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finattrial
ronirb
ontmenria
INCLUDING
& Quotation
Bank
SATURDAY, JANUARY
112.
^he
OThronijcle
Clearings at
One Year
8U
New York
6 00
13 50
7 75
11 50
of the fluctuatluiis lu the rute, of eichanee, remit*
and adTertUements must be made
SiU>$criplion includes following Supplements
In
45 cents
On request
Card ratea
Ohicaoo OrrioB 19 South La Salle Street, Telephone State 5594.
London Orrici Edwards & Smith, 1 Drapers' Oardens. E. O.
—
—
WILLIAM
DANA COMPANY,
B.
Front, Plna and Depeyeter Street*,
Publishers,
New
557,728,634
__
Cincinnati
01,5.56,521
Cleveland
118,900,922
Detroit
100,.502,003
Milwaukee
York.
tirand Rapids
5,615,4.55
Dayton
3,680,550
3,870,230
2,455,895
6.300.000
ICvansville ^. .
Springfield, III..
Youu.i,',stown
Fort Wayne.
Lexington
Published every Saturday morning by
2.000,000
6,720,000
1,814,987
1,800,000
3,516.235
1,605,619
1,751,295
1..367,661
1 ,427,462
1,1 62,.595
342,598
700.264
1.013,236
1.600,000
Roekford .
South Bend
Canton
tiiilncy
WILLIAM B.'DANA COMPANY.
Presl-
Arnold G. Dana; Business Manager, William
D. Riggs: Secretary, Herbert D. Selbert. Addresses of ail Office of tlie Company.
Jacob Selbcrt
1,790,5:>0
.
.\kron
Springfield,
-dent.
29,091,033
14,200.000
13,174,900
12,024,507
4,338,829
Indianapolis
Columbus
I'eorla
Bank and Quotation (monttily) Railway & Industbial (Heml-aonually)
Railwat Babninob (monthly) Blectbio Railway (semi-annually)
Stati and Oitt (semi-annually) Bankbbs' Oontbntion (yearly)
Terras of Advertising
(3ontract and
Chicago
Toledo
—
Transient display matter per agate line
Jr.; Vice-President.
,
Ohio
Blooinington
Mansfield
Decatur
.
Jacksonville,
III..
Danville
Lima
CLEARING HOUSE RETURNS
Lansing
The lo lowing tabic, made up by telegraph, &c., indicates that the tola bank
clearings of all the clearing houses of the United States for the wteli ending today have
been $7,048,4£3.627. araiust $7,819,694,491 last wtel< uiul .'58,293,652,472 the
corresponding week last year.
Clearings
Per
by Telegraph.
Janvarp 29.
1921.
New York...
1920.
$3,180,204,06.'-.
etutint
.?;3.814,396,488
438,236. 14«i
340,048,527
220,270.659
Chicago
Philadelphia
-
Boston
-
KansHfl city
-
130, 191, .M9
203,677,832
138,179,308
125,255,508
124,881,894
89,744,442
67,596,618
76,313,138
$5,793,989,075
1.110,471.276
$5,859,774,201
81,188,679,426
.?6,904,460.351
$7,048.4.53.627
.
SS. 293, 6.52. 472
...
-
5 daj^
TotJi all cities, 5
.\11
Total
days
day-
1
cities
all cities for
491,349,012
379,490,009
2 83,104,776
100,447,481
100.100,000
132,139,284
68,891,279
63,168,521
40,662,812
.
Pittsburgh
Detroit
Baltimore Mftw Orle^inR
cities,
week
$1,389,192,121
-^5.s
—23.2
—6.6
—47.3
—16.9
—5.9
— 15.1
— 14.5
— 15.0
Inc. or
1921.
1920.
Dec.
1919.
1918.
S
Philadelphia
Pittsburgh
Baltimore
Buffalo
$
%
%
$
—7.3
484 390,478 —11.0
,763,379, 054
,399,473,,88S 4.747 830.237
431,157, 427
199,208, 625
81,983,,979
..
39. RM,,467
16,.5.30,,820
4,6*0,,000
9,068,,9f.S
4,715,,686
3,893 ,652
2.434 ,523
2,744 ,185
2,463 .724
4,676 ,416
3.721 ,291
2,600 .000
1.268 ,491
2,193 ,320
I. .-MI ,806
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre -
Wheeling
Trenton
Lancaster
York
Erie
Chester
Blnghaniton. _
•Greensburg ...
+
167 340,889
1.8
—+18.1
3 .000.897
4 731.340
+ 16.3
2..
"356,
—10.6
,2.5,S,IS8
—2.9
-10.8
-21.
1,727, ,788
1.125, .8821
,434
!.
,572 ,290
— 12.7
1,100 .000
S3S..5.52
450 ,000
60.400
—2 .3
Bethlehem
2.703 ,,501 Not n"lii(lcil
Huntington . .
1.S25 ,722
021.4.50
Total Middle.. 5,188.865,490 5,603,104,331
in total
.
+ 10.0;
+ 19.2,
Portland
Worcester
Fail River
New Bedford
6,890,-539
—15.7
5,669,751
2.400,000
4.604,176
2,561,7391
2,180.002
1 .000,000
1.002,454
-9.9
746,0611
703.849
1.396.856
.
I,;5.5,05I
Holyoke
900,000
Lowell
Bangor
SUimford
New Knc'
2.27.5..374i Not. Included
.'i66.
125.063
45K.1S1.002'
830.800
000.000
669,713
522,678
814 ,.500
865 ,.5.58
798 ,104
493 ,437
—
1.1
+-4.1I
•16.91
45.5!
-33. 3|
lOOi
Si
10.,
-2 .31
1'
15,290.647
.
10,-548,552
Tacoma
Stockton
Fresno
Pasadena
San Jose
323,982,002
11,023.500
0,720.000
4.706.004
3.850.836
[
2,215.0631
3. '.67, 807'
1.724,000
1.835..501
,844.702
000. R3
012,748
215,805,574
9,178.000
0,004.008
3.700.000
3.110.007
2.150.000
2.877.592
I,6!0,068
_
Yakima
Reno
Long Beach
15,880,146
5,363.998
6,387,870
5,096,839;
4,004,859
2,514,993:
5,249,117,
1,072,419
2,000,000'
11,959,000
2,042,113
— 10.7f
13.7
—6.6
— 16.9
—+18.2
1.7,
+
-20.5
—2 .3
—2.3
+ 7.11
+
—
—
1
,740,-507!
1,475,853
.507,196'
675,355
4.50,000
225,0001
163,735,963
68,164,000
40,583,057
31,078,431
18.231,707
13,241,858
5,001,212
10,140,250
5,884,493
69,335,2701
42,204,870l
255,221,042
43,415,348
65,653,270
18,671,360
22,342,099
21,842,062
12,119,935
15,589.512
6.340,377
Paul
37,797,139
20,703,500
15.788,051
9.148,077
11.710,194
7,180,340
6,422,170
3.552,610
3.100.000
2.107,162
1.470.074
1.701.028
Denver
Joseph
Des Moines
Wichita
Diil:ith
_.
Waterloo
Helena
_
Colorado Springs.
Pueblo
Fargo
Aberdeen
1,028,3191
1,036..500|
2,?.00 000
1.235,1091
607,3231
.....
938,404
Billings
Hastings
Tot.Oth.West.
St
.
-577.8741
416.055,530
.
72.793
863,544,839,
695,829,933
—13.6
+ 27.8'
132,732,205
33,819,000
—27.2,
36,053.00.s
1.7
26,857,722
15,200,000
—
—16.3
—20.3
—35.3
—
—
7,626,892
4,454,231;
2,035.903'
1,962,9661
2,735,2631
1,143,550
854.936!
850,508!
500,346,
1,112,623!
279,746,404
197.932,184
—30.71
197,841,615
38.918,847
—35.7
.58.840,565
+ 10.2
16,032,885
197,787,685
29,767,362
48.431.983
14.083.998
17.521,2.55
19,869..551
22,578,863
9.027,672
8,769,245
11,775.873
11,183.260
4.032.082
16,430,375
7-532.504
7.232,316
4.405.981
7.002.493
3.774,238
3,426.475
1,098.204
2,249,437
1-724,282
739.99s
612,461
1.797,667
1.069,627
+ 59.7,
—7.3
—27.7
—24.5
—24.9
+
13.1
12.426,394' —48.31
4,982, .506
28.7|
3,740,106
2.507,194
1.700.200
2,000,421
1,077,866
958,515
2,9,50.000
—
—17.2
— 18.0
— 16.0
—
18.
+ 8^
—22.0'
1,559,111 —21.4
805,105 —24.6
1,458.711 —35.7
735.002 —21.5
408,307,036 —16.4
12,162,2-57
—.57.2
0.925,81 ;i
7,00s. 400
—30.0
—10.
10.201,535
6.353.034
12.094,125
5.000.000
5.000.000
13.305.200
12,091,911
4.-500.000
43,S34.0:!0
5.54,380
41.675.182
16.830.403'
14.251,-5751
15. 210. 035!
Savannah
Nashville
Norfolk
1
-
Jacksonville
Oklahoma
Little Rock
KnoNvllic
Mobile
C'hatianooga
.^u.stln
28.985.088
Dallas..
Vlcksburg
Jackson
Tulsa
383,-590
850.000
11,340.508
Muskogee
-t. 244,942;
87,264.001
28,194.000
27,378,102
16,738,715
11,753,315
6,981,409
3.028.462
5,000,881
3.393.399
2.106.506
1,891,038
2.107,184
836.221
809.126
542,089
525,000
782,736
.7,
23.843.442
45,194.1.50!
Memphis
Fort Worth
764.001
1,005,570
648,209
7, .561. 700
—22.4
—35.4
.\tlanla
Blrrnlngham
Augusta ....
584,472
539,305
922,132
988,600
—11.3
1.631.031
Houston
.
2.58.553
1,106,943
123.2141
10.050.001
2.074.208
11.310,313
4 200.000
3 1100 000
24.047.602
0.046.042
2 800.000
2.050.003
5. 346. 835
Louisville
Richmond
281,015
10.1|
177,911.212
70,208.025
16,606,041
32.345,272
10,207,881
71.613,771
75.056,424
34,729.705
21,622,154
138.078,1911
40.265.168'
24.290,732,
25.073.789,
8.851.068
Louis
Orleans
New
Galveston
.737.073
1,082,671
5,436.000
1.501.595
949.307
2,977,329
1,110,432
1,173,593
937,360
1 ,040,629
792.342
457,754
460,169
716,000
780,741
550,997
1,1.50,000
1
+ 42.6
—
436,858.372
44.682.884
70.637,630
49,314.321
23,906,323
11,123,000
9,163,500
9,225,890
4,510,892
4,419.235
2,953.481
2,998,085
1,548,274
3. 139 1863
1,051.412
I
-
Fremont
29,008,9821
14,133,000
10,502.900
1 1 ,230,453
5,166,032'
5.129,989,
4,241, 01 1
3,744.251'
1.852,3251
3,727,889
1,919,986
1,945,000
C. 111,000
1. 641. ,556
1,124.017,
2.821.285
1,306,6371
1,334,699
1,490,1871
-7.7,
—6.8
—8.0
176, 709, .596'
St.
61 ..502.9191
92.181,430
75.000,000
+ 3.7i
1,710.095
604,0281
Minneapolis
St.
518.996,5281
—32.5'
1,098,966'
Kansas City
.
00.0'
43.8,
11.2
— I8O'
— 21.2|
379,987,572
Omaha
0.6
— 19.li
—12.3
— 27.8i
— 15.9
—
—
1918.
1
10.0
1,400,000,
12.71
,028,076
1. 868,222] —14.0
—9.6
1 ,935,080,
1,571,348' —13.0,
•<
354.483.356
I, .536,649
13.:503.061
3,109.-530
2.694,302
8.021.007
1
12.417,778
5.270.744
5.474.366
530,062,636
726. 810, o?:?
4,-503.283
+ 46.3
—22.5
— 13.3
—36.9
—
—51.5
14.5
-34.11
+ 2.4
—67.5
—64.8
— 16.0
3.206..525
2.006.276
1.682.401
2.068.106
686.483,
623, 027
2.865.716;
1.457.825,
087.007!
1. 080. 4 50
576.43!
414,243,108
372,948,970
156.554.301
62.810.310
27.429.0S2!
!7,344.05S
4.879.000
50.01S.0S5i
141.265.003
52 ..547. 147
55.-801.5(50
19.156.710
15.102,417'
0.463.44S
15.089 .OOS
S.460.40T
12.425. 7-!0
2.759,352
7.897.563
2.20n,nn',
3,5('('
+ 85.2
— 28.7
— 12.5
— 23.0
0.50^,
— R.6
— 13.0
— 13
786,980
1,102,695
516,667
—40.0
—38.0
—63.8
—33.9
—30.8
080,811 —14.0
5,103.288
Shre\-ep«rt
248,000.884
—%
13,101, .500'
Santa Barbara
Total Pacific.
'
:;
'I"
1
.
4,702,9.S2
2,'79.720
1.067.217
4,S40,:W3
6,202.700
27.016.235
524 .62:-;
621. 4S;}
10.538.661
3..541.110
•-'034.283
17,071. .561
16.300.000
6.000.000
41,702.626
51.013.847
12,335,530
15,.548.8S5
7,129,287
10.484.967
0.710.842
4.004.901
3.-593,004
4.933.423
2.100.000
i 047.612
-^.832.S62
4.444.422
2.410„5O0
1.544.134
4.201 SI 2
6,000.00(1
20.205.580
502,670
522 .208
0.046,05a
2 030,855
2.290.304
|
Total Southern'
Total
3C.J.2.S1 .307
624,765,688'
71,355,029;
127,244,1071
12I,000,000|
28,608,011
17,361,000'
1919.
Dee.
3,233,846
9,723,378
5.416,774
8!o
—0.3
2,803,443!
2,796,439
6,430,900 —25.9
4,774,700
5.153,640 —29.8
3,619.739
2,184,513, -^60.0
3,494.353
2,030,077' —23.8
1,546,706
1,169,272
1.594,055 —20.4;
850,128
815,000
2.861.845 ^2L0
3,463,316
808.326 Not included in total
Oakland
Sacramento
San Diego
Chirleston
3,585,058,701
In total
—20
30,5.56,006
Lake City _
Spokane
Salt
Macon
I
—20.8
—20.7
2 600,000
3.82.1,203
1.182.001
i
I,?r.S.430l
Springfield
383
— 9.7
—7.4J4 454,902,361
406,885,452
14,844,400
9,288,700
9,185,781
5,810.235
.5. 106.035
J^ew Haven
Total
•"
1
i
Hartford.
3„345,o56
1,974,774
2,480.449
1 ,980,569
3.430.287
2,095,617
2.204.310
1,027,184
1,618,045
797,252
,452,213
1000 000
322.113,296
11.778,200
3,353.0.50
3 200.007
879 ,.500
Boston
Providence
5.203,704
3.700, 000
I. 879, 048
3,146, 020
2,271, 62')
4,339, 600
1.2
,727.790
23 ,200
.000.000
Altooiia
VIontclair
4,1.30. .500
4.2.58, 972
— 10.2
—20.9
— 17.9
—
.53.874
3
36,841,933
17,000.190
11,357,483
13,848, 677
4,643, 079,
7,221, 736
—13.7
-8.0
—4.6
10 ,513,622
5 ,123,510
4 ,080,531
2 .894.305
,095,523.826
310,575,622
77,048,208
392,910, 470
137,904, 703
81,321, 7181
22.627, 175
1.1
—5.8
—9.3
87 018,859
43 679.840
16 249,.5 28
5 617,345
_
Toppka.
Cedar Rapids
til-
._
141,400,000
87,087.000
29,547.628
Los Angeles
_
1920.
962,502,416 1,085,554,215,
Sioux City
Lincoln
Week eniing January 22.
.
Tot.Mid.West.
Portland
—10.4
—10.4
—22.2
—36.1
—27.3
—19.3
full details of the week covered by the above will be given next Saturday.
cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the atjove the last da.v of the week has to be in
all cases estimated, as we go to press i'rlday night.
Detailed figures for the week ending Jan. 22 show:
York
202,308
— 16.6
The
's ew
Adrian
Seattle
We
Clearings
555,790]
041,052;
Cent.
$4,814,360,923
1,045,413.278
....
St. Louis
Eleven
Owensboro
Ann Arbor
San FrancLsco
— Returns
Week
tndtng January 22.
,
$10 00
funds.
2901
Inc. or
Monthfl
taace.i for F.uropean subscriptions
NO.
It't'tJt
1921.
Earope&D Subscription (Including postage)
European Subecrlptlon six months (Including postage)
Oanadlan Subscription (Including postage)
NOTICE — On account
State and City Section
—
—
Btor
Railway Section
29, 1921
PUBLISHED WEKKLY
Terms of Subscription Payable in Advance
For
Electric
Industrial Section
Bankers' Convention Section
Railway Earnings Section
VOL.
&
Railway
Section
all
Out.'^ide
N. Y.
7 818,004,401 8,752, 014. 1.".9
3.419 220 003 4.007 'S-i.on"
—27
—10
543.087,419 456,941.0.50
1
7 6!917.895.438 5,557.701.740
-146 3,154 510y:fS4 2, 40; 177 '114
,
THE CHRONICLE
400
THE FINANCIAL SITUATION.
United States bonds have ruled slightly lower this
week, and high-grade railroad and otiier corporate
bonds which generally move in sympathy with Government issues have also been easier. The Fourth
Liberty Loan 414s, which on Friday of last week
closed at 88.22, yesterday closed just one per cent
lower at 87.22. This may be only a natural reaction
after the sharp rise from 83.50 reached on Dec. 20.
It is possible also that the continued flotation of
further new issues of foreign government and giltedged corporate bonds, bearing high rates of interest
and possessing other attractive features, are proving tempting inducements to investors to the detriment of Government obligations which, though very
attractive in themselves, yet do not yield the same
rate of return on the money. For instance, Kuhn,
Loeb & Co. the present week brought out an issue
of 160,000,000 15-year collateral trust bonds of the
Pennsylvania RR., bearing no less than 6^^% interest, and offered the same at 991/4 and interest.
It is not surprising to find that the issue was instantly oversubscribed, just as was the case earlier
in the week with the new P0,000,000 Belgium 20year 8% sinking fund gold bonds, offered at par
and interest by a syndicate headed by J. P. Morgan
& Co. and the Guaranty Company.
But in connection with the fluctuations in Government bonds, which on occasions have been quite
violent, the question always comes up whether Government operations may not be in part responsible
for these fluctuations at least for the sharp recoveries that have been not unusual after severe
downward plunges. At all events, when the Liberty
Loan issues were at their lowest in December, Eugene Meyer, Jr., took the opportunity to point out
that the annual report of the Secretary of the Treasury to Congress showed that the sinking fund purchases from July 1 until November 15 had totaled
only a little over |15,000,000, while the amount of
bonds to be purchased for the sinking fund during
the fiscal year ending June 30 1921 was no less than
$253,400,000. There therefore remained to be purchased by the Government between November 15
1920 and June 30 1921 over |238,000,000 of Liberty
bonds or Victory notes. Mr. Meyer observed that it
was optional with the Secretary of Treasury when
purchases for the sinking fund should be made, but
it was not optional as to whether or not these purchases should be made before June 30 1921. Mr.
Meyer's statement was given out on Dec. 22 and
singularly enough Government bonds almost immediately began to recover from the extreme depression to which they had been subjected, and
made an advance which in the case of the Fourth
Liberty Loan 414s amounted to over 5%. If the
Government in the interval has been making some
sinking fund purchases and now has again ceased
buying for a time, both the rapid rise up to a week
—
[Vol. 112.
a very noticable decline in the value of the cotton
shipments. On the other hand, the imports show a
marked contraction as compared with either November or the same month of 1919, and were, in fact>
the smallest of any monthly period since February
1919. The result is a favorable, or export, balance
of $454,387,294, which with the exception of that for
June 1919 is the heaviest on record, contrasting with
$300,705,676 for December a year ago. Specifically,
shipments of merchandise reached a value of 8720,493,266 against $681,415,999 in 1919, while the imports were only $266,105,972 against $380,710,323.
For the twelve months of the calendar year both the
outward and the inward movement established new
high records, but more particularly in the imports.
The export aggregate stands at $8,228,400,499
against $7,920,425,990; the imports, $5,279,391,364
against $3,904,364,932, and the net export balance
$2,949,009,135 against no less than $4,016,061,658.
The conference of the Allied Premiers, which had
been postponed for about a week, because of the
necessity of selecting a new French Cabinet, began
its sessions in Paris last Monday. One of the correspondents of the New York 'Times" sent a long
cablegram last Saturday morning, in which he
claimed a rumor was in circulation in the so-caUed
''inner circles" of the French capital that a Sinn
Fein plot to assassinate Lloyd George while in Paris
for the conference w as under way. No other American paper made mention of the rumor, and nothing
has been heard of it since. The carrying out of such
a dastardly undertaking would certainly have been
a momentous and most regrettable incident and undoubtedly Avould have had great bearing upon international affairs in Europe, particularly as just now
another effort is being made to settle the questions of
German indemnity and disarmament. The Paris
correspondent of the New York "Tribune" said in
his account of Monday's session of the conference
that fear was entertained in French political circles
"on account of the attitude of Premier Lloyd George
toward German reparation." He added that "it is
said the British Premier is seizing every occasion
to turn the discussion into one on the general policy
toward Germany, and that he insisted there must be
a new conference with the German Ministers present in Paris." He and the other American correspondents made it clear that a solution of the disarmament question was not reached at that session.
There was no reason to expect that it would be accomplished the first day.
In one of the cablegrams it was made known that
the first session was held at 11 o'clock Monday morning.
All of the meetings took place in the Clock
Room
at the
Quai d'Orsay.
At Monday's
session
Marshal Foch presented a report on conditions now
obtaining in Germany and along the Rhine. Premier Lloyd George is said to have critizised the report rather severely. Others who were heard on the
ago and the slight downward recession since then, question of disarmament were Field Marshal Sir
would find ample explanation.
Henry Wilson, General Nollet and General Bingham. According to Marshal Foch's statement, "the
The foreign export figures for the United States most grievous omission was failure to disarm and
for December 1920, made public this week, exhibit a disband the civic guards in Bavaria and East Prusmoderate increase over the corresponding period of
1919, an outcome due in important degree to much
heavier shipments of wheat, a considerable expansion
in the outflow of mineral oils and some other leading
commodities which served much more than to offset
The New York '"Times" representative declared it was tentatively decided at the afternoon session on Monday that "Germany should be
notified officially that she had failed to do certain
things with regard to disarmament and would resia."
THE CHRONICLE
Jan. 29 1921.]
ceive further time in wliieh to complete the task."
The correspondent was of the opinion that the date
would be May
1,
Under the Spa agreement
to have been accomplished
by Jan.
it
was
1 of this year.
became known Monday evening
that at the
gathering the following day the Council would consider the situation in Austria. According to an Associated Press dispatch from Paris the Allied Premiers were "greatly alarmed at the situation in AusIt
401
Treaty, even if all of them are not yet in favor ^f
modification." It was assumed that "adherents )f
the Mustapha Kemal Pasha, the Turkish Nationalist
leader, will be asked to send representatives to the
conference." A dispatch from Constantinople last
evening stated that the Government had accepted
the invitation of the Supreme Allied Council, and
that the conference woidd begin in Loudon on Fe6-
ruarv 21.
will endeavor to find some way for the conexistence of that country." The New York
tinued
"Herald" correspondent declared that the Premiers
On Wednesday the Premiers took up in a definite
way the discussion of German reparations. The
were afraid that the situation in Austria "might
New York "Times"
tria
and
easily spill over into adjoining countries." He declared that the advices received in Paris indicated
that a revolution in Austria had been held off only
with the greatest difficulty for several days. All
the Paris dispatches stated that the Premiers rejected the proposal for "an Allied loan of a quarter
of a bUlion dollars, payable in ten yearly install-
ments of $25,000,000 each, and guaranteed by pledges
on Austria's resources." In substantiation of this
decision it was said that "the Premiers held that it
entirely out of the question for the Allies to
undertake to make such a loan in the present state
was
Rumors were
of their finances."
received in Lon-
don that the Austrian Cabinet had resigned, but at
that time they were declared to be unfounded. It
Austria was facing a general strike as an outgrowth of the depression and
unrest throughout that country. According to dispatches received in London there had been "demonstrations against food profiteers by starving thousands and hostile clashes in the street." The positive statement was made in London a day or two
later that the Austrian Cabinet had resigned, and
that as a consequence "thousands of workers gave up
their jobs, feeling that the cause was hopeless."
Paul Doumer, French Minister of Finance, was
the first speaker for his Government in the discussion of German reparations at the Premier's conference.
He presented a report on the financial
situation and outlined the French viewpoint concerning the solution of the reparations question. It
was said that the position taken by the Finance Minister "was a return to the terms of Article 233 of
the Treaty of Versailles, which places the duty of
determining the amount of compensation to be paid
by Germany with the Reparations Commission."
The Associated Press said that "he advocated strict
adherence to the terms of that article." All the
accounts of the session of the conference day by day
was
said, however, that
indicated that the French representatives felt that
Premier Lloyd George was inclined to be too lenient
with the Germans, regarding both reparations and
disarmament, and that he favored a policy of delay
instead of
prompt
At Tuesday's
tions
time.
decision.
session the Greek
and Turkish ques-
were taken up, but were not given very much
It
was said that the "Council decided
to call
a conference of Allied representatives with repre-
and Turkey in London at an
Near East question." The
assertion was made by the Associated Press corre-
sentatives of Greece
early date to settle the
spondent that "great significance
is
to the decision to invite the Greeks
to
attached here
and the Turks
meet the Allies in London at that time."
It
s
regarded as indicating clearly that the Allies do
not reject the idea of the revision of the Sevres
correspondent declared that
''this discussion opened with a clash, a clash of differences of opinion as to how much Germany should
be made to pay. France named its figure, and England at once contested it." It was said that French
Finance Minister Doumer, in his statement, when
asked to name a figure, stipulated that 200,000,000,000 marks gold, current value, was what France
wanted. He was said to have asserted that "the
attitude of France is that Germany must pay this
amount." Lloyd George was reported to have interpellated "and how?" M. Doumer, according to the
New York "Times" account, replied that "before the
war Germany's exports were 10,000,000,000 marks
worth $17,000,000,000,"
and to
gold,
to-day
have added that "Germany should pay over to the
Allies annually twelve of this seventeen, keeping
Thereupon, the account
five billions for itself."
stated, "Lloyd George objected that Germany must
pay with her exports for her imports, and that if you
take away most of her exports she would not get
raw materials to continue her exports." M. Doumer
was quoted as having insisted that "he could prove
that Germany could do what he said." Lloyd George
declared that "discussion must await these proofs."
The "Times" correspondent was of the opinion that
"it would be impossible to fix a definite and total
indemnity figure at this conference." He believed,
however, that these points "must be arrived at by
May 1." He added that "there wUl be another Allied conference to consider the indemnity problem
between this one and May 1." At that time he declared that the following program probably would
be adopted: "First, within a few weeks the Commission on Reparations will name a figure which
represents what Germany ought to pay if she could
second, the Commission on Reparations will give
the Germans an opportunity to make observations
on this report and submit offers; third, the Commission on Reparations, in concert Avith experts of
the Allied Governments, will establish methods of
payment by Germany; fourth, at another conference the Allied Premiers will deliberate upon fixing
the total and deciding on penalties. The conference
may fix how much shall be paid in the next few
years." While admitting that this program may be
changed, he thought, from his information, it was
the one most likely to be adopted. The New Y'ork
"Herald" representative in Paris, in his account of
that session declared that "if anything, the report
only emphasized again how far apart are the French
and British on this greatest economic problem of the
age, which seems to be defying solution here, just as
it defied solution in all previous meetings of the
Premiers." During the course of the discussions be-
tween Finance Minister Doumer and Premier Lloyd
(leorge, the former is said to have asked the latter,
"Is France to be considered one of the victors in the
:
:
THE CHRONICLE
402
Will-
or
—
ii
losor?"
Tlie British
Prime MiniKter was
quoted as having replied that "your loss in the exconditions continno,
clinii'^c situation, if present
will he greater than auytliing you might gain by
further postponement of the date for fixing the full
amount of the reparations (lerraany must pay." The
New York "Tribune" correspondent said that February 21 had been fixed as the date for the Premiers'
conference in London at which the Near and Middle
Eastern questions will be considered.
Through an Associated Press dispatch it became
known
that the British representatives at the conference had secured a further postponement of the
date on which the Germans must complete disarmament. According to its information, "two-thirds of
the operation of disarmament must be completed by
March 1." In a dispatch from Berlin it was stated
that "official announcement has been made follow-
ing a conference between Dr. Walter Simons, Minister of Foi'eigu Affairs, and Dr. Wirth, Minister of
Finance, with Chancellor Fehrenback, that Germany
has agreed to the plan of five yearly installments for
the payment of reparation as the basis of further
negotiations with the Allies." It was added, however, that "Germany desires that the negotiations
fixing the amount of the installments shall be temporarily postponed for the discussion of the method
of assessing the reparations and appraising Germany's capacity to pay."
Discussing the steps that were being taken in
Paris to settle the question of reparations the correspondent at that centre of the New York "Evening
Post" contrasted what the Council and the Commission on Reparations were trying to do. In part he
said
"The woi'k of the Reparations Commission becomes almost entirely acarlemie. Whatever total it may reach
say 400,000,000,000. gold marks for a guess—it will be so
vast that it won't serve even as a guide for a figure which
the Allies must at some time decide upon as the amount
Germany can and must pay. The Commission's total will be
interesting as a curiosity in the history of finance. It will
be as practical as the example of a penniless schoolboy figuring on his slate how much he would have left after giving
away eleven of his nineteen million dollars. There is a
popular illusion that the Commission is working on what
Germany must pay. This is not so. It is simply appraising
the damage, and even the French long since gave up hoping
they could collect anywhere near what this damage total is
going to be stated next May. One difference between the
Reparations Commission and the Allied Supreme Council is
that the former is slowly but surely coming to a decision on
the total that will mean nothing, while the Premiers are
making no progress in reaching a total that will mean
something."
[Vol. 112.
many more than
foolish.
Hritaiii
It
is
is
she can pay.
.sonieMiiU'S
different
from
Tliat Is impracticable. It is
that the interest of Great
that of Franco.
That Is false.
said
Their interests are identical.
It is to the interest of Great
Hritaln that Germany i»ay to the uttermost farthing, just
as it is to tlic intere-st of France and Belgium that she do so.
We get 22% of what Germany pays. It is admitted that
France stands first in human sacrifices, in human sufferings and in material loss. But Great Britain iKjre the heav-
burden. Her naval and military effort cost
her ten billion i)ounds sterling. Germany must pay to the
utmost. The real difficulty comes in compelling Germany
to pay. That is largely because of the difficulty of collecting outside the borders of Germany.
Germany has that
within her l)orders to pay, but how to get it? Germany cannot export her mines and railroads to us.
Then, again,
suppose we take the railroads and run them, doubling the
tariffs, we only get a lot of marks which are practically
valueless after we get them home. The only way Germany
can i)ay is by exports. By that I mean the difference between exports and imports. If her imports are limited by
taking too much of her exports, she will be unable to get
food and raw materials. But none the less there is a real
margin which will enable Germany to pay."
iest financial
The Paris correspondent of the New York "Her
aid" said yesterday morning that "the amount of
the reparations Germany must pay will not be settled at the conference of the Allied
Premiers now on
in Paris, but at another conference similar to that
held at Spa, with German representatives present."
The following committee was appointed to consider
the matter Paul Doumer, Minister of Finance, and
Louis Loucheur, Minister of the Liberated Regions,
for France; Baron d'Abernon, British Ambassador
to Germany, and Sir Laming Worthington-Evans,
for Great Britain; Col. Then my s. Minister of Fi
nance, for Belgium Signor Giannini, for Italy, and
M. Mori, of Japan. In an Associated Press dispatch
from Paris last evening the assertion was made that
"the divergence of views of the members of the Allied Supreme Council regarding German reparations
caused an interruption of the conference to-day, and
in some quarters it is regarded as in danger of
breaking up." The further assertion was made that
:
;
"the Council reached the most critical stage of its
deliberations this afternoon. The crisis came over
the question of fixing the total amount of reparations due from Germany and the methods of payment. The session which was to have begun at 4 :30
o'clock this afternoon was abandoned. The special
committee on reparations is continuing its efforts
to reconcile the different viewpoints, while M.
Briand and Mr. Lloyd George will try to find a solution in private conversations."
London and Paris are still guessing why Sir
It was made clear in the Paris advices yesterday Auckland Geddes, British Ambassador to the L'nited
that a more practical view of the reparations ques- States, was called home recently. Upon reaching
tion was being taken at the Council. President Mil- London he proceeded at once to Paris, and is said to
lerand was said to have intervened and to have told
M. Doumer, French Finance Minister, that the plan
he had presented to the Council would not do. The
New York "Times" correspondent stated that, as a
result of all that had happened "the negotiations
henceforth will proceed on the basis of the Boulogne
plan of last July, which fixed the total at 100,000,000,000 gold marks, at current value, payable in 42
years, with interest, bringing the grand total up to
about 250,000,000,000 gold marks." Lloyd George
made a speech which apparently produced a good effect. In part he said
have been in frequent conference with Premier
Lloyd George and his associates. Quite likely they
have discussed some of the questions that have been
mentioned. There are no other serious matters requiring their attention. The latest and best guess is
that the Ambassador has been asked chiefly regarding President-elect Harding's attitude toward several of the most important international matters
now
pending.
The Paris advices a week ago this morning made
it clear that the Briand Ministry had been given
an overwhelming vote of confidence by the Cham"There is no dispute that Germany is morally obligated to
ber of Deputies the day before. The actual figures
I)ay her utmost, and there is no dispute that the Allies must
stand together. But it is useless to try to extract from Ger- were 478 votes in favor and 68 against "its policy
1
THE CHRONICLE
Jan. 29 1921.]
was said that iu outlining bis
Official discount rates at leading European centres
the Chamber, ''the IMeniier avoided a continue to be (juoted at ^^', in Berlin, \'ieiina and
of moderation."
polic}'
to
103
It
statement of any definite plan for carrying out the Swilzerhmd; 5y/}i in Belgium; 0% in Paris, Kome
treaty and the restoration of France to its former and Miidrid; 7% in London, Sweden and Norway,
economic position, but promised to devote all his and 43/2% in Holland. In London the private bank
time and energy to this purpose." The dispatches rate is now quoted at 6f^@6^8*>J for sixty and
stated also that "at the very outset Premier Briand ninety day hills, as against ()^>6 ll-Ki^'/^ '^ week agoi
told the Chamber that it must give the new Uoveru- Money on call in Londoji is slightly firmer, being
ment a clean-cut vote of confidence, at this critical reported at 0^2% in comparison with 5% last week.
time, when the policies of France probably will be So far as can be learned no reports have been received
pledged for the next two years." Special signifi- by cable of open nuirket discount's at other leading
cance was said to have been attached to the size centres.
of the vote, and it was observed also that it was a
surprise to the Deputies. In French Government
The British Treasury statement of national financcircles, the advices said, it was "regarded not only ing for the week ending Jan. 22, showed that income
as an expression of confidence in the Government, again exceeded outgo, with the result that Exchequer
but as a manifestation of national u)iity, in the balances were increased £1358,000. Expenditures foiface of the forthcoming meeting of the Allies."
the week were £23,220,000, against £17,174,000 last
week, while the total outflow including repayments of
There has been fresh trouble in Italy on account Treasury bills, Exchequer bonds, advances, and
of various developments. About a week ago an at- other items, amounted to £196,903,000 (against
tempt was made by revolutionists to overthrow the £172,034,000 for the week ended Jan. 15;. The
Fiume Provisional CJovernment. The leaders were total of receipts from all sources was £197,321.000,
said to have been mostly ex-Legionaries under the compared with £172,348,000 a week earlier.
Of this
leadership of Riccardo Zanella. They were reported total revenue contributed £40,553,000, against £32.to have been joined quickly by "the dockers and a 467,000 and the issue of savings certificates £1,250.battalion of the local garrison." After a time the 000, against £1,100,000.
Foreign credits brought in
Government forces succeeded in recapturing the £1,311,000, against £2,480,000 and sundries £102,000
barracks that had been taken by tlie rebels. There against £180,000. From advances the sum of £17.was a fresh outbreak between the Communists and 250,000 was received. This compares with £18,the Socialists. The former faction was said to have 750,000.
Treasury bills were sold to the amount
broken away from the latter in various centres. Pre- of £136,447,000, a further heavy expansion over the
mier Giolitti made public a plan which he believed sum repaid, and comparing with £116,951,000 the
would go a long way toward solving the industrial previous week. Sales of Treasury bonds were about
situation in Italy. It gives workers in most trades the same as a week ago, £408,000, against £420,000.
sole membership in so-called control boards. It was The volume of Treasury bills outstanding has been
claimed that this measure was promulgated chiefly further expanded to £1,161,894,000, which compares
with a view to enabling the Giolitti Government to with £1,153,849,000 the week before. Temporary
redeem its pledges to the workers for joint control advances, however, were heavily cut, being now at
of the larger industries.
From Milan came a dis- £233,122,000, in comparison with £246,372,000 last
patch at mid-week in which it was claimed that week. The total floating debt now stands at
"another tragic epidemic of rioting has broken out £1,395,016,000, against £1,400,221,000 a week ago
in many cities of Northern and Central Italy." Dur- and £1,324,291,000 last year.
The Exchequer baling the funeral services at Modena for a j^ouug Na- ance aggregates £3,861,000.
A week earlier it
tionalist student, who had been murdered a few
food at £3,503,000.
days before in a Socialist ambush, the procession
was upset by Socialist rowdies. Two Nationalists
The Bank of England announced a reduction of
were reported to have been killed outright and £3,887 in gold this week, so that the total of gold
twent\-two participants in the procession wounded holdings is now £128,283,608, against £99,933,801 a
by bullets. At Bologna the Royal Guard was de- year ago and £80,737,413 in 1919. Total reserve,
clared to have been "barbarously assassinated." An however, showed a small gain, namely, £52,000,
industrial conference was held in Milan in the there having been a reduction in note cu'culation of
course of the week, in which means to help Italian £56,000. The proportion of reserve to liabilities
trade with the United States were discussed. Among registers a further advance, to 14.18%, which comthose present and who made addresses was Robert pares with 13.37% a week ago and 19.40% last year.
Underwood Johnson, American Ambassador to Public deposits were again expanded, £5,000, but in
Italy. He was the presiding officer. The political other deposits there was a contraction of £7,484,000,
situation became so serious that about mid-week with Government securities £l ,299,000 down.
Loans
Premier Giolitti felt called upon to issue a "drastic (other securities) were also lowered, in round numbers
which applies to the whole of Modena, Ferarra and Bologna cities and provinces." It stipudecree,
—
lated that "all permissions for carrying firearms
are revoked, and the prefects are ordered to take
immediate steps for the effective disarmament of
the population." It was related that the day before
the "splendid Chamber of Labor in Bologna was
burned." According to a Milan dispatch, no newspapers were being published in Modena because of
a general strike. Armored cars were said to be patrolling the city.
Reserves stand at £18,249,000. Last
£6,218,000.
year the total was £30,126,236 and in 1919 £29,847,Loans aggregate £75,106.000, as against £80,278.
349,713 and £80,436,946 one and two years ago,
respectively, while circulation
is
now
at £128,483.000,
comparison with £88,257,565 in 1920 and £69,340,135 the year before. The Bank's official discount rate continues at 7%, unchanged. Clearings
through the London banks for the week totaled £678,This compares with £764,751,000 the
830,000.
preceding week and £768,870,000 a year ago.
^Ye
in
S
.
.
THE CHRONICLE
404
append a tabular
slatcMiicTil
of
comparisons of
tlio
items of the Bank of England return:
BANK OI KXGLAX D'R COMJ'ARATIVT-; STATICMKNT
cliff ciout
•
1«2I.
Jnn. 20.
£
1920.
Jan. 28.
£.
<;lrri)l:illon
28,48.<.0OO
Public (IcposlUi-
16,081,000
20.110.080
Other (lci)OHltfl.
Govt. HwiiilUes.
12,.'i;J7.00O
13.5,150.12.1
53,210,000
75,100.000
(12.083.451
I8.24!l,000
30,120,230
00.J33.S01
Otlicr sofurlilcs
Rpforvc notps
&
coin
Coin :in<l bullion
I
Propf Ion of rcHpr\ (
.'8.283 .008
88.2.'-.7,6G6
80..i4!),713
1019.
Jan. 20.
£
00.340,135
lOlK
Jnn. 30,
£
45..89n,295
38,230,917
20,1)12,804
121,002.442 122,044.208
55,892,744 ,55,875, Pol
1917.
Jnn. 31
£
39,601,075
44,764,140
108.777,340
100 ,,373, 392
35,727 ,.351
80,430,940
29. 84 7. 27
31.100,057
35.513,037
SO. 7,37,413
.58,000,952
.50.664,712
91,889..58S
1 1
to
14.18%
19.10',
7%
lliibllltlos
Hunk
~
.
,
20.13',.
6',<
rate
19.37
fi';i
10.63Ti
6H%
Last week's statement of
New York
a-ssociated
banks and trust comiianics, issued on Saturday,
a rather b(!tter showing and, as is .so often the
case, the deficit reported on Saturday of the week
preceding was not only eliminated but a surplus
abov(! legal requirements of more than §12.000,000
established.
This was accomplished mainly by an
unusually heavy contraction in deposits, but al.so by
increased borrowings from the Reserve Bank and an
increase in Government deposits against which the
banks are not required to carry any reserve. In net
made
demand
Bank
[Vol. 112.
deposits there
was a cut
of .?89,985,000, to
France in its weekly statement reports .S3, 927 ,460,000, which is exclusive of Government
a gain of 260,300 francs in the gold item this week. deposits of S103,618,000. The latter represents an
In last week's statement a gain of 445,000 francs was increase for the week of .'S()5,tt07,000 and to that extent
erroneously reported as a loss, owing to a mistake in explains the loss in commercial deposits, the money
the transmission of our cable message. The Bank's having been transferred to Government account.
gold holdings now total 5,.50 1,757, 150 francs, of Loans were expanded S21,499,000, but other changes
which 1,948,367,056 francs are held abroad. This were not especially important. Cash in own vaults
compares with 5,580,193,955 francs in 1920, includ- of members of the Federal Reserve Bank fell S7,401,ing 1,978,278,416 francs held abroad and with 5,504,- 000, to $81,372,000 (not counted as reserve), while
975,369 francs in 1919, including 2,037,108,484 francs vault reserves of State banks and trust companies
During the week, advances fell off were reduced .<i^31 1,000, to $9,093,000. Reserves of
held abroad.
33,926,000 francs. On the other hand, increases member banks with the Federal Reserve Bank were
were registered in the various items as follows: enlarged by iif;2,301.000, to .$514,0.38,000, while
Silver, 504,000 francs; bills discounted, 65,827,000 reserves of State institutions and trust companies in
francs; Treasury deposits, 2,389,000 francs; and other depositories were increased $259,000, to $10,
general deposits, 88,329,000 francs.
Note circula- 038,000. To aggregate reserve was added $2,249,tion was further contracted to the extent of 239,885,- 000, carrying that account up to .$533,169,000.
000 francs, bringing the total outstanding down to Surplus, as noted above, was augmented $14,500,030,
37,913,105,370 francs, which contrasts with 37,582,- which after deducting the deficit of the week previous,
500,245 francs at this time last year and with 31,- left an excess reserve on hand of $12,427,640. The
983,027,510 francs in 1919. Just prior to the out- figures here given for surplus are based on reserves
break of war in 1914, the amount was only 6,683,- above legal requirements of 13%, but do not include
184,785 francs. Comparisons of the various items cash in vault amounting to $81,372,000 held by these
in this week's return with the statement of last week banks on Saturday last.
The Federal Reserve
and corresponding dates in 1920 and 1919 are as statement was less encouraging, there having been a
Tlie
of
follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
dold Holdings
In France
Abro.-ul-
Total
—
Slants as
of
for Week.
Jan. 27 1921. Jan. 29 1920. Jan. 30 1919.
Francs.
Francs.
Francs.
Francs.
Inc.
260,300 3.553,390.094 3,601.915,538 3.467,866,884
Nochiinge
1,948,367,056 1.978,278.416 2,037,108,484
Inc.
260,300
Silver
Inc.
.504,000
JiilLsdiacounted
Inc.
05,827,000
Advances
Dec 33,926,000
Note circulation- -Dec. 239,885,000
Treasurj' deposits- Inc.
(icneral deposits- Inc.
2,389.000
88,329,000
5,580.193,955 5, .504 ,975. 369
268,467,495
255.200.296
316,145,828
3,068,661,298
1,885,517,602
1.252,300,545
2,218.795,000 1,531.456.500 1,209,978.869
37,913,105,370 37,582, .500,245 31,9S?.,027.510
39,011,000
41,381,316
56,007.330
3,389.879.894 3,130,977.944 2,615,405,862
5..501 .757.150
decline in the reserve ratio from
The statement
of the Imperial
Bank
of
Germany,
were expanded 1,297,898,000 marks, while deposits
registered another huge increase, viz. 3,027,792,000
marks.
Treasury notes gained 459,030,000 marks,
notes of other banks 418,000 marks and advances
5,832,000 marks. Investments fell off 9,485,000
marks and other liabilities were 43,359,000 marks
smaller.
In total coin and bullion there was a cut
of 83,000 marks, but gold expanded nominally
4,000 marks. A favorable feature of the statement
was the large contraction in note circulation, 1,429,684,000 marks, which contrasts sharply with an
expansion of a practically like amount the previous
week. The Bank's returns of gold stocks on hand
show the current total to be 1,091,638,000 marks.
A year ago it stood at 1,089,260,000 marks and in
1919 2,257,180,000 marks. Outstanding note cirThis
culation aggregates 66,084,170,000 marks.
compares with 35,683,580,000 marks in 1920 and
22.526,380.000 marks a year earlier.
to
383^%.
The lowering was explained by a reduction
in actual
cash holdings of .$36,000,000.^ Bills held under discount were increased from $893,748,000 to $944,120,000.
A favorable item in the statement was a further
reduction of $7,000,000 in Federal reserve notes in
actual circulation
The
local
firmness.
issued as of Jan. 15, again showed radical changes in
its principal items.
For one thing bills discounted
40%%
monej' market has shown
The
prevailing rate for call
still
further
money has
been 7%.
During the earlj' part of the week a
more active demand was reported. Yesterday and
the day before it was said to have been somewhat
The rates for time monej' were higher, the
less.
range being 6J^@7%. Practically no business was
reported.
The stock market has been so dull
and so largely professional that the demand for
funds for financing specidative transactions in stocks
has been relatively Hght. Brokers' loans are estimated at only about $600,000,000. Undoubtedly
there has been an active demand from bond houses
for money with which to finance offerings of bonds
that have appeared at frequent intervals. As was
expected, the $30,000,000 Belgian Government issue
was quickl}^ taken, the bankers closing the books
immediately after thej" were opened. A similar
announcement was made yesterday morning with
respect to the $60,000,000 Pennsylvania Railroad
bonds. Other offerings are reported to have met
with an equally prompt demand. It is known that
still other domestic and foreign issues are under
Perhaps the next in the latter
consideration.
group to be brought out will be for a South American
i
THE CHRONICLE
Jan. 29 1921.]
Foiuicr Assistant Secretary of the Treasury Ix'ftinji;\v('ll, in an cxfellcnt address yesterday
afternoon before the Bond C'hil) of New York, called
attention to the ))ro])ability of a continuance of a
c(3untry.
Hef erring more specifically to money rates, loans
on call have ruled at a flat rate of 7% during the
entire week, and this was the high, low and renewal
figure on each day from Monday to Friday, for both
mixed collateral and all-industrials alike. This compares with a range last week of 6@7%. The undertone of the market was said to be firmer, and though
call funds were in fairly plentiful supply, no transactions were put through, even on the outside, at less
than 7%. In time money the market was almost at
in effect for the various classes of
Reserve banks:
UIHCOU.NT 11 A'H:S OF THE KEUEItAL ItEHi.ItVK
IN EFKKt^T JANUARY 28 lUUl.
paper
at the different
Ditcounted
firm money market here as long as l)ond offerings
carrying high interest rates are made. The transactions in bonds and investment stocks on the
Stock Exchange have reflected abundance of investment funds and a tendency to get the largest
return possible and still keep within the limits of
Mr.
safety as to the character of the investment.
I^effingwell discussed in an interesting way also the
question of refunding Ciovernment bonds and other
obUgations and suggested what these operations
would mean to the money market.
now
rates
405
tttt
I,
/'((/(
ral
In'"
1
nil
III
btlln
nuUurtnij
/
•Id
irUlilii
Liberty
cirlifi-
buntts
tifsr
and
sriurtil
i
III
lull hi
ednest
BOHtOtI
.
XfH- \ ork
r,
Pllllli'lclptU:!
(
tiank.i
11
5k;
ti
li
li
6%
^U
i>
li
6
li
6
7
7
7
7
r,'.
(i
a
li
.;'j
7
i>
»
6
'4
11
7
'levcluiu!
M>
•
111
li
A tlaiita
tii
:>
C'liU-ago
t<i
(>
7
7
!>' J
«
n
li
6h
(1
Louis
St
ft
M luncapolls
5),
10
t6
6
KaiisiujCliy
Dallas
Kan Francisco
in 1>H)
days
7
7
Klcliinond
•
1
.•
and
paprr
maturtnv
i\
1
7
7
.>'.
»
laiitt-i
for
iru nib(
7
ti
..
dltc'ttd
lural
(i
n
>
tu
.
and
untuurtd
uolen
>'.
.
Olher-
Iclory
1
Tradt
acarp-
arctptanceu
...'.
Trrasury
ciUeji
Aatuui-
Banktrt'
1..
Htnrrr
Hunk o/—
HANJ\«
1
>',
6
6
niscounl nilc corresponds with InU-rcst rate borne liy rcnlflcat«i pledged as
with uilnlniuiii of 5<,i, la the case of Phlladclplila, Atlanta, Kausari ClO'
and Dalliis and 5,'-i% In the cjum of Cleveland, lUcbmond and Chicago.
A'o/f.— Rat™ shown for St. Louis, Kansas City and Dallas arc uornial raieS'
applying to discounts not In excess of basic linen fixed for aceh member l)ank
by the Federal Reserve Hank. Rates on discounts in excess of the basic line are
subject to a 'j % prognsMlve Increase fur each 25',i by which the amount of accomt
collateral
modulion extended exceeds the
Still
the
ba.slc
line.
further substantial progress has been
upward movement
of
sterling
made
in
exchange price
and the week's operations resulted in a net
advance of nearl}' 11 cents, which carried the quotafalhng off in the demand was noted, tion for demand bills to 3 89, another new high on
a standstill. A
So the current upswing and the highest point touched
while the supply of loanable funds was smaller.
This is in line with the
far as could be learned, no large transactions were since July of last year.
negotiated.
Quotations, which were largely nominal,
levels,
expectations of those
who
are confidently predicting
have been advanced fractionally, to 63/2% for all $4.00 or even higher, for sterling before long and it
maturities from sixty days to six months, as com- contrasts sharply with the extreme low level of 3 18
pared with 6% a week ago. Brokers, however, are reached in Februarj'', 1920. The rise may be said
said to be predicting increased offerings at conces- to be based primarily on the same factors which have
All-industrial money is been dominating the exchange situation for the past
sions in the very near future.
of 1% above these levels. three weeks or more; that is, not only the improved
dealt in as usual at about J^
Mercantile paper continues to be quoted at 73^2® outlook, financial and economic, in Great Britian
8% for sixty and ninety days' endorsed bills receiv- and some of the leading European nations, but the
able and six months' names of choice character, the prevailing ease in domestic monetary conditions,
same as last week, with the bulk of the business done better investment prospects, and last but not least
Names not so well known are still at the continued scarcity of commercial offerings. To
at
7^@8%. Country banks were well represented in this should be added the sentimental influence of
the dealings. A good demand was noted with reports that the Allied Premiers have definitely
!%%
operations well diversified.
Banks' and bankers' acceptances have been moderately active, although the turnover was smaller than
a week ago. Local and out-of-town institutions figured in the buying. A firm undertone w^as reported,
The open market rate
at levels previously current.
for call loans against bankers' acceptances has not
been changed from 53^%. The posted rate of the
The
American Acceptance Council remains at 6%.
Acceptance Council reports the rates for eligible bills
of member banks at &y8@oJ4 for ninety daj^s,
for thirty days,
6@5^ for 60 days and
while the rates for eligible bills of non-member banks
5K@5^
6^@6
for
are given as &}/^(g},Qys for ninety days,
Detailed
sixty days and 63<C@5% for thirty days.
quotations for acceptances in the open market are
as follows:
Ninety
Days.
Eligible bills of
Eligible bills of
-Spot Delivery—
Thirty
Slay
Dellrery
Days.
30 Days.
Days.
.. 5Ji@5;'i
member banks
non-member banks.. ...6M&0
5M®5H 55i@5H
..-6}i@6Ji
6H@6K
Ineligible bills
6ya@5H
6>A@6H
6yi®5%
irtthin
6 bid
6>A bid
7 bid
The Federal Reserve Bank of St. Louis on Jan. 22
the rate on commercial
increased from 53/^% to
paper secured by Treasury certificates of indebtedThe rates of the other Federal Reserve banks
ness.
6%
are unchanged.
The
following
is
the schedule of
reached a comparatively satisfactory solution of the
troublesome German reparations problem, also the
marked success of the new Belgian loan, which was
oversubscribed before the books were opened. Trading followed almost identically the same lines as in
the recent past heavy buying by large international
bankers here and abroad, coupled with short covering
operations and at intervals profit taking sales.
Cable quotations from London were strong dm-ing the
greater part of the week, while a new source of activity
was found in the demands of Japanese interests to
meet obUgations maturing at the British centre next
month. Professional operators figured prominently
in the dealings.
It was also alleged that prominent
Wall Street shorts have in not a few instances been
badly "squeezed" owing to the rapidity and unexpected extent of the week's advances. A good deal of excitement prevailed at times when prices were alternately rushed up because of panicky short-covering,
then forced down as a result of realizing sales. According to some dealers persistent scarcity of bills has
been arousing considerable comment, since exports
are not thought to have declined to such seemingly
One explanation given is
insignificant proportions.
In
the large short interest at present prevailing.
sold contracts short and are
other words, people who
trying to cover have completely cleared the marke
—
THE CHRONICLE
406
and now have
it is
to bid for real
billfi.
Furthermore,
asserted that the supply of dollars in
steadily
An
London
is
[Vol. 112.
instances were even more spectacular in character.
Antwerp francs this time led in the advance with a
influence in the 67-point rise to 7.78 cents per franc which was in
has Vx'cn the recent icsponse to the success in placing the new Belgian
utterances of Governor Harding of the Federal Re- $30,000,000 offering,
while exchange on Paris
serve Board favoring the extension of credits to other mounted to 7.44 cents per franc, a gain of 613^
countries for the furtherance of our foreign trade, points.
In lire the improvement was less prowhile bankers generally arc said to be awaiting with nounced, the increase being 20 points, to 3.81 cents
keen interest the opening of the new $100, 000, 000 I)('r lire. Reichsmarks rose shaiply, to 1.81, an
Financial Trade Corjioration organized under the additional advance of 15 points.
Even Au.strian
Edge Law. Not a few incline to the belief that it is kronen shared in the general strength, recovering
likfely to exercise an important and salutary effect
1334 points, to 00.31, notwithstanding that the
upon foreign trade operations as a whole. In the Allies are said to have refused Austria's request for a
final dealings there was a vigorous selling movement, loan at the present time.
Much of the improvement
on the receipt of lower quotations from London, and al)ove noted took place early in the week, when
also of reports that a serious division had arisen trading was particularly active and dealings charbetween Great Britain and France concerning the acterized by not a little excitement. Heavy buying
German indemnity payments, that might retard the for both local and foreign account was noted, with
Local bankers asserted that in offerings for the most part comparatively light.
final settlement.
their judgment, the reports had been exaggerated. Speculative interests were again active in the market
With regard to the more detailed quotations, and, as has often been the case of late, contributed
sterling exchange on Saturday was easier and demand materially to the erratic course of rates.
Several of
declined fractional^, to 3 76|<4@3 77, cable trans- the largest operators are reputed to have been heavih'
short of the market and to have suffered severely in
fei-s to 3 7Q%(aS 77H and sixty days to 3 71M@
3 72^8; trading was somewhat less active than has consequence.
Subsequently, a sharp downward rebeen the case lately. Monday's market was strong, action set in, mainly on what appeared to be enorexcited and materially higher; under renewed buying, mous realizing sales, a factor regarded as inevitable
prices again rushed up, nearly 4 cents, to 3 76^(5- in \dew of the drastic advance of the first few days of
3 80 for demand, to 3 77H@80^ for cable transfers the week, and losses of from 10 to 65 points were susand to 3 723/8@3 75}i for sixty days. Sterling tained. Later the market steadied somewhat, alfluctuated quite sharpl}' on Tuesday, demand touch- though cable dispatches intimating possible dissening for a time 3 80}4
a new high ^then reacting to sion over the reparations question, brought about
transfers ranged between 3 7934 and renewed weakness, and final figures in some instances
3 783^; cable
3 81 and sixty days at 3 73M@3 753^. On Wednes- were not appreciably above last week's close.
day rates again turned strong and there was an adCommenting on this latest phase in Continental
for demand, currency values, many bankers, while conceding that
vance of 5}i cents, to 3 813/^@3
3 823/^^:3 853^ for cable transfers and 3 76^ (§^3 80 probably the major part of the advance is only a
for sixty days; the receipt of higher quotations from reflection of the improvement in sterling, voice the
London was held to be mainly responsible for the opinion that circumstances are really beginning to
improvement. Quoted rates took a fresh upward warrant higher levels. With regard to French
spurt on Thursday, when demand bounded up to exchange, expectations of widespread improvement
3 89, with the low for the day 3 85M; cable transfers as a result of the Briand regime, the success of the
were quoted at 3 863^^(53 89^^ and sixty days at recent French internal loan, also the determination
On Friday there was again a sUght on the part of the Government to reduce inflation,
3 81^3 843/4.
reactionary trend downward and prices receded to have all tended to produce a good impression on
3 853.^^873^^ for demand, 3 853^@883^ for cable market sentiment here. To this must be added the
Closing fact that foreign merchants and manufacturers are
transfers and 3 803.^@3 83 for sixty days.
quotations were 3 80?<4 for sixty days, 3 8534 ^oi" said to be offering to sell goods, independently of the
incroasiiin.
direction of
still
higher
addend
jirioes
—
—
M%
demand
and
3 86 14
foi'
cable
transfers.
Com- banks,
to
French customers at more advantageous
while British manufacturers in
some cases have extended generous credits for future
delivery a much better rates than might have been
expected. As to the improvement in Belgian exchange, this is not hard to explain, since aside from
the negotiation of the new Government loan, the
mercial sight bills finished at 3 83^, sixty days at
documents
3 79%,
days
at
3 76y8,
ninety
and
at 3 80^/8
lor
payment
(sixty
days)
seven-day grain bills at 3 83 K- Cotton and grain
Gold to the amount
for payment closed at 3 84^^.
was received this week on the S. S.
of $7,650,000
rates of exchange,
Carmania. Of this amount -14,300,000 was for
account of Kuhn, Loeb & Co., representing Transvaal
gold purchased in the open market in London;
although $105,000 is said to be from Bombay. Lazard Freres have received $2,250,000 of the precious
metal from Paris, bringing up the total received on
The S. S. Aquitania
this movement to $16,200,000.
is on its way here with $2,400,000 from London,
consigned to Kuhn, Loeb & Co. Yesterday a consignment of $3,086,000 gold was receievd at San
Francisco from Shanghai. This is the first shipment
of gold from China for a long time.
restoration of normal conditions at that centre
known
is
Itaty's trade
improving, her imports having
position while also
declined 088,000,000 lire while exports expanded
1,017,000,000 for the eleven months ending with
November 30 last, is still regarded as possessing
elements of uncertainty. The recovery in German
to be going on at a rapid rate.
marks, which was to some extent a reflex of the better
quotations for Berlin exchange in London, was
attributed almost wholly to buying for speculative
account on the ground that the Allies in their settlement of the reparations question were inclining to a
more reasonable attitude regarding Germany's proThe Continental exchanges have moved closely ductive capacity. Besides, it is shown that Germany
parallel to sterling this week, except that gains in some is regaining some of her overseas trade and has
THE CHRONICLE
Jan. 29 1921.]
recently negotiated for the purchase of large supplies
much-needed copper.
official London check rate on Paris closed at
53.90, which compares with 50. GO last week.
In
New York sight hills on the French centre finished
of
The
at
6.86,
against
iiJ'S}/^',
t^abl?
transfers
at
6.87^
407
show a declining tendency, having receded
to 14.373^2 for checks and 14.50 for cable transfers
with the close 15.08 and 15.15 as compared with
15.25 and 15.3732 ^ week ago.
This is attributed
tinues to
to the increasingly unfavorable tnule conditions in
Chilian exchange ruled stead}', fm
ishing at 14,01, against 13,77, with the close for Peru
4,06, in comparison rtith 4.08 at the close of last
that country.
commercial sight bills at 6.85,
against 6.713^, and commercial sixty days at 6.79,
Antwerp francs closed week
against 6.653--^ last week.
Far Eastern exchange was a shade easier, so far as
at 7.25 for checks and 7.26 for cable transfers, as
7.0-1 and 7.05 in the preceding week.
the Hong Kong and Shanghai rates are concerned,
compared with
Closing quotations for Berlin marks were 1.70 for Indian exchange showed improvement for a while,
checks and 1.71 for cable remittances, in comparison notwithstanding reports that leading exchanges at
with 1.65 and 1.66 a week earlier. Austrian kronen Bombay and other large centres had been closed
finished the sveek at 00.313^2 for checks and 00.3232 because of serious political distmbances, but later
for cable transfers.
As to lire the close was 3.62 reacted. Hung Kong finished at 54(0^543^, ag-iinst
Shanghai, 76^763/2> against 76fe763<4;
for bankers' sight bills and 3.63 for cable transfers. 57(5,573<4;
Last week the final range was 3.60 and 3.61. Ex- Yokohama, 483^(aj49, against 46^463^; Manila,
change on Czecho-Slovakia was firmer and closed 46@463^, (unchanged); Singapore, 44(2443^, (unBombay, 283/^@29, against 29@29i/4,
at 1.40, against 1,32; Bucharest at 1.51, against 1.32, changed);
and Finland at 3.45, against 3.15. Poland, however, and Calcutta 28^^293^, against 293^(ai29;^4.
remains heavy despite official denials of the recent
The New York Clearing House banks, in their
reports that the Bolshevists are preparing for another
attack on Poland early in the spring and the quota- operations with interior banking institutions, have
Greek gained |(),996,027 net in cash as a result of the curtion finished at 14, against 12}^ last week.
exchange was fairly steady and improved to 7.65 for rency movements for the week ending Jan, 27, Their
checks, with the close 7.55, and 7.60 for cable re- receipts from the interior have aggregated §8,537,mittances, as contrasted with 7.50 and 7.53.
327, while the shipments have reached $1,541,300, as
per the following table:
Neutral exchange shared to a greater extent in the CURRENCY RECEIPTS AND HHIPMKNTS IV NKU- VOKK B.^NKING
INSTITLTIONS.
movements of the other Continental exchanges than
lid(j
'Jul
Gain or Loss
Hce* ending January 27.
The reason
has been the case for a very long period
Banks.
Oanlcs.
to Banks.
for this is probably to be found in the more favorable
S8.,'j37.327
Banks' Interior movement
?!,.54 1,300 Gain $0,996,027
attitude shown by bankers and business men genAs the Sub-Treasury was taken over by the Federally toward the Scandinavian and other so-called
eral Reserve Bank on Dee. 6, it is no longer possible
It is also said to be due to the
neutral countries.
to show the effect of Government operations on
recent heavy increase in shipments of agricultural
the Clearing House institutions. The Federal Reproducts to this country. Trade with Great Britain
serve Bank of New York was creditor at the Clearis also said to be sho A'ing substantial incr^^ases. Dutch
ing House each day as f oUows
For the
guilders were firm and slightly higher.
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVi; BANK
first time in many months American exchange in
AT CLEARING HOUSE.
Amsterdam fell below three guilders to the dollar,
Friday,
Aggregate
being quoted at 2.98, as against 3.30 two months Saturday, Monday, Tuesday, Wedi esday Thursday, Jan. 28.
Jan. 24.
Jan. 25.
Jan. 20.
Jan. 27.
Jan. 22.
for Week.
earlier.
Both Swiss and Spanish exchange registered
$
$
$
S
S
The advance in Copenhagen 63.090,307 70.492.504 45,51I.44.j 49.908.304 t7.240,S01 48,026.2'-9 Ct. 330.209,630
substantial gains.
remittances, which aggregated about 165 points for
The foregoing heavy credits reflect the huge mass
a time, carried the quotation up to 20.75, though later of checks which come to the New York Reserve Bank,
against
6.74)^;
('/
.
_
was a substantial recession. Norwegian exchange, in sharp contrast with the other Scandinavian rates, was heavy and closed at a loss.
Bankers' sight bills on Amsterdam closed at 33.85,
there
cable transfers 33,95, against 33,12;
commercial sight at 33,79 against 33.03, and commercial sixty days at 33.43, against 32.67 last week.
against 33.10;
quotations for Swiss francs were 15.94 for
against
15.71 and
15.73
sight
bills
bankers'
a week earlier. Copenhagen checks closed at 19,38
and cable transfers 19,48, against 19,10 and 19.20,
Checks on Sweden finished at 21.95 and cable remittances 20.05, against 21.48 and 21,58 a week ago,
while checks on Norway closed at 18,55 and cable
transfers 18.65, against 19.03 and 19.13 a week
earlier.
For Spanish pesetas the close was 13.59
for checks and 13.61 for cable transfers, in comparison
with 13.51 and 13,53 on Friday of the preceding week.
As to South American rates, a firm undertone was
Final
from
parts of the country, in the operation of
the Federal Reserve System's par collection scheme.
The.se large credit balances, however, show nothing
as to the results of the Reserve Bank's operations
with the Clearing House institutions. They represent only one side of the account, as checks drawn
upon the Reserve Bank itself are presented directly
to the bank and never go through the Clearing House.
all
The following table indicates the amount
lion in the principal European banks
January 29 1920.
Banks of
Gold.
S«rer.
|
Total.
Gold.
\
SUcer.
1
Total.
1
£
£
lOnglaud . 128.283.608,
Franeo a_. 142,135,604 10,720,000
Germany . 54.577.550
323.900
Aus-Huu.- 10.944,000 2,369.000
Spaln
98,377.000 22,950.000
I'CllV
32,76K.0O0
2.999,000
Netherl'ds 53.012,000'
1,824,000
Nat. BelR
10.061,000
1,116.000
Swliz'land 21,718,000
5,053.000
15,046.000 \\
Swixlen 12.643.000 It 145.000
I )cnniark .
8,115,000
Norway .
-
noted for Argentine exchange which moved up to
35.873^ for checks and 36.00 for cable transfers,
week,
against 35.50 and 35.623^^ last
but later
reacted and closed at 35.32 and 35,48. Brazil con-
January 2~ 192\
—
of bul-
-
•
!
£
£
£
£
99.933.801
128,283.608 99,933.801
10.200.000154.276,021
152,8.'-)5.604 144,076.021
868.100 .W, 3,59.300
54,901,450 54.491.200
13.313.000 10,944.000, 2,30'.l.OOO IX :il3.000
: 000
121.327,000 07.931,000 2">.2.''>,S (t
1
S.S.TOT.OOI)
:i.',L'oo.iitio
54 .836 .000 .)-'. 067, 1100
11,777.000 10,0.57,0()0
26,771.000 20,678.000
15.64l'>.000
li.GH.OOO
12,788.000
8,115.000
12,0().">,OO0
.S,
13^,000
3,IKX. "
047.1)
0(HI
1
1100
1.078,000,
11.,".>.".,IH10
3,201.000
23.',t3y.tHX»
.-
1
184,000
1
l.">.014,000
12.7VJ.OO(I
8 1.38.000
Total week 588,880.762! 47 .499 .900 630 ,3S0 .662! ),'>9,92.'>,622 40.871.100 006.796.722
Prev week 588.790.387' 47.l09.7.'>0 635.(HiO 137 ';,')R,7.S7 Ti-A 4A •O0.71'>fin!<.4,'i4 083
a Gold holdlnfc's of the
held abroad.
Bank
of
France
iliis
year are exclusive of £77.934.682
—
THE CHRONICLE
408
THE RED PERIL— THE PRIVATE OWNERSHIP OF PROPERTY.
Dispatches, more or less definite and informed,
from time to time comiuj; from Russia and the adjacent infected areas, tell of the plans and activities
of the Communists to spread their doctrines and
bring about the world-revolution that is to abolish
capital. IIow far this nightmare dream born of the
throes of war is to pervade the populations of earth
must seem to many an idle speculation. We have in
contrast the matured and intelligent opinion of men
like Ambassador Francis that the end of the present
winter will witness the collapse of the red rule in
Russia. But so far we are told the winter is mild
was the
[Vol. 112.
—
armies for this pui-pose nor
would such a course be quite consonant with selfdetermination and political independence.
That
course will not be pursued. As to the resumption of
will to raise
trade, there are indications that this will prevail
with some countries, at a not remote date, and despite the precarious nature of the dealings that may
ensue. Opiuions differ as to whether this course
is more wise than a severer isolation.
There is one involvement that comes to every people, however, whether trade is resumed or not, and
it is this: As long as this spurious and fatal form
of Government exists, it is a culture-base for ecosocial disease.
And since it is industrious in the spread of poisonous ideas through open
nomic and
and there come out of the land of dismal gloom
vague rumors that new military attacks are planned
for spring, and that the word goes forth to keep
every country disordered as much as possible by
strikes and agitation to stay attacks on Bolshevism
now instituted and prepare the way for the universal
and secret propaganda, and since there are everywhere minds debilitated by the influences of the
world war, since civilization is dealing with the
spread of an insanity fostered with all the cunning
of the insane, it is worth while to consider and appraise the possible secret growth of these ideas as
uprising.
they fall into fallow minds, rotten-ready for their
embracement. Not for the revolution that may now
come, but for a possible revolution that may some
time come when another period of depression for a
like or for any other cause, may come down upon
There are diseases pronounced by the medical profession to be incurable. There are contagions that
almost baffle the work of man in their subtle and
sinister spread.
it is
immune
It is ever the boast of health that
to danger of infection, although a sud-
den secret terror possesses the community at the approach of an epidemic. So that when there lingers
and persists in the world that which threatens civilization it becomes the concern of all men. From
the seat of the red terror the word arrives that aU
Russia has about become reconciled to the rule of
the minority. It may be mere communist propaganda, skillfully put into the mind of a correspondent seeking the truth, it may be a more direct fabrication. There may be no truth in it whatever. But
it is a fact that in a manner we cannot fully apprehend this baleful "experiment" continues, and no direct overt act outside is directed against it.
In the United States we may be more indifferent
than we ought to be to a condition of decay and
death so remote from our own borders. We may
even nurse the satisfaction to our souls that the civilization of all Europe might pass and our own remain. True, we come closer to the evil of the spread
of contagion when we consider out immigration
existing civilizations
and Governments.
Is it true that civilization can rise to
a certain
height, only to fall again ? Is it true, since property
is the crux of the whole contention that man should
not own individually the products of his own labor,
saving and thrift?
Someone has advanced the
thought that man, in contrast to the animals about
him, first awoke when he looked down with pity
upon the suffering of a fellow-creature. That civilization began with service, and must continue therein, is the sequence drawn. But can it be possible that
all men can serve each other, who have no personal
rights to that which is necessary to service? Can it
be possible that men can sacrifice who have nothing
to give, nothing to lose? Can it be other than a return, ultimately, to the barbarism of a common indiscriminate ownership and possession of everything and the personal right to nothing when mankind dispenses with the private ownership of property? And are not property and civilization coeval
and mutually sustaining?
But is that enough? And is there still,
Western Europe and for the United States, more
AU
problems.
—
and turning the idea about all
for
this seeking after Government to give it form and
of peril in this Bolshevism than we are willing to favor all this surrendering to classes bent on selacknowledge, at least as far as it concerns our- fishness through control and participation is this
selves? It may be an unjustified interest, but there an effectual way of meeting this tremendous quesare some considerations we may, as a people, fasten tion as to whether or not civilization can exist and
thought upon, even in our security. Diseases of the mankind prosper under the abolition of capital, unbody politic are no more at the will of so-called sci- der public ownership of property? Is it true or is
this twisting
—
ence than those of the human body. And when one
vainly asks of the Unknown why health was not
made contagious as well as disease there are those
who reply that it is made so.
