
+ 18,942,490 3.87
— 2,593,438 0.59
Latest Gross Earnings by Weeks.— In the table which
follows wo sum up separately the earnings for the second week
of January.
Tho tablo covers 13 roads and shows 1 7 .8 9 %
increase in tho aggregate over the same week last year.
Secon d
19 2 0 .
W eek o f Ja n u a r y .
B u ffa lo R o c h e s te r k P it ts b u r g h
C a n a d ia n N a t io n a l R a ilw a y s —
C a n a d i a n P a c i f i c ____________________
C o l o r a d o k S o u t h e r n _______________
D u lu tli S o u th S h o ro k A tla n tic
G r a n d T r u n k o f C a n a d a -----------G r a n d T r u n k W e s t e r n -----------D o tr o it G r a n d H a v k M ilw .
C a n a d a A t l a n t i c ________________
M i n e r a l R a n g e -------- --------------------N o v a d a - C a l l f o r n i a - O r e g o n ---------T e n n e sse e A la b a m a & G e o r g ia ..
T e x a s & P a c i f i c ------------------------------
19 19 .
In c re a s e .
D ecrease.
S
S
S
$
3 3 0 ,6 6 6
1 ,8 6 4 ,2 2 0
3 ,3 3 1 ,0 0 0
5 0 3 ,9 8 9
7 8 ,4 9 4
3 2 4 ,7 8 0
1,4 2 0 ,4 3 3
2 ,8 9 1 ,0 0 0
4 4 5 ,6 3 0
6 8 ,2 5 0
5 ,8 8 6
4 4 3 ,7 8 7
4 4 0 ,0 0 0
5 8 ,3 5 9
10 ,2 4 4
1,2 2 8 ,8 4 6
1 ,0 2 9 ,5 7 8
19 9 ,2 6 8
13 ,8 0 5
5 ,0 2 5
3 ,0 7 3
6 8 9 ,5 7 2
2 3 ,2 3 0
4 ,17 2
1,6 9 5
6 18 ,2 7 6
853
1,3 7 8
7 1 .2 9 6
8 ,0 4 8 ,6 9 0
6 ,8 2 7 ,0 4 4
T o t a l ( 1 3 r o a d s ) ....................................
N o t i n c r c a s o ( 1 7 . 8 9 % ) -----------------
9 ,4 2 5
9 ,4 2 5
1,2 3 1,0 7 1
1,2 2 1.6 4 6
Net Earnings Monthly to Latest Dates.— Tho table
following shows tho gross and not earnings with charges and
surplus of S T E A M railroad and industrial companies roportocl this week:
------ N e t E a r n i n g s --------
--------- G r o s s E a r n i n g s -------C u rren t
Y e a r.
R oads.
C u rren t
Y e a r.
P r e v io u s
Y ea r.
S
P r e v io u s
Y e a r.
N av b N ov
N o v 3 0 .................
S
3 0 8 ,5 0 9
3 ,2 2 0 ,19 7
S
2 8 8 ,1 9 0
2 ,8 0 3 ,0 6 8
18 ,8 0 2
17 8 ,4 5 0
N o rth A rk b N o v
t o N o v 3 0 ------------
13 1,2 4 4
1,4 3 9 ,2 0 7
13 1,18 8
1,3 0 9 ,2 10
d c f5 S ,9 7 1
d o f4 0 9 ,0 7 3
S
3 0 ,7 3 4
4 8 3 ,8 0 8
d o fl7 ,3 7 9
0 0 ,9 4 3
£
£
1,2 0 7 ,0 0 0
G r d T r k R y S y s o f C a n . .N o v 1,2 5 1,9 0 0
J a n 1 t o N o v 3 0 ................. 1 2 , 8 5 3 . 9 0 0 1 1 , 1 5 1 , 7 0 0
£
10 3 ,3 0 0
1,5 0 0 ,2 0 0
1 8 5 ,1 0 0
1,4 0 1,8 0 0
L o u is ia n a , R y
Ja n 1 to
M is s o u r i k
Ja n 1
k
b N o t e a rn in g s h e ro g iv e n
G ro ss
E a r n in g s .
£
N e t a ft e r
T axes.
O th er
In c o m e .
— 582
1,3 6 5
3 6 ,7 3 0
3 3 ,3 7 1
B a la n c e
S u r p lu s -
S
1 0 3 ,1 1 4
13 0 ,8 4 7
1 1 4 ,8 1 2 d e fl3 3 ,8 2 1
4 9 9 ,7 8 4
7 8 3 ,6 2 0
4 2 6 ,4 2 9
5 3 4 ,0 2 8
2 3 3 ,9 6 1
d c fl9 ,0 0 9
1,2 8 3 ,4 0 4
9 6 0 ,4 5 7
3 1,6 9 0
3 2 ,15 4
3 7 2 ,5 4 9
3 9 3 ,7 0 1
3 5 ,2 2 1
3 0 ,6 5 2
4 2 8 ,3 3 6
4 0 8 ,6 3 7
3 ,5 3 1
d e f 1,5 0 2
5 5 ,7 8 7
14 ,9 3 6
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
L a test G ro ss E a r n in g s .
N a m e o f R oad
or C om pan y.
M o n th .
A d ir o n d a c k E l P o w C o N o v e m b e r
A la b a m a 1’ o w e r C o . . N o v e m b e r
D ecem ber
A t l a n t i c S lio r o R y —
B a n g o r R y k E le c t r ic N o v e m b e r
B a t o n R o u g e K le e C o N o v e m b e r
B la c k s to n e V G k E l . N o v e m b o r
ftB ra z llla n T r a c , L & P N o v e m b e r
tfB k ly n R a p T r a n S y s Tune
C a p e B re to n E le c C o . N o v e m b e r
C e n t M is s V E l lT o p . O c to b e r
C h a tta n o o g a R y & L t N o vem b er
C i t i e s S e r v l e o C o ------- N o v e m b e r
C lo v o P a ln e s v k E a s t N o v e m b e r
C o lo r a d o P o w e r C o . . O c to b e r
( / C o lu m b ia G a s k E le c D e c e m b e r
C o lu m b u s ( G a l E l C o N o v e m b e r
O o m 'w 't h P , R y & L t N o v e m b e r
C o n n e c tic u t P o w C o . N o v e m b e r
C o n su m P o w (M ic h ). N o v e m b e r
jO tu n b C o (M o ) P k L N o v e m b e r
D a y t o n P o w & L ig h t. N o v e m b o r
c r D o t r o i t E d i s o n ---------- N o v e m b e r
p D o t r o it U n ite d L in o s N o v e m b e r
D u lu th - S u p e r io r T r a c N o v e m b e r
E a s t S t L o u is k S u b . . N o v e m b e r
E a ste rn T e x a s E le c .. N o vem b er
E d is o n E l o f B ro c k to n N o v e m b e r
i E le c L ig h t k P o w C o N o v e m b e r
a E l P a s o E le c t r ic C o . N o v e m b e r
F a ll R iv e r G a s W o rk s N o v e m b e r
F e d e r a l L ig h t & T r a c . O c to b e r
F o r t W o rth P o w k L t O c to b e r
G a lv - H o u s E le c C o . . N o v e m b e r
q G r e a t W e st P o w S y s O c to b e r
H a r r is b u r g R a il w a y s . O c to b e r
H a v a n a E l I t y , L h 1* N o v e m b e r
H a v e r h ill G a s L t C o . N o v e m b e r
H o n o lu lu R T & L a n d N o v e m b e r
H o u g h to n C o E l L C o N o v e m b e r
H o u g h to n C o T r a c C o N o v e m b e r
H u d so n k M a n h a tta n Ju ly
N ovem ber
h Illin o is T r a c t io n —
l In te rb o ro R a p T ra n N o v e m b e r
Ja c k s o n v ille T r a c C o . S e p te m b e r
K a n s a s G a s & E le c C o O c to b e r
K e o k u k E le c tr ic C o . . N o v e m b e r
K o y W e st E le c tr ic C o N o v o m b e r
L a k e S h o ro E le c R y . - N o v e m b e r
L o n g Is la n d E le c t r ic . J u ly
L o u i s v i l l e R a i l w a y ____ O c t o b e r
L o w e ll E le c t r ic C o r p . N o v o m b e r
M a n h a t B d g o 3 c L in e J u l y
n M llw E l R y & L t C o N o v o m b e r
M is s is s ip p i lt i v P C o . N o v e m b e r
N a s h v ille R y & L ig h t N o v e m b o r
N o w E n g la n d P o w e r . N o v e m b o r
N e w p N & ll I t y .G A E . N o v e m b e r
N ow Y o rk D ock C o .. N ovem bor
N Y k L o n g I s la n d .. Ju ly
N Y k N o rth S h o r e .. Ju ly
N Y & Q ueens C o u n ty Ju ly
N e w Y o r k R a ilw a y s . J u ly
N o r t h e r n O h io E l e c . . N o v o m b e r
N o rth T e x a s E le c tr ic . N o v o m b e r
O c o a n E lo c tr lc ( L I ) . . J u ly
P a c ific P o w e r & L ig h t O c to b e r
P e n s a c o la E le c t r ic C o N o v o m b e r
P h t l a k W e s t e r n _______ A u g u s t
P h lla R a p id T r a n s C o N o v e m b e r
P o r tla n d G a s & C o k o . O c to b e r
P o r t (O re) R y ,L & P C o N o v e m b e r
Pugot Sd T r, L t. k 1 N ovem ber
R e p u b lic R y k L t C o N o v e m b e r
R ic h m o n d L t k R R . . J u l y
S t L R o c k y M t k I’ ac O c to b e r
C u rren t
Y ea r.
P r e v io u s
Y ea r.
Ja n .
1
to L a t e s t
C u rren t
Y ea r.
M o n th .
C u rren t
Y e a r.
D a te.
P r e v io u s
Y ea r.
S
S
S
S
1,6 6 0 .3 4 1
1,5 6 5 ,2 7 6
17 0 ,7 0 3
18 3 ,5 3 8
2 ,7 2 7 ,9 5 8
2 .6 4 8 .6 8 2
2 8 9 ,4 1 1
2 9 3 ,5 5 2
18 4 ,10 6
17 1,7 7 3
13 ,3 7 1
1 5 ,9 5 1
9 8 1 .9 0 0
8 4 0 ,18 8
10 2 .2 9 2
8 0 ,9 3 0
3 3 4 ,12 7
2 4 0 ,2 13
2 5 ,5 0 5
3 5 .4 6 0
2 ,3 8 4 ,7 6 9
2 ,2 0 9 ,7 5 4
2 3 5 ,5 9 2
2 4 8 .0 7 3
f 9 7 9 6 0 0 0 / 7 5 8 1 0 0 0 / 1 0 3 3 3 5 0 0 0 / ■ 9 3 3 6 3 .0 0 0
3 2 6 0 .1 5 7 2 7 7 4 ,3 3 3 1 7 ,5 1 4 .6 6 2 15 ,2 4 0 .9 0 7
4 6 1.8 3 0
5 2 8 .6 9 4
4 9 .2 3 5
5 1,6 11
2 7 7 ,5 8 3
3 4 1.7 7 6
2 8 .3 2 7
3 7 ,2 6 1
1,6 6 6 ,7 3 7
1 ,7 2 6 ,9 5 1
16 7 .1 18
17 9 ,3 3 1
1 6 1 3 ,0 8 1 1 8 2 1 ,5 3 3 2 0 ,2 1 9 .9 2 9 2 0 ,4 7 4 2 5 1
6 3 3 .0 6 1
5 11,6 3 0
5 5 ,0 6 8
5 1,4 4 2
9 0 8 ,2 8 0
1 ,0 6 0 ,9 7 1
9 1,4 8 5
10 9 ,3 5 0
1 3 1 3 , 1 1 8 11 2 3 .8 4 4 1 2 ,1 2 9 ,7 8 7 1 1 ,5 3 8 .7 7 2
1 ,0 7 9 ,0 8 7
1,2 0 4 ,0 18
10 6 ,2 7 1
13 3 ,9 5 1
2 4 4 6 ,2 6 4 2 0 2 2 ,8 4 7 2 3 , 3 7 5 . 8 8 3 1 9 , 7 3 8 . 8 4 0
1 ,1 4 2 ,0 8 3
9 17 ,8 17
10 2 ,3 5 6
11 6 .9 5 7
5 .9 16 .4 9 9
7 .3 6 3 ,2 3 5
8 0 4 .6 5 5
6 5 4 ,6 4 0
2 ,5 0 5 ,9 4 1
2 .9 4 0 .5 0 0
2 3 8 ,7 9 4
2 7 6 ,5 0 1
2 ,6 0 0 ,0 4 8
2 ,16 2 .9 2 9
2 9 7 ,5 9 2
2 6 0 ,4 7 2
1 6 1 5 , 6 1 5 13 2 2 ,4 3 6 1 4 .7 4 6 .4 1 7 1 2 ,3 8 6 .3 9 4
2 2 0 3 ,5 8 7 16 0 0 ,5 3 6 2 2 ,4 2 2 .7 4 0 1 7 ,2 7 8 ,7 8 2
1,7 6 1 ,8 0 3
1,5 19 .8 12
16 3 ,0 3 2
12 3 ,9 6 7
3 ,8 0 9 ,0 3 1
3 ,8 3 5 .9 7 3
3 5 9 ,1 5 8
3 6 6 .5 5 1
1,0 2 0 ,2 4 0
1,2 6 3 ,5 2 9
12 5 ,6 5 7
9 5 ,5 0 7
7 3 5 ,7 0 8
9 8 4 .3 2 2
10 2 .19 4
8 2 .2 3 6
2 0 7 ,6 8 8
2 6 5 .2 2 2
2 2 ,4 7 5
2 7 ,7 5 4
1.13 5 ,3 2 6
1 ,4 19 ,2 17
14 6 ,7 4 2
10 6 ,5 6 6
6 5 5 ,4 10
6 9 1,3 16
6 6 ,5 3 7
6 7 ,8 7 2
2 ,8 5 3 ,3 8 0
3 ,1 5 2 ,0 12
3 3 0 ,3 9 7
2 7 6 ,8 5 4
1 ,0 6 8 ,2 8 4
1 ,1 6 5 .3 4 4
112 ,6 2 1
12 3 ,8 7 5
2 ,4 3 5 .0 4 9
2 ,8 17 ,9 8 4
2 4 1,4 8 7
2 6 1,0 9 0
3 .7 6 9 ,3 4 6
4 ,2 9 1,3 7 8
4 0 1.0 7 0
4 2 0 ,4 5 1
1,0 7 1,0 9 5
1,3 16 .0 8 1
13 4 ,8 4 8
9 4 ,8 7 5
7 ,4 0 6 ,6 5 4
8 ,4 7 6 ,2 0 9
6 9 0 ,7 0 4
8 7 9 ,7 4 1
3 0 5 ,2 8 9
3 4 7 .0 6 2
3 6 ,7 10
3 3 ,5 9 3
6 4 4 ,7 6 2
6 8 7 ,4 6 3
6 3 ,6 9 3
6 0 ,3 3 4
3 7 8 ,5 6 8
4 0 4 .7 7 6
4 6 ,3 9 3
4 2 ,4 19
2 9 0 ,8 16
2 6 8 ,15 1
2 4 .5 7 2
2 2 .8 3 8
2 ,8 4 4 ,7 3 2
3 ,4 8 4 .8 3 6
4 7 0 .2 9 3
3 8 5 ,0 2 4
1 3 4 3 .6 5 5 12 4 3 ,0 6 6 1 3 .4 4 6 ,0 6 4 1 2 .2 7 5 ,7 2 6
4 2 8 6 ,8 5 0 3 4 3 5 ,6 8 6 4 2 ,7 8 6 ,0 0 7 3 6 ,9 9 9 ,6 4 8
7 5 6 ,0 7 8
6 8 2 ,7 9 1
9 7 ,8 2 0
8 1,6 0 9
1 ,6 6 5 .8 6 2
2 ,10 7 ,4 12
2 2 2 .4 7 8
16 3 ,9 4 0
2 4 1,2 5 1
2 8 7 .14 1
2 3 ,6 6 3
3 0 ,2 6 7
18 1,7 6 4
2 0 6 ,0 11
2 0 ,4 5 0
2 0 ,18 2
1,9 8 8 ,6 8 8
2 ,3 8 1 ,3 0 8
17 8 ,8 19
2 18 ,7 9 0
12 9 .4 8 7
14 1 ,1 4 0
2 6 ,6 0 2
2 7 ,9 6 0
3 ,0 5 2 ,5 3 2
2 .8 9 7 .5 8 0
2 6 4 .0 7 4
2 8 8 ,1 7 5
7 9 5 ,4 8 0
8 9 3 .0 4 5
9 4 ,7 0 6
9 4 ,1 2 1
8 1,9 4 2
9 0 ,0 9 1
12 ,3 0 1
12 ,8 4 3
1 4 1 3 ,2 7 7 11 2 9 ,3 9 4 1 3 ,3 5 0 .9 2 5 1 0 ,8 3 3 .1 0 7
2 ,0 2 6 .4 8 6
2 ,115 ,5 7 1
18 5 ,2 9 2
2 0 9 ,8 19
2 ,5 8 8 ,9 8 7
2 ,9 2 2 .8 12
2 7 1,9 3 9
2 8 7 ,2 4 1
3 .1 8 0 .5 4 0
3 ,7 2 0 ,0 2 6
3 3 8 ,12 1
3 9 5 ,9 9 1
1,9 9 6 ,9 2 1
2 ,5 10 ,7 9 3
2 3 0 ,3 0 8
2 0 5 ,6 7 0
4 ,9 0 6 ,9 2 4
4 ,7 2 6 ,8 11
4 4 4 ,7 8 5
4 6 0 ,3 3 9
2 6 4 .8 7 0
3 2 4 .2 17
5 5 .0 6 6
5 4 .2 5 5
8 4 ,1 8 6
8 8 ,6 19
14 ,4 3 1
1 5 .8 3 8
5 3 5 ,2 8 2
6 2 2 .4 4 3
9 1.6 4 1
10 1,7 8 7
6 ,5 19 .7 5 7
8 ,3 4 2 ,6 6 3
9 0 5 .8 3 0
10 7 7 .8 9 6
8 ,3 7 5 ,4 5 9
6 ,5 7 7 ,3 2 0
8 4 7 ,3 5 6
5 7 9 ,5 7 7
2 ,6 8 0 .2 4 9
3 ,0 5 8 ,3 1 5
2 1 6 ,1 5 0
3 0 0 ,2 4 r
8 5 .3 4 7
112 ,19 6
3 0 ,3 3 6
3 9 ,4 2 9
1,5 2 5 ,4 3 0
1,7 7 2 ,2 7 0
18 6 ,9 4 5
15 4 .8 0 0
4 5 5 ,2 9 3
5 0 1 .7 6 4
4 8 ,8 14
4 5 ,0 5 1
4 0 0 .6 4 2
4 7 6 ,8 2 5
5 9 .2 6 8
6 9 ,1 3 0
3 0 5 5 ,9 5 3 2 7 1 7 ,8 8 1 3 2 ,2 1 6 .9 3 7 2 8 .2 5 3 ,4 2 3
l ,4 5 9 ,9 8 3
1.7 7 0 ,9 8 2
16 6 ,6 6 7
19 5 .118
6 ,9 2 5 ,3 8 6
7 ,8 4 1,7 0 0
0 3 6 ,5 3 9
7 3 9 ,9 7 1
________
8 ,8 8 0 ,19 2
8 18 ,2 6 0
5 ,0 2 7 ,1 9 6
5 ,5 9 3 ,12 8
5 7 5 ,15 3
4 3 6 ,9 7 8
2 5 7 .114
3 10 ,4 8 7
4 7 ,9 0 3
5 3 .9 5 1
4 .3 6 6 .5 4 1
3 ,4 0 6 ,3 4 3
4 4 9 ,0 8 5
3 9 2 ,8 2 8
P r e v io u s
Y ea r.