It occurs to statesmen
who
are closer to the "danger," that, so we are informed, there are two ways
of meeting this scourge of mankind
one, stamping
it out by allied armed intervention the other, since
it fattens on hunger and suffering and enforced
idleness consequent on the failure of industry to
function, overcoming it by the resumption of trade,
that brings with it a call for renewed labor, and the
order and security which plenty and peace foster.
Owing to the effects of the world war on those countries nearest the scene, there is not strength if there
—
;
—
—there
never has been civilization without
Sometimes it was the ownership of tyrant, oligarchy, or feudal thief not the
ownership of many under the liberty of life, enThe tribal ownership that
deavor and opportunity
succeeded the savage possession of favored hunting
it
false
private ownership.
—
!
grounds was historic and economic transition from
barbarism to civilization, little more. But when
pity awoke, when the higher love of the soul became
conscious, man began to give of himself and with
that giving went his possessions.
Can a
million
men
work harmoniously, each owning nothing, and striving to give love and labor to each other, without
tangible offerings
property ?
of that
which we denominate
THE CHRONICLE
Jan. 29 1921.]
we
apply our thoiij^bt, is it
uot the duty of civilization to defeud itself, the duty
of mankind to preserve to the individual hlis hold on
the instruments and institutions of the life that
life born of sympathy and preserved in serviceand the duty of peoples now to neutralize tliese farblown seeds of evil that they may not await some
other disaster to spring up and destroy the world?
The private ownership of i)ropertv is the cornerTherefore, lest
fail to
—
stone of civilization.
the resort of the
The gold
unprincijiled.
r(\ised to function uoruiailv
—
^vet,
dollar
in the midst ol
paper substitutes everywhere, continued the stand
ard of value, the court of last resort in the calcula
ii»tn of Price.
Then, into the tumult of affairj*.
Pi-ice rode with drawn sword, commanding, exhortiug. defying man.
Price overmastered I'ruduclion
The natural laws of supply and demand, invincible
in power, and straining at the leash, awaiting the
return of sanity and the virtue of production, wei-e
broken, impeded, b\it did not abrogate.
I'rice be-
came
PRICE VERfiUS PRODUCTION.
We
are all concerned o\er falling prices. There
gloom in one quarter, gladness in another. We
seem to worship at the shrine of Price. It is king
of the world, but a vacillating king. Price, we say,
is the measure of value
albeit a mercurial measure,
as variable as the wind.
Be it wages or profits,
—
a very good servant, becomes a very bad master.
The sullen workman on strike, the writhing
broker on change, are the minions of price.
It is Price that makes us ''money-mad.''When
price goes up we say there is prosperity, when price
goes down we think there is adversity. Slaves of
price, we strive to control it. While only a mathematical attempt to indicate the relations of things,
we attempt by arbitrary ineans to force it up or
down. Price becomes the agency of speculation, the
tool of desire. Price is really only the focal centre
of all interacting industry, the average result in
name of all human effort. So that in economics we
say supply and demand alone finally fix price. In
this equation we seldom fully appreciate the power
of demand but that is another story. Price is opportunity to the profiteer; it is the false god of labor. When men buy and sell alone for price thej
price,
—
Equable exchange is the
victim of the tyranny of price. So that price turns
upon itself, becomes its own enemy. Whether a
man sells thing or toUs, he who by withholding
would create scarcity to enhance price only toys
with the essentials of value.
On the contrary, production is substance, and
price is its shadow. Production is the law and purlose sight of true values.
pose of life. Price is a convenient estimate of the
current value of production in exchange. The convenience becomes an idol when men fall down and
worship it. When civilization proclaims production
true king of the world, price becomes its tinsel
crown. This is what we mean when we perceive
that comfort, happiness and progress are as present
under a low level of prices as under a high. AVhen
men worship at the shrine of Production they triumph over the tyranny of Price. The "high cost of
living" is a delusion of price. As may be realized
when a crop comes in of three billions of bushels of
corn. As may be noted when growers withdraw tobacco from warehouses and resolve to grow no more.
As may be painfully evidenced by men who have
stocks of goods to sell, whose business it is to sell,
but will not. The man who waits until "the price is
right," halts the natural processes of life.
is
tlie
obsession of the
—
—
race.
—
labor to give in exchange for all
things forgot its relation to i)roduction and estimated its worth alone by price. They organized to
demand arbitrary wages, and by the fell process of
'•the strike" with one blow, annihilated both production and price.
Men who had invested capital in
use or to let for use seized upon opportunity to advance price in the sole interest of profit. And when
war ceased so great was the momentum of disorder,
so intense the greed of demand, so compelling the
delusion of price, that enterprise was benumbed,
became
effort
And from
How
shall
achieved or intended. War
the human mind, a revulsion in the human heart.
Production turned to evil things to waste and
death. Price, like a free-booter, leaped into the saddle.
Price came to be that foul thing "putting the
tariff on"!
Tarifa, the refuge of the pirate: prio»».
hesitant, and production languished.
shadow the world must now be lifted.
be done save by making price the true
this
it
exponent of free production ? There is no other way,
for production is the law of life, not price. It matters little what the price, when production is at its
full, and exchange equable.
And by inversion the
low cost of living becomes the highest price and
measure of value.
Too much we mistake the shadow for the substance, price for production. It is a source of endless error. Take the Stock Exchange, thousands believe it fixes price. And in a way it creates a false
and spurious price that a little affects true price.
But for months commodities and securities have
been running in a cycle of mere price, day after day.
ad\ ancing, retreating, showing "strength" and closing ''weak and irregular." Yet these quotations are
only the fine serrated edges of a Price that sooner
war dies down and
supply and demand reappear,
or later, as the disorder of
regnant laws of
the
re-
its place in the active endeavors of normal
All the Stock or Produce Exchanges in the
world cannot fix the final price of cereals, steel and
iron, textiles and lumber. And when man discovers
the full power and potency of Production, in his
own interest he will cease to be the slave of ijrice.
He prospers under the universal law and not by
fighting against it.
Well what of it? one asks. All the world understands that production and more production is the
paramount need. Not so fast, please. Is all the
sumes
life.
—
world willing to forego a balance of trade made up
of gold or gold-credit, for an equal free exchange
of goods for goods as they balance each other in
price according to their natural worth in the scheme
Are peoples and nations willing to obliterate the station houses on their borders where tax
marks up the price of goods without altering the
value in worth, in mutual helpfulness to buyer and
Is labor willing to work by the gauge of
seller?
of living?
some good either
came an aberration of production,
for
human
Men who had
is
Normal Production
409
letting price follow as
it
will
:
is
capital
power for produetiou.
leaving profit and price to follow as they may ? Are
we aU under the thrall of price, often arbitrary,
often fictitious, always the mere index-number of
tme value and worth, or are we cnnsoions that onlv
Avilling to exercise its active
;
THE CHRONICLE
410
and by production we fulfill the law
answer may be easy, but acquiescence
in
THE
SI'JXyiTI'J
LIN (J
The
of life?
is
The
hard.
PASSES BILL FOR COXTROL
THE MEAT I'ACKIXO INDUSTRY.
bill
meat packing industry
new commission of three passed
for putting the
under control of a
the Senate on Monday by the rather unexpectedly
The vote divided along party
lines, the Republicans being 18 for the bill and 23
against it, and the Democrats being 28 for it to 10
against it. Although the one vote cast from Colorado and the two from Utah were on the negative
side, 29 of the affirmative came from the trans-
large vote of 46 to 33.
(Jeographically speaking, this
might be called a far- Western proposition, and it
reflects both the notion of the livestock growers that
Mississippi States.
they are unjustly treated in selling their product
and the general notion in the country that meat is
monopolized up to higher prices than it should and
might bear.
The objections to this bill remain insurmountable.
The Federal Trade Commission has had all possible
powers except those which pass beyond the line of
investigation, publicity and complaint to the courts
when those fail to suppress a wrong it is plain that
the investigators are negligent or incompetent, or
that the courts need arousing to a better conception
of duty, or that public opinion has either fallen into
a deep sleep or has lost potency. In this matter the
investigators have not been negligent. The Trade
Commission has cherished a really savage antipa-
thy to the packers and
two years ago, a volley
let fly at
of charges
them, more than
and of personal
abuse, their alleged "report" and presentment being so overdone that it refuted itself, but they have
not ceased to this day to assail "the Big Five." The
crimes charged w^ere really appalling, but nothing
has ever been proven; still, the accused have taken
every means of informing and placating the public,
and have also yielded several points in so doing,
as well as yielded others to Governmental pushing.
The "Chronicle" pointed out, several years ago, that
the presumption always allowed before proof is unusually strong in their favor, since they have known
from the first that they were sure to be accused, if
not to be hated popularly, and so the most common
prudence required them to walk carefully and be
always ready to show a clean sheet.
But if it be admitted, for argument, that they
are or may be great sinners, there is no sense in setting up a new commission to do what the old one has
been unable to do. But the new commission is to
have control over prices? Even so, there has been
ample statutory control over prices, for several
years past, and nothing more is needed.
The bill is viciously vague in requiring reasonable
prices and forbidding unfair practices, without defining either, and the "licensing" part of it is even
worse. Senator Reed of Missouri voted for it, explaining that his previous opposition was because
he mistakenly supposed the licensing was to be compulsory, whereas he finds it is to be voluntary. So
it is, and so is the handing over of one's valuables
at the argument of a revolver. Any person may engage in the business, under the scheme, and may get
a license, on condition of agreeing in advance to
comply with all rules and regulations the commission may make, and also to hold his own business
plant and facilities at the disposal "on fair and rea-
[Vol. Ill
sonable terms and without unjust discrimination to
persons applying" therefor. Whoever wants to operate in this industry must "voluntarily" hold out
his hands to be bound, or else take the consequences
of official hostility.
an economic truth that all prtjductive or distributing industries can work at the lowest expense,
can keep wastes at the minimum, and can be able t j
sell at the lowest profit margin, when they operate
on a vast scale; this is especially true of perishable
It is
foods.
It is also true that of all
human
agencies for
doing anything Government accomplishes least,
wastes most, and is the most costly.
Moreover, we are contemplating or, at least, are
talking of withdrawing (Jovernment from every
form and spot of meddling with business, in the hope
of gradually infusing some method and economy
—
—
into its
own
affairs,
now managed
in a
way which
would quickly bankrupt any private concern yet
holds out because (Government can draw checks at
will on the whole country. The useless expense involved in any such scheme as this is a minor but
by no means an unimportant objection to it. The
President of France has apparently noted Mr. Harding's simplicity for inauguration and he follows
the example by announcing that the customary series of balls and other pleasant frivolities at the Palace will be omitted with a world in mourning and
in suffering, he thinks the State would better turn
;
money to the giving of needed relief. Is he not
both right and just?
Furthermore, these are the last weeks of an expiring Congress and (as we hope and have some
reason to expect) of a bad policy which has been
enormously expanded under the plea of war emergency. Shall we behave as if the election conveyed
no meaning and no mandate, and as if the estimable
man who will soon assume serious duties had not
openly committed himself to retrenchment, simplicity, and w^hat he aptly terms normality ? Moreover,
an expiring Congress has no moral right to do anything which may commit his Administration to a
definite policy, upon any subject Avhatever that can
be deferred by like reasoning, no appointments not
positively pressing should be made now.
The responsibility will be upon Mr. Harding, and it will
be heavy; it is immoral per se and unfair to him to
tie his hands.
In sober truth, this passing Congress will best
meet its duty and best serve the country by doing
the least it can do ^other than the w*ork of appropriations, including in that task the other needed
requirement of cutting expenses to the utmost. On
the score of expense, of a just freedom from commitment, and because of its own viciousness, let this
additional "control" scheme be frowned out of sight,
and let the tAvin monstrosity concerning the coal industrv be sent to oblivion w-ith it!
the
;
—
HASTY AND EXCESSIVE LEGI8LATI0X—
HOUSE OF CONGRESS TOO LARGE.
A
few days ago the Washington correspondent
one morning journal reported that "bills galore
are still being dropped in the legislative hopper,
more than sixteen thousand having been introduced
in the House of Representatives in the first six
weeks of the short session." This correspondent is
wuth a very careful journal, and the statement as
printed is written out instead of being in figures;
yet if we suppose the number should have been
of
\
THE CHRONICLE
Jan. 29 1921.]
411
hundreds instead of thousands, an average creases. This is on the side of effirieney and tiie
dump of nearly 50 bills per day seems meet lor jxib- public concern in the work done; the expense of it
lie notice and disapproval.
Thirteen years ago, a all plainly rises as the numbers increase. Men do
Washington correspondent reported that in the r)9th not relish being marked as insignificant by not beCongress just expired, 34,879 bills and joint resolu- ing on committees, and so the number of committions had been introdiu-ed in both bi-anches, al)Out tees ten«ls to grow.
Every committee naturally
one- fourth more than in the last previous Congress, seeks to make a reminder and a justification of its
and that the House bills numbered 2(5,154, of which existence by a show of activity, and in order to seem
6,940 went through to enactment, the proportion of to do something it must add its bills to the confuSenate bills going through being about the same. sion in the bill-hopper. And so it goes, for in (lovFive years ago former Senator Root told some busi ernmeutal luatters the greater the scope of activiness men here that in the five years ending with 1913 ties attempted the less valuable the results and the
Congress and the State legislatures together had greater the expense, this being one human depart"made" over 62,000 statutes, and in the same term ment in which the more you pay the less you get.
the courts of last resort (not trial courts) had renPut the subject as an original one and free from
630 volumes all effect of custom and all bias of self-interest bedered over 65,000 decisions, recorded in
of reports.
fore any intelligent and <areful man, and he would
This term was pre-war, and so it is very possible probably admit that a membership of three hundred
given
a.s
that the
number
lately
House may be
the natural law of rapid
dumped
in the
as reported, according to
growth in things which seem either useless or nox-
(a little over three times that of the present Senate)
is
large enough for the House, and that with
it
the
country would get better public work, at a large
decrease in cost. If this is correct, why is not the
thing reformed in that way? There is no reason
why, except a baseless notion about State prominence and pride and (still more) the personal desire
of men for place.
That the reason and the public
desirability of a reduction in the membership will
be carried out it would be very rash to predict. It
certainly will not be, unless and until the people do
a little straight thinking about it and decide and
unmistakably announce that it shall be so.
In 1915 the Covernor of this State acted on
430 bills before adjournment and had 400 left on his
hands; in 1916, he acted on 200 and had 537 left
with him; in 1917 he had 565 thirty-day bills left.
As long ago as 1914 the Massachusetts Alliance of
Manufacturers and Employers' Associations (an association of associations, not of individuals) issued
a protest against statutory disturbance, asking a
term of enforced halt for "social uplifters and agitators," and for "the rest of us time to get acquainted with the multitude of laws showered upon us in
recent years," citing, as examples, a list of 61 things REMOVAL OF CANADIAN SECURITY EMBARGO FAILS TO INFLUENCE PRICES.
which a manufacturer "must" and 40 which he
Ottawa, Canada, Jan. 28 1921.
"must not" do, referring to the law by number and
Probably the outstanding surprise in many
title as to each one of those. At about the same date,
the head of one of the largest woolen manufacturing months' experience of Canadian securities houses
concerns in Massachusetts publicly protested that has been the total failure of the removal of the emhe was being plagued by statutes and said that n bargo on importation of English-held securities to
he could only put wheels under his plants and run cause even a flicker of a decline on the Canadian exchanges. For months the maintenance of the emthem out of the State he would do so.
bargo was disputed by some of the largest bond
is one matter in which quality is about
Legislation
in inverse ratio to quantity.
One press reporter houses, who at the same time dared not take insummed up the Albany legislative session of 1915 dependent action in opening the Canadian market to
by saying that "a weary crowd of legislators left English clients because of the threat of the Minister
the Capitol as dawn broke" on the last day the As- of Finance to place such rebels on a "black list.''
semblymen were locked in to prevent failure of a Not only did the removal of the embargo fail to
quorum
"the emissaries found the Senate con- bring the prophesied avalanche of English security
sisted of two sleepy-eyed Senators and a door-keeper holders, but several investment houses have been
the Assembly had almost a hundred bills to put keeping the cables hot with scores of offers for
through after midnight." Is it strange that, in the stocks and bonds with barely perceptible response
current habit of law-making the Governor has a from London. Apparently the only effect has been
basketful left over and finds most of it poor stuff, that with each cable the Englishman stiffened his
or that frequently a law says something not intended price.
Two apprehensions have been thoroughly exby the constructor, as, for example, when Tennessee
enacted, in 1913, that "it shall be unlawful for any ploded that under the restrictive power of the Caowner or keeper of horses, mules, cattle, sheep, goats, nadian embargo there had been created a cache of
hogs, or any kind of livestock, to run at large in any foreign-held securities eagerly awaiting the opening
counties of this State having a population of not less of the gates. Popular rumor credited many bond
than 17,560 nor more than 17,565"?
houses with holding huge cargoes of such securities,
This bill-constructing activity in the House adds but events have shown that these houses had pracforce to the argument for not only a not-increased tically nothing to offer. Secondly, the Englishman,
but a decreased membership. Haste, lack of serious however disturbed and resentful at the cutting off
attention, a lessening of the sense of personal re- of his sale privileges on Canadian exchanges, has
sponsibility, a tendency to emotional following in not been as eager to dump his holdings on the marany rush which starts these are natural character- ket as he apparently was while the embargo was in
istics of a large body, and they intensify almost in force.
Information from a leading member of the
the ratio of the increase in numbers. The timeli- Montreal Stock Exchange is to the effect that imness, the safety, and the probable value of the action ported securities in the present free market are altaken tend to decrease as the size of the body in- most non-existent and this effectually disposes of
ious.
—
;
.
.
.
.
.
.
;
—
—
;
THE CHRONICLE
\vz
thfi
fear that Doiniuioii (lovciimicut Victory bonds
wcie due under this new infliuMuc to suffer a
dc-
year Dr. Xogudii of the Kockefelb-i- Insti
I.ast
t
lite
[Vol. 111.
was sent
to Cluayaquil,
and now the Foundation
(.'Jiiic of fivo to t(Mi points!.
'I'here is the further tea
ture to bo consichu'ed tlujl with (he rising exehaujic
the Eu}j;lish holder woubi uow receive about iO',i
lesN fur his securities than two months ago.
Tlie
rierums ha\c been madr' which appear to be
effeeti\e, both for immunizing and for cure. Mean-
advance made by these securities on the London
wJiih'
mai'ket of late has not at
all
equaled this
10%
de-
is
able to report that he has discovered the microorganism uliich acts as the germ of yellow
I
scoi)ic
1
fever,
<lii(ed
I
lie
lujuibei-
of cases in Guayacjuil
was
re-
by the pi'eventive measures introduced from
19iS aiul 8.^> new cases in January, 1919, to
cliue.
4<)0 in
The so-called embargo has been one of the mo.si
unpopular measures put iuto effect by direct iuflueuee of the Minister of Finance. It was imposed,
however, at a time when sterling exchange had
moved to such low levels that a drastic liquidation
zero in -hine and none siiue. By November yellow
fever was practically banished from Central Amer-
of ('auadian securities by British holders could not
ica,
and
a
good start made upon
its
world-wide extir-
pation.
A year ago very successful results were reported
from cerrain attemi»ts to eliminate malaria from
several badly afflicted communities in Arkansas.
These have been carried on more extensively, and,
The weakness of the
emanating from the Minister of P''inance depended chiefly upon the volun- in connection with general hygienic measures, so
tary co-operation of the banks and brokerage successfully that in ten of our Southern States plans
houses and some of the latter with powerful British are adojjted to get rid of the di.sease.
It is now
connections had since disassociated themselves from pro\ed that this can be done at far less cost to the
the arrangement and had built up a highly lucrative community than to endure the evil. A public debusiness to the great loss and annoyance of their mand is already created for sanitarians far greater
more conservative brethren.
than the supply. The method pursued is (1) co-operation with the authorities, (2) the community's
ANNUAL REPORT OF THE ROCKEFELLER bearing some part of the expense of the experiment
FOUNDATION.
stations (3j an agreement, if the experiment is sucThe annual report of the Kockefeller Foundation, cessful, that the Government will take over the enwhich is the largest and most extensive private terprise as a part of its official machinery.
When it is understood that malaria is a crippling
philanthropic organization in the world, must
arouse interest in many lands. Its work extends to and often deadly disease, which attacks or threatens
The magnitude of its funds, the some 800,000,000 people who live within the zone of
five continents.
scope of its plans, and the thoroughness of its or- its influence, and it is estimated that in India alone
ganization and methods not only justify this exten- 1, 300,000 die annually from its effects, it wiU be
seen what valuable service is rendered when it is
sion but have already gained wide recognition.
proved possible to stop its ravages by means that are
"The mightiest danger to all humanity since the
deluge," Ls what Henry P. Davison, Chairman of within the reach of everv communitv and every solithe international Congress of the League of Bed tary household if the public is once aroused and the
Cross Societies, has lately termed the after-war dis- co-operation of the State is secured.
The story of the campaign against hookworm, the
eases now sweeping Eastern Europe and Asia.
Yet without touching them the Kockefeller Foun- first of the diseases taken up by the International
dation has found its immediate field in dealing with Health Board of the Foundation, was told in last
public health and permanent medical education in year's report. It remains the chief task.
In 1919 control measures were undertaken in 25
39 different governmental areas. Its initial aim has
different States and countries against this terribly
been, and is, to concern itself with certain wellknown diseases of wide extent and great human de- destructive but readily curable disease, if understructiveness, to investigate their nature and origin, taken in permanent form by the Governments, and
to determine adequate methods of prevention and surveys or campaigns were inaugurated in eight new
cure, and, with these demonstrated results, to areas. Notable results have been obtained in Braarouse the chief affected communities and Govern- zil, British Guiana and Australia, where the hookments, if possible, to the complete eradication of the Avorm campaign has widened into comprehensive
public health programs. The same has been the rediseases.
Up to the time of the occupation of Cuba by the sult in our own country. In the South the demonforces of the United States, vellow fever, one of the strations of the methods of relieving the hookworm
most fatal of known diseases, had been continuously disease gave great impetus to appropriations for
present in Havana for a century and a half. At health work in general.
The scope of the work to-day is seen in the statetimes it had destroyed entire crews of visiting vesment of its aim to provide "(1) an education for
sels, and it had almost exterminated a French army
in Haiti. In 1842 it carried off half the population every citizen in the fundamentals of health preserof Guayaquil in Ecuador; it often infected New Or- vation; (2) an accurate health survey of the countiy
leans, and in 1878 destroyed 13,000 souls in the Mis- as a whole; (3) a health map locating every home,
sissippi Valley. The story of the skill, the sacrificial with symbols to show the diseases that have occourage and the success with which a small group curred at each home' during the past five years
(4) the medical inspection of every school child,
of army medical officers dealt with the situation,
discovered and taught the method of prevention and with treatment for those who need it; (5) examinacure, and enabled their successors to eradicate the tion for hookworm disease and treatment of the indisease in that centre and the Canal Zone is well fected; (6) a fly-proof latrine at every home, to preknown. Under the lead of General Gorgas, the vent soil pollution and its attendant diseases, such
Foundation in 1918 undertook to stamp out remain- as hookworm, typhoid fever, diarrhea and dysentery (7) infant welfare work; (8) free typhoid and
ing seed-beds and rid the world of the disease.
have
bexin
very well withstood.
case was that the
''order"
;
]
THE CHRONICLE
Jan. 29 1921.]
smallpox vaccination, and (9) the establishment of
a peimanent health department."
Our space does not permit the account of similar
iuvestigations pursued in China, wliere the ravages
of hookworm disease are incalculable, and no att<*ntion has been given to it, or the developing tale of
the great work undertaken by the Foundation to
give Cliina a nation-wide system of modern medical
education, with model hospitals and highly competent medical schools, an undertaking so generous,
so wise and so manifestly needed that Government
and people are already responding to it.
Nor can we do more than say that the effort pursued since the close of tlie war to aid France in arresting the terrible spread of tubercidosis was continued through the year with increasing efficiency
and the eager and grateful support of the French
Standard demonstiations
people and the nation.
have been widely established: the training of public
health
nurses,
specialists,
organizers
lecturers,
and
clinical
educating the public in the causes and
and the gradtial transthe French agencies have
))reventiou of tuberculosis,
fer of the responsibility to
been steadily forwarded, with results in the develt>pment of a new community spirit and hopefulness
of ultimate relief.
To meet the outlay required for plans so extensive
the Foundation had at the beginning of the year a
general fund of |122,000,000. This is increased by
a further gift of |50,000,0()0 from Mr. Rockefeller,
with the expression of the wish that the work of the
Foundation might be extended to include Canada;
and for this an appropriation of $5,000,000 was at
once made. The income for the year was |7,000.000,
which, with a balauce brought forward of -"$5,000,000,
has made a total of ^12,000,000 available for current work. The disbursements amounted to |7,7G0,000, with pledges to become effective in 1920 of
.«r),000,000 more.
It must be manifest to every reader of the report, in, which full details are given, that the best
hopes of the founder and of those who sympathized
with them have been attained in the organization,
and that no great philanthropy could be conducted
with a more prudent and wise a care, or with a
greater sense of public responsibility.
(rERAfAN
BANKIXG AND INDUSTRIAL
CONCENTRATION.
Franlcfoif-on-tJu-Main,
The
entire eeonomif life of
Germany
Jan.
1.
1921.
is still nntler tlio iu-
fluence of the lost war and th(> lu-eakdown of the nioney
standard.
The dmastation oroated in trade and industry
by tlie hnsre flood of paper money is now the most pressing
problem confronting (Jerniaii statesmen and financiers because, in spite of the earnest attempts of the authorities to
regulate the prices of the neeilful things of life, they are
creeping up to the world's price level, and lately this ten-
.dency has become much accelerated. The rising quotations
and the apparent willingness of the (Ternians to i)ay tlieni
create an impression of aftluence. which upon examination
vanishes and is replaced by the conviction that the prosl>erity apparently prevailing in certain industries is uierely
a thin veil hiding the universal misery in (Germany. Some eyes
seem incapable of ])enetrating this veil very readily. For lustauce, wli(>n certain (Jerniau stock companies distributed
large dividends during the past few mouths, some English and
French writers jiointcd to them as being proof of -Germany's
quick recovery. These observers, however, neglect to taUe
into account the difference between gold marks and jiaper
marks. The capital of the companies in question represents
almost in every instance gold marks and the real estate, the
ma<hines and the entire inventories were paid for in gold.
\ow, however, metal money has disappeared, and there is
413
no way of obtaiuing
it for any pnrix>8<».
Paper money ct»nbe re<luced to the mcJal sitandard and the iiniiiciliate
tniisiMiuenie Is that gold au<l silvi'r iiivcstmentK are influteil
to tlie paper standard. 'Jhaf is the secret of the larjre dividends now Iteing declaretl. It is a novel but very slnipje phenomenon 'I'hc sliares of the «toi-k <oiiii>auies are rising iu
noi
:
))roportl()n to the revaluation jtrocess the
now
Tindergolng.
And when
German mark
the stfwk quotation
Ijs-tx
is
and
dividend de<laralions are C(jnipare<l, (he latter lose
of their glamor, since the large disburnenjents are
due to the depreciation of the riirrein-y. Values of shares
of German comjtanies have risen enormously on the German
bourses, but bonds have followed them only to a very limited extent. A review of the Stock Exchange business during the i»asr year, i)rint<'d in the "I'rankfurter Zeitung,"
shows the following averages for 'Jo active stocks and 10
the
much
bonds
.luiit}.
<hl.2r>.
\ov.2T.
7.792
97 rj
12.311
1.411
K,.'.33
14.360
1.304
16,361;
1.024
13,803
1.249
8.767
13,722
9.557
15.052
1.5.664
10,033
Jatx.i.
Stocks
Honds
Total
March
7.
Dic.:i\.
1.J71
The violent rise up to Alareh 1 and the recession shown
1 bear an intimate relation to the changes in the valuation of the mark. The lower buying i)ower of German money
June
graphi<ally retlet te«l in these figures, ami the process may
not have proceeded to its full conclusion as yet
The bank note inllation has, of course, far-reaching effects on the Imnking l»usiness.
A glance at the following
figures will show in what dire<tion thi>-" influenoe makes
is
itself felt
The
bunks in B>rHii report for
eight largest
Irtcriust coinpured
Marks.
the fiscal year \0\9-20:
Capital stock
wit
l,938,00O,OO(
Acceptances.
Deposits
Bins of exchange and Treasui-y
1918-19.
11,000,000
769.000.000
bills
466,000,0(K)
.39.39], 000,000
18.371,000,000
21,260,000,000
9.4.57,000.000
Tlie ri.se iu deposits is partly ascribed to German investors not being able to cmj)lo.v tlieir money profitably and
to foreigners depositing cash in anticipation of inNesting it in German trade and industry.
The tendency
exhibited in the above .statement continues and is also rellected in the d(>i)osits of the savings banks.
During the
I)artl,\'
calendar year 1019 depositors' accounts showed a growth of
-1,»)."»0,000,000 mark.s, a figure which has been surpasswl in
the j^ear just closed. For the first nine months the banks
have reported already 5,000,000,000 marks increase against
the year before.
While these figures indicate a plethora
of money, the d<Mnand for new capital is also very great.
During the best years before the war tlie new issues of
stocks and bonds never exceedetl one billion, but for the
first half of 1920 German industry and commerce absorbe<l
cai)ilal to the amount of 8,.'522,G31,000 marks.
The entire
number of companies raising new capital was 824 and the
a\erage jirice of issue 124.
The enormous capital requirements, as revealed by these
figures, are not caused by a great industrial expansion or
a sudden bur.st of ])rosperity. They are simply due to the
necessity of providing more working capital for the employDieut of the present plants of the concerns. Only little retiection will show that the working capital of pre-war times
would by far be iu.sufficient to provide the neces.sary raw
material at tlie present jirices, especially when this maIn addition to
terial must come from foreign coumries.
these expenditures, the condition of the plants requires large
outlays. Practically nothing was done for them during the
war. There have been instances lately when in order to
obtain a complicated piece of machinery works had to
sj>end more than the entire capital sto<.k of pre-war times.
There is another but not so important source of capital inflation, namely the desire to reap a quick profit on the part
of i)romoters. many of whom, by the well-understood procedure of watering the capital stock and unloading on the
However, the principublic, have become rich over night.
pal cause of the enormous flood of stocks and bonds is the
siinide desire to continue in business.
shown above, already 824 companies have
the movement is l)y no means eude<l.
Some very large flotations of stocks and bonds have reWhile, as
lejiorted
is
new
i.ssues,
tenlly been ainionnced as. for instance, that of the .Vllgemeine Elektrizilats «iesells<haft, which has iuviUHl suliscni>tious for stocks to the par value of 250,000,«KX) marks,
and
appear that
will be the limit of capital requirements
these huge amounts
A pein case trade and indu-stry exi)erience a real boom.
bonds worth 100,000,000 marks.
\or does
it
THE CHRONICLE
414
riod of indu.slrial ucUvil.v would uudoublcdly losull in the
cinplo.vmont of vast quantitips of money, .so va.st, indood.
that no period in (he ocononMc history of (Jennany would
show a i)arallel. This, at least, is the conviction in the
circles of (Jernian hi^h finance and they are already actinp;
upon
it.
The
largest bankinp:
institutions are fortifyinp:
themselves against the day when the frreat industries decapital, and lui^'e financing transactions must l)e carried throupih. Here we find the secret of the great German
hanks lately endeavoring to acquire the control of other institution.s.
For instance, the Deutsche Hank has Rained
jio.ssession of four or five large moneyed institutions in
the provinces and therel)y has obtained resources immensely
strengthening its position as the money centre of several
large iudu.stries. Its capital has been increased from 275,000.000 to 400.000,000 marks, and it has found imitators
among the other large liankiug institutions.
Meantime the concentration process in the industrial life
of Oermany that began shortly after the armistice has not
been concluded. In fact, it seems to be gaining headway,
and one is tempted to prophesy that in rather short time
Germany will have, in proportion to its economic status,
more gigantic, trust-like formations than any other country. This tendency is developing in two directions
^in what
may be termed a horizontal expansion enteri)rises of the .same
branch consolidate, while in the so-called vertical concentration plants, singly advancing raw material through successive
manufacturing stages imite for the purpose of conducting
the article through the different processes till it has assumed its final form. A horizontal combination was, for
mand
—
merger of two of the greatest brew^eries
Schultheiss and Patzenhofer.
Here we find a
saving in the purcha.se of raw material, as well as in the
elimination of competition in the sale of the product.
Aside from that, the raw material market is becoming narrow and restricted for the seller. Other establishments
unite for the purpose of re<lucing the risk caused by the
alternate rising and sinking of the mark, or for obtaining
raw material from foreign countries, for which huge
amounts of inflated paper moue.v must be paid which would
place an onerous burden on smaller firms.
Lately German enterprises have become affiliated with
foreign concerns, the latter in some cases, even obtaining
the control of the German companies. One of these events
was the taking over by the Anton Juergens Vereinigte
Fabrikeu of Oss, near Hertogenbosch in Holland, of the
Bremer Besigheimer Oelfabriken. after the latter had acquired the Vereinigte deutschen Oelfabriken and the Oelfabriken Gross Gerau.
Such mergers are, however, overshadowed by the happenings in the metal and mining industry, in which the concentration process has been very
rapid recently.
The driving force behind the mergers and the formation
of communities of interest, so rapidly succeeding each other,
is Hugo Stinnes, who undoubtedly is now dominant in the
German steel and iron industry. First, he brought the
Gelsenkircheuer Bergwerks-Gesellsehaft. stock capital 188,000,000 marks, under his control just as he acquired the
Luxemburger Bergwerks-Gesellsehaft, which is capitalized
at 130,000,000 marks.
The new company thus formed he
called the Ithein Elbe Union. He then obtained the majority
of the shares of the Bochumer Gussstahlverein, with a capital of 70,000,000 marks, which, however, was worth 220,000,000 marks wiieu he took it over. Having picked up several
smaller works, he then obtained control of the Kheinische
Elektrizitaeswerk and the large soft coal mine Roddergrube. Thus Stinnes provides his iron and steel works with
fuel and electricity. His example is followed by the family
Haniel, well known for decades in the Rhein and Ruhr disTheir large iron and coal company, the Gutehofftricts.
uuugshuette, has formed a connnunity of interest with the
Maschiuenfabrik Esslingen and the Maschineufabrik Augsburg-Nuernberg, one of the largest establishments of this
[Vol. 112.
year 2000 unless one of them by a vote of four-fifths
of its shareliolders decides to leave the combination.
The i»rr)moters of all these deals are not much afraid of
the .socialization sjicctre, altliough we .shall hear much of
to the
matter during the next month or two, when the Government must come to a decision regarding the taking over of
the coal mines by the Slate.
Labor has become le.ss and
less urgent in insisting on the socializatipn plans and the
(ieinian "captains of industry" are evidently proceeding on
the assumption that nothing will be done that could imperil
the economic future of the Emi)ire.
this
CANADA CONSIDERING A NEW
OIL POLICY.
As an indication
of the fact that the Government of Canada
appreciates the imporla,nce of the discovery of an immense oil-bearing territory in the Mackenzie River district
of the Northwest territories estimated to cover an area of
150,000 square miles, an Order-in-Council has been passed
suspending all previous petroleum and natural gas regrulations in so far as they appl.v to the territories in question.
The suspension of the regulations will only be for a brief
period, however, says the Canadian Bureau of Information,
and as soon as the whole situation has been considered the
Government will announce a permanent policy. Indications are, it is stated, that the district in which Fort Norman,
where the Imperial Oil Co. recently made a strike, is situated
may soon become one of the grea+est oil-producing areas in
the woi-ld.
The Order-i:i-Counftil suspending the existing
oil regulations says:
The regulations now in force for the disposal of petroleum and natural gas
fulij'
instance, the recent
rights
in Berlin,
oil
.
kind in Germany. The so-called Kloeckner companies have
arranged a combine including the Lothringer Huetteuverein,
the Hasper Eisenwerke and the Koenigsborn Bergwerksgesellscliaft.
The last few days have seen an even more important development than those here described, because, under the
leadership of Mr. Stinnes, a so-called "super-combine" has
been formed, in which Siemens, Rhein-Elbe, Schuckert and
Union are the principal factors. It is understood that these
large companies are to remain under a single direction up
were specially designed to encourage and assist a vigorous search for
on lands the property of the Crown, and may not be adapted to the
conditions which have arisen as a result of a discovery which would appear
to be of national significance and which conditions are now the subject of
careful
A
inquiry.
special dispatch
from Ottawa
to the
Montreal "Gazette"
says:
Since the strike at Fort Norman the Government has had many opinions
and recommendations on the proper method of developing the oil resources
of the Macljenzie Basin.
Companies, who are willing to expend thousands
in exploration and development, complain they have no protection on their
investment, that under the existing regulations anyone can locate a lease
adjoining the property they are developing, not with the intention of development, but to force the company to acquire their holdings if the area
proves rich in oil or gas. The companies desire protection from squatters
and others who would file but not develop. They assert they diould have
first claim for an area surrounding the point at which they are spending
thousands in testing the value of the territory.
Others have urged on the Government that they nationalize the northern
oil fields, reimbursing those who have expended money there in successful
development. What is looked upon with more favor is a national system
of pipe lines. By such a system the Government would control in some
degree the immediate destination of the crude oil. and it is also urged
that such a system would encourage the individual to develop his holding
and if successful, give an opportunity to market his product, but under
the present system only the large companies can operate.
There is also the question of civil government to consider. There is
really no organized system of government in these vast territories, and with a
great influx of people some system must be adopted and developed. So far
the Royal Canadian Mounted Police have been the sole government.
The Government also fears the result of a great rush this coming summer in
the northern wilds. Transportation is difficult and the water system
remains open for but a few months. It is even more inaccessible than the
Yukon. A great rush next summer without adequate precautions and
control would mean suffering and probably death for many the following
winter.
It is to carefully consider these problems that the Government
has temporarilj' suspended the oil and gas regulations.
GOVERNOR IIAFDING OF FEDERAL RESERVE BOARD
SEES BUSINESS REVIVAL IN SPRING.
W. P. G. Harding, Governor of the Federal Reserve Board,
Chamber of Commerce at Winstou-Salem.
on Jan. 21, speaking optimistically of the future,
declared that "there are signs e^'ery where of a revival of
in addressii'.g the
N.
C,
business in the spring."
He
said:
think the developments of the past thirty days have convinced even
those who are never so happy as when miserable that not only has all danger
of a great financial crisis, or money panic, been passed, but that business
generally is safely over the most critical and tr.ving stage ol the readjustment
I
period.
Heretofore, following periods of artificial expansion, the reactions
that have come have usually been sharp and .sudden accompanied by money
Nothing of the sort has occurred in the present readjustment
panics.
period. While many predictions were made that an old-fashioned panic
was inevitable, I never once doubted the ability of the Federal Reserve
System to prevent any such condition.
The decline in prices was nece.ssarily disastrous to those producers who
had gone heavily into debt, with the expectation that the level of prices
which existed a year ago would be sustained or even advanced, and in many
indi^'idual cases great losses wiU be suffered, but so far as the community
as a whole is concerned there is no question of solvency.
In working out the situation, it is necessary that those who have extended credits should exercise patience, moderation and forbearance— in
cases where debtors show themselves to be worthy of confidence and are
willing to meet reasonable requirements.
I have observed no disposition on the part of the banks to force collections
by foreclosures or other drastic means except as a last resort. There ar«
signs everywhere of a revival of business in the spring.
TUK
Jan. 29 1921.]
cinu)Nnci.K
415
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR
1920.
Continuing the practice begun by us sixteen years ago, we furnisli below a record of tlie liighest and
lowest prices for each month of 1920 for all the leading stocks and bonds dealt in on the Chicago Stock
Exchange. In the compilation of the figures, which are based entirely on sale transactions, we have used
the reports of the dealings as given in the Chicago Stock Exchange official list each day. and in our range
we make no distinction between sales in small lots and sales in large lots.
For record of previous years, see "Clironicle" of Jan. 'M 1920, page 409; Feb. 1 1919, page 416; Jan. 26
1918, page 333; Feb. 3 1917, page 399; Jan. 29 1916, page 380; Jan. 30 1915, page 349; Jan. 31 1914, page 347;
Jan. 25 1913, page 244; Jan. 27 1912, page 256; Jan. 28 1911, page 234; Jan. 29 1910, jiage 276; Feb. 6 1909,
page 348; Jan. 25 1908, page 205; Jan. 19 1907, page 138; Jan. 20 1906, page 135, and Jan. 21 1905, page 198.
Januarj/
BONDS
Armour
&
Co. 4Mia
193'
Debentures 6s
1920
Debentures is
1921
Debentures 6s
1922
192J
Debentures 6s..
Debentures 6s. „
1924
Debentures 6s
1929
Debentures 7s
1930
Booth Fisheries S F D 6s
1926
Chicago City Railway 5s... 1927
Chicago CItv & Con Rys 5s 1927
Chic. Pneum. Tool 1st 5s
1921
Chicago Railways 5s
1927
"A"
"B"
1927
1927
Adjust Income 4s
.1927
Purchase Monev 5s
1927
1923
Chicago Telephone 5s
Commonw. Edison 5s
1943
Conunonwcalth Elec. 5s
1943
Cudahy Pack. 1st g 5s
1946
Lake St. El Ist 5s
1928
Metrop. W. Side Elev. 1st 4s. 1938
Extension gold 4s..
1938
Morris
Co. 4MjS
1939
Northwestern Elevated .5s 1941
Ogdcn Gas Co. 5s
1945
Peoples G. L
C. 1st 6s .. 1943
Refunding gold 5s
1927
Chic. Gas L.
C. 1st 5s .1937
Pub. Serv. Co. 1st ref. g 5s. .1956
Mutual Fuel Gas l8t 5s... 1947
South Side Elevated 4>is.. 1924
Swift
Co. 1st s. f. g. 5s
1944
Wilson & Co. 1st 6s
1941
5s Series
4s, Scries
&
&
STOCKS
82% 82%
11
99
Ht
OSig
72
72% 70
70
42
67% 67%
70
6684
34
96l»
9612
93
76
74% 76% 74% 75
77% 80
69% 69% 57
36
36
6O84
46
32
34
42
31
34
34
35
35
42
31
59
43
32
63% 60% 61
43
35
4K
33
4a
36
13
14
Armour Leather
Preferred
Beaver Board.
Preferred
97»4
88
88
86tt
8634
86
87
7734
8958
60
62
5784
4488
62% 61% 69% 61% 02
448( 44
49% 46
46
35
36% 40
36«i 37
36
78
78%
"78"
89% 89%
Ywi
4612
48
46% 49
46li
46I4
45
45
47
45
48
45
47
79
67
76"
75"
70
63
77
-80
76
76
76
77
75
75
45
44
73
45% 45% 45% 45% 46
46
47
45
73
74
74
73
73
'eo"
Vo"
67
7''
61%
39%
64
36
29% 30
10%
lU
67
63
68
58%
6
58% 59% 58% 58% 61% 62
65% 65% 66
66
65
92
92
92
874«
78% 83
19H 83% 77%
82%
79
78% 78% 79
39%
47I2 47%
47% 48
42%
42% 44
70%
65
65
63% 63% 72
60
68
64% 6684! 63
61
75
59I4
67
67
68>4
70
65
93%
8934
9758
91
90%
97%
66I4
8984
90
330
120
300
94
100
37512 330
120
120
340
116
113
77
100
73
{*)
Preferred
Bunte Bros
(*)
324
333
62>4
63
79
68
16614
1534
94
95
9438
96% 101
1738
ISSg Y6I4
95%
9434
94I4
1234
10
13%
74
75
83
31
94
69
62
83
70
70
65
62
65
58
2OI2
95
98
Chicago Pneumatic Tool
94
Rights
Chicago Rys Part Ctf Ser
Part Ctf Series 2..
Part Ctf Series 3
Part Ctf Series 4
100
34
2
3I2
4I2
.
2
8I2
106
Is
15
93
73
2034
15
97
90
73
S3
98^8
h
II4
10%
6
20
1
24I2
9738
9812
6
1
5
80
lOSg
6
534
'75"
9434
9034
94
49
86
10
67
84
102
75% 70
102
79%
50
7%
109
67%
15
91
91
8
65
50
47
50
48
75
65
60
9%
9%
7%
62
49'
"sV"
38
40
5%
9% 684 7%
62%
38
20
49% 26
53
26
15
17% 16
17
145g
16
1938
54
16
6538
16
92
15
91
75
78
493g 50
84
Diamond Match
Edmunds Jones
5%
5%
5
%
ll2
214% 215
106% 108
8
6%
1
70% 71
10
1184
58
60
54
15%
18% 10
"5"6""
"so"
"h'
"I'h
Marx com.
Haytian-American Corp
Holland-.\mer Sugar
Hupp Motor
Preferred
Illinois Brick
Illinois Central
78
8734
54
16
64
7934 89%
32% 40
9234
39
70
45
70
4%
25
9
10%
9
9%
68
70
3
15%
4%
20
6
53
27%
734
II4
4%
1%
20
6
66
7
6%
1%
11%
1%
65
55
1%
7
5
95
734
95
94
9
1
34
1
7
8
"7"
1
45
60% 45
1%
h 1
5
10
7% 9%
4%
6
1
46
45
%
3%
3%
4
5%
1
1
1
4%
6
4%
81% 81% 80
5
80
81
81
65
15
12
20
12
1
200
210
5
4
4
5'
3%
IOI4
11%
96% 100
9334
41
35
35
99
35
95
93%
99%
9634 101
102
123
3034
100 92
98
100 99% 108%
100 90
97
100 115 115
(•)
28
1
3%
5
65
17
14
19%
3
15% 10
5
1%
11%
116
3034
3278
12%
200
202
200
20(
203
205
265
37
206
200
65
82
88
35
10%
934
9334
88
35
31
10%
200
205
10384 101
102
200
35c
60
92
31
82
10%
88
8%
9I4
77
82
738
65
9
7%
8
6%
784
93
93
94% 94% 86
106
17
110
17
25
44
60
74
75
25
1484
1334
93
104% 107
9284
104% 107
95S4 100
9984 104
17%
23% 23%
47'
'49"
79
81
17% 22
15
35
68
70
45
70
20
78
75
73
75%
75% 75% 74
67% 73
75
76
74% 75
16'%
14%
15%
1588
14%
16%
13% 13% 12% 14
10
14
13% 14
74%
73
71
70
68
58
57
57
68
58
68
56
87% 67% 70
86% 93
81% 86
68
68
81
82
77
»4
77
82
77
83
77
1684
18
17
1888
16
23%
16
16% 15%
18% 14
17'
13% 18% 17
101% 101%
75
77
62
66
15
I6I4
13
10
10 102
104 102
100 80
82
78
100
79
100 280' 2'8d"
1738
1584
102
80
79
(*)
35
35
lit Preferred certificates
(*)
2nd Preferred certificates. (»)
79
26
65
55
78%
62% 65
'79'
16'
17
19%
101% 101%
15
76
79
72
17%
a.
8
9H 11%
69
64
70
79
Kansas City Ry com
Power
"85'8i
',*)
14
27
30%
3
46% 46%
32
34
....
5
I
2284
2758
22% 31
26% 32
Rights
2238
30% 12
23%
234
13
12
.. .
10
..10
7
9%
9l2
9I2
6%
83<
7%
9%
684
7
6%
e%
6
«%
9
9
9
9
9
184
%
12%
8
115a
X634
12*4
6%
11%
13%
11
12
7
12%
14
U
11% 12%
6%
7
10%
12
«%
a
ia*t
4«4
«%
9%
1%
11*4
1%
...*
...
%
6
18
10
32
34
3
ctfs.
Preferred certificates
Libby. McNeil & Libby
17%
17%
68
61
61
70
77
91
73
93% 95%
65i
65
50% 66% 52
20% 21
50
5334
90
91
90
558
67
64
52 "2
89
260
79% 59
45
52
85
88
85
53
260
82
834
93% 93%
9484 96
101
98% 10034 95% 96
125% U8 122 113 115% 16514108'" 109 113
31%
3434 32% 3634 32% 3584
89
&
3
65
88%
8%
40c
25c
9434
79
Inland Steel
U
3%
68% 58%
105
94
5
64%
60
28
10
84% 90
87
85
0%
102% 10484 16184 103% 101% 103% 100% 102% IOO84 101% 101% 101% 100
65
I3I4
\
7
1
6
8
334
1
101
7%
75%
5
73
85
60
7
"512
I
6
49% 60
70
55
1
11
38
1%
214% 215 210 214
IO6I4 107% 104% 108
92
11%
10
12% 12% 12%
70
15
3
10% 85% 89
65
84
Elder Corporation
.
(*)
33% 33I4 28% 30
Godschaux Sugar common.. (•) 56
54
68
63
Great Lakes D & D
Hartman Corporation
70
60
85
67
15% 15% 1238 15%
92^
88% 9284 80
12
85
1
5I4
20
484
35
100 95
94%
97
100 100% IOII4 9984
118
100 123 132
(*)
30
33
32
preferred
84
67
212
Continental Motors
10 13I2 I4I2
Cudahy Packing Co common 100 101 104%
Decker (Alf) & Cohn, Inc
(•)
41
42
Preferred
«684
14% 14%
35c
Preferred ..
68
101
65
Rights
100
100
73% 64
101
70
29% 29%
8684
20
..100 216 218
100 IO6I2 110
Consumers Co common
75
105
84
U34
6
10
105
90
88
90
94%
88
70
70% 65
'15% 'l'5'l2
I684 15% 16
94% 9O84 9438 91% 93
92
90% 9434 90% 92
46X?
45% 45
43% 45
88
70
90
38
1
Chicago TiUe& Trust
Commonwealth Edison
value.
79
71
"7'5'"
91%
1
8I4
68
95% 93% 95
97
97% 91
1538
1
94% 80
78
100
77
1638
9
65
60
1%
1
102
102
1584
57
17% 24% 14%
22
97
102
75% 70
100% 102
16
55% 57
48
87% 87%
10
74t2r
95
74
10138
95
58
90
51
81
110
73
17%
15
13
70
64
83
preferred
.100
2d preferred .
100
Chicago City Ry..
100
Chic City & Con Ry pt sh com(')
Preferred
()
Chicago Elev Ry common
100
Preferred
100
1st
* NO par
64
66% 67%
69
95
Dock Co
(J I)
Preferred
73
721.
66
I5I4
100
83
'2284 2234
100 31
"93% ¥3% 93% 98
100 9312
10 I2I2 I5I; 14% 15
14% 17%
20 278 312 271 276
Bucyrus Co common
Warrants
Lindsay Light
427»
62
64
02
62
60
64
64
60
60
63% 63% 63% 63% 63% 63% 60
8234 8384 8284 82% 8284 81 14 82% *4% 7834 82%
89%
82% 85% 83% 85
66
86
95
110
73
90
(•)
Preferred
Briscoe common
Preferred
Kansas City Light
39%
76% 76%
59
59
64% 68%
61
61
66I4
911«
975s
20
89
80
65
61
75
47
79
::.
67
92
'77% 'ii'
77
80
78^8
86% 86%
.
Booth Flsheriee new
&
78%
20
97A4
m"
& Co preferred
Hart, Schaffner
Preferred
76
14
8958
70
48I4
134
2
1%
1%
85
75
78% 83% 80
& Co
795»
93
45
65
72
43i8
100 109 120
100 109
8OI4 75
100 80
80
15I4 17
15
9488 95
100
100 166'
96% 108
(»)
51
53
53
56
Preferred
Deere
79
95% 95% 95% 96% 955s 96% 968| 97»4 95% 978a 94% 9&4|
60
60
82% 82%
63% 61
57
62%
66% 65
67
62
65% 62
61% 68
02% 62% 71
34
29% 35
3784 38
40
45
38
34% 42
35
35% 36
13
70
New
American Shipbuilding
&
76
99
42
Rights
Butler Bros
Cal & C Can
75I2
10734 107«4
100 350
100 120
Preferred
Case
75%
Par
American Radiator
Armour
March
April
October
Ncnenber December
May
September
Juru
Auguil
July
Low High Low High Low High Low High Low Htoh Low High Low High Low High Low High Low Htfh
107% 112
IIH:
108
109
&
&
Hiilh
83U 83*8
107'! 1U12
IOKI4 11134
M
—
February
Low High Low
1
9%
9
684
I Ex-dlv Idend.
.
6
68t
6%
8%
7%
8%
8
THE CHRONICLE
416
[Vol. 112.
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR
Janunri/
JUffh
STOCKS
Middle West
Pa Low
com. .100 20
Utilitloa,
Preferred
Mitchell Motor Co
National ISIscult
100
(•)
4112
43
47
(•)
Scars-Roebuck, com.
Preferred
Shaw W. W. com...
37
36
3934
44
39
36
34
36
41
431:
30
118
116
33
36
2512
116
118
118
13
15
13»8
1518
1134
14>4 'lira
:!7
2812
3334
29
34
2934
33I2
28>4
40"l2
40
40
38
40
38
36l2
36I4
3112
4II4
40
42
40
116
307a
28
24
1034
III2
12
I6I2
17
25
2812
2512
26
20
27
29
18
30
17
31
I3I2
I4I2
14
III2
14
"28'
61*
101
11
934
5038
46
2712
3
3678
31;
35
41
29
40
30
40
25
3
3812 "31 1*2
40
38
80
90
252
.52
7938
46
213
116
5II2
46
227 215
II8I2 114
61
6912
75
90
6978
88
85
265 280 230
95
92
89
27I2 21
2378 2812 24
37I2 5II4 43I2 52I2 38
27
2212
4II4
55
240
118
285
79
90
90
310
96
76
88
88
250 250
94I2 9612 94
77
88
249
9834
2912
53I2
65
104
104
Preferred
Stewart Mfg.
&
50
50
Electric
51
74
236
114
6334
70
86
260
6834
85
230
89
21
92I4
25I4
7934
90
72
64
77I2
28
25
3
2834
1018
8
2812
3OI4
41
43
26I4
28I4
"as'
89"
217g
Co
(*)
Issued
(•)
Studebaker Corporation
Swift
24
3634
387g
2434
45
39
33»4 42
20-% 3812
I7I2 26^
65
70
40
3938
3312
40
36
66I2 67
85"
Vl'"
23
216
2'4'd"
39
33
130
Vo"
13612 203
22I2
39I4
32I2
106
76
66
73
142
100
63
112
05
83
190
89
83
180
90
8734
211s
3834
05
70
26
17
20
17
181:
1438
42I2
41
4034 50
40
49
38
40
40
50
36
37
4II2
5012
3818
37I2
4OI4
1734
40
40
42
48
38
40
4458
37
44I8
& Company
43
40
4OI4
2612
88
22
28
28
123
24%
3434
30
4512
45I2
38
43
8412 8412 "ss"
I79I2 182
156
88
90
87
2178 2418 23
30
141
7012
89
lOlj
3734
36
37
35
45
45
4OI2
3934
40'>8
39'4
3OI2
4134
3634
4234
43I2
12
12
35
33
12
I214
36
33
36
27I2
37I2
30^
& Carbon
108
117
39
108
127
48
::::
::::::
IIII2 12134 10914 117 10678
3612 4658 3434 4134 35
49
41
46
42
49
42
51
43I2
4934
44
52I2
32I2
Ward, Montgomery
Glass
601s
23
68
29
70
::
:
(•)
381s
47
IC
& Co.
pf.lOO lie'
20 38
Preferred
Wrlgley, Jr.,
40
HI
37
40
4212
63
IO6I4 10834 10378 108
28i2 32
3II4 38
41
29I2 31
42
3934
29I2
25%
4134
2812
6334
29I2 32 12
IO4I2 IO4I2
72I4 6OI2 68I4
51
105
4012
29I2
501s
7OI2
6OI2
3218
20
23
29
70
22
70
69
42
6318
68
68I2
6438
(*)
100
(*)
lOO
com
25
81
8312
1465> 160
87l2
8912 81
24I4 167g 23^4
"ffi"
176
2OI2
iosi'gm' 100
2812
169
_.
7112
61
16
26% 21
63
81
I8I4
18
85 1051?
IOOI2IOOI2
G8
74
181?
181g
21
3218
3218
14
36
13
36
16
III2
I6I2
37I4
35
38
33
34
30
31
29I4
3212
26
31I2
2412
287g
10434 IO6I2
2634 3OI4
96
IO7I4
23
28
'35'"
26
9l«
III2
IO5I2II5
2912
33I4
4012
4212
28
28
6V12
6314
68i<
ne"
41
90»4 106>2
24lg 27I4
138
38
26
41
30
34
30
35
26
2318
25«4
2234
2578
57^
U2
6378
6018
6878
44%
53I4
1%
17«
24
4II4
26
3OI2
24
28
1412
24
13
20
16
17
14
17
9
15
2234
6512
2612
6512
23
65
24
65
26
2812
6312
27I2
31
29
75
3118
2812
7612
31
27
29% 22
28
76
89
28
24
70
701?
89
6312
35I4 40
35
35
34
33
34
34
4OI4 5378 45
47I2 62
49 '3934 50" 48
4338 3638 43
56
48
52
37
2OI2 2234 21
2II4 1978 2OI4 19
2134 2118 23
19
20
19
1014
103 108 105 108 IO3I2 IO5I2 101 102 102 103 101 102 100 101 101 101
3II2 3578 3018 3434 28I4 3434 30
39
3118 34
32
3378
3034 38l2 3212 40
2312 25
4I2
7
76
9818
9878 99I2
79I2 8234
18
6
67
97
75
22I4
6
70
98
80
22I4
19
412
76
95
76
534
76
97
81
19
4
6734
93I4
74I2
17lg
2038
76
66
66
96
94I2
7312
75
2338
17
I8I2
811"
94lj "90'
75
17
I8I2
22
52
4I2
par value.
78
79I8
7918
36
44I2
82
82
28
28
47% 50
4312
49?4
92
92%
93I2
193g
24
I2I2
2OI4
14
46
8
46
8I2
I6I2
23I4
9912
2812
IOI2
14
17
88
93
10%
22
59
15
I7I2
92"
50 >2 63
8912
80
75l£ "74r2 'ii'
4I2
4i2
7OI4
438
75
1312
I6I2
56
8712 88
71
74
46
52
'8814 '8¥34
75I2 '70"
74
38%
48
36
80
72I2 69
80
7I84
43.
1
THE BACKING AND GENERAL FINANCIAL
SITUATION.
[By David R. Forgan, President
of the National
City
Bank
of
Chicago.]
in this section of the country enjoyed
unusual prosperial and made abnormal profits in
the year just closed.
It is true that the wave of
large volume, high prices and unwarranted profits
broke towards the end of the year, but losses to the
banks did not materialize in such a way as to require
to be definitely charged off before the close of the
year. What the banks found they were in for was
tie-ups rather than losses.
Many of their largest
customers had to be propped up and carried along
so that the banks' funds are tied up for a more yr
less indefinite period, but in most cases final loss
to the banks is not likely. All well-managed banks
have set aside "Contingent Funds" out of their ab
normal earnings of last year and previous years so
that they are in position to absorb considerable
losses without having to sliow retrogression in tlieir
!
1
[
Most banks
17
68
6I2
Rights
No
lOlz
B
Western Knitting Mills
Western Stone
Wilson & Co., com..
•
20% 24
63
10458 IO5I2
(*)
issued
5234
5
100
..lOO
100
318
4OI2
3II2
.\
Preferred
V. S. Steel, com
Vesta Battery Corp.
Wahl Co..
Waldorf System, Inc
When
49
100 108 IO8I4 108 108
105
"74"
10 6178 7878 6II4 7212 "6334
5438
Union Iron Works
100
Union Iron Works, V, T. C.IOO
Rights
United Paper Board, com.
267g
2912
30
30
....
31
2312
62
llg
Union Carbide
Rights
27
318
Rights
Temtor Products C & F 'A".(*) 46
Thompson, J. R., com
..25 48
Preferred
9
45%
100
...100 I25I2 13234 116 126
..15 5II2 59I2 37I2 53
Swift, International..
7%
9»4
312
39
46
3934 '38"
3)2
33
39
216'
9OI4
22I2
70
3
.32
6978
85
26I4
263g
36"
237
39
43
42
4212 37I2
216" 243' 206 222 205
113 115 II2I2II312 109
4958
43
4CI4
2534
Stewart Warner Speed, com. 100 4II2
New when
6
I
938
16
Standard Gas
25I4
27g
10
'UI4
'io'
Rights
Sinclair Oil
15
12
223«
'so'ii
IO7I4
107
100
110
110
Yi"
3
3
41
3
100 222
100 lie
..(•) 271
.
3812
.'>
&
& Van Dervoort
11
43
37I2 43
18l2
&
Root
1934
19»4
.iO
10612 107
118
•
March
AprU
.Vau
Februaru
June
Julu
August
Sepumbtr
October
November Ducmber
Low nigh Low High Low Hlffh Low High Low High Low High Low High law High Low HifhLow Hieh Low High
22
50
100
National Carbon, prcf. (new) 100 118
National Leather
10 15
North American Pulp
Paper..
6
Orphcum Circuit, Inc
1
327r
Paftc Woven WIro Fence, com. 20
People's Gas Lliiht
Coke.. 100 ',30"
Pick (Albert) & Co
() 41
(•)
Plltrtly Wlilftly Stores, Inc
Public Service of Nor III com. 100 78
Preferred
100 88
Quaker Oats Co
100 225
Preferred
100 9412
.
Reo Motor
10 2612
i
Republic Truck.
(*)
51
\B2(y— Concluded
in*
a general way, but few could see any signs of
it
own
particular business. They were too
near to it. They were too far behind in their shipments to foresee cancellations and hold-up orders.
in their
And,
like a thief in the night, the reversal came,
and
so suddenly that few were prepared for it.
The result of the slowing down of general business
must be a trend towards easier money, and the year
1920 probably recorded the high-water mark in bank
prosperity for some time to come. I am not one of
those, however,
who
believe that
we
are in for sev-
bad times. I think this country is like
a man who has had a high fever which has suddenly
broken and is now sub-normal. Before many months
pass we shall begin to climb back to normal, and may
eral years of
reach that condition before the close of this year.
That, however, does not mean that we shall again
get into a feverish condition, and it would be greatly
to be deplored if we did.
The foreign exchange situation is one of the hardest obstacles to surmount, but in time the operations
of the $100,000,000 Foreign Finance Corporation
published statements.
The high prices for commodities and the inflation should be able to cause great improvement in this
of credit were the inevitable aftermath of the Great aspect of the case.
If the debts of our allies to this country could be
War. Thank God for the Federal Reserve System,
which enabled us to care for the situation without funded on a long-time, moderate interest-bearing,
an old-time "panic." It is useless to blame the banks tax-free bond, guaranteed by the U. S. Government
for inflating credit, and it matters little whether in- and sold in this counti;}', with a corresponding deflation caused the high prices or high prices caused crease of our own national debt, that would be anthe inflation. We were all under the sway of eco- other great step in the direction of a better foreign
nomic forces too powerful for any of us to escape. exchange situation, and freer exports from this
Moreover we need not be surprised that so many country.
The change of .\dministratiou at Washington
well-managed concerns should be found with such
and correspondingly heavy current should have a good psychological effect, and that
large inventories
debts. Everyone believed the reversal was comfujr may lead to a rebound in the prices of some things
THE CHRONICLE
Jan. 29 1921.]
Ihal have gcnic far Ih'Iow cosl of protluctioii.
if
people could bejiiii to believe that bottom had been
reached and the worst was past, they would be ready
buy ajjain.
The situation is full of grave difficulties which
no sensible man would minimize, but I have pr<'at
confidence in the consumptive power of 107,0()().0()0
of Americans, and I have great faith in America.
The inflation of currency and credit, which
to
reached
highest point about the close of the year.
will show considerabb' improvement by spring.
With the strain lifted, credit will be easier, and that
in itself will be a contributing cause to the resumption of normal conditions.
On the whole, thei*efore. I think bankers, while being thankful for the good year just closed, should
take a sanely optimistic view of their business for
the year 1021.
its
David R. Forgan.
MUNICIPAL BONDS IN
IBy John Nu\e<'n of John
!Nuvce:i
i:
1920.
Company.]
417
lays ill iecei\ing and delivcrinji shipmeuLs.
rhis in
turn tied up capital, and made it necessary for many
concerns to seek additioiml working capital from the
banks.
Secondly, commodity prices were soaring
around their summit in the early part of 1920. With
values almost doubled, il re(iuired nearly twice the
amount of working capital to run a business. Here
again the banks were sought for accommodation,
there
lint
was
cases reache<l
credit and in
it.
The
u\ look for
A
it.
many
result
and the banks had in most
They could no longer expand
a limit
<-ases
w ere cfun])elled to contract
was ihat many c(»ncernM were
oblige«l
ready capital within their own business.
jierusal of their assets readily revealed that the
most
were the Liberty luuids That
had luirchased during the war.
These bonds were consequently thrown on the
market in large quantities larger quantities than
could be readily digested by the investing public.
Not only did industrial concerns liquidate their
Liberty bonds, but many banks, experiencing so
strong a demand for monej', sold theirs, until to-dav
institutions that formerlv held millions of Libertv
li(juidable assets
lliey
—
.During the financial and industrial crises in our
history, municipal bonds have repeatedly demon- bonds, hold none. The only possible result of this
strated a stability untouched by any other class of. flood of undigestible bonds thrown on the market
American security, not even excepting Government was a lowering in Liberty bonds prices, and a consebonds, if we take the last year into account. Mu- (pient lo\Aeiiug in the price of their little brothers,
nicipal bonds are payable from taxes and taxes are municipal bonds. The latter did not, however, excollected regular!}- and regardless of financial con
perience the extreme fluctuations of some of the
ditions. These bonds aiv consequently not affected Lilierty bonds and did not go as low as might have
by the factors which influence general business and been suy)posed they would. This was due in a large
cause fluctuations in the investments based there- l>ai"t to Their being tax exempt.
on. And so, in the past municipal bonds have won
The fact that municipal bonds are exempt from all
for themselves an enviable record.
Federal income taxes has greatly increased the deDuring 1920, however, they experienced a di;op nuind for these securities in the past year. Municiin prices to a basis which has been unheard of since pal issues have not only continued in favor with the
the Civil War. Thev did not in auv wav sacrifice conservative investor, but have attracted the men
their high rating among investments, for all securi- ^\ho heretofore took less safe securities to get a highties declined in value, but it is a matter of interest er rate of interest. The reason for this may be readto note the unusual drop. This fluctuation is with- ily understood when it is known that a 6% m\iniciout much question a result of the many abnormal pal bond in the hands of a man with a taxable inconditions growing out of the war. Directly, how- come of one million dollars, is ecpiivalent to a taxever. Liberty bonds wielded the greatest influence abk' bond bearing interest at the rate of 22.22'
on the municipal bond market.
For men with smaller incomes the advantage of taxIt is surprising to realize that the total amount exempt over taxable securities is not so great, but
of Liberty (including Victory) bonds issued during even for the man who pays the smallest possible inthe war was over five times greater than the total come tax a ('//( municipal bond is equivalent to a
amount of municipal bonds issued during the past (i'l'r taxable bond. Many men have consequently
ten years. On account of the similarity in charac- been taking advantage of the saving they can effect
ter of "Governments" and '"Municipals" ("little by buying municipal bonds, but there are unquesrfovernments") we would naturally expect accord- tionably a number of men who do not yet realize the
ing to the laws of supply and demand that there aihantage to be had in buying securities which are
would have been a marked decrease in the prices c.vempt from all Federal income taxes.
of municipal bonds. This does not seem, however,
There has been a good deal of discussion this last
to have been the immediate outcome, for during year about making municipal bonds taxable. There
191S they actually showed an increase and during may be arguments on both sides as to the advisabil1919 so slight a decrease as to be negligible. This ity, but the fact remains that this cannot be done
may be accounted for som<>what by the fact that Lib- by anything short of an amendment to the Constituerty bonds went for a large part into the hands tion, w hicli i^robably not a single State would ratify.
of people who ha*! not previously purchased this It is a fundamentally implied restriction of the Con
class of securities.
stitutiou that Congress cannot tax the instrumenStarting in January 1920. however, there was a talities of any State. This doctrine was early set
sharp decrease in bond prices that continued un- forth by tlu^ Supreme (^ourt of the T'^uited States in
waveringly until The middle of the year. During the fa]u<ms case of McCulloch vs. Maryland (1 Wheathis time high-grade municipal issues dropped from ton. olf)) and has been supported by a long line of
;
about a 4^-^% to a 514 or 3%% basis. This unexpected drop can be attributed to a combination of
factors. First, it will be recalled that our railroad
facilities were taxed to the utmost at the beginning
of last year.
Every business was experiencing de-
decisions since that date. That the sixteenth amendment did not add any new subject of taxation, was
[uit forth in a decision only last summer in The case
There is, therefore, practically
no basis for any supposiTiou that municipal bonds
of ICvans vs. (Jore.
THE CHRONICLE
418
[Vol. 112.
can or will be made taxable eitber now or in the dis- and the later urgent endeavor to liquidate was that
tant future, and there is not as much inequity in of attempting to meet a false demand built up
such a coiKlition as a lot of (Mlilorial writers would through the duplicating and tripling of orders
lead us to believe. After all municipal bonds are is- placed for new, semi-finished ami finished goods,
sued by the people and any arrauj^enient which and the subsequent wholesale cancellations which
would make municipal bonds less desirable would occurred wlien the public buying reached the saturahave to be paid for by the people in the shape of tion point.
Bank statements as early as April and May began
higher interest rates, so that the fact that municipal
bonds are exempt from Federal taxation is to a cer- to show generally the continuing increase in the demand for funds to replace impaired working capital
tain extent a benefit to the common populace.
Nineteen twenty saw the lowest prices of mu- accounts, and yet with few exceptions the warning
nicipal bonds since the Civil War. What is going to sign was cast aside as not a function of that particuhappen in 1921? Are we going to have still lowar lar economic cycle and the mad chase to fill the abprices or are they going to rise? John Moody says normal demand continued. The conspicuous indusin one of his recent bulletins ''As interest rates re- trial financing of 1920 was the offering by bankers
lax, the prices of high-grade bonds and well-pro- of $15,000,000 General Electric Company debenture
tected preferred and other high-grade stocks will be 6s, due February 1 1940, at 941/^ and interest, to
And the trend of securities yield 6.50%. Here was our premier industrial askbound to advance.
of this type (disregarding seasonal or temporary ing the loan of 20-year money and offering as an influctuations) should be definitely upward for a long ducement 11/^% in yield more than it offered in Sept.
time to come." He very wisely does not attempt to 1912, for 40-year money. Those responsible for the
predict how soon this will come about, but there is financial affairs of the corporation must have,
reason to believe that it will not be long. During in January 1920, been guided by the same foresight
the past year the banks have been entirely out of the that was exercised in 1912 for to have borrowed the
market, but as soon as things ease up a little more 115,000,000 in December 1920, the General Electric
Company would have, of necessity, had to pay a
it is expected that they will return to buying municipal bonds as heretofore, which will create a 7.50% basis, or, as expressed in price of bonds, the 6s
sold at 941/^ in February, could have been sold for
greatly increased demand.
Municipal bonds have always been the premier not more than 82 in December, The difference,
investment for conservative investors and will con- 11,800,000, represents the savings effected through
tinue to be so. Their record of payment of principal a policy long established of borrowing against a
and interest at maturity is unequaled by any other rainy day.
When those of our industrial corporations whose
form of American security save Government bonds.
names were recognized as household words, such as
Some people are inclined to place too much emphasis
on the value that tax-exemption is giving municipals Diamond Match Company, the Fleischman Company
at present.
This cannot be over-estimated, but at and Sears, Eoebuck & Company, came into our marthe same time it should be remembered that munici- ket during the last quarter of the year, bidding an
pal bonds, because of their good record, their stabil- 8% basis for public fuuds, the rate offered apity and their safety, are excellent investments aside proached closely the limit at which new capital
from their value to the man with a large income, and would have been repelled rather than attracted. In
the people who can take advantage of the present order to assume the success of the offerings at what
low prices to stock up their supply of these bonds was considered the going rate, it was necessary for
many borrowers to add inducements in the form of
are indeed fortunate.
high call premiums, immunity of the issue to call
INDUSTRIAL CORPORATIONS AND THE RISE during a given period and speculative features, such
as attached stock purchase warrants and attractive
IN INTEREST RATES.
:
.
.
.
;
[By Jason Paige, Manager Bond Department of Standard Trust and Savings
Bank, Chicago.]
The writer cannot help but
feel that
when
the his-
tory of our post-war readjustment period is complete
in statistical form the records made for rent of
funds for the year of 1920 will stand out as maximums for many years to come.