O c to b e r
O c to b e r
Ju ly
Ju n e
N ovem ber
Ju ly
N ovem ber
N ovem ber
N ovem bor
O c to b e r
N ovem ber
Ju n e
Ju n e
Ju n e
Ju n o
Ju n e
Ju n o
Ju n e
N ovem ber
D ecem ber
O c to b e r
Ju n e
N ovem ber
0 6 ,5 0 8
12 8 ,19 7
8 8 ,5 6 1
2 2 .9 0 0
9 2 0 ,7 9 0
4 2 ,0 2 8
115 ,7 9 5
19 2 ,8 2 5
5 7 2 ,14 1
3 3 0 ,3 3 4
9 7 5 ,3 6 4
5 0 .4 2 6
16 0 ,5 0 3
2 7 4 ,2 2 6
9 7 .6 6 7
6 8 .2 2 0
4 8 ,5 7 7
3 4 8 .0 6 0
10 0 5 ,15 5
8 6 2 ,5 4 9
14 7 .0 6 0
6 1.0 8 9
3 7 ,5 6 7
1
to
iM t e s t D a t e .
C u rren t
Y e a r.
P r e v io u s
Y e a r.
$
$
S a n tia g o E l L t k T r .
S a v a n n a h E le c t r ic C o
S eco n d A v e n u e (R ec)
S o u th e rn B o u le v a r d ..
S o u th e rn C a l E d is o n .
S t a t e n I s l a n d M i d l 'd .
T a m p a E le c tr ic C o . .
T e n n e s s e e P o w e r _____
Jfc T c n n U y , L t & P C o
T exas Pow er & L t C o
T h ird A v e n u e S y s te m .
D D E B k B R R __
4 2 d S tM & S tN A v R y
U n lo n R y C o ( N Y O ) .
Y o n k e rs R a ilr o a d ..
N Y C it y In te r R y .
B e lt L in e R a ilw a y .
T h i r d A v e n u e _______
T w in C it y R a p T r a n .
V ir g in ia R y & P o w e r W ash B a lt & A n n a p ..
W e stc h e ste r E le c t r ic .
Y o u n g s to w n k O h io .
6 2 7 ,1 0 0
5 7 ,1 0 0
1,15 9 .3 6 3
10 6 ,4 4 4
5 0 2 ,3 1 7
8 0 ,7 1 8
117 ,8 9 8
16 ,3 9 0
9 ,6 6 9 .8 2 1
6 6 8 ,6 8 1
2 0 0 .0 2 3
3 1,5 3 9
1,14 3 ,5 9 0
9 0 ,8 0 7
1,9 8 0 .3 5 3
2 0 9 .7 8 7
5 ,7 8 7 ,14 6
5 6 4 ,6 6 7
2 ,7 5 6 ,5 0 6
3 0 8 ,13 1
7 8 1,2 4 2 10 .4 0 3 ,5 19
2 8 6 ,3 13
5 1.3 6 6
14 0 .2 6 2
8 7 9 ,2 3 1
1,4 0 7 ,6 6 1
2 5 5 .8 2 3
7 2 .5 5 2
4 7 9 ,7 9 5
3 6 7 .3 0 0
5 8 .2 7 1
2 9 2 .7 7 6
4 8 .0 5 3
1 ,9 9 9 .9 1 7
3 16 .6 2 9
7 4 8 ,3 5 2 10 ,2 3 6 ,6 2 0
7 2 2 ,9 5 6
9 ,1 8 4 ,5 6 8
1,8 2 0 ,5 5 4
2 2 0 .0 8 0
5 4 .8 8 8
3 0 6 ,4 3 6
4 4 5 ,2 5 6
3 4 ,0 5 5
a In c lu d e s M ilw a u k e e L ig h t , H e a t & T r a c t io n C o .
5 5 7 .4 9 4
9 6 4 ,5 9 4
4 7 2 .4 7 1
9 9 .4 0 0
7 ,9 2 3 .5 8 1
16 3 ,8 3 9
9 5 8 ,8 8 0
1,9 9 0 ,6 2 0
5 ,5 3 9 ,3 2 8
2 ,6 0 7 ,7 6 4
9 ,0 3 5 ,8 4 3
2 4 0 .8 0 5
7 9 9 ,1 2 5
1.3 0 2 .8 6 9
3 9 5 .6 9 8
3 3 8 ,6 4 2
2 9 8 ,4 7 0
1,9 0 9 .8 5 2
8 ,7 9 9 ,5 6 4
7 ,9 0 9 ,9 6 6
2 ,3 2 5 ,2 3 0
2 7 2 ,2 14
3 8 2 ,6 2 7
b In c lu d e s a ll s o u r c e s .
E a r n i n g s g i v e n in m ilr e ls . g I n c l u d e s c o n s t i t u e n t o r s u b s i d i a r y c o m p a n i e s .
h S u b s id ia r y c o m p a n ie s o n ly ,
j L e w is t o n A u g u s ta & W a te r v ille S tr e e t R y .
e a r n in g s , e x p e n s e s , & e ., n o t in c lu d e d in 1 9 1 9 .
k In c lu d e s T e n n e s s e e R y . .
L ig h t & P o w e r C o ., th e N a s h v ille R y . k L ig h t C o ., t h e T e n n e sse e P o w e r
C o . a n d th e C h a tta n o o g a R y . k L ig h t C o .
1 I n c lu d e s b o t h e le v a t e d a n d
s u b w a y lin e s .
) O f A b in g t o n a n d R o c k la n d ( M a s s .) .
Electric Railway and Other Public Utility Net Earn
ings.— The following table gives tho returns of E L E C T R IC
railway and other public utility gross and net earnings with
-------- G r o s s E a r n i n g s ----------- -------- N e t E a
C u rren t
Y ea r.
C o m p a n ie s .
8
S
S
12 .8 0 6
13 ,6 4 5
4 6 ,6 11
6 3 ,8 8 5
F ix e d
C h arges.
G ro ss
In c o m e .
Ja n .
L a test G ro ss E a r n in g s .
N a m e o f R oad
or C om pan y.
a ro b e fo r e th o d e d u c t io n o f t a x e s .
S
S
C u b a R a ilr o a d
2 2 1,15 5
1,0 2 2 ,3 5 1
N o v '1 9
d e f 3 2 ,6 5 4
4 7 2 ,3 9 2
'1 8
1,2 3 6 ,7 9 3
5 ,10 3 ,9 5 7
6 m o s '1 9
8 9 6 ,5 7 2
4 ,1 9 4 ,2 5 2
'1 8
F o n d a Jo h n s t o w n A G lo v o r s v ille R R —
112 ,0 6 4
3 5 .8 0 3
D e o '1 9
9 9 .15 6
2 9 ,2 8 7
'1 8
3 9 1 ,6 0 6
1,2 5 1,0 5 1
1 2 m o s '1 9
3 7 5 ,2 6 6
1,12 3 ,13 7
'1 8
357
THE CHRONICLE
Jan . 24 1920.]
A s h o v illo P o w & L t C o . a .N o v
D e c 1 t o N o v 3 0 ------------
S
5 9 ,4 8 1
6 5 5 ,2 2 7
P r e v io u s
Y e a r.
C u rren t
Y e a r.
P r e v io u s
Y e a r.
S
S
4 2 ,6 1 2
5 3 2 ,0 0 1
S
2 3 ,9 4 4
2 7 2 ,16 9
13 ,13 9
2 11,7 9 7
A t l a n t i c S h o r e R y . a --------D e c
15 .9 5 1
13 ,3 7 1
d e f5 ,19 0
d e fl2 ,0 8 4
C a r o lin a P o w & L t C o .a .N o v
D e c 1 t o N o v 3 0 ------------
12 9 ,9 8 5
1,3 8 8 ,7 4 6
10 0 ,16 9
1,15 4 ,8 13
3 8 ,3 4 2
5 5 7 ,13 7
3 3 ,2 4 3
5 0 1 ,1 3 4
F t W o rth
D ec
N e b rask a
D oc
P a lm e tto
16 0 ,2 6 8
1,3 4 6 ,5 6 3
12 1,9 3 3
1,3 0 5 ,5 4 7
1 8 5 ,7 9 6
1,8 8 6 ,12 3
19 ,6 0 9
2 1 4 ,0 1 4
7 9 .0 0 1
6 10 ,12 2
5 6 ,5 0 2
5 9 4 ,5 16
12 5 ,0 0 6
9 3 1 ,3 4 1
6 4 ,5 6 6
6 9 5 ,7 0 8
14 ,116
12 9 ,4 6 5
2 4 ,9 8 6
2 4 3 ,4 6 8
6 ,2 2 5
2 5 ,3 3 5
2 3 ,5 3 6
2 2 6 ,5 8 3
16 1 ,5 8 6
9 8 5 ,6 7 4
7 9 .0 9 6
7 5 2 ,8 5 2
3 2 ,3 3 5
4 0 0 ,1 2 6
4 0 .0 9 7
4 0 1,10 0
Pow
1 to
Pow
1 to
P &
& L t C o .a N o v
N o v 3 0 -----------e r C o .a ._ N o v
N o v 3 0 -----------L t C o .a .N o v
S a n tia g o E le c L t & T r .a .O c t
Ja p
1 t o O c t 3 1 -----------S o u t h w e s t ’n P & L t C o a N o v
D e c 1 t o N o v 3 0 -----------Y a d k in R iv e r P o w C o .a .N o v
D e c 1 t o N o v 3 0 -----------a N e t e a rn in g s h e re g iv e n
2 7 0 ,2 7 5
2 ,4 6 4 ,8 5 0
3 7 ,0 16
3 2 7 ,7 2 7
6 6 ,5 0 8
6 2 7 ,1 0 0
5 7 ,1 0 0
5 5 7 ,4 9 4
16 4 ,4 9 5
1,0 2 0 ,2 5 1
■ 8 3 ,14 9
8 6 1.3 2 5
5 4 ,1 9 2
5 6 2 ,3 7 3
6 1,9 9 1
6 0 2 ,8 0 1
aro
a fte r
d e d u c t in g
G ro ss
E a r n in g s .
N e t a ft e r
T axes.
ta x e s.
5 5 ,0 6 8
5 1,4 4 1
6 3 3 ,0 6 1
5 11,6 3 0
16 ,5 5 2
2 0 ,2 3 8
2 1 4 ,4 4 3
17 1,9 2 4
D e c * 19
1,3 13 ,118
’ 18
1,12 3 ,8 4 4
1 2 m o s ’ 19 12 ,1 2 9 ,7 8 7
'1 8 1 1 ,5 3 8 .7 7 2
6 9 0 ,7 0 4
8 ,4 7 6 ,2 0 9
7 ,4 6 6 ,6 5 4
6 8 3 ,4 7 7
6 16 ,7 4 2
5 ,8 7 9 ,9 0 6
5 ,5 7 9 ,3 4 0
4 7 9 ,9 3 9
3 5 7 ,8 3 9
4 .3 4 4 ,3 6 0
4 ,0 2 6 ,9 2 3
2 18 ,7 9 6
17 8 ,8 19
2 ,3 8 1 ,3 0 8
1,9 8 8 .6 8 8
5 5 ,5 15
3 9 ,2 5 4
6 5 5 ,8 2 1
5 4 5 ,5 8 2
O le v e P a i n e s v i l l e
N o v '1 9
& E a ste rn R R S y st
'1 8
1 1 m os
19
’18
C o lu m b ia G a s &
E le c tr ic C o
a v a n a E le c R y ,
N o v '1 9
L ig h t & P o w e r C o
18
K
1 1 m o s '1 9
'1 8
L a k e S h o re E le c
R a ilw a y S y s te m
11
P a d u c a h E le c tr ie C o
N o v '1 9
'1 8
m o s '1 9
'1 8
N o v '1 9
'1 8
2 m o s '1 9
*18
$
15 8 0 ,18 0
* 4 3 0 ,8 4 2
* 3 ,2 5 5 ,0 5 7
z 3 . 1 9 9 .19 8
15 5 ,0 18
18 3 ,4 5 4
1 ,6 7 2 ,8 3 8
1,8 3 2 ,8 7 0
* 3 3 1,0 8 4
* 1 7 9 ,6 0 5
* 2 ,7 6 4 ,1 8 5
* 2 ,3 1 4 ,0 7 7
3 5 .5 2 4
3 5 ,9 17
3 9 2 ,9 0 3
3 9 7 ,0 2 9
19 ,9 9 1
3 ,3 3 7
2 6 2 ,9 18
14 8 ,5 5 3
3 9 ,16 9
14 ,0 4 3
5 ,7 9 2
8 ,2 5 1
7 6 ,0 6 1
2 7 ,4 0 7
11 ,2 0 6
16 ,2 0 1
8 18 ,2 6 0
3 4 5 ,7 7 0
2 1 0 ,5 0 1
* 1 9 7 ,7 6 9
2 ,8 9 6 * ,8 11
2 ,2 8 7 .9 3 5
* 1 ,10 8 .8 7 6
3 3 ,6 2 3
6 6 ,9 9 1
2 5 ,8 6 4
5 8 ,4 5 0
2 9 6 ,3 0 0
6 6 9 ,6 3 5
3 7 0 ,5 1 8
7 2 2 ,0 2 8
fo r o t h e r in c o m e r o c o iv c d .
5 ,9 8 8
5 ,15 3
7 0 ,4 7 4
6 3 .3 4 4
2 7 ,6 3 5
2 0 ,7 11
2 2 5 .8 2 6
3 0 7 ,1 7 4
N o v '1 9
’18
1 2 m o s 19
'1 8
* A ft e r a llo w in g
G ro ss
E a r n in g s .