Statistics for the first nine months of 1920 show
a total of approximately two billions of dollars of
industrial financing representing a market that bid
continually for public funds from a 6.5% basis in
February 1920 to an 8% basis in December.
Many different economic conditions combined to
bring about this great change in the demand for
funds. The year opened with an easy demand, those
corporations well rated temporarily in need finding
no trouble in getting accommodation and others being able to liquidate at good prices securities held
for investment in order to obtain working capital.
The year closed with industrial financing looked
upon askance by the public, due to the high coupon
rate carried by the notes of some of our most highly
rated corporations. That policy most responsible
for the continuing and expanding demand for credit.
conversion privileges.
During 1919 many offerings of preferred stocks
were successfully floated, yet the reverse was typical
of 1920, a clear indication that it was necessary and
would continue to be necessary to pledge in 1920,
fixed assets instead of receivables, as had been the
case during 1919.
The Quaker Oats Company, in
offering its 6% cumulative preferred in July 1919
at 99, took advantage of a market condition that
it
must have felt could not last, and as represented by
a low of about 82 for the stock in December 1920
effected a saving measured by a difference of seventeen points in the market for this offering.
The preferred stock cycle was the second of four
methods open to a producer for the raising of additional working capital. The first step was clearly
evidenced by the stock dividend cycle which reached
its climax in March 1920, concurrent with the
United States Supreme Court decision that such
dividends were not taxable as income. This rush
upon the part of our industrial concerns to raise
additional working capital through subscription
rights offered to stockholders should have been rec-
ognized as the first of four steps which would be
fol-
THE CHRONICLE
Jan. 29 1921.]
lowed by No.
the lirefened stock cycle, No. 3, the
note, convertible debenture, and niortfja^e cycle, and
2,
finally No. 4, the liqnidation of inventories at pri-
vate and public sale.
During our period
two
If at a conservative figure, the
all
billion total of
industrial financing represented only one-half of
the 1920 total of all industrial financing of the coun-
17%, which includes increase
in rent for money as represented in the change from
the 6% market to an 8% market and discounts paid
our industrials have suffered a Avaste and loss of
more than a half billion dollars during the one year.
This immense sum can be replaced as available
wealth only with the practice of the utmost economy,
efficiencj' and energ}' during the next four or five
and with a
loss of
years to come.
1920.
where the security was inactive
or there was no available record of an actual sale, or
for other causes, the high asked and the low bid for
in those instances
Xatiunal
are informed, are given.
DlHdend Extra Rook
Baks —
Capital.
RevuUiT. Rate.
Atlas Kxchansp
Austin Nat loniil
S200.000
200 ,000
Bowmanvillo National
50,000
Calunx^t Nalioual
300,000
City N:'.tionaI of Evanston.
200,000
Confl & Comm'l Nat'I
25.000,000
,
Corn Exchance Drovers National
First National
Englewood..
Fort Dearborn Nalional. .
IrvInB Park National
Jefferwa Park
Produce Bank...
Ravenswood National
Roger.s Park Nat ional
Washington Park Natlonr.l
West Side National Bank.
Natlon.-il
6%- .
5
. _
.
8
10
2
151
14
..
IR
4
2
257
223
337
1.50.000
12
13
5.000,000
1 00 ,000
50,000
8
4
.50,000
1
.2.50,000
200,000
2,000,000
2.000,000
600.000
50,000
50 .000
125
140
183
4
10
18
,
Val.
6
5 .000 ,000
1 .000,000
1 2 .500 .000
First Nat'I of
Lawniiale National
Live Stock E.xchange Nat'l.
Mutual National
National J<ank of Republic
National City TJank
Stale
AMUTlc^n
A vcMiuo
.
,
Stiilo Baiik
lluiik
Oak Park...
CaluiiH'l TruslA Savlufis..
CttiMtol .Slate Bank
Central Mfii. District Bank
Slate.
A
Century Trust
<
Savlnee
-
Bank
hlc»KO City
ClilcjiKo Morris Plan
Chicago Trust Co
Citizens State of Chicago
City State Bank
,
a Confl
A
A S.
Coinni'l Tr.
4
6
8
o
\2'-,
12
G
8
8
2
1
,300.000
6
15
200,000
G
lOG
338
383
160
175
100
401
200
129
190
184
145
137
161
167
123
—
1920
Deposits ^
(.See r.ote *)7UQh. Low.
125 120
Sl,351,911
.
3,470,271
1.716,004
4,861,462
4,151,216
274.879,250
101,736,844
13,218.520
1S4,G21,030
0,290,801
.59,127,000
3,179,828
!. 407.932
5.62.5,934
15.076,914
1.,586, 125
150
200
205
265
335
405
237
520
230
205
185
275
270
175
27,691,877
30.818,426
6.064,898
1.116,358
1.263.452
191
fi.998.33S
. . _
1,561,227
183
165
115
170
ISO
250
290
360
230
370
370
210
160
175
260
210
140
150
155
.
100,000
Englewood
6 First Tnist
A
N29,540
155
5,499,600
260
215
24,8
til,0S9.113
6
129
2.615.805
128
12
245
5,900,900
300
106
240
6
4
.-
165
491,457
ISO
145
67.743.84<i
5,441.831
135
120
...
1,102.092
145
138
175
10
.'
172
5,493.509
230
7
3
167
6.746,089
190
173
12
4
271
6.838,817
..-
315
2
144
4,292.520
185
175
111
1.025,364
175
)>
32.815.304
s
'a
-
...
...
.
240
188
9,457.227
.
205
4.130.034
210
133
1.763.736
150
1P5
112
IH
131
4.167.729
190
150
..
124
7.876.082
128
5
181
16,980.229
110
275
2
166
l.R27,H2o
3
138
1.852.172
310
185
140
300
33.295.715
57.5
..
1.500 000
10
200.000
S
2UO.O00
2,000.000
200.000
G
12
5
8
..
125
1.827.148
145
Trust Co...
Humboldt State Bank
Hyde Park State Bank
Illinois Trust A Savings. _ Independence State
Kasper State Bank
Kenwood Trust A Savings,
.500.000
12
..
124
6.096.167
300
100.000
200.000
8
4
10
2
1,650.000
3,557,922
16
4
105
178
340
117
12
-.
175
13.020.808
If.
10
241
4,789.189
KimballTrust A Savings.Krause State Bank
LakeShoreTnist A Sav...
--Lake State Bank
Lake View State BankLake View Trust A Sav Lawndalc Slate Bank
200,000
200.000
300.000
Lakes Tnist Co
.Sons
Guarantee Trust
.
A Sav..-
Ilalstcd Street State
HarrLs 'n ust
Hill Stale
&
Savlnss
Bank
Home Bank A
LlbertyTru.st
A
Lincoln .State
Bank
Savings-.-
A Savings...
Logan Square Trust. A SavMadison A Kedxie State-Market Trust A S.avlngs. _
Lincoln Trust
500,000
200,000
500.000
200.000
il
8
-.122
-
200.000
500.000
f.
WIer.saaia State
A
Savings
Bank
1.326.178
1.823.865
140
128
3.566,119
8.424.343
3,658,990
4
117
6.387.081
200.000
200.000
200,000
2
118
2.524.646
8
3
134
133
2.296.214
.500.000
8
:!.50,000
8
200.000
5.000.000
400,000
200,000
200.000
750.000
100,000
500.000
200.000
2,000,000
750,000
200,000
200,000
VVoudlaWM Trust
150
225
120
172
Mechanics' A Traders" State
Merchants' Loan A Trust-Mercantile Trust A SaV-.
Metropolitan State Baxtk..Michipan Ave. Trust Co.-Mld-(ity Trust A SavingsMilwaukee Irving State...
west Town State
Western Sute Pank
160
254
..150
2,389.950
4,142.515
130
1.774. .506
2
2
-.124
529.851
2.339,462
89,920,707
5,209,173
1,630.800
3.473.559
10,578.630
579.576
5.559.408
7,198,306
42,328,034
19,210,820
2,719,753
1,218.733
15,278,809
13.359,224
1,795,290
2,733,332
5,345,495
5,586,428
2.828,002
4,753,235
6,938,151
->
2
7
..
148
321
140
124
133
117
119
134
149
10
-.
306
12
3
154
177
122
8
6
8
12
.-
..
4
2
.--
-.
-
10
..-
7.50,000
12
.500.000
12
200,000
200,000
300,000
200.000
200.000
200.000
400,000
6
200.000
200.000
600.000
200.000
200.000
200.000
150
280
275
250
2
6
03d A Halsted State Savings
South Chicago Savings Bk.
South Side State
Southwest State Bank
.Southwest Trust A Sa\'lDgs
Standard Tri'St A Savings.
State Bank of Chicago
State Bank & Trust Co. of
Evanslon
Stole Bank of W. Pullman
Stockmen's Trust A Savings
Stock Yards Savings BankSav..
.Stony Island Tru.sl A.
Union Bank of Chicago..
.'
Union Trust Co
United State B.-ink
UnlvennI State Bank ..
West Englewool Trust A S.
West Side Trust A Savings
148
365
1,782.379
4
.500,000
190
410
210
300
305
3.049.4.57
6
6
10
16
-
140
169
179
124
8
8
6
250,000
100.000
Peoples Trust A Savings.
Phillips State Bank
Pioneer State Savings
Pullman Trust A.Savings.Reliance State Bank
Ro.seland .St.-itr Savings. Schlff & Co. State B.auk- - Security Bank of Chicago
Sliorldan Trust A Savings..
c .Second Security Bank...
3,495.279
130
500
121
5
300.000
200.000
Noel State
North Avenue State
Northern Trust Co..
Northwestern Trust
Oak Park Trust A SavingsOgden Avenue -State BankPeoples Stock Yards State.
118,873.996
154
125
10
Bank
.State
...
-.
10
200.000
200.000
3.000.000
Garlicld Park State Sav...
160
S5.403.950
.,500.000
500.000
300.000
Fullertou
3.914,799
140
145
132
.
(>0
150
13S
110
2
92
12.800.05s
...
4
10
l,0Sl,,5Ol
1S6
1
5.000.000
1
175
'lOO
u
400.000
6,250,000
Fort Dearborn Trust
Franklin Trust
Greeuebaum
170
115
147
350,000
250,000
200,000
Foreiniui Brothers
Cireat
215
250
162
500.000
200.000
300.000
.Savings.
Savings.
2
115
ISO
2,2«6.585
2,870.484
»(l
165
160
250
25
'
I
//
.
130
200
250
300
200
4,918.225
.,
125
6
Bank
A
119
1
160
10
A Savings--
StJito
Fidelity Trust
13*>
3
S9A4.313
2.372.517
4.844.143
500,000
Hank
Drovers' Trust
i>
— iv.i
6,000,000
500,000
t^osniopoUtuu Suite
Crawford State .Savings.
Dopocltors' Slate Bank
Dro.\el Slate
S
200,000
Depotiix
(Set note *)Htgh
IS-i
2
202
137
130
6
12
17(
123
137
170
285
139
S
6
12
14
>
...
«>
2
123
s
_'
12
10
4
2
o
5
188
129
127
170
1.000.000
v
2. .500.000
16
4
262
300.000
100.000
200.000
300.000
200,000
500.000
2.000.000
200.000
200.000
250.000
700.000
250.000
200.000
400.000
200.000
10
2
r.
4
224
159
160
227
S
16
6
.120
IJ
2
1
'^
16
6
10
10
6
i'>
2
I
127
255
132
147
110
136
160
138
130
7.350.'528
4.204.632
1.311.777
120
250
260
275
125
105
180
240
185
100
130
130 .120
133 112
250 200
116 110
140 130
120
175
410 365
205 165
135 125
ICO 128
260
140
192
160
330
300
250
225
130
ISO
104
320
250
235
105
100
340
290
300
265
130
100
132
180
160
140
272
200
200
200
150
300
355
300
325
200
150
124
7.630.007
6.149.204
2.308.170
2,834.455
9.794,319
39,999.370
300
200
230
130
170
176
525
305
5.754.965
1.284,786
1,828.762
6,282.775
1,684.461
4.151.623
42.353,645
1.429.822
2.40?.0S0
275
250
170
ISO
US
450
400
105
135
300
115
3. 186. .500
11,492 105
3.211.2SS
125
150
330
128
175
120
155
155
140
.--
---
225
340
160
168
275
135
325
250
J38
2,16C.5-.l
5.470 ,9i>7
3,20S.0SS
150
li:s
no
1,50
DUldeiut Extra Book
CapUal.
Riuular Hate
\at.
6'.
flOO.OOO
-"iUS
<1
200,000
122
'.
400.000
;
214
200.000
HJ
165
lOO.OOU
10
237
500,000
1,000.000
1,000,000
400,000
100,000
Central TniBt Co. of Illlnola
-
In reviewing banking in Chicago for the year 1920
the following table showing the capital, the dividend
rate, the book value, the deposits, and the high and
low prices in 1920 of the shares of the different Chicago banks and trust companies will be of interest.
These figures have been compiled for us by John
Bm-nham & Co. of Chicago. In the case of the
deposits, all figures are taken from the last bank
calls as of Dec. 29 1920 for the national banks and
As regards prices,
Jan. 3 1921 for the State banks.
we
Hank
Autnu Stale Bank
.\ijani8
Marquette Park
BANKING IN CHICAGO IN
the year,
—
Bank*
AuHtIn Stau-
we
of post-war inflation
heard the statement made generally that the situation had no parallel in our history, and that our
past conception of economic laws could not be fitted
to the then current conditions; also, that shelves of
merchants were bare of stock, when in reality warehouses were full to overflowing. However, the law
of sjipply and demand was then at work, as it always
is, and all the above danger signs, together with
many others, were constantly in view, but disregarded in the endeavor to reap an exorbitant profit.
The year 1920 closed with a condition that had no
parallel, as far as credit demand was concerned,
since the Civil War, and this is evidenced by the fact
that bankers of forty years' experience had made the
statement that during former crises credit had always been available to those who enjoyed the confidence of the bankers, even though actual money
could not be paid out. The year 1920 was a condition in which money was at a discount, the supply
being plentiful and credit exceptionally scarce, due
to the demand far exceeding the supply.
try,
Slate
410
Deposits or National banks as of Doc. 29 1920; State banks as of Jan
All Slock owned by Continental A Commwchil National.
All stock owned by llrst National.
All stock owneii by Security Bank of Ciilc.<a:o.
3 1921
.
.
THE CHRONICLE
^^0
[Vol. 112.
notices by l)usims-
VOLUME
Tiif
yt-;ii-
on
activity
nr BCSIXLSS O.V THE
<Tf)('K EXCIIANCE.
one of moderately decreased
Chicago .Stock Exchange, but, meas-
1*>'2()
tlu-
(IIJCACO
wiis
ured by the voluuu' of transactions in stocks, the
year vStood second only to 1919, when the dealiuKs
were by fiu* the lieavieijt on record. Tlie dealings
aggi-egated O.iJfiO.riOP, shares against 0,811,885 shares
the jirevious year. iVs compared with the years
imnu'diately preceding, dealings increased verj' deeidvdly, the sales in 1918 having been only 1,955,1.51
shares, in 1917 only l.()96,428 shares, in 1916 1,611.317 .shares, in 1915 but 715,567 shares and in 1914
no more than o85,783 shares.
SALE^ FOR
No. Shares
19-'0
.
1919
1918
1917
1916
1915
1914
1913
1912
.B.;i6!>.(i0:'.
— 1.001.417
.-1.174.931
-.1.040,068
1911
1910
1909
1908
1907
1906
1905
894,36:^
-.1,623.49.5
..
_
-
.
829.2)6
805,984
..1.234..537
-. I, .544. 948
OK YEARS.
No.
Shfirc.'i.
^3.378, 300 1904 ... ...1,251,177
..6,811.H«r.
..i.a.w.ir)]
.-l,69f>,12.K
..l,6li,:-il7
.. 7 15, .567
-.
38.5,78:4
.SER lES
Bonds.
.5.232,1.50
I, .590.620
1903... ...1,024,002
1902... -..1,3.56„5.58
lion (is.
.•$5,432,700
3,364.160
8,967,100
9. .338, 700
8.735,900
9,012,400 1901 ... ...1.877,883
1I,X80,400 1900.-. ...1,424,252
<>.237,600 1899--. --.3,300,385
f>. 085,.500
1898... ...1.845,313
'(87 77'^
9,391,000 1897
3, 7.57. 000 1K96.., ...1.726.400
14,7.52.000 1895-.. .- -1.386. 657
7.347.000 1894... ---1.,5.53, 947
14.800,000 1893--- ---1.1.57,701
15,2.59,000 1,892.-. ---1,175.031
1,466.200 1891 ... -.. 710,000
.'•..8.58.0.50 1890 .-•- --.1,097,000
'•.556..500 i;-;89 .-- --.
1.50. KK)
12.483.6.50
9,8.56,800
6. .575,000
4,8.53,9.50
8,382, .500
!
10, 213. .500
6. .575, 6.50
14,198.000
9.435.000
18..308,000
18..530. 000
nicn-hants, etf.. throughout th»Kailv.ay Co., it is stated, has notified
conductors on the lines that they are to acce))t no Canadian
foins.
From the Clevelaufl "Plain Dealer" of the 22nd ins!
we take the I'oWnwiwrIioiisok.
The Clfveland
city.
Clfvoland bankers,
actiriK tlimUKli the C'lirvcland rieariiiK lioiiv As.s((-
mako
the 20''; rlUcount permanent.
It will not fluctuatf accordiiiK lo llu- lluctiiatloii^ In the pxchanRC rale Thr roason for
fills is thai ClcvflaiKi bankers do not want to l>oihcr any lonKcr with
ci.itlon, hav<' vot/-<1 to
('.'in.'idian
money.
only a nu^ance," said George Kolsey, head of the Clearing House
A.s,sociation.
"It is a bother and there Is no rca.soii why it should circulate
oven at a di.'couiit in thr- Unlu-d States, There Ls more than enough
American oiii to WM've all purposes."
Cleveland banks, in addilion to announcing a discount on Canadian curi-oncy also decided not to sell (Canadian small coin at all and to Hell Canadian
l)Hls only for legitimate purposes.
Bankers have realized for .stmve time that the cliarKinir 'jf a discount on
Canadian <:uiTency would have to be instituted. IJcforn the war, Canadian
money passed generally in (Cleveland. During and following the war certain busines.s hou.ses refused to accept it because of the droj) in the exchangirate.
Some Institutiou.s refused it in their pay rolls. This made it necessary for l)anks to carefully sort the money in making up the pay rolls for
these firms, and this was a .source of expen.se lo the bank.
Some business houses found llu-m.selves with a large amount of Canadian
money on their hands at the close of biLsiness yesterday. The f;lcveland
Railway Co. was prominent among these. One banker, when asked whether
the.s(- nrm.s would have to .stand the loss, said that the banks "probably
would take care of their regular customers."
The reason for this action, according to J. C. Henderson, manager of the
commercial division of the foreign department of the Guardian Savings &
Trust Co., is that organized gangs have been flooding this country, especially
the northern cities-, with Canadian coin and have been making thou-and.i
of dollars, which .\merican banli.-, have lost.
The system is easy. A person with $8,950 in American money can buy
.$10,000 in Canadian coin.
Tliis is because of the depreciated rate of
"It
Is
.
ecehaiige.
Now, the person who Iwmgiu $10,000 worth
of Canadian coin for $8,950
American money, could, until yiisterday, get .$10,000 in American money
for it by .simply putting the Canadian coin into circulation in Cleveland,
for instance.
This Canadian money, ultimately, got back into the banks.
When the banks sorted it. counic-d it, packed it and paid transi)ortation
charges to Canada, they could sell it, or rathei- exchange it, for only S8.950
in American money.
They lost not only the discoimt but transportation
in
d^wrrent %Vicnts audi ^iscnssiauf
charges.
CONTINUED OFFERING OF BRITISH
TREASURY
BILLS.
Thus, ultimately the bank lost $1,050 and the person who pas,sed the
in Cleveland was just that much ahead, inint'.s. perhaps, rtiilroad
fare to Canada and hack.
money
The
usual oft'eriag of ninety-day Britisli Treasury hills
was disposed of this weelc by J. P. Morgan
Co. on a di.'<count basis of C>%, the rate which has Ix^en in effwt for
some time pa.«;t. The hi IN in this week's offerin!.' are datod
&
January
ME.\ SURFS
FOR
.\DJl STING FIN.UNCIAL
CULTIES OF CUBA.
DIFFI-
The efforts to straighten out the financial difficulties of
Cuba appear to be developing satisfactorily yesterday (Jan.
24.
RATE ON FRENCH TREASURY' BILLS CONTINUED
AT 6y2%.
The PVench ninety-day Treasury
bills
—
were disposed of
week on a discount Inisis of G3^% the figure to wliich
the rate was advanced INIarch 26; it had pre\aously for
some time been 6%. The bills in this week's offerings are
this
dated .January 28.
BELGIAN BONDS OVERSUBSCRIBED.
The
subscription book-; for the $,30,000,000 Kingdom of
Belgium external 20-year
sinking fund gold bonds were
opened at 10 a. m. last Monday morning, (Jan. 24) and
immediately closed, the bonds ha\'ing, it is stated, been
largely oversubscribed.
The bonds were offered by a syndicate headed by J. P. Morgan & Co. and the Guaranty
Co., and details of the same were given in these columns
last week, page 310.
The bonds were offered at 100 "^c
and interest. It was stated on .Jan. 27 that subscriptions
have been made on the following basis: S500 to $1 ,000 in full;
$1,500 to $8,000 30% minimum $1,000; $8,500 to $50,000
8%
20% minimum
$2,.50O; $50,000 to $80,000 15%, minimum
$80,500 up 10%, minimum $12,000. Trading in
the ])onds was begun on the New York Stock Exchange on
Tue.sday last. The member.s of the .syndicate were: .J. P.
Morgan & C!o., Guaranty Company of New York, First
National Bank, New York; the National City Co., New
York; National Bank of Commerce in New York; Bankers
Trust Co., the Chase National Bank, the Liberty National
Bank, Central Union Trust Co. of New York, Lee, Higginsou & (k>.. Kidder, Peabody & Co.. Dillon, Read «& Co..
Harri.s, Forbes & Co., Halscy, Stuart & Co., Continental &
Commercial Trust & Savings Bank, Chicago, Central Trust
Co. of Illinois. (Jhicago; First Trust & Savings Bank, Chicago, and Illinois Trust - Sa^nngs Bank, Chicago.
.S10,0()0;
CLEVELAND BANKS TO ACCEPT CAN ADI AN .MONEY
AT 20% DISCOUNT.
The Cleveland banks announced on
21 that Canadian
coins and bills would in future be accepted at a discount of
20%, this ac^^ion being followed by the issuance of similar
.Jan.
28) press dispatches from Washington, said:
The
first
of the measiircs recently introduced into the
Cuban Congress
for the solution of Cuba's financial difficulties has passed both branches
This
of the Legislature, the State Department was informed to-day.
project is designed to free banking and mercantile institutions from effects
of the moratorium
The second measure in which have been incorporated several changes and
additions suggested by the American State Department has successfully
gone through one house and no opposition is foreseen to its speedy passage
by the other.
President Menocal. who is heartily in favor of the two projects is waiting
to receive them ;ind is understood -will affi\ his signature to both at the same
time.
The receipt was also reiiorted yesterday of a cablegram at
Washington from Cimsul-General PTurt. Havana, Cuba,
dated -ian. 22, stating that bank deposits which have been
made since Get. 10 19"^0 are generally considered by the public to be e\emi)t from the moratorium and prospective deKepositors have been assured of that fact by the banks.
gardiug the bill v.hich is no v before Pi-esident Menocal. tiu"Wall vStreet -Journal" yesterday said:
Pa.s.sage of the bill providing for a gradual liqtiidation of indebtedness
during the next four months instead of a flat renewal of the moratoriimi
The bill has now passed
is an indication of improving conditions in Cuba.
the House and the .Senate and is before President Menocal for signing. It
pro\ ides for the liquidation of indebtedness by April 30. a nd ^vill be the instrument of a gradual return to normal.
The passage of this bill Ls felt to indicate the desire of Cuba to stand on her
own feet, since it practically obviates the nec&ssity of the much discussed
loan that was to have been floated in this coimtry. Reports show that.
although there has been little iniprovo:r.eut in the price of sugar, growers
are going ahead with the new crop and harbor congestion is improving.
Reports from Havana on Jan. 21 stating that the GuarTrust Co. was expected to lend financial aid to the
Banco Xacional de Cuba, caused the i.ssuance of the following statement by Albert Breton. Vice-President of the Guaranty, on Jan. 22:
There is no truth whatever in this di.spatch. The Guaranty Trust Co.
aui;.
.has not been approached concerning such a proposition by the Banco
Nacional de Cuba and there are no negotiations of that nature pending.
We. of course, have a friendly feeling for the Cuban situation and tbward
this institution, and will he glad to do anything in our power to be of
It is our belief, however, that this is primarily a Cuban
assistance in it.
Government problem, in which our own Government is of course much
.\merican banks will no doubt be glad to co-operate fully if
interested,
called upon.
As reported in these columns Jan. 8, page 102, MajorGen. Enoch H. Crowder is now in Cuba at the direction of
President Wilson to confer with President Menocal with a
view to adjusting financial an political conditions in Cuba.
'
.Ian.
THE CHRONICLE
29 1921.]
Mcnnm
of fohkkix trade
FIXANCING CORPORA TIOX.
JOHS
tells of
pl.i.v.s
MoHukIi, Chairman of the oomniilttie on orjjanizatioii of tho Foreiffii Trade Finaiifing (^orjMiration, made
public on Jan. 23 a cireuhir which is tx-iut;; s( iit lo tin- banks,
trust companies, producers, manutjwturers and mi-rchants
throughout thi' country giving advance information conThe jjurpose of the <i)rporacerning the new corporation.
.John
to provide long term tn-edits for foreign buyers of
American goods. The circular tells of the lU'cessifj' for
tion
is
organizing the corporation, outlines the advantiiges to be
deri\ed from its operations, and emphasizes tluit the prosperity of tlie United States depends very importantly on
the providing of effective machiuei-y for financing America's
The anouneement, as made in the circular,
foreign trade.
.says that:
The Foreign Trade FiuaaciiiK (Jorporaiiou is ln'iUK lonind lo provide
fadlitifs for riiuuieiiiK the foreijoi busine^-: of .Viiu'ricaii proilucers, inaiujfacturers and merchaiils (hrouKh loUK t»'rm ciwlifs and souiiil in\ I'stiuiMits.
The prodiKtion of the UMlustrira of this country has oviTlaken and <-xcoeds the biiyiuK power hcxc. Tlirrc is ii >urj)ltis of goods over doiiKStio
The buycj-s' strike al home ;uid inadequate cTe<lit facililien
requirement.s
abroad havi' rauswl llie piliu;; up oi' ttotnls in our markets and the cIosliik
.;-,;'.
^ad <n(i«<n*.
eepiMnets. more (hull 80'c. o' which wiiro p^^.od «,ii
<>t the Liutol
1 hi'ough this luijiuis lund.s were anra«;le<l Hom ex
Thruu^ the
.Slateei and made available for uae iu fiuauciug furei,
de\elopment of the aco<'ptan<-e method of fioaiK'UiK Uie open diwijjjii
market and the mobilising of bank resurvta; »e iiow have uuc>urpu^s<xJ
fitcilities for finaucing <lniii«sstic and nhurtrU-rui fori-iirn «ioiiimun».
Our future progress and iirusi>i-ntu uie lurgtty deptiidciU ufjuu irur prucidum
siimlur fucilities for the financing of our lono-term furtli/rt trade.
i
•
.
In cijuclusion the circular says:
I'he Kdgo .\ct provideii that national batiks may &uU!>cnl>e reBpc<?tively
10* „ of their capital and surplus to a corporation or •^urporatlona orKanized
thweunder.
,
The
The
circular also says:
object of the Foreign Trade Financing Corporation will be to
conserve its capital. The second object will be to make a satisfactory
earning on the capital, and the third, which involves both of the first two
objects, will be to provide the vitally needed facilities for maintaining and
developing America's foreign trade, a service from which every individual
in this land will benefit.
Not more than six years ago it was regarded impracticable, aliuost imSuch
possible, to finance export or import business with dollar credits.
transactions had to be financed, in the main, through Loudon and other
We
imjjortant financial centres abroad, principally with sterling credits.
have developed in America, during that period, the acceptance method of
financing, including an open discoimt market that daily absorbs many
millions of dollars of short-term export and import bills.
There was discoimted in this market and resold to investors throughout the United States
during the year 1920 an aggregate of approximately $4,500,000 000 of acfirst
It furthex
provides that Individuals, firms and oorponitions
and others may inv»>t
in the stock of such corporations.
Ily co-operating in the I'oriuation, ownusliip and operation of Ihis tlOO,000,000 Corporation it is poshiblo to provide the ueci**M»J-y fadUtles for finiuicing our long-term credits, the ei^tablishmunt of an open market for sale of
long-term securltitw. encouraging Having and economy on the pan of the
p«yiple and providing a .sound and *ife inve»itment that will be 8at)h1.»ctory
profitable and attractive to the 17.000.000 people who inveutixi in the
We have allainixl first place as a world
Liberty bondo during the \v;tr.
In order to bold this place and to lui^anurf
financial and commercial iMwer.
up to our reNpoiwibilitlcK to the nwt of the world, we will need Ui utilize
every resource at our coumiand.
UROES LOXd TIME FUHEK.W
CREDITS TO REMEDY WORLD CONDITIONS.
HERBERT HOOVER
.
of miUs and fiM-tories.
It is conservatively esLimatod thau Li,«O(),()00 |>eople are out of employment in the United Stat«'.s. Kvery idlo uorker and every idli' faetory is
I'm-inployini iit tueaiis lessened buying power
a charge upon our resourtx\s.
and busine,ss stagnation.
In order to put thet^e 2.000,000 uu;n back to work, the deadlock that
exists in connection with our foreign trade must be broken.
For geaierations the bu.sinet>.s of the l.nited .States was praclieally seifcoDtained. We consumed what we pro<luced. The last sL\ years, howne<-jiuse of the iremeudous demand
ever, have seen a marked change.
abroad for American goods crvated by world conditions, our industries
have gre;illy increased their aipucity lor production, so that our factories,
farms and mine^ are now e<{Uipped, Ijoih in labor and machinery, to produce a giwit surplus of ir(K>ds. products and raw materials, beyond our
domestic needs.
Our exporUs for the year 1920 exceeded $8,191,000,000. Our import.s
were ai>proxiinatfcty $5,468,000,000. Our net trade balance for the year
was approximately •''^2.723,000,000. even though our export trade for the
year 1920 fell off approximately $1,500,000,000. Thiough the necessities
which wo supplied during this period, other nations have been kept on their
feet.
They stiU need assistance and are ready to pay for it, if means can
be found to give theJii what they must have on credit terms that will afford
them time to manufacture, distribute and realize, through these processes,
the funds with which to make payment.
Our foreign customers, even in some of the countries that were not involved in the war, have exhausted thoir cash and short-term purchasing
They have as.sot<s. equities and securities, against which we can,
facilities.
with safety, extend to them long-term cTedits with which to make further
purchases of our goods, thus enabling them to proceed with reconstruction
and to improve their condition, with great benefit to us.
The floating credits resulting from our export trade balance, estimated
at more than .$4,000,000,000, is being carried largely by our commercial
banks. This balance includes many credits running for a period of more
than ninety days. The resources of our commercial banks must be kept
They cannot, therefore, finance future long-term commercial
liquid.
credits of this type, which do not servo as a basis of accommodation at the
Federal Rcsen-e banks.
The revival of the War Puiance Corporation, although generally regarded
as an emergency measure, is evidence of the widespread need for additional
facilities for financing our foreign trade.
The Foreign Trade Financing Corporation is to be a sound, well-managed,
permanent bu.sine.s,s organization, whoso energies and resources will be devoted to the maintenance and development of America's foreign trade, and
whose operations will conlinuouiily increase in scope as its growth in re^
sources permits.
The corporation will .supplement our existing banking machinery, doing
only such domestic busmess as is incidental to the conduct of its foreign
business.
It will be operated under the supervision of the Federal Reserve
Board, and, while performing .semi-public service, will be a private enterpiiso.
It will obtain it-s fund-s on which to operate, above its initial capital
of $100,000,000 and surplus of .$5,000,000, largely through the .sale of de^
bentures. These will be attractive to the small investor and will bo offeretl
Adequate
to the public through its bank stockholders and other agencies.
commissions will be allowed for the .sale of its debentiu-es.
While being a direct obligation of the corporation these debentures will
be secured by collateral taken by the corporation in connection with the
loans it grants to customa^ here and abroad.
This corporation, with thousands of banks, individuals, manufacturers,
firms and corporations as its stockholders, can be a most powerful factor
for the encouragement of saving among the public in the direction of production and in the aiding of scientific marketing of products.
The corporation will establish agencies where needed and its strength and
size will enable it to obtain the services of the best expert talent.
Some
people believe that we cannot safely undertake further transactions with
many of the European countries, that we cannot go on indefinitely supplying them with raw materials and manufactured products and that by so
doing wo would be making matters worse. These people forget the lessons
of America's own early experience when we were dependent upon other
countries for acconmiodations and support
421
.\t
a meeting of the Members' Council of the Merchajit*'
New York, held at the Hotel Astor on .fan. 19
AssiKjiation of
for the i)urpose of considering
American business and foreign
Herbert Hoover asserted that "recover^' oajinot
take pla<;e, and our surplus goods cannot be consumed, unless we are prepared to take some hand in the situation in
Europe." In picturing the economic situation in the world
credits,
to-day,
Mr. Hoover
said:
any sane num were to sun ey the e<x>nomic sittiation
the world to-day he will find his facts simple to vmderstand and <asy
I
believe that
if
io
to
state.
He will find the United States a country oversuppUed with foodstuffs,
oversupplied with raw materials, yet oiu" farmers suffering from an inability lo dispose of their production at cost; our factories, in a measure,
stillixl, and oiu* workmen in a large nieasur<! uneuiployed.
lie will also find that in Kurop<% in an ;irea of four hundred millions of
people, .slowly recovering from the war. struggling up from iKjUtical, BO<aal,
economic chaos, with then* populations me^usurably underi'ed, with theiifa^tories employed but a minor ijortion of the time, 'with a proportion of
idleness of their
He will
workmen
far
beyond ours.
that the whole foiu' himdred inillion-: of people in Europe are
gradually sinking into a lower standard of living than we had ever contemplated in our generation. And thus the world is not s-uffering from o\ ex.Ml of this is obviously
production, it is suffering from underconsumption.
due to the war, and it is retarded by political and by social causes; but fur.damentally its first remedy must be e<:onomic.
ffaid
some nu thod by which we
can give assistance on a proper and suitAble foundation of
business, Mr. Hoover described these measures as falling
Declaring that
we must come
to
into three classes, viz.:
The first are those emergency measures undertaken by our Oovomment
soon after the armistice, and (iovernment a-ssistance cannot continue for
long for a himdred rea,sons.
The second is sheer charity, that is only justifiable in an emfergency of
complete helplessness.
The
alone
is by building up the normal processes of business, and In that
any permanency and any real recovery to the world sittiation.
third
lies
He added:
We
have to face this mass of economic ills with the knowledge that «eare today in a vicious circle, and inability and lack of organization to extend
credits with which to dispose of our surpluses, and that unless we can break
that circle we can find no remedy but a continuously lowering standard of
living in Europe that will yet pull our standards down to the European
level.
Not only
is tliis a question of the establishment of credit abroad, but it
Nothing is more
a question of the character of credit that we establish.
<langeroiLS to the whole economic situation of the world than that we should
loutinue to establish short term credits. The only solution is thiit we
shall secure long term investments in reproductive enterprise abroad.
The war has brought to us a great new phenomena in our industrial and
economic life and that is, that not for a long time to come, and perhaps neveragain, can we establish oiu- foreign trade upon :i balance of commodities,
If we would give
assisted by the minor factors of remittance and service.
full time employment to our farmers and our laborers and our business men.
we miist be prepared to invest abroad some part, of the value of the surplus
products that wo have for sale. The social, the economic demoralization
in Europe, and the slow progress of business, makes them totally unable to
buy uuh«s we extend credit. But even if we extended these credits and
if, upon Europe's recovery we then attempted to e.\act the payment of
these sums by the import of commodities, we shall introduce a competition
with our own industries that caimot be tiUTied ba<k by .\ny tariff walls.
Fiu"thcrmoro, the war has brought to us a transfonnation in that we need
to no longer exi>ort commodities in payment of interest and principal on
On the other hand, we have received, we
capital that wo owe to Europe.
must receive, vast quantities of imports in payment of interest on capital
In addition to this, we have during
that we h<ave already invested abroad.
the last seven years greatly expanded our profluctive capacity. We have
found that our agricultural industry is able to replace the total loss of
food supply to the world from Russia and today we are producing and
exiHjrtiiig approximately ten millions of tons more food than at any time
pro-war. and just almost balancing the Russian deficiency of her contribuis
,
tion to Eiu-ope.
Gold remittances and services cannot ever again cover this gulf in trade
On the other
balance, even were the productivity in Europe itself rt^stored.
hand, it is vital to every workman in the United Stat<'s that Europe shall
recover her exchange production, shall right her monei.ir>' exchange, .shall
recover her standard of living, or we shall be dragged down to meet her
standards. And to me there is only one remedy and that is by a permanent
investment of our surplus of productive taalancts abroad.
have reached the position in this p.-vrticular that had been reached by
many European states thirty or forty years ago; that is, short time credil4>
It must be long time irveetmente in tha»
will only stave off the evU day.
We
.
THE CHRONICLE
122
character of enKTpriso that will build up tho stundardR of the world, that
will conKtantly I'ccrc*;!^' thoir ixiwcr to ubHorb our coinniodltlrs.
machlnory: I) Is in need of ecoI» The world Is not alone In need of crc<lll
noiuic statesninnslilp.
Orowlnp out of the nieetln(j like that held In (thicaKO by (he IJaiiUcrs' Association, there is before the country to-day a
proposal for eslaliiislihiR the real foundation of credit niaclilnery. to build
up tho procoKses of business (hat we require!. And one of the great ways
of buildlnKupan orKanlzation of that Idnd will l)e the ability of the American
business man to express his voice in tlie economic stat(?smanship of the world
It will be possible, If we have some definite form of orRanizatlon that we
can kIvc evidence of our likes and dislikes to the economic processes of Kuropean statesmanship. And before Kurope can recover she will recjviire not
only peace, not only the .settlement of some fixetl sum for the (iorman ludonmity, she will require also the roorK.'inizatlon of her (mrn-ncy, and she
will require a settlement of the most tremendous problem that faces the
world, and that i.s Ku.ssia.
//oil'
Hut
if
American
Action
Can
Be
finance.s in relation to
Expedited.
Kurope, by co-operation of our
banks, our merchants, our farmers' associations and oiu- trades' unions, as is
proposed by this issue lo-da.v, can be placed in hands that can express the
win of these groups In the United States, we can expedite these processes in
Europe faster than wo can through any action of our Government.
There is also involved in all of these procx>sses of recuperation another issue, an Issue of the utmost importance, and that, is the whole question of
disarmament. If you will contemplate the tTnitod States at the present
moment, with our warehouses bursting with food, with food actually rotting
at many places within our borders, with raw materials unmarketable, with
our shelves overcrowded with textiles, and if you will .contemplate Europe
to-day, short of food, unable to clothe its people, and if you will contemplate
at the same moment that this Government is expending a sum annually
more than would be required to set the whole processes of basiness afloat
you may be able to come to a very trite question: Why impose upon us,
the basiness community, a burden of five hundred millions of dollars a
year in taxation, and at the same time ask us to restore the processes of
business upon which the vital life of our own people must be maintained?
In all these questions there is involved deeply the problem of taxation,
and unless we can have more sanity in the whole relationship as to armament, we have but little hope of finding from our community that surplus
of resources with which we can upbuild Europe.
Other speakers at the gathering were John McHugh, VicePresident of the Mechanics' & Metals National Bank of
New York, and Chairman of the Organization Committee
of the Foreign Trade Financing Cori)oratiou and A. C. Bedford, Chairman of the Board of the Standard Oil Co. of
New Jersey. Mr. McHugh in part said:
Our exporters, our manufacturers and our bankers cannot prudently
,
extend further credits to their foreign customers, and the latter cannot
materially reduce their indebtedness to our people or continue to purchase
from us, notwithstanding they are sorely in need of our surplus. We cannot
supply them with that surplus for the reason that we have no adequate
financial machinery to pay the producer here and carry the purchaser
abroad. Our factories are closing down, people are gradually being thrown
out of employment, and the demand for many of our commodities is very
greatly increased. A certain amount of readjustment Is desirable, but
surely an adjustment that results in paralysis of trade and great depression
Is to be avoided.
Financial Machinery Needed.
A remedy is to be found in providing financial machinery that will enable
us of this country to extend long-time loans of American funds to those of
other countries to whom we can safely loan, whether they be in South
America, Europe, the Orient, or elsewhere. To help the people of Em-ope
to employ their labor, to help them to again take up the constructive work
of civilization where it was left off. to take up the destructive work of war
(If it can be done with safety, as I believe it can be in many cases)
will, I
am sure, be fully justified by the developments of the future.
,
The Foreign Trade- Financing Corporation.
The remedy
to be found in the organization of the Foreign Trade
Financing Corporation, through the unanimity of effort and co-operation of
the bankers, business men and others of this coimtry. It is proposed to
organize this corporation under the Edge Act. which is an amendment to
the Federal Reserve Act. National banks. State banks of some of the
States, corporations when owned chiefly by American citizens, and individuals, may, under the law, become its stockholders.
It is proposed to
organize it with a capital of one hundred millions of dollars.
It will have,
under the law, a debenture issuing ability of one billion dollars. It is
proposed that the corporation shall offer its debentures to the public, and
use the proceeds to finance the foreign trade of this country. It is proposed
that this corporation shall not in any way interfere with the business of our
commercial banks. Indeed, on the contrary, it is proposed to aid and
supplement them. While it may, under the law, purchase bills from exporters, manufacturers and others, its chief function will be to make longtime loans which the commercial banks should not undertake to do. By
making these long-time loans it will render invaluable assistance to the
exporter, manufacturer and producer by relieving the commercial banks of
the necessity of carrying for them what are in fact long-time credits in shorttime form. It is proposed that the management of the corporation shaU be
representative of the entire country and the various interests of the country.
It Is proposed to operate It in a prudent and careful way. The corportacion
will be under the supervision of the Federal Reserve Board, which supervises our Federal Reserve Bank system.
A.
is
BARTON HEPBURN OPPOSED TO UPWARD
REVISION OF TARIFF.
A
—
,
Barton Hepburn, Chairman of the Advisory Board of
the Chase National Bank of this city, has declared himself
as vigorously opposed to an upward readjustment of our
In advancing his views, in an
tariffs at the present time.
public Jan. 21, he asserted that "it needs litinterview made
tle argument to show that high protective tariffs interfere
with the importation of manufactured goods from Europe,
greatly increase Europe's difficulties in meeting her obligations to us, and greatly lessen the prospects of our receiving
payments from her. It is a policy which is financially sui-
cidal
the
if
[Vol. 112.
rigorously carriod out."
Kaid
iiialtcr. .Mr. Ilcijbiirii
In exjH'cssing his views In
:
"I am not coiicoriied here with the problem of Protective Tariff vs.
Kcvciiue Tariff under normal conditions.
A life-long Tt('pul>licaii, I could
offer BtronK nrgumciitN for protective tariffs under conditions to which we
were accustomed in tin- <Iay» before the war.
But the present situation
makes tlie old arK^iuncnl.-. wliolly inapplicable. We are faced by the fact
tliat Kurope owes us many billions of dollars, which she can only pay by
shipping goods to us.
European Oovernments owe our own Government
approximately ten billion dollarn. In addition to that Europe owes private
investors in the Utn'ted StatcB one billion and a half to two billion dollars
in Ijond.s.
Over and above that, Europe owes private creditors in the
United Slates, in the form of an unfunded or floating debt, a sum approaching, if it does not exceed, four billion dollars, making a total debt of
Europe to tlip United SUitcs of not less than fifteen and one-half billion
dollars, of which an ap)>allingly large proportion is in unfunded form.
"I repeat that the only way in which Europe can ever hope to pay any
considerable part of this debt is by sending us goods.
She cannot send
much more gold. The creation of our great Merchant Marine and the expansion of our American hanking activities have lessened America's dependence on Europe for shi|)ping and banking hervices, and, at the present moment, the actual balance of payments on shipping is again.st Europe, rather
than in her favor. The only way in which she can hope to pay off this
debt, or even to pay interest on it, is by sending goods to us, selling them
in our markets, and leaving the money with us.
"It need.s little argument to show that high protective tariffs interfere
with the importation of manufactured goods from Europe, greatly increase
Europe's difficulties in meeting her obligations to us, and greatly lessen
tlie prospects of our receiving payments from her.
It is a policy which is
financially suicidal if rigorou.sly carried out.
I am, therefore, vigorously
oppo.sed to an upward readjustment of our tariffs at the present time.
I
call attention to the fact that the platform of the Republican Party, promulgated at Chicago last summer, took cognizance of this exceptional situation and refrained, in view of this situation, from making any definite
commitment of the party to an early general increase of tariff rates. The
platfoi-m said, 'The uncertain and unsettled conditions of international
balances, the abnormal economic and trade situation of the world, and
the impossibility of forecasting accurately even the near future preclude the
formulation of a definite program to meet conditions a year hence.' I do
not question tliat particular schedules may need modification in the light
Some schedules,
of the developments since the last tariff law was passed.
by being revised upward, can be made more productive of revenue without
hampering the imports from Europe. Other schedules may be made more
productive by revenue being lowered in such a way as to permit the freer
entry of certain goods, with the consequent increase in the volume of goods
on wliich the tariff is collected. A strong case can be made on the basis
military considerations for .special treatment of dyestuffs, particularly
world conditions are to remain so disturbed that the possibility of another
war is seriously to be entertained. But a general revision upward of the
tariff would be an inexcusable blunder in the present situation.
"The proposed high tariffs on wheat and other farm products of which
we are large exporters must be reckoned as absurd from another point of
^iew.
Tariffs on competitively produced articles of export do not, in general, affect prices.
We might impose a tariff of one dollar a pound on cotton for the purpose of showing the folly of a tariff of this kind.
Such a
tariff would probably have no effect at all upon the general price of cotton,
though it would, of course, have disastrous effects upon industries in the
United States employing certain kinds of cotton which we do not produce
at home. It is not well to trifle with the farmers in this manner, and believers in the Jong-run policy of protective tariffs, who look forward to reestablishing the protective system after the present abnormalities in international trade relations have been straightened out, will do well not to
irritate the farmers at the present time by gi\ing them a Dead Sea apple,
which turns to ashes on the lips."
of
if
G. C.
DEVOL ON 'NETV RELATION OF BANKING TO
BUSINESS."
"The New Relation
of Banking to Business" was the
subject of an address delivered by G. C. Devol of the Irving
National Bank of this city at the annual convention of the
American Fruit & Vegetable Shippers' Association at Chicago on Jan. 20. Mr. Devol in what he had to say stated
that "of the essential agencies which now contributed to
the success of and are in a position to further aid business,
the modern commercial bank is one of the most important,
but its means of aid perhaps the least understood." Con-
tinuing, he said:
A substantial part of the public apparently clings to the popular notion
that a bank is an institution whose sole province is to receive deposits to
handle checks and drafts, to loan money provided the borrower can establish his credit or supply collateral to justify the loan, to pay dividends to
its stockholders, and at the same time, afford very dignified employment
to a lot of honest and thoroughly dependable men. Undoubtedly, these
were the principal functions of the average bank of not so many years ago
and of some institutions of to-day which have not progressed with the
times.
These strictly banking fimctions must ever continue are fimdamental
but are not by any means all that should reasonably
in commercial life
be expected of an institution whose very existence depends upon the
patronage of the public and whose financial succes.s i> so closely interwoven with that of its patrons, present and prospective. So far as the
particular processes of production or manufacture or distribution were
concerned, the bank of former times seemed to recognize no definite responsibility on its part, and while advice from the banker upon his specialty,
money in its different phases, was assumed to be the obvious thing to
expect, advice from the same banker upon ordinary business subjects might
have occasioned .some surprise. This*was of course a mistaken idea and we
are confident the business man is generally prepared to agree in this con-
—
—
clusion.
The bank official of this age who is blessed with vision bears but slight
resemblance to the official of say 20 years ago. No longer does he shut
himself up in an office which the visitor may hesitate to enter:in fact,
might have difficulty in entering. He sits in the open acces,sible to any one
who may have business to transact or reasonable grounds for an interview.
There is an atmosphere of greater friendliness, of sympathetic interest in
the business man's affairs or those of the community in which he lives.
A banker is simply
Doesn't it, after all, get down to the human element
a business man performing a business function just an average person
,
'i*
—
THE CHRONICLE
Jan. 29 1921.]
with the same uutural desire that every ambitious man should have to
succeed, and realizing that hi«> own future Is couiiled with that of his iastltution, and that thu measure of his success will be in pruportiuu to its
He has been shrewd t-nough to notice the splendid results obsuccess.
tained by methods prevailing in commercial lines, particularly through the
establishment of closer relations with the men upon whom the l>u^iiness
man is dependent for business, and as a result ha.-> wisely concluded that
similar practices applied to baukiug should be ecjually beneficial.
Mr. Devol pointed out
a ^n>ut iiiistakc for any
trade, banking or similar orf>:anization lo beconio so aljsorbed
in its own affairs, so self-cent i-od, as not to reckon with the
responsibility it owes and its niombors owe to their fellowmen, to the countrj' and those things which contribute to
He added:
its prosperity."
A great many of our troublas In the past and now with us, might have been
tliat "it is
avoided had the citizen, particularly the busiuass man, taken himself more
and a.s.sumod more personal responsibility for things as a whole.
There may be very good reasons for trade organizations steering clear of
purely political questions or the like which might eventually tend to disrupt
or weaken them, but the situation is very different, it seems to me, when it
comes to may other important questions.
First, I would like to toucii upon some of the things which might be
accomplished in your interest.
Assist in the education of growers to Improve qualities, size and preparation of products for market, which efforts. In the course of time, should,
among other benefits, have a marked effect in le.ssening waste through
deterioration and decay and monetary loss to all concerned.
Encourage the receivers at destination to improve their methods of handling and storage in the interest of waste prevention, public health and
seriously
own revenues.
Closely co-operate \vith proper departments of the Federal Government
and of State and municipal govermnents in their efforts to a.ssist the
perishable industry.
Work closely with the carriers in their endeavors to increase the efficiency
of transportation; to improve types of refrigerator, ventilated and other
equipment suited to the transportation of your products.
jVud, as to the banker, take him more into your confidence, give him a
chance to profit by your contact with banking and suggestions arising therefrom, and advise him of your business problems, so that when you need
him, he will better understand how to serve you.
AVhile the foregoing suggestions may cover matters actively in band, they
appear, at least to an interested outsider, to be in your own, and as well, the
their
pubUc
interest.
What about your
part in the consideration of other hnportant questions
like taxation, a subject of interest to every individual in the country,
very Uvely discussion is now on about
especially in the last few years?
the substitution of a sales tax for the unwelcome excess profits and sur-
A
taxes.
Property and other Federal, State and municipal taxes have all
increased, and in many directions, proven to be very burdensome.
The
solution of such a problem cannot be left altogether to our lawmakers, but
instead, every individual, every association, should devote serious thought
to it and at opiX)rtune times contribute their advice and suggestions.
are told that the proposition of financing the Federal Government
during the next few years will be rather a serious matter. When it comes
to raising revenues, whether through taxes, a protective tariff, by refunding
bond issues or other methods, it will, in all probability require legislation.
Here again. Individuals and organizations can help. I do not mean to say,
of course, that they need go into politics to do it or resort to objectionable
lobbying, but Instead, go about it in a business-like way.
can never
expect to have the kind of men we want in office, the kind of laws we
think we need and the proper enforcement thereof, unless we all take a hand
and see that it is done.
The subject of foreign trade may, on the face of things, appear to you as
something of very indirect interest: in fact, as something which, because of
the nature of your business, should be left to others to solve. It is true
that you do not export-at least, to any appreciable extent-but you do
sell your products to thousands of consumers who are either employed in
or are directly interf^ted in further development of our foreign commerce.
Furthermore, the volume and profits from your business, notwithstanding
the fact that it deals with the necessities, and some of the luxuries of life,
are affected by the condition of business and the amount of money in the
hands of the people. Unfortunately, many of our manufacturers and other
producers have been so satisfied with the domestic market, that they have
not interested themselves even to the extent of looking into possibilities
abroad. These concerns, as well as those who have engaged in a way in
foreign business, may find themselves in a few years, in a position where
they cannot keep their plants running full blast on the domestic demand.
Especially inviting in business which would take some of our goods during
We
We
the seasons when our domestic demand is off. Therefore, when you read
an article, or listen to an address, or whenever the subject of foreign trade is
brought to your notice, take it a little more to heart and do what you can
Drop in and talk it over some time
to further this important movement
with your own banker and see what he says.
.
In enlarging, during the course of his remarks, upon the
importance of the foreign field, Mr. Devol had the following
to say:
Some years ago the banker, among others, in undertaking a diagnosis
of our business future, reached the conclusion that not only was the foreign
field likely to prove very profitable, but that it was simply a qtiestion of
time when it would be recognized as very essential to manufacturers and
other producers in the United States. We have always had some foreign
business.
Fair progress was made in the years immediately preceding the
World War, and because of exceedingly favorable conditions substantial
progress was made during the war in certain foreign markets. Yet we
cannot to-day cou.sider ourselves an exporting nation. The development
of our world trade has only just begun.
How different might business conditions in certain lines in this country be to-day if we had a year round and
permanent foreign outlet for our goods? A number of banks and banking
houses, realizing the possibilities of the future, have equipped themselves
with foreign departments, prepared not only to handle the financing of
exports and imports, to buy and sell exchange and many other essential
details, but to find markets abroad for the American exporter, to show him
how to do a foreign business, to assist the Importer in securing .supplies in
foreign fields, and otherwise encourage the upbuilding of our foreign commerce through publications and public addresses. Generally speaking,
the producer in this country has so far been able to find a market at home
for his goods, but as the country develops, as the producers in different
lines increase in number and in capacity, a foreign market for part of our
production is going to look mighty attractive, and the longer we delay
tn entering and establishing ourselves in the more favorable markets abroad
the more difflcxilt will it be.
4!23
SATISFACTORY MODICUM OF PROSPERITY
19_'l FORECAST BY C. E. MITCHELL.
FOR
In considering the outlook for the present year, Charles E.
National City Co. of New York,
in addressing the ('lii<-ago Association of Commerce on
.Mitchell, President of the
ob.served that "measuring our view J)y months inby the months of 1921, let us say, it would
seem to me to be the better part of wisdom to definitely con-
Jan.
.'"),
.stead of years,
if we can obtain a modicum
such modicum is well within
the realm of possibility within the year."
Adding that he
furllier felt that while this degree of prosperity as measured
by the yardstick of the false prosperity of recent years will
se(*m small, indeed, Mr. Mitchell said, "it may well be a
I)rosperily of a normal kind and of a magnitude under which
we may all work more happily and contentedly than in
those days when the bublile of inflation was lieing blown."
Stating that "the possibilities for a .substantial and satisfactory modicum of prosperity in the year 1921 await only
our willingness and ability to take advantage of them,"
Mr. Mitchell added:
clude that
we must be
of i)rosperity,
and
1
satisfied
feel that
It rests with us, the manufacturers, the merchants, the bankers, the
laborers, of these United States to determine how soon this prosperity can
be brought about. Deflation must become equalized, and that industry,
that trade, that class of labor, that refuses to take its share of the burden
and sorrow of the deflation is temporarily standing in the way of and
retarding early recovery, and if they persist in their refusal, the strength
of the economic law will assert itseif and will In the ultimate shake them
to their sen.ses.
Distributers in
many parts of the country, hopeful of disposing, without
of stocks bought at high prices, have refused to mark down their
goods to a basis commensurate with present wholesale prices and are
standing in the way of breaking the consumers' strike against consuming
at the old price level. The silk goods manufacturers have given us an
intimation of what is going to happen if they persist in such obstructionist
tactics.
These manufacturers arc planning to open a merchandising shop
of their own in the centre of New York City where the public appetite
may be stimulated by the opportunity of purchasing at a fair profit over
actual present-day cost. The obstruction is being hurdled, and the power
of the economic law is such that the obstruction assuredly will be broken
wherever it presents itself. Equalization of deflation is a necessity, and
necessity knows no law; and if all the factions of American commerce will
but realize the necessity. Impediments to progress toward the ultimate
gold will be quickly hurdled or destroyed.
loss,
Current Credit Worries.
At the moment we are passing through a period where at least every other
man one meets on the street is worried about hi-- affairs; and in my opinion
the first weeks of January, when manufacturers and merchants are seeing
the results of their year-end inventory taking at the current prices of the
day, as such results are reflected in their January first balance sheets, will
not bring ease in the current worries.
If the bankers the country over. In this particularly critical period,
determine acceptable credits by the normally recognized ratios of quick
assets to liabilities and if merchants insist upon measuring the commercial
strength of those with whom they have long dealt by their immediate
ability to pay promptly and to discount as formerly, receiverships are
bound not to be the exception but the rule, and banking difficulties must
of necessity foUow. Under the circumstances of the moment, we must lay
aside the old-time yardsticks of credit measurement or at best use them
with extraordinary intelligence. Efficiency and honesty of management,
past records in times of trial, the essential character of a business in domestic
and foreign trade the ability of stockholders or owners under more normal
conditions to adequately protect their equities these and other similar
factors must now determine the action of the banker or conMnercIal creditor
who has at heart the rehabilitation of confidence and of industrial activity.
At no previous stage of this deflation period has it been more important
that we use our senses and watch out that we do not "rock the boat."
,
—
Fundamental Problems.
us not forget in discussing "What of 1921" those factors which.
just beyond the present, we must look to in the development of a new
prosperity, the settUng of the railroad and public utility difficulties, the
problems of taxation and government expenditures. It is characteristic of
the American people to think that the enactment of a law is the great solvent
for all troubles, and many there are who consider the passage of the EschCummlns Transportation Act last year as having exorcised the vexatious
and hearty ghost of the railroad problem.
The railroads are not yet out of the woods. They have been handed
back to their owners In impaired physical condition and with depleted
They are not earning to-day what it was contemplated they
treasuries.
should under the recent rate decision of the commission, and it is clear that
they must if they are to attract investment capital. They are now doing
their best under the low tide of traffic resulting from the current industrial
depression, but they are bedeviled the while by State iiublic service commissions who refuse to adjust Intrastate rates In accordance with the
The State commissions are still clinging to the
interstate standards.
State rights traditions prevalent previous to the adoption of the Constitution, and their actions of the day are setting up a barrier to the rehabilitation
of this most important factor In our commercial development a barrier
It is time to
that will In the ultimate be torn down by public opinion.
remove the railroads from the field of political controversy and State commission jciUousy, and it is up to you and me to bring our influence to bear
to the end that they may receive a square deal.
If we would enlist the great needs of the pubUc utility companies of the
And
let
—
United States in the canijiaign for rehul)ilItation of prosperity we must see
to it that the opposition of public opinion to fair treatment of the existing
1 know of no situutilities, and especially the traction lines. Is removed.
ation In the United States that gives a clearer illustration of the effect of this
I gave up my residence in this
hostility than In your own city of Chicago.
city neariy fifteen years ago and as I have periodically returnixl I have been
amazed to find that except for the eloctrificxition of the old cable lines and
some modernizing of equipment, there has apparently been no comprehensive improvement of the traction facilities; and during this time Chicago
has (irown from a city of less than two million to a city whose population
numbers more than 2.700,000. Now why? Because the smouldering
coals of venom and distrust toward the original promoters and builders of
.
THE CHKONICLE
424
trad ion linen hav« be<'n fannwl and kept alivo by intLTtsts who have
found it pollti<vully a<lvanlaKeous to inalic the public service problem h
campaign and admlnUtratlon issue. This hostility haH been carried to
such an oxlcnt that the investor who must in the ult iniate provide the n<5c<'«sary capital to furniHh now and adocguato service! for a city of this niaKiiitudo
and inii)ortiince has bt«n thoroughly frlKhtcned and can be wooed further
into ClhicaKo tniction securitie« only as he is assunxl by law of unusual proI
tection and is promised a very hlRh rate of return upon his invcKtmont.
think I newl not ask the business men of OhicaRo whether the hostility that
has prevailed these many years has In any sense been to the advantage of
the commercial int«Te8t8 of this great city; and I need not ask that under
nxisting conditions there be a unlKxl commercial insistence that a final and
equitable peace bo established, to the end that here, as clseivhere throughout
thl.s country, the deficiencies in public utility building take their part in the
bringing back of proesperity.
Its
Taxation.
One of the oontrlbutinK cau.ses of the present commercial and credit
situation is unquestionably the faulty system of National taxation instituted
under the (^tigencios of war and carried already too long into our peace
period.
Though recognized as enforcing class and sectional discrimination,
penalizing industry, encouraging waste and damming and senselessly diverts
ing the normal flow of capital from productive enterprise, the system has
been borne through the critical period of necessity with wonderful equanBut now, as Secretary Houston clearly and ably pointed out before
imity.
the Senate Finance Committee a foii/night ago, the sources of revenue
reached by the Excess Profits Tax and by the Income Tax are tending to
dry up, and some modification in tax arrangements mu.st be made. I shall
not assume to suggest substitutes for the vicious Excess Profits Tax which
has completely destroyed the liquid credit of such a large portion of our corporations; nor for the Income Tax that has diverted capital from productive
enterprise to the umbrella of the existing fourteen billions of tax exempt
a tajc that is constantly disrupting the investment market, and
securities,
has so severely affected the mortgage market as to put an effective damper
on building operations. If we would quickly, and in the year 1921, get
back to the road of prosperity, I know of no more effective way than by
applying sanity and wisdom in the readjustment of our tax system. The
weighing of the merits of the many substitutes and additions, such as the
Turnover and Consumption Tax, is indeed a job for a commission of experts,
and the sooner determinations are reached, the sooner business hesitation
will cease.
The question of Increasing our revenue from import duties is one of vital
commercial importance an importance which is in ratio to the degree of
mportance of America to world trade and of world trade to America. If
we would export as we surely must in any period of prosperity, then we must
ook for pay either in gold, which we know cannot be spared us, or in
securities which to date our investors have only too reluctantly taken, or
in imports of foreign products.
must, not close the door to imports and must bear ia mind that any
except the most intelligent and delicate readjustment of the tariff will only
accentuate international commercial distiu-bance. That a careful readjustment may increase revenues I have no doubt, but such readjustments
are too important to be determined solely by those whose natural motive
The commercial and business interests should take
is political expediency.
an active part in the deliberations.
—
—
We
UnvTOductive Expenditures.
that the problem of finding ways and means for maintaining government revenue is vital; but it is self-evident that if the expenditures of our National government were reduced to the minimvun, elimiuatng all wasteful and unproductive expenditure, the gross tax btirden could
be reduced accordingly. Do you realize that the Government estimates
of expenditures for the fiscal year of 1921 run into an aggregate of $4,700,000,000, and that of this amount $1,600,000,000 is for armament, an item
exceeding by $350,000,000 the total interest and sinking fund requirements
of the National debt? Perhaps neither you nor I are in a position to
criticise Government expenditure estimates in detail, but there would certainly seem to be here a fertile field for the critical examination of some
great Government economizer.
In private business the desire to make profits and the economic pressure
of our neighbor's competition may be expected to eliminate waste and inefficiency.
In tJovemment expenditure there can be no such economic
pressure exerted, and only the great force of public opinion can be relied
upon to restore proper stewardship and efficiency by our Government departments. And again in this regard I assert that an international peace
that leaves such distrust as to necessitate upon the part of our Government
an cumual expenditure of $1,600,000,000 for army and navy is no peace at
all, and that the business men of America should unanimously demand a
peace of a very different character.
I realize full well
Conclusion
we
are fortunate indeed to have so far passed through the great
After
commercial dlff ictilties inherent in the after-war period and to have reached
the beginning of this year 1921 with so many of difficulties behind us.
The character of the war waste, the early effects of the peace and tne
economic actions and reactions resulting find their counterparts in all other
war and after-war periods in history. The war-time prosperity and the
bursting of the bubble, politely termed deflation, took place in England
following the wars with Napoleon and in our own country aftet the Rebellion
and in Germany after the War of 1870. The same healing processes must
and assuredly wiU take place in much the same way now as they have always
done in the past. They can be hastened only as with understanding of
the disease itself and the character of the cure we patiently submit individually and collectively to the smarting liniments that time will apply.
The ways and means are ours to make an early .shrift of the difficulties that
now stand in the road to an early return of a substantial prosperity.
Let us without fear or hysteria face the problems of 1921 and let us not
ourselves flinch or permit our neighbor to flinch from accepting each his
share of the sorrow and burden of the deflation period. The daily trials
and tribulations wiU gradually grow less and we will emerge into the happy
land of normal business where with lower levels of prices, drastic reductions
in cost and more conservative policies in every branch of trade, the prospects will gradually become brighter, and with old debts paid, accumulated stocks of commodities absorbed and our financial structure strong and
broadened, the clouds upon the commercial and financial horizon will have
disappeared.
^___^_^_^___^___^^____
all,
.
,
NEW
JERSEY BANKERS IN OPPOSITION TO BRANCH
BANKING.
Considerable agitation has been aroused among the bankNew Jersey over measures now pending in the State
Legislature, having for their object the simpUfioation of the
merger of banking institutions and the maintenance of
ers of
[Vol. 112.
branches of banking institutions. At a meeting of momb<Ts of
th<» New Jer.sey Bunkors' .\.s.sociation at Trenton on Jan. 20, a
resolution declaring the opposition of the .\38ociation to the
pr.jposed legislation was a<iopt<.'d by unanimous vote. William
J. Field, .Secretary of tin; As.sociation and Vioe-Presid<nt of
the (.'ommercial Trust Co. of New Jersey, at Jersey City,
who, according to the Newark "News" of Jan. 14, stated
that the measures had originated with him personally, last
week sent to members of the Association oopies of the pending bills (three in number) and a lo,tU^r fxplaning their pur,
po.se.
In his
Icitfcr
Mr.
Field
.said:
The proposed
legislation contains two propoMtioi^s not ptaxultted by law
at the present time: First, the merger of nxiKtlng banking Institutions now
doing business within the same county. The present law permits the accomplishment of this object, but only by purchase and liquidatioa.
The propo.sed plan of merger greatly simpllfieN the operation.
Second, permission to maintain an office or brancii in the location of the
banking institution now doing basiness and located in the same county,
which may be either merged or purchased.
Mr. Field also said:
The object of these bills is to permit and simplify the method of consolidation of banking institutions, either through merger or by purchase. The
new feature in each bill, to which particular attention is asked, is that
providing that when two or more banks now doing business and located
within any county desire to consolidate, the parent institution may retain
under its own name an office in the location of the merged or purchased
bank.
The bills as drawn will not permit branch banking, exc«^t in this particular situation, where a branch will take the place of a bank now doing business.
In the opinion of some of the members of your committee, the latter proseemed to permit a limited method of branch banking, and as snch
subject hJid been before the members several times, it was thou^t best to
have our full membership consider the matter.
vision
Prior to the Trenton meeting on the 20th inst, the ExecuCommittee of the Union and Somerset Counties' Association held a meeting (on the 18th inst.) and instruoted the
banks in the district to have a representative at the Trenton
meeting. The sentiment e,\'pre.ssed by members of the Assotive
it is said, was almost unanimous against the
The Middlesex County Association at a meeting in
ciation,
bills.
New
Brunswick on the 18th adopted a resolution protesting against
the passage of the bills, while the Monmouth County Vankers' Association is said to have issued an appeal to the banking institutions of the State to oppose the bills.
The Essex
and Hudson County associations were suppyorters of the bills.
The resolution adopted at the Trenton meeting on the
20th inst. was offered by S. D. Scudder, of the Fourth Ward
Trust Co. of Passaic;
it
expressed unqualified disapproval
by the Association, and directed the Executive
Committee to use all proper means in opposing their passage.
of the bills
Regarding the discussion which the proposed legislation developed at the meeting the Newark "News" of the 21st
inst. said in part:
Colonel Willard C. Fisk, of Jersey City, author of the biUs which first
aroused the ire of the Monmouth County Bankers' Association, explained
the purpose of the measures and assumed full responsibility for drafting
them, intimating that he had done so upon his own initiative and not at
the instance of any particular banking interests. He explained that the
branch banking provisions to which vigorous exception had been taken
would only authorize branch banks within county lines and not as a Statewide proposition. He added that the executive committee had favored
the bills by a vote of 14 to 5.
Judge Walter P. Gardner, of the Court of Errors and Appeals, a member
of the executive committee, who is President of the Hudson Bankers
Association and Vice-President of the New Jersey Title Guarantee & Trust
Co. of Jersey City, suggested that the association sit as a committee of the
whole and that discussions be limited to five minutes. Judge Gardner said
he did not view the bills as dangerous, but rather as desiglied to establish
a good, soimd banking system. He denied that the effect of the bills would
be to drive small banking institutions out of business.
Attacks on the proposed legislation were led by William J. Couse. President of the Asbm-y Park Trust Co., and formerly President of the Monmouth County Bankers' Association. He said that Colons Fiske, while
outlining the legal effect of the biU, had failed to make clear what would
be their practical effect. AVhen a division of opinion occurred in the executive conmiittee, Mr. Couse said, the minority members had suggested that
action be deferred imtil the regular meeting of the Association in May.
This course, he said, was considered fair in view of the fact that such legislation as is now proposed had been repudiated by the rank and file of the
Association.
Mr. Couse continued that although ostensibly the bills are designed to
facilitate the merging of banking institutions they would, in fact, authorize
branch banking through such mergers. This, he added, suggests the
quei-y, "When is a branch bank not a branch bank?"
Mr. Couse said he
had no objection to the general provisions of the bills respecting merger,
but did object to Section 9 permitting the establishment of branch banks.
Mr. Couse recalled that in 191.3 the Legislature passed a branch banking
bill limited to counties, but in the following year an attempt was made bj
some of the large banking interests of the State to amend this measure by
providing for branch banks as a State-wide proposition.
Subsequently
dimng the term of Governor Fielder, 1;he L^slature passed a repealer of the
Branch Bank Bill, which was vetoed by the Governor and then passed over
his veto.
In his criticism of the executive committee Mr. Couse said it had no right
to call a meeting of the Association to act upon a question already repudiated
by the association. Every intelligent man. he declared, must see the
danger in the scheme proposed. He expressed a hope that the association
would go on record so forcibly that the subject of branch banking would
never be brought up again in this State.
Mr. Couse also said that Mr. Field, as secretarj- and a membar of the
executive committee, should represent impartially the 400 members of the
association and should not have given his support to bills which had been
overwhelmingly disapproved by the association.
.Jan.
THE CHRONICLE
29 1921.]
own Ut'lViist-, said ho assumed ihat as au
of ilio associatiou ho was at libeiny to initiate auy
legiiilatiou ho thuuKht would bo bonol'icial to his own bank.
Incidentally
he took occa.sioD to deny that the proptisod bills oinauatod from Newark
and declared that no Newark bankers knew auythiui? of them until ihey had
been prepared and brouKht up for discussion. Mr. Field added that he
was opposed to State-wide branch baukiUK, but not to branch banks within
.Subsequeudy Mr.
iadJvidual and a
Fi<'ld, in hln
nii'iiibfi-
the county as authorised by the proposed bills.
P. K. Lawsou, President of the Tuckeiton Dank, said he had been instructed to say that the bankers of Dcean County are unalterably opposed
to the proposed legislation.
They feel, bo said, that if such laws areenact<xl
the large finuacial institutions will ultimately dominate the baakiug system
of the State.
Opposition of the Monmouth t'ouuty Uaokors' Association was voiced
by Judge Hem-y E. .\ckensou Jr. of tiie Court of Errors and Appeals, who
outlined the history of provioiLs legislation on the same subject.
He expressed the belief that the pending bills would, in effect, authorize branch
banking.
"They would be flue," coutiuuMl Judge Ackerson, "for big banks which
are loaded up with securities in the^se times of dlniiulshlng values aud would
like to bo bohitui-ed up with additional capital."
Judge Ackerson also said tliat if the bills became laws the mergers authorized would result in the tax now distributed to communities In which banks
are situated being divorttxl to Newark and Jersey City, as these would
undoubtedly have the home offices of the merged institutions.
As evidence of the undesiraliility of the proposed sy.stom. Judge Ackerson
cited the chain of Morse banks which failed about four teen 'years ago.
He
regarded the propositi legislation as unsafe aud unwise.
Major Arthur P. Koran of Flemington suggested that the executive
committee take action on some of the more desirable features of the bills.
The branch banking ))rovisions, he said, are unanimously opposed by the
banking interests of Hiuitordou County. Major Koran suggested that
Mr. Scudders resolution, then under discussion, be amended to this extent.
.Mr. Scudder decline to accept the amendment, saying that any step toward
letting down the bars would pave the way to .State-wide branch bankinp.
Charles S. Moore of Atlantic City said the Atlantic County bankers were
a unit agaiast the branch banking provisions, but might be willing to support other good features of the bills if assured that the branch banking
features would be eliminated.
Former Assejnblyman Levi H. Morris. President of the Newton Trust
Co., a sub.sidiary of the Fidelity Trust Co., suggested that the Association
should not follow the applause which had greeted some of the speakers
against the bills, but should give careful consideration to all their provisions
before taking action.
His plea for delay was opposed by a number of members, who called for the previous question, thereby forcing a vote on the
•Scudder resolution.
Passage of the resolution was followed by immediate
adjournment
In its issue of Jau. 14 the Nt;wark "News" in referring to
Mr. Field's statement in support of the measures said:
As
to the branch banking feature of two of the bills, which form the basis
Monmouth objoctioas, Mr. Field .said that feature simply permitted
banks and trust companies, wliich may absorb other sucn institutions, to continue operation of the latter in the same offices previously occupied by the
absorbed corporations, thus enabling them to retain the full advantage of the
busines-s built up by the absorbed banks.
Being limited to county lines, he
asserted, this plan could not involve any of the dangers suspected by opponents of branch banking as a practice, and he added in reply to a question
that there was no intention to attempt to extend the arrangement beyond
of the
such coimty lines.
His attention being called to the statement of the Monmouth protesters
that public utility interests allied with powerful financial groups were behind
this movement for their own purposes, Mr. Field replied that there was no
basis whatever for such a statement.
His action in bringing the biiis to the
attention of the Committee, he said, had no connection with the interests
referred to, nor had he prior to such action had any advice from or conference with any representatives of such interests. As a matter of fact, he
added, the branch banking feature of the bills was designed primarily to
meet a condition local to Hudson County, arising out of its contiguity to
New York and the necessity for larger aggregations of banking capital in the
Hudson commimities, to enable local banks to compete on something like a
fair basis with the enormous banking resources of the metropolis.
At the
same time, he said, there was in the proposal an opportunity to strengthen
any weak units in the Hudson County banking situation which might be
coping unsuccessfully with the peculiarly difficult competitive conditions
due to New York's proximity.
425
aud a pubhe ealuiuiiy I'lixijiitaied tiy .1 i-riiu<- <j( iii< hmwi roprutloIl^ible
eharacter."
The eompanieii opposing the Injunction aru dulejMlant^ in the billion dollar
antl-trusi suit filed by the State Hevenue Agt<nt, an.<:w«r to which ia now
pending.
Au attorney for the iusiiruuee ronipanits M.tt«-«1 to-uight tliat ^itornty
httvo not yet decided whether they will appeal from the findings of the
Chancellor or to txiutinuu to fight on the merits of the case. Insurance
attorneys will hold a conference here wlthJii a f"'w days and outiim) a further
plan of action.
.\ new feature in the case developed to-day after the injunction dtwlsion
had been liandixl down. The States liceusetj of practically all the oomi>anits
involved in the litigation will expire next month. There is a belief, according to some attorneys, that thtve lietnises will not be renewed by the companies .ind that the courts will be without power to force :i rtiuewal.
STATE INSrrrUTIONS ADMITTED
RESERVE SYSTEM.
The
FEDERAL
TO
Board at \Vashingt<ju auuouuoes the
of institutions v\hich were admitted to the
Federal Reserve Syst(»in in the wci-k <ndiijg .J. ri 21 1921
FiKitTid Reserve
following
list
ToUil
i'apual. ."iurph^. Resuurcts.
».500.000 S60.000 tl .878.718
—
\o. I
The Hub Trust ("omi)auy Bostuu, Mass
District Mo. (5
Bankof Candler County. Metter, (jeorgiaDistrict
,
—
--
District J\o. 11
First Stale Bank of .Mission. Mission. Texafc
-
26,000
"/0,00C
26.000
0.7.50
553.021
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
The Federal Rcserx c Jioard ha> graiiud permission to the
following institutions to e.xer('i.st; trust powers:
The .\ppletou National Rank of Lowell, Lowell, Mass.,
The Quas.saiek National Bank of Ncwburgh, Newburgh, N. Y.
The First National Bank of Brooksville. Brooksville, Fla.
The First National Bank of Menominee. Menominee, Micb
The Second National Bank of .Minot. Minot, No. Dale.,
The Coliunbia National Bank of Kansas City, Kansas i}ihy Mo.,
The Marine National Bank of Seattle. Seattle, Wash..
The Fourth National Bank of Cadiz. C-Adiz. t)hio.
.
,
ECONOMIC POLICY COMMISSION OF A. B. A. ENDO/fSKS Mcl'ADDEN HILL ABOLISHING OFFICE
OF COMPTROLLER OF CURRENCY.
The Economic Policy Commission
of the American Bankmeeting on Jan. 19 at the offices of the -Association in New York.
The Commisaion, of
which Paul yi. Warburg is Chairman, discussed at length
the many topics affecting, both dir<^:tly and indirectly,
questions of banking aud finance, and sub-committees were
appointed to make an exhaustive study of current economic
sub.iects aud report at the next meeting of the Commission.
Concerning the consideration given by the Commission to
the McKadden amendment to the Federal Reserve Act, which
would abolish the office of Comptroller of the Currency
(the text of the bill was given in our issue of Dec. 25 last,
page 2475) an announcement issued by the Association says:
ers' .\..ssociatiou lield its first
The Commission examined the McFadden amendment to the Federal Renow before Congress and decided to endorse its general principles,
with some minor modifications, which at the proper time it will recommend to the Executive Council of the American Bankers' Association. The
Commission unqualifiedly endorsed the main features of the amendment,
.sene Act
whicli are the aljolishment of the office of the Comptroller of the Currency
llie taking o\er bj- the Federal Hesene Board <A tlie main functions
and
PERMANENT INJUNCTION GRANTED
TO PREVENT
FIRE INSURANCE COMPANIES FROM SUSPENDING IN MISSISSIPPI.
A temporary injunction to prevent the fire insurance
companies doing business in Mississippi (now said to number 160) from withch-awing from business in the State or
(;anceling existing contracts was made permanent on .Jan. 12
by Chancellor V. J. Strieker, in the Hinds County Chancery
Court at .Jacksonville. The temporary injunction had been
granted on Jan. 2 on petition of State Revenue Agent
Stokes V. Robertson, its issuance having followed the
suspension of operations on Dec. 21 by aU the fire insurance
companies operating in the State as a result of the suit of
Mr. Robertson to collect penalties aggregating .$908,800,000
for the alleged violation of the anti-trust law of the State.
Details of the (•ontro\(>rsy were given in our issue of Jan. 1,
page 25. Regarding the court's action of Jan. 12, the
Memphis "Commercial-Appeal" of Jan. 13 in a Jackson,
Miss., dispatch, said:
The Chancellor overruled the contention of the insurance companies
that the revenue agent is without authority to resort to injunction, and that
his powers are purely statutory.
The fact that the revenue agent has the power to sue in the name of the
State, says Chancellor Strieker, entitles him to use an injunction ancillary,
a writ of garnishment, subpoena, duces tecum, or other necessary processes,
and he cannot be regarded as a litigant below the level of the'common man
In a lengthy written opinion the Chancellor holds that if the insurance
companies should withdraw from the State "as the result of a conspiracy,
then such action would be an end of the subject matter within the State.
.
exercised by tliat bureau of (he Treasury Department ; the power to he
given to the Board itself to elect the Governor of the Board, who shall act
also as Cliairman of the Board, thus changing tlie present system, which
empowers the President to appoint or to demote the Governor and ViceGovernor of the Federal Reserve Board, and which provides that the Chairmansliip of the Board be held by tlie Secretary of tlie Treasury.
The McFadden amendment provides for seven members of the Board,
The Economic Policy Oommission,
each to serve for a term of seven years.
of tlie American Bankers' Association favors the creation of the office of an
undcr-.Secretary o( tlie Treasury in the similar maimer as an under-secretaryship has been created for the State Department, this under-Secretary to
be, as far as possible, a permanent officer of the Govtnunent aer/ing without regard to the changes of parties, and an expert on the grave questions
of taxation and government finance, which will for a great many years to
come require the most expert handling. It is the tliought of the Economic
Policy Commission that this under-Secretary should be a member of the
Federal Reserve Board, with equal vote as the appointed members, but
Under the plan of the
that he should not act as Chairman of the Board.
Commission there would thus be five appointed members in addition to
tlie Treasury, and tlie seventh membership would be
from time to itme by one of Uie Federal Restrve .igents, who would
bo im ited by tlie members of the Board to ser^e for a year or two, the
In this
ablest members of the various districts serxing from time to time.
manner tlie Board would have the advantage of getting first-hand information as to the actual details of the Federal Reserve banks, while on the
other hand the agents would retur.i to their districts fully imbued with the
spirit of the administration of the system as a whole.
tlie
under-Secretary of
filled
also announced that the discussion showed that there
unanimity on the following points
was
It is
Tlial the time had not yet come for the Federal Reserve Board to consider the reduction of discount rates.
That ilie present tangle by which the sums due the railroads are tied
up in the Treasury is a grave impediment in the banking situation, which
While at present
indirectly affects seriously the entire business situation.
we are suffering from many difficulties which are beyond our power to
repair, ibe deadlock in which the Treasury and the .-ailreails finds them-
;
:
THE CHRONICLE
426
selves is unnecessary
mediate
and
it
is
within
tlie
power of Congress to
grive
im-
relief.
Finally, tiiero was coninion accord concerning tlie disirability of returning at the earliest possible moment the confiscated alien property.
It was
felt that not only would the release of Ihis property enable the countries
affected to buy raw materialh wliich at present glut our marlcet, but the
point was strongly slrcssed that, in view of the fact that the United States
is bound to become one of the largest owners of securities and a.ssets in
foreign countries, it is most important for our own future safety to see
the principle of inviolability of pri\ale property clearly maintained.
Viewing tlie (luestion, however, purely from the banking point of view, the
Commission thought it of tlie greatest importance that the fact should be
emphasized that the future of tlie United .States as tlie baiiiting centre of
the world is involved in this question.
Countries that have disregarded the
inviolabilit}' of private property have forfeited their position to act as a
haven of s;>fety for foreign deposits and foreign investments. Tlie United
States, by accepting the position of a champion of the inviolability of private property, would at once become the country of refuge and safety for
the gold reserves and the investments of the rest of the world.
Dollar
bills, dollar balances and dollar securities would be considered as inviolable,
and as such would pn.ioy an etilianced value. The dollar would take in this
regard the place that the pound sterling occupied before the war and before
England fell victim to the adoption of a policy that disregarded the right
The Economic Policy Commission felt that while the
of private property.
United States has little to gain by holding on to the few hundred millions
of confiscated property, there is at stake the loss of a vast opportunity in
case the opposite course is adopted.
The question of pending legislation dealing with authorizing national
banks to establi.sh savings departments witli segregated capital and segregated assets was fully discastNcd and the matter referred to a special committee consisting of Messrs. .Tohn W. Stalcy, A. E. Adams, R. S. Hecht and
This committee was also requested to report about
Walter W. Head.
the legislation now under discussion concerning the enlargement of the
scope of operations of Postal Savings Banks.
The question of "Federal Regulation of the Sale of Securities" was referred to a committee consisting of M. A. Traylor (Chairman), Evans Woollen and Charles A. Hlnscb.
The topic of "Taxation" was referred to a committee consisting of Geo.
E. Roberts (Chairman), .John W. Staley, Waldo Newcomer and W. H.
Robinson.
The topic of "Funding United States Government Loans" was referred
to a committee consisting of A. L. Aiken (Chairman), A. E. Adams, R. S.
Hecht and Paul M. Warburg.
As to the cancellation of orders it is stated
The problem of the wave of cancellation of orders and attempts not to
honor confirmed credits granted by banks was fully discussed.
The Commission was unreserved in its condemnation of the vicious practices that
have recently been indulged in by business men, both here and abroad, and
by banks and there was common accord that all possible steps should be
taken to arrest a development which, if permitted to continue, would be
bound to undermine the confidence upon which business and banking must
be based. A special committee was appointed, consisting of Messrs. Traj'lor and Hecht, to co-operate with the Bankers' Commercial Credit Committee which, in co-operation with the American Acceptance Council, is at
present at work on clarifying and codifying the meaning of terms used in
letters of credit, for the purpase of establishing, as far as possible, a common accord concerning the usage and meaning of these terms when used
in contracts between banks and their customers.
It was thought that if
such codification could be brought about and universally adopted for use
in the United States and in foreign countries doing business with the
United States, great progress could be made for the avoidance of occurrences as have taken place during recent months.
It is recognized that
ignorance and inexperience have been responsible for a great many of the
recent embarrassing controversies, and it is felt that the Commission can
do a great deal to avoid them in the future.
;
Besides Mr. Warburg, the members of the Commission
present at the meeting were Walter W. Head, President of
the Omaha National Banlc, Omaha Evans Woollen, President of the Fletcher Savings & Trust Company, Indianapolis
M. A. Traylor, President of the First Trust & Savings Banlj,
Chicago; John W. Staley, President of the Peoples State
Bank, Detroit; A. E. Adams, President of the Dollar Savings
& Trust Co., Youngstown George E. Roberts, Vice-President
of the National City Bank, New York R. S. Hecht, President of the Hibernia Banlc & Trust Co., New Orleans, and
Waldo Newcomer, President of the National Exchange Bank,
Baltimore.
Proper reports on the subjects discussed will be submitted
to the Executive Council of the American Bankers" Association, which will convene at Pinehurst early in May.
:
[Vol. 112.
Other amendments adopusd included one by Senator Borah. Republican,
Idaho, providing that all procwjdings of the live stock coraml.sslon should be
open to the public, and iin amendment by Senator I'oincrcne. Democrat.
Ohio, declaring that ujwn enactment of the bill all sufiervLslon of the Federal
Trade C:;ommlH.slon over the live stock Industry should be terminated and
transferred to the live stock commission.
Friends of the bill snca^jded In withstanding virtually all other revl.sions
propo.sed, and also defeated a motion to recommit the bill to the Agriculture
('ommittee. An amendment by Senatfir Hitchcock. Democrat, Nebraska,
proposing that packers give a week's notice of bids and prices for live stock
was lost, 70 to 8. The author said It wa.s designed to stabilize the market.
The commis.sion f-rcatcd under tlic l)ill would Ijc componed
of three commissioncr.s to i>e appointed by the President,
eacli conimi.ssioner to receive an annual salary of ?10,fXX).
It is also provided that the commission shall appoint a Sec-
who shall receive an annual si,\nry of §5,000. The
would confer upon the commission all the powers and
duties heretofore exercised or perfonned l)y the Bureau
of Markets in the Department of Agriculture relating to the
acqui.sition and dissemination of information regarding the
production, distribution and consumption of live stock or
live stock products.
The commission would have power to
issue orders, collect and disseminate information, have
access to pa<;kers' books and hav<- general supervision over
packers, stock yards, commission men and similar agencies.
Review of the live stock commission's orders would be
provided by the bill, which also prescribes rules for conduct
retary
bill
•
and stipulations against monopob,
unfair trade practices, engaging in unrelated industries and
other similar acts. Voluntary licensing of packers also is
of the i)acking business
provided, an attempt, by Senator Pomerene, Democrat,
Ohio, to eliminate this feature having been defeated on Jan.
24 by a vote of 43 to 34.
From the press dispatches we take the followini; regarding
the debate on the bill on the day of its adoption by the Senate:
Opening the final day's debate. Senator Smoot, Republican, Utah,
denied charges of collusion and monopoly made against the "Big Five"
packers by Senator Kenyon, Republican, Iowa. The Utah Senator said
the Federal Trade Commission's investigation of that industiy was an exparte inquiry and that the commission's charge of monopoly was based only
on circumstantial evidence and unwarranted inferences.
The packers have no agreed percentage of purchases of livestock. Senator
Smoot declared. The much-discussed memorandum of percentziges taken
from packer files, Mr. Smoot said, was a basis for collection of joint funds
by the packers to fight harmful legislation and to apportion expenses of their
litigation.
Senator Kenyon replied that he would demonstrate that one use of the
percentage memorandum was to apportion packers' funds "used for election
of members of Congress."
Senator McCumber, Republican, North Dakota, announced his opposition to the measure.
Senator Warren, Republican, Wyoming, also declared
his opposition presenting a resolution from the Wyoming L>egislature condemning the measure.
Senator Kenyon said the Wyoming Legislature's act was designed to
"slur" Senator Kendrlck, of that State, who has been active for the legislation.
Swift & Co., the Senator added, sent an agent to the Wyoming
Legislature, and its action, he said, was evidence of the power of "this
gigantic monopoly, which cares nothing for laws of Courts, and Is able to
swing State Legislatures."
Senator Reed, Democrat, Missouri, opposing the bill, said it was "State
,
Socialism."
;
;
;
Senator Hitchcock, Democrat, Nebraska, aimoimced his support for the
measure on the general ground that the packing business had grown to such
"stupendous" size that Federal protection of the consimiing public and
live stock producers was desirable.
"Bureaucratic interference with private business" was a reason given by
Senator Edge, Republican, New Jersey, for his opposition.
An effort by Senator Pittman, Democrat, Nevada, to recommit the bill
was lost. Vice-President Marshall ruled that because of the asreement to
vote on the bill the Pittman motion was not in order. By a vote of 50 to 30,
in which several opponents of the legislation votedjwlth the majority, the
Vice-President's ruling was sustained.
The legislation has been advocated because, it was said, the supplying of
meat to the public is clothed with a "public interest" and advocates of the
bill contended that the legislation was necessary because of the alleged
monopolistic and unfair practices of the so-called "Big Five" packers.
Opponents of the bill, however, declared that it was an unwarranted, unconstitutional and dangerous precedent in Government control and interference with private business, likely to be extended to other lines of industry.
INDUSTRY PASSED NATIONAL MARKETING COMMISSION FAVORED BY
HERBERT HOOVER AND JULIUS BARNES TO
creating a Federal Live Stock
REGULATE GRAIN TRADING.
BILL REGULATING LIVE STOCK
BY SENATE.
The so-called Gronna bill
Commission to have jurisdiction over the livestock industry
was passed by the Senate on Jan. 24 by a vote of 46 to 33;
18 Republicans and 28 Democrats voted for its passage,
while 23 Republicans and 10 Demgerats voted in opposition.
Two important amendments were adopted by the Senate
One, by Senator Wadsworth,
before passing the bill.
Republican, New York, would include horses, mules and
goats, within the operations of the bUl, but horse and mule
markets would be excluded from the proposed Federal supervision. Another amendment by Senator Pitman, Democrat,
Nevada, would exempt all persons whose chief business is
gro'nnng or production of agricultural products
from the bill's provisions. The author declared that the
legislation should not extend to small stock growers who
operate their own feeding yards. Details of other amendments
adopted are reported as follows in the press dispatches:
livestock
The establishment of a National Marketing Board of experts to act with the Boards of Trades and Grain Exchanges
to improve marketing conditions was advocated by Herbert
Hoover, on Jan. 20. before the House Committee on Agriculture, which is holding hearings on bills to restrict specuMr. Hoover,
Committee, said manipulation
in grain could be eliminated through voluntary agreements
of exchanges to limit the quantity of the commodity which
could be handled in speculative trades. As to the views
expressed by him the New York "Times," in a special Washington dispatch Jan. 20, quoted him as saying:
My own conclusions are that we should have a National marketing board
lative transactions in grain
and cotton futures.
in his representations to the
of experts, under the Department of Agriculture, whose outlook is primarily
to improve marketing consitions; that some regulators' powers should be
given them of this nature, and that they should determine the precise procedure, from time to time, for administrative action by the Secretary of
THE CHRONICLE
Jak. 29 1921.]
Agriculturo. They could accomplish a great deal in improvluK the trade
processes through agreonu'iit with the trades and by the establishment of
standard practices in co-operation with them.
One function of such a tjoard. for instance, would be to provide regulation
which would secure the extension of public wareliouses in such a manner
that the farmer can store his grain at any country elevator or terminal and
obtain warehouse receipt that will open to him new cre<lit beyond his
Such a board could give great
abilities in loans against holdings on farms.
assistance to the development of co-operative marketing and other important improvements in our marketing processes.
A large proportion of men in the grain trade are engaged in a legitimate
There is a minority of sellers, however, whose actions tend to
business.
depreciate prices.
A Federal board should l)e crwited with authority that would eliminate
It is d(«irable to l)ring about voluntary co-operation of grain
evil practices.
exchanges In effecting this, and they should join in the movement to bring
about better conditions in the markets of the country.
Legitimate hod.ging is desirable in the grain trade and it should bo extended to commodities other than corn. Barley, for instance, fluctuates
widely in price ,ind other grains should be included in trading in futures.
Through the establishment of a Federal board and the extension of free
hedging to other grains, the farmer would have a National price for his
If corn, for Instance,
product. The consumer would have the same.
should bo dealt in on a local price, there would bo no National price, and
there would bo wider margin.
Mr. Hoovw then referred to the method of reaching the manipulative
speculator.
The board should fix 500.000 bushels as a maximum of a trade In wheat,
for instance, with jjowor to extend the amount under special circumstances.
This should be the speculative maximum, in my opinion.
"It has been proposed in bills before this committee that the number of
dealings should be limited," suggested Representative J. C. McLaughlin of
Michigan.
"Limiting of deals has no effect on the market," said Mr. Hoover.
"Quantity is what affects the market. Speculative transactions are small
In volume and neutralize each other."
Mr. Hoover, warning the committee against legislation that would be too
rigid, said:
"My
shown that
rigid and too definite legislation leads to
establishment of a board such as I have
suggested, with certain powers, could be made effective with the co-operation of the grain exchanges.
The rules of the exchanges against violations
of the regulations of the board would operate with much greater force than
expyerience has
unexpected
difficulties.
The
any Inelastic legislation.
Julius Barnes, formerly head of the U. S. Grain Corporation, is also said to have expressed opposition to the pending
legislation to restrict trading in grain and cotton futures
when appearing before the House Committee on Jan. 17.
The
creation of a Federal Marketing Commission to prevent speculation and to furnish information on market conditions is favored by Mr. Barnes, according to the Nevr
York "Commercial," from which we take the following
Mr. Barnes said it is impossible to prevent speculation. Abolishment of
future trading, he said, would lead to wide fluctuations in prices. Notwithstanding criticism against it speculation, Mr. Barnes said, serves a useful
function on the exchanges.
In the case of cotton, Mr. Barnes said that if it were not for the present
system on cotton exchanges England would obtain control of American
cotton prices.
CLIFFORD THORNE'S RECOMMENDATIONS REGARDING OURUING OF SPECULATION IN FUTURES.
Clifford Thorne, in presenting, as attorney for the AmeriFarm Federation Bureau, recommendations for the
<'an
elimination of speculation in grain futures, at the hearing
of the House Committee on Agriculture, at Washington on
Jan. 25. suggested that agricultural and business interests
be given a reasonable time to readjust their methods of
•oi)eration and that no radical change be made at the present
time.
It might, at some date in the future, say two years
lience. ho said, be advisable to fix a time when speculation
in futures shall cease, and this he suggested, could be ac•coiuplishe<l by taxation, as provided in some of the pending
bills.
The New York "Conuuercial" quotes Mr. Thorne to
the following effect
Mr. Thome said that there are two distinct functions being performed by
the Chicago Board of Trade.
First, legitimate merchandising of grain,
He said the farmer did not desire to
and, second, speculation in futures.
injure or to interfere with the legitimate merchandising of grain, but that
a distinction should be drawn between speculation and legitimate merchandising.
Mr. Thorne disputed the contention of officers of the Chicago Board of
Trade that speculative transactions perform a useful function.
We are told that the existence of a wide speculative market serves to
-stabilize prices.
In other words,
it is
necessary to conduct a
Monte Carlo
on grain. We believe it is
true that the existence of a large speculative market will tend to reduce the
fluctuations occasioned by individual transactions at any given moment.
On the other hand we believe that the existence of a large speculative market
tends to enhance or exaggerate the fluctuations on the price level as a whole
In the grain industry in order to stabilize prices
,
over any given period of time. The vast bulk of the profits made by commission men on the Chicago exchange are derived from the operations on
the futures market. Wo have shown that these are many times greater
than actual sales of grain. It is to the financial interest of these gentlemen
to have constant and wde fluctuations in prices, that is where the speculator gets his money.
The greater the variations the more money he makes.
Instead of stabilizing the market the speculator is constantly forcing price
changes in both small and large amounts.
However, there is one function performed by the speculative market which
serves as an insurance for the elevator, the miller and the exporter.
It
furnishes a hedge.
The farmers of the country want the gambling eliminated from the grain exchanges. They want to eliminate the speculation
In futures by people who do not have any grain, do not expect to get any,
and do not intend to make any deliveries to persons who on the other hand
do not expect, do not want, and do not intend to receive the grain. The
armws <Xo not want speculation In futures eliminated at present if It wiU
4*47
opportunity to hedge. They titko this potsitlon.
not because the hedge protects the farmer, becauhf the farmer doui use it.
but because of the insistence on the part of the inieruiediary operators that
they do use It. The farmers are now attempting to devise some method
by which this insurance against the risk ran be i-arried.
It is our suggestion that the agricultural iiitt-n«ts of the country, as well
as these l>usiiietis Interests, be given a reasDiiuble time to readjust their
methods of uperution and that no radical change Im made at the present
moment. It might be advisable to fix some date certain in the future, say
two years hence, at which time speculation in futures on Uie markets shall
cease.
This can be acoomplshixl l.iy taxation, as provided in several ^of
the bills now pending before the cominitttM.-.
aMM
restrict or eliminate the
MIDWEST FARMERS OFFER
15,(XK),(K)0
BUSHELS
OF CORN FOR EUROPEAN RELIEF.
Amiuuncomcnt that 15,(KJU,(J(XJ bushels of corn had been
by Mid-West farmers to relieve the suffering of
KuruiHiiu children, and that tlic offer liad been accepted by
the European lielief Council, was made by Herbert Hoover,
Chairman of the Council, on Jan. 22. The offer wa«
aoe(>i)ted following a number of conferences between the
officials cf the Relief Council and J. R. Howard, President
of the American Farm Federation Bureau, representing
1,250,000 farmers. The growers, it is stated, pledge delivery of corn at th<' nearest railroad points, the work and cost
of transportation to be handled by the Hoover organization,
the American Committee for China Famine Fund and the
Near East Relief Committee.
offered
At their headquarters in Chicago the farmers' slogan in
the movement has been announced as "Let us market our
surplus in relief and take our pay in good will."
It is said
there that the public
Mr. Hoover
bill.
is
is expected to pay the trans j)ortation
quoted in the New York "Times" of
Jan. 23 as saying:
I can make no statement as to time or methods, for we will fUst have to
set up a complicated machinery for handling the corn.
To take com from
the farmers, handle it, have it milled and then transported overseas is no
small task. We have not as yet asked the millers' help, nor have we seen
the elevator men. There are many details that we will have to work out.
and this will be the task just ahead of us.
Money for the transportation of the grain offered us will be raised, I am
confident. The money we have is not available for that purpo.sc, for we
must use it for the relief of the thousands of children in Europe.
It Is estimated that it will cost 50 cents to move a bu.shel of com from an
Iowa farm to Europe, and about the same amount to transport it to China.
So we will have to raise $7,500,000 for transportation alone. There are
other elements that go into the costs of movement and handling that have
to be considered and worked out.
The whole thing will require such a study
of details that wc are not ready at this time to make a statement.
It is
for that reason I cannot answer questions as to when the movement wlU
begin
^^^^^^^^^^^^^^^^^^^^
50,000,000
BUSHELS OF WHEAT OFFEJtED BY WEST-
ERN FARMERS FOR EUROPEAN
RELIEF.
According to a press dispatch from Cleveland, Jan. 27,
Engine and train crews to move 50,000,000 bushels of wheat
to be donated by Western farmers was offered by the chief
executives of the big railroad brotherhoods, without charge
for the men's labor to Herbert Hoover on Jan. 27.
The
dispatch also said:
The offer of the railroad men's sei^ce was contained in a telegram to
Hoover and said it was believed arrangements could be made with the
wheat to coast cities free of
charge. The message was signed by Warren S. Stone, Grand Chief of the
Engineers; L. E. Sheppard, President of the Conductors; W. S. Carter,
President of the Firemen, and W. G. Lee, Pre.sident of the Trainmen.
Mr. Stone took up the matter with the railroad executives after he
returned from a farmers' convention at Columbia, Mo., last week, where
President Gustafsen of the farmier.s' organization of Nebraska said the
Western farmers were ready to donate 50,000,000 bushels of wheat to
starving Europeans.
Daniel Wiliard, President of the Baltimore & Ohio Railroad, has wired
Mr. Stone, pledging his assistance and cooperation.
railroads to furnish solid trains to transport this
REOPENING OF KENTUCKY TOBACCO MARKETS.
The
sale of the 1920 crop of burley tobacco in central
Kentuclvy^ Indiana and Ohio was resumed on Jan. 17 after
a delay of thirteen days, due to efforts to force prices to a
higher level.
The closing of the tobacco markets was reThe Louisferred to in these columns Jan. 8, page 113.
ville "Courier-.Journar' of the 18th inst., referring to the
reoi)ening of the markets in a Lexington dispatch, said:
The average yesterday was from $4 to $6 lower than that of Monday
two weeks ago, but this was due to the fact that a great number of rejections
were made on the first opening, while yesterday the rejections were scarcely
noticeable.
Prices ranged from 25 cents the hundred to $53 with the better grades
Scarcely
In the majority of cases between 25 cents and 35 cents a pound.
Baskets practically worthless were
a basket was passed without a bid.
bought up mostly at about 50 cents a hundred.
Cheaper Grades Gain.
Opinions of tobacco men seemed to differ as to which grades were showing
the most strength. The majority of warciiousemen and growers, however,
seemed to believe that inferior and medium grades showed the greatest
advance. The best grades sold generally at about the same prices. Only
a small crowd was on hand, but the attendance grew during the day. However, at no time did the crowd of spectators compare in size with that of the
opening day, Jan. 3. A sharp wind and partly frozen roads kept away
many.
.
.
THE CHRONICLE
428
At tlip New K.•lyl^t(^l ,',7ti,020 poiimis «cro sold for an average of $15 08
Uids on 17.920 i)oiiik1s wiro n^jcctod.
At tlio N(!w II widlcy 2.'>3,295 j)ounds were sold for $30,047 20, an average
of $11 S4.
About, 254.545 pounds were .sold at Talterwilin for an average of $13 38;
30.000 pounds at the Independent before darkness stopped the sales for
an approxiniale ;i\eraKO of $1.").
Wanihou.seinen cxpros-cd the t)olir(" thai thi- tobacco botiKht off thi' floors
yestorda.v would bn replaced wiih ;i lirilcr ^trado and that ihi; farnuTs
would now leave nuicta of their lo»->?ra<l<' « red at homo.
Stone, wartliouspiuan. .said if the fanners would brliig only the
J.
best of he emi) and leave tin- low wades a lionie lor tlie present at least
they would n^aiize more profit from the crop than otherwise. Other warehousemen said farmere VK>r<^ losing money by hauling tobacco to be sold
C
I
I
than .$1 a himdred i)otnids.
Farmers .seemed surprised at the way low grades are beiuR bought up.
Most of them had expected that the worst baskets, which were little more
thau trash, would be passed as they were two weeks ago. There were
very few rejections, only two or three growers refusing the prices at each
for lass
warehouse.
At a mooting
in
J^xingtou on Jan. 7 some 2,000 tobac(;o
thii-ly-oight oounties of tho burloy
Kontuok3'. Oliio and Indiana, wont on rocord as
favoring a eoiuplcto "cut-out" of tho 1921 (a"op. The convention also passed a rcsolulion requesting that all warohousos in the hurley district remain clo.stKl until May 1.
Later developments were reported in a Lexington dispatch
of Jan. 17 in tho "('ourier-Journal," which said:
{jrowors,
ropro.sonting
distriol of
A
request for growers to withhold the present tobacco crop and aimouuceto effect a cut-out for 1921 was tho result Monday afternoon (Jan. 17] of a meeting of delegates of the Burely Tobacco Growers,
held at the Lafayette Hotel,
The meeting was called to order at 1 1 o'clock in the morning by Acting
Chairman Frank McKee, Versailles. The oiiginal purpose of the meeting
was to form a permanent organization, but immediately after convening,
it was decided to make it an e.xecutive session and all spectators were barred
from the hall. At 2 o'clock, a recess of one hour was taken and at 4:30
o'clock the members adjourned
Another meeting to which every County Chairman in the burley districts
of Kentucky, Tennessee, West Virginia. Ohio and Indiana is invited, will
The constitution
be held at the Lafayette Hotel Friday morning, Jan. 21
and by-laws of the association, which will be prepared Thursday morning
by a committee appointed by President McKee, will be presented for
approval.
Following is the pledge approved by lawyers, which will be circulated
over the entire burley district of the States represented, calling for an
absolute cut-out:
"Whereas, It is desirable to cut out the tobacco crop of 1921, now this
form of pledge and all copies thereof, shall be considered as one instrument
of writing and one agreement and the undersigned subscriber binds himself
to all other subscribers of this form of pledge and each subscriber binds
himself to every other subscriber of this form of pledge that he will not grow
or permit to be grown on his land or any land imder his control any tobacco
in 1921.
"But this pledge shall not be binding unless at least 75% of the growers
of the White Burley District of Ohio, Indiana, Kentucky, Tennessee and
West Virginia, sign this pledge or copies by March 1 1921."
The delegates to Monday's meeting strongly recommended to all owners
of tobacco crops now on hand that they be withheld from the present low
markets. This action was taken at the afternoon session, after the delegates had an opportiuiity to become acquainted with prevailing prices paid
at the local markets.
ment of a pledge
.
'
the Bank of Commerce of Lexington which
was one of the incidents of the closing of the tobacco markets,
had spent itself on Jan. 6, when the following reassuring
statement was issued by a committee of the Lexington
Clearing House Association:
At the request of the Bank of Commerce the undersigned committee
of the Clearing House Association met at the Bank of Commerce on AVednesday night for an examination of its affairs.
From such inspection and examination and from the exhibition to the
committee of a statement of the assets and liabilities of the bank, the
committee are of the opinion that the assets of the bank are more than
sufficient to pay all its depositors in full.
The committee, therefore, suggests to the depositors of the Bank of
Commerce that they exercise a policy of consideration aud moderation
and refrain from such hasty and inconsiderate action as cannot fail to injure
not only the bank but themselves and the commtmity as a whole.
J. E. BASSETT, President of Fayette National Bank.
J. W. STOLL, President of Fust and City National Bank.
W. A. McDowell. President of Phoenix and Third National Bank.
C. N. MANNING, President of Security Trust Co.
The run on
In another item we refer to the plan of Bernard M.Baruch
for the formation of a marJceting organization in the interest
Another of the incidents of the past
of tobacco growers.
week has been the warning to farmers by uightriders not to
haul any more tobacco to market until prices were higher.
Special adAdces from Lexington Jan. 23 to the LouisAille
"Courier- Journal" in an account of this said in part:
Night-riders appeared in the Burley district of the State Staurday night
and Simday morning when a band of about twenty-five or thirty-five
masked and armed men called from their beds fanners and growers of
tobacco in a twenty-mile circle in Bath and Fleming coimties, and threatened them with personal violence. Montgomery County farmers also were
Fleming County authorities are of the opinion, they said, that
visited.
the band was composed wholly of dissatisfied growers of Bath County.
To support this view, they cite the fact that prices on the floors at Flemingsburg have been higher than the average, and that they have not heard
reports of any dissatisfaction.
On Jan. 27 it was stated that Gov. Morrow of Kentucky
had offered rewards of $500 for the arrest aud conviction of
each person participating in nig'it riding in Fleming and Bath
counties, also that he had requested the courts in each county
to make Grand Jury investigations of reports that bands of
armed men intimidated tobacco farmers last Saturday night,
and had
.
[Vol. 112.
iii.sli-u'-tod lln- .Sf;i;f
Adjiitant^GfmeraJ tolui-' four
lroop.s of cavalry in nadine.ss for immodiatrf^ actior
HEHSMih M. BARVCII
TOHA ceo
.\
•
|)lar
lJE\EU)I'IN(j
fLANS VoH
MARKE TJNC ORdA NIZA TION
which '•ontomplates ihe formation of a marketing
trgaiiizatii.n
in
the
inl«nsf
of
tobatjco
growijrjs
m
being
Bernard M. Baruch, iormixly (nudrman of the
War Industries Board, at the instance of Judg« lioburt W.
Bingham. Incidentally Mr. Baruch has undertaken to
<le\('loprd l)y
asrujrtain, according to the Louisville "Courier Journal" (»f
Jan. 22, "how much low grade toba<-i-,o, nuw on the market,
can be disposed of abroad, provided tho giov/^jrs oan get
notes of certain foreign CJoveniments disoounted at the
banks." The "Courier Jourual" al.so .said:
The Commissioner of Internal Revenue at WaeJiington. it Is understood,
has suggested a plan whereby low grades of tobacco may be dlKposod of
for fertilizer u.ses without the imposition of a tax.
This, it fe said, would
help greatly as there is so great a s-urplus of low grade tobacco that the
market is depressed.
Special advices to the New York "Times" form Lexington
on Jan. 21 in referring to the movement "with which Mr.
Baruch is identified said:
After a .series of conferences it was aunounoed in Kentajcky to-day that
Baruch had begun plans for such a company am would handle the output
of the dissatisfied farmers and would tend toward becoming a new factor
in the
tobacco .situation.
Coincident with the story of Baruch's action came word f^om Washington that repre.sentatives of tho German Government want to buy a large
amount of the low grade burley leaf, which is SeUlng at from 1 to 5 cents a
pound. The low price of the German mark is am obstacle, but it Is believed
this can be overcome.
Kentucky leaf interests will confer with the German
interests as well as with French and Japanese interests, who have also intimated they would take a quantity of low grade leaf. The buyers in the
United States can only use the higher grades.
Newman and Halley are now in Washington to urge the Bureau of
Internal Revenue to make a ruling allowing tobacco to be treated so that
it could be made into fertilizer and used on the land that produced it.
Tobacco prices over the State average 10 cents per pound for the .same
grades that last year sold for 40 to 50 ceJits. Farmers oJaim it cost them
30 cents apoimd to produce the crop.
To-night the organization formed to eul'orce a cutr-out of this year's ctop
met here and decided to push the work. March 1 was named as the final
date for all pledges to raise no tobacco. It is beUeved the announcement
that Baruch has entered the fight on behalf of the groweirs will retard the
movement.
Arthur B. Krock, editor of the Louisville "Times" who
said to have represented Judge Bingham at a conference
in New York last week attended by ]Slr. Baruch and representatives of tobacco growers, warehousemen, eto., issued
the following statement, on .Ian. 21. it is learned from the
is
"Courier Journal:"
Impressed with the seriousness of the Kentucky tobacco sittiation,
growing out of the low prices. Judge Bingham arranged for a conference
which was held in New York the first three days of this week. In a general way he felt that the great lack of the growers was organization, through
which to construct a marketing company, the effect of w-hi<2h would be to
adjust the size of the crops to the supply and insure living prices.
In this
connection, knowing the public spirit of Mr. Bernard M. Baruch, he asked
that distinguished man to advise the committee. Mr. Baruch has always
had the deepest interest in the welfare of the farmers, and his service as
Chairman of the War Industries Board added to his va»rt exptrience in financial affairs gave him special value as a coun-sellor.
Mr. Baruch gladly acceded to Judge Bingham's request, and was most
helpful and kind.
He has taken under earnest consideration plans for forming a marketing organization of which all growers shall be shareholdersand members. He also initiated steps to discover how much low-grade
tobacco now on the market can be sold abroad if the growers can get discount at the banks of notes of certain foreign Governments. He is verjmuch interested in assuring the growers of a fair profit for their crops,
and his high position and public service make it certain that his advice will
be helpful aud patriotic. In enlisting his aid; however nebulous plans at
this time necessarily must be. Judge Binghanj has done the Kentucky
growers the greatest service possible.
One fact developed at the conference was especially striking, and that
was the unanimous opinion among disinterested financiers in New York
that the manufacturers are making a mistake in paying such low prices forthe crop. It was conceded that the crop is of lesser quality, but it is generally imderstood that several cents more a pound could readily be paid.
In fact, buyers of the manufacturers were quoted as saying that what they
paid was not of so much concern to them as what their competitor paid
One distinguished financier expressed this view: that tobacco prohibitionists are already busy; that the manufactiu-ers mainly depend upon the Kentucky burley growers for their wares; that the present prices, being under
the cost of production are bound to result in a cutout, bad feeling and possible lawlessness; and that the manufacturers cannot expect to continue to
charge double prices for their goods and pay half prices for the raw material.
This obsei^er said that strained relations, a Congressional investigation of
prices for manufactiu-ed articles, and fuel for tobacco proliibltionists would
be the result of the low quotations in Kentuckj". and that, it seemed to him
a most short-sighted method.
Cantrill;
The growers were represented by John W. Newman aud J.
the warehousemen by Dr. S. H., Halley of Lexington and the re-dryers by
R. M. Barker of CarroUton.
C
FEDERAL TROOPS WITHDRAW FROM THE MINGO
COAL REGIOX.
Federal troops were, on Jan. 17, withdrawn from ihe coal'
Mingo Count j-. West Va., which had been under
military rule since last fall because of disorder prevailing
due to acti\-ities of striking coal miners. The troops were
stationed at Williamson, W. Va., mentioned as the elearing
district in
THE CHRONICLE
Jan. 29 1921.]
house
(>f
t>he
ooal fi(>ld"
Ixjth coal
and tb- hciuliiiuirtt is
Within a zone of 25 milts aro
«it'
operatore i\nd strikors
loealed s-«m«' 7r) ooal mini's, from whic
(litions.
l'J,(N)l)
Ii.
undf>i-
iMM) ton:- of l>itiimiiu)us coal,
it
ordinary
cfiii-
stated, aro
is
it is .said, are owned h\- 40
Willijunson (\)al Field Operators
oompauieB, meralKira of the
Association.
Alw)nt. CiO of lliesc mines were reiiorted as
affected by strikes.
In those mines last July wore employed
.'),()00
al)i)iit
men of whom "J. ."00 qnit work. (Jovenior
<'<trn\Vf'!l, jiftt^r sevoj-ul i)er.s()ns liad i>oen .shot and coal jiropity atta<«ked, reqnosted tlie Cio\ernnient to send Federal
troops to thf scene.
The international board of the
United Mint* Worki-i-s of America then issued the foilowinfj-
rt-inoved yojxrly.
Those mines,
I
protest:
Thi iUt,«Tiiiii.ion:il K-xootiti^"* Board Is
sarrifitv clisphiyt>d by tho mine workers of
iiiii)r('SM'<l
with the
for the right to ostabllsh thu priiicipli" of rolloctivc bargaining ;in<l conipt'l
ixH'Ognition by tho coal oper.itoi-s of the award of tlu> United .states Illtumiuoiis CoaJ OommUs-ion
The -I'-'.OOO nu-n. wonion and children who are
engaged In this struKKlo arp siifferin.5? from the most intense persecution,
heaped upon ti»m by the arrogant coal oi>frators of that State.
Kver.v (.oQ«>lv.»l)le metliwi hat. I)pen used against them.
Eviction from
their homes, foro<'l<>^«^pe upon their hovi^-Uold and personal effects, false
artists and Imprisonment, prohibition of the ritjlit of assemblaKc. denial of
their .statntory and ooostilutional rights, unwan-anted use of State troops in
the coal flcJd.s. denunciation by an unfavorable i)ress and a most malicious
public camp.-J^m of mlMvpresentation have all failt>d to bre^ik their dauntless
spirit
that
Coal
of bituminous operators iu
VNEMrLOYEI) IN THE rSlTEU STATES.
.i,47o,UtK)
On Jan. 25, the Department of Lal)or at Washington
issued a statement relative to unemplo\nient in the United
States, which places the total number of unemployed in
mecliaiiictil
industries"
at
3.473,400,
the
figures
being
OH comparative information as of Jan. 1 1920 antl
•Jan. 1 1921 from 35 States and the District of Columbia
and on estinuiles for the other thirteen .States. The numl)er
of those out of work in 182 cities is i)laced at 1.802.755, in
New York City alone 2.34,243. It is stated the automobihtrade shows the largest reduction of workers.
A special
Washington dispatch to the New York "Times" dated Jan.
25 says iu })art:
Itased
"The <leductionsof the Employment Service are presented
in th-
f<>l
lowing
table:
"oniparati vo inforiiiution from 'A!} States and the District of Columbia indicates the numlx>r employed in industry January, 1920
9. 102.000
.\'uinl)er einpl(>.\ed in industry .lanuary. 1021
.().070,64S
Heduetion in employ uient
.831 .3.12
K-tiinated unemploynM-nt in Mississippi (not incliuled above),
3,5,000
ICstiniatcHl imeinplovmenl in Alabama not included above*
tO.OOO
Kstiiiiated uneiuplo.v nient from 11 leading indiistiial c-entres in
(
indeed questionable whether the people of Armenia, whose sufferings
have shocked tJie worid. are in any worse circtimstances than the oppressed
It is
mine workers of Alabama.
In Mingo Cotmty, We».t
:'.
.
Virginia, a struggle of equal importance is being
waged. The miners of that territorj- were locket! out by their employers
because of their desire to orga.nize ond their request for the recognition of the
principle of collective bargaining.
They have wa^sod a remarkable struggle against overwhelming odds
despite the Innumerable outrages inflicted by the private army of hir(>d
gunmen employed by the coal operators of that region. Many men have
been shot In cold blood by these modern Hes.sians, while in a multiplicity
of instances others have suffered frt)ra brutal assaults upon their persons
without having redres-s tn the law
The Governor of that commonwealtli ha> utterly failed to give protection
to these citizens and has displayed his shameful wealmess l)y recently calling
Were he
for the use of Federal troops In the Mingo County strikt; field.
true to his oath of office he would at once exercise the power vested i:i him as
Governor of the State of West Virginia and compel the coai companies to
disarm the hundreds of BaWwln-Felts gunmen employed by them who have
usurped the ixJice powers of the common'*Ne<ilth and exercise these powers
in the interest of the coal operators and coi>trary to tho welfare of the citizens
,
of We.st Virginia.
The International E>xecatr\-e T5oard declares that these industrial struggles in Alabama and West Virginia must be continued until the coal operators
recognize the rights of their employees. The principle of human rights
recognized by the enlightened public opinion of our countir is at stake.
There can be no compromise of this principle.
The full moral and flnandal awsistance of the international union,
repre.sentlng its membership of h>ilf a million mine workers, will be placed
behind the mine workers of Alabama and West Virginia in this fight.
[u reply,
Pittsburgh
the
lYoducers' As.so<-iation,
Western Pennsylvania,
refused to deduct the assessment from the payrolls on the
ground that it would be a violation of the agreement l>etween
operators and workers. The mines involved gradualljresumed operation and the strike weakened, with the result
that it was decided to lift military rule, the work of the
iroojis to be taken over by the Stale jioliee.
staii-d
composed
spiiii of .-clt-
Al:il);inia in tlicir wonilort'ul flitlit
429
Governor Comwell made the
followinjj state-
ment
at the time:
The statement carried by the Associated Press in to-day's newspapers
and alleged to have emanated from the international executive board.
United Mine Workers, IndianapolLs. is lying propaganda. The assertion
that there is a "private army of gunmen" employed in Mingo Coimty. the
strike region. Is without the semblance of truth, as every newspaperman
who has been In the field Icnows. and. as I believe, the local union officials
wiU admit. Since the tragedy at Matewan early in May, when a number of
employees of the Pelts Detective Agenc>' were assassinated, no employees
of that or any other concern, so far as 1 know or have been able to find out.
have been in the strike region, except to pass through on a train or to appear
in court at WilliamBon in aaswer to a summons.
If any are in the field they are Jiot guards, but secret operatives.
Nor
have any other armed guards been employed by the operators so far as 1 can
learn.
These things tboy agreed to do following the Matewan tragedy. I
promised to protect life and property in that region to the best of my ability,
and they promised to employ no private guards. In addition to this the
sheriff of Mingo County and his force of deputies have been friendly to and
sympathetic with the union and its organizers. The local union officials
will verify that statement.
While the officials at Indianapolis are giving
out their losing statements for the purpose of poLsoning the public- mind
and John L. Lefrts is calling on me to resign my office and denouncing me
for bringing FedeiTil troojxs into the coimty, the officials in charg!- of the
strike in Mingo are giving out statements expressing satisfaction with the
tieatment they arc receiving at the hands of the troops and propo4ng me
as an arbitrator of their troubles.
Evidently the Indianapolis people are
not in close touch with the .situation.
1 have tried to make it pkiin to 'joth sides and to the general public that
I have no part or pared In the fight of the United Mine Workers to organize
the Mingo field, and could hav.^ none if I wanted it.
I am interested only
in preventing civil war down there and in bringing to an end the murders
and the sniping that has beet, going on: in stopping the dynamiting of
property and the lawle-ssness that has prevailed. It was for that purpose
I brought Federal troops back Into the County and asked that it be put
not under martial law, but imder temporary military control. The troops
are helping to collect guns and otherwise clean up the situation.
As soon
as they complete this vfork they will be withdrawn.
Steps in the meantime are being taken to increase the State police force. A new sheriff will
come into office in Mingo on Jan. 1 and I feel confident that the County and
St-ate will then be able to prevent futttre serious trouble, no matter how long
.
,
the strike continues.
In order U) provide funds to caiTV on the strike, it is stat(>d.
the United Mine Workers instituted a plan to assess their
entire membership, numbering 553,000, at the rate of SI
each a month for two months. Approximately 50,000
persons have been supported by them, according to report,
they having up to Jan. 4 expended 81,345,000 for that purpose, and the intention was to "fi.ght to a finish. ""
It is
i
.Vrkans.is.
.Mcvico,
Oklahoma. Louisiana. Texas, Montana, Idaho,
I'tali. NTeviwla and Kansas
.
.\i'iz()n;i
New
Ii7.114
.
,
Total
:i. 473 .466
The survey goes with .some detail into uneniploynient iu various indastrial
centres, supplying figures ;us to 182 cities,
'i'he to^al unemployed for these
<'ities. wliic.i have a population of 32..")6(l.9.'):{. is put at 1,H02,75."> at thi^
time.
I'nemplo.v inent to-da.v in New York City is eslira;ited .at 231,213
Vni'inpUnird in
yew
York
Cities.
Kstintated uneniploymeiu in industrial cities in New York State outside
of Xew York City are given ;us follows:
Buffalo. 3,'>. 000: Hoche.ster. 18,000: SyraoLse. 10.000; Schenectady, 7,000:
Niagara FaRs. 2.000: Troy, 8,000; Uticii, 8, 00: .Ul):inv, 3..->00.
Unemployment in .N'ewark, N. J., is put at 41.000: Jersey City. 15.000;
I'ateison, 20,000: l*a.s.saic, 12.000.
The estimate for I'hiUidelphia is 70,000; Pittsburgh. 12.500: and Scranton. 18.000.
Chicago is down for 86,e ^0 unemployt»d and Detroit for 160,Cincinnati. 24.000:
.\krou.
000. (;ieveUind lui-s 81,000 unemployed:
20.000. and Toledo, .38.02.1.
In ilie cities of New England. Boston is listixl as having 2.').000 imemployed; Manchester. N. H.. 21, 00: New Bedford. .Mass., ;}0. 000: Lawrence. Ma.ss., 14.500; l.ynn. Mass., 12,000; LowelK Mas^*., 11.000: ITovidence. R. I., 17,500; Bridgeport. Coim., 20.000. and New Haven, Conn..
10.000.
The statement of the Employmeitt Sei'vice has this to say:
"The largest re<luc-tion Ls indicated in the State of Michigan, wliieli shi>ws
S2'~; reduction in emplo.\Taent between the period of January, 1920. and
January. 1921. Ohio and Indiana follow with .')0';> reduction; UUnoi!New York.
third with 44'^; Connecticut, 43 <r;; Massachusetts. 38*^;
:
2s '
;
"VN'iscoasin
;
,
32
','1
,
and
New Jersey .2'2'~i-
lleUitive
Imporlance uf
Stutcs.
relative importance of these States as to lunnber employed in
.lanuary. 1920. to the total number employed in industry in alt States is
as follows:
Stale
P. C.
P. C.
Stale
"The
'
Miohigan
7 Massachusetts
.10 New York
3 Wisconsin
10 'New .Jersey
2
...5
-17
...3
j
Oliio
Indiana
.
Illinois
I
:
Connecticut
.."•
"The largest percentage of reduction, as compared with Janvuu*.\ 1920, in
specific industrie-s occurs in automobiles and accessories, wliicii indicate.*
about a OOTr rt>duction.
".Second in rank iu retliietion is the building trades, with alK>ui .')2''7The other indastrit^ follow, with their relative imi>ortanee:
,
.
Ri'hitiir
liKlitstnj
—
Re-
import
ductUiii
,
and products, clothing, ho.sier.v and underwear _
Leather and its products. lM)ots and shoes _.
Lumber, house fm-nitiu-e. boxe-s and wood products!
Metals and products, machinery, electric good;, foundi-y
Textiles
.
19
4
8
30 ^j
products
'^
35 'j
35
32
So';;
19
<«meut and stone products
19
11
I'aiking and food prodiu-t.s
The relative importance mentioned iadicatei the perL-eutage of tho.se
employed in each indastry in January. 1920. to the total emplo.vivl i;i all
Clay
.
glass,
.">
industry reported.
"The ceasiLs nporl for 1910 shows 10.t>,')8..S81 as the total gainfully
Ciuployed in mannfactiuing and niecluini(;il indu-iries, or abont 28' i of
The reports revived from
the total gainfully employed (38.107 .3:i(i).
Oisirict Directors of this service, covering :{.') States acid the District of
Columbia, as of January, 1920, show 9.4t)2.000 emploved in industry."
A
special Pittsburgh dispatch to the
Xew York "Times"
heads of iron, steel and
coal industries in certain districts of Pennsylvania. Ohio and
West Virginia prophesy that it will be at least three months
A drastic
before a return-to-normal mo\emeiit commences.
suspension policy has been found nei-es<ary. it is said, the
wage loss reaching approximateh -SI .000,000 a liay. but in
cases where the entire force has not been relicNed. employers
under date of
-Tau. 23, states that
.
,
THE CHRONICLE
430
[Vol
112.
Mr. Morse gavi- ihr' following (letallcd drstTipilon of the voucher in
aro ondcavorinp to divide omiiloyinont using in some instances
week. Employers in other industries are. question:voucher was
a one or two-day
"This
numbered C-.14 B general, the designation referring to
also said to bo following the plan of a curtailed employment the shipbuilding number. The voucher numl)er was 699. The only de-
H 44 expense"."
44 wa.s the Bethlehem Steel Company adminislnitlon and general expen.-w- account.
"Our accountant," he continued, "searched this expen.se .iccoxinl for
an explanation of this chargt; and found the entry: 'Voucher 114,980.
c. .M. s., .$2(;o..543 r>:i."Me then asked an .-i.s.slstant in the office of Mr. Hauck for this voucher.
It was produ«:d from the files and read as follows: 'Expenses, Charles M.
.Schwab, during October lOlS. $269. .>13 .53.'
"A memorandum was attachf^d to the voucher st.'iting that $100.fK)0 had
already been dis.-illowed.
Nevertheless, it was noted by our accountant
that it w;is included in the total account of 'Distribution of general expen.se.
.sc-rlpllon
was
-Mr. Moi-M!
SHIPPING BOARD IMVESridATION -ALLEdATIONS
AFFECTING CHAS. M SCHWAB— HIS DENIAL.
The hearings before the Congressional Committee, which
under the Chairmanship of ,Josei)h Walsh, has been eondueting an inquiry in this eity inio the affairs of the United
States Shipping Board have, during the past week, attracted
more than ordinary attention. In a previous reference to
the hearing and its developments (in our issue of Xo\ 20,
page 2008) we referred to an aUegalion that losses estimated
at two billion dollars had been suffered by the Board through
various causes, including the collapse of its accounting system, inefficiency overcharges and other causes. At the
hearings during the past ten days, Eugene H. Abadie,
former General Comptroller of the Board, gave expression
The
to further criticism of the operations of the Board.
New York "Herald" of Jan. 19, in referring to his testimony
of the 18th as to losses suffered by the Board, said:
.
Ilis figures prepared on a basis of approximately 600 voyapces during the
period between March 1 1920 and Sept. 1 1920. indicated a net Ios.s to the
Government of more than .$18,900,000. Computations made upon 272
trip.s over the North Atlantic route alone indicated an estimated loss of
$3,176,576.
Further details regarding his testimony on the 18th are
taken as follows from the New York "Tribune" of Jan. 19Colonel Abadie was general comptroller of the board until April, 1920.
appointed comptroller of construction on Sept. 1 1919, and a few
days later also wa-s named comptroller of operations. Still later th&se two
offices were merged and he became general comptroller of the board.
He was
Allribittes Muddled Records to War.
Ascribing the disorder in Shipping Board accounts revealed by the Walsh
investigation to war conditions and the haste and speed with which the
Shipping Board was compelled to work to meet the Nation's defense needs
Colonel Abadie said that not until after the armistice was it possible to locate
all the vessels owned by the Government or to account for what they had
done from the time of their delivery. He also said that not until February.
1920, did the accounting division of operations possess a complete record of
flBcal operations of ships requisitioned, constructed, purchased or seized
that were operated prior to Jime 30 1919.
"The realization of the accounting disorder," he said, "permitted many
irregular settlements, encouraged questionable transactions and, due to
outside pressure and influence, caused those empowered within the corporation, intentionally or purposely, to allow or approve of giving millions
of dollars improperly in settlements with some vender, fabricator, contractor or shipbuilder."
Colonel Abadie testified that in order to obtain from the ship operators
of the board the revenue earned by them but not reported, and to collect
the cash in their hands which had not been turned over to the board, he
began a "voyage account drive," beginning in New York, on Oct. 9 1919.
Third of Voyage Reports
Made
Out.
Among
other things, he testified, it was revealed by this di-ive that up to
1920, approximately 15, "00 accounts had been received in the mail
section.
Only 2.5'^0 voyage reports of nearly 7,000 voyages were made up.
Only a total of 172 accountings, representing forty-three voyages, had passed
the final audit section and were complete with the necessary records to
properly compile in the form of a cost statement.
Sept.
1
"Even then they could not be
called complete," Colonel Abadie said,
"because the schedule of commissions and fees in foreign and dependency
had not then been approved by the board."
Colonel Abadie set forth the t&sults of liis voyage account dri^e in a table
showing the estimated figiires as of Sept. 13 1920, and the figures determined
by his accountants. Some of these items were:
Gross revenue, unaudited, estimated at .S80, Oi'.OOO. The drive showed
that the actual amount owing was .$190,979,497.
Voyage expenses, unaudited, .$30,000,000; audited, .$77,629,797.
Net voyage revenue, unaudited, .$50,000,000; audited, $113,349,699.
Shipping Board funds to be collected, unaudited, $.50,000,000; audited.
$128,000,000.
Drive Nets $120,000,000.
The figures showed that Colonel Abadie's drive brought in more than
$120,000,000.
ports
Further testimony of Col. Abadie occasioned the calling
to the stand of Charles M. Schwab, Chairman of the Board
of the Bethlehem Steel Co., the former having alleged that
on examination of the books of the Bethlehem Shipbuilding
Corporation, undertaken under his direction by Perley
Morse & Co., had brought to light a voucher dated Feb. 18
1920, in amount $269,54,3, drawn to Mr. C. Schwab, while
Director-General of the Emergency Fleet Corporation, for
the personal expenses of Mr. Schwab for the month of
October
1918— $100,000
of which,
it
was
stated,
was charged
against the Government as a ship-construction item, the
balance to accounts unknown. Col. Abadie's alle.gation
regarding the $269,000 voucher Avere supported by Perlej^
Morse, head of Perley Morse & Co., accountants. The
voucher, he stated, had been seen by one of his accountants,
and another accountant had located the book entries covering
the item. Mr. Morse, it is said, testified that S100,000 of the
amount of the voucher had been charged to shipping construction under the heading "Administration and Genera!
Expenses," which account Avas pro-rated against vessels
under construction. The following in regard to Mr. Morse's
testimony was printed in the "Evening Post" of .Tan. 21:
;i.s
follow.s:
'Proportion of
stopped (o explain that
B
NovemlHT 1918.' "
Following Col. Abadie's charges, Mr. Schwab appeared
before the Committee, emphatically denying that any part
of his personal expenses had been charged against the
Government as a shipbuilding item. On the oontrarj', he
stated he had received no compensation whatever from the
Government during his office with the Fleet Corporation,
not even the one dollar per year to which he was entitled.
He explained his reluctance to serve as Director-General,
fearing his dual position would cause criticism, and the
following letter was read before the Committee on Jan. 25:
Book
(;,
April 30 1918.
To the President and Trustees of the United
States Shipping Board
Emergencu
Fleet Corporation.
Dear Sirs. The United States
—
Shipping Board Emergency Fleet Corporation, of which I have been appointed Director-General, has, or may In
the future have, contracts or other business relations not only with the
Bethlehem Steel Corporation, of which I am an officer, director and stockholder, but also with certain of its subsidiary companies In which I am
directly or indirectly Interested.
I am of the opinion that it would be inadvisable for me to participate as
such Director-General, in the transaction of any business between the
Emergency Fleet Corporation and any of the said companies, with especial
reference to the making of contracts with, or the giving of orders to, such
companies, and, therefore, request that all business between the United
States Shipping Board Emergency Fleet Corporation and the companies
named below may be handled entirely by such other officers or agents of
the Emergency Fleet Corporation as you may designate:
Bethlehem Steel Corporation.
Bethlehem Steel Company.
Bethlehem Steei Bridge Corporation.
Bethlehem Loading Company.
Fore River Shipbuilding Corporation.
The Detrick & Harvey Machine Co.
Bethlehem Steel Products Co.
Ore Steamship Corporation.
Saucon Land & Improvement Co.
Bethlehem Securities Co.
Bethlehem Shipbuilding Corporation. Limited.
Union Iron Works Co.
Union Iron Works Dry Dock Co.
Yours very
truly,
C, M. SCHWAB.
Schwab, besides entering a denial in his own behalf,
has also been defended in various quarters; Eugene R.
Grace, President of the Bethlehem Steel Co., in a statement
issued on -Jan. 20 in which he denied the charges against
yir.
Mr. Schwab
as baseless, said:
The insinuations by Colonel Abadie that improper payments had been
made by the Shipping Board to the Bettilehem shipbuilding interests,
especially during the period that Mr. Schwab was Director-General of the
Emergency Fleet Corporation, is wholly baseless. No improper payments
were made by the Shipping Board to the Bethjehem company, either
before, during or after Mr. Schwab's term of service as Director-General
of the
Emergency Fleet Corporation.
I
am
sure that the officers of the
United States Shipping Board will corroborate this statement, as our
accoimt has been audited and re-audited by their accotmtants.
Reference seems to have been made by Colonel Abadie to an alleged
expense voucher of $260,000, of which $100,000 is alleged to have been
arbitrarily charged to ship construction.
When this question was raised
the matter was carefully investigated by the auditors of the United States
Shipping Board, who found that no part of this item had been charged
against the cost of U. S. Shipping Board ships.
Not a dollar of the personal expenses of Mr. Schwab or of any officer
of the Bethlehem company was ever charged against the cost of Government work.
Mr. Schwab accepted the position of Director-General of the Emergency
Fleet Corporation very reluctantly, at the urgent request of President
Wilson, after explaining to him that his company had large contracts with
the Shipping Board and would be compelled to make further contracts.
This was fully understood and it was agreed that Mr. Schwab should take
no part in any dealings between the Emergency Fleet Corporation and the
Bethlehem interests. This practice was strictly adhered to.
I\Ir. Schwab is ready to appear before the Wal.sh committee and answer
any questions regarding his activities as Director-General of the Emergency
Fleet Corporation, and regarding the relations between it and the Bethle-
hem
Steel interests.
Mr. Schwab testified before the Committee on the 21st
and also on the 2.5th; as to his denial of the charges on the
21st, the "Journal of Commerce" .said:
Mr. Schwab appeared before the committee and denied emphatically
that he had received a dollar In reimbursement for any personal expenseswhile directing the building of the American merchant fleet. Characterizing as "absolutely immitigatedly and maliciously false" the testimony of
Colonel Eugene H. Abadie, former Comptroller of the Shipping Board
that this tun had been charged against the Emergency Fleet Corporation,
with $100,000 of it assigned to "overhead expenses for ship contruction."
Mr. Schwab stated furthei- that he had not charged the Government with a
dollar for his traveling expenses, and had not drawn "even a dollar" for
compensation
Emotion shaken and deeply hurt because he believed his "reputation had
been ruined," Mr. Schwab said:
THE CHRONICLE
Jan. 29 1921.]
431
"I gave my very life to this cause and its work (directing the conhtruction
of ships during the war time emergency) and it Ls a suiirco of regret so deep
as to be inexpressible that after this support and this service any form
of criticism should arise."
"Do you know whether Mr. Schwab actually received friim the Shipping
Board or the Emergency Fleet C'orporaiion or from the Treaisurer of the
United Stattxj any payment by way uf bulary or in retmburbemeut on account
of expenses Incurred by him as Dlrector-Generul of the Emergency Fleet
tostimouy on Jan. 25, when hv ajjain
denied having rccicivt-d anj' moneys from the (Jovernment,
either in payment of his salary as a "dollar a 3'oar" man
or in reimbursement of e.xpenses incurred as DireetorGeneral, wo quote the following from the New York "Times":
Mr. Schwab gave way to his emotions when describing a meeting between
himself and Pcrley Morse last Friday at the Hotel St. Regis. The meeting,
be sitid, had been arranged by Edwin Wildman, Managing Editor of "The
('orporatiou?"
As
to
Mr.
S(h\v;il)'s
Forum."
Mr. Schwab said ho was dining at the Hotel Tennsylvania with Mr. Clrace
and Mr. Moore. Thoy were approached by Mr. Wildman, whom he had
met. Mr. Wildman said he was a friend of I'erley Morse, and had read
Mr. Schwab's testimony denying charges that $100,000 of a $269,543
voucher for Mr. Schwab's expenses had been chargtxl to the Government aa
ship construction cost.
Mr. Wildman felt that if an injustice had been done
Mr. Schwab, Parley Morse would be ready to acknowledge any mistake
on his part.
Meeting Arranged by 'Phone.
said he received a telephone message from
Mr. Wildman, who suggested that Mr. Schwab come to Mr. Morse's office
to talk the matter over.
Mr. Schwab replied that ho would not go to
Perloy Morse's office imder any circumstances. Then Mr. Wildman suggested that Mr. Schwab meet Mr. Morse at the Republican Club.
Mr.
Morse has rooms there. Mr. Schwab said he refused this, but suggested
that Mr. Morse see him at the Schwab residence. Mr. Morse refused.
Then Mr. Wildman put Mr. Morse on the wire, and it was agreed that Mr.
Morse and Mr. Wildman should meet Mr. Schwab, Mr. Grace and Mr.
Moore in the Hotel St. Regis.
"At that interview," continued Mr. Schwab. "I said to Mr. Morse what
I had said to Mr. Wildman
that the facts which I had related were true,
and that I was now at the end of a long forty years' business career, and
that It was a matter so Indescribably deep in my heart to be charged with
something of that kind that I hoped he would correct it. He would not
do it. He said there were explanations and reasons"
At this point Mr. Schwab was unable to control his emotions. He wept
"I hope you will excuse me, Mr. Chairman and gentlemen of the committee," he said as the tears rolled from his eyes.
"I can't help making this reflection at this time," broke in Representative
Poster.
"As a member of this committee I want to express on the record
my appreciation of the manner, Mr. Schwab, in which you have introduced evidence concerning this voucher; and aside from my membership
on the committee I want to express my appreciation as an American citizen
of the service you rendered in the recent war."
Later
iu the
day Mr. Schwab
—
Testimony to the effect that the -1260,000 item alleged to
have been charged up as personal expenses of Mr. Schwab
was not charged to the Shipping Board was given by Martin
J. GiUen, former special assistant to Judge Payne, Chairman
of the Shipping Board, before the Committee on Jan. 21,
when he declared that the item w^as "charged to profit and
loss by the Bethlehem Shipbuilding Corporation."
Regarding the testimony of Mr. Grace of the Bethlehem
Steel Co., who on Jan. 24 contradicted the testimony of
Col. Abadie, we take the following from the "Times" of
Jan.
2.5:
Mr. Grace swore that the Bethlehem Sliipbuilding Corporation, on \vho.se
account the item in question was alleged to have been charged against the
Government, had never received a penny as reimbursement of Mr. Schwab's
expenses.
In his testimony, which occupied most of the evening session. Mr. Grace
explained that the payment of .?269,543 had been made to Mr. Sc^hwab
pm^uant to the regular methods of the Bethlehem Shipbuilding Corporation
in reimbursing him for his own expenses and those of his organization
The witness explained that under the practice in vogue dm-ing the period
of construction for the Emergency Fleet Corporation no general expenses
were charged in the first instance against the construction of Government
ships.
Books Submilled
to
Government.
In handling the administrative and general accounts of the Bethlehem
Shipbuilding Corporation, he asserted, the corporation placed In the hands
of the Emergency Fleet auditors the company's books containing all overhead and general accounts.
"They would select particular items, properly chargeable to the Emergency Fleet Corporation," explained Mr. Grace, "and then they would notify
us of these items. We then would charge them to Emergency Fleet Corporation work. Those that were not properly chargeable to the Emergency
Fleet Corporation were disallowed by the auditors of the Emergency Fleet
Corporation, and they were not billed against the Government."
From the testimony of Mr. Grace it appeared that the mystery concerning Mr. Schwab's expense accoimt, which is now shown to have been paid
by the Bethlehem Shipbuilding Corporation, grew out of the misimderstanding of the term "disallowed." Perley Morse, head of the firm of
certified public accoimtants, testified that his accountant, who discovered
the voucher, had been informed by an official of the Bethlehem Shipbuilding
Corporation that the item of $100,000 was disallowed, although the accountant, Irving M. Kutner, who was called just before Mr. Grace, said
he did not recall whether he was informed that the item was disallowed by
the auditors of the Emergency Fleet Corporation.
At the time that he was Director-General of the Emergency Fleet Corporation, Mr. Schwab had nothing to do with the contracts let by the
Shipping Board to the Bethlehem Shipbuilding Corporation, according to
the testimony of Mr. Grace, who explained that while Mr. Schwab still
retained his place as Chairman of the Board of Directors of the Bethlehem
Steel Co., the controlling organization, he did not pass on any contracts
of the Shipbuilding Corporation.
The witness was asked by Chairman Walsh who passed on these contracts
and he explained that he did so himself because, Mr. Grace further explained
it was his duty as President of the Bethlehem Steel Co.
"After Mr. Schwab became Director-General of the Emergency Fleet
Corporation, did he participate in any way in the affairs of the Bethlehem
Steel Corporation in so far as they related to ship work?" asked Chair-
man Walsh.
"He divorced himself entirely from our activities," replied Mr. Grace.
"Did he
issue
any instructions or give any orders
"Absolutely not," replied the witness.
to officials?"
".Mr. Schwab's salary as Chairman of the Bethlehem Steel CorporatJoo
replied Mr. Grace.
"You mli>uudersto<xl my question, said Chairman W&isb. who ret>eated
It.
In reply Mi. Grace said:
".\s told me by Mr. Schwab, he never did receive any reimbursement
on account of his expenses as Olrectoi -General."
"Did you ever see this voucher which has been brought to the attention
was never charged,
'
of the Committee?"
"1 did and approved it for payment," replied Mr. Grace.
"Were those exi>enseE> of Mr. Schwab which appeared on the face of the
voucher expenses with which the Emergency Fleet Corporation was
charged
'!
'
Not Charged
to
Ship Cunslrucliori
"Not
a penny of them. Nor were they ever a(.k<«1 »>n our part to assume
one penny of that expense."
"Did you know what the vouchers cover?"
"I do in a general way."
"Were they entered upon the books as a charge apparently to ship
construction?"
"$100,000? No, they were not entered as a charge against ship construcno part of them.
Mr. Grace was asked if the $100,000 was ever entered In such a way as
to appear as a charge against ship construction, and he answered in the
tion
—
negative.