S
V ir g in ia R a ilw a y
& Pow er C o
* A f t e r a llo w in g
3 ,5 6 7
4 ,15 4
5 9 ,0 9 4
3 5 ,3 7 2
12 ,9 8 5
16 ,0 8 4
15 5 .3 4 9
13 6 ,5 5 2
3 9 9 ,9 2 1
3 6 3 ,6 5 5
4 ,7 6 2 ,5 0 2
4 ,3 4 5 ,6 12
8 ,8 8 0 ,19 2
P u g e t S o u n d T r a c - N o v '1 9
tio n , L t & P o w e r
'1 8
C o.
1 1 m o s '1 9
'1 8
3 ie r r a P a c ific
E le c t r ic C o
B a la n c e ,
S u r p lu s .
F ix e d
C h a rges.
S
D e c '1 9
18
6 m o s 19
’ 18
8 6 2 ,5 4 9
7 2 2 ,9 5 6
4 .7 9 2 ,0 5 1
4 ,0 3 6 ,7 6 5
N et
E a r n in g s .
F ix e d C h g s .
& T axes.
%
3 4 8 .8 16
2 5 0 ,6 4 7
1,8 7 3 ,2 0 6
1,2 6 1 ,7 6 8
2 0 1 ,4 7 6
17 2 ,6 0 7
1,12 5 ,6 2 2
1,0 4 0 ,0 1 3
B a la n c e ,
S u r p lu s .
* 1 5 9 ,1 0 7
* 9 0 .8 2 5
* 8 3 2 ,2 6 3
* 3 0 2 ,4 3 7
fo r o th e r in c o m e re c e iv e d .
FIN AN CIAL REPO RTS
Financial Reports.— An imlox to annual reports of steam
railroads, streot railway and miscellaneous companies which
have been published during tho preceding month will be given
on the last Saturday of each month. This index will
ncludo reports in tho issue of tho “ Chromclo” m which it is
ublishod. The latest indox will bo found in tho issue of
>oo. 27
The noxt will appear in that of Jan. 31.
not
E
International Motor Truck Corporation.
Official Statement to New York Stock Exchange Jan.
10 1920.
Tho official statement made to tho Now York Stock
Exchange in connection with the listing of the company’s
7 % Cumul. 1st and 2d Prcf. stocks and Com . stock, without
par value, is cited fully on subsequent pages of this issuo.
The income statement of the corporation and its subsidaries, for tho eleven months ended N o v . 30 1919 shows
not sales of $20,681,419 and net surplus for the period
available for dividends after deducting charges and Federal
taxes of $2 ,440,403.— V . 110, p. 266.
358
THE CHRONICLE
Central Aguirre Sugar Co.
31 1919.)
The remarks of President J. D . H . Luce, together with the
detailed income account and balance sheet for 1919, are
cited on a subsequent page.
{ R e p o r t f o r th e F i s c a l Y e a r e n d i n g D e c .
[S e e a ls o “ I n v e s t m e n t N e w s ” o n a s u b s e q u e n t p a g e .l
C O N S O L ID A T E D
IN C O M E
A C C O U N T
Y EA R S
,
,
J
19 18 -19 .
S u g a r a n d m o l a s s e s p r o d u c e d __________ $ 6 , 0 8 2 , 0 3 2
M i s c e l l a n e o u s r e c e i p t s .................... ...................
18 5 ,9 3 0
a
E N D E D
19 17 -18 .
$ 5 ,7 2 8 ,7 8 4
16 7 ,1 8 4
JU L Y
3 1.
19 16 -17 .
$ 5 ,6 6 7 ,6 0 9
2 6 8 ,0 9 0
T o t a l In c o m e
----------------------------------- $ 6 , 2 6 7 , 9 6 2
A g r i c u l t u r a l a n d m f g . e x p e n s e s ..............$ 3 , 9 0 4 , 4 8 0
F r e i g h t , a d m i m s . , & c . , e x p e n s e s -------16 9 ,6 6 7
$ 5 ,8 9 5 ,9 6 7
$ 3 ,3 5 5 ,6 4 8
5 3 5 ,1 3 6
$ 5 ,9 3 5 ,6 9 8
$ 3 ,1 2 2 ,0 9 9
5 0 3 ,4 8 2
-p ^ e a r n i n g s
--- - - - - -- -- - - R l i . o p e r . p r o fit ( le s s I n t . c h a r g e s ) , .
$ 2 ,0 0 5 ,18 4
5 4 ,9 4 5
$ 2 ,3 10 ,1 17
8 7 ,3 3 2
$ 2 ,19 3 .8 15
.............. ...
s u r p l u s . . . .......................................
C O N S O L ID A T E D
$ 4 0 4 ,7 5 8
B A L A N C E
S H E E T
$ 7 12 ,3 6 5
JU L Y
IN C O M E
$ 2 2 7 ,4 0 3
S u g a r C o ., C e n t r a l A g u i r r e C o . a n d P o n c e & G u a y a m a R R .)
1919.
1918.
1919.
1918.
A s se ts—
$
s
L ia b ilit ie s —
$
R e a l e s t ., b ld g s ., A c . 2 ,0 1 0 ,5 2 7 3 ,4 0 3 ,0 9 4 C a p ita l sto ck ( 3 0 0 ,
R o llin g s t o c k , A c . . .
4 6 8 ,8 8 1
4 2 5 ,9 1 9
0 0 0 sh a re s, S 1 0 0
C a s h . . .............................. 2 0 9 ,3 6 0
3 5 5 ,2 1 9
e a ch t.............................. . x 3 , 0 0 0 ,0 0 0 3 ,0 0 0 ,0 0 0
C o n tr a c t in su sp en se 1 ,4 0 7 ,0 0 5
M o r t g a g e s ......................
2 3 ,5 0 0
2 5 ,5 0 0
P o r to R ic o 4 % lr r .b d s .
7 8 ,4 0 0
N o t e s p a y a b le .............
6 2 5 ,0 0 0
A c c o u n ts r e c e iv a b le . 1 3 6 ,4 3 7
6 6 ,3 1 5 A cc o u n ts p a y a b le , A c . 3 4 6 ,7 2 6
4 6 9 ,3 4 5
D c s tl n o cu rr. a c c t ___
1 9 ,3 3 1
19 ,3 3 1 D iv id e n d p a y a b le ___
________
6 0 0 ,0 0 0
M a t e r ia l A s u p p lie s . 4 3 8 ,4 7 5
3 7 9 ,3 8 7 R e s . re sto r a tio n _________________ 1 0 ,0 0100 ,0 0 0
G r o w in g c r o p s ------------ 4 8 3 ,0 4 5
6 7 7 ,3 3 5 In c o m o , A c . , t a x _____ 1 ,0 5 6 ,6 2 6
5 9 1 ,0 6 8
A d v a n c e s to c o lo n o s ................. ..
1 1 ,8 0 7 R e se r v e fo r d o u b tfu l
S u g a r an d m o la sses
a c c o u n ts _____
1 9 ,3 5 2
on h a n d ................... . 2 , 3 9 8 , 7 5 0 1 ,7 9 3 ,0 0 0 S u r p lu s..............................3 ,3 7 3 ,7 6 2 2 ,9 4 9 ,6 5 3
D e fe r r e d c h a r g e s _____
3 4 ,4 0 4
3 3 ,5 1 1
U . S . L ib e r ty b o n d 3 . 7 5 1 ,0 0 0
5 0 0 ,0 0 0
T o t a l ........................... 8 ,4 3 5 ,6 1 5 7 ,6 6 4 ,9 1 8
_________
T o t a l ............................8 ,4 3 5 ,6 1 5 7 ,6 6 4 ,9 1 8
x I n c lu d e s 1 7 5 s h a r e s r e s e r v e d f o r e x c h a n g e fo r s h a r e s o f o ld c o . s t ill o u t .
s o 5 1 .5 0 0 ,0 0 0 P r e f . s t o c k a u th o r iz e d b u t n o t Is s u e d .
— V . 10 0 , p . 2 2 6 6 .
,
z,
F o r Y e a rs E n d in g
3 1.
{ C e n tra l A g u ir r e
B a l a n c e S h e e t a s o f N o v . 1 1 9 1 9 — N e w P l a n t s .— T h e i t e m o f l a n d s , b u i l d
In g s ,
* c -» s t a n d s a t a p p r o x i m a t e l y $ 8 8 , 0 0 0 , 0 0 0 , a s c o m p a r e d
w it h $ 7 6 ,0 0 0 ,0 0 0 la s t y e a r . T h i s in c r e a s e o f $ 1 2 ,0 0 0 ,0 0 0 r e p r e s e n t s a d d i
t io n a l m a n u fa c t u r in g fa c ilit ie s , p a r t o f w h ic h c o n s is ts o f a m o d e r n p a c k in g
p la n t a t S t . P a u l, w h ic h w a s o p e n e d fo r b u s in e s s la s t f a l l a n d w h ic n h a s a
d a d y c a p a c it y fo r s la u g h t e r in g 1,0 0 0 c a t t le , 10 ,0 0 0 h o g s a n d 3 ,5 0 0 s h e e p ,
s o m o $ 7 ,0 0 0 ,0 0 0 w a s s p e n t o n th is m o s t u p - to - d a te o f p a c k in g p la n t s
d u r in g t h e y e a r a n d in I t s c o m p le t e d f o r m i t r e p r e s e n t s a n in v e s t m e n t o f
o v e r $ 1 0 ,0 0 0 ,0 0 0 fr o m w h ie ii a d d it io n a l e a r n in g s s h o u ld h e r e a ft e r a c c r u e .
A n o t h e r a d d it io n to o u r p h y s ic a l p r o p e r t y is th e n e w fre e z e r a t C h ic a g o ,
a n in v e s t m e n t c o s t in g m o ro th a n $ 2 ,0 0 0 ,0 0 0 , in c lu d in g m a c h in e r y , a n d
g iv d n g a n a d d i t i o n a l c a p a c i t y f o r 5 0 ,0 0 0 ,0 0 0 p o u n d s o f m e a t .
O u t lo o k .— \ V o lo o k t o t h e f u t u r e w it h c o n fid e n c e .
W o b e lie v e t h a t th o
s a n it y a n d g o o d s e n s e o f th o A m e r ic a n p e o p le w ill t a k e u s th r o u g h th o
t r y i n g p e r i o d in w h ic h w o a r o l i v i n g t o - d a y . T h e r e m u s t b e s u c h a d j u s t
m e n t o f p r ic e s a n d w a g e s a n d s a la r ie s a n d in c o m o a s w ill k e e p th o n a t io n
in i t s p r e s e n t s t a t o o f p r o s p e r i t y .
I n s u c h a d ju s t m e n t s , e c o n o m ic la w s
m u s t g u id e a n d th o r ig h t s o f a ll m u s t b o o b s e r v e d s o t h a t tlie ro w ill b o
a d o q u a t o p r o d u c t io n a n d p r o p e r d is t r ib u t i o n o f t h e n e c e s s it ie s o r lifo .
_
N e t In c o m e
------------$ 2 , 1 9 3 , 8 1 5 ~$ 2 , 0 6 0 , 1 2 8
$ 2 ,3 9 7 ,4 4 9
D e p r e c i a t i o n , A c ............................
$ 15 2 ,5 2 8
$ 14 7 ,7 6 3
$ 1 8 0 ,0 3 2
0 1, 4. t
L o s s o n s a l e o f o l d m a c h i n e r y , & c _____
1 9 0 ,0
D i v i d e n d s ---------------------------------- ( 1 0 % ) 2 9 9 , 5 6 3 ( 4 0 ) 1 2 0 0 * 6 6 6 (60) 1 , 8 0 0 , 0 0 0
I n c o m o a n d e x c e s s p r o f i t s t a x e s _______
1,3 3 6 ,9 6 7
B a la n c e ,
[V o l . 1 1 0
—
N ov•
1
’19$
A C C O U N T .
N o v - 2 ’18 .
$
G r o s s s a l e s ................. ............. 1 , 0 3 8 , 0 0 0 , 0 0 0 8 6 1 , 0 0 0 , 0 0 0
I n c o m e f r o m m a n u f a c t ’r e
a n d s a l e s , o t h e r in c o m o
a ft e r o p e r . e x p s .. t a x e s ,
d o p r e c .,A c ., a n d r e s ’v e
F e d e r a l t a x e s ____________ 2 7 , 1 8 6 , 1 2 4
2 6 ,1 2 8 ,6 1 0
I n t e r e s t o n b o n d s _________________________ 2 , 2 42 3, 2, 88 36 5, 9 8 6
In te r e s t o n d e b e n t u r e s ..
2 ,5 18 ,3 9 6
1,2 0 3 ,5 6 3
I n t e r e s t o n c u r r e n t lo a n s
8 ,1 17 ,3 8 6
7 ,17 8 ,2 2 4
P e n s i o n f u n d _______________
2 0 8 ,0 0 0
2 1 2 ,0 0 0
C o m m o n d iv id e n d ( 2 % )
2 ,0 . 1 0 ,0 0 0
2 ,0 0 0 , 0 0 0
P r e f e r r e d d i v i d e n d s _____
3 7 ,2 8 2
9 8 6 ,12 3
B a l a n c e , s u r p l u s ..............
11 ,11 2 ,3 8 4
B A L A N C E
13 ,2 10 .5 5 5
S H E E T
1919.
1918.
A s se ts—
$
S
L a n d , bu ildin gs,
m a c h ’ y , A c . . 8 8 ,3 8 6 ,6 0 2
7 6 ,6 8 5 ,4 6 7
C a r tru st agree’ t 2 ,7 9 8 ,4 1 6
4 ,1 4 8 ,4 1 6
In v e s t, allied cos. 5 5 ,6 2 6 ,8 6 7
4 3 ,0 6 1 ,6 7 1
M a t ’ I A su pplies 1 5 9 ,1 0 8 ,1 5 1 1 5 0 ,3 8 0 ,0 6 8
M a r k e ta b le l a v . 1 5 ,7 8 0 ,5 2 6
1 4 ,2 0 5 ,8 7 3
B ills r e c e iv a b le .
6 ,9 0 7 ,4 5 4
9 ,9 5 3 ,4 3 5
A c c t s . r e c c lv a b le l.3 6 ,5 6 5 ,7 7 0
8 1 ,0 9 9 ,6 5 3
C a s h ......................... 2 5 ,6 3 5 ,8 5 5
2 4 ,7 5 1 ,7 7 2
T o t a l ................... 4 9 0 ,8 0 9 ,6 4 3 4 0 4 ,2 8 6 ,3 6 0
— V . 110, p . 26 3.
O c t. 2 7
j
’17 .
O c t.
,8 3 5 ,2 0 8
.8 0 9 ,7 8 3
3 ,5 0 9 * 0 5 5
2 0 8 ,0 0 0
2 .0 0 0 , 0 0 0
,9 2 5 ,4 2 5
19 ,0 8 5 ,5 6 3
18 ,10 0 ,0 0 0
N O V E M B ER
000*666
1.
<910.
L ia b ilit ie s —
C o m m o n stock . 1 0 0 ,0 0 0 ,0 0 0
Preferred stock . 2 8 ,3 9 0 ,6 0 0
D e b e n t u r e s ____ , ,3 1 ,6 0 9 ,4 0 0
B o n d s ___________ , 5 0 ,0 0 0 ,0 0 0
B ills p a y a b l e .. .1 4 0 ,0 8 1 ,7 5 9
A c c ts . p a y a b le . . 2 4 ,0 0 8 ,8 2 4
D u e allied c o s .. . 3 0 ,7 3 9 ,5 9 1
R e se r v e s ________ . 5,440.284
P ro fit A loss sur . 8 0 ,4 7 9 ,1 8 2
Special invest, at market
p r ic e s ......................................
Bills receivable.........................
C a s h .....................
D iam onds on hand at cost___
2,268,684
386,945
151,301
422,762
T o t a l ------------ -- - - — , ------------ £ 1 7 ,0 8 1 ,7 6 6
T o t a l . .................................... ..........£ 1 7 ,0 8 1 ,7 6 6
C o n t in g e n t l i a b i l i t y , £ 3 1 5 p e r s h a r e u n c a lle d o n 7 9 ,0 0 0 s h a r e s In t h o
o u t h A fr ic a n M a r in o , F ir e a n d G e n e r a l I n s u r a n c e C o ., L t d ., £ 2 9 0 ,2 5 0 .
Armour & Company.
{R e p o r t f o r th e F i s c a l Y e a r e n d i n g N o v .
1 1919.)
President J . Ogden Armour, Jan. 15, wrote in substance:
F a l l i n P r ic e s .— T h o f is c a l y e a r 1 9 1 9 w a s o n e w h e r o d e c lin e s , s u d d e n a n d
s e v e r e , re n d e r e d t h e p r in c ip a l p r o d u c t s o f o u r b u s in e s s o f s u c h g r e a t ly
d e c r e a s e d v a lu e in t h e c lo s in g c la y s o f t h e y e a r t h a t w h a t h a d s e e m e d to
b o p r o fit s fr o m th e d a y to d a y o p e r a t io n s w e r e c o m p le t e ly w ip e d o u t a n d
t u r n e d in t o h e a v y lo s s e s b y t h o s h r i n k in i n v e n t o r y v a l u e s . H a d i t n o t
b e e n f o r t h e e a r n i n g s in f o r e i g n f i e l d s a n d f r o m s u b s i d i a r i e s , t h e y e a r w o u ld
h a v e b e e n d is a s t r o u s in d e e d .
R e s u lts .— O u r g r o s s v o lu m o o f s a l e s fr o m s o u r c e s w it h in t h is c o u n t r y
b ( ? t ,h £ ? r d o m e s t i c m a r k e t s a n d f o r e x p o r t , o f $ 1 , 0 3 8 , 0 0 0 , 0 0 0 , c o m p a r e d
w i t h $ 8 0 1 ,0 0 0 ,0 0 0 in 1 9 1 8 .
T h i s i s t h e f i r s t y e a r in t h e h i s t o r y o f t h o
c o m p a n y w h e n th e g r o s s v o lu m o h a s p a s s e d th e b illio n d o lla r m a r k . O u r
n o t in c o m o a m o u n t e d t o $ 1 4 , 0 9 8 , 6 0 0 , r e p r e s e n t i n g a r e t u r n o f $ 1 . 3 5 o n
e a c h d o lla r o f s a le s , a n d 6 .7 4 % o n th e n e t c a p it a l in v e s tm e n t .
O u r p r o f i t s , w h ile fa ir c o n s id e r in g -th e b u s in e s s c o n d it io n s d u r in g th o
p a s t y e a r , sh o w th e u tt e r a b s u r d ity o f th o c h a rg e s o f a g ita t o r s th a t th e r o
e x is ts a n u n d u e c o n t r o l o f th e liv e s t o c k a n d m e a t fo o d m a r k e t s o r t h a t th o
p a c k in g b u s in e s s h a s p r o fit e e r e d .
.
F o r e ig n S u b s i d ia r ie s .— T h e s t a t e m e n t o f e a r n in g s fo r t h e y e a r in c lu d e s
t h e p r o f i t s o f a l l o f t h o c o m p a n y ’ s f o r e i g n c o r p o r a t i o n s e x c e p t i n g t h o s e in
S o u th A m e r ic a . T h e s e la t t e r h a d a p ro s p e ro u s y e a r a n d t h e y h a v o a g a in
r e t a in e d th e ir t o t a l e a r n in g s to fin a n c e th e ir o w n d e v e lo p m e n t.
f
P la n t a t S a o P a u lo — it w ill b o th e la r g e s t In B r a z il— w ill b o
o p e n e d fo r o p e r a t io n s s o m e t im e la t e in M a y . a d e la y h a v in g b e e n o c c a s io n e d
b y f ir e w h ic h s e r io u s ly d a m a g e d tw o o f th o n e w fr e e z e r s . T h o lo s s w a s
f u l l y c o v e r e d b y in s u r a n c e .
, „ T b e n o 'v P la n t a t S a n t ’ A n n a w a s o p e n e d fo r lim it e d o p e r a t io n s o n J a n . 5
1 9 2 0 , a n d w o r k th c r o w i ll b o in c r e a s e d u n t il a t h o u s a n d c a t t lo a d a y a ro
b e in g k ille d .
A g r e e m e n t w ith D e p a r tm e n t o f J u s ti c e .— I n a n e ffo r t to a id th o U
S
G o v e r n m e n t in a l l a y i n g u n r e s t a n d b r in g i n g a b o u t n a t i o n a l h a r m o n y , w o
t o g e th e r w ith o th e r la r g o m e a t p a c k e r s , o n te re d in to n e g o tia tio n s d u r in g
th e y e a r w ith th e A t t o r n e y - G e n e r a l o f th o U n ite d S t a t e s , a n d a s a r e s u lt
t h e r e o f th o is s u a n c e o f a c o u r t d e c r e e w a s p la n n e d u n d e r th o te r m s o f w h ic h
w o w ill c e a s e to b o d is t r ib u t o r s o f p r o d u c t s o th e r th a n o f liv e s t o c k a n d
th o ^ b y -p ro d u c ts th e r e o f, a n d d a ir y p r o d u c ts (se e V . 10 9 , p . 2 3 1 8 , 2 3 5 8 ,
T h is w ill c a u s o s o m e r e o r g a n iz a t io n o f o u r b u s in c s a n d th o s e g r e g a tio n
o f so m o p h a s e s th e r e o f, b u t w o d o n o t e x p e c t it to s e r io u s ly a ffe c t o u r p rin
c ip a l b u s in e s s - o r t h e o p p o r t u n it y t o c o n d u c t o u r b u s in e s s a t a r e a s o n a b le
p ro fit.
3 ,7 2 5 ,4 0 0
5 0 ,2 7 4 ,0 0 0
5 0 ,0 0 0 ,0 0 0
9 0 ,1 3 6 ,0 9 1
2 5 ,4 4 2 ,0 0 9
9 ,3 4 1 ,4 6 0
6 9 ,3 6 0 ,7 9 9
T o t a l ................... 4 9 0 ,8 0 9 ,6 4 3 4 0 4 ,2 8 0 ,3 6 0
Mexican Eagle Oil Co., Ltd.
J U N E 30 19 19 .
L ia b ilitie s —
Property— Claims under G ovt.
8 0 0 .0 0 0 P r e f. sh ares @ £ 2 10s £ 2 ,0 0 0 ,0 0 0
licenses A oth. min. lnt__ £3,164,406 1 ,0 0 0 ,0 0 0 D e f . s h . @ £ 2 1 0 s . . 2 ,5 0 0 ,0 0 0
Purch. from London A So.
4 ) 4 % S o . A frica n E x p l. M t g e .
African Expl. C o ., L t d - 1 ,6 3 5 ,4 9 5
D e b . r e d . b y J a n . 1 1 9 3 0 ..
1 ,6 3 5 ,4 9 5
Farms A other landed prop
1 5 4 ,1 8 1 R e se r v e (p er co n tra )— G e n .
M ach ., permanent works,
f u n d ........................... ....................
2 ,1 ,4 7 ,1 3 6
offices, com pounds A
R e d . fu n d : S o . A frica n E x
stand property......... ........
1
ploration D e b e n t u r e s ___
5 7 9 ,0 2 8
Invest, in stocks A shares____
6 6 5 ,8 7 1
B lu e g rou n d s to ck s a t c o s t .
1 ,2 8 9 ,2 6 4
Res. Investments (per contra)
S ta b ilim e n t
of
d ia m o n d
(a) Gen. A deb. redemp.
t r a d e . . . ...................................
1 ,9 7 5 ,3 2 5
funds, invests, at market
L ia b ility on sto c k s A shares
prices June 30....................... 2,726,164
(per c o n t r a )__________________
8 5 0 ,0 0 0
(b)
Blue ground on floors—
L o a n s A open a c c o u n ts________
7 1 3 ,4 6 2
8,454,176 loads at cost____ 1 ,2 8 9 ,2 6 4 U n cla im e d d lv s . A s u n d r ie s ..
2 8 2 ,0 6 7
(c) Investments in other D ia
I n t . on d eb en tu res a c c r u e d ..
3 4 ,9 5 9
mond mining cos., A c. (see
C o m m , for Inland r e v ., U n io n
liability £850,000 per cont.) 2 ,8 2 5 ,3 2 5
o f S o u th A fr ica — E s t . b a l.
M ining stores.............................
5 2 2 ,0 4 8
d u e n o rm a l A d lv . ta x e s ___
3 1 6 .0 0 0
L iv e s to c k ___________________
2 2 6 ,5 1 1 P r e f. d ivid en d d e c la r e d ______
3 7 0 .0 0 0
Advances to sub. cos..... ..........
2 5 8 ,9 4 1 D e ferred d ivid en d d e c la r e d ..
1 ,5 0 0 ,0 0 0
Open accounts______________
2 8 9 ,8 6 6 D ia m o n d s u n sold (per contra)
4 2 2 ,7 6 2
Short loans against se cu rity ..
9 4 ,0 0 0 B a l. fr o m ap p rop riation a c c t .
4 6 6 ,2 6 8
1918.
S
100,000,000
(Com pania Mexicana do P etroleo “ El A g u ila ," S.A.)
S H E E T
’16 .
2 7 ,0 4 3 ,0 4 0
2 ,2 4 0 ,4 2 2
30 1919.)
A letter signed by the London Secretary, J. Bruce, cited
on a subsequent page, in connection with the offering of
American shares by Lazard Frores, also shows:
B A L A N C E
$
5 2 5 0 0 0 ,0 0 0
De Beers Consol. Mines, Ltd. Diamond Mines, So. Africa.
( E a r n i n g s a n d B a la n c e S h e et o f J u n e
28
5 7 5 ,0 0 0 ,0 0 0
{Report for the Fiscal Year Ending June
30 1919.)
President Thos. J. Ryder, Mexico City, Doc. 18 1919
■wrote in substance:
[Control of tho company was acquired early in 1919 by tho Royal DutchShell Oil Co. by purchase of a majority of tho capital stock. Soo
V. 108, p. 1393, 1613; V. 109. p.377, 1014.— Ed.|
R e s u lts . — The directors havo pleasure in submitting tho accompanying
report and statement of accounts for the approval of tho shareholders.
Ail figures contained in this report and balance sheet are stated in Mexican
gold pesos, which have a par value of 24J4d. sterling, or 49.75c. U. S. gold.
Tho profit on trading for tho year was $36,808,089 (Mox. gold),
and the net profit, after providing [$7,680,301) for deprecia
tion and field redemption accounts, was_________ _________ $29,508,126
Transferring to legal reserve account, subsoil rights redemption
account and provident fund sums aggregating $3,375,400,
and adding the balance brought forward from last year of
$2,219,054, leaving a balance available o f...............................$28,351,773
From this sum there was deducted—
Dividend of 4% on preference sharo capital paid Dec. 31 1918 $340,000
Dividend of 6 % on preference share capital paid .Juno 30 1919
510,000
Dividend of 4% on ordinary share capital paid Dec. 31 1918 1,090,208
Dividend of 6 % on ordinary sharo capital paid Juno 30 1919 2,823,407
which it is proposed to apply as follows:
Final div. of 35% on pref. sh. capital, making 45% for year__ $2,975,000
Final dlv. of 35% on ordinary snare capital, making 45% for
tho year (V. 109, p. 2444)....................................................... 10,409,870
Carry forward to next year________________________________
3,543,282
This will make tho balance to bo carried forward...................$22,988,158
O p e r a tio n s . — During the year drilling operations have been carried on
with success, and tho exploration program which is being proceeded with
is a large one, covering widely separated .areas. Work has boon somewhat
handicapped during the year, due to political reasons, but, in spito of this,
much progress has been mado.
The successful bringing in and capping of wells Nos. 5, 9 and 10 in tho
Naranjos field, estimated approximately at 50,000, 90,000 and 00,000 bbls.
daily, respectively, proves tills field to rank as ono of tho foremost amongst
tho Mexican oil fields. The company’s oil reserves continue ample.
During the year under notice tho company suffered from tho world lack
of shipping facilities, and as a consequence tho numbor of vessels loaded at
Tuxpam was only 208 compared with 225 the previous year. The tonnage
shipped from Tuxpam amounted to 1,126,500, being a slight reduction on
the provious year. On tho other hand, shipments from Tampico, consisting
largely of refined oils, havo increased by 100,000 tons. Tho company's pipe
line facilities will shortly bo capable of delivering to tho ports of Tampico
and Tuxpam a total of 110,000 bbls. of crudo oil daily. Tho crude oil put
through at tho Tampico refinery is 20,000 bbls. dally, but extensions aro
now under construction which will onablo this refinery to deal with a
throughput of 45,000 bbls. daily. The refinery at Minatitlan continues
to operate at a throughput of 1 0 , 0 0 0 bbls. dally.
Additions to the topping plant at Tuxpam aro also boing carried out.
Tlicso should be completed during tho early part of 1920 and will Incrcaso
the capacity of tho present plant from 5,000 to 15.000 bbls. of crudo oil dally.
The E a g le O il T r a n s p o r t C o .'s fleet of tank vessels havo now been roleased
and are available for the shipping of the Aguiia O o.’s products. These
vessels, however, duo to tho war and to conditions subsequent to the signing
of tho armistico, were not freed until well into tho year 1919, but with tho
whole of tho fleet returned and with tankers which have recently been
acquired Increased quantities of oil will be exported during tho coming year.
[Tho Eaglo Oil Transport Co. has 400.000 shares of 0% Cumulative Par
ticipating Pref. stock and 200,000 Ordinary shares, both of tho par vaiuo
of £5 per sharo; of tho latter 10,000 shares aro fully paid and 190,000 shares
aro partly paid. The Mexican Eagle C o., It is said, owns one-half the
Ordinary shares and guarantees tho dividend on the Pref. stock.— Ed.)
D e b e n tu r e s A l l R etir ed — N e w C a p ita l S to c k . — Prior to Juno 30 1919 tho
majority of tho debenture holders exercised their right to exchange into
Ordinary shares and such bonds as wero not exchanged were drawn for
redemption under tho conditions of the trust deed. As a result thoro ap
pears amongst the reserves at June 30 1919 the sum of $9,302,094 Mox. gold,
representing tho premium-on such exchango. Tho company has recently
authorized an Increaso of capital of $59.550,790(Mox.) In Ordinary shares
of 10 pesos each. Of this now capital one now share for each two old shares
(either Preference or Ordinary) held by them is being offered to tho share
holders, and tho balanco is being retained for later issue for tho general
purposes of tho company (V. 109, p. 2444).
S h a re C a p ita l (M e x i c a n ) J u n e 30 1919—
A u th o r i z e d .
Issu ed .
8 % Partic. Preference shares of $10 each, fully paid.$8,600,000
$8,600,000
Ordinary shares of $10 each, all fully paid________ 100,013,580 47,050,790
D ir e c t o r s . — T . J. Ryder, Mexico City (Pres. A Managing Director);
Fergus L. Allan, Mexico City; Gen. A. D. Andrews, Now York; F. Diaz
Barroso, Moxico City; Georgos Benard, Paris; J. IL Body, Mexico City;
II. Colyn, The Haguo; II. W. A. Deterding, The Hague; C. S. Oulbenklan,
Paris; B. E. Holloway. Mexico City; Dr. A. J. Cohen-Stuart, Tho Haguo;
A . E . Worswick, Moxico City.
I N C O M E A C C O U N T FOR Y E A R S E N D IN G J U N E
G OLD PESOS) •
30 (A L L $ M
E X IC A N
[Statod in Mexican Gold Pesos, par valuo 24Hd. sterling or 49.75 cents in
U. 8 . Gold.l
1918-19.
1917-18.
1916-17.
1915-16.
c t m U rr : : : : : : : : : <36’^ : ? f 8
I S2%5§ ^ I
lllS M i
Gross income________ $37,638,799 $29,117,074 $20,762,281 $17,946,019
^ ls T M ^ o n c ls S t e r H n 8
Preferred dividends------
359
THE CHRONICLE
Jan . 24 1920.1
$444,372
850.000
$881,633
2,125.000
$881,633
1.700.000
$881,633
“^O.OOO
1
r a S r r f.v ]5 S ::::
i o A f M
Rato on ordinary____
(10%)
(25%)
(25%)
(1 6 % )
Net income............. ..$31,830,812 $15,546,643 $9,870,648 $9,064,386
Provlous surplus_______ 2,219,054
6,503,419
5,627,441
4,822,227
Total surplus............$33,279,156 $22,050,062 $15,497,489 $13,886,613
Field redemption A c___ $5,186,301 $14,081,008 SS,494,670 $8,259,172
Depreciation reserve—
2,500,000
--------Y n K n n h
------------1,000,000
, Z&Q-QQQ
500,000
-----------Provident fund.............
General reserve________ 2,375,466
5,000.000
----------------------Total p. & l.surplus.x$22,988.159 $2,219,054 $6,503,419 $5,627,441
x It is proposed that this sum be applied as follows: A final dividend of
35% on both the prcforonce and ordinary shares aggregating $2,975,000
and $16,469,876 respectively, and $3,543,282 bo carried forward.
B A L A N C E S H E E T , J U N E 30 ( A L L $ M E X I C A N G O L D P E S O S ).
[Statod in Moxican gold pesos, par value 24Md. sterling or 49.75 cents
U. S. gold.l
A ssets—
1919.
1918.
1917.
1916.
0
R eaquTnmentB&bP^ ! 1.t *$34.547.727 $30,613,334 $28,613,738 $26,896,975
Subsoil rights; field exp.