He explained that an analysis of the Bethlehem Shipbuilding Coiporation's expensas for the month of October 1918 included the item of $100,000.
It was only one of many items in the administrative and general expense
accounts submitted to the auditors of the Emergency Fleet Fleet Corporation with the understanding that those ltem.<. which carried no supporting
data, should be thrown out.
Other testimony was heard in \ indication of Mr. Schwab
and the committee adjourned Jan. 25 to meet in Washington at a date to be announced later.
A statement by Representative Steele of the committee
in\ t'stigating Shipping Board operations, exonerating Mr.
Schwab of the charge of receiving payment from the Govern-
ment for personal expenses while Director-General of the
Emergency Fleet Corporation, was issued as follows on Jan.
26:
When asked if he cared to make any statement relative to this heairing
held by the Select (Committee on Shipping Board Expenditures on the charge
that Charles M. Schwab had received payment for expenses which were
charged against the Shipping Board Emergency Fleet Corporation to ship
construction cost, Mr. Steele replied that the members of the committee,
who heard all the testimony and saw the documents, were satisfied that the
charge was not pro\cn, and fui'ther that it was not tnie.
He further said that this statement wa.s made with the knowledge and
consent of the members of the committee.
The Select Committee is not ready to >end its report to Congress yet.
Some committee members said Mr. Steele's statement should not be taken
as an official vindication of Mr. Schwab, but it seemed to be generally
agi-eed that it amounted to a private exoneration of the charges.
The "Times" of the 27th also printed the following:
At the same time, Perley Morse, head of the firm of certified accountants
that discovered the voucher for .S269.543. representing the "special expenses" of Mr. Schwab, of which .§100,000 was alleged to have been charged
to the cost of ship construction, also asserted that "down in his heart" he
did not believe Mr. Schwab was in the least acquainted with the manner In
which the voucher had been handled. He felt certain iliat Mr. Schwab
did not know that any part of it was charged to ship construction at the time
the audit was begun by Perley Morse & Co. In February, 1920.
Nevertheless, Mr. Morse asserted that he would try to re-open the question of "improper charges agaln.st ship construction, " with reference to
"thousands of misapplied ItenLs" whicli he said his accoimtants had found
In Investigating Shipping Board contracts.
Upon being informed that the committee had made an
informal announcement at Washington the following day
exonerating him of the charge ogain.st him, Mr. Schwab
issued the following statement:
I appreciate beyond words the action of the Walsh Committee in so
promptly exonerating me from the unfounded charge that has been so widely
circulated.
I am deeply grateful to the committee for the thoroughness
and fairness with which they took up the investigation of the charge the
moment
it
was made.
cannot forbear adding an expressioa of my ilppreciation of the spontaneous expre,ssioiLs of confidence and sympathy of Congrassman Poster
at the close of my testimony of yesterday.
I take this opportunity of thanking the hundreds of people in all parts of
the c!0i>ntry who have sent me messages expressing their sympathy and
confidence, to all of whom I shall write a.s promptly as possible.
I
Perley Morse & Co. on .Jan. 27 in a letter to Chairman
of the Congressional Commiitee investigating the
Shipping Board operations, proposed a joint audit of the
books of the Bethlehem Steel Co. and Bethlehem Shipbuilding Corporation, and the records of the Emergency Fleet
Corporation, the United States Na\^' and Treasury Department, to clear up all doubt lonoerning the $269. .>43
voucher.
Walsh
35,000
MANUFACTURIKG ESTABLISHMENTS IX
CANADA.
A
report on the manufacturing industries of Canada for
1918, is.sued by the Dominion Biu-eau of Statistics, shows
that in that year there were 35,797 manuiaetiu-ing establishments, with a capitalization of §3,034,301,915, employing 677,787 persons, with an output for the year valued at
$3,458,030,975. The Canadian Bureau of Information, in
announcing these results, continues as follows:
THE CHRONICLE
432
Ontario lod in the number of mjinur.-ioiiirini? pl.inls with 15.305 to hfT
QuPbnr ckino socond with 10.510. foUowcxl !)>• Nov.i Scotia with
crixilt;
2,125; Dritlsb (Joliimbla.
New
Uriinfiwick.
the Yukon, 15
1 .."'.64;
Manitoba.
1,780;
AllMTta.
1.2,52;
1.-141;
Prince
Saskatchewan. 1.423;
Island, 484. and
Edward
In tho matter of o.ipital Investment. Ontario also UhI w\lh a total of .?! .The Investment In tho
total.
1 .000. or well on to one-half of the
other Provinces was a.s follows: QucIkv, $800,468,708; British Columbia.
$211,007,211; NovaHcotla. .'$i:{:<,2()2.0in; Manitoba, $105, <)8:<, 1.59; Alberta.
$61.105.9;{:J; New Urun-swick. $74,470,879; Sa.skatchcwan. $39,476,200;
Prince Edward Island. .S2.S80.602; the Yukon. S3.038.929.
During 1918 conBldorably more than 50' i of the product of these manuficlurinK plants was credited to Ontario, which led with .$1,809,007,000.
this amount beinK nearly double that of the next Province.
Quebec, which
h:\d $920,621,171.
Uritish (Columbia with 8210,175,517 came third, the
other being Nova Scotia. $100,409,890; Manitoba, $145,031,510; Alberta.
$82,434,432; New Ilruaswick. .$68, .333 .069; Saskatchewan. .$.50,009,000;
lYinco Edward Isl,\nd, $5,093,879; the Yukon. $260,882.
The employees, numbering 077.787, were distributed as follows: Ontario, ;!33,930; Quebec. 207.513; British Columbia, 44.039; Nova Scotia.
29,030; Manitoba, 33,388; Alberta, 9.894; New Brunswick. 19.808; Saskatchewan, 8,000; Prince Edward Island, 1,407; the Yukon, 61. The
waRCK and sal.arics paid durinp; the year by Provinces was: Ontario, $321.160,214; Quebec. $175,799,975; British Columbia. $,50,422,1.53; Nova Scotia, ,$24,814,229; Manitoba, $23,389,081; New Brimswiek, $14,247,388:
Alberta, $10,249,465; Saskatchewan. $8,496,172; Prince Edward Island,
$777,067; Yukon, $104,.509.
As an indication of the growth of Canadian manufacturing Indastries,
it may be said that in 1910 the number of establishments was given as 19.218;
the capital invested. $1,247,583,000: the employees, 615.203; the salaries
and wages paid, $24,008,416, and the value of the products. $1,165,975,639.
As compared with 1917, there was an increase during the year of $247,6.52,000 in the capital investment; an increase of $60,798,000 in the wages
paid, and an increase of $442,459,000 in the value of the products.
The following is a list with particulars relating to the thirty leading manufacturing industries of Canada in 1918. which represented 08% of the total
for the Dominion: employed 62^7 of the work people; paid &^]4"c of the
wages and salaries, and had to their credit 67% of the product of all manufacturing plants
.50R.01
EmIndustries
Cap'lta}.
—
?
78,303,022
86,969,756
109,538,103
54,112,884
182,254,740
241,344,704
19,07E.912
Flour and grist mil IproUucta..-..
Slaughtering and meat paoking.
RoUing
mills
and steel fumacee...
Munitions
I^umber, lath and shingles
Pulp and paper
Butter and cheese.
Foundry & machine shop products
Shipbuilding and repairs..
Cottons
Cars and car works
Smelting
•_
Housebuilding
Sugar, reflned
Electric light
84,122,'>46
56,229,033
53,796.394
32.217,295
56.135.981
36,722.958
37,256.851
401,942.402
33,274,753
31,092,866
28,531,076
72,322,688
26,025,530
23,484,799
74,410.603
30,334,129
25,703.795
28.435.808
19,020,092
30,110,354
43,285,405
28,891.924
31,306,543
.._
._
and power..
Boots and shoes
Hosiery and Icnlt goods
Plumbing and tlnsmithing
Carrepairs
Drugs and chemicals __
_
Tobaccos, cigars and cigarettes..
Agricultural Implements
Fish, preserved
Clothing, men's factory
Leather, tanned, curried, &C
Clothing, women's factory
Printing and publishing
Electrical apparatus and supplies.
Boilers and engines
Lumber products
Totals, 30 Industries
all Industries
Totals
TFIE
pJ-0!/ees.
7,407
11,816
20,047
,36,760
60.868
25,863
7.305
26,463
21,70.5
16,004
11,739
5,508
21,107
2,558
9.640
9,246
12,627
10.622
16,631
4,292
7,897
1(),072
5.710
8,961
3.631
10,853
10,277
8,859
7,8C3
8,226
Salaries
&
Wages.
$
7,555,476
12.153,£:01
27,653,972
45,914,822
49,786,122
26,974,225
5,503,594
28,960,374
26,350,128
£,227,343
13.126.459
8,639.472
20,693,169
2.626,890
10.354,242
9,425,097
7,231,182
9,136,367
18,677,388
5,872,947
5,338,347
10,268,539
3,566.442
7,560,749
3,464,845
8,006,246
10,875,418
8,449,841
8,740,221
6,390,083
Vahie of
Products.
S
262,537.122
229,231,666
209.706,319
186.C34,920
146,333,192
119,309,434
94,927,032
82,493,897
7^,799,411
66,399,228
66,068.705
62,482,256
60,522,151
58,812,219
ilf 53,449,133
46,387,665
45,755,129
41,870,529
40.972,617
38.252,587
37,883,974
34,8.53.673
34.007,628
33,835,793
33,273,925
32,364,340
30.325,123
30.045,399
29,470,4.57
29,425,925
2,076,630,844 't22,397 418,623,502 2,311,831,441
3.034.301,915 677,787 629.460.863 3.458.036,971
INTERNATIONAL MERCANTILE MARINE
CONTRACT.
from New York Evening "Post" of Jan. 26 -I
It Is hard to understand the necessity for the hearing whicii the Shipping
Board is to hold on the charges of Senator .Tones with regard to the InterNational Mercantile Marine Company. Senator Jones contends that this
company has agreed with the British Government that it wiil pursue no
policy injurious to the Britth mercantile marine or to British trade, and
that in this way Great Britain L« preventing the building up of an American
merchant marine. The implication is that the British Government and this
American company are fellow con.spirators against American commerce.
The facts are entirely inconsistent with such a -view. They have been well
known for nearly twenty years to all shipping men and ought to be familiar
to the Shipping Board, since that board not longer than two years ago
examined most anxiously the contracts of the Inter-National Mercantile
Marine Company with the British Government.
In 1902 American interests arranged for the purchase and transfer to
the Inter-National Mercantile Marine Company of the stocks of a number of
the leading BritLsh shipping companies. These transactions caused a great
stir in Great Britain, where they were described as the creation of an
American shipping trust, which might do much harm to British trade.
The British Government, however, had control over the ships in question,
which were of British registry .iml thus was able to compel the American
piurchasers to agree to conditions wliich would prevent the use of these ships
The conditions were embodied
in a maimer harmful to British interests.
[Editorial article
,
The Intel -National company did not promi:-e, as
Senator Jones says it did, not to pursue any policy injurious to British trade
or shipping; but the British Government reserved the right, in case the
Inter-National company should do so. to terminate the agreement and so
be free to take the necessary steps for the protection of its interests.
In order to clear up a rather anomalous situation a British syndicate in
1918, with the approval of the British Government, offered to buy the
The International
British ships covered by the American stock ownership.
companylwished to accept this offer, but our Government stopped the sale
and then offered to pay for the stocks of the British companies\the same
price as that offered for the ships by the British sysndicate.
The theory
apparently was that if the*American Government were the stockholder
in several contracts.
[Vol. 112.
Groat Britain would not contest its right to have the xhlps. But the
Ministry of Shipping Immediately pointed t)Ut to the Shipping Hoard that
imdcr tho contracts with tho International company the British Government
had the right at any time to buy the ships from the lirltlsh companies and
that it would exorcise this right In case the American (Jovernment should
carry out the propose<l purchase. After renewed consideration the Shlppintf
Board and other aulhorltles decided that the British fJ'-ivernment was right
and that the proposed stock purchase would not secure tho ships. So th*I)lan was dropjxd.
There is notliiiig in this story that calls for bl.ime cither of the British
Government or of th<! International company. Great Britain did Just what
the United States would have done.
It took action to prevent another
country from making a raid on its shipping and depriving it of the means to
serve Its own trade. The International company tried to g<t away from its
British connection by selling its British ships, but was not allowed to do
so by its own Government.
The situation may not be satisfactory; but how can it be improved by a
hearing to bring out facts which are already well known ? The best solution
would be to resume the negotiations of 1918. Unluckity. the moment does
not seem favorable for striking so good a bargain us was offerivl wh'-n our
Government intervened with
its
veto.
GOVERNOR MILLER'S RECOMMENDA TfOXS
RESPECTING TRACTION PROBLEMS.
A message dealing with New York City's traetion problem
was submitted to the Legislature at Albany by Governor
Nathan L. Miller on Monday last, Jan. 24. The subject
was dealt with at some length by the Governor, who declared
that the welfare of the entire State is involved in the right
solution of the problem.
In submitting his recommendations he made the statement that "the colossal nature of the
problem and the general interest affected by it are indicated
by the fact that there are upward of $8.50,000.000 New York
City traction bonds held by the public, including $2.'>0,000.000 of citj' bonds." Referring to the Transit Commi.'^sioners'
report of the great need of new construction and the extension of rapid transit lines, he pointed out that, according to
the Commissioner, the new construction and ext**nsion
planned will cost $350,000,000. not including equipment, for
which $200,000,000 will be required. He furthermore
stated that, according to the report of the Public Ser\ice
Commission, the revenues of all operating companies wthin
Greater New York for the fiscal year ended June 30 1920
fell short of paying operating expenses, interest, rents and
other fixed charges, by $10,735,399, as against a deficit the
prior year of $8,556,408. Many of the roads, he added, are
in the hands of receivers, and others on the verge of receiverships.
"Two, three, and I understand in some cases, four
fares" he said, "are now required, where before one sufficed."
"Certainty of a fair return," he contended, "must
be the attraction to capital in the future, and that, I am
sm'e, the public wiU readily accord for adequate ser\'iee."
"I thnk it is plain," said the Governor, "that the foundations should now be laid for a completely unified system of
"The single fare plan," he said, "appears
transportation."
to me to be important to the future development of the city,
and the relief of congestion with its manifold problems,
housing and the Like." He recommended that all public
utiUties be placed under the jurisdiction of one State Commission, except that a commission be created for the First
District "with complete jurisdiction over the single subject
In enlarging on this, he recomof transit in that district.
mended "that a Commission of three be created with complete jurisdiction over the subject of transit in the First
District, that the powers under the Public SerWce Commission Law and the Rapid Transit Act be transferred to it with
such amendment as further studj' may suggest and that the
former independence of municipal control be restored regardless of the provisions of local consents or prior contracts."
He made the further recommendation that jurisdiction over
all other public utilities in the State be conferred on the
Five commispresent Commission for the Second District.
He Kkesioners for the work, he said, might be necessarj-.
wise recommended that the Public Service Commissions La"W'
be amended so as to make the rules uniform as to all public
utilities, including the power to suspend rates pending a
hearing and determination." In \"iew of the time required
for some rate determinations." he said, "there should doubtless be power to prescribe temporary rates pending such
determination, with such safeguards as may be prescribed
by the Commission, and complete power should expressly
be vested in the Commission, regardless of local consents or
,
In reverting to the subject of gas rates. Govercontracts."
nor jNIiller said that the present condition requires immediate
remedj-. Acts of the Legislature prescribing particular rates
have, he pointed out, been found to be confiscaton,- by the
Federal courts, with the result that the companies are left
impose anj- rate, subject only to the requirement of
Either the Legislature, he urged, must
reasonableness.
prescribe new rates, or confer jurisdiction over the subject
free to
1
THE CHRONICLE
Jax. 29 1921.]
on tie Commission, rogardlcssjoffany
following
is
statutorj' rate.
thelGovernor's mossagojin
STATE OF
The
NEW YORK— EXECDTIVE CHAMUER.
Jan. 24
—
1921.
New
my
view, sufficient facts are known to enable the Lej?lslatur(> to
determine what action it ought to take. Indeed, those facts are matters of
common knowledge. I shall endeiivor to state them.
A brief outline of the acts under which the present rapid transit lines were
constructed may be helpful.
By Chapter 752 of the Laws of 1894 the Rapid Transit Act of 1891 was
amended and a Hoard of Rapid Transit Railroad Commissioners was named
As a preliminary step, the board
in the act, with power to fill vacancies.
was required to obtain the constitutional consents of the local authorities
and abutting property owners, or in lieu of the latter the determination of
the General Term, now the Appellate Division, of the Supreme Court upon
the rei>ort of tJonimissloners that the proposed road ought to be constructetl
and operataJ. The board was then to prepare plans and advertise for
Upon obtaining the
bids for construction, equipment and operation.
constitutiona 'consents, the board was independent of munlciijal control,
except that the approval of the Common Council was roquiretl as to the form
Under that act, the first two subway contracts wore let, viz.:
of contracts.
Contract No. 1 on Feb. 21 1900, for the section north of the Post Office in
Manhattan and Contract No. 2 on July 21 1902, from the Post Office in
Manhattan to the Long Island Railroad terminal in Urooklyn. Under
those contracts made by said board, the credit of the city was pledged to
the amount of upward of .555,000.000, a little more than $51,000,000 of
which has boon exempKxl from the indebtedness which is a limitation
upon the borrowing power of the city.
Uy Chapter 631. Laws of 1905, the power of approval of "plans and
conclusions," by the original act vested in the Common Council was transferred to the Board of Estimate and Apportionment.
That power was
continued by the revision of 1909 and still exists.
The Oreatcr New York Charter (Chapter 378, Laws of 1897) providcxl by
.Section 45 that nothing in the act should repeal or affect in any manner the
provisions of the R.-ipid Transit Act.
It will thus be seen that the first venture of the City of New York in
municipal ownership of transit lines was under contracts made by a board appointed by the Legislature which was independent of mimicipal control
except for the constitutional consent required to preliminary plans.
In 1907, as a pai^ of the enactment of the Public .Service Commissions law,
the powers of the Board under the Rapid Transit Act were transferred to
the Public Service Commission for the First District. There was then
urgent need for an extension of the rapid transit system. However, it
was not until 1913, despite all of the efforts of the public authorities, that
Contracts No. 3 and No. 4, providing for extensions under the so-called
dual system, were made. That was due, in part at least, to the delay in
effecting a working arrangement between the Cormnlssion and the Board
of Estimate and Apportiomnent.
Those contracts were made by the Commission and were approved by the Board of Estimate and Apportionment,
and they contained a clause requiring the approval of the Board to anjchanges. However, I find no statutory warrant for that provision, the
only consent of municipal authority to changes expressly required by the
statute being consent to changes of plan.
By Chapter 520 of the Laws of 1919, the regulatory powers of the Public
Service Commission were transferred to a single Commissioner appointed
by the Governor, and the powers under the Rapid Transit Act were transferred to a single Transit Construction Commissioner.
The result is that
there are now three agencies dealing with transit in New York City the
Public Service Commissioner, the Transit Construction Commissioner and
the Board of Estimate and Apportionment and the powers of each are in
di.spute.
It is not strange that an apparently hopeless tangle results.
With respect to siuface lines, an equally hopeless tangle of authority exists.
It was obviously intended to confer upon the PubUc Service ComnoLssion complete regulatoi^ power over them.
But the Court of Apjjeals decided that it would not infer, from the language of the Act, an intention to
do that in ca^es where local consents had imposed conditions as to rates of
fare.
That decision, however, has been limited to such consents granted
between 1875 and 1907. The result is that the Public Service Comnii.ssion
has jurisdiction over some lines and different sections of the same line, and
a divided authority with the Board of Estimate and Apportionment over
other lines or sections of the same line.
A drifting policy has naturally resulted from divided authority and responsibility, while the transportation problem in the City of New York
In
nanclers'and politicians.
It will not be difficult to eliminate the baneful
value of outstanding securities is
undoubt«*dly much below the intrinsic value of the propertii« rejfrBoeuted
The water has already been squeezed out of th«< s<«nriti<Ti and the conif
influence' of tho former.
full:
I Jnvlte your prompt consideration of neixitxl chaugcs
the Leoialattire.
The most urgent condition
in the law for the rei^ulatlou of public ulilitifs.
York.
is that presented by the transit situation in the City of
To
433
—
—
has steadily drifted toward disaster.
According to the report of the Transit Construction Commissioner, there
is greater need than ever of new construction and extension of rapid transit
lines, the present lines having reached the point of saturation during nLsh
hours.
In passing, it may be observed that the service has been so crippled
that every hour appears to be a rush hour. The Commissioner states that
at present costs the new construction and extension planned will cost
$350,000,000, not including equipment for which $200,000,000 will be
required.
Of course, under present conditions, private capital will not bo
risked in the enterprise, and the city's borrowing capacity is limited by
the $200,000,000 in round numbers of subway bonds now maintained out
of the tax levy, while another 850,000,000 will be required to complete
projected work for which the city is obligated.
According to the report of the I'ubUc Service Commission, the revenues of
all operating companies within the Greater City for the fiscal year ended
June 30 1920, fell short of paying operating expenses, interest, rents and
oth« fixed charges by SI 0.735, 399, as against a deficit the prior year of
88.556,408.
Many of the roads are in the hands of receivers and others on the verge
of receiverships.
Systems have been disintegrated. Two, three and. I
understand, in some cases four fares are now required where before one
sufficed.
Many lines have been abandoned and senice on others siLspended
maintenance has been deferred, taxes are unpaid and service has deteriorated, all to the inconvenience, discomfort and expense of the public and
the great loss of the city.
The welfare of the entire State is involved in the right solution of the
problem. Transportation is a public function, intimately affecting the
general welfare, and the regulation of it is within the poUce power of the
State.
The colossal nature of the problem and the general interest affected
by it are indicated by the fact that there are upward of $850,000,000 of
New York City traction bonds held by the public, including the $250,000,000
of city bonds.
While the present drifting policy in a crisis daily becoming more distressingly acute is plainly due to the unwise division of authority and responsibility already referred to, the cause of the difficulty lies deeper.
The
present problem has a backgroimd of crooked financing, which now subjects
it to popular distrust and prejudice easily aroused by the wiles of the demagogue.^tThe time has come to protect it from the sinister designs of selfish
The market
pani<« are not earning fixed charges. The time is therefore propitious to
with the subjtx-t in the public interest and with eiart Justice to all.
It would be little short of a public calamity if the opport^jnlty thus prasente«l were allowtxl to pass.
Of course, any roiisideralion of the subject
nuist Ktart from the promise that the public shall not be called ui>on to pay
earnings upon or to amortize water«-d securitlt*. The ultimate solution of
the problem must be maximum ser\1ce with minimum cost for th" iH'nefii
of th<' users of the public transportation facilities, the maj«>rtty of whom have
no other means of transportation.
The jiubllc Is now in a position to escape from the aoasor|uonc)<t< of pa.st
mlsdiMyis or mistakes. If, instead of uiill/.lng them for sinister purposes U)
breod disorder In the public mind, advantage Is taken of the i.n»>»inl opportunity to lay the solid foundations for a forward looking const ructlve policy
In the p;ist (Capital has been attracted too much by the chance of speculative
profits.
Necessarily (hose profits are made at the expense of the investor
and the traveling public. Poor and costly service and loss to the innoc^-nl
holder of sivurltii's are the Inevitable result. C^ertalnty of a fair return must
be the attraction to capital In the future, and that. I am sure, tho public
will rejidlly accord for adequate service.
The public 1« now in a stat4- of
mind to take nothing for grantixl. Its past experience has \>en'n such that
it now will rightly insist upon being satisfied that the a/ctual facts justify
any measures adopted. Some agency, having i>ubllc confidence, impartially
to ascertain the facts and courageously to apply tho remedy appears to be
imperatively demanded to extricate the problem from Its present difficulties.
Viewing the matter solely in the public interest, I think it plain that the
foundat Ions should now be laid for a completely unified system of transportation in the City of New York, and I believe any open-minded person who
studies the subject at all will be forced to that conclusion.
The single fare
plan appears to be to be important to the future development of the city,
and the relief of congestion with Its manifold problems, housing and the like.
Extensions should precede rather than lag behind demand. That means
that profitable parts of the system nuist maintain the unprofitable.
In
order to give the public efficient and cheap service, every iiossible economy
in operation and management must be effected, and every unnecessary
duplication of service eliminated.
Necessarily, the subways will form the
backbone of the system. The elevated, surface lines and buses will eventually be merely auxiliary.
If, however, tho most efficient service is to be
rendered at the lowest cost, competition must be eliminated, and the particular service best suited to each particular situation must be adopted.
The foregoing and other considerations all point to one completely unified
system, and if that prt^nuse be granted it necessarily leads to the conclusion
that ultimately such a system must be municipally owned. That was
A unified
settled when the city decided upon municipally owned subways.
system of operation will be difficult with both public and private ownership
of ways and structures. Of course, the ultimate result cannot be ac(«mpli.shod in a day.
The time, however, is ripe to lay the foundations, and to
lay them properly we must commandeer the sei^ices of men of proved
ability, breadth of view, vision and public spirit, in whom must be vested all
the authority that can constitutionally be given, and such men must be
selected utterly regardless of politics.
__The subway contracts three and four, lay at the threshold of any solution
of the problem. They need revision in the public interest. They must be
revised if the problem is to be solved.
Ithave not studied them sufficiently
to_assert with dogmatic assurance precisely how they should be revised and
aiTonly referred to the matter sufficiently to indicate the problem with which
we^ave to deal. A very brief examination wiU suggest certain major
points_for revision .fc' Experience; hasj demonstrated that the pro'visions fo
preferential payments are unfair to the city.
The city is now pro'viding the
interest and sinking fund for roughly $200,000,000 of subway boiids out
of tho tax levj', yet it^^budget requirementsare so greajt^thatjt has to curtail
thepolice^force aiid this yeaJTthe Board ofJEstimate and "Apportionment
even cut out of'lthe'budget $27"000'000^com;eded to be necessary for. the
dcial
^
schools.
The city is so near the debt limit that it cannot undertake needed public
improvements even th e erection of necessary school buildings, yet, if the
subway bond.s were maintained "out of "operation, as they should b£, the
,
borrowing" power "would "at once be increased $200,000,000. The
people who ride in the subways do not realize that in addition to their
fares they are paying to maintain $200,000,000 of subway bonds, and it does
not matter _whether^t hey are taxpayers or rent payers. Of course, that
observation" does not~apply"to"the hundreds of thousands living outside
the city who daily use its transit facilities.
*t
H*
In my opinion, the term of the leases is too long. That would not! be. so
vital if the provision for recaptm-e would not penalize the city in case it
should exercise its option before the expiration of the term. _ That also
would appear toTneed revision in the interest of the city.
^
Wholly apart from the consideration that the wise solution of the problemlwill, in my judgment, pave tho way'rfor a single, municipally owned
system, the problem is in itself single and must bo dealt with as a whole.
No particular lines can be treated by themselves, and experience has already demonstrated the unwisdom of separating the regulatory powers of
the Public Serice Commissioner from the powers under the Rapid Transit
Act now vested in the Transit Construction Commissioner. Increased
B*
expense and division and uncertainty of authority have resulted.
To my mind the conclusion is irresistible that the authority and responsibility to deal with this problem must be completely centred in some single
agency. Manifestly that cannot be the Board of Estimate and Apportionment. It is common knowledge that that body Is unable now properly
That observation
to function and dispose of the matters coming before it.
implies no personal reflection.
Its inability to deal with such a problem
as this results from the very nature of the organiz.Ttion of that body and the
ma.ss of matters with which it deals.
A Public .Service Commissioner, with
as the power under the Rapid Transit Act, and all the power nocessary^to
deal with the problem, reserving to the city the power to give the constitutional consent to routes and of course, to pledge the rjedit of the city,
appears to me to bo the manifest solution.
The foregoing views appear to me to besotind. But in stating them, after
much reflection, I merely desire to invite your consideration of them and
The vital thing to do at the moment
to focus public attentlon_upon ihem.
is to create tho agencylto'dearwith tho problem with ample and undivided
authority and responsibility. The necessity of doing that does not appear
That agency, when creatod, must work out_a
to me to bo open to~deba'te.
plan for the ascertained facts, uninfluenced by any prejudgments or predilections whatsoever, and I have said nothing with the intention of influence
ing the ultimate decision with the signle reservation that. that decision must
be in the public interest.
There is a good deal of loose talk about home rule In connection with this
The problem is not a local problem. It Is a State problem.
subject.
Statewide in importance, and can only be solved by the exercise of the police
power which resides in the StatoJLegislatiu-e. It.mattexs^not. whet her, the
city's
CHRONICLE
vnv.
434
In
in its govoriimontal or i)rc)i)rietary capacity.
mcTcly dtscharKing a jnibllc function over which the
State in tlxo oxercis<; of its police power has control.
Thoro are two Rroat problems of transportation In and about the Olty of
New York. One is tho problem of transportation of passengers with wliich
we are now dealing. Tho other Is the problem of the transportation of
freight Involved in the port development i)robl<'m on which I hope to adiJolh are of general State concern
dross the Legislature in the near future.
and neither can bo properly solved without the exercise of State power.
I believe in the greatest exercise of home rule compatible with good government, but the public interest must always be Icept paramount, and when
State power can bo effectively exercised only by the State it ought not to
be delegated to municipalities.
The regulation of public utilities is, from the nature of the case, a State
function and the power of regulation must be undivided to be effective.
The State has already gone too far in dealing with the particular problem
at hand to draw back now.
Tlio responsibility has already been assumed.
The deplorable condition of transportation In the City of New York which
I have inadequately dcsdibcd and the dark prospects ahead if no relief is
found preclude tho thought that either the Legislature or the Governor
should evade or seek to shift their responsibility.
Were it not for tho unique character of the transit problem in New York,
I should recommend that all public utiilities of tiie State be placed under the
jurisdiction of a single State Commission, which should have full power
regardless of any local autliority, except in so far as the Constitution has
vested power in the localities. Apart from the fact that the police power
of the State is involved, quasi judicial powers should be vested in an impartial tribunal.
A tribunal responsible to local authority cannot be ox
pected to bo impartial, and experience has shown that such tribunals are
The vesting of such powers in
subject to local feelings and prejudices.
them is like submitting a controversy to one of the parties to it.
I do not recommend that all pul)lic utilities be placed under the jurisdiction of one State commission, except that a commission be created for the
First District with complete jurisdiction over the single subject of transit
I make that exception not only because the ijroblem is
in that district.
unique and complicated, but liecause I entertain the hope that public
spirited men, who might not be willing to undertake the regulation of pubIt
lic utilities generally, may be foiuid to imdertakc a particular service.
is no exaggeration to say that that service will require the highest order of
intelhgence, fairness and public spirit, to which any citizen may be called,
and that it affords an opportunity for distinguished public service the like
subways
city owiis tho
oHher capacity
of which
Is
it Is
rarely presented.
recommend that a commission of
three be created with complete jurisdiction over the subject of transit in the First District, that the powers
imder the Public Service Commissions law and the Rapid Ti-ansit Act be
transferred to it, with such amendment as further study may suggest, and
that the former independence of municipal control be restored regardless
of the provisions of local consents or prior contracts.
I further recommend that jurisdiction over all other public utilities in the
State be confen-ed on the present Commission for the Second District.
Five Commissioners for that work may be necessary
I also recommend that the Public Service Commissions law be amended
so as to make the rules ujiifotm as to all public utilities including the power
to suspend rates pending a hearing and determination
In view of the time
required for some rate determinations, there should doubtless be power to
prescribe temporary rates pending such determination, with such safeguards as may be prescribed by the Commission, and complete power should
expressly be vested in the Commission, regardless of local consents or conI
tracts.
I invite
your particular attention to the subject of gas rates. Acts of the
L^slature prescribing particular rates have been found to be confiscatory
by the Federal Courts. The result is that the companies a ffected are left
free to impose any rate, subject only to the requirement of reasonableness.
That condition requires immediate remedy. Either the Legislature must
prescribe new rates or confer jurisdiction over the subject on the Commission, regardless of any statutory rate.
If we are to have a Public Service
Commission at all, it should have complete jiu'isdiction over that subject.
Likewise, it should have jurisdiction to regulate the service and prescribe
the standards of quality and the like.
It is impossible to exaggerate the importance and the value to the people,
if well done, of the work of the Public Service Commission.
That body
should be elevated to the dignity and the standing of a court and should be
removed from political influence. If a commission of five is retained, I
recommend that the terms be so arranged as to expire at intervals of three
years, the ultimate term of the Commissioners to be appointed upon the
expiration of the terms of the present Incumbents to be fifteen years.
The determinations of the Commission when once made should be obej'ed.
There may be some reason for it. but 1 see no necessity of an appeal from the
Commission to itself, which must involve some unnecessary expense to parties and to the State, but, more important than that, effective regulation
requires that the orders of the Commission be obeyed until they are set aside.
I also invite youi consideration of the question whether the Commission
does not undertake too much work of an administrative character. The
great functions of the Commission are quasi judicial or legislative. As I
have said to you in an earlier message, the commingUng of administrative
with legislative or judicial functions impairs the efficiency with which both
are discharged and may also lead to abuses. A body suited to discharge
important quasi judicial or legislative functions is apt to be imsuited to
administration ajid attention to one duty is apt to detract from performance
of the others.
I think that has been demonstrated by the constant growth in the expenses of the two Conunissions.
An examination of the organization under
the Public Service Commission for the Second District discloses the typical
development of the bureaucratic system incident to such commingling of
powers. There appear to be eight divisions, each with a division chief, and
apparently they constitute so many separate departments, each naturally
magnifying its own importance and with little or no correlation of effort and
service between them.
It is iuveitable that they are overmanned, and I
thihk .t will be little short of miraculous if a close investigation does not
disclose that in every one of the divisions there are employees who at some
periods, have little or nothing to do.
I am not prepared to say that the
work of any of the divisions should be curtailed or dispensed with. I
I am prepared to recommend howrecommend the study of that subject
ever, that if continued, that work be placed under one administrator who
will see that it is properly correlated and efficiently done.
The Commissioners will have all they can attend co. if they properly discharge ttieir
important quasi judicial or legislative functions. They should not be
burdened with the administration of such a department as now exists under
them. Of course, the appropriation committees will look carefully into
this subject.
Instead of increasing the appropriations for the Department
over $180,000, as is requested, I have no doubt that It will be found possible
to effect decreases by more efficient organization.
How that should be
done, I submit to your consideration.
,
,
.
,
NATHAN
L.
MILLER.
James
[Vol. 112.
Walker, Dcniofratic leader in tho Senate in atm(!s.s{igc doclared it to be a forerunner of an
oipht-eent fare.
The "Tribune" of the 25th quot<d him as
tjickiufj
.J.
th(!
sayiiiK in the Senate:
Very little in the message smacks of the new. The statements in It are
familiar to lu who ride daily In the subways.
They are the alibis of the
Interborough for an eight-cent fare. The writer of this message Is cither
the fKlltor of The Subway Sun or the editor of The Subway Sun helped to
write this message.
From
New York "Times"
the
of the 2oth
we take the
following? rcfjardinf; Mr. Walker'.s remarks:
The Governor In his message speaks about the transit situation in New
York having a background of crooked finance. That Is true, as we all know.
Next he speaks about this situation lending itself to the wlhes of the demagogue. Who are the demagogues? Why, there are four millions of them,
and you can generally see them, with their hands above their heads, hanging on to a strap.
The straphanger Is the demagogue. He made a mistake
a little while ago, but is not likely to make tho same m>9take again when
another election comes around.
This proposal is the Carson-Martin bill of sorry memory, rewritten. In
order to spread a little sugar coating on the vinegar that he hands to the
people in New York City, he holds out the prospect of municipal ownership sometime in a distant future.
If municipal ownership eventuaUy,
why not now? New York City has declared its willingness to take over
the subways and run them for a five-cent fare if the companies cannot.
But the Governor docs not mean that. His talk about municipal ownership is merely bait.
I notice that the Governor says in his message that the State has gone
too far in dealing with this particular problem to draw back now.
It is
not New York State that has gone too far. It is the Governor who has
gone too far to back out. The Governor would not be sitting on the
second floor in this capitol to-day if he had not committed himself to an
eight-cent fare.
That was the price of his nomination.
This message is not tenable and it is not fair to the people of New York
City.
Why is the city Administration and the much investigated and
maligned Mayor eliminated from any participation in the solution of New
York C!ity's transit problem? Why? Because they have taken a stand
in favor of a 5-cent fare and against an increase.
This message is the forerunner of an 8-cent fare.
Senator Lusk, Majority leader, in answering the minority
leader, said, according to the "Times":
This situation could ha\ e been handled by the Governor to his own political advantage.
He could have done what the demagogues are already
doing, express hypocritical sjTnpathy for the poor strap-hangers, let it go
at that 9nd do nothing constructive. But he is too grave, too fearless, too
clean and upright a man and too contemptuous of the sort of criticism that
has been voiced for political purposes on the floor of the Senate on behalf
of the minority, to be swerved from his purpose.
This problem has been approached from the viewpoint of the financier.
The
It has been approached from the viewpoint of the demagogue.
Governor approaches it courageously from the viewpoint of a man who wants
to accomplish something of practical benefit to the people.
The Tribune
reports Assemblj^man
Simon Adler, majority
leader, as saying:
The Governor's message points out the way for a solution of the transportation problems in New York City. The Governor's recommendation
that all control over transit matters be vested in one commission is the only
thing that can bring order out of the present chaos.
is onlj' incidental, and that "the
one of public ser\ice, and the solution of the
traction problem transcends any issue of fare" is the statement attributed to Gov. Miller on Jan. 25 in amplifyng Ms
message to the Legislature. The Governor was quoted to
the aboAe effect by a staff correspondent of the New York
"Evening Post" in advices from Albany which further report
That the
fare question
real question
is
the Governor to the following effect:
Characterizing as a "state of mind verging on insanity," the views of
some legislators that they will only vote for the plan if it provides a fare
not to exceed five cents and retains municipal control, the Governor predicted that his solution of the difficulty would eventuate in a local carfeire
less than five cents.
"There are some legislators who say they will vote for your plan if it
provides that no fare higher than five cents be allowed," Governor Miller
was informed. He replied:
"That reflects a state of mind bordering on insanity. In my judgment
of
.
.
not a fare question. The fare question is only incidental; the real
question is one of public service and the solution of the traction problem
transcends the fare question. If tho people would view the problem in this
light they would soon find they would soon be paying less than five cents."
"Do you think that eventually they will be riding for less than five cents
in New Y^ork City?" the Governor was asked.
"I am not prophesjang as to that," was his reply.
The Governor's attention was called to the claim that his recommendations usurped powers from the city.
it is
Power Rests with State.
due to the confusion of minds of those who are in the habit of
viewing this from but one angle," he said. "The cities never had power
over public utilities except that delegated by the State. Until 1907, when
the Public Service Commissions Law was enacted there was no regultaion
of public utilities by the State except the constitutional provision which
gave the municipalities the right to consent to the laying of tracks and
having that power they had the power of refusal and necessarily the power
to impose conditions."
"Of coiurse prior to 1907 there was the old Railroad Commissions Law
which did not seek to regulate in the same sense as the Public Service Commissions Law of 1907, but as a matter of fact the State never delegated to
the cities complete power over public utilities. My recommendations
return the question to that which existed at the time the city made its
initial payment of $55,000,000 towards the subways."
"That
is
Ownership and Operation.
are being Interpreted to mean that while you
btlieve in municipal ownership as the ultimate solution you do not believe
Is that right?"
in mimicipal operation.
"That is precisely what I mean. Municipal operation would be fatal.
Municipal ownership and municipal operation are two different things.
Municipal operation would be absolutely fatal to good service or proper
economies of service. We have got to have roads operat-ed solely as*a
Your recommendations
Jan. 29 1921.]
THE CHRON/CLK
If we are guing to have efficient service we have
business Ls conducted.
got to have private operation under very strict regulation.
"It would be difficult to evolve a unified system if it were half owned
by private interests and half owned by the public. The city has already
adopted a plan of inuiilcipal ownership and i)rivate operation. It ah-eady
owns the backbone ui what would be the unified system."
Albany on Jan. 25 of Miiyor llylan and
Board of Estimate to urge the
Governor to .^lI!)port a bill authorizing the Board to purchase
and upentU' a nuinicipal bus line, the Governor hail someDurinj^ a
members
of
visit
<'ii>
.
New York
thing to say regarding the transit situation in New York.
the Kew York "Times" of Jan. 26 we take the following regarding the eommeut whieh the meeting ])ro\ok('d.
From
Much of what the Governor said undoubtedly was provoked by earlier
utterances by Borough I're.sident Curran of Manhattan. He strongly
backed the demand of Mayor Ilylan for the right to run buses, and que.stioned the justice of an expression embodied in the Governor's ine.s.sage in
which he characterized as "loose talk" much that had been said ui)on the
subject of hoim- rule in its relation to the traction problem in New York
City. Boroufih President Curran voiced the opinion that home rule had
been "underdone" rather than "overdone" in New York City.
The Governor bi>gau by saying that the very visit of the city officials and
their request were so much evidence that the traction .situation in New York
City had drifted l>eyond their control to a point where it was necessary to
apply a potent corr^ective. He said the city was not sutTtTing on account of
a subway problem but as the result ol' a problem in which all the methods of
transportation entered as elements that must be correlated by some single
body, equipped with ample powers of regulation.
The Borough President of Manhattan has challenged my expression of
"loose talking" on this subject of power of regulation of public utilities,
the Governor went on.
Witli all respect, and I recognize the right of
everyone to differ with me, I think that there is not only loose talking,
but ioo.se thinking about it. and th;il the talk of invading or taking power
from the dty. which Is suggested is the result of loase thhiking. both
and legally.
Of course I have just dealt with this subject in a message to the Legislature.
I have suggested that it be dealt with as a single problem and what
I have recommended to the Legislature is not that the State shall as.sume
some power that it now is not exercLsing but that a tribunal shall have the
complete power to deal with the problem, and my view is that the pre.sent
historically
are due, in part at least, to the fact that rsponsibility is now
least three agencies where I think there should be but one.
Now. the truth is that it will be impo.ssible to find anywhere either in
any constitutional provisi(<n or in any statute, a delegation to any mimicipality in the State of nower over public utilities.
The truth is that that
power arises, and has created this confusion of thinking leading to what I
call loose talking, irom an entirely different power.
The constitutional
provision In the Constitution of 1875, which required the consent of municipalities to the laying of tracks in streets, the "local con.sents," as they
are called, was not a delegation of any power of regulation over public
utilities.
It imposed a condition precedent to the construction that there
should be local consent and under that the localities imposed conditions
because they had a right to refuse the consent.
Now, from that fact there has grown up what I call this loose talking
that in some way it is proposed to take power away from the municipalities.
1 say they have never had the pow cr because there is no delegation of
power that can be found, either in the statute or in the Constitution, of regulation of public utilities.
These special franchises were granted at a time
when the State was not exercising its police power over public utilities. It
first began to exercise it, in a fashion, with the old Railroad Commission,
but it never undertook to exercise it in complete fashion until the Public
Service Commission-, law of 1907 was passed.
For the first time in this
State, in 1907. was there any complete exercise or attempt to exercise the
power of regulation of public utilities. Now that power resides in the
State Legislature.
It has never resided anj^here else.
It is no more an
invasion of the power of municipalities than what the State may do with
respect to education.
The fact is that what I have proposed in my mes.sage is not that any
power .should be taken away from the cities that was ever granted to cities,
but that the State should now completely exercise and enforce the regulatory
power over public utilities which it has never surrendered.
difficultie.s
divided
among at
"What I am recommending is that instead of dealing with this problem
piecemeal, instead of having two or three agencies, one with the power to
check the other, that some impartial tribunal shall be created completelj'
to investigate the whole subject to determine what is the plan to put the
transportation problem in the City of New Y'ork on a proper basis; to deal
with it without ulterior motives, either political cr otherwise, and to deal
with it in sur h fashion that it will not be necessary for the city to come here
and ask for weapons of defense: to deal with it in such fasion that everybody
shall be satisfied that it is dealt with on the level in the interests of the
people.
I think it is unfortimate that it gets into such a state that either one side
or the other feels it must have a weapon of defense, and I think the time
has come to deal with the proposition on the level, with no ulterior motives
whatever, and to deal with it not with the notion thai somebody has got to
be defended, but that the public interest has got to be defended.
I think
that can be accomplished by a single tribunal. I do not think it can be accomplished by the continuation of divided authority. If it is to be accomplished by one tribunal, it is perfectly clear to me it must be that tribunal
which can exercise that power, the police power of the State, which resides
In the Legislature.
Entertaining that view, I shall have to consider very carefully the question before I should recommend that the Legislature deal with the bus
problem alone, because I think it must be dealt with after a complete study
thas been made of the whole problem, and I believe the buses should be made
to serve their purpose, whatever It may be decided to be; the surface lines
theirs to the extent they may be utilized; the subways the same and the
«levated the same.
So I may as well frankly say that, unless I change my
present view, I shall not recommend to the Legislature to deal with this
problem piecemeal."
In local political ciix-les the (Jovernor'.s traction program
has already been vigorously denounced. City Comptroller
Craig in expressing his opposition said, according to the
"Times";
Governor Miller's proposed solution of the fare question is a step backward
of fifty years. More than half a century ago the City of New York was
ravaged by the Legislature in the grant of perpetual franchises to Charles
W. Durant and others over Governor Morgan's veto, and to Jacob Sharp.
Peter B Sweeney and others, to occupy the principal streets of the City of
.
435
New ^ork. For the Legislature now to attempt such retrogressive action
would he to turn back and repeat the last two generations of crooked
finance, exploitation of innocent investors, intolerable and indei-oiit service
and prostitution of home rule and municipal ownership and operation.
(iovernor Miller's suggtvtion that the foundation should now be laid for
municipal oi)eration some time in the remote future means that for another
half century the people of New York City will be fair game for stock jobbery and inani])ulation.
It is as though, he said, thin gold mine should
be nuinicipally owned but privately niliKXl.
The remedy for existing conditions is not to perpetuate the control of
Belmont, Berwlnd and Brady with an increased fare, but to terminate each
and every contract that the rapid transit companies now hold to operate
lines that are the i)roi)erty of the City of New York.
Upon the termination
of such Contracts every Innocent investor whose money has gone Into the
projierty and enured to the benefit of the City of New York may receive full
recomjjense therefor. Out of the revenues that may therisifter be derived
by the city from its nmniclpally owne<l and operated ljn(« all the extensions
may be rixjuirixl can be provlde<l.
nuist not be overlooked that a 10-cenl fare would take from the people
of Now ^ orkClty a tribute of approximately $125,000,000 per year In excess
of the fares now paid.
Within four years this would provide more than
enough money to |)ay off all of the city's obligatioiui issued for rapid transit
purjjoses and every dollar of private capital invested in such lines.
The p(>op|e of the City of New York will never tolerate the administration
and control of an investment of ai)proximutely $100,000,000 of their own
money in the subways by any public body or commission that is not directly
responsible to the ptxjjjle of the City of New York.
Any legislative attempt to strip the City of New York of its rights under
the pr(sent rai)id transit contracts is sure to meet with disapi>ointment
The courts may be relied ui>on to protix;t the city in Its contract rights with
the Int<Tl)orough and the B. 11. T.. upon the faith of which $400,000,000
of public moneys have been supplii'd for their benefit.
that
It
F. H. LaGuardia, Republican President of the Board of
ga\e voice to his views in an address at the
Textile School on Jan. 25, when he said (we quote from the
-Udci'itian,
"Times")
Republican Party stands back of Governor Miller the result will
you will find, that the Governor will hand the Mayoralty to Mayor
Hylan on a silver platter in the coming election. Let's not dodge that.
We all (the members of the Board of Estimate) received quite a shock
when we read Governor Miller's remarks on the transit situation. It's
the most daring suggestion as a solution for the transit situation of New Y'ork
that was ever set forth.
I told the Governor that I was stunned, that I had not yet caught my
breath.
It
1 told him that I do not think he realizes what it means.
If the
be,
means
this:
it means the taking away from the City of New Y'ork the power
to pass upon the fare qu&stion entirely.
Secondly, it takes away from the
city all jurisdiction and control or say in any traction matter except to put
First,
money for new subways.
The Governor said that the "water" had already been squeezed out of
the various companies. That statement is startling, coming from a man
out
as careful as Governor Miller.
I state positively that none of the water has
been squeezed out.
The plan is to unite all the companies and let the new Public Service
Commission fix the fare. It means that in a few years these companies,
then united as one, will be exactly in the same plight and then the Governor
suggests that the city can take these companies over and they can be all
municipally owned.
No matter what increased fares you give these surface car companies,
they simply can't operate. They are gone now.
The city does not want to take over this junk. I suggested in my annual
message that ail the companies should be put under one operating company
and must
first strike off their books all obsolete equipment and rotten
financing, and then they can operate because then they are not artificial
carrying charges.
When the Governor says there is a lot of "loose talk" about home rule,
that remark is flippant and entirely unbecoming. He is liable to get a
rather rude awakening and find that the people of New "York are determined
not to lose control of their own affairs.
RAILROAD LABOR BOARD RULES THAT CARRIER
MUST ACT FIRST IN WAGE MATTERS BEFORE
APPEAL TO IT.
In the application of the Atlanta Birmingham & Atlantic
RR. for authority t> reduce wages,
way Labor Wage Board on Jan. 27
the United States Railruled that the road and
the employees must seek direct settlement and that the Board
cannot act unless the two parties fail to reach an agreement.
A special dispat<'h from Chicago under datt* of .Tan. 27 to
the New York "Times" commcius as follov.s on this ruling:
The United States Railway Labor Wage Board, in deciding to-day the
application of the Atlanta Birmingham & .\tlantic Railroad for authority
to reduce the wages of its employees, made a ruling which railroad executives say may expedite the wage readjustment on all the railroads of the
country.
The Labor Board held In substance that the Atlanta Birmingham &
had no status before the Board under the Transportation Act,
inasmuch as the Act provided for appeal to the Board only after the employees and management have failed to reach an agreement. It was
pointed out that instead of posting a notice of wage reduction the road
should have notified its employees that a readjustment was desired and
should then have attempted to reach an agreement with its employees on
a new scale, appealing to the Board only after the attempt had failed.
At the same time the Board indicated its willingness to expedite consideration of the railroad's troubles by fixing Feb. 10 as the date of hearing the
Atlantic
on its general merits, the presumption being that the road will have
complied by that time with the requirements of the Transportation Act.
No agreement will be reached with the employees for a reduction, according
ca.se
to general opinion.
In the meantime executives of the railroads centring in Chicago were in
conference preparatory to a conference tomorrow with the Labor Committee of the American Association of Railway Executives.
The ruling of the Labor Board was interpreted as meaning that the roads
had a free hand In carrying on negotiations with their employees for a wage
readjustment, and that if agreements could be made no appeal to the Board
would be
n^cessftry,
.
THE CHRONICLE
430
WHY RAILWAY EXPENSES ARE
SO
ENORMOUS.
Commenting on
the ImariiiRs which aro going on before
in (^liicago regarding a continuance
of tlio national ;igre(>ni«>n1s niado by Ihe Railroad Administration and certain railroad brotherhoods, the "Railway
Ag(!" in an (-dilorial in its eiuTent issue, calls attention 1o
two fads just disclosed by recent statistics of the Interstate
Commereo Commission. There are: First, that in the first
eleven months of 1920 llie riiilways spent !$S13,r>00,000 more
for the maintenance of their locomotives and cars than in
the same months of 1917, which is an increase of 130%;
secondly, that oth<T statistics just made public by th(i Interstate Commerce Commission show that wliile in 1917 the
railways had 264. .WG employees in their shops, they had in
tlio
Raih-oiul
ManOi 1920
Labor Board
37<S.23<S of tliese classes of
employees, an in-
"What bearing have
crease since 1917 of 113, 052, or 43%.
these figures upon the subject of national agreements?" asks
the "Railway Age," and it answers the question as follows:
In tho first place, witnesses for the railways before the Labor Board
have shown that under the operation of the rules of the national shop crafts
agreement they are l>eing compelled to pay employees in the shops many
This partly
millions of dollars annually for work which is not done.
accounts for the enormous increase In the cost of maintaining locomotives
and cars. In the second place, witnesses for the railways in every section
of the country have been showing for a week how the abolition of piecework
in the shops, aud the substitution of the hourly basis of pay which the
national agi'eements should continue, has resulted in reductions in the
of work done per employee of from 10 to 50%.
of the facts regarding the reduction in the efficiency of labor
which followed the abolition of piecework which have been given in the
testimony before the Railroad Labor Board arc positively startling. It
has been testified, on the basis of careful statistical studies, that in the
shops of the Chesapeake & Ohio the output per man declined from 11 to
In the main shops of the Union Pacific it declined from 21 to 29%
•40%
In the .shops of the New York Central, between 1917 and 1920, the number
of hours of work for which the railway paid increased 53%, while the total
output of the men who did the work increased only 14%. The time
required to perform certain operations in the locomotive erecting shop and
foundry of the Baltimore & Ohio at Newark, Ohio, and in its shops at
Baltimore, Md., increased from 6.7 to 200%. In the shops of the Pennsylvania the abolition of piecework reduced the average output per man
per hour almost 27%. In the car repair shops of the Chicago & North
Western the decline iu efficiency was 36%.
The necessary effect of the establishment of the eight-hour day and
decline in the efficiency of labor was to cause a large increase in the number
of men w^ho had to be employed to do the same amount of work. The
percentage of increase in all the employees of the railways between 1917
and 1920 was 16% while the percentage of increase in the number of shop
employees of the classes just mentioned was 43%.
Here, then, are the facts briefly summarized: The employees in the shops
in 1917 were working on a ten-hour basis, while in 1920 they were working
on an eight-hour basis. For working on an eight-hour basis they are now
receiving 72% higher average monthlj'- wages than they received in 1917 on
:i
ten-hour basis. The abolition of piecework has resulted in a heavy
reduction in the average work done per man, not only per day, but per
hoiu"; and because of this and the eight-hour day, the railways are being
obliged, or were when business was heavy, to employ 43% more men in
their shops than in 1917.
Nor is this all. In spite of the gi'eat increase
in the number of meu employed in the shops, the railways were unable in
1920 to do in their own shops all the repair work on locomotives and cars
required, and had to send a substantial part of then' equipment requiring
heavy repairs to outside plants, which further greatly Increased the expense
of maintenance of equipment.
The public caused the railways to be returned to private operation
because it believed that under private management they would bo moie
economically operated than under Government management, but the railways cannot be more economically opei-ated xmder private than under
Government management unless they are given the opportimity to adopt
the methods which are absolutely essential to increasing economy and efficiency. The national agi'eemcnts, by forcing the railways to pay out many
millions of dollars for work which is not done, by preventing them from
establishing piecework in their shops, and by interposing other formidable
obstacles in the way of increasing efficiency, are among the things which
thus far have rendered it impossible for the managements to effect the large
economies which they ought to effect, not only in their own interest, but in
the interest of the public which pays the passenger and freight rates.
The railroads in this matter are really fighting the battle of the public,
because unless operating expenses can be reduced, it will bo impossible for
freight and passenger rates to be reduced, and they may have to be increased.
In this fight, therefore, the railways ought to have the backing
of an aroused and effective public sentiment.
amount
Some
.
,
UNITED STATES CHAMBER OF COMMERCE URGES
LEGISLATION TO ENABLE ROADS TO SECURE
FUNDS UNDER GUARANTY PROVISION.
Appropriate legislation making it possible for the raih-oads
to collect immediately a portion of the .$400,000,000 due
them under the guaranty provisions of tJie Transportation
Act is urged in a resolution adopted by the Board of Directors of the Chamber of Commerce of the United States and
made piibhe on Jan. 14. As stated in our issue of .Tan. lo.
page 218, a decision of the District of Columbia Supreme
Court, handed down on Jan. 3, upholds the ruling of the
Treasury Department that the guaranty provisions of the
law do not permit the Secretary of the Treasmy to make
partial payments to the roads in advance of a final audit
by the Interstate Commerce Commission sho\ving the
Previously the directors of the National
entire amount due.
Chamber had adopted a resolution expressing the hope that
the Government might find a way for making partial payments at once, as some of the earners are urgently in need
[Vol. 112.
the money due them.
In fcho meantime miuidamus
proceedings were instituted in the Supreme CJourt of th«>
District of Columbia to (compel tho Soorotary of tho Treasury
to pay to the Grand Trunk Western Ry. Co. $.000,000 upon
the certificate of the Interstate Ck)mmoroo C.'omrais.sion
that this amount was due under the guaranty provisions of
the law.
The .'54(X),000.000 due the railroads is part of the
operating deficit for all roads which ae<jru(>d during the
guaranty period from March 1 to Sept. 1 1920, the first
six months after the roads were returned to private opera<tion.
It is pointed out l>y the Chamber that the total
amount of operating deficit for all roads during that period
of
was about .$634,0fX),00(). Of this amount approximately
S234,000,0G0 Avas i)aid to th(- carriers during the guaranty
period.
The law specif icallj' providexi for advanoes during
the first six
months
after their return to privatfj operation,
but made no such provision at the end of the period, aecorrjing to the ruhng of the Treasury-.
The resolution adopted
by the National Chamber is as follows:
That, If it is found to be necessary to amend the proTluionfi of .Section 209
of the Transportation Act, 1920, in order to authorize partial payments
on accoimt of the guaranty therein made to the railroads of the United States
pending the final ascertainment to the full amount of such guaranty due
the several carriers, the United States Chamber of Oommeroo earnestly
approves an appropriate amendment of said Act by the Coogrebs at its
coming December session with as little delay as possible.
APPEAL OF PHILADELPHIA BOURSE IN BEHALF OF
BILL FOR PAYMENTS TO RAILROADS UNDER
GUARANTY PROVISIONS OF TRANSPORTATION ACT
Supplementing its previous action in appealing directly to
the President and Secretary of the Treasury Houston for
measures whereby partial pasmients would be made to the
railroads of funds due them under the guaranty provisions of
the Transportation Act, the Philadelphia Bourse, has urged
on the House Interstate and Foreign Commerce Committee
favorable consideration of the so-oalled Winslow Bill which
would authorize such payments immediately uix)n enactment. The Bourse recommendation was embodied in a
communication
to Representative
John
J.
Esch, Chairman
of the Interstate and Foreign Commerce Committee and one
of the authors of the Transportation Act, and follows the
appearance of prominent raih-oad officials before that committee in behalf of the Winslow measure. The bill is the
result of the attitude assumed by the Comptroller of the
Treasury in withholding these pratial paj-ments until there
has been final accounting by the carriers of the entire amounts
due them throughout the Federal guaranty period. The
railroads are in a sorry plight as a result of the action of the
Comptroller in refusing to make these payments on account
and in appealing to the Committer on Interstate and Foreign
Commerce, the Bourse reiterates its statement to the President and Secretary of the Treasury that "all of the Government's financial transactions with the roads should he
expedited to the end that no delay on the Government's
part may retard provision of i-aikoad equipment ade<iuate
for the transportation services that are so urgently needed."
that the stand taken by tho Compcontrary to the activities and recommendations of the Interstate Commerce Commission. This
latter body interpreted the Transportation Act to moan that
it was its duty to ascertain at the earliest possible date definite
amounts that are due to the railroads under the guaranty-
The Bourse contends
troller in this
matter
is
provisions of the act and to certify these amounts to the
Secretary of the Treasui-y for immediate payments to the
This the Commission has done, but on the adivce
railroads.
of the Comptroller, the Secretary- of the Treasury has refused
to make partial payments on account of amounts due as
recommended by the Commission and has asked that each
road be required to make a final accounting before payments
are made, and that the Commission present a single certificate for each road that "woU serve as a basis for a single warrant
making final settlement of the amoimt due to that road
most earnestunder the guaranty provisions of the act.
h' urge that favorable consideration be given to the bill
in question and trust that it may be promptly enacted
into law so that what we belie\"e to be the spirit of the Transportation Act, Section 209, may be carried into effect,"
declared the Bourse appeal to the House Committee.
We
T.
DE WITT CUYLER ON RAILWAY LABOR SITUATION AND OUTSIDE REPAIRS TO CARS.
T. De Witt Cuyler, Chairman of the As.'sociation of Railway Executives, in a statement made pubhc Jan. 24 r^farding
the inquiry which the Interstate Commerce Commission
is making into the reasons why the raih-oads sent cars and
Jan,
:38
THE CHRONICLE
1921.]
locomotiTee to outside shops for repairs (au iuquiry which
he obsorvos the railroad? welcome and will assist in e\erj"
way thoy can), sUitcs that the railroads are prei)ared to show:
1. That on the return of the railroads on March 1 1920 thi-re was au
abuonual number of locomotives and cars in bad order re(iuiriiig repair and
au abnormal number of locomotlven then in operation which would never"lihoppms" at an early date.
was impossible to take care of all of these repairs, immediate
and probjjectlve. witliln any reasonable length of time in railway companies'
theless require
That
2.
it
shops.
3. That at the time most of thib equipment was sent to outside shops for
repairs there was one of the worst traffic congestions in tlie history of the
country, and that the railway companies were properly under the pressure
of the Inter-State Commerce Oommission, the Car Service Division of the
American Railway Association, and of their 6>hippers, to use any and everjavailable means to restore thle equipment to service at the earliest possible
date.
4. That generaily when equipment was sent outside it was to the company which had originally constructed it, for tlie obvious reason tliat the
original manufacturer had the patterns, extra parts and machinery which
would enable him to effect these repairs more promptly than could be done
elsewhere; that if for any reason the original manufacturer could not accept
.such cars, then the nearest available shop having adequate plant and available capacity was chosen: and that these were the considerations which
controlled the choice of outside shops, and not any alleged dual interest
between equipment and railroad companies.
Non-Comparable Figures Compared.
with regard to cost, the comparativo figures gi\en are ontiivly
misleading, as so-called cost figure*? In railway shops cover substantially
only cost of material and labor, most of the expense overhead, supervision
and maintenance being carried in other railway accoimts, and being further
misleading because cost in outside shops necessarily includes a reasonable
5. ITiat
—
—
profit.
6. Furthermore, that the compurisons of cost given are erroneous and
misleading because in many cases the equipment .sent outside required the
heaviest kind of repairs, sometime samounting to substantial rebuilding,
frequently including additional improvements, and in general not being
comparable to the normal classified repairs in a railway company's sliop.
7. That, as additional proof that the companies had no ulterior purpose
in sending this equipment to outside shops for repair, the companies were
merely carrying on the practice of following the precedent established b.\- the
Uoited States Railroad Administration during similar but lesser emergencies
Employees' ResponsiblHv for Situation.
That certain organizations of railroad employees, through the yhopAgreement signed by them with the United States Railroad Adminis-
S.
craft
tration are themselves in part responsible for the inability of the railway
managements to expand the capacity of railwaj^s .shops. Reference will be
made particularly to Rule 153 of the National Agreement with the Shopcrafts by which the railroads are precluded from employing upon the repair
of cars any men who have either not sei^'ed an apprenticeship or have not
had four years' previous emplo>'meut in car repair work. Under this
provision the railway companies at the time of their greatest need were
prevent-ed from adding to their forces competent and available painters,
carpenters, machinists, blaclcsmith-s nad others necessary to increase the
capacity of their car repair plants.
9. That the equipment sent to outside shops constituted only a small
part of the equipment in need of repairs.
10 That nevertheless the value of the equipment imperatively demanding
repair and beyond the capacity of railway companies' shops in the spring of
1920 represented an Investment of many millions of dollars, and that the
contention that this equipment should have been held out of service for
months or even a year until it could be repaired in railway shops, is a proposition in violation of all respect for the public's right to service and of good
-
business and sound management.
The truth is that the effect of the rules and workiug conditions still controlling the repair of equipment in railway shops has been disastrous to
efficiency and output, and is in itself one of the causes of the abnormal
number of cars and locomotives out of repair.
In so far as the organizations of railway repair employees have helped to
produce a situation in which all of the railway repau' work could not be
taken care of in railway plants, or where outside plants can now do the work
wor« ecwnomically and speedily tiian railway shops, they have only themselves to blame.
The Public's Outi Stake in the Case.
The real point of public concern at the present time is not the measures
taken by the railway companies for the repair of cars and locomotives in
1920. but is the question now before the United Slates Railroad Labor
Board at Chicago, as to rules and working conditions in railway companies'
shops.
This involves millions upon millioas of dollars, which, in the last analysis,
These costs,
are a charge to be paid by the public for its railroad service.
often for work not oven performed, result from unjust and burdensome
regulations, which, in the interest of theSpublic, the railroads are seeking to
have changed.
]Mr. Cuyler, in stating that the railroads, "in the unex-
ampled traffic congestion of 1920, took steps which it would
have been almost criminal neglect not to have taken for
the country's business was suffering great losses, also says:
That the public may have a basis of facts upon which to judge the emer.
gency methods taken by the railroads, I quote briefly a few excerpts from
reports on the situation tolling the steps which railroad managements took
These quotations follow
and the reasons therefor
1. Mr. H. E. Byram, President, Chicago Milwaukee & St. Paul Railway
.
Company;
locomotives at Baldwin Works was not ordinary
work but complete rebuilding of locomotives and converting them
from compound to simple type. This involved almost as much work as
building a new locomotive. The converting of these engines from one type
to another involved a class of work which could not be done as economically
in our own shops as at shops of Baldwin Works, where these locomotives
originally were built and where the necessary facilities were available for
rebuilding them in most economical manner. These locomotives were
obsolete type, several of which had,not been used for several years, and when
turned out of shops were practically uew engines and cost less than one-half
"Work done on twenty
repair
,
new locomotives."
Mr. Hale Holden. President, Chicago Burlington & Quincy Railroad
Company;
The only arrangements of this character made by this company were with
Baldwin Locomotive for seven and with Davenport Locomotive Works
Situation indifor seventeen.
It was after careful survey of our power.
cated that during previous two yearsithe condition of engines was below
the price of
2.
'
'
437
normal and so many required overhaulini; we «ould be unable with our on u
and cousidcrins limitations as to employing muchiiiistj> provide
by bchedulfS) with labor organizations made during Federal control, to have
sufficient power to satisfactorily handle the heavy traffic through winter
faeilitit-s,
montlis."
3. Mr. W. H. Pinley, i>resident, Chicago i North Mostern Railway
Company;
"At the beginuing of Federal control we had IT^l engines out of service
for repair.
.\t the end «if Federal control there were 386 engines out of
service, and the number of engines that were good for but sixty to eighty
daj s' more service was as much greater at the end of Foderal control than at
the beginning as the number actually out of service.
"Have had
repairs
made by American Luromotive Company, The
first
locomotives so repaired were sent to outsiders during Federal control by
Railroad Administration. The companyth as continued sending locomo-
same co.st."
Mr. Henry Walters, Chairman, .Atlantic Coast Line Railroad Co.:
"This action on the part of the Atlantic Coast Line Railroad <;o. was ren-
tives at
4.
dered necessary by the condition of under-maintenance in which its locomotives were returned by the Director-General.
To illiLstrute: On Dec. 31
1917 the .\tlantic Coast Lino Railroad Co. had In service 297 locomotives
which had made less than 40,000 miles. When the road was returned
there were only 246 which had made less than 40,000 miles.
"On Dec. 31 1917 the Atlantic Coast Line had only 93 locomotives that
h.ad made over 100,000 miles, and on Feb. 28 1920 there were 118 which
had made over 100,000 miles, a difference of 25, and this in spite of the fact
that during the penod of Federal control there had been added 85 new locomotives, all of which were of the heaviest class used by the Atlantic Coast
Line Railroad Co.
"This created a condition wnich made it impassible for u> to keep up.
at our shops with the requirement of repairs to meet the power demand
and we were forced very regretfully to place 30 of our locomotives needing
the heaviest repairs with the Baldwin Locomotive Works upon the best
terms that we could inake with them. Superheaters were to be placed upon
all 30 of these engines, together with some other improvements."
THE
rRJ-Jl^/nENT8
XOTE ON ARMENIAN MEDIATION.
On
Jan. 22 President Wilson, in re.spon.'^e to a suggestion
from the British Government, transmitted through the
League of Nations, relative to Armenian mediation, to the
effect that the President instruct the American High Commissioner at Constantinople (Mr. Morgenthau) to consult
with the Allied High Commissioner in regard to the matter,
transmitted through Acting Secretary of State Davis a note
to the Tieague of Nations.
In this mes.sage he requests a
pledge that the Allies will not invade Russia and a guarantee of border peace in relation to the Bolsheviki. This, the
President believes, will be a test of the desire of the Bolsheviki for peace. The note of our State Department reads
'"Vour telegram of Dec. 26 1920, transmitting a message received by the
Council from the British Government concerning Armenia, stating that
Armenia is reported to be under tlie control of Soviet Russia, and suggesting
tliat the President instruct the American High Commissioner at Constantinople to take up the matter with the Allied High Commissioners, has been
received and read witli interest by the President, who instructs me to reply
'
as follows
"The President does not deem it practicable to instruct the American
High Commissioner at Constantinople to act for him in this matter.
As
was stated in my telegram of Dec. 10 1920, he lias chosen tlie Hon. Henrj'
Morgenthau, who has been prepared to act for him in sucli steps as may be
taken.
Before instructing him to proceed, however, the President has been
awaiting the definite assurances and information from all the principal
Powers interested, as requested in liis cable of November 30 1920, defining
the conditions under which he would endeavor to mediate.
"Tlie message from the Britisli Prime Minister transmitted by you on
Dec. 26 would seem to indicate the impracticability or futility of the
President addressing himself, at least in tlie first instance, to the Armenians and Kemalists. The President is inclined to share this view and
to feel that no solution can be had without first getting at the source of
the trouble.
"Pending receipt of information and assurances requested by the President in his telegram of Nov. 30 1920, it is deemed wise to state the problem as the President views it, its causes and possible remedies. It would
appear that the immediate cause of trouble in Armenia and Turkey has
been tlie Treaty of Sevres.
Admittedly, this was a difficult question with
xvliich to contend, but the treaty was drafted by the Allied Powers and the
trouble lias arisen over the failure of certain factions to accept this treaty
and of the Allies to enforce it. This is a question over which the President
has no control and measures which he might take or recommend in this
direction would be dependent upon the hearty co-operation and support of
the -Mlied Powers.
"The British Prime Minister calls attention to the report that Armenia
is under the control of Moscow, from which it appears that another comThe dependence of Armenia on Soviet Russia is
plication has developed.
another situation over which the President has uo control and he sees no
action he could take to free Armenia without the moral and diplomatic
support of the principal Powers which holds promise of bringing peace and
accord to the contending parties.
"There is bitter distrust and fear of war albng all the Russian borders.
It seems futile to attempt to bring peace to the Caucasus, if the result is
merely to free the torces there engaged for new campaigns on other sectors
The distressful situation of Armenia is but one detail
of this long front.
of tliis vast Hussian problem, and the President mostly earnestly urges his
conviction that it is only by a general and comprehensive treatment of
tlie whole problem, only hy full and generous co-operation of the principal
Powers, that a hopeful approach to the pacification and independence of
Armenia can l)e found.
"The attitude of the President toward those now in power in Russia has
He regards the Bolsheviki as a
been frequently and clearing expressed.
violent and tyrannical minority, by no means representing the real desires
and purposes of the Russian people. But he had ne\er believed that the
problems raised by this coup d'etat could be sohed by militarj- action from
outside.
He now hopes that the recent tragical events on the Polish front
and in the Crimea have convinced all the world that armed invasion is not
the way to bring peace to the people of Russia.
"The rapidly shifting events of recent months have only strengtliened his
conviction that the Russian revolution, beneficent in its main purposes,
must be developed to a satisfactory conclusion by the Russians themselves.
—
438
rilK
CTIKDMCLE
Help may from time
to time be (fiven from outside and voluntarily recivid.
but attempts at military coercion can but end in disaster.
"There are elements in the present situation which (five added hope to
projects of pacification.
All the world is weary of war, and the conviction
grows amonK the peoples of all countries that the military method offers
very little promise of solving the grave problems of reconstruction which
face us. There is at present no overt civil war in Kussia.
It is now a problem of the relations between central Russia arid the surroundinp smaller
national groups.
"The unrest and instability along the border are caused by bitter and
mutual distrust.
The struggling new nationalities, which were formerlipart of the Russian Empire, are afraid to disarm and return to the work of
peace because they distrust the Bolsheviki and fear new aggressions.
The
.Soviets contend that they are afrai<l to demobilize because they fear new
atfjicks.
"The gret impediment to peaceful reconstruction in those troubled border
the imminent danger of new hostilities is caused by the utter
territories,
confusion between offense and defense.
Unless this distinction can be
clearly defined there is not only small hope of peace, but no hope of a
clear perception of who is responsible for new wars.