8,279,519 11-806.469 16-266,387 21,086,066
Loose plant & equip------ 2,041,728
1-539,007
1,346,26- I 'c i o ’oa?
Steamers Ac
1.747.473 2,093,509
1,512,006 1,511),.£8/
Invest. In allied co., A c.
18,104,152 18.593,483 ?? ’S5§’oo-P ^s’o^n’qln
Stocks o f oil, stores, A c.
14,588,204 13.954,076 11-266,227 8-9)9,380
Debtors, deb. bal. & cash 29,633,780 20.224,391 12, .22,905 11,536.764
Total
$108,912,613 $98,914,359 $87,793,941 $86,604,708
1916.
1917.
1918.
1919.
58.500.000
Pref. shares (par $1 0)-- $8,500,000 $8,500,000 $8,500,000 41.500.000
Ordln. shares (par $10). 47,056,790 42,255,190 41,500,000 14,693.877
Mortgage bonds— ____________ - - 14,693,878 14,693,877
1,830,062
2.520.947
9,353,086
Reserves........................... 21,041,651
500.000
1,108,217
Provident fund------------ 1,654,648
3,094',454
3,078,017
4,945,000
Creditors A cred. bal—
4,165,190
Debon. hold, for int. due
41.684
Shareholders for divi___
donds doclared----------- 3,494,592
.............I
2,449"078
4',408,262
Profit & 7 d s s " " I I I ” I 22,988,159 18,058.988 14,552.022 12,578,053
L i a b i l it i e s —
Total ........................ $108,942,613 $98,914,359 $87,793,941 $86,604,708
N o t e . — The eompanv has guaranteed the payment o f (a) a dividend of
% per annum on 400,000 cumulative 6 % participating profcrenceshares
of £ 5 each, fully paid, In the Ragle Oil Transport C o., Ltd., and (b) the
principal of and interest on $1,000,000 U. 8 . Gold, ten year 6 % Gold Deben
tures (maturing July 1 1922) of the Oil Fields of Mexico Co.
— V. 109, p. 2444.
___________
6
G E N E R A L INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama City Gadsden & Attalla Ry .— Acauired —
Soo Gadsden lty.. Lt. A Power Co. below.— V. 108, p. 1510.
Alaska Government Road.— Asks
Appropriation.—
An appropriation of $8,000,000 has been asked from Congress by the
Interior Dopartmont o f Expenditures on the Alaska Railway during the
year beginning next July.— V. 109, p. 1890.
Artesian Belt Ry.— Successor
Company .—
Boston & Maine Railroad.— Dividend .—
A dividend o f $2 67 per sharo lias boon declared payable on the $3,149,800
Soo San Antonio Southern R R . below.— V. 109, p. 1700.
Pref. stock on Jan. 31, to stockholders of record Jan. 24. The plan or
reorganization provided that dividends on tlio Pref. stock should be paid ir
earned at tho rato of 4% p. a. from Jan. 1 1919, to Jan. 1 1924; thereafter
Chicago & Eastern Illinois RR.— New
Coal Company.—
The committee for the 5% Pur. Money 1st Lien Coal bonds of which
George C. Van Tuyl, Jr., is chairman, gives notice (see advertising pages)
that a now corporation, viz: Indiana A Illinois Coal Corp. lias been or
ganized in Delaware with $4,057,600 7% cumul. Pref. stock and 40,000
shares Com. stock, no par value. Tho holders of certificates of deposit
of tho above bonds aro entitled to receive from tho Metropolitan Trust Co.,
N Y . on and after Jan. 29 1920, $100 in cash, $800 par value o f Pref.
stock and 6 shares of Com. stock of the new company upon surrender of
their certificates.— V. 109, p. 2262.
Chicago Rock Island & Pacific Ry.— Federal
C o n tra c t-
D i r e c t o r General of RRs. Hines lias signed the Federal Oncrating contract
with this company fixing the annual compensation at $15,880,681, of which
$14,912,379 is for,C. R. I. A Pacific Ry. and $968,302 is for C. R. I. A Gulf
R.all'circular Jsgued to tho stockholders says: “ Our dim s for additional
compensation were denied, but wo thought it better to execute the standard
contract than to engage tho Government in litigation at this time
President Charles Hayden has sent a circular to stockholders urging them
to impress their views concerning railroad legislation on their Representa
tives and Senators in Congress. He says the m tcre sts o fth o co m n a n y
would bo promoted by a legislative platform substantially as follows.
(1) Adoption of tho rate-making features of the Cuminins bill. including
division of excess earnings; (2 ) amendment of Sherman A ct'to' P«>vide for
permissive rather than compulsory consolidation, (3) continuanco o f rental
for six months after Federal control. M r. 1layden does not ask stockholders
to tako any position with respect to anti-strike legislation
See annual report for 1918 in V . 108, p. 1603, V. 109, p. 1461.
Chicago St. Paul Minneapolis & Omaha Ry .— Dividend
The usual semi-annual dividends of $2 60 a share on th° Common and
$3 50 a share on the Pref. stocks, payable Feb. 20.
Knw York
Feb. 2, have been declared. The committee on securities of the New York
Stock Exchange rules that the Preferred and Common stocks of this com
pany be not quoted ex-dividend Feb. 2, and not un*9 ^ ther not ice, a
that all certificates delivered thereafter will carry a due bill for the dividends.
— V. 109, p. 887.
City Railway, Dayton, O.— 5-Cent
Fare to Continue.—
the right to con
Davton street car companies on Jan. 14 wero granted
tinue charging a straight 5-ccnt faro indefinitely. .
back to a 6 -tickets-for-a-quarter basis on Feb. 22 if they
that time. Merger plans nave been declared impossible.
Colorado & Southern RR.— New
w0 nothmerglOby
did not merge by
V. 100, p. 1256.
President.—
C o .-S u b
sidiary
Company
Seeks
Permission
to
Issue
Bonds
and
Mocks.—
Agreeably with plan outlined last week (p. 261), rho Consumers I ower
See Chicgo Burlington A Quincy above.— V. 109, p. 672.
Commonwealth Power Railway & Light
Co has obtained from tho M ichigan P. U . Com m ission permission—
1. T o issue $3,175,900 Common and $2,755,800 Prof stock in exchange
for like amounts of Michigan Light Co. Common and Pref. respecively.
2. To purchase First and Refunding Mtgo. 5% 30-yoar bonds of Michigan
Light at 85% and tho 7% promissory notes o f the Michigan.
xTto-o
3
T o issue $10,217,000 of Consumers First Lien A Refunding Mtge.
25-year gold bonds, of which not exceeding $132,000 aro to be used to refund
like amount of bonds underlying Cadilla Water A Light bonds these new
like amount of bonds underlying Cadillac Water A Light bonds (these now
will bo pledged as part security for the new Gen. A ^ ,f •
, c it y
4. To execute an open General and Refunding Mtgo. to National City
Bank, tho issuing of bonds thereunder to bo subject to carefully d r ^ n ^
strictlons (issues for additions and extensions to be 1 mited, it is understooa.
to amounts equal to 7 5 % of outlay) and also subject to tho further approval
5
To^roaVo'Series*AUof General and Refunding M tgo.
g w®
present sum of $7,000,000, to bo sold at not less than 89% bonds to be 6 %
25-vear gold bonds; (b) hereafter, on certain conditions $6,163,000
similar bonds at the same rato; (c) from time to time not exceeding $27,975,
°°§: « S S S K
u ?
5
l 3U!o§ 0»
%
Ss S ' G o l d debentures to bo doted
J“ ? :
.to e * at
< * * «* *
""I.* Tb caneelautliorlty heretofore granted to Issue and sell First Men and
Refunding bonds of $446,000. See also V. 110, P- 261, 259.
Cumberland (Electric) Ry., Carlisle,. P a . — Ordered JoM .
Judge Sadler on Jan. 16 directed the Farmers'
C °. of Carli.slo,
trustee, to sell at public salo on Fob. 21 a11^ ulP m ejR ;.righ t
chise and rolling stock of tho company. This company. In the hanas or
receivers, operates the trolley road between Carlisle and M t. Holly spring
and Carlislo and Newville.— V. 107, p. 695.
Annual Report.—
Denver & Rio Grande RR.— 1918
Tho annual report which will bo cited fully another week
affords the following combined statement (corporation and
Federal) for tho calendar year 1918 in comparison with tne
company’s figures for 1917:
1916.
atTho above*dlvtdnndls an adjustment covering eight months up to Sept.
1 1919, and is tho first since Mar. 1 1913.
, , , ,,
.
.
This issue follows $38,817,900 of First Prof stock Including series A,
$18,860,000; B, $7,648.8 0; 6 , $7,917,100; D, $4,327,000 and E, $65,000.
T h o N o w Y o r k P . S . C o m Ope?£ingr revenue_________________ $31,352:214 $28,423,138 $25,464,486
m ission has boon askod to sanction the issue of $ 1 0 ,2 7 3 ,0 0 0
O p e r a tin g E x p e n s e s a n d T a x e s —
2,480,173
3,563,297
4,635,701
6 % bonds duo J an . 1 1929 under the now m ortgage, as follow s: Malnt. of way and structure----------- 8,040,802
4,262,733
5,185.374
Maint. of equipment------------ --------(a ) $»,UlH),UUU
$8,000,000 bonds
toO be
issued tor
for t.iioii
cash at par in
or to
the Director-Gen494,129
Id)
D
O
IIC
IS
U
U
U
w
-----.
484,131
264,345
•
. par upon such arrangement
........
,.»»i as 1to rreceipt
n o n i n r . n u n i K IU V C II
eral o f Railroads
ata
and disposal T r a ffic ................................................... 11,260,010
6,622,974
9,252,440
of the proceeds and interest during Federal control as the company s direc Transportation____________________
1,018,243
1,244,619
1,095,832
tors may agree. (5 ) $2,273,000 bonds to bo used for taking up present Miscol. oper. Ac. expenses-------------- 1,197.000
1,124,461
1,231,011
outstanding mortgage bonds issued to tho Director-General on Dec. 1 1919 Tax accruals-----------------------------------in connection with tho consolidation.
_
A
$9,461,773
$7,462,267
wpvi
---------- - - - - - -. $4,858,526
The company states that tho Director-General o f Railroads on Dec. 6
submitted expenditures for additions, extensions, betterments and improve Income from lease of road to u . ».! 8,319,376
ments amounting to $8,129,805 and estimated expenditures, $11,124,866.
597*915
597',915
1,745,969
583,953
— V. Ill), p. 166.
637,409
. 1,111,107
Bonds Under New Mortgage.—
Bristol & Plainville Tramway Co.— Fares
—
$16,034,978
.
195.364
. 8,319,377
. 4,911,475
2,722,648
. 1,220,826
Tho company has announced tho discontinuance o f all commutation faro
books on its lines. Tho company is tho only electric line in Connecticut
which had maintained a 5-cent faro during and sinco the war. Commuta
tion books have been sold, reducing tho rato to 4 cents on the lines between
Bristol, Plainville and Terryville. No change in tho regular faro is con
templated, it is stated.— V. 103, p. 1687.
Brooklyn City RR.— Directors .—
The following directors wero unanimously elected at the meeting of the
stockholders on Jan. 20: Frederick L. Allen, William N Dykman Richard
L. Edwards, Crowell Hadden, Alfred R. Horr, Frank Lyman, Edwin 1 .
Maynard, Ilonry F. Noyes, II. llobart Porter, Dick D. Ramsay. Hiram
R. Steele, James Timpson and Harold T. White.
, . .. . .__ .
While tho dividend on tho capital stock remains unpaid, the interest
payments on the outstanding bonds havo boon authorized and aro being
paid.— V. 1 1 0 , p. 166.
Capital Traction Co.— Merger
Proposed .—
Quincy RR.— New President.—
See Washington Ry. A Electric Co. below.— V. 109, p. 1700.
Chicago Burlington &
Halo Holden has boon elected President of this road and also of the Colo
rado A Southern R R . Mr. Holden is director o f tho Central Western
region o f the R R . Administration and has signified his willingness to con
tinue his duties in that capacity until tho return of tho properties to private
control.— V. 109. p. 1079.
Chicago City Ry.— Seeks
Bond Issue .—
The company has filed a petition with the Illinois P .U . Commission for
permission to issue $1,928,000 5% First Mortgago bonds to cover expendi
tures upon improvements.— V. 108, p. 2628.
Chicago City & Connecting R y . —
C a le n d a r Y e a r s —
. ___________
Earnings.—
1010.
1018.
1917.
1916.
$1,287,450 $1,285,776 $2,010,851 S2.100.670
Surplus after interest, A c—
$50,767
$28,164
$26,189
$24,022
— V. 110, p. 167.
— V. 109, p. 676."
$8,697,591 $10,643,641
105,782
411.316
4,922,457
1,171
1,262,884
4.957',826
865
1,217,299
^Surplus.
Ft. Wayne & Nor. Indiana Trac. Co.— S u ccessor C o .—
The Indiana Service Corp. lias been incorp. in Indiana [Jan. 16 1920] as
successor to tho Ft. Wayne A Northern Indiana Iraction Co., sold under
foreclosure salo on Dec. 29 (V. 110, p. 77). Tho now company is capitalized
at $7 400,000, of which, it is stated, $1,500,000 is Prior Preference stock,
$2 159 800 Pref. stock and $3,740,000 Common stock. D ir e ^ r g : Henry
O. Paul, Samuel W. Greenland, Harry E. Vordermark,
Schmidt,
Fred It. Fahlsing, Harry V. Norford, James M . Barrett. See modified re
organization plan in V. 1 1 0 , p. 261; V. 109, p. 775, 1700. V. 1 1 0 , p. 261.
Gadsden Ry., Light & Power Co ‘ — A c q u is it io n .—
A press dispatch states that this company, of which R. A. Mitchell is
President, has acquired the street railway lines, lighting system and ico and
refrigerating plants o f the Alabama City, Gadsden Sc Attalla, R y. and the
Gadsden Ry. at a price understood to be slightly less than $1»000,000
Greenville & Northern Ry — O rga n ized —
This company has been organized to take over and operate the Greenville
A Western Ry. (V. 109, p. 1272) from Greenville to River Falls, S. C ., about
23 miles. President, W. II. Cook; Vice-Pres., A. V. llolohan, Duluth,
Minn.; Sec., L. Carlson, Greenville, S. C.
Greenville & Western Ry.— S u ccessor C o m p a n y .—
See Greenville A Northern R y. above.— V. 109, p. 1272.
Indiana Service Corporation.— I n c o r p o r a te d .—
See Ft. Wayne A Northern Indiana Traction Co. abovo.
360
THE CHRONICLE
Kentucky Traction & Terminal Co.— Wage
active toaD ^ e25°— V^” l 09
an increaso o f
Lehigh Valley RR.— Director. —
4
Increase.—
cents an hour retro'
»n '
mYr.°lectCu a diJ:cctor to succeed James McLean deceased.
All other retiring directors have been re-elected.-—V. 1 1 Q, p. 167.
Little Rock Ry. & Electric Co.— Additional
Data .—
iCn°“ e? ^ nKWiTth.
offering o f $1,000,000 one year 7% gold notes
<Y,; HQ’ p - 167) by Inter-State Trust & Banking Co. ancf Canal-Commercial
Trust & Savings Bank, New Orleans, a circular further shows.
&!tef
P ™ sen t f in a n c in g ) .
A u th o r i z e d .
Issu ed .
hirst Mortgage 5% bonds, 1933------------------- $2,000,000.00 *$1 826 000 00
nntSSl?09iI rS?f °i% b ° n d s - 1 0 3 8 5,000,000.00 **1,592;500.00
7 % notes* 1921 (this issue)_______ 1 1.000 000 00
1 OOO OOO OO
6 % Pref.erred stock (par $100)-------------------- '
750,000.00
’750 000.00
^ °*?r^on. stoc^: (par *100)-------------------------- 2,000,000.00
1,9111700.00
$1743)00 hew W n M n g 0 mandnUal SlnklDg fUDd ° f 1% ° f OUtstallding bonds
Sfin^nn^nfn ^ ovi,d?s, for anaual sinking fund o f J* % o f outstanding bonds.
*fnn nnnbeJd J a s*akirig fund- In addition to the amount outstanding
$500,000 are deposited as part security for tho notes.
E a r n in g s 12 m o s . E n d in g N o v . 3 0 1919.
Gross
O per.
N et
B ond
In etrest
B a la n c e
I ? 67012 6 8 ^
*
?
b a la n c e ,
o n N o t e s . S u r p lu s .
$1,679,368 $1,180,304 $499,064 $187,713 $311,351 $70,000 $241 351
N o v . 30 y e a r —
1915.
1916
1917.
1918.
---- i§TsT“
— v ! Sl 10rnpngl 67 — - 3 8 8 2 ’ 4 3 4 *927,430 $1,102,131 $1,404,067 $1,679,368
Memphis Street Ry.— Fare
Hearing.—
Ta^ h1fir^ e^
a‘ a » *
befor,® t h 0 Tonnesseo P. U. Commission on
16 ™ ally aPp ‘ ed f°e an allowance of $13,158,000 as an amount
invested upon which they should earn and upon that amount they asked
a pr a t 0
return of 8 % and upon additional capital invested hereafter a rate
of return equal to tho rato upon which such capital is secured,
non
the Present day replacement valuo o f the property at $19,
0 0 0 ,0 0 0 .
Ihe receivers further declared that a renewal and replacement
aCd ° JpV?,i°Ultf b 0 aeeumulated from earnings upon tho premium basis of
« 7 7 cialno°A°f H10 dopreciablo property which they contended aggroi 7’76! ’0,0 0- Concluding, tho receivers asked for an 8 -cent faro,
K
kl ^ yservic“ 1 nS^ m p h i s .t 0 mCOt th° al,owances applicd for to r°nder
^ .^ h e r t S. Ritchey who represented tho Commission in a recont appraisal
?i^Cnnntnnn1Y>YmtJhCni n a* 812.000,000; tho company’s representative at
$13,000,000, and tho city s representative at $10,000,000.— V. 110, p. 167
To Redeem Bonds.—
Nevada County Narrow Gauge R y . —
to ; X n ^ s a n?noa|^ Piplle,<?
tb2 California It it. Commission for authority
o n d5£ c ,0 0 ,0^% b °n(ts by the issuance o f 5% 30-year bonds. In June
^ V s h M ° mr1? lsslorli?uJh? rlz.?d t h 2 company to issue bonds to tho extent
or $500,000. It was the intention o f the company to use $162,000 of these
#83*000° rThe«?co°«nttStiJ?dungt}>0n? S,+and this was dono- to the oxtent of
bonds.— V 1 bQ7ro^tn2^ ppllcatlon is to secure permission to redeem these
New York & Harlem RR.— Electric
Line Returned.
Madison Line Returned.—
Seo Now York Railways Co. bolow.— V. 109. p. 1273.
Fourth
[V ol. 110
.Washington Ry. & Electric Co.— Merger
Proposed.—
a 11i l i i h Y l Y - i V f rS of tbe hhj’ trict of Columbia on Jan. 9 sent to Congress
a bill authorizing the merger oi the Capital Traction Co. and Wash. Ry. &
iirn^i,Un^>? eJ'atlng n Washington. , Tho bill calls for a chango in taxation,
P 1 pV
']d , g ‘ ? r, I , nX 011 the operating income rather than on the gross receipts.
1 resident William I<. Ham in ills report to the stockholders on Jan! 17
nerg£r
of Hle
and Virginia with the
Oapitiil Traction VCo.
Pres.
Hamllnef
said/ «inMaryland
part:
m nmnm,eD!;Sir» asoni?1!lS tbat a merger of the railroad properties of this
hX Y o!w j;Y dy tS ®ubsJdiarios with those of the Capital Traction Co. should
ghiV }b° lltr W.lth adX?ntaf?° to tbo Public and fairness to security
*s unfortunate that wo liave been compelled repeatedly to ap
*i
Commission and tho public for increased rates, but wo
Dellove thero has been growing realization on tho part of tho public of tho
ofVsuc,h increases. The Commission itself has stated that tho
great disparity in earning power between our company and tho Capital
due almost wholly to difference In location, as tho cost o f
operation of tho two systems per car mile is almost the same."
f A 110 r,'P°rt also disclosed that while tho P. U. Commission allows 6 % as a
a‘ r .?turn upon investments, the company fell short $170,894 of earning
^ “ iglent money to pay 5% on Prof, stock in 1919, and that payment o f
' dlvld°nds was continued because tiio holders were for tho most
Pa" womcnvtrllstc<:s t charl t a b l 0 aud boneficial organizations in the District.
eei.Yi!,<!>ruPi0rt aiso, states that since Sept. 1918 tho company lias been giving
cos^ and has failed by $ 1 ,0 0 0 , 0 0 0 to earn a 6 % return on its
st.!YYStY.1rVn'.t ils va*UL'd iw, t ‘ ° Commission. In conclusion President Ham
®a? f i „ Phat such a condition cannot continue is obvious. Unless further
‘,an. b® obtained with reasonable promptness tho integrity of our
? seriously threatened with a deterioration of service and equipb 0 V\?s t unfortunate, not only to tiio company, but to tlio
street car riding public as well."
r>,?.Yib tbe Wash. R y. & El. Co and Capital Traction have filed in the
^ct. upremo Court an appeal from tho finding of tiio Commission
nxingthe vMue o f their properties for rato making purposos.— V. 110.
Washington Water Power Co., Spokane, Wash.—
Notes .— Pres.
D . L. Huntington, writing Jan. 1(5, says:
The one-year 6 % notes, duo Feb. 2 1920, will be paid on maturity, or
nolders who wish to reuow have been given the opportunity to take two-year
7/oCoupon notes due Feb. 2 1922, of which there will be issued $3,000,000.
Of the issue of $3,000,000. $2,300,000 have been sold to Spokane financial
institutions, and $700,000 to New York and Boston bankers. "The amount
ot old notes outstanding is $2,892,000. Of the new notes, $3,500,000 were
authorized, but only $3,000,000 issued at this time.”
Spokane & Eastern Trust C o., Washington, and White, Weld & Co..
New York, announco that tho issue of $3,000,000 2-year 7% Coll. Trust
JN°263°ffered by th°m haS beon sold‘ ComParo v - 199, p. 2441.— V. 110,
Western Maryland RR.— Tentative
Compensation.—
Ihe.U. S. RR. Administration has allowed to the company-as additional
annual compensation for the use of its property a sum close to $2 1 0 , 0 0 0 a
y*!aC' or $480,000 for tho two years of Government control up to Dec. 31 *
[•’ • aids extra compensation, together witli tile standard return, will
the total amount received from the Government about $3,315,000.
, o oiticlals o f tho company have agreed to accept tiio amount of extra
» i \ nsat; ° n
although it was not so largo as asked for, on the
future'—V ^ n o ^ b' c‘!Jd jac*' bo executed by the Government in tho near
Earnings.
X* Railways Co.—
&
York Railways Co.—
—
° f d c l\ of JVdf?l’ JuWusM Mayer, tho Fourth & Madison Ave. line,
winch has been leased to tho Now York Railways will bo returned to its C o m b in e d I n c o m e A c c o u n t o f th e Y o r k R a ilw a y s , E d is o n L ig h t & r o w e r A
parent company, the Now York & Iiarlem R R . effective Jan 31
Y o rk S u bu rban L a n d C o.
tin n rn n
ays Company leased tho Fourth & Madison Ave. line at
Y e a r s e n d . N o v . 30—
1919.
1918.
1917.
1916.
Gross income_____
tn 9 d d a °a r\ yca.r - "'hich, with additional payments, increased the amount
$1,091,851 $1,051,472
$967,496
5?T,f 4 4 ° - ° al ; According to the figuring o f Corporation Counsel Burr, tho Operating expenses______
775,506
643,089
650,389
478,623
tctl t o , n<ia^ y 16%- on a capitalization o f $2,850,544. Tho T axes_______
81,140
85,705
47,789
« n r Pnm ls not ° ? y falIln^ to pay operating oxponses and taxes but it was Depreciation___________
93,905
56,409
41,971
27,173
arrca.r? in r«;ut: *113,000 ill taxes was paid by tho New York &
N et................................. . . . $418,263
to avold Penalties and thero is also duo $171,000 in franchise taxes.
$311,212 $373,426
$413,910
It was announced that all transfer points with tho lines o f tho Railways Interest, &c_.
$230,194
Company would terminate with tho lease, except with the Eighty-sixth St
Preferred dividend______ . . .
80,000
80,000
l-ioiooo
1 0 0 ,0 0 0
crosstown lino, which is owned by the Fourth & Madison Ave. Co.
Balance, surplus______
° mYi tlmo ? go receiver Job E. Hedges was authorized by the court to
$106,668
$1,018
$4,018
$71,172
rY*Yend operation on the Canal St. line, on which service had been continued — V. 108, p. 785.
ror some time past to comply with tho franchise provisions.— V. n o , p . 71.
Omaha & Council Bluffs Street Ry.— New
Officers.—
IT.,.;, o f ’ Smith, who has been acting President since the death of Frank T .
Hamilton last October, was, on Jan. 12, elected President,
o i \YF M onroe, director, has been elected 1 st Vice-President, R. A. Lcussier.
^ Y ~ PreSiKa0115. . and Ceneral-Manager. W . G. Nicholson remains
?®^rciary arld Auditor. I red P. Hamilton succeeds his brother as a mem
ber of the directorate.
The board authorized the expenditure of approximately $600,000 this
year for now equipment and for reconstruction, &c.. contingent upon tho
nnancial ability o f tho company to meet tho cost.— V. 109, p. 1987.
Pennsylvania Company.— Bond
Redemption.—
The company has called for redemption at tho Girard Trust C o., Phila
delphia, on June 15 1920, tho entire issue o f tho Pennsylvania Co. 3 % %
French Franc Loan o f 1906 certificates, guaranteed by the Pennsylvania
R R ., at par and accrued interest.— V. 109, p. 2440.
Reading Company.—
Reductions in BondT.-—
Track .—
T h e p e t it io n o f c o m p a n y a s k in g p e r m is s io n o f th o N e v a d a P . S C o m
m is s io n t o a b a n d o n it s lo c a l s e r v ic o in R e n o h a s b e e n g r a n t e d
It w as
p la n n e d t o d is c o n tin u e s e r v ic e o n J a n . 1 5 .
R a il s o n th o 4 m ile s o f t r a c k
in t h e lo c a l s y s t e m , i t is s t a t e d , w ill b o to r n u p a t o n c e .
T h o in te r u r b a n
s e r v ic o b e tw e e n R e n o a n d S p a r k s w ill b e c o n t in u e d .— V . 10 9 , p 2 1 7 2
,£ t , , 4 lb a .n s & Swanton Trac. Co
.— Franchise Modified.—
„ T h ° C it y o f S t . A l b a n s h a s m o d ifie d t h e fr a n c h is e r e lie v in g
r c ra V P / i / n g o b l i K a t i o n s u n t i l s u c h t i m e a s n e t e a r n i n g s e q
o %
o f t h o v a l u e o f t h e p r o p e r t y a s a r r i v e d a t b y t h e I* . U .
a ls o c h a n g in g th o p r o v is io n r e q u ir in g s e r v ic e e v e r y h o u r fro m
6 : 3 0 p . m . t o e v e r y h o u r a n d o n e - h a l f . — V. 1 0 7 , p . 2 4 7 7 .
San Antonio Southern RR.— Organized .—
th o c o m p a n y
u al or exceed
C o m m is s io n 6 :3 0 a m
to
' lo
T h i s c o m p a n y h a s b e e n c h a r t e r e d w it h a c a p it a l o f $ 2 5 0 ,0 0 0 t o t a k e o v e r
a n d o p e r n t e t h e A r t e s i a n B elt R y . ( V . 1 0 9 . p . 1 7 0 0 ) a n d t o e x t e n d i t h d o
M c M u lle n a n d L i v e O a k c o u n t ie s t o S im m o n s C i t y , 7 0 m ile s .
I n c o r p o r a t o r s a n d d ir e c t o r s : H a r r y L a n d a , N e w B r a u n fe ls , T e x ■ W
It
W i s e m a n , J . E . J a r r e t t J . H . S a v a g e , T . B . B a k e r , L e o M . .1. D l e l m a n '
D i h r e l P , S e l g b n ' Sr p ” x ^ n t o , 1 ° '
I c x • ■ I-1 - B * W i s e m a n , F l o r e s v i l l o , a n d J . B
Staten Island Midland RR.—
Service Suspended— Receiver
e d e r a l Ju d g o T h o m a s I . C h a t f ie ld h a s a p p o in t e d J a c o b Iir e n n e r r e c e iv e r
fo r t h e c o m p a n y w h ic h d is c o n tin u e d th o o p e r a t io n o f it s f i v e tr o llo y lin e s
? n Ja n . 19 19 .
A h e a r in g fo r th e a p p o in t m e n t o f a p e r m a n e n t r e c e iv e r h a s
b e e n fix e d fo r F e b . 1 7 .
1 h e C it y o f N e w Y o r k , u n d e r th o su p e r v is io n o f
G r o v e r W h a le n , C o m m is s io n e r o f P la n t a n d S t r u c t u r e s , h a s s u p p lie d b u s e s
t o t a k e c a r e o f t h e t r a v e l i n g p u b l i c . — V . 1 1 0 , p . 262.
'
* Elec. Co. of Baltimore.— Decision of
Commission Permitting Increase in Fare FromQlA to7C ts
United Trac. Co., Albany, N. Y .— 7c. Fare Allowed.—
Seo “ C u rre n t E v e n ts”
o n p r e c e d in g p a g o .— V . 1 1 0 , p . 7 9 .
a d o c is i< m o f , t h ^ , P - 8 . C o m m i s s i o n , t h o c o m p a n y w i l l b o a l l o w e d
tH rn b a t f m a J f r o ° f 7 c ‘ i 1 A l b a n y a n d R e n s s e l a e r .
T h o o rd o r b o co m e s e ffe c
t i v e w ith in f iv o d a y s a f t e r th o c o m p a n y file s it s s c h e d u le s o f r a t e s w ith th o
C o m m is s io n a n d w ill b o o p e r a t iv e fo r o n o y e a r .
T h o c o m p a n y a ls o w ill b o
^ u ' w d . t O rC 0 , c c t , ? u 7; c e n t f a r o „ i n T r ° y . W a t e r v i i e t , C o h o e s , G r e e n
a n d W a t e r fo r d , w ith fr e e t r a n s fe r s .— V . 10 9 . p . 5 7 8
Pref. Stock.
Offering of
The company was organized in 1904 in Connecticut and began to manu
facture magnot wiro. At present time is ono of tho largest manufacturers
or onameled wiro in tho country, and is also a largo producer of coils and
windings mado out of onameled wiro for various manufacturers. Gross
sales have increased from $792,000 in 1913 to $3,414,000 In 1919.
B a n k ers M a k i n g O ffe r in g .— Richtor & Co., Frisbio & Co., Goodwin*
> , c h . * Co., Conning & C o., Thomson, Fonn & Co. and W. A. Jackson &
Co. Hartford, Conn.; Tho Chas. W. Scranton Co., Now Havon. Conn •
Hull, Ingraham & C o., Bristol, Conn.— V. 108, p. 2529.
Air R ed u c tio n Co. In c ., N . Y . C ity .— 7 %
“
O n J a n . 1 7 19 2 0 th e ro w e re s t r u c k o f f th o r e g u la r lis t o f th e P h ila d e lp h ia
E x c h a n g e 6 7 4 ,0 0 0 G e n . M t g o . 4 %
b o n d s, p u rc h a se d a n d c a n c e le d on
ua ? I 1 9 2 0 , a c c o u n t o f th e sin k in g fu n d , le a v in g th e a m o u n t o f sa id b o n d s
h a te d a t t h is d a t e $ 9 5 ,5 8 9 ,0 0 0 .— V . 1 0 8 , p . 2 6 3 0 .
sa ia D onas
“ Seno (Nev.) Traction Co.— Abandons
IN D U S T R IA L A N D M IS C E L L A N E O U S .
Acme W ire C o ., N ew H aven , C o n n .—
$500,
000 8 %
— Tho bankers named bolow are offoring
at 100 and d iv ., yielding 8 % , $500,000 8 % cumulative prof,
stock, par 8100.
Is la n d
Conv. Debs —
The shareholders will vote Feb. 18 on (a) authorizing not exceeding
$4,000,000 Ten Year 7% Convertible Gold Debenture bonds which shall
pe issuabio in scries from tlmo to time under trust agreement eaeli series
bearing such dato and convertible at tho option of holders after two years
into Common stock at such rato or rates not exceeding ono share
of stock for each $62 50 of bonds, as the board may determine at time of
issue; (b) on reducing the number of Preferred shares which tho company
may issue to none, and to increaso tho number of Common shares without
nominal or par valuo which tho company may Issue, to 293,334 such shares
and to increase tho stated capital to $4,400,010.
'’
Digest of Statem ent by President A. S. Blagdcn, Jan 17 1920
t hrough the salo of additional Capital stock last year 31 17(> 000 was
paid into tho Treasury and about $1,250,000 was sot up as reserves and
operating profits after all 1919 dividends, amounting to $556.