"It is, therefore, the thought of the President that the present moment
offers a peculiarly pressing challenge to an attempt at general pacification
on the Russian borders along these lines.
Such an attempt .seems to the
President the logical outgrowth
in fact, the only logical development
of the re(iuest to mediate in the Armenian conflict, and he feels bound in
conscience once more to call this matter to the attention of the Associated
Nations.
"It is obvious to all that these small, struggling border States will not
attack great Russia unless encouraged by promise of support from the
The President, therefore, believes that the sine qua non
stronger Powers.
of an attempt at pacification must be a public and solemn engagement
among the great Powers not to take advantage of Russia's stricken condition and not to violate the territorial integrity of Russia
nor to undertake
themselves any further invasions of Russia, nor to tolerate such invasions
—
;
by others.
"Such a public agi-eement would,
Russia
;
"You
are not menaced
now in power in
The great Powers have
can have peace if you
in effect, say to those
from outside.
voluntiirily guaranteed you from attack.
You
want it.'
"The responsibility for any new war which might break out on the
Russian border would then be clearly placed.
"If the principal Powers represented on the Council of the League find
themselves in accord with the President in this matter, and will assure
him of their moral and diplomatic .support, he will instruct his personal
representative, Mr. Morgenthau, to proceed at once on his mission."
The fact that the President had been requested to act as
Armenian mediator was mentioned iu our issue of Dec. 4.
page 2187, and Mr. Morgenthau's appointment in that of
Dec. 18, page 2390. The New York "Tribune" of Jan. 24,
commenting on the note, mentions that it coincides with the
deportation of L. C. A. K. Martens, Soviet "Ambassador"
to the United States, and a reported agreement among Russian anti-Bolshevlk representatives
now convened
in Paris,
prophesied may result in internal measures to
hasten the downfall of Bolshevik rule in Russia. Special
London cables to the New York "Times," dated Jan. 24, announce a critical attitude toward the note on the part of
the London press, particularly in respect to the request that
the Allies maintain Russian territorial integrity, "presumably by force."
A copyrighted Paris cablegram to the
"Times" on the same day advises that although the note
has been coldly received in the French capital, it is noted
that Russia has suddenly been included in matters to be
considered by the Allied conference.
and
it
:
is
most important particulars.
His final story was that the Hcntry left hi.s
the street, three times called out 'Halt!' and that Lieut.
Langdon 'lid not halt. The sentry said that he then took p<>-;ition three
paces in front of Lieut. Langdon with hii rifle held at the position 'charge
bayonet.'
"Lieut. Langdon then stopped, according to the sentry's story, and shifted
post, ran across
his electric pocket flashlamp to his left hand, groping with his right hand
into the pocket of his overcoat.
The sentry asserted that he himself then
took the position 'for action' and queried Lieut. Langdon with the words
Russian or American?' The sentry admitted he was excited. He protested
he did not intend to shoot Lieut. Langdon, but that his purpo e was to seize
Lieut. Langdon's electric flashlamp and compel him to accompany him to
the guard in order that he might a.certain who the Lieutenant was.
He
declared that he then discharged his rifle accidentally.
He added that
after he had discharged his rifle by accident and wounded Lieut. Langdon
in the breast, Lieut. Langdon fired two or three revolver shots at htm.
"All the high Japanese army and navy officers have officially visited the
Albany to express their regret and sorrow at the occurrence and have offered the commander of the Albany every assistance.
The Japanese Minister of War has also telegraphed his condolence.
".Memorial services for Lieut. Langdon are to be held to-morrow, Tuesday, Jan. 18, at the Young .Men's Christian Association building in Vladivostok."
'
Below is the version of the affair as
Embassy at Washington
receivetl at the
Japa-
nese
"The Japanese sentry .stationed in front of the Japane-* staff headquarters at 4 n'JO o'clock in the morning saw a man approaching who waj using
a flashlight, casting its rays upon the front of the staff building.
He
man and demanded to know if he was 'Russian or AmericanNot vmderstanding the reply made by Langdon the f^ntry sought to
pull back the hood, which was drawn over his face, to inspect him.
The
officer resisted and drew a revolver, whereupon the sentry stepped back a
couple of paces and presented his bayonet.
The officer turned to proceed
on his way. The sentry called to him in .Japanese to stop, and when the
order was disregarded he fired.
Langdon turned upon the sentry and fired
twice at him with his revolver and then collapsed."
stopped the
sky.'
The matter has assumed international importance, and
much official concern has been manifested on both sides.
In the case of the United States this took the form of a note
of protest from the American to the Japanese Government,
the text of which has not been made public. A iiaval court
of inquiry in charge of Admiral Cleaves started for Vladivostok, but a Washington dispatch, under date of the 13th
to the New York "Herald," stated that formal expressions of regret by the Japanese Government and the fact
that the commanding Japanese officer at Vladivostok. Gen.
Oi, had Issued orders that hereafter sentries must not challenge Americans, had cleared up the situation in a measure.
inst.,
A
Tokio dispatch to the "Tribune," dated Jan. 18, reported
that advices had been received there to the effect that the
sentry who shoe Lieutenant Langdon was to be courtmartialed.
Later advices state that, according to an official report received by the Navy Department on Jan. 26,
the American Naval Court of Inquiry found that Lieutenant
Langdon was blameless. A note from the Japanese Government was received on the same day, it is said, promising
a "thorough investigation" of the shooting, after which the
Japanese Government would formally reply to the American
note of protest.
OTTO
THE SHOOTING OF LIEUTENANT LANGDON.
[ToL. 112.
Otto
KAHN'S VIEWS ON TAXATION— NOMINAL
TAX ON GROSS SALES.
H. Kahn, of Kuhii, Loeb & Co. of this city, speaking
H.
On Jan. S, Lieutenant Warren H. Langdon, an engineer before the National Republican Club in this city on Jan. 22
^6a. the subject of taxation, declared that "ill-conceived
officer of the United States Navy, was shot and killed by
taxation, excessively concentrated on business and individual
a Japanese sentry at Vladivostok, reports stating that the
accumulation, and causing, among other things, mal-funclieutenant was in full uniform when shot, also that his/
tioning of the investment market and a great scurrying of
clothing and wound indicated that he was shot in the back.
capital into tax-exempt securities, has tinquestionably been
The Stat(> Department's account of the shooting follows:
a strong influence in helping to bring about the ills that
"According to the Department's advices, the Board of Investigation and
establish
beset us, and in broadening their harm and intensifying
Court of Inquiry convened by the Japanese Government seem to
that the sentry who fired on and killed Lieut. Langdon had left his post] their malignity."
Mr. Kahn in this address spoke anew
and molested an officer in uniform who was proceeding in an orderly manon his proposal for a sales tax which has on several occasions
ner along the street.
Nearly
"About 4 a.m., on the morning of .Jan. 8. according to Lieut. Langdon's been urged in his suggestions respecting tax re\'ision
(lun account, he was descending the steep icy sidewalk on the west side of
a year ago (March 20 1920, page 1152) we noted his recomPeter the Great Street, using an electric pocket flashlamp continuously in
When Lieut. Langdon arrived opposite the head- mendations in the matter, and toward the close of the year
order to find his way.
quarters of the Japanese Eleventh Division the Japanese sentry on post
(Dee. 20), in a statement addressed bj^ him to the National
before the headquarters came running across the street and called out,
Industrial Conference Board, in making a suggestion which
Lieut. Langdon answered in the affirmative and proceeded
'American
he said "may conceivably indicate a middle ground on which
on his way.
"The sentry, according to Lieut. Langdon, without further challenge, disthe advocates and adversaries of a sales tax might find it
charged his rifle at a distance of about six feet from Lieut. Langdon with
possible to meet," he proposed "a gross sales or turn-over
the rifle held at the position 'charge bayonet.' The .surgeon's examination
tax, limited to commodities, but only at a rate which would
This
disclosed that the ball had ranged upward, emerging above the heart.
was confirmed also by a large rent in the front of Lieut. Langdon's overbe an almost nominal one, say one-quarter or possibly onecoat just above the heart.
In his statement of Dec. 20 Mr. KaJin
third of 1%."
"After the sentry had fired Lieut. Langdon whipped out his revolver,
referred to the fact that \A'hen Congress was engaged in framturned and discharged two shots at the sentry and then made the best of his
way to his ship, the Albany. Lieut. Langdon further stated that when he ing the first war revenue bill, in 1917, he first suggested
was first challenged by the sentry he halted just long enough to reply in
consideration of a small tax on sales that he had repeated
the affirmative to the question 'American?'
that suggestion more than once since then, and that he
"Lieut. Langdon was fully conscious at the time he made his official
statement.
He was a total abstainer and was not under the influence of made it still.
He said, however, that none of the proposals
.
'?'
—
alcohol at any time.
"At the first session of the Japanese Board of Investigation and Court of
Inquiry the Japanese sentry told a story which subsequently he modified in
brought forward had been such as he would
endorsing or favoring.
feel justified in
In offering his ideas at that time
THE CHRONICLE
Jan. 29 1921.]
Mr. Kabu observed tliut "ill-judKt"«l
work in lielping to kill, for the tiiue
ta.xatiou has
beiny;,
tlu*
done
its
goose that
measure were
would." "Souu) of its adherents," lie added,
warned
"are seeking the cause for tho lamented demisi- of tlie aforeHe continued:
said goose in financial deflation."
laid tho golden eggs, as the framers of that
it
It is not financial deflation which has hit the farmer and the cotton
grower and has caused the value of their products to shrink below the cost
It is not financial deflation which has brought about tl»e
of production
economic turmoil that confronts us to-day.' As a matter of fact, there has
been no financial deflation thus far.
Several causes are responsible for our present discomfiture, but among
^tfaem "advanced" taxation is in the front rank.
It is high time that practical considerations and matter-of-fact experiIt is also time
ence t>e injected into the solution of our fiscal problem.
that some of our American inventiveness and ingenuity be brought to bear
on this subject.
In our present system, we have merely adapted to our own use some of
the fiscal measures prevailing in Europe and generally have made them
worse in the process of adaptation. Some of our more extreme counsellors
are flirting even with the more desperate expedients, to which certain of
the nations of Europe in their grievously impoverished condition have been
forced to resort.
We should seek to create an American tax system adapted to America's
Our neighbor, Canada, has managed to a considerable extent
situation.
to create a distinctively Canadian tax system.
/ Let me take occasion in this connection to say that the assertion held
/almost axiomatic by many writers on taxation that the income Uix is
/ not "shiftable" is only partially correct.
/
An income tax of reasonable proportions rests where it is laid. It is
not passed on. When it becomes excessive and oppressive, it brings about
a deviation from normal conditions and causes a readjustment which in
effect means a shifting of the tax to a material extent, not to mention the
total avoidance of the tax through the instrumentality of tax-exempt se-
—
—
j
V
curities.
In his proposal as to the sales tax, Mr.
cember statement said:
Kahn
in his
De-
As to the Sales Tax: I admit that I have wobbled and wavered on this
Indeed, it has taken me a long time to bring myself into a state
subject.
of assured equilibrium concerning it.
When a man is called upon to
I make tliat confession unblushingly.
advise upon a mesisure, the enactment of which would involve pecuniary
advantage to him, as the substitution of the sales tax for other taxes necessarily would to those situated as I am, he must "lean over backwards."
Before committing himself to its endorsement, he must feel sure in his own
mind and conscience, beyond any possible question, that the measure proposed is the best for dealing with the condition or problem to which it is
to be applied, and that no element of personal interest enters into the
position which he takes.
At the time that Congress was engaged in framing the
bill,
i.
e.,
in the spring of 1917,
I
first
first
war revenue
suggested consideration of a small
have repeated that suggestion more than once since then.
Between the arguments of those opposed and those favorI make it still.
ing that kind of a tax, I would urge thorough and unbiased study of the
tax on
sales.
I
question.
I am bound to say, though, that none of the proposals for a sales tax,
thus far brought forward, is such as I should feel justified to endorse or
favor.
The following suggestion has occurred
to
me, which map conceivably
indicate a middle ground on which the advocates
sales tax might find it possible to meet:
My
and
the adversaries of a
is whether it would not be worth while to try the experia carefully designed, gross sales or turn-over tax, limited to commodities, but only at a rate which would be an almost nominal one, tay,
one-quarter or possibly one-third of one per cent.
That would mean, assuming even that the tax passes in all instances from the original producer, manufacturer, jobber and retailer to the ultimate consumer, an
almost imperceptible addition to ultimate costs.
ment
suggestion
of
may be appropriate to exempt from that tax, the sales of their prod(including livestock) by farmers, even though it may safely be assumed that in actual operation, the tax in their case would definitely fall
on the buyers and not the seller.]
Such an experiment would enable us to test out the merits or demerits
of a gross sales or turnover tax, without giving any just ground for popular complaint and without bringing about to any substantial degree those
undesirable results which the critics of that Kind of a tax foresee.
A
year's test on the experimental miniature scale here suggested, would demonstrate in actual practice the workings of such a tax and would enable
public opinion to judge definitely whether it should be retained, enlarged
or discarded.
Meanwhile, even when applied on that modest scale, the
tax ought to produce very considerable revenue.
As near as I am able to estimate (or rather guess, because naturally I
must assume a certain volume of trade and a certain level of prices), 1
should judge that at the rate of one-third of one per cent, a gross sales tax
on commodities ought to bring in somewhere between 550 million and 650
million dollars for, say, the twelve months period beginning July 1 1921.
(If initial sales of farm crops and livestocks are exempted, the yield would
be reduced by, roughly .ipeaking, probably 10 per cent.)
That is not enough, of course, to make up for the yield from the excess
profits tax and from other taxes that ought to be revised or abolished, but
it is a very large sum and would go a long way to help in meeting the deficiency to be made good.
I realize, of course, that my suggestion, in a way, begs the principle by
minimizing its application.
But that is the very thing I am aiming at.
In the matter of raising four billion dollars annually by taxation, we are
dealing with a problem that is largely new.
I believe we should do well
to keep our minds elastic on this subject, for a while, and by cautious steps,
prudently, circum.spectly attempt some experimenting, with a view to ascertaining what works out best.
Thus, in gradually establishing the principles by which we mean to be
guided in our policy and methods of taxation, we should be building not
on the sand of theories and opinions, but upon the solid ground of actual
[It
ucts
experience.
There
is one further recommendation
relating to the subject
namely, that
which
venture to make, generally
community go slow in
sponsoring any methods of taxation which may be calculated to create the
impression upon the great body of public opinion that in their contribution
to the thought on tax-revision, the representatives of business are mainly
concerned with conserving their own interests, and aiming to curtail their
;
tlie
I
business
4a9
due share
of the fiscal burden which the country must bear a* • Itgtej of
th« war.
1 am not moralizing, I am speaking as a practical man from the point of
view of what I belie\e tu be the intelligent self-intere»t of busineaa. When
our spokesmen come forward and claim tu be heard and heeded concerniDC
4 national problem, as is their right, we must be sure tliat wliat we prupuee
is not only economically sound and practically wise, but that it is iu accord wiih pres,entday conceptions of social decency and falmew.
In
iean
ills
treatuieut of
llie
subject befon- the National Hepub-
Club a week ago Mr. Kalin said in part:
offering my concrete BUggestions for tax rovislou, I
In
shall a&sume that
tho aggrt^alu rtxiuirud U> bo raised by taxation for the next fiscal year will
l>i! in
ihc neighborhood of four billion dollars.
I beliovo with i'roft**<jr
Kdwin Selii^iuau that it Is not ueceK-sary to ctiuslder ourselves rigidly obligated to set aside some $300,000,000 each year as a sinking fund to amortize
the war debt.
I can see no reason why tlmt debt sliould bo retired with
undue rapidity. I think we should be purfucily justified in treating the
sinking fund provision elasticially, that is tu say, when times arc good and
revenues abundant, aliment that fund liberally and. on the othiT li»nd. in
lean ye.ars such as tho prt\sunt one is likely to l)0, suspend its oijcratlons in
whole or in part. That is tho system which, as I'roftissor Sellginan [>oiniK
out. was followed in dealing with the debt resulting from tho ("ivial War,
and it worked very satisfactorily, and resulted iu the ultimate repayment of
the debt at least as quickly as if the requirement of using each year an
unvar>'inK amount for sinking fund purposes, had been adherod to.
The Floating Debt.
On
the other hand, I believe that our floating debt should not bo funded
into bonds, but should be paid out of taxation.
But in this case, too, se<no occasion for the rigid ap)>lication of a doctrinaire principle. If we cannot
pay it all off within two or three years, without Imposing an undue burden
of taxation, let it bo done more gradually, say, within four or five years.
The unpaid balance can be extended from time to tiuic. Dut the floating
debt should not be funded, if only for the mere practical reason th.U we
already have a larger volume of Government bonds outstanding than the
people have shown themselves ready or capable to absorb. To pump an
additional issue of CJovernraent bonds into an already oversuppliid and
reluctant market, would have a disturbing and widely unfavorable effi ct not
only on the value of our existing war loans, but on the whole investment
situation, expecially as in order to be placeable at all in the early future,
such additional Issue would have to carry an undesirably high rate of
I
interest.
our Governmental finances are conducted with due regard henceforth
economy and conservatism and the Govenimeut's credit is carefully
guarded, and if our taxation system is revised on sensible lines, the mitural
If
to
tendency of the prices for Liberty bonds ought to be distinctly u,)v>ard
in
the
coming year.
The Sates Tax.
to the sales tax, I am, as you know, in favor of trying the experiment
of a turnover tax on commodities at the rate of one-third of 1%.
That
happens to be the rate at which a turnover tax was first attempted in the
Philippines, and It worked so well and met with such ready acceptance and
such complete ab.sence of evasion, thataftera while, with universal approval,
it was raised to 1% and for the past dozen years or no has been a permanent
feature of the fiscal policy of those islands.
Many men whose judgment I respect are almost passionately in favor
of a turnover ta-i and see in it the solution of the taxation problem.
Others
who.se opinion I value equally highly arf; violently opposed to It.
On the
whole, I am inclined to think that more can be said for it than against it,
although I do not as.sociate myself with, but on the contrary, distinctly
dissent from the extravagant arguments and excessive claims put forward
by some of its advocates.
I believe there is only one way to find out who is right in the conflict of
opinion which has raged about that particular tax, and that is to lest it in
actual practice at a rate so low that, if contrary to e.tpcrience elsewhere,
it should be found not to work to the satisfaction of public opinion, no
appreciable barm would have been done and no perceptible burden imposed
on the people.
As
,
I favor a turnover tax on commodities (i. e., on every sale all the way
through the various stages from producer to ultimate consumer) as against
a tax on retail sales only, first because it seems to me fairer, being of universal application; second, because it would be exceedingly difficult, if
not actually impracticable, to astablb-.h a clear and workable definition and
regulation as to what constitutes a retail sale (and the burdeu or interpreting
and enforcing that definition as against his customers, and of c-ollecting the
tax would be thrown upon the retailer) and thirdly, becaiLse I Uoubt whether
a retail sales tax even at a rate four or five times as high as the one-third
per cent which I suggest for a turnover tax would be adequately productive.
,
may
why
a turnover tax or sales tax should be limited
The
to commodities only and should not include financial dealings.
an.swer is that if the turnover effected by the intricate and vast machinery
unleas mitigated by
of finace were to be subjected to any general tax
exceptions so broad as to make it practi<ally ineffective the re,'?ulting di^
turbance would be of incalculably far-reaching effect. A large part of
the items which make up the enormous total of our financial turnover,
are not transactions at all in the accepted sense of the term, but merely clearances, invohing of themselves no element of profit, customary conveniences
which, in the course of time, have become necessities.
We hear much about the principle of laying taxes according to ability to
pay.
No right-minded man will quan-el with that theory, but it miLst be
applied iu the light of actual facts. And the essential facts are:
It
well be asked
—
—
(1) In contradistinction to much loose talk a.-^-icrting that nvo-t birds of
the nation's wealth is owned by a small minority of rich men, investigation
has demonstrated that of the total income of the nation about HS% k<h s to
those with incomes of $5,000 or less, and barely 12% to tbo:e with income-s
of .55,000 or more.
(2) While the consuming power of the nation U attributable fairly proportionately to the whole 100% of national income, the povor which drives
the wheels of business and enterpri.se is furnislu<l to a greatly ptxjponderai ing
extent by means of tho 12% above ri'ferred to.
It follows that while social justic*- ;uid practical consideration- requir*that a commeasuratcly l::i;;c portion of the revinue:^ needed by the 'Jovernment must be derived, directly or indirectly, from the wtdl-to-do, there is
a limit beyond which It is not po.ssiblo to tap that sourfw. Our prt>seut
system of taxation has exceeded thai limit, with re. u Its highly de, riinentJiI
to all elements of tho community.
No doubt the prevailing apportionment of monetary reward i' not frtxHut there
from defects (though less so in this countr>- thai\ an>-where clsel
has been a steady and pronounced tendency and movement. esi)ecially
within this generation, toward mending such deft^cts at)d n-jnodoling inequitable conditions.
Evolution and irresistible powers which n'.ake for
progress, enlightenment and justice may be depended upon to continue
and advance that proce-ss. There can he no turning back. But improvident measures of economic violence will not hasten that prooeevs; on the
contrary, they will impede it.
.
440
TITK
CHHOMCLE
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
No bank
or trust
comjmuy
Exi'h:in^«» or at auetioii tliis
stooks were sold at the Stock
week.
'I'uo N(!w York Stock Exchange memberships were n-ported posted for transfer this week, the consideration in
each ease being given as .^90,000.
G. M. P. Murphy has resigned as
Commeroe Corporation of 28 Wall
President of the Foreign
St., and has been succeeded by E. R. Stettinius of .1. P. ISTorgan & Compan\-.
Mr. Murphy intends to organize a corporation of his own
somewhat similar to that operated by him several years
prior to his becoming Vice-President of the Guaranty Trust
Company. The appointment of Mr. Stettinius will not,
it is said, effect any change in the policy
of the Foreign
Commerce Corporation, it being the intention of the management to continue the development of its foreign acti\'ities
and also its connections in this coimtrj\ Mr. Murphy
will continue as a director of the Foreign Commerce Cor-
[Vol. 112.
Reserve banks held acceptance- purchased in the open
market at the beginning of 1920 amounting to ?5 74 .631, (XX),
while on the 30th of December 1920, the figure had dccUnad
to $255,702.fXX) notwithstanding that as great a volume of
acceptances was in existence on the latter dale. We feel
justified in claiming a substantial part of the credit for the
very desirable broadening of the market to which these
figures give evidence.
The beginning of the third year of the Corporation's
business shows a considerable slowing uj) of foreign trade,
both import and export. For a time at least, therefore,
tlie \olume of acceptances outstanding will tend to decrease.
At u meeting of the board of directors of the Liberty Na-
Bank of this city on Jan. 27, Frederick J. Home and
Jam(>s Dodd, Vice-Presidents of the New York Trust Co.,
were elected Vice-Presidents of the Liberty National Bank.
Boyd G. Curts, Secretary of the Trust Company, was appointed a Trust Officer of the bank, and Edward B. Lewis
and WiUiam J. Birdsall, Assistant Treasurers of the Trust
Company, were appointed Assistant Cashiers of the bank.
tional
poration.
At the second annual uieetiug of the stockholders of the
Park Union Foreign Banking Corporation, held recently.
M. H. Ewer was elected a director to succeed R. P. Perkins,
and the remaining members of the old board were re-elected.
Charles A. Holder was re-elected President and C'hairmau
of the board of directors.
The statement
of the
French-American Banking Corpora-
tion as of Dec. 31 1920, published on another page, shows
capital and surplus of $2,500,000; undivided profits, $266,378 49, and total resources of $17,534,560 51. The officers
James S. Alexander, Chairman of the board of directors!
Paid Duran, President; John E. Rovensky, Vice-President;
F. Abbot Goodhue, Vice-President; Roger P. Kavanagh,
are
Vice-President;
Treasurer.
Thomas E. Green,
Secretary; Arthur TeiT>",
The Phihppine Legislature passed a bill on Jan. 20 authorizing the Philippine National Bank, the State Bank of
the Philippines Islands, to increase its capital from $10,000,000 (20,000,000 pesos) to $25,000,000 (50,000,000 pesos).
The new capital wiU be fuUy subscribed by June 30.
Control of the bank is held by the Philippine Government
which must always own at least 51% of the capital.
At a meeting of the Executive Committee of the Board of
Directors of the Guaranty Trust Company of New York
on Jan. 24, the present managing committee, which direct-s
administrative work of the company's operations, as an aid
to the President, Charles H. Sabin,w as reappointed for the
ensuing year. This Committee comprisas Vice-Presidents
Albert Breton, W. Palen Conway, Eugene W. Stetson,
Harold Stanlej^ and Francis H. Sisson. Through the
process of rotation, Mr. Stetson was elected Chairman of
the Committee to succeed Mr. Breton who held that office
last year.
George T. Wilson was on Jan. 27 elected a Vice-President
Harriman National Bank of this citj', taking office
Feb. 1. Mr. Wilson has been connected with the Equitable
Life Assurance Society for forty-five years, entering its
employ as an office boy at .$3 per week in 1875, and progressing through various offices to Vice-President.
He was
one of the best known men in the insurance field during the
of the
period of his actiAaty.
The new Vice-President is a member
many clubs and societies, including the Pilgrims, the wellknown and successful Anglo- American Society, of which he
was one of the organizers in London and New York, and for
sixteen years was Chairman of the Executive Committee of
the New- York Pilgrims.
of
officers of the American Trust Company and the
Y'ork Title and Mortgage Company gave a dinner this
week at the Brooklyn Club to fehcitate several officers of the
affiUated companies upon recent promotions.
Gerhard
Kuehne of the New York office has been promoted from
Secretary to Vice-President of the American Trust Company
and Orie R. KeUy has been elected Secretary. Herbert
F. Breitwieser and Ernest J. Habighorst of the Brooklyn
office have been made Vice-Presidents.
Cyril H. Burdett,
Vice-President of the American Trust Company was toast
master, and speeches were made hy President H. A. Kahler,
and the newly appointed officials.
The
The Chemical National Bank
of this city announces that
Francis Halpin, Vice-President of the bank wiU retire from
active connection with it on July 1 1921.
Mr. Halpin
served the bank for 52 years having started as messenger.
Mr. Halpin wiU continue to have a desk at the bank
At a meeting of the board of directors of the Bank of the
Manhattan Company of this city on Jan. 27, C. W. Capes
was appointed an Assistant Cashier.
N. Babeock, Vice-President
New
of the Equitable Trust Co.
York, has been re-elected President of the New Y^ork
City Association of Trust Companies and Banks in their
offices at
Fiduciary Capacities.
facilities
J.
of
New
The second annual
•
report of the Discount Corporation of
New York, issued under date of Jan. 3 shows net profits
for the j^ear 1920 of $590,971 after making full provrision for
State and Federal income taxes. Four dividends v/ere paid
aggregating $200,000—leaving $390,971
at the rate of
iindivided profits carried over from 1919,
to be added to the
viz .$234,234.
The undiA-ided profits account now stands
During the year just closed the Corporation
at $625,294.
pm'chased acceptances aggregating $891,132,054 and sold
$889,811,597 making a total volume of business of $1,780,943,651 as compared \\-ith $854,986,121 for the year 1919.
In the report to the shareholders, Jolm McHugh, President
of the Corporation says: The Directors believe that the
shareholders will be fully satisfied with this result of the
year's business, especially in \iew of the fact that eonsidei'able expense was incmred in the work of introducing acceptances to banks and other pm'chasers as a means of employing
a reasonable part of their available funds. The superior
advantages of this form of investment are now much more
widely known and appreciated than heretofore. As an
indication of this it may be well to point out that the Federal
1%
The Bigelow State Bank on Jan. 27 formally opened
its
25 Pine Street as an institution offering banking
to indiAaduals who wish to deposit small amounts.
'The bank for the individual" is the motto of the new
According to the bank's announcement, 3%
interest will be allowed on average daily balances of $500
or more.
Accounts between $500 and $200 will receive
no interest, but will be carried by the bank free of charge,
while balances falUng below $200 will be subject to a nominal
monthly service charge. In addition to ordinary checking
institution.
bank ndU issue certificates of deposit and will
on "thrift accounts." The Bigelow State Bank is
an outgrowth of Bigelow & Co. Private Bankers, and that
fh*m in turn was a development of the old banking house of
Bigelow & Co. Its officers and directors include: R. L.
Bigelow, President, member of the firm of Bigelow & Co.,
bankers, trustee of the West Side Savings Bank, New York
City; George B. Caldwell, Vice-President, formerly VicePresident of the Continental & Commercial Trust & SaAings
Bank, Chicago; Paul E. MoUer, director of the Greenwich
Bank, New Y^ork City; C. O. Bigelow, President of the West
Side Sa\angs Bank, New Y'ork City; Knowlton Durham,
member of the firm of Blake, Durham & De Milhau, attoraccounts, the
paj'
4%
neys,
New York
Citj-.
THE CHRONICLE
Jan. 29 1921.]
The Banquc Industriello de Chiue has dcclan>d an interim
dividend of 20 francs (8%) payable on Feb. 1, eonipured
with an interim distribution of 14 francs a year ago. The
net profits for 1920 are reported as over 40 million franes,
which is more than 50% "t the paid up capital of tlie Hank.
New branches have been opened in Bordeau.x and Duukerquo
(France)
»
The following promotions took plaee-at the annual meeting
on Jan. 11 of the National Bank of Commerce of Rochester;
Bertram L. Search, formerly Cashier, and George E. Wetzel,
heretofore an Assistant Cashier, were made Vice-Presidents
and George (\ Lennox, heretofore an Assistant Cashier, was
elected Cashier to succeed
441
Mr. Siefert. Mr. Siefert, the new Cashier, has
bank for seventeen years. During the last
ier in lieu of
Ix'cn with the
year the deposits of the institution increased approximately
SI, .000,000.
The Lawndale National Bank
of $250, (KX),
having issued
of Chituigo
ii>2(XJ,()00
of
new
now has a capital
stock, thus raihing
The new stock voted by the stockholders
it from $.'">0,0(K).
on Nov. IG was disposed of to the existing shareholders at
par $lt)0. When the new capital became effective on
Jan. 3, the bank reported a surplus of $50,000 and undivided
profits of $:}2,799.
Its deposits on that date were $5,007,2(>i
and its resources $0,609,960.
—
Mr. Search.
namely the Boston National
A new
has been organized and will begin
Bank of Boston, Mass.
The new bank will be situated at Hanover
business Feb. 1.
St. at the juction of Blaekstono, Salem, Endicott and North
Centre Sts. It will have a capital of $200,000 in shares of
$100 sold at $125 to create a paid in surplus of .faO.OOO.
The bank will cater especially to those of foreign birth or
The officers of the new bank will be: Chairman of
descent.
the Board, Gabriel Stabile; President, Graydon Stetson;
financial institution,
At the annual meeting of the directors of the Capital NaBank of St. Paul on Jan. 11, George M. Bra<;k, heretofore Cashier of the bank, was promoted to Vice-President
and A. J. Newgren was api)ointed Cashier to succeed Mr.
Brack. At the meeting of the stockholders George W.
tional
Robinson, President of the Tri-State Telephone
Co., was elected a director.
&
Telegraph
Carmen andCharles
At the annual meeting on Jan. 11 of the Merchants' NaBank of St. Paul, H. B. Turnquist and lioland Hinsch
were elected Assistant Cashiers. H. Van Vleck, for many
years Assistant Cashier of the institution, retired. The
stockholders at their meeting elected A. C. Dent a director.
At the organization meeting of the Board of Directors of
Repubhc Trust Company of Philadelphia, on .Jan. 20,
John E. McCully former Vice-President was elected President
to succeed George C. Allen, retired; Thomas G. Hawkes,
At the annual meeting of the directors of the First National
of St. Paul, Robert E. Cushman, Isaac E. Hansen and
Martin II. Brown were added to the official staff as Vice-
Vice-Presidents, Alton E. Briggs, Kevie
Ulin; Cashier, John Cameron.
the
Trust Officer was elected Vice-President and Trust Officer.
At the Stockholders Meeting held on the same date, E.
Hawley Van Wyck, Treasurer of P. W. Brooks & Company,
Inc., 115 Broadwajs New York City, N. Y., dealers in
investment securities, was elected a Director to fill a vacancy.
At a meeting of the directors of the Corn Exchange
National Bank of Philadelphia, on Jan. 18, the following
officials were promoted:
Newton W. Corson, formerly
Cashier was made a Vice-President; Allen M. Matthews
formerly Assistant Cashier was made Vice-President and
Cashier; Albert N. Hogg formerly Assistant Cashier was
made a Vice-President and Paul E. Ludes was made an Assistant Cashier.
At a meeting
Quaker City National
Bank of Philadelphia on Jan. 14 1921, William P. Datz was
Action
elected Second Vice-President of the institution.
toward electing a successor to William H. Clark, President
of the Bank, who as we stated in our issue of Jan. 15 died on
Jan. 8 was deferred.
C.
of the directors of the
W. Minker and
C. H. Cohron were elected
of the Franklin National
Bank
of
new
directors
Washington at the annual
meeting of the stockholders on Jan. 11. The old directors
were re-elected as follows: William H. H. AUen, John B.
Cochran, R. E. Duvall, W. H. Gardner, S. McComas
Hawken, E. F. Hall, Thomas P. Hickman, Milton Ilopfenmaier, Charles P. Light, P. J. Nee, P. J. O'Hanlon and R. A.
Todd.
The South Side Trust Company of Pittsburgh announces
the following changes in its official staff: George Kirch,
formerly Secretary and Treasurer, has become Vice-President and Treasurer; Edmund W. Arthur has also been made
Avery J. Bradford, formerly Assistant
Vice-President;
Secretary, is now Secretary; Arthur B. Kline, formerly
Assistant Secretary, is now Assistant Trust Officer, and
Merle L. Stevens is Auditor. Benjamin Page is President
of the institution.
At the annual meeting of the stockholders of the Diamond
National Bank of Pittsburgh, S. C. Martin, President of
the Kjttanniug Brick & Fire Clay Company, was elected
a director to take the place of the late John W. Robinson.
At the re-organization meeting of the Keystone National
Bank of Pittsburgh held Jan. 13, A. S. Bej'mer, heretofore
a Vice-President of the bank and connected with the institution for the past thirty-seven years,
He
succeeds
was
elected President.
W. H. Nimick who was made Chairman
Board, a newly created position.
the appointment of George Siefert,
Cashier, as Cashier, and of
of the
Other promotions were
Jr., formerly an Assistant
W^. P. Watson as Assistant Cash-
tional
Bank
Theodore W. Griggs, Vice-P*resident of Griggs,
Co., was added to the board of directors.
Presidents.
Cooper
&
An addition of $100,000 to the capital of the Citizens'
National Bank of Appleton, Wis., is announced, making the
capital now $250,000.
The additional stock, while authe stockholders on June 28 1920, did not become
thorized by
operative until Jan. 3 1921. It was sold at $175 per share
of $100.
The
First National
Bank
of Racine, Wis., in its statement
of Dec. 29 issued in response to the call of the Comptroller of
the Currency, reported deposits of $7,289,249, and total
The bank has a capital and surplus
resources of $8,314,411.
The
of $300,000 each, and undivided profits of $181,116.
officers of the bank are David G. Janes, President; G. N.
Fratt and Walter C. Palmer, Vice-Presidents; O. P. Graham,
Cashier; B. R. Jones and J. H. Martin, Assistant Cashiers.
Effective Jan. 8 the Commercial National Bank of Niles
City, Montana, increased its capital from $100,000 to $250,000. The issuance of the new stock was authorized by the
shareholders on Oct. 30. The market value of the stock is
$182.
Paul O. Daudt, Manager of the Transit Department of
of Commerce in St. Louis, has been made
an Assistant Cashier. E. G. Kehde was elected to the
official position of Auditor.
These promotions reflect not
only the high regard in which Messrs. Daudt and Kehde are
held by the management of the bank, but Ukewise, the
importance which the Transit and Auditing Departments
play in the affairs of the modern financial institution. There
were no other changes in the list of officers and directors of
The National Bank of Commerce.
The National Bank
The Louisville National Banking Company of Louisville,
Ky., has changed its name to the Louisville National Bank
and has increased its capital from $250,000 to $500,000.
The enlarged
capital became effective Jan. 11.
The proposal to issue new stock was ratified by the stockholders
on Nov. 23 1920. The price at which the additional stock
was disposed of was $130 per $100 share. At the annual
meeting of the directors of the institution Richard Bean,
formerly Active Vice-President, was elected President to
succeed Major John H. Leathers. Major Leathers will
remain with the institution as an officer for 36 j'ears and its
President since 1909. Mr. Bean was formerly Secretary of
&
Ballard Co. of Louisville and is connected
with many civic organizations. He had been Active VicePresident of the LouisviUe National for two years. Another
promotion was the advancement of Ben J. Metcalfe from an
Assistant Cashier to the Cashiership.
the Ballard
thp:
44:^
chronicle
[Vol. 112.
of Bristol, Tciin., whioli wo notffl diroctors have decided to recommend to the shareholders
oolumns July 21 1920 wii.s boinp; orpanizcid, opcnod at tho ensuing general meeting that a di\ idoiul at tho same
Wo aro advised that thoro aro rate, amounting, less income tax. to £824 705, bo paid for
15.
foi" businops on Jan.
nioro than 1,000 siooklioldo^^s in this bank, distributed over the past half-y(!ar, leaving £543,804 to be cairied forward
about twenty fivo counties in Western North Carolina, to the proft and loss account of tho current year. The
Eastern Tennessee and Southwest Virginia and that close to available profit for tho previous year was £2,876.302. to
200 of the stockholders aro offic^ers and directors of other Avhich was added £472,755 brought forward, making a U)ta,l
hank<:.
Our informant also states that tliis Trust Bank of £3,349,057. Out of this, £1,293,6:37 wa.s paid in dividenfip
and bonus, £200,000 was written off the bank promises
is practically without competition between Knoxville and
very rich section of three account, £50,000 aliocatod to tho widows and orphans fund,
Roanoke, and will repros(>at a
Tho Union Tniat Bank
in tlieso
states.
It is stated that in all these counties large develop-
ments, city, county and industrial enterprises, necessitate
largo first class bond issues of various kinds, and one of tho
most important purposes of this bank will be to handle bond
The Bank is already orissu<'s throughout this sec-tion.
ganizing its bond department, having employed M. T.
Rapass, Manager, and it is announced, that it will bo in
position to obtain first information of bond issues of various
kinds in its section.
Henderson, N. C, has
The now
increased its capital from $100,000 to $200,000.
It was voted by the
capital was made effective Jan. 1.
stockholders in July 1920, the additional shares (par $100)
having been placed at $150 per share; $50 going to surplus.
Tho
First
National
Bank
of
The Peoples National Bank of Orangeburg, S. C, and the
Bank of Orangeburg, have cousoUdated under the name of
the Orangeburg National Bank with a capital stock of
$200,000, suiplus of $150,000. and about $40,000 undivided
profits.
The National City Bank
of
Rome, Ga., has
increased
from $100,000 to $200,000.
new stock was placed at $200 per $100 share.
capital, effective Jan. II,
its
The
The Fidelity Trust Company of Houston, Texas, announces the opening of a Bond Department for the purpose
investment business in local,
of transacting a general
national
and foreign
securities
Alexandre Celier and Maurice
members of the board of
National d'Eseompte de Paris.
State Counsel and Manager at
elected
Lewandowski have been
Comptoir
Mr. Celier was formerly
directors pf the
the French Ministry of
Finances, and is well known in New York financial circles in
connection with the French loans placed in the United States.
Mr. Lewandowski, the other new director, retains his office
as one of the Managers of the bank, and is also well known in
New York
banking
circles.
£1,150,000 j)Iacod to tho special contingency account for
writing down investments, £1."jO,000 adflod to the roservo
fund and £505,420 carried forward.
THE ENGLISH COLD AXD SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu
&
Jan. 13 1921:
GOLD.
The Bank
of England gold reserve against its note iHeue is £126,198,Si45.
an increase of £14,195 as compared with last week. A fair amount of gold
offer and was taken for New York.
It Is reported from New York
that gold amounting to 84,200.000 had been received there from London,
in addition to some from India.
Renter states that, following upon a request by the National Bank of
Kumania. the Kcichsbank in Berlin has declared itself in accordance with
the terms of an agreement to hold at the disposal of the former a deposit
in gold standing to its credit.
This deposit is stated to comprise 162,110.000
German marks (£8,100,000), 952,000 Austrian crowns (£87.000> and 2,766,000 French francs (£110,600). the whole in gold.
The Transvaal gold output for December 1920 amoimted to 632,215
fine ounces, as compared with 633,737 fine ounces for November 1920 and
650,191 fine ounces for December 1919.
The acuteness of currency problems nowadays Is Indicated by a recent
Brazilian ordinance which prohibits the export not only of the precioas
metals, gold and silver, but also of nickel, bronze, copper and other "monetary" metals, either in bars or minted.
In our annual bullion letter the amounts of gold held respectively by the
U. S. Treasury and the U. S. Federal Reserve s}-st«m are given separately.
Owing to the complicated method by which the figures are built up, the
actual amoimt of gold represented by the two is impracticable of ascertainment. A very large proportion of the Federal Reserve holding is undoubtedly included in the U.S. Treasury figures.
The following are the United Kingdom imports and exports of gold:
-Imports-ExportsMonth ended Year ended Month ended Year endea
Dec. 31 '20. Dec. 31 '20. Dec. 31 '20. Dec. 31 '20.
Russia
£1,249,565 £1,965.095
Sweden
894.275
£107,252
Netherlands
201,049
£962
4,635
Prance
6,710,799
745
474.888
Switzerland
7.50.260
Spain and Canaries
2,083
193,933
356.115
West Africa
95,134
1,026,207
285
68.322
Java and other Dutch
Possessions in the Indian Seas
384.000
United States of America
5. .524.940
10,954
52.833.423
Argentina, Uruguay and
Paraguay
4.237.038
was on
Other
South American
countries
Egypt
John Blair MacAfee, Chairman of MacAfee & Co., bankers, of London, and a widely known financier in England
and this country, died in London on Jan. 11 following an
operation on Jan. 3. Mr. MacAfee, who was fifty-nine
He
years of age, was born in St. John, N. B. (Canada).
graduated from the University of Pennsylvania in 1882, and
shortly afterwards began the practice of law in Philadelphia.
In 1890 he gave up his profession and the following year
became consulting engineer for Chandler Bros. & Co. of
New York, Philad'T-Dhia and London, continuing in charge
^ of the company until 1911.
In addiChaimr.n of MacAfee & Co., Ltd., Mr. MacAfee was Chairman oi the American Chamber of Commerce,
and prominently connected with numerous traction and
of the foreign busl
tion to being
engineering corporations in the United States.
The
directors of Lloyds
Bank, Ltd.,
of
London, announce
payment of salaries,
pensions, staff special bonuses
and allowances, other charges and expenses, and the annual
contribution to the provident and insurance fund, and
making fuU provision for rebate, income tax, corporation
profits tax, bad debts and contingencies, the available profit
To this has to be added
for the past year is £3,237,742.
£505,420 brought forward from the previous year, making a
Out of this total, an interim dividend
total of £3,743,162.
of Is. 8d. per share, being at the rate of 16 2-3% per annum,
that, after
and amounting, less income tax, to £824,593; was paid for
the half-year ended June 30 last; £250,000 has been written
off the bank premises account; £1,250,000 has been placed
to the special contingency account for writing down the
bank's investments; and £50,000 has been allocated to the
After making these approstaff widows and Orphans fund.
there is a balance of £1,368,369 remaining, and the
priations,
of
Co. of London, written lindor dat^ of
249,112
2,416,147
72,000
6,870
1,353
10.083
Rhodesia
1.498.748
745.586
74.900
2.348.637
36.314,286
270,500
69,670
351,521
246,457
Cape Colony
3,610,661
Transvaal
British India
Straits Settlements
New
Zealand
Other countries
Total
£4.102,347 £50,678,283
A
1,989
23,629.272
3,727.679
265
370
265
137.029
£5,529,556 £92,565,137
large proportion of the above excess of exports over imports during
1920 consisted of gold hitherto held here on account of the U.S. Federal
Reserve system which was transferred to the United States of America.
The following appeared in the "Evening Standard" of the 6th inst.
"The King marked the Feast of the Epiphany to-day in his acc ustomed
manner by sending two of the officials of his Court to a special service at
the Chapel Royal, St. James's Palace, to present on his behalf before the
High Altar gifts of gold, frankincense and myrrh.
The gold consisted of actual sovereigns newly minted, but in jnew of the scarcity of the
precious metal, these coins were replaced by paper money at the conclusion
of the ceremony, and the sovereigns were returned to the Bank of England."
The concluding sentence is remarkable in so far as it indicates that the
offering of gold was not a gift, but a loan.
One would rather have expected
that the offering would have been made in the form of an Ingot, and that
the premium on gold, if any, would have been available to the recipient.
—
—
.
.
.
SILVER.
The tendency
of the market during this week has been hea-»-j-, owing to
a disposition on the part of bull operators to lighten their holdings, to a
movement of the U.S. exchange in favor of this country, and to somewhat
freer sales from the Continent.
The Indian Bazaars have made some purChina has operated both waj's and some bear operators have
chases.
closed and taken their profit.
In the twenty-ninth annual report of the Ontario Department of Mines,
reference is. made to the operations of the Coniagas Mines, Limited, in the
course of which a mechanical excavator reclaims sands carrying only
3 to 3 J4 ounces of silver per ton.
The sand is re-ground in tube mills and
An extraction of 65 99% is effected.
treated by the flotation process.
The material thus treated during a year amounted to 20,683 tons, from
which an average of 189 ounces of silver per ton was recovered. The
account shows to what a degree of exactitude previously waste material Is
now treated. The cost of mining and milling amoimted to 35 cents pe
oimce and, of smelting, refining and marketing, 7. 45 cents per ounce, to
gether 42. 45 cents, leaving an appreciable profit at a much lower price than
the quotation for silver now current in the United States of America.
are informed that on Aug. 19 last the quality of the Siamese silver
coinage was restored from 500 to 650 parts in the 1,000 fine, and that
coins of the lower quality are in course of being withdrawn.
We
THE CHRONTCT.K
Jax. 29 1921.]
INDIAN OUKRKNOV KETt'HNS.
J »rc 31
Jan7.
Dec TJ
(In lacs of rupees )
16106
16140
16145
Notes in circulation
-608.";
610»
6114
Silver coin uiid bullion In IndiaSilver coin and bullion out of India
2389
2389
2379
Gold coin and bullion In India
-Oold coin and bullion out of India
6807
6807
6807
Securities (Indian Government)..
835
•..
835
835
Securities (British Government)
No rupoes wore coined diu-ing tho week ending 7tli lust.
Tlie stock In Shanghai on the 8th iiLst consisted of about 38.600,000
ounces In syi-oo. 29.000.000 dollars and 880 bars, us compared with aboiit
37,700.000 ounces In sycce 29.000.000 dollai-s and 360 bars on the 31st ult
The Shanghai exchange is quoted at 3s. 1 Id. the tael.
Bar Gold.
—liar Silier. per Oz Sid
Per O: Fine.
2 Mas
Cash
ijuotatiOTts
.
—
—
Jan
4IHd
40%d
40>'8d
-
11
113s 3d
41Jid
405^d
40d
39}^d
7
8
10
Z9HA
TRADE AND TRAFFIC MOVEMENTS.
ANTill{A('lTE COAL SH IPMKNTS.— The shipments
of antluacilc coal for the inontli of December 1920, as reporltni to the Anthnu-ite Buri'au of Infonualiou at I'hila-
dclphia, Pa., a^rtrn'tjated (J,4;i(i,;S20 tons and constitute the
larf^est luovenicnt for the mouth of De<M'mbt»r in recent years.
Compared with the fif.jiires for tlio same month last year
DocemlHr's total .shows a gain of 297, SOO tons. The shipments for the coal year (beginning Ai)ril 1) to date foot uj)
.')]. 922.321
Ions as against .'33,110.381 tons for the eorresixinding i)eriod last year.
Below we give the shipments by originating carriers for
tlie month Of December 1920 and 1919, and for tho ret^pective
coal years since April 1
-Lte.cemtir' -
112s 6d
108s lOd
39?»d
12
..39"»d
395id
.
13
40 18d
-..40 312d
Average
The silver QnotatlonB to-day for cash aud forward delivery
tively 2Hd. and 2%d. below those fixed a week ago.
40d.
Wo
108s. lid.
110s 6d.
110s 9 6d.
are respec-
Road
Plilliidelphlu
r,.lilt,'li
<
&
HeiWiUig
New
I.itckuwHnna &
Dcliiwan-
1.324,004
1.161.305 l.O.W.OU?
506.840
497.735
907.119
940.515
896,47.'>
074.172
414,155
457.242
679.827
675.979
171,465
164. .W?
284,084
318,508
Jersey
Westei-u
Ucluw arc .1 Hudson
IVimsylvuulu
Krle.
York Ontario & Western
& New Englimd
.N'cw
week the
circular written
I.ehiKh
6.436.320 6.138.460 51.922.321 .'33,110.38r
under
GOLD.
note issue s practically
unchanged X126.4S4.650 as compared with X126.484.400 last week. A
fair amount of gold was on offer this week and was all taken for New York.
The High Commissioner for Canada states that the gold production in
northern Ontario during 1920 is estimated at $11,500,000, being a new recThe value of the gold and silver production of northern Ontario since
ord.
1909 to date is estimated at $312,000,000. The gold industry in Ontario
and assured footing. The district comprising
is now on a substantia
Kirkland Lake Is a promising field characterized by tho richness of its ore
luid second in importance to Porcupine, though its present yield of a million
dollars is smal compared with the ten-million-dollar output of the latter
camp. The Kirkland Lake area, however, is part of a large mineralized
region that eirt«nd8 roughly from Matachewan in the southwest to Larder
Lake and right on into Quel)€C Province to the east. The older goldbearing rocks are covered by deposits o newer fonnation hence the possi.
bllitiei of future exploitation are considerable.
The Dank o England
—
gold reserve again
t
Commercial nudlH
SILVER.
rather sluggish tliroughout the week. Continental
and other sales have been on a smaller scale than of late, and have not sufficed to offset the baying orders emanating from China and India, though
Hence the trend of prices has been upward.
these were but moderate.
It Is remarkable that silver continues to be shipped to China, notwithstandIf some day or other China
ing the large amounts in stock and on the way.
should have a fit of indigestion it could obtain relief in only one way. The
demonetization of silver in the Continent proceeds apace. Information
has been received from Berne that the Swiss Federal Council has decided
to carrj- out between now and the end of April the withdrawal from circulation in Switzerland of all 5-franc pieces of other States, members of the
The Council has also decided to withdraw within the same
Latin Union
period all the smaller Belgian silver coins in tho same manner as was done
The rupee coinage of
last year in the case of Italian and French currency.
the Indian financial year 1919-20 amoimted to 37,05 lacs, involving nearly
138 million ounces of standard silver. Silver pm-chased amounted to 113
million standard ounces as noted below:
—
National Banks. The following information regarding
is from the office of the Comptroller of the
(""urrency, Treasury Department:
national banks
CHARTERS ISSUED.
Original Organizations:
.
from America under the Pittman Act
60,800,000 ozs.
43,200,000 ||
600,000 ^^
5,900,000
2,500,000
Purcases in American market
London
Purchases in Australia
Purchases of Bawdwin mines
113.000,000 "
INDIAN CURRENCY RETURNS.
In Lacs of
Rupees—
Dec. 15.
16106
6085
Dec. 3116140
6109
2379
2379
2389
6807
835
6807
835
6S07
835
--^^
Government)
Government)
Securities (Indian
Securities (British
Dec. 22.
--16062
6041
Notes in circulation
Silver coin and bullion in India
Silver coin and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India
were coined during the week ending 31st ult.
in Shanghai on the 31st ult. consisted of about 37,700.000
ounces in sycee, $29,000,000. and 360 bars as compared with about 36,840,000 ounces in sycee. 528.000,000, and 270 bars of silver on the 24th ult.
The Shanghai exchange Is qaoted at 4s. l^d. the tael.
Bar God
Bar Silrer per oz. std.
Two Months, per oz. Fine.
Cash.
Quotations
116s. Id.
Dec. 31
41J4d.
40Kd.
115s. lid.
41?4d.
Jan.
3
41Kd.
Capital
Commercial National Bank in Checotah. Okla
President, Ben M. Doughert.v; Cashier. J. Owen
Original Organizations:
Commercial National Bank
Correspondent,
J.
In Checotah, Okla
O. Price, Checotah, Okla.
—
Jan.
4Jan.
5
Jan.
6
Average.
—
—
.--41Md.
41J^d.
42Hd.
42Hd.
42^d.
42Hd.
41.875a.
-
42d.
The silver quotations co-day for cash and forward
Jid. and J^d. above those fixed a week ago.
IlSs.lOd.
114s. lOd.
112s. 2d.
114s.ll.6d.
Total
The
The
The
The
The
The
The
The
The
The
The
CABLE.
daily closing quotations for securites, &c., at London,
as reported by cable, have been as follows the past week:
Total
London.
Su.
2S.
.\fon.
Tues.
Wed.
Thurs.
Frl.
40
'M%
40
37%
395i
lOSs.Gd. 107s. 4d. 1078. 9d. 1003.3d. 105s. 7d.
Consols. 2 ^i per ceats
49
49
48,^
485^
48M
48H
British 5 per cents
84"-;;
8SH
8454
85H
85H
84J<
77i<;
British 4
per cents
78
77Ji
n-^i
77K
77K'
French Rentes (In Paris). fr. 59.5
59.30
59.40
59.10
58.6
58.25
French War Loan (in Paris) fr. 85.20
85.20
85.20
85.20
85.20
85.2a
Silver, per oz
Gold, per line ounce
d. 39?i
109s
Increased.
100.000
40.000
25.000
25,000
20.000
50.000
$100,000
30.000
40.000
100,000
1.000.000
400.000
100.000
50.000
75.000
100.000
100.000
.$880,000
-
CHANGE OF
TITLE.
The Peoples National Bank of Roxbiury at Boston, Mass., to "The
Peoples National Bank of Boston."
VOLUNTARY LIQUIDATIONS.
The City National Bank of Eastland, Texas
SIOO.OOO
iVssets purchased by The Security
To take effect Jan. 25 1921
State Bank and Trust C'ompany of Eastland, Texas.
The Machias National Bank, Machias, Maine
$50,000
To take effect Jan. 151921. Liq. Agt., S. F. Woodman, Machias.
.
Maine. Assets purchased by the Merrill Trust Company of
Bangor, Maine (which has established a branch at Machias).
—
Canadian Bank Clearings. The clearings for the week
ending Jan. 20 at Canadian cities, in comparison with the
same w(>ek in 1920 show a decrease in the aggregate of
9.6%.
Weck ending January 20.
Ciearinga atInc.
1921.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Otlav.'a
CalK.iry
(.Quebec
Hamilton
i:dnionton
Halifax
St John
Moo.se
Jaw
Kort William...
Brandon
Brantford
143,092,.532
99,518,841
45,366,911
14,933,843
8,759.129
53.000,200
14.139.868
8.875,202
.8.640,-378
0.2.34,.599
7,:J98,.'523
6,392.024
C. 3.59, 827
2,765,805
5,136,860
3,736,287
6,782,1.50
2,498.602
4,972,005
4..303.834
2.7.50.9<)0
3.4.54,4,53
3.181
3.380.266
3,474.042
1 ,876,694
1,.552.355
734.719
1.049,892
690.426
1.369,324
529.787
527.421
.2:<.^)
.962.931
1.4.57.804
674.35:5
946 .0C(
733.528
W'cstailnster
1,187,056
539.836
Medicine Hat...
497.307
Peterhorough.
Sherhrooke
Kitchener
Wlnd/ior
Price Albert
Moncton
1919.
1918.
%
S
I09..'")09,216
94 .',09.040
1
or
Dec.
1920.
3.790.185
Siiskatoon
New
Week ending Jan.
Cap. when
First National Bank of Attleboro. Mass
Shuford National Bank of Newton, N. C
First National Bank of Edgewood, Texas
First National Bank of Boswell. Okla
Old National Bank of Centralia, 111
First National Bank of Virginia, Minn
I.cthbrldgft
The
Amt.
American National Bank of Little Falls, Minn.. $50,000
First National Bank of Mcintosh. Minn
5.000
First National Bank of Weleetka. Okla
15.000
First National Bank of Wostwood. N. J
.50.000
Third National Bank of Springfield. Mass
500.000
Reclna
MARKET— PER
50.000
Increase.
London
ENGLISH FINANCIAL
75,000
$175,000
CAPITAL STOCK INCREASED.
Victoria
delivery are respectlvey
$50,000
The Hambiu-g National Bank. Hamburg. Iowa
Succeeds The Merchants Exchange Bank of Hamburg, Iowa.
Correspondent, R. A. Clayton, Hamburg, Iowa.
The First National Bank of Rouses Point, N. Y
Correspondent, John H. Crook, Champlain, N. Y.. or James
B. Stearnes, Rouses Point, N. Y.
rur>ees
The stock
$50,000
Price.
APPLICATIONS FOR CHARTER.
The marke has been
Piu-chases in
sccUancousJletBr.*
I
t.s
—
Silver obtained
Mos.Cnal )'r Dec. 31
1920.
1919
10.5h9,70h 10.74I.O.'S2
0.436.415 9.089.287
4.147.956 4.798,731
7.288.806 S. 109.167
7.730.409 <i.()fih.559
4,028.952 3,747.370
4.703.362 5.801.163
1,.545.250
l..')3.'.82S
2,451,403 2,619.2IS
-9
1.442..')71
toiui.
Vallpv
(Ultra) Uailroftd of
-
1919.
1920.
Toiul
liavo also roeeivod this
date of Jan. 6 1921:
No
443
8.52.807
769.9.55
981,399
1.184.290
1.346.716
2,744.393
8.56,446
—23.8
—5.0
92.371.914
68.614.191
38.067.609
10.OS7.103
6.617.782
5,401,248
5,252,014
5.123,784
1.606.212
3,485.723
4,691.505
2.656.06S
2.397.160
2.912.294
1,721,723
+ 1G.8
—5.3
1.3
—+14.4
+ 2.6
—6.2
+ 10.7
3.3
—+13.2
—20.4
—6.1
+ 9.3
+ 4.6
—6.1
—8.2
1.498. .547
902.209
925.543
521.244
920.934
438.350
380.024
625, (KW
—9.8
+
6.2
—13.3
+ 1.9
—9.1
+ 10.8
—17.1
—36.4
656.!X)3
681 .IVI2
1,092.00
2,776,438
+ 1.2
—26.5
368,477
.501 .230
1,025,722 Not Included In total
343.478
!<:•
The
price of silver in
N. Y.. per
Domestic
silver In
Foreign
New York
on the same day has been:
oz. (eta.):
99Mi
66H
99?;
66«*
^^Vi
6CJi
99H
66H
99J<i
99H
66H
64Mi
Total Can.nda.
335.367. 7S2
.
370.904.053
-9.6
260.652.211
—
2I2.52S.490
Auction Sales. Among other securities, the following.
not usually dealt ii} at the Stock EirhanQewore recently sold
at auction in New York, Boston and Philadelphia:
Messrs. Adrian H. Muller
&
Sons,
New
York:
K
.
.
'
.
I'rtce.
,s7nf...v.
420 McCilviicy
of
75';,
Uokcby Constr.
<fc
jOO IHicna VlHta
Co
.
$20
li>t.
KM) Coiisol. l.('lilk'hSlnU(Co.,Lt(I.S.'> lot
_?3 lot
AO finilm'ii l'unmoe<;o
_,
12.') So(l:il Hulls Assn
So lot
A
I., com., S7
ClIiKli V'al. (;.
per sliaro repaid
$120 lot
I., pref., $7
Clinch Vail. c;.
100
200
A
per Hharc repaid
$75
50 firiihani I,aiid * litipt. CoS5
500S')ulli {'arolliia Uy.
$10
Max MeadoWH Land Impt
$5
50
.
2,0.>D
Halycon Real
I'::8tatc
par
prof
lot
lot
Wateheasr (quar.)
Laurel Lake Mills (quar.)
2 National Shawmut Bank
5 Merchants National Bank
200 rlchts
10 Ma.ss.
Alpaca
Cotton Mills
137-137W
.100Ma.S3. Klec. ('os.. pref.. ctf.
4M
dep. ctirryinK all new secur.
25 Mass. Litrhting Cos.. prof.68}i;-69M
6'A
2B Mass. Lighting Cof.. com
By
Messrs. Wise,
&
Hobbs
207 Old Colony Woolen Mills,
pref., $10 each
43^
245 Old Colony Woolen Mills,
common, SIO each
lM-lJ-2
100 Automat. Time Stamp,
2
each
pref.. $10
50 Springfield Ice, pref... 38 4-40
46
8,800
25,813
3,800
44,000
5c.
Springfield Ice, common...
American Brick, oom., $5 ea. 10c.
35c.-45c.
com
N. E. Minerals,
Hartford Brick, pref., $25 ea.QOc.
5c
Hartford Brick, com
By
Shares.
Messrs. Barnes
&
165H
4 Franklin Trust
10 Peoples Trust
45H
Academy
Music... 422
50 Continental-Equitable T. A T.,
5 American
of
105M
S50 each
200 >4
304
400
323
25 Columbia Avenue Tiust
1 Bank ot North A merica
2 Glrard National B.ink
20 Philadelphia National
5
West End Bank
Manati
550
'i
Bank
150
Ti-ust
270^-272
25 Commercial Trust
12 Peoples Nat. Fire Ins., $25 each 195^
50
G. Vogt A Sons, Inc
25 F.
20 John Wyeth Bros. A Co., pref.. 80
DIVIDENDS — Change
Arnold, Boston:
25,000 Robertson Paper,
SIO each
I'A
2 Boston Insurance
470
5 Flsk Rubber, 1st pref
745^
2 W. L. Douglas Shoe, pref.. S3'A
3 Bausch Mach. Tool, com.. 99
5 West Coke A Coll Inc ., pref
1
15 rights Lowell Elec. Light..
9%
Bonds.
Per Cent.
SI ,000 West End St. Ry. 4s, 1932. 69
3,500 Century Steel 7% notes,
1925
_ . .30-32 K.
Owens Bottle, common
P eterred (quar.)
When
Per
com. (quar.)
Com. (payable in com. stock)
Rockhill Coal A Iron. pref. (quar.)
St. Joseph Lead (quar.)
Seaconnet Mills (quar.)
Piu'e Oil.
Sierra Paoillc Elec. Co., pref. (quar.).
.Skelly Oil (quar.)
Spalding (A. G.) A Bro., 1st pref. (quar.)
Standard Milling, common (quar.)
Preteried (quar.)
Standard Match (quar.)
_
Standard Oil (Calif.) (quar.)
Railroads (Steam).
Paul Minn. A Omaha, com
2H
3K
Chic. St.
Preferred
Delaware
A
Hudson Co.
*2K
(quar.)
Central (quar.)
Norfolk A Western, common (quar.)...
Illinois
*15€
*75c.
Pennsylvania (quar.)
Street and Electric Railways.
Union St. Ry., New Bedford (quar.)
United Power A Transportation
of
of
of
ot
of
of
rec.
rec.
rec.
rec.
rec.
rec.
Holders ot
rec.
Wampanoag
Feb.
1
2
*S1.60 Jan. 31
Jan. 27
Jan. 27
1o
to
1
Feb.
Feb.
Feb.
Feb.
2Vj
Mar.
l^4
2 'A
1-4
I'A
25c.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
2
/4
Mar.
*$1
2
Feb.
Apr.
Feb.
Feb.
Feb.
3
SI
4
2
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
I'A
•50c.
V2
2
2oC.
Mar.
Feb.
Feb.
'
»2
*2'A
*l
3
3
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
A
Preferred (quar.)
Mills Corp. (quar.)
White (J. G.) Co.. pref. (quar.)
White (J. G.) Engineering, com. (quar.).
Preferred (quar.)
White (J. G.) Managem't pref (qu.)
Jan. 31
Jan. 31
Jan.
Feb.
Feb.
Mar.
Mar.
com A
Mar.
Mar.
(qu.)
14a
20o
24
18
20
I
28a
19
:h
10
1
27'i
18
Jan.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Jan.
31a
.Tan.
2.5o
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jau.
15
1,5a
2
10a
10a
15a
25
24
25a
22
22
22
laa
15o
2la
la
9
25
Mar. 16
Mar. 10
Jan. 24
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
5a
21o
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
I8c
18a
28
Mar.
19
16
S
15
15
Feb. 19
Mar. 21
Jan. 18o
Jan. 25a
Jan. 31
Feb. 15
15
15
28a
28o
28
Jan. 31
Dec. 31
Jan. 20o
Jan. 26a
Feb. 10a
Mar.
Mar.
1
2
Jan. 31
2
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Feb.
Mar.
Mar.
Mar.
Mar.
Feb.
SI
31
31
18
Jan.
Mar.
Mar.
Mar.
I'A
I'A
I'A
to
to
20
Feb. 1
Feb. Ic
Feb. 15
Feb. 14
Feb.
2
I'A
rec.
rec.
rec.
rec.
rec.
reo.
reo.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
1
3
m
m
to
of
of
of
ot
of
of
of
of
ot
of
of
ot
of
of
of
ot
of
of
of
25
Jan. 30
•Holders of reo,
•Holders of rec,
•Holders ot rec.
Feb.
(quar.)
Weetamoe
Steel,
Holders
Holders
Holders
Holders
Holders
Holders
*IA Mar.
Mills Corporation
Wlckwire Spencer
Holders
Apr.
Feb.
I
of rec.
of rec.
ot rec.
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
•Holders
•Holders
Holders
Holders
•Holders
Feb.
Feb.
20c. Feb.
m
to
Mar. 10
IH
2
r(C.
ret.
rec.
of rec.
of rec.
•Hol'r-rs of rec.
Holders of rec.
Holders ot rec.
Holders of rec.
Holders ot rec.
Holders ot rec.
Holders of rec.
•Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
•Holders of rec.
Holders of rec.
•Holders of rec.
•Holders ot rec.
Holcjers of rec
Holders of rec.
Holders of rec.
Holders ot rec.
Holders of rec.
•Holders of rec.
•Holders ot rec.
Holders ot rec.
l-'eb
Jan
rec. Jan.
Holders
Holders
Holders
Hoi 'ers
Holders
Feb.
3
rec.
Jan. 25
'•Vb.
4
•2
•SI. 75
Wayjigamack Pulp A Paper (qu.)
West IndiaSugarFinanceCcrp., com. (qu.)
Jan. 20a
19
(quar.)
Co.. 1st pref. (quar.)
Second preferred (quai.)
Vulcan Detinnlng, pret. A pref.
Feb. la
Feb. la
Feb. 26
Feb. 4
Feb. 28
Feb. 1
Holders
Feb. 28 Holders
nji Mar.
Preferred
Days Inclusice.
Feb. 21 Holders
Feb. 21 Holders
Mar. 21 Holders
Mar. I *Holders
Mar.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jau.
Feb.
of rec.
to
to
ot rec.
of rec.
of rex.
of rec.
of rec.
of rec.
of rec. Jan
of rec. F<.:>.
of rec. Jan.
of rec. Feb.
of rec. Feb.
Hol'ierH of
Holders ot
Hokirrn of
•Holders of
Holders of
Fob.
Feb.
2
*3
Extra
Standard Oil (Kansas) (quar.)
Extra
Standard Oil (Ohio) (quar.)
*IM
•4
Thompson-Starrett Co., pret
Tobacco Products Corp., com. (qu.)
"gili
Transatlantic Coal (monthly)
1
Trenton Potteries non cum pt. (qu.)
2
Union Cotton Manufacturing (quar.)
3
United Cigar Stores of Amer. com (m'ly)
IH
U. S. Cast Iron Pipe A Fdy., pret. (qu.).
IM
U. S. Steel Corp., com. (quar.)
I
Books Closed.
Payable
Corp. (qu.).
Pepperell Mtg
Pressed Steel Car com (quar.)
Preferred (quar .)
Van Raatle
'Holders
•Holders
•Holders
••"CD.
*IH
A Coke
'Hol'ltrs
•75c. Apr.
(quar.)
Pacific Mills (quar.).
Pennsylvania Coal
Feb.
*3
2
Mills (quar.)
National Carbon, iireferred (quar.)
Nat. Refining, com. (in com. stock)
N. Y. Shipbuilding (quar.)
Nonqul't Spinning iquar.)
Per Cent.
Bonds.
$5,000 We.st. N. Y. A Pa. Traction 1st A ref. 5s, 1957
8
5,000 Caddo Cent. Oil A Refg.
cons. 6s, 1930
59
4.000 Newark Pass. Ry. cons. 5s,
1930
72H
1.000 Waterloo C. F. A Nor. Ry.
29 •'f
1st 5s 1940
800 Philadelpii'iayCit.yr3"H"s^^3i 86
2,000 state Line A Sullivan RR.
Ist 4'/«s, 1929
80;4
500 Berwyn Water ist 6s, est.
85
1935
2,000 Trenton Water Power 1st
5s, 1935; Sept. 1920 coupons on. $50 lot
Cer.t.
common (m'thly)
common (m'thly)..
Narragansett Mills (quar.)
Nashawena
.
.
_
Hoi 'ers
Holders
Holders
Mar.
•2
2
Michigan Stamping,
S per sh.
com.,
Slocks.
of Reporting Same.
We have changed the method of presenting our dividend
We now group the dividends in two separate tabies.
record.
First we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
(extra)
Preferred (quar.)
Michigan Drop Forge,
Method
in
.Sugar,
Common
K(li.
Feb.
Ffb.
Feb.
Fnb.
3
Manomet
IH
lU
Ic.
6
^3
common (quar.)
Mills (quar.)
Massachusetts Cotton Mills (quar.)
Mechanics Mills ((iuar.).
Merchants Manufacturing (quar.)
Merchants Refrigerating, common (qu.).
'.)>A-9'A
10 rieht.s Whitlock Coll Pipe.
.
5
5 Walter liaker A (.'o.. Ltd.
.101
-136
5 Draper Corporation
134;
200 Fidelity Trust.
35
Mills
Extra
Lofland, Philadelphia:
S per sh
Stocks.
8 rlKhts Lowell Klec. LlRlit
y Il.artford Fire Insurance.
Shares.
$ Per sh
Rtocks.
Shaies.
Locom. Works.
(qu.)
Inc., |)ref. (quar.)
Madison Sate Deposit
Spersh.
Slocks.
Sliare.1.
50 Margay Oil.
5
l-'arr
Llin;i
Mar.
Feb.
Feb.
Feb.
*2
2
VA
A Navigation (quar.)
A Myers Tob.. com. A A H
Holders
Jan. 21
Jan. 22
Holder
Holders
Holders
Holders
Feb.
H
1
2
Holilcfii of rec.
Holr|<.n- of rec.
F-eb.
I'A
Lehigh Coal
Lyman
lU
IK
Feb.
Ftb.
Feb.
•1
Key.s!(.ne
Liggett
2
SI
Iron Products Corp., preferred (quar.)..
Co., Boston:
S per xh.
239 H
251^;
Siocki-.
.Viares.
Hnokf Closed.
Dai/$ Inclusitt.
Pat/ahlt
•25c.
.Hchaffncr A .Vlur.\ (quar.)
Imperial Oil (monthly).
Inland Steel Co. (quar.)
.
lU
1?4
Han.
.
Day &
Ptg..
Harrjiony Mills, priftrrcl rquar.)
,
Messrs. R. L.
&
Hamilton Hank Note Kneraving
lot
$1 ,000 lot
.5s
50 Jersey City Wat or Hupply S9:)
s:5I lot SI 2.000 New-foundland Pulp A Lum.
per share repaid
ber 1st 7s. 1032
S4.55 lot
97}^ Kmplre Slate Phosphato^, .85 lot
.81(1 .000 Nnncy Ilanlis MIn. A .Mill
200 Library Square Realty. $5 pa.
l8l 10s, all coupons at lachfd- SI. 000 lot
S2 .30 per ah
S5.50 lot SI 0,000 Second Ave. RR. 1st Cons.
I.IO Rumson Country Club
-.$.50.1ot
5s. V.HH. cortlf. of deposit.
10 Paramount .Securities Corp. 815 lot
By
.
(qu.)
Franklin (H. H.) .Mfg.. pref. (quar.)
(;air (Robert) Co.. pref. (quar.)
General Asphalt, preferred (quar.)
General Tire A Rubber, common (quar.)
Granite Mills (quar.)..
fJreelock Co., common (quar.)
(irif.iii Toliaeeo. preferrcid (quar.)
linridn
-
((jtiai.j
Famous I'InycrHCanudiuu Corp., pf.
$2 per gh
Co., no
$1,000 lot
.
Cent.
MlllH. corjiiiion (quar.j
I
Preferred
.
85.000 .lewlsh ARrlcul. A (Colonization iHt 4h, 1924, Dec. 1!»17 coupon on . $30
Iron, Isl
S8 pcrsh. 825,000 CioorKla & Florida Ry. Is
&
ChatcaUKay Ore
Esnioii
12 Davis Coal A Coke
$.50 pe- sh.
(100 Realt.v TriiHt. pref
.SlOii pir Hh.
.100 Steel A Radiation Co.. com,
1
of Compani/.
MI«c«llaneouf (Conclud'.d)
.
t
lot
lot
Name
$5fi0 lot
.
When
Ptr
Ireeley-Hudson Securities
'orp
10 KarmerH Kund. Inc
$40 perah.
10 N. V. ( onKoll'laled RR
$20
lot
20 Todos Santos Sllv. M ..$10 ea.
Kedcral C^ompany. 81 each -$25 lot
10
1(>t
.
<
<
ropuM
S!
$J.40
()5
.
.
[Vol. 112.
Price.
Slacks.
.S'/rtrrv.
27..5<i25
.?301ot
rcpiild
ciiDltiil
noroilKh Honi(«,
1
.
THE CHRONICLE
444
Shares.
A
.
.
to
of
of
ot
ot
of
ot
of
ot
of
rec. Feb. 15
rec. Jan. 31a
rec. Jan. 31a
rec. Jan. 26a
rec. Feb. 15
rec. Feb. 15
rec. Feb. 15
rec. Feb. 15
rec. Jan. 21
Below we give the di-\adends announced in previous weeks
and not yet paid. This Ust does not include dividends
announced this week.
Banks.
3
7
Feb.
Feb.
Twenty-Third Ward
S'A
5
Lincoln (quar .)
Hi
Feb.
Feb.
Feb.
Bowery
(quar.)
E.xtra .-
•
1
1
.-
Miscellaneous.
Alaska Packers Association (quar.)
Extra (Insurance fund int. income dlv)
American Brass (quar.)
Extra
American Linen (quar.)
Amparo Mining
(qu.ir.)
Barnard Manufacturing (quar.)
Bates Manuf .'icturing
Bethlehem Steel Corp., com. quar.)...
Common
Class
B
(quar.)
Eight per cent cum. conv. pref. (quar.)
Seven per cent non cum. pref. (quar.).
Bond A Mortgage Guarantee (quar.)...
Brompton Pulp A Paper (quar.)
Charlton Mills (quar.)
Chic. Wilm. A Franklin Coal (quar.)...
Ciinchfleld Coal Corp., com. (quar.)
Prcferrei
(quar.)
Iron,
(quar.)
Colorado Fuel
Preferred
A
com. (quar.)
Consolidated Cigar Corp.. pref. (quar.).
Consolidated Grs (New York) (quar.)..
Continental Guaranty Corp. (quar.)
Corr Manufacturing (quar .)
Detroit B.'iss & Malleable Works (m'thly)
Diamond Ice A Coal, pref. (quar.)
Diamond Match (quar)
Dominion Bridge (quar.)
Dow Chemical, common (quar.)
Common
—
(extra)
Preferred (quar.)
.,
Eastern Potash Corp., preferred (quar.).
Preferred (quar.)
Eastern Steel, 1st A 2d pref. (quar.)
Edwards Manufacturing
Eisemann Magneto, preferred (auar.)..
Electrical Securities Corp., pref. (quar.).
Emerson Shoe, preferred (guar.)
Feb.
Feb.
Feb.
IH Feb.
Feb.
2
Feb.
3
Feb.
5
Feb.
5
IM Apr.
IM Apr.
Apr.
2
I'A Apr.
Feb.
4
S1.75 Feb.
Feb.
2
SI .50 Feb.
'.(
Feb.
IH Feb.
Feb.
*H
*2
Feb.
2
2
I'A
IH Mar.
*ni
2
2
}i
IH
*2
2
IH
IK
1%
1
1
10
10
1.5
15
1
10
1
1
1
1
1
1
15
IS
1
1
15
1
20
20
1
Mar. 15
Feb.
Feb.
Feb.
Feb.
I
1
1
1
Mar. 15
Feb.
Feb.
Feb.
Fob.
Feb.
IH
IH
IH
IH
IK May
1% Mar.
3
1
Feb.
Feb.
Feb.
Feb.
15
15
15
15
24
24
15
1
1
1
1
Holders of rec. Jan. 2Sa
to
.Ian. 31
Jan. 28
Holders of rec. Jan. 2Ga
Holders of rec. Jan. 31
Holders ot rec. Jan. 31
Holders ot rec. Jan. 31ra
Holders of rec. Jan. 31a
Holders ot rec. Jan. 25a
Feb.
to
Feb. 10
1
Holders of rec. Jan. 27a
Holders of rec. Jan. 25a
Holders of rec. Mar. 15
Holders ot rec. Mar. 15
Holders ot rec. Mar. 15
Holders of rec. Mar. 15
Holders ot rec. Feb. 8a
Holders ot rec. Jan. 31
Jan. 11
to
Jan. 16
Holders of rec. Jan. 24o
Holders of rec. Feb. 10a
Holders of rec. Jan. 26a
Holders ot rec. Feb. 5
Holders ot rec. Feb. 5
Holders of rec. Feb. 14
Holders of rec. Feb. 9
.Ian. 28
to
.Ian. 31
Jan. 21
to
Jan. 31
Jan. 25
to
Jan. 31
Holders ot rec. Jan. 26
Holders of roc. Feb. 28
Holders ot rec. Jan. 31a
Holders of rec. Feb. 5a
Holders of rec. Feb. 5a
Holders of rec. Feb. 5
Holders ot rec. Jan. 31
Holders of rec. Apr. 30
Holders of rec. Mar. 1
Holders ot rec. Jan. 25o
Jan. 14
to
Feb. 1
Holders ot rec. Jan. 22a
Jan. 27
to
Feb.
1
cf
Company.
Huntingdon
A
Louisville
A Bd. Top Mt. RR.
Nashville
Michigan Central
Nashville Chattanooga A St Louis
New Orleans Texas A Mexico (quar.)
Norfolk A Western, preferred (quar.)
Northern Pacific (quar.)
Pere Marquette Ry., prior pref. (qu.)..
A Lake Erie
A West Va.,
pref. (quar.)
Reading Company, common (quar.)
Reading Co., 1st pref. (quar.)
Street
and Electric
Mar.
Feb.
iMar.
2
oOc.lFeb.
2J.J
\*yi
Coal pf
Days
Feb.
IH
2
Mahoning Coal RR., common
Pittsburgh
Pittsburgh
3H
Wi
Canada Southern
Central RR. of N. J. (Ciuar.)
Great Northern fquar.)
Books Closed.
Payabli
Cent.
Railroads (Steam).
Alabssaa Great Soutbem. preferred
Atch. Topeka & Santa. Fe. com. (quar.).
Preferred
._
Baltimore A Ohio, preferred
Bellefonte Central
Trust Companies.
Continont.;il
When
Per
Name
75
3H
$5
2
I
|Feb.
iFeb.
I
I
Feb.
Feb.
iFeb.
IFeb.
[Jan.
3H
Feb.
IMar.
Feb.
1
\'A Feb.
IH Feb.
$2.50 Feb.
l\^
IH
IFeb.
$1
Feb.
1
Mar
i
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holder?
Feb. 2
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Inclvsitc.
ot rec. Jan. 20
of rec. Jan. 28a
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
to
of
ot
of
ot
of
ot
of
of
of
of
ot
of
rec.
rec.
rec.
rec.
rec.
rec
rec.
rec.
rec.
rec.
rec.
rec.
Dec 31a
Jan. 15a
Jan. 25
Jan. 3»
Jan. 27a
J.10
3a
Feb. 6
Jan. ISO
Jan. ISO
Jan. 3»
Jan. 22a
Feb 18a
Jan 31a
Jan. So
Jan. 15a
Jan. 21a
la
Feb.
Jan. 180
Feb. 180
Railwas's.
Commonwe.ilth Fow.. Ry. A L.. pf. (qu.) *yiyi Feb.
Duquesne Light, preferred (quar.)
1« jFeb.
Milwaukee El. Ry. A L.. pref. (quar.)..
I'A iJan.
Montreal L., H. A Pow. Cons. (quar.)..
I'i jFeb.
I
Philadelphia Company, common (quar.)
Railway A Light Seeuritie.';. com. A pref.
75c Jan.
•3
Feb.
I'A Feb.
];*Holders
Holders
Holuers
Holders
Holders
Holder.'
ot
of
of
ot
of
of
Holder.'; of
Holders of
Hold.rs of
West Penn Power, pref. (quar.)
West Penn Tr. A W. P.. pref. (quar.)...
IH Feb.
62 He Jan.
York Railways, preferred
Banks.
American Exchange National (quar.)..
Corn Exchange (quar.)
Grace (W. R.) A Co.'s
Pacific (quar .)
Extra
3'A
5
•4
2
2
Feb.
Feb.
Feb.
Feb.
Feb.
>
i
i
I
(
1
rec. Jan.
rec. Jan.
rec. Jan.
rec. Jan.
rec. Jan.
rec. Jan.
rec. Jan.
rec. Jan.
rec. Jan.
19
1
20a
31
13a
15
21
17
210
Holders o? rec Jan. 20a
Holders of rec Jan. 31a
2 •Holders of rec. Jan. 26
Jan. 31
to
1
Jan. 25
Jan. 31
to
1
Jan. 25
1
1
I
I
Trust Companies.
Farmers' Loan A Trust (quar.).
Kings Countv Trust (ouar.K
.
Feb.
Feb.
Holders of rec. Jan. 21o
23 to Jan. 31.
Jan.
THE CHRONICLE
29 1921.]
Ja.v.
Per
Name
of Company.
Cent.
Per
Daya
Name
Inclutlrt.
AniulBamatod
com
((juar.)
1
Hiii;ar, Ist prof, (qiuir.)..
Amer. Bank Note. com. (quar.)
Amer. Beet Sugar, com. (quar.)
.•\mer. IJrakc Stioo i: l-'Uy
com
2
SI
2
tl
(quar.)
IH
I'rcfcrrwl
American Clear, common (quar.)
Amerlcau Coal
.\mer. District Telii; of N. J. (quar.)
Amerlcuu Gua & k:iucirlu, pret. (quar.)..
•2
tl
Vmcrlcan Cluo. pref
Am. La France Fire Bng. Iqo., com. (qu.)
Amer. I.lKtit Jc Tracilon, com. (quar.)..
4
Common
(pa>-able In oommoo stock).
Preferreil (qunr.)
Katllator. com (quar.)
(nuur
-
Extra
I.
Mar.
*\'i
X'i
Sl.SO
12.25
1
1
Feb.
1
Keb. 15
Feb. 2
Feb. 2
1
Fob.
Ian. 31
15c.
10c.
Mar.
2
Feb.
1
Mar.
Mar.
IH
IM
IM
pref. (quar.)
Austin, Nicdote 4 Co., pref. (quar.)
Barabart Bros. <t Splndler
First and second preferred (qu.ir.)
BMiMdall Corp..claa8 A 4 B (quar.)
BeMJOu Oil
Blgelow- 1 lartf ord Carpet Corp com (qu)
.
,
IM
(quar.)
•5
,•}
I'i
IJi
S2
(quar.)
Broa. com (quar.)
Preferred (quar.)
Butler Brothers (quar.)
Canada Cement, preferred (quar.)
1
1
1
1
Feb.
Feb
4
Bums
1
Feb.
Feb.
Feb.
Feb.
1
Jan. 31
•>
I'l^
Brill (J. G.) Co., pref. (quar.)
Brown Shoe, pref. (quar.)
1
82^0. Jan. 31
.
Borden ("o., common
Bourne Mllla (qoar.)
Buckeye Pipe Line
IH
Uj
6
Powder,
Preferred
2V),
Feb.
1
1
Feb.
1
Feb.
Feb. 1
Feb. 15
Feb.
1
IH
15i
88. Llne3.com
.\Uantlo HeflQing. prof, (quar.)
.Atlas
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Jan. 21
Holders
1«
(quar.)
First preferred (quar.)
Second preferred (quar.)
&W
15
l-'ob.
1
_
Dry Goods, com.
lloldor.s
3W
-
.Amer. Vitrified Products, pref. (quar.)..
.Amer. Water Works & Eleo., pref. (qu.)
Amoakeag Mfg., common (quar.)
Preferred
.Vrkwrlgbt Cotton Mlllu Corp. (quar.)..
Art Metal C^onstructlon (quar.)
AtlantlcGulf
s
•iVi
\mer. .Soda F'ouiitaln (quar.)
Amer. Sumatra Tobacco, com. (quar.)..
AasoclAted
Mar. 31
Hi
)
(quar.)
Preferred
1
IH
(extra)
Pneferred
an
SI
Amer. RoUIng MIU, oom. (In oom. stook)
American Shipbuilding, oom. (qtiar.)
Common
IH
/I
Amor.
Preferred
1
Holders
Holders
Holders
Holders
M:ir. ail Holders
Mar. 31 Holders
Feb. ll*lIoldera
13
Feb.
I1 Jan.
Jan. 29j Holders
IloUlurs
Fob. li
Holders
Fob.
1
Feb. 15 Holders
Jan. 15
Feb.
1
Feb, 1 Jan. 15
Jan. 15
Feb.
1
Feb. 16
Feb.
1
Feb. IS
Jan. 31
2H;
\H
62 He
IH
Canadian Converters (quar.)
Canadian E-xploslves. Ltd., com. (quar.)
l?f
2
Oartler, Incorporated, pref. (quar.)
Cedar Rapids Mfg. A Power (quar.)
\H
ii
2
.
Feb. 2
Feb. 15
Feb.
1
Feb.
1
Feb.
1
Mar. 15
IS
Feb.
Feb. 1
Feb.
1
Feb. ir>
Fob 15
Jan. 30
Jan. 31
Feb. 15'
of rec. Jan.
24a
Jan. 17a
of reo. Feb.
lu
of reo. Jan.
8a
ol roc. Mar. ISu
of ree. .Mar. ISu
of reo. Jan.
S
to
Feb.
I
of roc. Jan. 15
of rec. Jan. 15
of roc. Jan
15a
of reo. Feb.
la
to
Jan. 27
to
Jan. 27
to
Jan. 27
of roe. .Mar. 15u
lii
of rec. Feb.
of reo. Deo. 81
of reo. Jan. 15a
of reo. Jan. 16a
of rec. Jan. 15a
of rec Jan
3lu
of rec. Jan. 14a
of reo. Feb. ISa
of rec. Jan. 20
of roc. Fob.
1
7'i
of rec. Jan.
of reo. Jan.
7a
of rec. Jan. 18a
of roc. Jan. 14
of rec. Jan. 14
of roc. Jan. 15a
of roc. Feb. lln
of roc. Fob. 11a
of reo. Deo. 30a
of reo. Jan. 15a
to
Jan. 31
of reo. Jan. I60
of
ret'.
Holders of rec. Jan.
Holders of reo. Deo.
•Holders of rec. Jan.
Holders of rec. .Ian.
Holders of rec. Jan.
Holders of rec. Feb.
Holders of rec. Jan.
J.an. 23
to
Jan.
Holders of rec. Jan.
Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec. Jan.
to Jan.
Jan. 22
Holders of rec. Jan.
Holders of rec Jan
Holders of reo. Dec.
Jan. 10
to
Jan.
Holders of rec. Jan.
26a
81a
25
Bankers
sha. (mthly.)
34c
common
4
Cluett, Peabody 4 Co., com. (quar.)
Columbia Gas & Electric (quar.)
Columbia Graph Factories, pref (quar
Commonwealth Edison
IH
)
(ouar.)
(Consolidation Coal (quar)
Coeden
4c
Co., com. (no par stk.) (quar.)
(S5 par value stock) (quar.).
Common
Crucible Steel, oom. (quar.)
Crystal Chemical
Cuba Company, preferred
Cupey Sugar, common (quair.)
Preferred
Dallas Power & Light, preferred (quar.)
Davol Mills (quar.)
I>odge Steel PuUey, pref. (quar.)
Dominion Coal. pref. (guar.)
I'i
2
2
I'/.
Preferred (quar.)..
Duquesne Light, pref. (quar.)
Durham Hosiery, pref (quar )
Edls(m Elee. Dl. of Boston (quar.)
Edison Elec. Ilium, of Brockton (quar.)
Elsenlohr (Otto) & Bros., com. (quar.).
Electric Bond & Share, pref. (quar.)
Elgin National Watch (quar.)
Elk Basin Cons. Potroleum (quar.)
Eureka Pipe Lino (quar )...
Exchancc Buffet Corporation (quar.)..
Fairbanks Co., 1st pref. (quar.)
Fajardo Su?ar (quar.)
Tall River Gas Works (quar.)
Famous Players-Li.xky Corp., pf (qu.)
Federal Sugar Ret., common (quar.)
Preferred (quAr.)
Fisher Body Corp., com. (quar.)
Preferred (quar.)
Flsk Rubber. 1st pref. (quar.)
Fort Worth Power & Light pref. (quar.)
General Cigar, Inc., common (quar.)
(3enoral Motors Corp., common (quar.)
Preferred (quar .)
Six per cent debenture stock (quar.)..
Seven per cent debenture stock (qu.).
General Optical, preferred (quar.)
Gillette Safety Razor (quar.)
(Goodrich (B. F.) Co., com. (quar.)
Goodrich (B. F.) Co., pref. (quar.)
Prefcrroil (quar.)
Gossard (H. W.) Co., preferred (quar.).
Great Lakes Drmlge & Dock (quar.)
Oreit State Petroleum
.)f
Texas
Griffith (D. W.), Inc.. Class A (No. 1)..
Harris Bros. A Co., pref. (quar.)
Hodgeman Rubber, pref. (quar.)
Holly Sugar, pref. (quar.)
Hood Rubber, preferred (quar.)
Houston Oil, preferred
Hupp Motor Car Corp.. com. (quar.)
Idaho I'ower. preferred (quar)
Illinois Northern Utilities, pref. (quar.).
Indiana Pipe Line
IngersoU-Ri\nd Co common (quar.)
Intemat. Mercantile Marine, pref
.
International Nickel, pref. (quar.)
Invader Oil & Refinlnc; (monthly)
Extra
Ipswich Mills, preferred (qu.ir.)
Eamlnlstlqula Power, Ltd. (quar.)
Kaufmann Dcpt. Stores, com. (quar.)..
(Julius)
Co.,
First and second pr«ferred (quar.)
Kellogg Switchboard &. Supply (quar.).
Extra (payable In stock)
1
1
I
1
1
Feb. 1
Feb. 4
Feb. 1
Feb. 15
Feb
1
Feb.
1
Ian
31
62H0. Feb.
Uao.
2
4
3M
2
3J4
1«
*2
IH
IM
IH
Dominion Steel (3orp., Ltd., pref. (qu.).
du I'ont Chemical com <t pref
•20c
du Pont (E.I.) de Nem. Powd.,com.(qu)
IH
Kayser
1
eommou
(quar).
Proferrod
4
Lee Rubber
Tiro C'orporatlon (quar.).
Lima UM'omoilve Worke, pref. (quar.)..
Lll BroUiers ('or|>orullon
lOxtru
Loew's Incorporated (quar.).....
Loft, Inc. ((luar.)
ixjosivWiloa HlHouH
'^J
...
Mariln-I'arry Corporation (quar.)
Massachusetts Oas Oos., com. (quar.)..
May Uupurtiuonl Slufes, com. (quar.)..
Preferred (quar.)
..
MclJwaln (W. II.) Co., Isl pref. (qu.)..
((|u.ir.)
)
Miami Copper ((juar.)
MIdvale Steel <t Ordnuuoe (quar.)
.
.Midwest Refining (quar.)
Extra
Montreal Light, Heat
4 Power
(quar.)..
Morris (I'hilli)) A Co., Ltd., Inc. (qu.)..
Morris Plan Co.. New York (quar.)
Mullins Body Corp., common (quar.)
Preferred
(quar.)
Nash Motors, common
Preferred
(quar.)..
National Biscuit, com. (quar.)
Preferred
(quar.).
.
National Lead pref. (quar.)
National Stwd Rolling, pref. (quar.)
National Tea. preferred (quar.)
Now Jersey Zinc (quar.)
New River Co., preferred
Vew York Dock, common
19a
Ontario Steel Products, oom. (quar.)
I
19«
31
20a
21
la
2Ia
31
31
31
31a
31
31
Common
Preferred
Preferred
Preferred
IH
IH
1%
Feb. 1
Jan. 31
Feb. 15
Feb. 1
Feb. 1
Feb. 1
Feb. 1
Apr.
1
Feb. 1
Feb. 1
Feb. 1
2M
1^
IH
He
3
Paoiric Coast Co., 1st prof, (quar.)
Second preferred (quar.)
Pacific Gas
Elec. 1st pf.&orlg.pf.(qu.)
Pacific Power
Light, preferred (quar.)
Penmans, Ltd., common (quar.)..
Preferred (quar.)
Pai'a'^on Refining, common (quar.)
Preferred (quar.)
Penn Traffic
&
1
Feb
1
1
li-ob.
1
Feb. 15
Feb. 1
Feb. 1
Feb. )
Feb. 1
31
1
1
]
1
1
1
Inly
J
V'i
*2
3
Fob.
1
veb. 15
Ian. 31
•SI
Mar.
4
Fob. 1
'4.
2
Feb. 1
1% Feb. 1
IH Feb. 1
3
Feb. 1
250. Feb.
1
1
15i Feb.
IH Feb. 1
%2
Feb. 15
I
2H
Ian.
3
Feb. 1
Feb. 1
Feb.
I
Feb.
1
Feb. 1
Feb. 15
Fob. 1
I
1
1'4
2
SI
rec
rec.
reo.
reo.
rec.
rec.
rec.
rec.
31
•
IH
•10
Feb. 1
Feb. 9
Jan. 31
Jan 17a
Deo. 31a
Deo. 31a
15o
1
15a
15a
15a
rec.
22
rec. Mar. 25
to
Jan. 31
of reo. Jan. 12
to
Feb. 1
of rec Jan
25
of rec. Jan. 20o
of reo. Jan. 20i
of reo. Jan.
la
Holders of
Holders of
Holders of
reo.
rec.
rec.
Extra
Price Bros, (bonus)
Procter &. Gamble, common (quar.)
Producers & Refiners, common (quar.).
«fe
2
Pick (Albert) & Co., common (quar.)
Plant (Thoni.13 G.) Co., pref. (quar.)...
Portland (Ore.) Gas&Coke Co..pf.(qu.).
Prairie Oil * Gas (quar.)..
21a
31
Jaa
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Corp. pref. (quar.)
Prairie Pipe Line (quar.)
20a
rec. Jan. 15a
rec
Phllllps..lones
Jan. 25a
Feb. 3
Jan. 25
Preferred (quar.)
Public Serv. Corp. of No. 111., com. (qu.)
Preferred (quar.)
Public Service Invest., pref. (quar.)
Pullman (Jompany 'quar.)
Pyrone Mfg., common (quar.)
Quaker Oats, prof, (quar.)
Rand Mines, Ltd
Rlti-Carlton Hotel, preferred
Royal Dutch Co
Russell
St.
Mar.
Fob
Fob.
SI. 50 .Mar.
Mur.
$1
50c. Mar.
IH
Feb.
2
Mar.
IH
IK
Apr.
Feh
•76c Feb.
25c. Feb.
60c Fob.
6O0 Feb
Feb.
SI
Feb.
SI
Feb.
2
10c. Feb.
Feb.
Feb.
SI
Feb.
2
Feb.
SIO
IH Feb.
IH Apr.
IH Feb.
IH Mar.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
2
IH
2
*IH
3H
a
1J4
1
IH
IH
2
1«
•iH
diH
S3
SI
IH
40c.
IH
IH
3
3
3
2
•5
VZHc
17 He
•IH
•\H
IH
2
2H
IH
•85
&
Steel, common (quar.).
RevlIIon, Inc. .preferred (quar.)
Kupublic Iron
60c.
25c.
May
IM F^eb.
IM May
IH Aug.
.
31'/
Holders
Holders
Holders
Holders of roc Jan 21)i
Holders of rec. Jan. 15
Holders of rec. Jan. 1.5a
Holders of rec. Feb. la
Holders of rec. Jan. 19a
Holders of rec. J^n. 24a
Holders of ree. J.vn. 20a
Holders of rec. Jan. 17
Holders of rec. Jan. 15a
Holders of rec. Jan. 20a
•Holders of rec. Jan. 22
Holders of rec. Jan. 15
Holders of ree. Jan. Ma
Holders of reo. Jan. 22a
Holders of rec. Jan. 22a
Holders of roc. Jan. 20a
Holders of rec. Jan. 20o
•Holders of rec. Jan. 21
Holders of rec. Jan. 21
Holders of rec. Jan. 24a
Holders of rec. Jan. 10a
Holders of rec. Jan. 10a
Holders of rec. Jan. 10a
Holders of rec. Jan. lOa
Jan. 19
to
Feb. 2
Holders of rec. Jan. 31
Holders of rec. Fob. 4a
Holders of rec Mar. 22
Holders of rec. June 21
Holders of rec. Jan. 25
*HoMor.s of roc. lob. 9
Holders of reo. Dec. 31
Holdoi-s of rec. Fob. 2')
Holders of re?. Jan. lOi
Holders of reo. Jan. ISa
Holders of reo. Jan. 15
Jan. 21
to
Feb.
1
Jan. 22
to
Jan. 31
Holders of reo. Jan. loo
Hollers of rec. .Ian. 20
Jan.
to
4
Feb. 1
Holders of reo. Jan. 24
Holders of rec Jan. i4a
Holders of reo. Jan. 14'j
Holders of rec. Jan. 1.5a
Holders of rec. Jan. 15a
Holders of rec. Jan. 15a
Holders of rec. Jan. 20
Holders of reo. Jan. 31
Holders of roc. Jan. 20
$2.50 Feb.
1
1'4
Feb. )
•l?i Feb. 1
I'A Feb.
1
I'A Feb.
1
25c Feb. 1
IH Feb. 1
IH Feb. 1
\M Peb, 1
Sl.SO Feb.
1
$3
Mar. 2
St. .'SO Feb. 15
I'i'
Apr.
1
IH
15
15
15
Holders
1
Tan.
l^'.r
15
1
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
IH
1«
Jan.
Jan.
Jan.
Jan.
Jan.
15
15
5
2
3
2
Jan. 22
Holders
Jan. 16
Feb.
Feb.
Fob.
Jan.
Feb
2
•2H
Ilelders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
•Holders of
rec.
ree.
ree.
rec.
rec.
rec.
rec.
reo.
rec.
Feb.
Feb.
Feb.
Feb.
3
2
12
1
Holders of
Feb.
Feb.
Feb.
Feb.
50c
25c
2
(quar.)
(quar.)
(quar.)
(quar.)
&
IH
IH
2
3H
&
pref. (quar.).
Lawrence Flour Mills, oom. (qu.)..
Common (bonus)
Preferred (quar .)
Salt Creek Producers' Assoc. (No. 1)
Extra
Sapulpa Refining (quar.)
Sears, Roobuck & Co., com. (quar.)
Shaw (W. W.) Corp. (quar.)
.Shove Mills (quar.)
Rinc'alr Cons. Oil, preferred (quar.)
SI033 Sheffield Steel & Iron, com. (quar.)
Stafford Mllla (quar.)
Standard Motor Construction (quar.)..
Steel Co of Canada, common (quar.)
Preferred fquar.)
Bteel Products Co., pref. (quar.)
stern Brothers, preferred (quar.)
Preforred (account accum. dividends).
Stewart Mfg., common (quar.)
Preferred (quar.)
Stewart- Warner .Speedometer (quar.)
S'lbmarlno lio.it f^orp
Superior Steel Corp., oom. (quar.)
First and second pref. (quar.)
Swift International
Union Tank Car,
pref. (quar.)
Ist pref. (quar.)
United Drug,
Second preferred (quar.)
United Gis Impt., pref. )quar.)
United Paper Board, pref. (quar.)
(quar.)
United Verde Extension Mining (quar.).
O. 3 Oil Clorporatioo, com. (quar.)
(quar.)
U.S. Rubber, common (quar.)
First preferred (quar.)
Ventura Consolidated OH Fields (quar.).
Va.-Carollna Chemical, com. (quar.)
Wampanoag
Warwick
Mills (quar.)
Mills (quar.)
Washington Oil
Westlnnhouse Air Brake (quar.)
Vestlnghouse Eleo. tc Mfg., com. (qu.).
Wiekwlro-Spencer Steel. 1st pref. (quar.)
Will St Bvunier Candle, com. (quar.)
Wilson* Co., oom. (In common stock) .
Woolworth F. W). 0,0m (quar.)
Holders
Uuldf/a
Holdeiu
Holders
Holders
Holders
Holders
Holders
Holders
Jan. 2k
rec Jan
ree Jan.
ree Feb.
rec Jan.
of rec Jan.
of rec Keb.
of rec. Jan.
of ree. Feb.
of rec Jan.
leb
to
of
of
of
of
Jan. 2S
Holders
Hulders
Holders
Holders
Iloldors
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Hollers
Holders
Holders
Holders
Holders
Holders
Holders
Jan. 26
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Jan, 21
Holders
Holders
Feb
ti)
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec. Jan.
rec Mar,
rec Jan.
r()C
Jan.
Ti-c
Veh
14u
14a
\a
21u
2oa
18
24
15
ISa
20
20
IM
20a
1.5a
1
Feb.
1
Feb. l&a
rec. Jan. 16
rec. Feb. 16a
reo. Mar. 16u
roc. Jan. 15
rec
rec
roc.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Jan 15
Jan 31a
Feu. la
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
to
of rec. Jan.
of rec. Jan.
16a
15a
15u
31
14
31
17a
17a
15a
of rec Jan
of rec Jan. 15a
31a
of rec Mar.
of rec Feb. 14a
of rec Feb. 18a
Jan. 81
to
of rec Jan. 20a
of rec Jan. 81a
Hohlers of rec Jan. 20
Holders of rec Feb.
1
Holders of reo Jan 31
Holders of reo. Apr 30 '31
Holders of reo. Jan 31 '31
Holder8otrec.Apr.30'31
Holdersof rec. July 30'21
Holders of rec. Jan. 22a
Holders of reo. Jan. 22a
Holders of reo. Jan. 31a
Holders of reo. Jan. 22
Holdws of reo. Feb. 6a
Holders of reo. Jan. 21a
Jan. 31
to
Jan. 16
Jan. 31
Jan. 16
to
Holders of rec. Jan. IS
Holders of rec. Jan. 15
Holders ol rec. Jan. 20a
Jan. 31
to
Jan. 25
Holders of roc. Jan. 17
Holders of rec. Jan. 22
Holders of rec. Dec. 31a
Holders of rec. Dec. 31a
Holders of roc. Dec. 31a
Holders of rec. Jan. 15
•Holders of rec. Jan. 25
Holders of rec. Jan. 10
Holders of rec. Jan. 10
•Holders of rec. Jan. 17
•Holders of rec. Jan. 17
Holders of rec. Jan. 18a
Holders of rec. Jan. 31
Jan. 31
to
Jan. 22
Holders of rec. Feb. la
•Holders of ree. Dec. 31a
Holders of rec. Jan. 16a
Holders of rec. Jan. 20
M
f
.
Mar.
IH
IH
Feb.
Feb.
Feb.
Feb.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
1
IH
3
1
12Hc
20
SI
IH
*2
Feb.
IH
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Jan. 22
Hoi lers
Holders
d lolders
•Hollers
of rec.
of rec.
of rec.
of rec.
of rec.
of reo.
of reo.
to
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
reo.
rec.
rec.
reo.
rec.
rec.
rec.
reo.
rec.
rec.
reo.
reo.
rec.
Feb.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
to
Jan. 26
Holders of rec.
Holders of rec.
Mar.
Jan,
Feb.
Feb.
3
25c. Keb.
IH Feb.
IH Feb.
1« Mar.
IH Mar.
hWi Mar.
Feb.
Feb.
SI
Feb.
50c Feb.
IH Feb.
2
Feb.
S1.20 Feb.
iH Feb.
SI
2
Taylor Wharton Iron& Steol, pref. (qu.)
Texas Company stock dividend
elO
Toxa^ Power <fe Ll?ht, preferred (quar.).
\H
TImken-Detrolt Axle, pref. (quar.)
IH
Pref orred
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
SI. 65 Feb.
Motor Car, com.
Preferred
Feb
Mar.
IH
H|)eclal
Hoeond preferred
.Mar
50c.
2H
prof, (quar.)
Lowell in.M'irIc Light ,'(|uar.)
.Mfg. AsWH-lutes (quar.)
Ludlow
Morrltl Oil (qiiar
Feb
2
Extra
Common and preferred (monthly)
H Mar.
Common (payable In common stock). ny* Mar.
Preferred B (monthly)
Mar.
'A
Common and preferred (monthly)
H Feb.
Common (payable In common stock).. flH Feb.
Cities Service.
Ijincttslor Mills,
Feb.
Feb.
Feb.
Feb.
2H
2^
com. slock)
((|uar)..
KoLsoj Whi-ol, preferred (<iuar.)
Krtws (S H ) * c;o.. common (quar.)
(iiavaliitt to
Prelorro'l
l!)a
Cities Service
City Investlns,
Common
Uayi InctusUe.
IH
MUcellaneous (Cuneiitded)
Kelly-.Sprlngfleld Tire. oom. (qeiar.)
Huoks Cloie4.
PayabU
SI
/3
of Company.
Wlien
cm.
Books Closed.
H'/ien
fayabte
Miscellaneous. (ComKnwdAUls-Chalincrs Mfg..
U5
Mar.
*IH Mar.
87 Ho Feb.
IH
Mar.
87 Ho Mar.
IH Apr.
m
luly
2H
F»b
50c. Feb.
'eb
2!^
I
Jan.
2
Jan.
2
50c Feb.
1
Feb.
•3
Feb.
Fob.
3
Jan.
S2
S1.75 Jan.
Jan.
SI
Feb.
2
Keb.
50
IHf
3
Mar.
Mar.
21
to
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Dec.
Jan.
31a
Mar.
1
IS
20
20
20
16a
ISa
1
31a
1
22a
15
31a
17a
3
10
10
I60
15a
15a
31a
25a
31a
22a
16a
la
18a
31
lOo
21
Feb. 5
Jan. 16a
Feb. 16a
Feb. 28a
Apr. li
July
H )l<ler8 of
6a
Jan.
Holders of
Jan. 20
Holders of
Jan. 20
Hoi lers of
Jan. 15a
Holders of
Jan. 15a
Holders of
Jan. 15
Holders of
Jan. 16a
Holders of
Jan. 17
'Holders of
Jan. 17(i
Holders of
Jan. 30
to
Jan. 11
Holders of reo. Deo. 3ia
Holders of rec. Deo. 81a
H ilders of rec. Jan. 2la
H ilders of rec. Fob. la
Holders of reo. Jan. 27a
Holders of rec. Feb. IQa
•Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
rec.
rec.
reo.
rec.
rec.
rec.
reo.
reo.
rec.
rec.
rec.
rec.
reo.
rec.
roo.
H
ruled that stook
• From unofficial sources,
t The New York Stock Exchange has
win not be quotod ex-dlvldond on this cate and not until further notice, a Transfer
books not closed for this dividend. 6 Less British Income tax. d Correction
ft On account
e Payable In stock
9 Payable In scrip
/ Payable In common stock
of accumulated dividends.
I Payable In Liberty or Victory Loan bonds.
r Payable In preferred stock.
/ Payable to holders of record Dec. 31
.
.
.
9
.
.
.
THE CHRONICLE
446
Transactions at the New York Stock Exchange
weekly and yearly. Brought forward from jiago
daily,
450.
—
Week ending
Jon. 28 1921.
Par Value.
.
Friday
York
— No.
BOSTO.V CLEARING HOUSE
52.350,000
39.499, .500
3.972.000
3.628.000
3.258.000
3.231.500
1.047.500
1.059.000
38..S09..500
41..555. 700
43.419.500
1921.
1.229..50O
1.252.000
065,600
S6. 285.500 $36,270,500
Jan.
Jan. 28.
1 to
1920.
1921.
1921.
1920.
15.418.176
$35 270.500
6,255.500
20. .8.50, 500
RR.
bonds..
Total bonds
$63,490,100
5.803.000
$62,406,500
Ac. bonds
.State, iniin.
and inlsc.
$1.272.966.2.50
bank
In
<t
F
Bank
11
$7" .824.600
8..531.500
Baston.
Week endino
Jan. 28 1921
SatMTday
Shares.
$361,124,000
Shares.
Tliureday
Friday
821,000
46,450
28,350
23,900
53,300
23,000
2,437
2,342
4,249
2,608
3,555
2,666
$41,200
93,300
50,500
151,300
98,750
8,000
Total
75,557
$196,000
17,857
$443,050
Wednesday
members
1.097
1,689
1,236
930
$15,000
16 000
20,400
22,000
18,100
44,000
9,208
$135,500
735
3, ,521
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
for the
.534.000'
6.437.000
6,.561,000
(Stated in thousands of dollars
CLEARING
HOUSE
MEMBERS.
Net
\CapUal. Profits
(.000 omitted.) jNafl, DCf. 2C
State. Nov. 15
Jan. 22 1921. Tr. Cos, Nov. 15
Week ending
Members of
Fed. Res. Bank
$
Bk of N Y.NBA
Manhattan Co.
2,000
5.000
Mech A Metals.
lO.OOOl
Bank
5.500
40,000
4..500
nf
America
National City..
Chemical Nat'l.
Atlantic Nat'l..
1
Nat Butch & Dr
Amer Exch Nat
NatBkof Comm
P.iclfic
Bank...
.000!
.300'
5.000!
25.0001
1
.000!
CLEARING
I
NON-MEMBERS
Net
Cash
Jat.bks.Dec.29 Investltatebks.Nov.l5 ments,
^r. cos. Nov. 15
&c.
Jan. 22 1921.
Members of
Bank.
$
1,500
Battery Park Nat.
Mutual Banfe
$
1,096
200
500
200
Co.
Bank
Total
1,162
2,400
W.R. Grace*
Reserve
counts
Week ending
Chath & PhenlHanover Nat'l.
that is, three ciphers [000] omitted.)
Loans,
Capital: Profits.
Dis-
4,461
738
863
in
Vault.
with
Legal
Depositories
Net
Net
Nat'l
Demand Time
Bank
De-
De-
Circu-
posits.
posits.
lation.
.
Average Average Average Average Average Avergae
$
$
$
239
11,404,
1,58,
9,528
22
189
11,522!
291
12,048
188
1,734
29'
3,922
431
2,403
4.58
524
15,265
1,348
8,103
7.919
42,113
1,083
5,098
32,082
8,587
State Banks
Not Members of the.
189
Federal Reserve Banl'
Wash Htf
Bank
450
3,385
15,731
454
209
2,102
1,313
3,389
16,875
53
1,568
700
Total
Trust Companies
Not Af embers nf th(_
Federal Reserve Rank
Hamilton Tr. Bkln
Mechanics Tr, Bay
7.000
3,000
2.000'
6.000'
Corn Exchange.
Imp & Trad Nat
National Park..
East River Nat.
Second Nat'l
First National..
Irving National.
N Y CountyNat
Continental Bk.
Chase National.
Fifth Avenue..
Commerc'l Exch
Commonwealth.
Garfield Nat'l..
Fifth National.
Seaboard Nat'l.
Liberty Nat'l..
Coal
100
600
2,019
19,116
2,5.56|
1..522
20,264
53
&
Iron
Nat
U SMtgeA
Tr-
Guaranty Tr Cr,
Fldel-Int Tr Co.
500
200
1,012
8,935
8,859
705
459
375
516
112
7,506
3,747
5,631
Columbia Tr Cc
Peoples Trustee
New York Tr Cd
Lincoln Tr Co..
1,528
17,794
1,164
487
11,253!
6,311
Metropolitan Ti
Grand aggregate.. 3,800
Comparison previo us weel
Gr"d aggr, Jan. 15
Gr'd aggr, Jan. 8
Gr'd aggr, Dec 31
.
680
Nassau N.Bklyn
79,023
4-409
—2621
8,008 76,614
8,012 78,450
4.800 10,119 94.8.55
5,065!
5,442]
5.9311
8,008
3.800
3,800
4,803i
a U. S. deposits deducted, §1,141,000.
Bills payable, rediscounts, acceptances and other
Excess reserve, $761,720 decrease.
7,107 a63,5P9
14,951
189
—751
+ 107
—5
7,863 a64,350
7,989 a64.383
14,844
14.048
14,769
194
1G5
584
—756
9.196! a78.566
liabilities,
Week ending Jan. 22 1921.
Capital
Surplus and profits
Loans, dlsc'ts & investm'ts
Exchanges for Clear .House
Due from banks
Bank
deposits
Individual deposits
depoRit-s
Total deposits..
33.225.0
90.894.0
685.G43.0
24,152.0
97.685,0
125.235.0
490.488.0
10.417.0
626.140.0
4..500.0
12.997.0
33.S4S.0
427.0
19.0
270.0
18.385.0
339.0
18.994.0
S. deposits (not Incl.)..
Res've with legal deposit's.
Reserve with F. R. Bank..
In vault*..
...
"2.3V6.O
"5l'.25'l"6
13,441.0
Jan. 15
1921.
Trust
F.R. System Companies
"853".6
1.000'
10,000'
12..500
1.000
1.000
15.000'
5001
200'
400'
1.000'
1.000'
1
.OOOl
5.000'
1..500
Farm Loan * Ti
Columbia Bank
Equitable Tr Co
Avge, Jan. 22.
2,000'
25,000'
1.500;
5.000
that 1«, three ciphers (000
I..500I
1.9.58!
5 000
11.0.5P.
2.000
1.61,<;
I2.OOOI 17.8881
Net
Time
NaCl
BatA
Demand
De-
Ctrea-
DeposUt.
pofitt.
Reserve
Loans,
Discount,]
Inve-U-
Cash
ments,
Vault.
in
Ac.
with
Legal
Deposi-
UMtm.
tories.
J
Average Aterage Average
$
S
$
S
44.204
722 4,120
7,179
2,743 14,039
16,672 127..532
198.446
8,708 19,380
16,568
.59. ,367
2,178
0,118
7,106
66,166 .566.143
9,069| 54,2.52
l,407l 14,427
15,460 131.450
428
17.207
1,163
2,117
4,519
11
642
165;
124,343
7,416
1,6.50 11,62<;
33,.51
378,865
2,72
34,776
22,465
1,346
3,437
1,71C
8,424
120,518
14.469
4,93
20,464' 125,341
2,369 15,612
3,379'
36,009
2.202
6.292
9,471' 159,338
6.10c 20.912
40,964
769
3,842
8,883i
23,368' 193,714
1.311 18,917
371
800
11,891
1,741
4,698'
24,079
921
2,937
37,770 313,769
1.0.39 21.744
187„342
10,695
6,875 24,954
366
13,678
896
1,831
798
116
720
7,405
346,415
5,932 34,935
24, 9C
874
3,110
2,319
20,568
8,647
510
1,399
l,05i
8,731
568
804
1,199
17,093
558
2 ,,533
1.622!
816'
311
13,303
1,838
49,325
6,471
4, 7911
1,100
504
8.0541
90,970
8,587
746
1..564'
18,512
1,745
19 184]
412
2,738
1.612
36,330l
762
3.8/8
2.741
I9.6I2: 269,178!
995 29.089
60.4.11
761
6,968
5.143
36.114 515.736! 2,501 44,453
18.244'
472
2,478
1..593
79,0061
1,228
9,902
8.010:
3,000! 11.7191
1.121
2.000]
3.435!
2.000
1.423'
1. 000
omtued.)
1,182
34.4.50
88.0881
23.784
30,400
16,719
117,865
23,206!
171,570!
13.5.53
2.58,328
24,586
104,06'
113.406
40,053
151,132
3,387
3.671
1.407
3.17
18.414
721
3,84-1 4,790
4,0821
2211
14,353' 4,443
20,377!
166,259'
18>,240l
13,470
5.670
260.660
21.191
8.748
13,388'
25'
51
1,847' 5.284
50
614
1,029
90
4,066' 7,131
1,800 2.42a
880'
194
1001
11,4191 I'ore
9.240l
16.5381
13.767
47.9361
64.482
13.00C
20.3SS}
100
I
29,336]
145,605
11,433
386
31'
590'
248
893'
68
2.252' 2,581
403
287,
388
•323
4.942'
10.589'
28..570
*222.877
47.104 10.022
*437.860 31.267
648
17.939
74,6701
32.9201
65.782i
23.509!
24.6621
3.863'
1.192'
1.62S
13.698
*118.995
23.799
*1 59.448
447'
14,729l
172'
11,308'
8.7.56
1,£62
771
1,797
4,436
88,891
234
287
525!
15,53el
3..3.52
539
517
642
468
Average Average AVtft.
$
%
i
762
30.726
2,357
104,203 12,151
147,966
2.951 1,066
53,418
1.187
*509,267 44,7.59 1,466
360
107,442
1 ,657
507
1,130
262.900'472,279 4,986,404| 84,761 516.966 c3.832,936 219,630 34,316
J
—
Members of
City (clearing House
.Jan. 22.
Totals, actual CO TUrtition'ran. 22 4.983.187 81.372 514.038 03.521.848211.1.54 34,407
Totals, actual CO nrtitionjJan. 15 1.963,575 88.773 511.73 C3.9I4 766'230 88S'34..525
Totals, actual co nditlon'Jan. 8 5,051,413 97.74S 529.098 3.962 191 223 516 34,707
8826.000.
Philadelphia Banks. The Philadelphia Clearing House
statement for the week ending Jan. 22 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Tvoo ciphers (00) omitted.
1 ..500!
7.500
1.000
Union Exch Nat 1.000!
1.500!
Brooklyn Tr Cc
Bankers Tr Co 20,000'
700
Total
New York
of the
week ending
Metropolitan
(Stated in thousands of dollars
Cash
5,903.000 I»rf
.
—
—
U.
51.931.000
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
City Non-Member Banks and Trust Companies. Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
Tlmn
51.909.000
The figures for the
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also given:
The return of the Equitable Trust Co. has been included in
his statement since Sept. 25.
Bond Sales
New York
—
.
Baltimore.
Bona Sales.
9,072
11.263
14,904
11.172
15,013
14.133
Monday
Tuesday
of
845,000
—
$279,089,600
Philadelphia.
Bond Sales.
Shares.
rerleral
shows the condilion
BALTIMORE EXCHANGES.
Colonial
51,064,000 Dec.
bank and
Reserve Bank.
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
$167,172,600
20.689.500
9 1.227, 500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Bank
Jan. 8
1021.
S
(
«
S
Circulation
2,479,000 I no
28,000
2,461.000
2.451.000
Loans, dUc'ts A Investments. 601,488,000 Inc. 12.716.000 588,772.000 .592.060.000
Individual depo.slta, Incl. U. S 417.230,000 Inc.
1,468.000 4 15,762, WjO 415.346,000
Due to banks
101,085,000 Deo. C,.548,(K>0 107,633,000 114,920,000
Time deposits
26,407,000 Inc.
839,000 25,.508,000 24,077,00<J
United .State.s Deposits
22. 34.', 000 Inc
11,686,000 10,6,59,000
7,452,000
i;xclianKft» for (;lcarlng House
10. 70'; .000 DfW.
74,5,000 17.451,000 19.649,000
I )ue from other i>anks
57.925.000 Doc.
971,000, 58.896.0f}0 64,145,000
Cash
19 .530.406
$1,748. 702,700
Ponds.
Govenimont bonds
Yorkvllle
Jan. 15
1921.
K(!8orve excess In
3. .545,1 10
2.802.939
$231,966,000 $318. 786. .500
shares...
aharos. par
Fed'l Res.
MEMBERS.
Changu from
prevUmt wttk.
Jan. 22
$732,000
4.411 .000
Weekendinq J«n.2S.
Par value
Bank
—
Mun
.Stock
Krehiinoe.
[Vol. 112.
Boston Clearing House Banks. Wo give below a summary showing the tolal.s for all the items in the Boston
Clearing House weekly statement for a series of weeks:
Foreign
Bonds.
2.802.939 «231. 966.0001 $20.8".0..500
.
Sales at
Sioch.-s
A
Hands.
$28,668,000
39.953.X00
342.200
492.513
498,300
465,725
493.916
510.286
.
Thurmiay.
New
Stall,
<t-c..
Tues'liiy .
WoiliiPStlay
Total.
RatlTuad,
Stocks.
a/iarcs.
.Satunlay
Moiiilay .
1
Jon. 8
1921.
Total.
37.725.0
103.891.0
719.491.0
24.579.0
97,704.0
125, 505
508,873.0
.
10.7.56.0
645.134.0
14,905.0
2.336.0
51.251.0
14.294.0
67.881.0
52.498.0
15.383.0
.S37.725.0
S37. 725.0
103.832.0
720,876.0
24,988.0
98.605.0
127.486.0
513,007.0
9.426.0
650.519,0
15.298.0
2.316,0
51.368,0
14.494.0
68.178.0
52.947.0
15.231.0
103.778.0
716.953.0
30.137.0
107,802.0
131.441.0
524.814,0
9.297
665 552
6.735,0
3,051.0
Total reserve and cash held
3.189.0
64.692.0
Reserve required
2.747.0
49.751.0
Excess rec. & cash in vault
442.0
14.941.0
* Cash in vaults not counted as reservefor Federal Re.serve members.
.53.007,0
14 976
71.0.34,0
53 056
17.978'.0
State Banks. Not Me\mbersof Federal \Rescrve Bank.
2.8.55
2.189
1.919
18,671
Greenwich Bank 1.000
347
2.50
699
848
5.853
Bowery Bank..
State
Bank
2.500'
2.615
73.478;
3,405
19,539
5,784
2.299
50'
.
'
.
31,513' 42,613|
.
'1
5,383
98,0021
6,989
4.835
56,836] 42,663
Totals, actual CO ndition Jan. 22
Totals, actual co nditlon |Jan. 15
Totals, actual co ndition Jan. 8
98,220'
98,221
97,811
6,941
4.814
5.15
4.768
57,49oi 42,632!
58,144 42,705
Avge, Jan. 22..
3,750'
1
7,26r>
7,157
Mem bers
5T.882
42.63C
29,412
16.200
984
Trust Compan
Guar & Tr
Lawyers R A Tr
6.000 12.459
4.000
6.333
Avge, Jan 22..
10,000| 18.793
71,5.54
2,114
4.sr
45.612
1,180!
Totals, actual co ndition Jan. 22
Totals, actual co ndition Ian. 1.'^
8
Totals, actual co ndition Jan
72.6.57
2,152
2,144
2,230
5.224
4.622
4.782
48.122
1,201
1.175
1.103
Title
^rl,
N'nt
of Fe\ceral Re
46.318; 1.199
915
25.236.
70,76P'
70,973,
Bo nk
4-J.535
45.17e!
196
Gr'd aggr. avge 276,650 496,455 5,155,960: 93,864 526.618 f3.935.384l263,473J34,;316
—15,663,-11,012 23.022 —109,992^11,294]—;336
Comparison, pro vious week
Gr'd aggr..
act'l
!.927.46Cl2,54,987l34,407
cond'n Jan. 22 5,1,54,064! 90,465 524.076 63
+21.499—7.712 2.560 —89,985 -19.784] —118
Comparison pre vious week
Gr'd aggr.,
Gr'd aggr.,
Gr'd aggr.,
Gr'd .aggr.,
act'l
act'l
act'l
act'l
cond'n Jan. ir 5.132.5651 98.177 .521 516
cond'n .Tan. 8 5.220.1971107,135 .538 640
cond'n Dec. 31-5,274,45l!ll0.943 534.116
cond'n Dec. 24 5.260.050 111.797 ,551.270
S4 017 445
4
771 34 525
24. 064.749 267.24P 34,707
4.015.520 259,942 34,763
4.004. 067^242. 80934.894
Includes deposits in foreign branches not included in total footing as followe:
National City Bank. ? 106, 5.50. 000; Bankers Trust Co.. $9,160,000: Gu.aranty'Trust
Co.. S112,994.000; Farmers' Loan A Trust Co.. S19. 825.000: Equitable Trust Co.,
S20.566.000. Balances carried in banks in foreign countries as reserve for snob
National City Bank. S53.811. 000: Bankers Trust Co., $534,000:
deposits were:
Gu.aranty Trust Co,. $13,877,000: Farmers' Loan A Tnist Co.. S2. 196. 000: EaultiS.
c Deposits in foreign branches not Included, e
ble Trust Co.. S2. 536. 000.
deposits deducted. S124.013.000. f U. S. deposits deducted. $103,618,000. Bills
payable, rediscounts, acceptances and other liabilities, $1,147,237,000.
V
.
THE CHRONICLE
Jan. 29 1921.]
fiTVl-EMENlTJ
"^^
Ol-
REBICUV E POSl IIUX
CLllAIUNG UOUat; HANKS
Ui"
Cash
Restrte
in
Trust companlts
'-.rill
n<-<-.
31
.
.
u
Reserre
Surplus
Heiiuirtd.
Reserve.
$
Tntnl
Rfstrve.
S
%
t
-
..
9. 103.000 520.618,000 535.721.000 521.942.860
9.273.000 519,640,000 558.913,000 530, 509, 950
9.253.000 558.181.000 507.4 31.000 544,434,09(1
9.388.000 .5.30,497 (100 545,8S5,()OI> 520.798.570
13.778,140
22 343 050
22,999,310
19,086.430
I,.593.
520
89.200
Members
Federal
StAte h:mks*
c-omi)anluii
Toul Jan
22.Total Jan. 15
Toul Jan. 8
Totnl npi-. 31
Noi members
.
b
Total
Reserre
Surplus
Ri serve.
ReiiUlred.
Reserre.
S
10.803.140
1.4O0.S00
%
$
51 4. 038. 000 514.038.000 503.174.800
S
4.814.000
3.224.000
6.94V.660
2.152.000
9,093.000
9.404.000
9.387.000
9.225.000
11.755.000
7.370.000
10.348.290
7.218.300
1.57.700
12.427.040
2.072.390
9.131.530
11.043.SS0
.524.070.000 533.109.000 520.741.300
52 1.5 10.0011 530.920.000 532.992. 3'10
538.0-40. 0011 548.027.000 538.895.470
534.110,000 .43.341.000 .532.297.120
of Federal Re.scrvo
132,040.:iOO
>
630.32«.O0«
4.612,7 10. (.(^J
i;!4 r,',;,l
02:1.2:11,
4
Doe. 11
Dee
t
18
4,fi01.9U'7.!'l
4.5(>0,5'<:( -iMi
4.049,M..',.',i)<'
8,860.670.000
6.860.012.800
5.770.053.400
5.752.205.800
...
•
This Item Includes gold,
Reserve notes.
tenders
silver, legal
Dank.
This Is the reserve rc<julre(1 on net demand deposits In the case of State hanks
and trust cocip.inles. but In the ease of members of the Federal Reserve banks
lnelude.s also amount of reserve required on net time deposits, whieh w.vs .as follows;
.luu 22. S6.5S8.900: .Tan. 15. S6.928.0.80: Jan. 8, SO. 001. 170; Dec. 31, .SO.375.390.
b This Is the reserve rctnilred on net demand deposits In the case of State banks
and tnwt companies, but la the ease of members of the Federal Reserve Hank
Includes also amount of reserve required on net time deposits, which was as follows:
Jan 22 $0 334.020: Jan 15. $0,920,040: Jan. 8. so. 705.480; Dei'. 31. S0.494.4C0.
Bank
Now York
of
100
>
0-.-.
C.JO M'i
400
O-s-1
do
4,565.652.900
4,703,111.800
4. «3S .(542.400
4.521.194,000
4.574.9ij3,(
5.hs3.0;)3.800
Dee. 24
Deo. 81
Jan.
8
Jan. 15
Jan. 22--
.;)
1
1
.i
624,19,5.200
JUl)
.
U.1.1.4
'1
1,
,.,^.J0
131.802.100
ll't 0^7.000
national
Reserve
S
Ki'SiTve bankB
Trust
Rtstrve
in
Depositaries
4.622.925.700
f..
,
-,
,.
..W.I
bank uotaa and Federtf
Bank
of
New
Condition of the Federal
— T\w f(illowing shows the coudilion of the Ft-derai
Actual Figures.
Cash
Reunt in
Deposttaritt.
Demand
DepaaUs.
%
6.871.620.800
5.828.6^4.300
6.813.900.300
5.787.304.000
6.837.829. 1(K)
Nov. 20
Nov. 27
lipc.
12.095.420
Rfserve
tn Vault.
»Talat C4th
in Vault.
Laant and
Intettmentt.
Wttk ended—
516.960.000 510,900.000 504.870..5SO
4,835.000 11.S24 000 10.230.480
d.98'9'.66o
6.841.800
0.931,000
4.817.000
2.114.000
.
^lato busiks*.
Toial Jan. 22.
ToUil Jan. 16
8
Total Jan.
\'uiilt.
lUserce
in
DepositarieD
$
Ufsprve banks-
C30MUINED RESULTS OF BANKS AND TRUST COMPANIES IN
AND TRUST COMPANIES.
Averagei.
M ombtfrs FeJcnJ
447
York.
Kc-serve
at the close of business Jan. 21 1921, in
comi)arison witli the previous week
date last year:
and the corresponding
Jan. 21 1921. Jan. 14 1921 Jan. 2i 1920.
—
S
Resources
Gold and gold certificates
—
Gold Bottlement fund F. R. Bt>ard
Gold with foreign agencies
108.096,848
20,077,091
1,211.100
—
129.985,039
223,489,531
41,000,490
Total gold held bv bsink
Gold with Federal Reserve Agent
Gold redemption fund
«
130,019,091
17.678,317
1.211.100
1.54.908,608
238,063,481
39,000,000
»
137,1«3,»««
fcl.52«,»«»
43.»57,0#»
241.688.000
283,218.000
25,«0U.0<)0
..
..
431,971,939
130,127,970
.546.098.016
682.099,909
596. 016.
303,622.220
626, 47.4. UOO
409.162,687
393.622.220
482,773,0»0
409.590,919
Total rostTves
151,622,055
409.162.687
Ac
.194,475,060
..
Total gold re.scrv<i8
Legal tender notes, silver.
549,V0b.U0O
4b.llU.000
413.051.»78
278.596,000
413,051,978
87,173.705
278.596,000
202,707.000
944.120.113
1.256,800
893.747.W5
964.07(1. OO*
1,286,800
1.457.000
62.118,381
74.756,000
68.71.S.0O0
Secured by Government war obUg'n«:
For members
43.700,000
Less rediscounts for other Fed. Res. Bks.
All other:
State Banks and Trust Companies Not in Clearing
House. The State Banking Department reports weekly
figfures showing the condition of State banks and trust companie.s.in New York City not in the Clearing House, as follows:
For members
—
HUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
IFigures Furnished
b\i
State
Bankino Department.)
k Jan.
i559fi.245.800
Loans and InveetmentB
Gold
Currenoy and bank notes
7.901.600
17.922,000
51.157.500
038.147.300
--
Deposits with Federal Reserve Bank of New York..
Total depo.slts
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies In N. Y. Cltv. exchanges and U. S. deposits
Reserve on deposits
Pereontaee of reserve. 20.7%.
Differences from
previous week.
Dec. S2. 184 000
Inc.
272.000
Dec, 1..375.100
Dec,
Dec,
1.350.100
3.914.700
Dec.
Dec.
7.4.56.400
8.736.200
16.36%
S.50.8.58.900
13.04'"„
8.893,800
05.57'"c
24.382,000
00. .54%
21.93%
S35.010.000
Total
.575,240,900
20.18%
Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Jan. 22 were ?51.157.500.
k The Equitable Trust Co. Is no longer Included In these totals. It having become
a member of the Clearing House and being now Included In the statement of the
Clearing House member banks. The change began with the return for Sept. 26.
•
^_^
Banks and Trust Companies in New York
City.
New York
—The
City Clearing House banks and
tru.st companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
averages of the
The Federal Reserve Banks.
Total
bills
65,360,506
open market
In
on hand
S. Government bonda
S. Victory notes
S. certificates of Indeb(e<lnes8
U.
U,
U.
.sn.ooo
1,007.495.294
4,231,505
Total earning assets
Bank premises
969.760.705 1,034,298,M*
3.094.0M
4,092,534
5%
redemption fund against F. R. Bank
notes
Uncollected Items and other deductions
from gro.ss deposits
All other resources
2.722,760
2,779,510
151, ,581,478
000
151,622.667
1.8P4.187
2,120,850
2,7.5 1.
1,714.249.904 1.712.249,514 1.867.310.000
LiabilUif'.'!—
20,345.250
26.338.550
.50.414.4.50
50.414.4 56
12.:i42,629
681. .541. 688
417.0.52
Capital paid In
Surplus
—
Trust Companies
?20, 122.200
companies
bought
Government deposits
Due to members reserve accoimt
RESERVE.
G«8h
4(39.590.919
Bills
Total resources
5S5.810.000
110.256.900
.-
Stale Bartks
In vaults
Deposits In banks <t trust
22.
OM
Bills dl.scounted:
80.685.005
12.160.311
Deferred availability Items..
Other deposits. Incl. foreign govt, credits
42,84.^.000
—net
792.729.695
793,026.170
7S3. 569.817
976,537.000
800.121.480
761.64.'«.000
30.965.200
8.769.132
Total gross deposits
F. R. notes In actual circulation
F. R. Bank not&s In circulation
38.180.200
7.625.011
50.959.000
10,692.000
11a-
bllltv
All other liabilities
Total
677.402,441
92.946.791
12.803.532
22.397,000
45,082.000
47.571.000
7I8.115.0O0
168.008,000
1.714.249,904 1.712.249.514 1.867. 310.000
liabilities
Ratio of total reserves to deposit and
F. R. note liabilities combined
Ratlo of gold reserves to F. R. notes In
circulation after deducting 35% against
•
3S.1%-
40.6%
.39
5%
43.9%
deposit liabilities
Ratio of reserves to net deposits after deducting 40% gold reserves against F.R.
35.7%
41.5%
S. 100,030
1.079.450
notes in circulation
Contingent
for foreign
liability
on
bills
purchased
correspondents
—
Following is the weekly statement issued by the Federal Reserve Board on Jan. 22.
system as a whole are given in the following table, and in addition we present the results for seven preceding weeks, together with those of corresponding weeks of last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks. The comment of the Federal Reserve Board this time consists entirely of a review of the operations of the
Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board says:
The
figures for the
Further reduction by 44.2 millions in FefJeral Reserve note circulation,
accompanied by a gain of
10. .3 millions in gold
and of 12.7 millions
in total
cash reserves, as against an increase of 33 millions in deposit liabilities. Is
indicated by the Federal Reserve Board's consolidate d weelily bank statement issued as at close of business on Jan. 21 1921 ~
!*• During the week the Government"aIlotted over 310 millions of Treasury
loan certificates. The effect of this operation is seen in an increase of 33.5
millions in the Reserve Bank holdings of discounted paper, largely paper
secured by U. S. obligations. On the other hand, holdings of purchased
bfllfi show the unusually large decrease of 35.5 millions, while those of
Trea-siu-y certificjites. following the redemption of the special certificates
held by four Reserve Banks, show a f;i.lling off of about 25 millions. Total
earning assets, in consequence of the changes just noted, show a decrease of
27 millions and on Jan. 21 stood at 2.941.5 millions.
"
Of the total holdings of 1,056.1 millions of paper secured by U. S. Government obligations. 615.7 millions or 58.3%. were secured bv Liberty and
other U. S. bonds; 282 millions or 26.7% by Victory notes, and 158.3
millions or 15.% by Treasiu-y certificates, as against 598.7. 287.8 and 138.1
millions reported the week before.
Discounted bills held by the Boston.
Philadelphia and Cleveland Banks are shown inclusive of 61.6 millions of
billB discounted for five Reserve Banks in the South and Middle West,
.
.
compared with 77.7 millions shown the week before. wbDe the total of
purcha.sed bills held by the Boston and San Francisco Banks is inclusive
of 11.7 millions of bank acceptances purcha.sed from the New York Reserve
Bank.
Government deposits are shown 23 .6 millions larger and reserve deposits
8.9 millions larger than on the previous Friday, while other deposits,
composed largely of cashiers' checks and non-member banks' clearing
The "float
accounts, show a reduction for the week of 2.3 millions.
carried by the Reserve banks and treated as a deduction from immediately
-^ a
available deposits is shown 2.8 millions less than the week before.
consequence, calculated net deposits show an increase f r the week of
—
about 33 millions.
Federal Reserve note circulation shows a further reduction for the week
of 44.2 millions, as compared with a reduction of 110. 5 millions for the
previous week and a reduction of 5.7 millions for the corresponding week of
Since Dec. 23 of the past year there has bo<in a decrease In
last year.
Federal Reserve note circulation of 289.6 millions. comp:ired with 213.4
The last week also
millions during the corresponding weeks in 1919-1920.
saw a decrease of 5 8 millions in Federal Reserve Bank note circulation
As a result mainly of increases in capitalization of member banks in the
Chicago and St. Louis districts the paid-in capital of the Reserv.e banks
shows an increase of $147 ,000 for the week under review.
Combined Resources and Liabilities of the Federal Reserve Banks at the Close of Business Jan. 21
Inn. 21 1921
RESOURCES.
.Gold
Total gold held by banks
<~old with Federal Ileserve agents..
Gold redemption fund
. .
Jun. 7
1921
Dec. 30 1920. Dec. 23 1920, Die. 17 1920. Pec. 10 1920
Dec. 3 1920.
S
gold cerilllcates
Gold settlement fuml. F. R. Board
Gold with foreign agencies
an:l
Total gold reserve
Jan. 14 1921
.
220.239.000
421.325.000
3,300.000
247,305.000
39:1.173.000
2.50.131,000
40r.fi44.000
3.300.000
3.300,000
203,952.000
350.244.000
3.300.000
1921.
Jan. 23 1920.
S
220. 347.
OM
194.869.000
410,917.000
67,745.000
201.131.000
38S.743.0O0
67.864.000
673.531.000
273.749.000 •200.494.000
363.723.000
3.53.80 0.1 KH
3,300.000
07.745.000
657.738,000
779. 168. 000
.210.503 .oro 1,104.204.000
170.733.000
151.177.000
1. 126.261.000
623.490.000
640,772,000 •622.105.000
644,864,000
043.8.38,000
6o!5 ,079,000
1.286.304.000 1,265, .558 .000 1,204,702,000 1,270.214.000 1,2.53.492.000 1.209.725.000
101.538.000
151.5.?5.000
164.601.000
150,441,000
159.023.000
170.058.000
1
2.095,769.000 2.085.454.000*2.080.282.000 2.0.59.333.000 2.055.802.000 •2042 308 000
2 (I.i5
441.499.000
117.322.0M
121.221.0M
1~} niM\ 2.022.675.0«0 2.«J6.b50,eO«
—
.
.
THE CHRONICLE
448
Jan. 21 1021. Jan. 14 1021
Legal tender notes, silver, tec.
196,666,000
Dec. 30 1920 Dec. 23 1920. Dec. 17 1920 Dec. 10 1920
189.830,000
180.982.000
180,100.000
Dec. 3 1920. Jan. 23 1920.
177.136.000
61.246,000
176,620,000
2,301.251,000 2,288.538.000 2.276.848.000 2,249,163,000 2,236,764,000 •2222468,000 2.212.407.000 2,198,196.000 2.087,896,000
Totiil reBervea
mils (Ilsnountrrl.
.Secured by Ciovt. obligations
All other
BIllB bought in open market
1,050.117.000 1.024.007,000 1.104.530.000 1,141.036.000 1.177.203.000 1.16».»74.0(fl 1.169.244.000 1 160.685.WX) I,.186..^4«.00«
42r,,fll2,()()0 1,424, 933, 0(K) 1.502.813.000 l.57H.098.0rX) I..5.54.42S.000 1.4. 7.775.000 1.547.505,000 1.616,1IR.(XX)
7<.7,l 10,000
2fi5.702.0(W
203,412,000
234.759.000
107.950,000
241.I67.(KJ0
234.009.000
244,690.000 243.055.000
575,789,000
2 .CIO .979, 000 2,052,952.000 2,842,108.000 2.974,836.000 2.972.8.58.000 2,831,.'' 58.000 2,961. .529.WK) 3.019.866.000 2,729,247.000
25.8H8.000
26,102.000
26.859.000
25,899,000
26,859.000
26.859.000
26.857.000
28.867.000
27,0.16,000
IC.OOO
69.000
19,000
19.000
09.000
69.00f)
69,000
69.000
64.000
261.263.000
261.785.000
204,031,000 289,686.000
281.253.fKXJ
365.5.55.000
328,294,000
287.010,000
276,765,000
_
S. oertlflcntcs of Indebtedncea.
tJ.
203,084,000
205.482.000
Total bllla on hand
U. S. Government bonds
U. 8. Victory notes
Jan. 7 1021
[Vol. 112.
Total earning assets
2,941. .528.000 2,908.544,000 3,130.014.000 3.263,027,000 3,281,039.000 3.223.841.000 3,316.749,000 3.333,762,000 3,03.1,112.000
Bank premises
18,460,000
17,955.000
17.359,000
18.215.000
18,168.000
17.9.52.000
17,658.000
17,456,000
10,493,000
0Doollected Items and other deductions
from gross dopoaltsA
717.227.000
706.7B5.000
744,111.000
007.141.000
_.
761.005.000 •902.042.000
666.605.000
734.623,000 1,022.633,000
12.389.000
12.752.000
5% re<lerap. fund agst. P. R. bank notes
12.799.000
12.680.000
12.652.000
12. .5.30 ,000
11,387.000
12,197,000
12,1.10,000
AU other resources
8.898,000
4.998.00C
6.112.000
6.184,000
8.417.000
8,430,000
8.332.000
7,716,060
5,483.000
Total resources
5,946,999,000 6,000.713,000 6,185,719,000 6,269,617,000 6,318.035,000 6.387,263,000 6,233.038.000 6,303.879.000 6,i71,747,«
LIABILITIES.
99,770.000
99.808.000
99.815,000
99,962,000
99.458,000
99,275,000
99.174.000
99.140.000
87,589,000
164.745.000
2O2.036.00C
202.030.000
202.036.000
164.745.000
164,745,000
164.746.000
164.745.000
120.120,000
27.6.39.000
Oovernment deposits
25.592.000
32,603.000
8.970.000
26.049.000
.53.173.000
28, .394 ,000
60.688.000
90,448.000
Due to members, reserve account
1,765.225.000 1,750.325,000 1.795..343,000 1.748.979.000 1.721.391.000 1.738.826,000 1.758.967.000 1.763.8'22.000 1,859,149,000
522.638.000 539.261,000
l>eferr(Hl .availability Items. _
532,550,000
509,4,52.000
472,016.000
014,100,000
616,934,000
651.529.000
795,782,000
22.161.000
Other deposits. Incl. for'n gov't credits..
25,158,000
27.404.000
25.204,000
23,652.000
38.471.000
24,511.000
25.742.000
95,097,000
Capital paid lu
Surplus
Total gross deposits
2.295.648,000 2.302.211,000 2,378,649,000 2.321,417.000 2.310.353.000 2,444,636,000 2.328.806.000 2,401.781,000 2.840.476,000
F. R. notes In actual circulation..
3.115.310.000 3.159.491.000 3.270.023.00C 3.344.086.000 3,404.931,000 ;;, 344, 332 ,000 3.311.842.000 3.312,0.39 .OiX) 2,844.227.000
F. R. bank notes In circulation net Uab.
210.900.000
21.3.552.000
213.177,000
218,832,000
207.305.000
217,434.000
214.523,000
214.939,000
254.84.1.000
AU other llabUltlea
121.939.000
21.651.000
23,983,000
20.678.000
119,716,000
116,841,000
113,948.000
111,236,000
24.492,000
—
Total liabilities
5,946.999,000 6.000.713.000 6.185.719.000 6.269,617,000 6,318,035,000 6.387,263.000 6,233,038.000 6,303,879,000 6,171,747,000
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
44.9%
42.4%
43.8%
45.4%
46.4%
44.1%
43.1%
44.2':i,
43.5%
Ratio of total reserves to not deposit and
F. R. note liabilities combined
46.4%
46.4%
48.1%
45.1%
•45.6%
48.5%
44,6%
44.1%
44.8%
Ratio of gold reserves to F. R. notes In
circulation
after
setting
against net deposit
35%
aside
—
Distribution by MatuHHes
1-16 days bills bought In open market
1-15 days bill discounted
1-16 days U. 3. certif of indebtedness
16-30 days bills bought In open market
16-30 days bills discounted
16-30 days IT. S. certif. of indebtedness
%
,409.471 ,000
1.443.330
4,802
47,008
.