000 had been paid. Of the two first named amounts $ 5 5 5 000 was paid
or set up as a special reservo for 1918 and 1919 Federal taxes and $ 1 869 0 0 0
ha?.Mpfn.oxP°ndcd on manufacturing and distributing facilities. ’
’
J/, *1 { h o return to ncaco conditions the demand for our products has been
i f i ? J ncp#easetl' and fis h e r expansion is both necessary and desirable*
w / r S n 0,™ proposed to authorize not exceeding $4 ,0 0 0 , 0 0 0 1 0 - Year
‘ / q £old Debenture bonds, Series A $2,000,000, to be convertible at option
or holders after two years, into Common shares at the rato of not more than
16 shares without par value for each $1,000 of principal. It is proposed
to issue at the present tlmo this Series A. and stockholders will have |the
first right to subscribe, n proportion to their holdings. It is also proposed
to have the same underwritten.
A ll Package G rocery Stores Co
.— Suit for
$372,246.—
S. Snowdon Marshall receiver has brought suit against the U. S. Gov
ernment in tho Federal Court for $372,346, it being claimed that tiio amount
ot compensation awarded by tiio Board of Appraisers was not sufficient
and that monoy already accopted by tiio receiver represented only part
The action grows out of tiio requisitioning of tho bakery plant and oquipmerit of the company
:ompany at the Bush Terminal, Brooklyn, N. Y.— V. 106, p.
1902.
American Bosch Magneto Corp.— Stock S u b scrib ed .—
Tho stockholders have subscribed to all of tho 2 0 , 0 0 0 shares of Capital
stock of no par value offered them at $ 1 0 0 a share. Subscription was on
the basis of one now sharo for each three owned, bringing the outstanding
capital up to 80,000 shares.— V. 1 1 0 , p. 203.
uwwnaing
American Brass Co .— E xtra D iv id e n d .—
j
An extra dividend of 1 '<;% lias been declared on tho outstanding rantal
p ?k ’ Y ? ng. "!l,,h th l2 re(?dlar quarterly dividend of
belli payable
J,‘ b - to holders of record Jan. 31. A like amount was paid extra in
Feb.. May, Aug. and Nov. 1919.— V. 109, p. 1610.
jg
361
THE CHRONICLE
Jan . 24 1920.
A m erican F oreign Trade C o rp o ra tio n .— Increaset of
Common Stock to $5 8,500,000.— 'The shareholder, of this \ir ginia corporation, organized last M a y as an ally of the 1 ooacco Products Corporation, will vote Feb. 4 on increasing the
authorized limit of Common capital stock from 815,000,000
(about 813,870,000 outstanding) to. 858,500,000, par 8100.
The 7 % Cumulative Prof, stock will remain S5,000,0OU
authorized as at present, about 8 1 ,4 0 0 ,0 0 0 being outstanding.
“TTommon shareholders of record Feb. 4 will havo the right to subscribe
at S7 ashare on or bofore Feb. 18 for throe shares of the new stock as to
each share held by them, respectively. This will Increase the outstanding
Common^ stock to K i t l55.480.600. The time for subscription, wo
understand, will probably bo extended.
Q P, „ nnn , *, com.
rFhe Tobacco Products Corporation owns about So.odo.iJUu ot uio coi
panys Conmum stock and is offering the $25i.600.000 new Common, to
which It is entitled to subscribe to Its own stockholders, Common and Prof.,
for subscription at $ 7 a sharo as below stated.
The "Wall Street Journal" on Jan. 20 said:
Tlie management has approved plans for the development o f the comnanv's business and for taking advintago of tho opportunities which havo
c o n w with the llfU .V f the Russian blockade.
For the present operations
wi b"confin ed to the Near East as far as Egypt aiul W inding Czecho
slovakia
The company was organized for tho purposo of trading American
products for those of foreign countries on tho «>£P ™ 01? " ‘’ fitb hasrgradiaHy
iVjirt If. hail a lar'ro range of miscellaneous articles, out it lias gradually
eliminated many of those and its buslness has scttled to ^ Permanent basis.
[Tho chartered steamer lioatrico has already made 1
- roniolo” 1
C a p ita l S tock — ( N o P a r V a lu e ) —
A ‘ 4 0 Q O o' ° 40 000
150,000
it ,ouo
Class “ B ” (voting stock)................................. ..
American Ship & Commerce Corp. purchased 76,000 shares of Class B
stock for cash! Tho remaining 35,000 shares of “ B " stock and all the
40 000 shares of " A " stock wero delivered to tho Kerr Nagivation Lorp.
in ’payment for the steamships, good-will, franchises and earnings of the
^Afto^doducU ng 1 all9Expenses of operation and allowing for depreciation
on KsThip^ the gross earnings of tho Navigation Corp. i n ^ l 9 .for the Period
ended Sept. 3 were S2,382.606, and not earnings, $2,323,718. Adding
miscellaneous income of $2 2 , 3 9 5 tlio total earnings and income beforo taxes.
V<EMvfdends’ on*the " A ” stock do not accumulate until after July 1 1922,
and theyaro limited to $7 per sharo. If a dividend at this rate were paid
on the “ A ” stock for 1919, tho requirements for tho period given‘ would be
annrnximatelv S 187.000, leaving a balance of 82,lo9,000 beiore vaxes"riiis balanco is at the annual rate of over $29 per sharo, beforo taxes, on the
" B " stock, of which American Ship & Commerce Corp. owns 76,000 shares.
O ffic e r s a n d D i r e c to r s o f A m e r i c a n S h ip & C o m m e r c e C o r p .
O ffic e r s — Pres
George W . Gootlials; Vice-Pros., H. F. Kerr;
VicoJ ic. Trimble; Sec., Kermit Roosovelt; Treas., Harry Williams. Jr.
— Gcorge IV. Goethals, Pres.; II. F. Kerr, Pres. Kerr SS. Cog.
N Y •J IC. Trimble, Vice-Pres. Chandler & C o., Inc.;
DaM, VicePres Chase Nat. Bank, N. Y .; K. G. Roebling, Pres. John A.
Sons' C o.. Trenton. N. J.: Parmely W . Itorrlck. banker, t lcvoland. Ohio.
Pres
rD ir e c to r s
N. Y .: Joseph W. Harriman, Pros. Harnman Nat. Bank, N . Y ., 1 . M .
Chandler, Pres. Chandler St C o., Inc.— V. 110 I . 16J.
Beet Sugar Ally.
C o .— Advance Prices.—
A m erican Sugar R e fin in g C o .—
Seo Great Western Sugar Co. below.— V. 110, p. 80.
A m erican W r itin g Paper
administrative expcrlenco in shipping and marchan(Using.
'
Beginning Jan. 20 company advanced tho price o f paper 20%. V. 110
during the war was a TJoutenant-Colonol and was associated with Major
General Goethals in the handling of Government supplies- / i ^ l ; ? nf^ 0? ,he p. 169.
TVfanairor for tho Post Coreal Co. Elliott Avcrett, Vice-President pi tne
A p p a la c h ia n Pov/er C o .—
Unltccf Cigar Stores Co. of America, was elected to the vacancy in the
S e c r e t a r y A . H e n r y M o s le , 3 0 B r o a d S t . , N . Y . , in c ir c u la r o f J a n . 1 2 .
board created by tho resignation o f Reuben M . ^ 1*1 n u J o l ^ n s o u
Tobacco Products Corp. Elliott Cowdiri, o ft h e > silk firm of Johnson. T h i D8t S l d e r s on Dec. 29 1919 authorized and®uo of First Pref.stocky
Cowdln Sc C o., Inc., has also been elected to the board.
nlKn in issue of $ 5 0 0 0 . 0 0 0 now notes to bo secured by pledge o f 5 6 ,0 0 0 ^ 0 0 0
An Initial quarterly dividend of 1 % % has boon declared on the 1 referred bonds viz : the existing $3,000,000 2d Mtgo. bonds and a proposed new issue
stock, payable Feb. 15 to stock o f record rob. 1*.^
r
$3,000,000 General Mortgage bonds
0(1 M tge.
rrnhft President Henry Mason Day, formerly President o f tho export, of The
directors have now determined to issuo So.uuu.uuy n
houso^of H e m * i k X & Oo., has recently returned from Turkey and
adjacent countries, whore important trade arrangcmcrits were 1
^°a exisUng°$3 (V0 0 O0 0 0 M ^ t g e ! bonds^vM ch will now b^canceled) anS the
The SS. Reatrlco, on its recent voyago, brought back .with other ireignt, a existing $JJ
■
~ ,,
Mtae bonds (which will not bo issued).
considerable amount o f tobacco.
Collateral Notes —
A m erican G reen h ou se M a n u fa c tu rin g C o — Pref . Stock
Offering.— Radon, French & C o ., Chicago and Newark, N ..J.,
aro offering at 100 and div. to yield 8 % by advertisement on
another page, 8200,000 8 % Cumul. Pref. stock, par 8100.
ito secure tho notes.— Y. 109, p. 1459.
Dividends Q.-J. Red. after 1023 at $110. A sinking fund will t » created
out of earnings, beginning with 1923 of $11,000 per annum and will be
used to retire an equal amount of stock annually. No m2!P£aK ' f ^ . k
tho written consent of H o f the Pref. stock outstadning. I he 1 rcr. stock
has full voting power.
C a p ita liz a tio n ( U p o n C o m p le tio n o f T h is F i n a n c i n g )—
8 % Pref. (a. & d.) stock, par $100...............................................
cited fully under “ Financial Reports abovo.
Common stock, no par v a lu e ......................................................... lo,uuu '
Data From Letter of Pres. I*. L. McKee, Dated Dec. 11 1919.
C o m p a n y . — Incorp in Illinois, and began business in Nov. 191 o ,w ith a
board from 13.to 14 members. All officers wero re-elected.— V. 110, p. 263
cash capital of $7,500. The business has grown to the pri sent net in
vested capital of *209,751 entirely out of earnings a
l
^r. Chonses
Company designs, manufactures and builds commercial grt*
;
:•
prlvatc-estato greenhouses, conservatories, solartums. glass swimming
pools glass roof gardens, horticultural buildings and houses for vegetable
Forcing. It. also does a jobbing business in materials for t1*lt* , ^ ss1” f ^r" [ ^
Kuril
trlass nine hardware, paint, putty, boilers, &c. Business is earned L produirtlon or a C t 5 0 0 WO barrels to its annual o u t p u t .-V . 110, p. 169
on In everv State in the Union, although the principal activities have been
A tla n tic F ru it C o .—
—
confined to Illinois, Wisconsin, Michigan, Indiana, Ohio, Iowa, and Mis
souri
Plant at Pana, 111. Maintains offices in Chicago, and N Y .
le a r n in g s
-Net earnings for the II months ending Nov. 30 1919. were
002 eaiial to rate of $90.48 per annum. It is estimated that with the
0
addition of tho now capital received from tho present financing, the earnings of which they aro managers, havo all been sold, v . 1 1 0 , I>-
Bonds Sold.
Wl" . S o ‘S
" -C o m p a n y S u r i s addmonal capital for the purpose of hand
ling and financing Its rapidly growing business.
F i n a n c i a l S ta tem en t a s o f N o v e m b e r 30 1919.
[After giving effect to the issuing of tho entire Issue of 15,000 shares ok
Common stock, no par value, but bofore the issuance of any I rofeired stoc
and before adding tho proceeds from tho sale of tho 1 referred stock.|
L ia b ilitie s —
_ ,
•
A sse ts—
Cash, & c___________________
$7,311 Capital stock, (15,000 sh.
no par value)--------- ------- $209,754
Accts. & notes rec_________ 162,455
Inventories.............................. 07,831 Mortgage _______ ______ — lb ,000
Total current liabilities....127,489
Total (each side)_______ $353,243.
— V. lit), p. 263.
A m erican La France Fire E ngine Co . —
Com m on
D iv
A quarterly dividend of 2 \<x % has been declared on the Common stock,
payablo Feb. 16 to stock o f record Feb. 10. ^ I his issue has been on an 8 /c
per annum basis for some timo.— V. 110, p. 263.
A m erican M alt & G rain C o.—
Earnings.—
10—
P S ' vts). «i? 9
Gross income from operations................................... sbtaqr
Operating exponses............ - ........ ..............................
Other Income, $14,725; total e a r n i n g s .....- - - - - Bond Int., $8,912; organization expenses, $13,000.
21,912
$183,958
Not earnings---------------------------------------------------V . 110, p. UI8 .
R es u lts f o r P eriod, f r o m J u n e
& P «7
Am . Ship & Com m erce C orp o ration , N. Y .—
M
i
Cunaulatlve Preferred, being the total authorized and outstanding.
p. 1701.
Rfithlehem Steel C orp .—
Sub. Co. Bonds Called.
V . 10. ,
-
Onoh?ndr^™ Klthlrty-sovo,r($137,000) lat N
B« " k t a ^ n d 6 %
gold bonds of the Spanish-Amer can Iran C o., dated^ July. 1 ^ ^ hQav® “ 6 3
drawn for redemption at par and interest as of Jan. 1 1J2U. v . 1 1 , i
Offering
B la ck ston e V alley G as & E lectric C o .— Bond
— Estabrook & Co. are offering at 90 and in t., to yield
h 8500,000 First & G en. M tge. 5 % gold bonds of 1912,
due Jan. 1 1939. Outstanding (including those n °w offered-),
83 508,000; retired by sinking fund and canceled, 51 Mj,uuu,
5V % ,
to T72
•iH oola
t'an!
14,991
$153,014
mr
£
d :- K
*
m °OtrrP69 % ° o f 'o 'u ts la n d in g 60,980 S h a r es o f C a p . S t o c k v . t . c . ) o f
W illia m C r a m p it S o n s S h ip it e n g i n e B u ild in g Co. (est. 1830), o f / /ida.
'Pin, company’s yard Is one of tho most complete In tho United States
total territory occupied extends over 168H acres.
The company’s balance sheet as of Dec. 31 1018. show*i (a)
of *10 383.332, as against current and accrued liabilities or $0,40J,5*.o,
and $1,473,444 outstanding bonds and mortgages, (b) Plant s account of
$15,788,735. Tho book value or the stock was then $253 per share.
The not earnings for the past four years and eight months to Dec. 31
1918, after all taxes, depreciation, fixed and all other charges, have averaged
at the annual rate of 23% on the common stock, and for eight months
ended Dec. 31 1918 wore at tho annual rate of 26.7%. I ho 1 J 1 .) <arnings
are reported to bo at tho rate of over $35 per sharo, after all fixed charges
niui reservations for depreciation and taxes.
.
^
(2) O ver 6 8 % o/ th e S tock o f A irier* S h ip * A C o m m e r c e N a v ig a tio n C o r p .
°^Owns a fleet or ocean steamships, acquired from the Kerr Navigation
Corp. o f N. V., which are being operated by it in established International
tradeirelatlonshlp. Tho capitalization of said corporation Is as follows.
“
n'b.'
S
S
L
.... .
G ro s s a n d N e t E a r n in g s , C a le n d a r
- T sp. I1989
l
Status .— g— jV.r 109,
A booklet issued b y C handler & C o ., I n c ., N . Y . , P h ila .,
Boston r o p o r ts :
C a v it a l S lo c k . — No. of shares (no par value)— authorized, 1,500,000:
outstanding, 512,140. No mortgage or bounded debt, no notes or pre
ferred stock. [The outstanding stock as above was placed on Jan. 5 1920
on the regular list of the Phila. Stock Exchange with authority to list a
further 92,830 in case tho company should see fit to Issue the same in ex
change for the $ 1 ,8 5 6 , 6 0 0 outstanding (Tamp stock, making tho total
authorized to be listed 604,970 shares.— Kd.|
The corporation and Its shipping subsidiary have available for corporate
purposes over $10,000,000 In cash and Government securities. .
H
fE
»< 5205.000 offlo a t-
Years.
* '&
W .) B liss C om p an y
.— New Secretary.—
March, when a permanent successor will bo chosen.— V. 109. p. -14*..
B o sto n C on so lid a ted G as C o
.— Opposes
opposition to a'liy furthcr increase In the price of gas in Boston. - V . 109,
p. 679.
B ristol (C o n n .) Brass C orp o ra tio n .— P r e f . S to c k .— Roy
T . Barnes & C o ., Hartford, aro offering at par and int.
8500,000 7 % Cum . Sinking Fund Pref. stock (par value
8100)
Dividends Q .-J . Redeemable, all or part at 11U
and divs. on 30 days’ notice. Tho bankers report:
Has no funded debt and covenants not to
S a v i n a a nriority
of Pref stock outstanding. Corporation agrees to set aside annually
of ’ "tWarnings! with a minimum amount of not less than 5% of the outst indinz Pref slock for retiring of outstanding I rof. stoik.
TnfM nrt nisets of $3 817 044 are equal to over $3S0 per share and the
n o t ^ '^ a s s e t V $173 per share of I’^ V ^ o / o u U U n
to maintain net current assets equal to 125% of outstanding i
i
363
THEICHRONICLE
[V o l . 110.
Digest o f Statem ent by Pres. A. F. R ockw ell, Bristol, C on n ., O ct. 24.
E o o 1E d?.rS/-.4°.I1avo i0 votes for each such share; (c) canceling $99 of tho
capital^to
rodu5ii1
? each,
accordingly
Ordinary
share
capital t;o $100,000 in 100,000 shar&s
of $1
and (d ) tho
Increasing
thocani0 2 7 0n n o ^ „ r E nf(Eition ,°r 8 ’027,000 of Ordinary shar^ divided into
p r e s e n t ^ I m o ^ T n n ^ n n n ’ ^ m S 0 0 , ° f w h i c ,h 14 i s P r o P o s e d t o I s s u e a t t h e
8 1 1 97 °nnn h^ f i o / m I ^ c',1’ making tho total amount of Ordinary shares
sto c k h o ld e rs
5 1 ,0 0 0 ’0 0 0 r h o c o r p o r a tio n h a s a b o u t 1,0 0 0
Com m on
127,000,
consisting of shares o f $1 each, tho holders to have ono voto
for each such share; (e) on confirming tho plan of reorganlzaUon,
w [ ’f ? f u r Ct"
M a n u fa c tu r e s s h e e t b r a s s , c o p p e r r o d , w ire a n d
tu b in g
Iho
committee
for the ls t M .5 % Gold Bonds have approved tho plan of
J 7 ® ? 'M y p a y - r o l l i n O c t o b e r 1 9 1 5 a m o u n t e d t o a b o u t $ 3 , 5 0 0 p e r w e e k - i n
r n R Zai on
h Provi(ies (a) for cancelation of £2.054,000 1st M
D l a n E f o r ' t h i E f n t n ™ ' n ? « 5; S 0 0 , t 0 ,a b < ?5l t 8 2 5 e m p l o y e e s .
T h e c o r p o r a t i o n ’s
mj?on^r an(^T
a arroars of interest, the 2d Mortgage Debenture Stork
p l a n s l o r t h e f u t u r e a r e t h e p r o d u c t i o n o f a b o u t 3 ,0 0 0 0 0 0 l b s
o f sh o o t
of
the
«ien
ona
nn^nt
o
’ S a ’ 5 0 0 ’u0 0 0 ,o f tbo *5,000,000 Pref. Stock, $9 OOihOOO
tu b in g a n d 1,0 0 0 ,0 0 0 lb s . o f r o a d a n d w ir e p e r m o n th .
D u rin g
n.,E ie 7?10,000,000 Common Stock (2) for creating £1,027,000 5% Nonth S
i
ht c o r p o r a t i o n s b u s i n e s s w a s p r a c t i c a l l y 1 0 0 % w a r b u s i n e s s .
Oum. “ A ” Incomo Debenture Stock, £1,027,000 5% Non-Gum
b ( ^ Y n n i , f J /SV , n n ^ ^ n , I ! J a f i 0 n of, 4,b n , b o o k s b y c e r t i f i e d p u b l i c a c c o u n t a n t s ,
Income Stock, $3,400,000 new Pfd. stock and $1,027,000 new Coin, stock,
fro m a ll
e ? f t ! ! ! ? i )<:c . 3 1 1 9 1 3 t o S e p t . 3 0 1 9 1 9 , s h o w s n e t e a r n i n g s
c ! bo
ders i?7 ,4ib<iP/rc',ion,4 securities will receive (a) in place of each £ 1 0 0
e a le H o r ( } ^ f ^
s P y ! ™ v ,< lln g f o r F e d e r a l , S t a t e a n d a l l o t h e r t a x e s a p p l i S m W Srnow ^ d f 5 0 A ’ Debenture Stock. £50 ’ ’B ” DebentureStock
S 2 fi9 7 R 9 w h i^ h
* 1- 3 2 0 ,8 2 3 , a n a v e r a g e p e r a n n u m o f
Thion v 'ferrP? Stock, and $50 Common Stock (b) In placo o f the £50 0()o’
P ro f'
h iv ,i tu
*
tim e s th e 1 %
d iv id e n d s u p o n 8 1,0 0 0 ,0 0 0
I bece Year Notes issued (for which tho 2 d Mtgc. Debenture Stock is iield
lo a n s
* T h is w m
E ,
> e a r ,1 9 1 8 t h e c o r p o r a t i o n p a i d $ 6 1 , 0 7 1 i n t e r e s t o n
8 5 rmEoeE n RCf lra^
4bo Preferred Stock, (c) In place of the
$5,000,000 I ref. Stock $1,500,000 Now Pref Stork fd) In r\ir.f*n Af <i. .
P r e f s t o c k .— V
n o
p
2 6 3 C llt r c l y e l i m i n a t e d b y t h e i s s u a n c e o f t h e
$10,000,000 Com. Stock $ H)0;d00 N m rC o.E steck ’ W
Pl<‘ L° ° f U,°
r, A „ Pew Debenture Stockholders' Committee will bo organized having
B ritish^Am erican
T obacco
C o .,
L td
-I
f
t b ? ” Z 0 .h!;„c,'.mAp:1
l
ny
40 issuo Prior Lien Securities ranking
.— A n advertisement 'g/Eno one 10 A iand ,
Debenture Stocks to an amount not exceeding
dated Jan. 10 reports in brief:
t o ’con«nn?vEYnyln? i,ntercsb a 4 not exceeding 1 0 % , and also with power
l
O
b
T
m
l
n
l
n
l
, ? , , - . 1 0 0 or any p ,a r 4 of tbc net earnings up to 30th Juno,
d iv id e n d 1
6f
E
h h ’E 1? ’ 2 7 0 1 1 4 ,1 0 P a y m e n t o n t h a t d a y o f f i n a l
i h,V,.7r,b fi!,g a-I’I'bed or reserved to meot capital expenditure. Subject
f B r lt i s b in c o m e t a x u p o n t h e o r d in a r y s h a r e s ,
n /w n w ll® ’ a ’’I.C ’Y 'dng's in each year shall bo applied as to one-lialf in
m anagem ent E ?
4 b S y e a r a f t e r d e d u c t in g a ll c h a r g e s a n d e x p e n s e s fo r
u™ 9 ftElg on.i pcbcnHiro Stock .and thereafter in redeeming “ B” Debent
r f!? £
& c ’ ’ a n d b / o v K lin g fo r in c o m o t a x a n d e s t im a t e d e x c e s s p r o fit s
ure otock, and as to the other half in paying tho interest on the “ A” Dn.
da4y
A ft e r Z S X a r e . £ 3 ,7 7 6 ,5 0 0 , a s a g a in s t £ 3 ,1 4 0 ,1 7 4 fo r th e p re v io u s
benturo StiOck and subject thereto the interest on tho “ B” Debenture Stock
w i l l b o Y 4t 4 0 0 : i l 2 g * m a l d l v i t l c n d o f 6 % , t h o a m o u n t t o c a r r y f o r w a r d
™!i ?VbJect thereto in redemption of " A ” Debenture Stock until redeemed
5?d 4hen bj, Payment of dividends on tho Capital Stock A majority of
f o r T« ne« t if m o t 0 r ® h a v .e a l s o d e c i d e d t o p a y o n J a n . 2 7 1 9 2 0 , w i t h f i n a l d i v i d e n d
directors will be nominated by the Debenture Stockholders’ Committee
so long as any of the " A ” and or " B ” Debenture Stocks are outstanding
M S ‘ IS c o £ i° d l.% ,or “ 10 yo” 1919- 1D20 - « »
on ll X CT Sonf of tbe Present bonds and Three-Year Notes must be obtained
£ 1 4 * 5 0 f f n o n 0 1n 1r o E n n n 1n o n S K \ ° , t 0 J a n - . 2 7 o n i n c r e a s i n g t h o c a p i t a l f r o m
0 nn?iT before June 30 1920 or such later date as may be fixed
sh a re s n f 'r i
b y ,t h o c r e a t i o n o f 5 , 5 0 0 . 0 0 0 a d d i t i o n a l o r d i n a r y
The bondholders will meet in London Jan. 26 to voto on the plan.
O ut o f t i l
f 5 5 j » « I?a r , P a s s u w i t h t h o e x i s t i n g o r d i n a r y s h a r e s ,
t H V w of 4be Plan may bo obtained by any bondholder (a ) in London at
f o r t h n f i i M h o i E : l o n a !„ s h a r e s a n d ik e o t h e r u n is s u e d o r d in a r y s h a r e s
Law Debenture Corporation. Ltd., 26 Old Broad St., E .( V 2; (W in Antm em b ers Of t
h
e
i
v l l l \. o n ° r a b o u t F o b . 1 0 1 9 2 0 , b o o f f e r e d t o t h o
7®r? , a4 l anQl>c do Commerce; (c) in Amsterdam at Ilanquo de Paris et
h o <M 1e r = r n F ° L t b e r e g i s t e r o f o r d i n a r y s h a r e h o l d e r s o n J a n . 2 8 1 9 2 0 , a n d t h e
flHnPnni'iBaiV
n Gcn°va at Union Flnanciere; (e ) in Montreal at Cana
n e w s h a d e s m t0h e Vn r E ' n tS t i tO b<? r e r f o ,r o r d i n a r y s h a r e s o n t h o s a m o d a t e ,
dian Bank of Commerce. Compare V. 10), p. 983.
s n a r e s in t h e p r o p o r t i o n o f o n o s h a r e f o r e v e r y t w o e x i s t i n g o r d i n a r v
28 19 18
u n d e r la w s o f C o n n e c t ic u t .
O r ig i-
C o M i m s ? ( A U < ? ^ n n n noG l 0 C k . ? ° i i l n ?,o r p ’ A p r i l 3 1 8 5 0 .
A u t h o r iz e d
°,c V s
5 0 0 ,0 0 0 , p r a c t ic a lly a l l o u t s t a n d in g , a n d a n a u th o r iz e d
.— Dividends—
Warnings Increase of Ordinary Stock
fo r th e
m v K
S
n
o f th e o ffe r
i 0 '
w h ic h
n o t c o m p le te m u lt ip le s o f t w o a n d n o t
r sh a re ? a n d s h a r e w a r ra n ts to b e a re r to bo a d d e d to g e th e r
e ' C? I , t ii n c o ) k c k l b y t h e m a t t h o p r i c e o f £1 p e r s h a r e ,
v i z f o n ° A p ^ U 'T i o l o
C O m p a n y in L o n d o n o n th o a c c e p t a n c e
T h o n o w s h a r e s w ill r a n k f o r d iv id e n d a s fr o m A p r il 7 1 9 2 0 o r th o r la t e
o f is s u e o t th o p a r t ic u la r s h a r e s , w h ic h e v e r s h a ll b e la t e r
N o s n 7 5 r f n 1 ? 7 R g« h m n S 0 E S f o r . t b o d i v i d e n d s t o b e d i s t r i b u t e d J a n . 2 7 ,
rig h ts 7
N n
7 7 c n ° , m ib ° c a f h.c d a n d N o . 7 8 s h o u l d b e t u r n e d i n f o r t h e
o f ’ b i > - i r p r ^ « h n r 7c S| i 01 d - £ ° r e t ,a i n e d . f o r t h e M a r c h d i s b u r s e m e n t .
H o ld e r s
t o s u b s c r i b e f o ? t h o m S w r t o ^ ^ V . ° l O T r P ? t1 7 0 l I k O rS t 0
S eC U r°
th °
rig b t
C'0,— Bonds Subscribed, <&c.—
rnio°$^in1nnfP7I^ 0i^
i s s t a t e d ^ ’h a v e a l l b e l n s o T d ^ t ° ™
v e r 4 1b le d e b e n t u r e s ( V . 1 0 9 . p . 1 5 2 8 ) it
Centra/l Aguirre Su gar C o .—
f r m n U| m ™ E n if f o n E \ ° a p p l i c a t i o n f o r i n j u n c t i o n r e s t r a i n i n g c i t y a u t h o r i t i e s
fro m
Ja n
22 to J a n
^
C ities Service
m p a n y c h a r g t o g a h ig h e r r a t e h a s b e e n p o s t p o n e d
m S o n n S V o C m E U i ef f S e T l n g l o 1 ° 5
a
1,0 0 0 fe e t fl e d w ith th o P . S . C o m -
a b o v e 1 n T u f c ° t L nn 0h a s b e e n
U D t il a d e C l s l o n 011 t h e
B ru n sw ick -B a lk e-C ollen d e r Co
.— Sales.—
Sa^ c a. g
e^Tan"
r - - - 825!odo ,000 $ 12^16,000 $12*58L000
....
{®,o ^‘H^ral/®
Herald of
«Jan. T14J further
reports
The comoanv renorts its
hnljwcl? f«rgely ovpersoId. in all departments. To take care of i ts expanding
« v e new factories for tho manufacture of Brunswick phonographs
f o r V f f l i d d l t l n n l ^ h ^ ? ^ 8611 a? d gr9und .will bo brokenPnextTparing
a capacity of*5 ,0 0 0 ^tles d ai/y ^
a°
8P
at Muskugon’
14
nn
directors have declared the regular quarterly dividond o f 151%
p 373 Gomlnon st°ck, payable Feb. 15 to stock fo record Feb. 5.— V. 109,
M^hn°,Eg h ,s A d d in S M ach in e C o., D e tro it
i n w e a s e in
in c r e a s e In
th e C a p it a l sto c k
.— New Stock.
J ,a n ’ 18 1 9 2 0 t h e s h a r e h o l d e r s a u t h o r i z e d a n
fr o m 16 5 ,0 0 0 s h a r e s to 3 0 0 ,0 0 0 s h a r e s
par
s c r .p t io n a t p a r k a s s t M e d ^ in V .
^ 3 5 9 ^ 17 4 * °
a n d PJ u ° l y S i ( ) 1 9 2 0 a n d * J ^ m T o
K t e f t o f f i ’t h S t S f c
° f S 2 5 &S f ° llo W s : F ° b . 2 , A p r i l 1 0
1 i ? o y .e r w a s m a d e C h a i r m a n o f t h o b o a r d a n d S t a n d i s h B a c k u s
y i c e - I ^ i d e n t a n d le g a l c o u n s e l o f th o c o m p a n y fo r so v e n y e a r s
w as
a d v a n c e d to P r e s id e n t.
C . W . G o o c h w a s e l e c t e d F i r s t V i c / p r S ’d w t
T r l l ’n ? 0 ^ 0 , f o r m e r d i r e c t o r o f s a l e s a n d B . G . C h a p m a n
S e cre ta ry an d
J f ^ n r e r , w e re a d v a n c e d to V ic e -P r e s id e n t s , a n d A . J . ’ L a llv e r m a d e
a g c r — V . ai 0 9 , rp C 2S3 5 9 r ' r o 4 a m i n g a l s o h i s f o r m e r d u t i e s a s g o n c r a l m a m
B iitler B roth ers, C h ica g o .—
Recapitulation— Div.— Earn.
n V 7m “
; h o l d .CI? ° n , J a r >; 2 1 a d o p t e d t h o r e - c a p i t a l i z a t i o n p l a n ( V . 1 1 0 ,
f c , ®
( 0 0 P t o 8 ? n yn n n e n n r C C t ? r S ' 1 T h i s i n c r e a s e s t h o c a p i t a l s t o c k f r o m
JU U ,U U 0 t o 3 3 0 , 0 0 0 , 0 0 0 a n d r e d u c e s t h o p a r v a l u e f r o m S I 0 0 t o $ 2 0
l i v e s h a r e s o f n e w s t o c k a r e to b o g iv e n fo r o n e s h a r e o f o ld
U n d e r th e
p la n t h e s h a r e c a p it a liz a t io n is in c r e a s e d fr o m 2 0 0 ,0 0 0 to 1 5 0 0 0 0 0
o f
Ja n
S T s .l l a r .e -s > . 1 . 0 0 0 , 0 0 0 w i i 1 b e g i v e n f o r t h e o l d s h a r e s t o h o l ’d e r s ’ o f r e c o r d
, a n ‘ 2 1 , a n d o f th e r e m a in in g 5 0 0 ,0 0 0 n e w s h a r e s , 10 0 ,0 0 0 w ill b e o ffe r e d
f o r s u b s c r ip U rn , to lio ld e r s o f r e c o r d F e b . 1 6 a t $ 4 0 a s h a r e o n t h e b a s k o f
^ o w n i0 ' V S l a n ’. f 0 1 u a c i l t w o s h a r e s o f o l d , p a y a b l e b y M a r c h 1 6 - 1 0 0 0 0 0
a n d 8 0 0 r n n n V« i
res< nr,v le d f 0 Ii f d e 4? e m p l o y e e s a t $ 4 0 a s h a r e d u r i n g 1 9 2 0 ,
a n d 3 0 0 , 0 0 0 s h a r e s w i l l b o h o ld in t h o t r e a s u r
@FedFRASER