30.305 ,000
46,649 ,000
232.971 ,000
1.500 ,000
72.236 ,000
458,930 ,000
8,839 ,000
15.785 ,000
288,159 000
8.920 ,000
60.003 ,000
240.121 ,000
251, .587
31-60
91-60
31-60
61-90
61-90
61-90
days bills bought In open market
days bills discounted
days U. S. certif. of Indebtedness
days bills bought in open market
days bills discounted
days U.S. certif. of Indebtedness
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Federal Reserve
S
68.742 000
58.9.54
2,500
53.030
434.432
12,296
8,958
297.735
8.138
55,945
236,895
49.8%
50.6%
s
S
S
87,030 ,000
79,109.000
80.304.000
70.370 .000
,532,488,000 1,632.885 ,000 ,608,042,000 1.540,172 .000
10,924 .000
6,219.000
.30.910.000
117.908 .000
64,745 .000'
54.075.000
63.995.000
61.770 .000
238.822.000
280,406 .000
320.421.000
291.146 .000
3,446 .000
4.000.000
3.120.000
3,133 .000
76,805 .000
76.509.000
75.119.000
85,226 ,000
430,676 000 405.606.000
449.929,000
401,966 000
4,499 000
7.013.0O0
41.950.000
4„50O .000
27,122 .000
25.O66.0OC
21.749,000
17,243 .000
320.198.000 311,619 ,000 328.397.000
278,583 .000
9,492 .000
30.177.000
8.953.000
8,886 ,000
65.912.000
63.548 ,000
69,225.000
60.882 ,000
232,902 .000
214,376,000
196.320.000
231.128 .000
49.2%
48.8%
51.0%
S
82,072.000
78 942.000
.644.746.000 1.694 523.000
60.382.000
41 417.000
60,706,000
67 390.000
264,308,000
262 847.000
10,216,000
8 859, 00
86.765.000
89 841.000
483.727.000 498 665.000
14.398.000
7 166.000
16.147.000
16 .882.000
268.111.000
269 ,328.000
11.499.000
4 ,999.000
55.947.000
61 ,438,000
231,799.000 224 ,669.000
122.411,000
,328,917,000
11,293,000
116. 004, MO
217.142.000
5.136.000
229,157,000
298,901,000
10,868.000
108,217.000
288.04.1.000
6,100,000
20,455,0«O
243,368,M0
Notes—
Outstanding
Held by banks
599,708,000 3.678,024,000 3,738.880,000 3.755.246.000 3.682.755.000 3.677.562.000 3.664.949.000 .1,146,156.000
394.194.000
408,001.000
440,217,000
350.315.000
338,423.000
366.720.000 362.910.000
301,929,000
3,563.197
447,887
In actual circulation
3,115,310 3,159,491,000 3,270,023,000 3.344,086,000 3.404.931,000 3,344.332,000 3.311,842,000 3.312.039.000 2,844.227,000
Fed. Res. Notes (.Agents Accounts)
Received from the Comptroller
—
8,360,200,000 8.295.941,000 8.220,880.000 8,160.540,000 8,107,880.000 6,172,260,000
3.982,941,000 3,950,790,000 3,927.571,000 3,876,734,000 3.845.942.000 2,645.496.000
Returned to the Comptroller
-Amount chargeable to Fed. Res. agent
In hands of Federal Reserve Agent
"
4.297.880 4,324,642,000 4,364.698.000 4,377,259,000 4.345.151,000 4,293,309,000 4,283.806.000 4.261.938.000 3,526.764.000
686.674.0C0 638,379.000
724,934.000
610.554.000
606.244.000 596.989.000
734,683
589.905,000
380.608.000
3.563,197 3.599,708,000 3.678.02^.000 3.738.880.000 3,755.246.000 3.682.755,000 3.677,562.000 3.664,949.000 3.146,156,000
Issued to Federal Reserve banks
—
How
By
By
60.6%
62.1%
54.8%
55.6%
liabilities
Secured
gold and gold certificates
eligible
266.926.000
264.926.000
266.426.000
266.485.000
266.426.000
267,426.000
206,386
267,726.000
246,148,000
2,276,893 2.334.150,000 2, 4 13, 262 .COO 2.462.666.000 2,501.754.000 2.413.030.000 2.466.999.000 2,470,746,000 2,019.895,000
106.477.000
118.596.000
112,396.000
109.350.000
118.075.000
116,821.000
123.884,000
109.247
91,979,000
891,359,000
892,692,000
886,677,000
877.710.000
885,224.000
826,316,000
802,594.000 788,134.000
910.671
paper
Gold redemption fund
With Federal Reserve Board
3.563.197 3,599,708.000 3.678,024.000 3.738.880.000 3.755.246.000 3.682.755.000 3.677,562.000 3,664.949,000 3,146,156.000
Total
Eligible pangr dpltvered to F.
R. Agent
2,598.204
2. 506. .566 .000 2.773,4.50.000
2,893.005.000 2.892,008,000 2.746.666.000 2.898,604,000 2,929,842,000 2,667.810.000
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Two
ctp/iers (00) omitted.
Federal Reserve
—
Bank of
Boston.
RESOURCES.
New
York.
PMla.
Cleveland.
St.
Louis. Minneap.
Dallas.
San Fran.
TotaX.
33,040,0
44,379,0
13,399,0
12.287.0 92,263.0
59.474.0 211.300.0
8.841.0 26.247,0
26,206,0
52,370,0
6,984.0
17,179,0 28,378,0
26,145,0 30,058,0
2,887,0
4,608,0
10,607,0 55.281,0
644,864,0
21,752,0 139.535,0 1,286,304,0
6.900,0
164,601,0
9.831,0
394,475.0 214.543,0 308,802,0
705,0
2,707,0
151.623.0
90,818,0
1,218,0
80.602.0 329.810.0
3,858,0 15.640.0
85.560,0
6.255,0
46,211,0
518,0
72,044.0
2.380,0
39,259.0 204.647.0 2.095.769.0
5.10S.0
1.461,0
205,482,0
546,098,0 215,248,0 311,569,0
92,036,0
84,460.0 345,450.0
91,815,0
46,729,0
74,424,0
44,427.0 200,108,0 2,301.251,0
67,000,0
93,669,0
20,143,0
46,967,0
63,620,0
4,859,0
.58,301,0 138,.530.0
40,600,0
03,720,0
948,0
18.585,0
62.065.0
276.0
37,572,0
73.622,0
1,888,0
15,964,0 43,634,0 1.056,117,0
54,065.0 108.391,0 1,420.012,0
122,0 31,138.0
167,950,0
80,926,0 113,082,0
116,0
8,867.0
12.821.0
70,151,0 183,163.0 2,650,979,0
3.979,0
1,872,0
25,899,0
19,0
264.631,0
S. 300.0
12.143,0
89.522.0 134.771.0
590.0
1.282.0
82,430.0 197.178.0 2.941.528,0
18,215,0
1,718,0
389 .0
129.985,0 62.605.0 119,751,0
223.490.0 141,181.0 175,827,0
41,000.0 10.757.0 13,224,0
Total gold reserves
Legal tender notes, silver,
228,998,0
13,889,0
Total reserves
242,887,0
discounted: Secured by Government obligations (a)
70,474,0
All other
63,714,0
Bills bought In open market (b) ..
17.746,0
S
108.697.0
20.077,0
1.211.0
S
8.683,0
3.485.0
119.0
$
S
985,0
;, 105,0
89,0
Kan.CUy
4.925,0
21,120,0
155,0
Total gold held by banks
57,282,0
Gold with Federal Reserve agents 151,793,0
Gold redemption fund
19,923,0
Ac
Chicago
21 1921
S
28.049.0
03.821,0
393,0
S
5,250,0
27,628,0
102,0
11,629,0
45,412,0
241,0
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN.
Richmond Atlanta.
5.435.0 10,261.0
56.906.0 109,220,0
270,0
264.0
Gold and gold certificates
Gold Settlement Fund, F. R. B'd
Gold with foreign agencies
12
:,
S
3,668,0
24,552,0
158,0
S
6.643,0
3.878.0
80,0
%
IS.014,0
37.115.0
152.0
S
220,239,0
421,325,0
3,300,0
Bills
Total bills on hand
151.934,0
V. 8. Government bonds
5.50,0
U. 8. Government Victory notes
5,0
O. 8. certificates of Indebtedness 2 1..505.0
409,163,0 108,721,0
469,591.0 33,173.0
8,689,0
65.367.0
69,320,0 271.972.0
3,304,0 13.470.0
944,121,0 150,583,0 181,408,0 115,446,0 130.925,0 423,972.0 105,268.0
1,233,0
114,0
4.490.0
1,153.0
834,0
1,434,0
1,257.0
10,0
02.118.0
30.878.0
23,799,0
12,262,0
3,0
16,605,0
1.0
39.668.0
15.992.0
Total earning assets
173,994,0 1.007,496.0 182,895.0 206,051.0 128,941.0 147,707,0 468,130.0 122.413.0
Bank premises
1,397,0
541.0
2.534.0
542.0
1,542,0
2,949,0
4,231.0
500,0
Onoollected Items and other deflnctlona from gross deposits.. 41,344.0
151,582.0 02,397,0 60,643,0 58,667,0 33.217,0 77.842.0 34.442.0
S% redemption fund against
623.0
Federal Reserve bank notes.
601,0
596.0
1,963.0
1.072.0
1,239,0
2,723.0
1,300,0
711,0
389,0
other resources
319,0
472.0
427.0
124.0
113,0
2,121,0
Total resources
8.480.0
16.338.0
47,035.0
41,925,0
41,699.0
667,141,0
396.0
112.0
916.0
280.0
586,0
634,0
665.0
482.0
12,680,0
6,184.0
462,673,0 1,714.251.0 462,464,0 581,157,0 281,971,0 206,993.0 890.0,30,0 250,224,0 1.53,eS7,0 2.58.708,0 171,720,0 446.521.0 5.946.999.0
LIABILITIES.
4.414,0
8,346,0
1,855.0
66,038,0
32,717,0
613,0
Capital paid In..
7,739,0
Surplus
15,711,0
Government deposits
736,0
Due to members, reserve account 116,766,0
Deferred availability Items
33,649,0
0th deposits. Incl. for Govt. cred.
557.0
8.494.0 10.667.0
50,414.0 17,010,0 20,305.0
12.343.0
1,527,0
2,330.0
681,542.0 105.719,0 152,650.0
86.685.0 42,206,0 48.9S9.0
12.160.0
1,127.0
545,0
Total gross deposits
151,708.0
P. R. notes In actual circulation. 266,770.0
F. R. bank notes In circulation
792.730.0 150.579.0 204,514,0 102,478,0 69,239,0 300.340.0 101,223,0
793.026.0 263.141,0 322,181,0 151,774,0 169.209,0 512,612,0 126,468,0
.
.
Net liability...
All other liabilities
Total
Ilabfll ties.
20..346,0
5,272,0
10,561,0
2,557,0
58,824.0
40,694,0
403,0
14.028.0
28.980,0
2,901,0
47,7.59,0 245,704,0
20,246,0 49,604.0
2.071,0
273.0
4.028,0
8,343,0
961,0
4.452.0
9.159,0
2,055,0
78,944.0
42,859,0
388,0
4,103,0
99.962,0
6.962.0
202,036,0
6,033,0 14.194,0
32,603.0
1.718,0
2,271,0
48,525.0 118,783.0 1.765,225.0
472,616,0
28.416.0 32,479.0
25.204.0
364.0
6,311,0
.59.724.0 124,246.0
79.023.0 159,844.0 2.295.648,0
74.417.0 255,304.0 3.115.310.0
3.457,0
6,980,0
1.2S9.0
43,971,0
14.072.0
392.0
75.020.0 105,388.0
8,424,0
1,793,0
207.365.0
26,678.0
462.673.0 1.714.251.0 462.464,0 581.157.0 281.971.0 266.993,0 896.630.0 250,224,0 1.53.687.0 2.58.708.0 171.720,0 446.521.0
946.999.0
19.301.0
1.384.0
36.965.0
8,770.0
21,901.0
1.339.0
21,936,0
1,554,0
11,023,0
863,0
15.024.0
1.150.0
36.141.0
4.529.0
8,696,0
1,077.0
7,478.0
1,028.0
13,495.0
1,968,0
6.921.0
1.223,0
THE CHRONICLE
Jan. 29 1921.]
Ticu ciphers (00) oinltled.
LIABILITES (Concluded)—
Ratio of total rtMerveii tu net deposit and K. K. uoto llblllti(»
combinod por sunt
New
Iloston.
S
York.
.
MeTnoranda—CoulUiKeiM
llabllliy
r(Hlliiuouiit«U
Fhlla.
C'leeelaiui.
UlchmoruJ
S
*
t
S
01.3
3S.1
04.4
as (^ndors er on:
Dlsoounled papur
with othor !'. n. banks
Bnkera' ui;c<-i)taMce3 sold lo other
F. U. banks without ondorsein't
ContlnRent llab. on bills pureh.
l,ir>8,0
for lorelfin corresimndents
(a) Ineludes bills dl8eounte<l for
other K. R. banks, viz
9.844.0
bouL'ht fr
(b) Includes bunkers' aeceptancea
Without thelrt»ndop!ienient.
fl. 049.0
Chicago. SI. LouU. .Vinneap. Kart.CUy.
Altarua.
i
47
)ir>.9
s
t
4
1
449
1
784.0
.'.70,0
408
.^9.8
5,553.0
23,194,0
11,747.0
100,0
om
other
!•'.
1.280,0
1.312,0
5, 99 1.0
S.
432.0
752.0
1.904,0
768,0
736.0
18.226.0
(il.5MI.0
U. banks
fi.fWH.O
Boston
Federal Reserve Agent ai-
Xew
York
PhUa.
RUhmd
Clett.
.illanta
S
S
—
S
$
S
Kesources
(/n Thousands of Dollars)
$
1()K.(MK)
130.580
27,840 .50,440
Federal Re.serve notes on hand
280,200 1.025.201 70,429 345, .524
Federal Reserve notes outstanding
Collateral swurlty for Kedoral RoBorve notes outstanding:
5,600
209,008
22,775
Gold and gold certlfleates
ir>,193
12.882 14.792 18,052
Gold redemiHIon fund
130.00(1
1 .000 120,.'i89 135.000
(iold sottlement fund
Fwleral Reserve Board
128,407
23,527
reijulrod
Excess amount held
Chicago
l."iS,7I4
%
141.480 27,180
584 ,055 140.224
77.S,'iO
I73„503
2.474
53.500
114.029
15,849
201,145
372,755
51.094
747,0
.50,211
.399
23,012
1 1
Fr
.San
Total
^
8
734,6*3
50,180
304,979 3,503,197
t
206.36^j
13,052
1,893
1 1
Dallas
5,510
70,350 112,725
1
93,8.54
10.155
(HIV
%
S
1 ,000
5.900
2.979
43.431
3.500
801,711 135,248 109,0!
113,597
8,083 11,388
Minn. K.
St. L.
11
21 1921.
t
27,05s
—
\
41C.0
45,71)4.0
ST.\TEMEVr OK FEUER.\L RESERVE AGENTS' ACCOUNTS AT CLO.SE OF BUSINESS JAN.
paper/Amount
4S.6
55 2
11.747.0
,
Eligible
t
5.792.0
22.0li(»,0
Totai.
<
t
39 5
47.5
47
:'
5.000.0
S
SanFran
DatUu.
109,247
19,123
910,671
120,412
165,444 2,276,893
321,311
10,026
3,698
35,300
73,007
39,173
.200
714,507 2,331,999 588,781 752,870 348,197 440.705 1.360.684 331,027 187.984 270,133 187,331 670,164 8,182,388
Total
Llabmtles
—
Net amount
of Federal Reserve notes received from
410,780 1.193,201 .504 ,209 .195.904 l.Sa,372 251,3.-.3
Comptroller of the Currency.-.
151.793
223,490 141,181 175,827 44,379 59.474
Collateral received from
Gold
151.934
915,308 143,331 181.085 1 15,440 129,878
Federal Reserve Bank; Eligible paper
211.3(K»
423,849 105.2,53
714.507 2.331,999 588.781 752.870 340.197 440,705
Total
88,016 118.235
20.145 39,058
73.823 112,840
173,404
52,370
72.';, .535
(
1
,.360.684
92
95
3.55 .159
4,2&7,8S0
21.7.52 139,535 1.280,304
69,987 175,470 2,598,204
331,027 187,984 270.133 187,331 670,164 8,182,388
280.200 1,025,201 276,429 345,.524 158,714 173, .-.OS
13,430
232,175 13,288 23,343
0,940
4.294
Federal Reserve notes In actual circulation.
584 .055
71.443
70, .3.50 112.725
7.337
1 ,330
79.287 304,979 3,563,197
447,887
4,870 49,675
260.770
Reserve notes outstanding
Federal Reserve notes held by banks.
Fe<leral
512.612 120.468
75.020 105.388
74.417 ?55,304 3,116,310
793.020 203.141 322,181 151.774 109,209
—
Member Banks of the Federal Reserve System. Following is the weekly statement issued by the Federal Reaerve
Board giving the principal items of the resources and liabiUties of the Member Banks. Definitions of the different items
in the statement were given in the statement of Deo. 14 1917, pubUshed in the "Chronicle" Dec. 24 1917, page 2523.
STATE.nENT SHOWINQ PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKSIN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTMERIREPORTINQ BANKS AS AT CLOSE OF BUSINESS JANUARY 14 1921.
banks total accommodation at the local Reserve Bank shows a decrease
week of 788 to 719 millions, or from 14 3 to 13. 2% of the total loans
and investments of these banks.
Since Oct 15 when the peak figure of 17,284 millions was reached,
total loans and investments of reporting banl^ declined by 844 millions,
or by nearly 5%
During the same period their borrowings from tlie
Federal Reserve Banks declined from 2.249 to 1.895 millions, or by nearlF
16%. Government deposits show a decrease for the week of 40 uiillioDa.
other demand deposits (net) a reduction of 19 millions, while time deposits
went up 25 millions. At the New York City banks there were reductione
of 18 millions in Government deposits and of 47 millions in other demand
*
deposits, as asainst an increase of 4 millions in time deposits.
lieserve balances of the reporting banks declined about 40 millions, the
Now York banks reporting a reduction of this item by about 17 milltozifi.
Cash in vault, in keeping with the continued return flow of currency to the
Federal Reserve banks, shows a decrease of about 20 millions for all repprting banks and of about 9 millions for the member banks in New York City.
in loans and discounts, accompanied
accommodation at the Federal Reserve
Banks, are Indicated in the Federal Reserve Board's consolidated weekly
statement of condition on Jan. 14 of 829 member banks in leading cities
Holdings of Government securities show further declines: U, S. bonds,
including Liberty bonds by 9 millions. Victory notes by 4 millions, and
Treasury certificates —-by 6 millions, while holdings of other securities show
an increase for the week of 23 millions, notwithstanding a reduction under
this head of 12 millions reported by the member banks in New York City
All classes of loans show substantial reductions for the week: loans secured
by Government obligations by 34 millions; loans supported by corporate
securities
by 40 millions, and other loans and discounts by 92 millions
For the New York City members corresponding reductions of 22, 35 and 13
Aggregate reductions of 167 millions
by a decrease of 155 millions
—
—
—
—
for the
in total
—
millions are shown.
Accommodation of the reporting banks at the Reserve banks shows a
decline for the week from 2.050 to 1.895 millions, or from 12. 3 to 11. 5%
of the bank's aggregate loans and investments.
For the New York City
I.
Data
for all reporting
member banks
Federal Reserve District
Number
of reporting
Boston.
banks
In each Federal Reserve District at close of business
|A^eMi
49
Loans and discounts. Including bills re
discounted with F. R. bank:
Loans sec. by U. S. Govt, obligations..
Loans secured by stocks and bonds..
All other loans and discounts
Total loans and discounts
U. 8. bonds owned (excl.of bds.borrowed)
U. S. Victory notes
U. 8. certlflcatee of Indebtedness
Other bonds, stocks and securities
York Philadel. Cleveland.] Rtchm'd.
114
S
47,587}
I
59
$
392,089
S
76.074
191,365
409,841
67,083
339.183
708,339
193,463 1,290,060
681,1403.236,226
922,1904,918,980
33.184 300,070
6,005
90,547
13,092
128.039
128,271
731,469
& Investments, incl.
with F. R. Bank
1,103.710 6,169,337
Reserve balance with F. R. Bank
79,993 621,0021
Cash In vault
24,.595
125,025
Nat demand deposits
783,508 4,895,677i
Time deposits
172,871
477,141
$
Atlanta.
84
89
602.4.52
35,001
17,491
332,965
113,009
25,699
36
Minneap. Kan.
Louis.
City
(000)
Dallas
omitted.
SanFran
Total.
829
69
37
35
82
52
26,911
123,590
16,0.56
37,847
247,776
25,058
77,747
424,891
S
9,638
38,655
236,006
$
S
31,919
834,813
152,943 3,067,631
815,114 9,233.810
300,079
10,116
1,360
505
19,646
527,096
34,591
4,999
5,936
55,504
284,299
36.360
2,927
999,976 13,136,254
889,783
99,739
201 ,'236
15,629
12.116
222,100
172.798 2,010.709
628,726
43,981
14,819
400,281
110.708
336,100
22,748
l,508j
338,306
19.132
8,637
187,780
70,007
87+
629
396
2,729
78,465
16,515;
0,408
16,326
10,686
10
22,489
75
539,603
1,414
5,559
57,177
1.934
20.757
0,200
226,601
74.306 1.126,948
$
483,075
95,238
99,454
36,380
908,435
Three ciphers
192L
26,501
87.456
60.970 448,153
355,265 1,416,262
340,585
,531,930
St.
14
114
46
S
29,441
113,049
677,280 1,114,005
97,054
44,905
11,189
20,199
11,810
11.835
157,517 287,637
Chicago.
January
362,3661
442,736 1,951.871
40,307
78.395
4,362
33,986
2,654
26,043
36,402 298,168
512,8671
526,4612,388,463
29.736
187,271
13.402;
60,814
611,638|
243.481|1,340.089
146,684 662,190
6,118
735i
7,081
5,313
47,145
S
$
332,697i
147,760l
29.224
2,3.52'
1 ,974
65,221(
1,961
10,563
Total loans, dlse'ts
bills re lIscounte<l
Government
0,451
39,.588
902,701
63.907
18,405
001,750
37,003
6,227
19,525
255,136
46,255
deposits
pajable with F. R. Bank:
Secured by U. S. Govt, obligations...
403,1.'54
11,394
1
.800
43,014
9,903
11,505
213,907
59,712
,300,258 16.440,082
71,751 1,317,050
28,141
369,117
618.276110,918,913
533,091 2,933,310
Bills
All other
Bills redlscounted with F. R. Bank:
.Secured by U. 8. Govt, obligations
All other
2.
19,558
70,493
ciphers
(000)
of reporting
banks
72
Jan. 7
Jan. 14.
counlcd with F. R. B.ank:
Loans sec. by U. S. Govt, oblig'ns 365,225 387,264
Loans secured by stocks & bonds. !l, 131,969 1,166,744
All other loans and discounts
2,920,770 2,933,846
60,845
326,190
884,148
8,540
53.234'
19.117
217.976
All F. R.
Bank
Cities.\F.
i.261;
1,283
50,684'
38,690
cities
and
all
other reporting banks.
Jan.
7.
51
I
Jan. 14.
Jan.
7.
'
R. Branch Cities. AUOther Report .Bks.
Total.
Jan. 14.
285
285
212
Jan. 7.
211
Jan. 14.
332
Jan. 7
332
Jan.\i-2l.Jan. 7
829
'21
Jan. 16'20
803
828
Incl. bills redls-
Total loans and discounts
U. 8. bonds owned
U. S. Victory note."!
TJ. S. certificates of
&
j4
.
Indebtedness
Other bonds, stocks
&
3,835
40.577
1 1
CUy of Chicago.
York CUy.
51
Total loans
,032
62,879
33.845
30,332
72
Loans and discounts,
1,208
omitted.
Jan. 14.
Number
66,573
85
Data of reporting member banks In Federal Reserve Bank and branch
New
Three
110,337
403,843'
29,841
24.1.50
417,964 4,487,854 1 ,271,183 ,283,853 8.839 ,922
432 ,094
258,107 260,163,
17,723,
15,881
81,113
115 .228
84,128
12.894
12,930
117,381
securities
559.283,
invest's,'—
disc'ts,
119,370
571,704'
&
with F.R.Bk.'s 433.848 5,523,225
ReserN-e balance with F. R. Bank...
571,5.59
588,376
Cash In vault
102,705
111,669
Net denjaud deposits
14 406,118 4.452,021
Time deposits
312,794 309.322
Government deposits
38,469
56,400
Bills payable with F. R. Bank:
Sec. by U. 8. Go\t. obligations...
228,075 257,970
All other
Bills redlscounted with F. R. Bank:;
Sec. by U. S. Govt, obligations..] 108,326
121,148
All other
382,280 408.433
Ratio of bills payable & rediscounts,
with V. R. Bk. to total loans and
Investmenta. per cent.
13.2
14.3
Incl. bills redlsc'ted
j
]
8.255
133,399
155 ,19l|
7,981
127,927' 1.112 467i
441,612
134,722
35,991
,450.420 10,654 ,902
952 ,490
129,804
935,7:i9
308,543
3,140
13,825
I
8, 962,136,2,
436,393'
119,410'
157,402i
1,
110,999
286,216
222,935
50,164
37,986
552,869
780,34013 ,150,170
990,3331 200,530
,1
206 ,657!
70,202
39,578!
223,278i
924, .596 7.651 ,009; 7, fl70,:}51 1, ,722,058
308,109, 1.340 ,821; 1, 340,7671 934,691
90,79l|
11,601
60 ,684
4,787;
13,5.59
341,678
1,100
I
a Comparable figures not available.
869,157 1.274.507
05,626'
050.775 125,037 123,990
91,953
617,823
834,813
94,392
331.448 2,149,250 2,191.731| 494,051 489,164 424,330 420,9,58 3,067,631 3.107,853 3,370,053
(a)
886,779 6,072,849 6,119,630 1,667,128 1,703,331 1,493,833 1,503,288 9,233,810 9,326,249
10,
,316,485 2 ,010,110 2,024,63813,130.254 13,303,250
225,373
51,200
39,589
637,939
214.764
35,844
28,923
210,602
34.961
30,664
809.783
201.230
222.100
345,373:
338,890'
J.010.709
892,074
206..567
220,3tfl
227.565
1,987,828
815,861
(»)
,170,592 2 ,635,010,2 645.64616.440,082 16.602. .577 16,718.366
207,188 164,018' 159,122 1,317,050 1,350,043 1.473,974
3S8,611
377,307
92.19.S
309.11
91.209
74,064
.706,410 1 ,545.246 1 555 4S3 10.91S. 91.^10. 938 .244 11.726.214
657,898 639.542, 2,933.310) 2.908.792 2,4«(>,279
922,483
423,121
118,612
78,456}
6.370
10,203
17,618,
MS
384,618
1,100
125,740
170
136,694
72,185
73.282
639.603
506'
1,244
685
1,414
693.694
2,190
795,
5,601
12,44ll
226,601
1.126,948
249.470
1.204,613
299.821
650,286
12 3
105
12,296
148,473
12,288
157.357
831 ,699
204,601
886,729
30,880
147,713
32,428
169.151
10,965
147,636
158,733
12.1
12.7'
12.7
13.71
9.7
10.3
8.8'
9.3
184,6561
(>)
878,368
U
6
«
.
.
.
THE CHRONICLE
450
Wall
Fridaij
Street,
Jan. 28 1920.
Night,
Railroad and Miscellaneous Stocks.— Tho stock market soenis to have boon littlo al'foctod by matters which have
absorbed a good deal of attention in Wall Street throuKliout
the week. Wo refor to the 10 point advance in Sterling
exchange, making a total recovery of about .36 points since
—
to tho eagerness with whif^h
the beginning of the year
offerings have been largely oversubscribed, innew bond
cluding tho Belgian $30,000,000 loan. City of Philadelphia
S5,000,000 issue and today tho Pennsylvania Railroad's
$60,000,000 offering and to the persistently firm rates for
—
another matter which, perhaps, has
long range to be sure, and that is the
had an influence, at
The amount and
council of Allied Premiers at Paris.
reparation which this council will consider
terms of (German
must necessarily have an important effect upon international
trade and finance for a long time to come and this, as is weP
known, is a matter of world wide importance.
From whatever cause the stock market has been exThe transactions have averoeptionally dull and narrow.
aged but a trifle more than 450,000 shares per day and
many months have passed since the fluctuation of prices has
been so restricted. Moreover, the business of the week has
been practically all in the hands of professional traders,
therefore the higher or lower quotations recorded on this
and following pages have little or no significance.
The market continued dull today but was firm in spots,
some of the trans-continental shares being notably strong.
Sterling exchange however, lost about 4 points of the advance scored eaj"lier in the week as noted above.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
call
loans.
There
Range for Week.
Sales
$ per share.
S per share.
Jan 28 37 hi Jan
.Tan 26 48 y2 Jan
Jan 26 44
Jan
Jail 24 'JO}', Jan
29
Jan
Jan 28
Jan 25 70!^ Jan
Jan 25 53
Jan
Jan 26 97^ Jan
Jan 22 noH Jan
Jan 25 18'A Jan
.Tan 28 12M Jan
Jan 22 70
Jan
Jan 28! 4'^ Jan
27' 15
Jan
Jan
Jan
Jan 27| 29
.Tan
Jan 20 74
Jan
Jan 28 29
Jan 27 41
Jan
Jun 2P 84 K Jan
Jan 22 73, Jan
Jan 2fil 57
Jan
Jan 251 80
Jan
Jan 22| 38
Jan
.Tan 26 65 'i Jan
Jan 24 40
Jan
Jan
Jan 26
9
Jan 24: 38 Ti! Jan
Jan 27 100
Jan
Jan
200 86 n Jan 28, 87
900 .50
Jan 261 50
Jan
Jan 24| 19
400 19
Jan
28l 75}^ Jan
100 75Vi Jan
100 40 '» Jan 24' 40'^ Jan
Jan 22] 17K Jan
300 10
Jan
300 57 ,'2 Jan 24i 58
Jan 241 93
100 93
Jan
200 10
.Tan 26i liH Jan
.Tan 25 19 H Jan
400 17
200 37
Air Beduotton liM.no por
.\merican Bank Note. 50
200 4^H
50
Preferred
100 44
200 90
Brake S & F, pr« 100
par
American Chide.. wo
300 28>g
American Radiator ,._ 25
300 69 H
113 53
Amer Teleg & Cable. 100
100
ABaoclated Oil
400 95H
Atlantic Rortn, praf. . 100 1.150 109,H
.\tlas Tack Corp. .no par
100 18,'i
.\ustm, Nichols. .-no par 1,300 10
10(1
100 70
Preferred
.\uto Sales
50
500
4;,
Prfferrcd
50
500 13
no par
29
Bamet Leather
lOOi
Preferred
100
300 74
25 1,000 27
Bamsdall Clasa B
Brown Shoe, Ido
100
800 38
Case Threaa M. pref. 100
400 83'Chicago & Alton
100
300
7} 4
Cluett, Peabody&Oo.lOO 1.200 51i..i
Preferred
lOO 1,125 83
Computlng-Talt-Reo. 100
300 30 ?s
Continental Insunrace.25
100 65 H
Elk Horn Coal. pref. ..Ml
100 40
Emerson-Bran Mng'm. 100
100
9
Preferred
100
300 36
100 100
Fisher Body, pref... 100
Am
SCO
Homestake Mining.. 100
Hydraulic Steel. . ."o par
Kayaer (JnUos) & Oo 100
Kelsey Wheel. Inc.. IOC
Malllnson (H R)..r!0 par
Preferred
IOC
Manatl Sugar, pref.. 100
Mariin-Rock v t c-no par
rio par
Martin Parry
Lowest
Highest.
.50
Mathieson An;aH
300 20
Maxwell Motor
100 2,2001 r,H
.ifjs'td1 '-:
Ctf dop stpd
400i
First prelerrdti
.3001
100
7h
Ctfs d€p Etpd ass'td
3001
7 54'
2d pref ctfa stpd ass'tri
100
3Ji
20 92
Michipran Central ... 1 00
Mirtrilp .States Oil rlcrhta 42 200
« ?
210 58 5i
MStP&SSMrs'dttrelOO
Mullins Body
no pfr
200 25
700 107
National BIscnft
1 00
200 115
Preftrred
100
lOO!
Ohio Body A Blow V4> par
9'.i
Pacific Man S3
600 16
5
.Tan 25|
Jan
20
26i
.Jan 261
6
Jan
Jan
Jan
22;
271
22i
8
8
Dec
22i
92
2}!,
SH
J£,n
Jan
Jan
Jan
Jan
.Tan
nee
Dec 34
32
Dec
26 39
l•e^ iHH Apr
26 40
Aug 45"^ Jan
24 81J^ Dec 90
July
27
26 64 ^i Dec 73
Nov
25 46 '4 Jime 52
Nov
Dec 125
28 84
Jan
28 1025-4 Dec 114
Feb
25 13?s Dec 22!^ Nov
22
Dec 24
8
May
Dec 82
22, 57 >g
June
251
2}o Dec \9H .Tan
Dec 305's Jan
9V,
28l
Dec 93
Jan
27ji 21!^
22' 60
Dec 93
Jan
Dec 43!^ Mav
22[ 30
28' 35
Dec 118J< Mav
26. 72
Dec 101
Jan
26
Feb 17
6
Oct
22 r40;. Dec 106
Jan
25 zSO
Dec 104
Jan
Dec 56
26 34
Jan
26 635 s Dec 82
J.an
24 TZ2H Dec 45
"Mar
26
SV, Dec 29
.Ian
25 40
Dfc 91
Jan
27 97
Dec 108 H Mar
28
1
:1
i.8
22
24
45
Oct
71
19
Dor
33'/;
28
70
Nov 118
24
26
25
24
22
22
35'.,
Dec 95
Dec 45
Dec
Mar
Oct
"Jan
S
45
86
2
2
Nov
3'-^
3k'
3
Dec 63 /< Jan
Dec 8
Nov
Dec 3
Dec
Julv 94 K Dec
11
14
<
i
Apr
63
30 'X
33
1
1
10'2
Jan
Apr
Dec
Dec
Dec
Dec
12
24
24
24
27
28
22
22
28
28
mH
Jan
Scot
%'
74
3S
Feb
Jan
.T"'v
Apr
Nov
Jan 22
H .Tan
, Jan 28 58 M J8JI
50
Feb 60
Jan
Jan 22 25.'^ Jan 26 19 V, Dec 51
Jan
.T.an 241108
Jan 26 96
Dec 125
Jan
.Ian 24 120
Jan 26jil03!2 July 116
.Ian
.Tan 24
OH .Tan 24i! 9
Dec! ?r)H June
Jan 27 17':i Jan 25' 1258 Dec 38 K Jan
Pacific OH when fsaiiert .
2,900 35 j^ Jan 22 375^ Jan 28' 35
Dee 41 ''i Dec
Parish & Bingham no par
100 14?i .Tan 24 UV, Jan 24 12
Dec 47 ^ .Tan
100 73
Jnn 25 73
Phillips Jones pref . . lOf
Jan 2.=; 65
Dec 92'^ Mar
200 101 'i .Tan 2.'^ 102
3ears, RoebncI: pref. 1 Of
Jan 27 98 '-i Dec 119 '^; Mar
ropa^ 3.200 17K .Tan 2? ISV, .Ian 28 14!4 Oct 2314 Nov
Seneca Copper
6
Jan 26
ID
300
di-H .Tan 24
Dec 12 74 -Tan
Shattuck Arizona
4
Southern Pacific rtgTjta. 36,.i00 20 ?« .Tan 24 i'i'A Jan 2g 20
Dec 265-f Dec
Jan 27 99
Anr
400 98
Jan 26 70
Dec 310
So Porto Rico Sugrar.ion
2on 88 v^ .Tan 22 88 '4 Jan 22 90
100
oc 971/; j„Ti(.
Stem Broeprflf
2,=^
Submarine Boat.'v f^- 1.100 .87., .Tan
«)4 .Tan 24
sk Dec 14
Oct
Dec 47
TemtorC&FPd A r.opnr 800 21 .Tun ?i 22 Jan 27 19
Apr
.Tan 24 42H Jan 28
700 42
Texas Co wtitrrints
.Tan 2?
Jan 25
9K Aur
Third Avenue Ry. .100 5,900 16
% Oct
_10f
Jan 27 104
Jan 26 91
Dec 148
Sf)^ 103
TTnlted Drug.
Jan
45 '» Jan 26 41 ^s: Dec 53
.Ta-i 24
.50
200 45!;
Jan
Fir,st praferrwl
Oil Corp.. .no pa^ 5.100 14'-: .T.in 2.=; 15K .Tan 2P 13 = s Dec 25 '-$
Oct
White
1
j
1
j
i
!
,
:
1
9.'>.
!
!
'
WU.son
* Co nmf
"For
.
_.I0nl
lOfV
transactions on
Boston exchanges,
see
'!''•.
.Tan
2.";'
New York,
S7'-<
Jar,
2."^'
79
1<;
Dpfi 08'^
.Tan
Boston, Philadelphia, and
page 446.
Bonds. — No
sales of State
Goverrunfnt bonds
.Sales of
at
High
bon(f8 or 1932-47..
(First
92.02
01.90
High
-
92.14
02.00
92.02
897
.87.90
Low
3!^%
87.62
87.02
87.40
87 40
Close
Total sales In SI. 000 units
4%
Converted
bondh
'>f
1932-47 (First 4s)
92.24
92.04
92 06
92.26
92.10
92.10
154
Low
3H8)
Close
Total sales In $1,000 unlta
Converted i'/i% bonds of "mgt)
1932-47 (First 4Jf s)
Low
Close
Total sales In $1,000 imlts
Second Converted 4J4
High
bonds of 1932-47 (First Low
Second 4Ji8)
C^ose
Total sales in SI, 000 units
92.20
02.00
92.00
471
440
r>2.in
92.02
92.06
254
Second Liberty Loan
8¥.26
87.86
88.00
106
s's'.io
ss'.-is
88,00
88.04
125
.87.62
42
87.94
83.02
168
High
bonds of 1928
Low
4>i
(Third 4^8)
Close
Total sales In SI ,000 units
Fourth Liberty Loan
nigh
of 1933-38
Low
(Fourth 4Vi8)
Close
Total sales In $1,000 units
i\i% bonds
victory Liberty Loan
i*/i% notes of 1922-23
f
High
\
Low
17
88.02
87.90
87.96
715
91.06
90.90
90.96
800
88.40
88.22
88.32
664
97.26
Low
%
87.70
87.90
3
Closr
954
97.30
97.14
97.18
97.26
(Victory 4 ?i 3)
( Close
Total sales In $1,000 units.
f High
3>f % notes of 1922-23
(Victory 3 «/i 8)
Low
j
Close
Total sales In XX.dOO units..
8V.64
87.80
87.80
5
88.10
87.86
87 .96
s's'.oo
88.00
87.80
S7 .94
522
91.10
90.90
91.00
307
88.30
88.16
88.26
Total sales In $1 .000 units
Third Liberty Loan
I
87 ,90
87,36
87,40
222
87.88
87.62
ss'.io
87.82
87.92
136
sV.oo
87.80
88.00
bonds off High
1927-42 (Second 4>i 3)
87.4«J
6
High
bonds of 1927-42
Low
(Second 43)
Close
Total sales In $1,000 units
%
57.^
98.00
98.00
98.00
4%
Converted 4 K
91 .96
5
%
1.0.35
91.06
90.86
90.86
1.126
88.60
88.30
88.36
1.739
97.36
97.20
97.30
97.26
453
1.851
1,541
97.20
97.16
97.20
105
97 30
97.22
97.24
97.32
97.26
97 00
1.219
1.118
87'.
87.66
87.30
87.30
25
87.74
87.30
sV.gi
87.60
87.60
17
87.98
87.74
87.80
745
P0.90
90..52
1
87.38
86,92
87,00
1,049
87..30
1,092
90.2.S
90.60
90.14
90.30
90. .54
90,02
90 06
478
758
2.190
88.38
88.10
87.66
87.76
1.317
97.36
97.28
97.34
1,552
97.34
97.28
97.32
818
88.121
88.14
1.369
97.44
97,26
97.30
1,280
97.34
97.26
9? .26
1.238
io
87.10
87.10
87 ,70
87,32
87, 22
1,441
97.40
97.26
97,34
1,342
97,36
97.34
97.36
293
—The
above table includes only sales of coupon
Transactions in registered bonds were:
S'^a
...91.70 to 91.821 105 3d 4ks
89.80 to 90.80
4Ms
87.20 to 88.16| 176 4tb 4X8
87.18 to 88.32
Note.
bonds.
18 1st
11
2
1st
2d 4s
5 2d 4'..is
87.50
97.00 to 97.32
63 Victory 4 ;'>f8
I
87,.88
Foreign Exchange.
—The
market
exchange
for sterling
has again shown exceptional activity and strength, -with the
quotation at one time up to the highest level since July last.
Continental currency moved in sjinpathy but later on developed irregularity.
To-day's (Friday's) actual rates for sterling excbanee were 3
80H@3
83
85^ @3 87% for checks and 3 85% (a 3 88 ^ for cable.?.
Commercial on banks, sight 3 84 ©3 86^, sixty days 3.79H (S:'3 82J^8.
ninety days 3 76H@379J^, and documente for payment (sixty days'!
Cotton for payment 3 84@'3 86^ and grain for payment
3 S0(ai3 9,2%.
for sixty days, 3
3
84@3
865^.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.75®
6.92 for long and 6.81 @6. 98 for short. Germany bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
33.43@33.53 for long and 33.79@33.89 for short.
Exchange at Paris on London, 55.90 fr.: week's range. 53.60 fr. high.
and 55.90 fr. low.
The range for foreign exchange for the Aveek follows:
Oa Um
Sterlinq Actual
Checks.
Sixty Days.
3 89f4
High for the week
3 89
3.84H
Low for the week
3 76>S
3 76M
3 71%
—
.
Paris Barikers' Frs. (in cents per franc)
High
Low
for the
for the
week
week
German:! Bankers' Marks
High for the week
Low for the week
Amstcrclnm Guilders
High for the week
Low for the week
SI. 000
.
Tio.ston.
premium.
•
7 44
6 83
6 94
181
7 36
6 75
1
7
'
,
164Vi
,:
33 95
33 12
33 7-16
3-2
— rhicaeo. par.
par.
San Francisco,
Domestic Exchange.
di.scounl
—
—
—
60
St. Louis.
par.
1
^
81
Oa^
34 06
33 14
15(g!25c. par SI, 000
Montreal,
$117 50 per
Cincinnati, par.
—
Irregularity was the chief eharaothe "curb" market this week with trading in small
volume. Dealings in industrial stocks especially were
Intercontinental Rubber was in good
smaller than usual.
demand and advanced from 1034 to 12 V2, the close today
being at 12 M- ^lotor stocks were quiet. Durant Motors
and ends the
after a fraction decline to 1.5^2 sold up to 16
week at 10 H- Wm. Farrell & Son. lost a point to 19.
Hercules Paper dropped from 13 to .5 and Todd Shipyards
Corp. from 68 to 64. Movements in oil shares were irregular.
Simms Petroleum was an active feature and improved over
lii points to 8^i. with a final reaction to S}4- Carib
to 10 ^i and
Svndicate was also freelv traded in up from
Fenslaud'Oil fell from 15 to 13 H- Marafinally.
at 10
caibo Oil after early weakness from 16 to 15 •^'s sold up to 19
and ends the week at 18 H- Mexican Eagle Oil advanced
from 24 to 26. Ryan Consol. was off from 13 -v^ to 11 -with
In mining shares several issues
transactions today at 12.
have been heavily traded in. Eureka Croesus advancing
from 68c. to 1 3-16. Boston & Montana was also active and
Outside Market,
teristie of
K
9%
K
.53c. to 75c. and sold
Copper advanced from 20c. to 22c,
rose from
bonds
State and Railroad
have been report-ed at, the Board this week.
W Notwithstanding ver\^ hea\'>' dealings in a few issues the
market for railway and industrial bonds, as a whole, has
been relatively dnU and weak. Among the exceptional
*¥
First Liberty lyoan
Highest.
9 per share. ? per share.
;
—
Daily Record of Ubertv Loan Price* Jan. 22 Jan. 24 Jan. 25 Jan. 2tijan. 27\jan. 28
Range /or Dear 1920.
1
Lowest.
Par. Share':
OH
United States Bonds.
tho Board are limited to the various Liberty Loan issues.
To-day's prices are given below.
For trppl-hj and yearly rangt
see fourth page following.
28.
Week.
Gilliland
features tho local tractions have been conspicuous,
The\
reversed the movement nr)ted last week and f)n a very large
volume of busine.ss have declined from 2 to nearly 4 points.
N, W, Bell Tel, 7s have; also been notably active and are
lower.
Of th<! u.sual list of 2'> well-known issues two or three
are unchanged, only one is fractionally higher than last week
and eight or ten have dropped a point or more.
is
STOCKS.
Week ending Jecn.
[Vol. 112.
finally
at
A feature
Magna
72c.
in bonds was
the initial trading in the Pennsylvania 6^4s down from 100^4
to 100.
A complete record of '"curb" market transactions for the
week ^^^ll be found on page 460,
— Stock Record, Daily, Weekly and Yearly
New York Stock Exchange
Por record of talM durtntf
HIOH AVIJ LOW SAtB PK'OBS—PER SHARK. SOT
Satur(trfi
Muniau
Tuesd'in
Jan 31
Jan.
Ja/i.
t pt' snore
yyi'
•7'»
81
till
5112
Hi'i
127«
I4Ih
01
«
iirt
5S'4
•n
8
58»i
•t>
«
SN
•n
8>r
MUk
1»
S Pf
8 per »Vi'(
I'e
s'l
$ per t'tare
S3ij
791;
6
•)
•5.I4
6
•79
8418
841
U\
8 I'l
34 '4
51
.501
51
12^8
131s
12-14
13 Is
S'l
HI.
8i|
81,1
1151s II7I4
591
,59
8»4
•m
5'.»i-
5')
filj
r>U
•ti
59
S
6
6
•6
•6
8»4
8»4
•858
II5I3 1I5I-.
8
81;
S»»
20
•ISl.
l"t
I8S
I<ll
-'81
28U 2r
27 'a
2Sis
21
28'4
273j
4:<
43
43Is
4.'l;
43
4>Ti
nsi"
43\
43
6S
liT-n
•lO,')!;
fiS
r.s
110
no
(JS'i
114
rt7S.i
•10'->
«7'S
115
-'(>'
2(i!'«
2R'8
2'i.\
7.1'h
7318
74
74
74
63l»
03
•(il»4
46
•68
•62
03'
20»i
7t
73 Ti
71
iJSi
63i«
631
63'4
•42
•60
32
45
32
321.
878
18^1
2814
431.
687g
119
33
•210
1,3
2S
281;
32I4
:).o;)i
44'.
681
6S
•1051. 119
431,
50
45
42
2.80')
10:)
101
101
101
101
218
215
218
220
220
219
80')
63
50:)
50
II.
2'4
1'
2'
13
I»»8
• 131.
13>i
1958
141.
7->»8
•39
"24'
8«
5
I3I1
191.
•451.
13
"521*8
•98I4
•4
5
I3I4
29U
7.554
29
24
•9
•25
S9
8«
I8I4
3SH
41.
65
711.
•46
•56
•66
201
I8I4
100
8178
4158
I7I4
561.
•37I4
29
•72
141
211.
2658
38I4
•6I4
•10
9618
221.
581lOlg
•37
10
89S,
90
91
5^
5I8
111
14
-•0
*I91o
'4634
13
46'4
•4'i
Y3
2076
451
13
13
35
2S
28
-25
35
•I2I2
•24
S3
5-;
56
57
12
578
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100
100
100
100
100
50
50
60
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F»t>
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Do -21
4I4
r2'4 8r;ii27
D8-27
182
275»
40 >« Janft28
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70
15
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17'
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21
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58
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41
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72I1
1
1
Nov29
Fobll
Oot 8
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Doc 14
48
Oct 2
108
200i| SeptlS
July 6
Align
Juno29
Feb 10
I»
ij
Jan 3
F«b24
Oct 2
1214 Oct 2
2138 8ept20
30i» Oot 2
22»4 8ept20
N.)v22l
.v23
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16'g
MaylO
8
Dec 9
Feb 13
Dec21
Dec21
June 1
Dec27
7 Jan 24
18's Dec22
807g
9138 Nov 6
4178 M.irI9
171t Oot 4
36«4 Oct 2
97 14 Oct 4
6 '8 Oot22
1758 Nov 4
27'4 Oct 4
62it Oct 4
24»4 Oct 4
Oct 8
40
56'! Nov 3
112ij Jan 5
86>4 Oot22
Oct 6
21
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Nov 6
95
Feb21
11
Fob 13
3
Aug
8I2
135$
May
40
MaylO
S'a
18
39»4
94
4
Decll
5
Feb 13
Febll
May24
Aug 9
38I4 July 2
8i8 Dec2l
Feb 13
63
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2'i
33^
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Febl9
31»8 Feb28
es'j Oct 4
8»4 Oot 4
8.578 Oct29
18
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312 Dec20
3318
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64'4 Feb 13
23»4 FebI3
50
Aorl3
31
41I4
161s
18
8414
66»4
3778
14
May
84'4
4
Decl3
Feb 6
JunelO
Junol2
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1514
81
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337g
48I4
2312 Janl4
Febll
11
20ig May24
60
40
49»4
117,
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3314
88ij
Dec24
Dec22
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Febl
Feb
Deo21
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i.oon
1
300
8,000
900
300
200
Do
100
100
Do oref A
IOC
Do pref B
100
Western Maryland {n««)...100
pref
Do 2d
100
Western Pacific.
100
Do pref
100
Wheeling 4 Lake Erie Ry 100
Do pref
100
Wisconsin Ci-ntnil
lOn
pref
1.800 Wabash
6,300
1,200
3.600
300
2,000
400
Industrial 8c Miscellaneous
400 Adims Rxpresi
100
.100
200 Advance Ruraply
100
Do pref
100
1.900 AJ.sx Rubber Inc
50
10
300 Alaska Gold MIoes
800 Alaska lunoau Gold MIn'g. 10
ti pnr
Vllle'l Oc-n A Dve
21.100
prof..
r>->
100
1.500
100
4.900 Allls-Chalraers Mfg
100
405
Do nref..
7,20')
Amcr
A','rlcalturfll
Chetn..lOO
Do pref
2,300
2.100 American Beet Sug-ir
14
Less than 100 sharas.
a Ex-dlv. and rights,
1
3
Octl8
Ootie
Oot 4
Oot 2
Sept27
Oct22
Oot 4
Oct 4
Nov
4
Oct 5
Oct 6
Oot22
I29'j
89'4
153g
3258
Nov
4
Feb 1
II
Jol.v30
20I2 Feb 13
5412 Feb 5
8 '4 Det;22
15
,May20
MaylP
48
Doc24
Dec 2
Dec22
Dec22
5g Doc22
'1 Dec21
43I4 Dec29
847g Dcc22
28i2 Dec22
67I4 Dec27
22
4234
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40
24
Apr
61
1
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2»8 Mar24|
MarSll
3
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92
95
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93
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12S»4
61>4
101
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54-I4
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Dec27
86
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Dec22
151,
AUglO|
Jan 3
Jan 3
Jan 181
Apria
Jan 5
Jan 2
Jan 3,
Jan 3|
Apr 9;
Feb 4
Jan 3
Ma'2-1
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3(H8 Jau 3
175
122
53',
Jan
3
Maria
Jan 2
Jan 3
De-29
I4'a Jan22
Apr 7;
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995, Jan27
Aug 3
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Feb 13'
68
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n-. 21
i Ex-dlvldend.
Mar
15
87l»
2S«4
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107
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v Full paid.
S'Ji,
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Dec
34'g
487,
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Nov
Dm
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88
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67
88
32
63
19
48
45
9 I'l
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181,
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Sept
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4
170
,
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July
63',
May
13i|July
171, July
J'Jiy
12
307,
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52 »4 July
July
78
lOS
133
JUD«
73
82
107
July
Jaa
July
547, J una
74
July
3114 May
68i| July
611, May
116
Dec
Dec
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81
217
Mar
May
3214 July
Mar
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Dec
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Dec
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23
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7 Bept
30
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24
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2014
May
33
July
July
2314
1005,
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127,
401,
104
9ig
3114
May
July
July
July
May
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Jung
10
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13
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25i4May
40
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Aug
Dec
57
May
14
July
7
13
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1047,
376,
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70
90
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Jan
Dec
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Jan
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Nov
371s
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414
28»4 Aor
8684 Dec
23>4 Sept
601, Dec
40
Nov
26 May
60«gJuna
122"4May
88
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241, July
98I4 May
1097, May
165, July
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387g July
58>4 JUD«
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14
50
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83>4 Jun*
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70
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53ij July
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95
77
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397,
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Dec
121,
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68
39
24
75
737,
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481,
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70
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6318
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84>, Jun*
gssgJunt
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20
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Dec
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12 /July
2314 July
33
33«4
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23
65,
12
917,
2OI4
527,
271,
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7'4
Nov
Dec
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37 May
23»sJuni
377, Jun*
115
33
Jun*
72i«
May
May
70-.3
Julf
60 JuD«
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Aug W8ljMaT
74*4 Mai
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Jan
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14
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16
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17
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34»4 Jair
13«8 July
38
Maj
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147, July
301- Jul7
26
62ig F.it
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8II1
1
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IT
Jan
25
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84
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76
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62
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8»«4 Jan
Si'a
427,
r9S
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39\i
8S
IOI4
May
Feb
Dec
Feb
Jan
Jan
Jan
Nov
761. Bept
13'g
71'4
371,
54»4
62»8
44'g
85
5S
100
Jan
Jan
Aug
Jan
Feb
Mar
Mar
Jan
Jaa
May
July
Jm*
July
414 Jaa
3»4 July
9,
.raQ28!
96'!
Dec21
Oot28
Dic22
D8C2I
Nov
*M
p*'
6
15
72
U
I
787, •De-
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Oct 6
Oct 2
Da-
1(H
89
Stt'i
63
8ept27
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40
78
16
28
1 p*f %%lf>
Jan 3
Oct23
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13
3458 Oct 5
23 „
-_ 5g Oct 8
155s 3opt30
2712 OotlS
7 May2()
Dec22
17
I2I2 Dec20
25
5
7
Mar22
47
43
61l4May21
7ig Auel2
14
Aue
79
100
32 14
100
75
Do oref
103
2,50 .Amer nnsrh Maineto..W-> par
45's
2134
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100
72 '4
800
Do oref
100
6.000 Amerlciin Car 4 Foundry.. 100 111
IO5I4
100
200
Do pref
ISig
! ,900 American Cotton Oil
100
59'2
Do nrof
100
I4,70o|Amer Drugfls's .^ynd oate. 10
83a
300 American Kxpreas
95
100
801 American Hide 4 Leather. 100
5
36
6,600
Do prof
100
37
200 American Ice
100
53
200
Do pref
100
30 's
25.700 Amer In'.ernstlonal Corp. .100
SI4
10(
500 Am La France F E
42
5,800 American Llaseed
lOOi
80
1,700
lOi);
Do pref
74
3.500 American Looomotlve
100
96'j
100
100
Do pref
21
6,100 American Safetv R>i«)r .
)
4
27i4June23
Fobl3
110
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Nov
103
9
18
Nov
44
32
9
r.'.-too
5
Oot
Febl9
Feb27
88
67ii Oot 4
3914 Got 2
84>4 SeDt26
Mav24
Mar
Mar
Nov
Oct 19
65
73 14 Octl5
Oct 15
70
3714 8ept23
2758 Oot 4
IO6I2 Nov2ft
Dec22
Dof30
50
Decie
37
2lij Febll
8878 Aug 10
64»4 Febll
3278
3314
Oct 5
Oct 4
Oct 4
8ent28
Ootl9
36li Oct21
Dw-29'
3
658
91,
18'4
12
8534
2478
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M.-ir 8
62
69
20
48
35
186
M»r|0
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95
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60
83i«
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9II|
Juofl26
Is
!>
Sep 127
120
64
54
3
N>v
,
ns
558
8'4
S8l8
100
100
Co
100
Southern Railway
100
Do pref .
100
Texas 4 Pacific
100
Twin City Rapid Transit.. 100
Union Pacific
100
Do pref
100
United Railways Invest. .100
Un
Wi
21'j Dec2l
31
Maris
Maris
17'4 8L>ut27
Oct 4
3338 Oct 4
4II1 N<)V 5
JUQ<>28
80
98
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1
13'4
10918 D.1C22
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4
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104it
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17
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$ PI' iHari
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Jta 3
Hi
1
pref
17.100 Southern Pacific
Do
80"
5II2
lS7s
pref V
lOOl
Do
1.40'
91.
100
tr ctfs.. 100
Preferred A trust ctfs. -.100
'4.260 8t Louis Southwestern
100
pref.
100
1 ,900
26
69
93I--
S-t's
2034
15
100
.100|
Western
41,200 Reading
Do 1st prel
3.100
Do 2d pref
1. 000
1.100 at Louls-San Fran
'is
25
69
52',
112
88
and
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81.
931.
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10,400 Pennsylvania
2.200 Pere Marquette v to
100
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4
2.900 Pittsburgh
981-'
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18
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42
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77
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19
547,
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101
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100
Ist pref
100
900
Do 2d oref
100
79
11.700 Great Northern pref
100
201,
Iron Ore properties. Vo par
1 .200
12
Gulf Mob * Nor tr Ctf8...100
'""306
26
Do Pref
100
001
1,100 Illinois Central
100
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1234
17,000
Do nref
100
3,300 Kansas City Southern
100
20'
47
200
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100
131.
100
200 Lake Erie 4 Western
Do pref
35
100
100
53-34
4,100 Lehli?h Valley
50
IOII2
100
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53
2.100 Manhattan Ry guar
100
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12
100
7258
100
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Do pref
100
94
2'34
V,400 Missouri Kansas .t Texas. 100
412
8O0
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100
19
7,100 Missouri Paciric trust ctfs.lOO
pref trust ctfs
100
40
4,100
Do
5
600 Nat Rys of Mex 2d pref.. 100
72
7.300 New Orl Tex * Mex v t c. . 100
73
100
3.800 New York Central
4634
100 N Y Chicago i St Louis. .. 100
First preferred..
68
100
61
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261,
39
119
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ih
55
55
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40
48
68
•55
'30
22
32
«'4
6»i
12
438
18'4
4 1 -Is
171]
1712
37
2658
3814
438
181.
381
5
6778
7234
.56
•28
32
•80
41=4
2578
218r
2-5g
lOO'i
83i2 851
So
•72
49'^
89
284
2034
101
•55
•36
77
84
211.
83«s
84I4
94
100
411,
171,
295]
77
.52'?
73
55
833,
59
•24
521.
12
7258
*.56
2034
•
100
45
35
53
72
•45
|-,1
201
181s
100'
8354
83
411..
413;
17->j
175s
*12l2
MOO
661,
48
68
•56
*55
IS
100
.561
721
•4'-.
61
2058
131-^
20
102
38I4
*4l2
67
rr;
721
100
2-^8
651-
7158
•46
•56
15
2-34
1834
3S78
43,
66
20
47
4%
39
*4Vi
5
13
*89l2
181.
4I4
9OI4
4'2
12'.
91
55
73
04
25»
-4I4
I8I4
381;
41.
1834
39^8
4^4
22
12:*
12
•70
23.
noo
15
•70
12U
12
25g
4I4
.5->ii
lOQis
55^8
581'
48
68
71«8
.5>-l4
.'5'.\
100
56
93
2»4
5'»
434
127,
197k
*89i8
•70
16% YlTg
1«S
26
25
24
•89
761s
2834
•12'
•25
52
997g
'^2H
99
48»4
•91
351.
12
25
•90
12
26
S'l
9»4
12
•9
*9
•23
13*4
2OI2
17
29
76
2S7g
10
24
191.
19'4
21t2
•26
70
77
29
•9
6'.
13'-.
201
141.
•I3I4
77I4
451.
•121.
1078
2OI2
•14
20
15
4«1.
13
Sis
I4I2
7738
•9
151
lI8l-> 11911
•66
20
T.55s
56
•28'
20
5
O's
13'4
1934
28'4
48^4
821s
131
191
77
29
89Ij
31s
*4
5
8
•61.
13
47,
123.
514
51;
15s
31s
134
31
131
8
•14
1'.
14
761s
20'
15
101
131.
1934
131
195,
•14
12
70'8
2«4
*4
13*s
.56
•8»':
•6l«
21"
'
•>!.
2'
•«'g
13'8
76
43
12
70'8
8
I'l
1'l>
•4
2«ig
8
56
5
600
200
600
500 Delaware Luck * Western. 50
6.800 Denver <k Rio Grande
100
Do pref
27.800
100
Dulutti S S 4 Atlantic
100
Do pref
300
100
50
101
100
Paul. ..100
M
1,400
219
1«8
.100
Rod
7.59T
271
741
42
181
BR
100
Cbloaso <k Northwestern.. 100
Do oref
100
Ctilo
100
i»i 4 Pa'!
100
7% iirefflrred
100
8% preferred
Ohio St P
* Oraih-i
100
Do pref
100
Clev CIn Chio i 8t Louis.. 100
Do nref
100
Colorado A Southern
100
Do l9t pref
100
Do 2d pref
100
Delaware 4 Hudson
100
7,'iO')
32>4
101
2
•4
•«
Oo pref
ChlMUoMllw *8t
Do oref
66
33
72
Chlcauo Great West<im...lO0
200
10078
219I4 219'i
A
"l.80'l
r<)t:
4'i
50
46
1007(1
8-1
2
100
.
i
8
74
02
7rt
A
8
261,
f'-T Prstumi
Yea' 191U
tamii*
Biakiii
t PIT thare
Ke..lOU
Aclitatlo..lUO
AHnritln Count Line
I'l
63I4
A
U'riii
I
60
S'l
AtbinUi
Pat
lj;iata
10.5')
Baliliuoro
Ohio
100
1.41)1
I'ref
100
IS.Ii'l) Brooklyn Ilanlfl •rran«lt...l00
3,31))
Odrtlflcaio* of ileiioilt..
15.51)1 C;iun.11;in I'iiflflc
UK)
3.4')) (3hBaii)fl:»lie
100
Ohio
10) Cli'c
Kisi Illinois trust rec'-*
I))
prcf tniil recta.
118
•6
t
Uo
,591,
•'1
2158
•731.
08
31
•lOJ'i'
2'il,
45
46
69
110
•lOSii-
2'>ls
(
Ktrti Tuii»>ia
1)0
DrBf..
6'l
34 's
'.78
1 1
8
8
-'8
43-n
1
84',
3. Is
51
5'>l»
•6
70
l,2il
So
81
Ballrosda
I
79i«
8I4
51
Om
Loieeii
5.70
35I8
51S8
1378
5'»l->
S
8
83
jSJ'i
79 ig
6
fMH an ARM
ueur liTiQ.
batti uf 100-<t ir< ion
lUiflge tor
'ho
51
12 ^i
3118
11 41-.
1 1
84
SO
83
79 's
•.S4
NBW
S'iiret
PKH SHAHa
BTOCK9
YOltK 8TOCK
Wtek.
llti',
81
'I'll;
Jut. 21
Thursdi'j
Jtn 2]
25
Sllei
for
MrlJiu
Xi/j 28
fVedtteal'i'/
% per ih'ire
$ per share
«3i
><\
S258 83
7(M- 7!)'M
705s 7'Jis
•5*4
r.
li
S,'>
S4^s 84A •S4
34ij
:!,"•
34-5
.S2
5l»s
•il
13^8
!4'2
13»4
H's
fuf>78
10
ll';
III)
H
CBVr
fSli
^'^1
OCCt'f VING THREE PAGES
the week of itocka uiiuiillj> Inactive, aee precedlag pace.
615s
97
0«
8epl
113?4Mar
103
IOH4
95
Mar
OC
May
1437, Not
885, 8epl
10758 Jun*
148«8 No?
119
July
8711 July
93
14I4
103
Apt
Mar
May
43ig July
I42>8 Oot
781s Jun*
76I4 Jun*
I3314 Oct
"89"
No»
S8>8 API
1171,
IO9I4 July
0«
9
4
1
1
45;^
5
New York Slock Record— Continued— Page
2
for record of salci durlnft the week of atocki u>uall> Inactlre, ace precedlaH pane.
HWH AND
LOW SALU PRICE— PER SHARE. NOT PER CENT.
Tuudav,
Jan. 22
Mondcni,
Jan. 24
$ per share
$ per ihare
SaturOai/,
11
•65
III,
70
37% .ty-K
Hlh 82
Jan.
!
liu
•65
37 !«
1134
70
3812
81
307g
aoig
.lO'i
81
30'4
87I4
02 14
92-ls
931
1138
6514
373g
80
Jan.
s'lare
11 3s
651
38
2ti
S per share
III2
•II
•65
67
373s 38
Friday,
Jai. 2i
1()47«
7fi34
•S7
7S1.1
100
9934 9!)"8
U6->s 1181,
lis'
11418
65'4
67
m^
36i>g
8U
8'4
79
87
II
•60
37I2
8OI4
30%
80% 81
30% 30%
1,903
3,200
100
381
2'i
»S7l2
o8l'
•50
53
7!)
a?'!!
334
5012
5334
(iOl-
44
89
36l2
9
38
25
58
50
3612
9
2934
3834
251
58
50
334
681s
4214
88I4
557s
4
89i2
S9U
5'4
5I4
1234
I6I2
75
eio
•6
40ls
19
13
171s
63
35I2
70
•7l»
4234
901s
4
!)4i2
93
4,4.50
,70
5
1634
13
I6I2
6234
3538
7512
69
68
2478
5834
53
8
6!)34
4
117'S
90
91
5I4
90
5I8
5
57I2
104
3012
93I2
•87
23
23I4
93
66i'>
29
3034
•III2
I2I4
•24
3S34
2612
5878
5878
5812 60
•47
'•7r2
681"
•4234
891"
53
55%
"s"
3')1
75I2
61;
OHs
*57
•51
*74
79 12
•19
303s
9312
•84
2334
6512
291
10)
98
5's
13
13
1634
16%
13
17
62% 62%
63
63%
3612
351"
36I4
35%
3634
70
76
75
75
75
75
6I4
6
5%
•6
391s
31
69
•65
4034
9278
311s
691
23%
59
53
76
79
•57
•52
*74
76
•76
781"
77
70
2014
•6 134 64I2
*95l2 100
97I"
92I4
95
24%
•87%
66
9758
66
9234
*88
231]
I26I4 12634
I4I4
17-38
*s
57%
50%
*83l4 84
12434 126
*83i4
125
31
14
1434
I4I4
1458
69
09
82
69
82
4OI2
411'>
14%
14%
4012
225s
22%
*20
23
•20
*14
23
30
30
55
30
*S
8%
•8
28
28
90
14%
•82
I4I4
'"4%
67
60
84
125%
6Y"
83%
7134
1121?
"4%
• .591""
4%
831)
69%
1253. 127
14%
14%
14%
60%
68% 60
5512
55I2
17
74
13
1718
14%
74
76
I2I2
1258
6^8
35
35
121s
1218
9312
4034
40%
83
25
"22%
2234
23
•21
22
40%
52
94I'»
16
50
94
16
1434
76
55I2
17
73I4
1318
1234
75%
13%
.34%
'34%
Olo
6U
34W 35
•111"
•14
I27I;'
128
13
5178
»434
84
24
12%
•11%
12%
2234
2234
23
14
•11
•.50
9434
57
.57
17
*16
75
13
51 12
9434
13
6%
34%
57
171"
7634
57
17
75
13
12%
13
57%
6I4
65s
35
341"
50%
*.50%
51%
*.50
52
9434
9434
93%
9334
1434
.541"
15
57I2
5934
15
58l4
*62
15
64I2
1518
6II4
58
7534
6312
76
•34
•74
*62
24'>8
37
37
24
35
4I8
751.>
•73%
64
•62
15%
60
.-.OI4
6I34
18
I8I4
47
92
20
23% 24
2334
35
35
35
414
4%
438
20
47
20
I912
4812
4612
92
93
93
4%
4%
24I4
ih "4% "4%
5
4'4
20%
47%
22
23
47
47%
*91
23
47
•9?
94
20
2018
111"
I2I4
11%
53
5258
53
.54
41
42
20
537s
42I4
201"
44
19%
+t
20
20
20
145
145
145
T678
138
145
10378 103's
1634 I'i's
Bid and .asked
75
64
35
4I2
197,
1134
104
35I0
"23%
23%
35
94
20
11%
I38I4 138I4
143)
54%
61'
131"
4538
14%
60%
74
25I4
prices:
1934
138
193)
sales
5%
I5I"
251"
.17I4
94
1934
11%
12
11%
11.34
53
531;
523,
53'"
•34
•74
•62
1434
55I"
36
73
61
15%
15
6O34
731"
621"
73I"
24I4
25%
•35
38
4%
4%
6
634
15% 1.5"'8
24% 25
47% 48%
94
19%
11%
94
20%
12%
on
this day.
1034
•138
102
16%
§
.531"
54
46
'102
•10?
105
105
I6I4 16%
1612 1634
no
1934
95% 95%
.551"
I.5I"
41,
438
l.t%
55
•34
351"
I.5I4
74
23I4
6I4
35%
50%
141"
15
6%
3434
121"
.54I4
35
18
76%
12%
•12
I4I1
35
•74
6I4
35
12%
59
13
.54 12
35
-534
58%
*16
76
15
32%
*12
14%
•34
•74
*62
17
•13
32
13
'll
.5-tl"
36
76
64
14%
68%
40%
14
1514
•34
*73
•62
141"
68
"46%
15
54I2
*
108% 109
5?% 50%
•82% 84
•82
24
23
1412
1634
4I"
69%
83
30
•22
.54
•100
If
41.1
671)
40%
•22%
•11%
151
41
1434
81
-25
54 lo
197s
III4
5278
18
90
83
15
92
14%
8%
20%
40%
41
54I4
4I8
281"
30%
11%
19%
81
30
•50
1134
*82i2
in
6834
83
6%
30
•18
691s
69
55I2
6434
2734
18
67
65
57
58%
HI%
IS
100
23% 23%
577s
1!
621
•87
5634
14%
10'>l2 10'>l2
*60
30'^
96l2
9112
63l4
14l2
4I4
103
30
95
6134
90
14%
4I4
66I4
414
62
103
6134
281?
2734
*82i"
723^
61
8134
81"
7134
10
5734
90
37^
11%
61
27I4
334
1134
(il
8I2
27I4
•95% 100
18%
6O34
•8212
20%
63%
11%
94
59
801?
'26%
63%
1812
29% 30
.571,,
96
92
24
55
77
65I4
6134
62
84
63
.50 1
•76
*.54
65
29
94
58
•58
84
40
6234
23%
94I'>
67
177s
43s
5"5"
20%
60'
4's
113.
20%
11%
17-3s
11%
•58%
1134
"33, 'Ws
4
70^4 71I4
70% 72
70% 71%
•102
104
104
1035s 103^8 102
3OI2
2934
30
301)
20% 30
241s
6134 6534
105
110
6234
701"
181"
601"
6334
29
6134
37,
93
873s
14S8
29
72
79%
4
23%
29
20
17
6II2
69
611"
1158
*hV
115s
I4I4
12%
2234
231"
.54
1158
1438
1738
4I2
12%
221"
59I2
17
I4I8
1738
4.%
12
2234
231"
23%
11%
59
70%
66% 63%
1134
*28
(165
1,600
300
700
2,000
1,200
2,300
6,500
1,600
12,400
700
12,700
221"
221"
233)
'"
5,800
6954
22I4
57,900
6
69%
1134
"9534 ¥534
534
09
*28
I9I2
03% 63%
36% 37
*74
73%
7OI4
1178
7834
19 12
17
40% 42
llSg
*74
1334
1634
92% 92%
30% 31
'11% '12%
46
19%
150
104
1634
100
Do Ist preferred
.100
Do 2d prefarrod
100
Atlantic Fruit
No par
Atl Gulf &
I S3 Lino
100
Do pref..
100
Do pref ctff dep
1,500 Bethlehem Motors
No par
1,400 Bethlehem Steel Corp
100
8
69
*51
13%
32
12ls
9
90% 90%
5%
5%
40%
2918
8738
5%
93I4
69%
Dry Goods
W
98
93
20
62
957s
103
30%
611"
307s
•90
39%
62
104
58
94
32%
29
711,.
5%
4
55%
95
61
79I2
5%
Hlgh'M
% per share
7% Dec30
14 3
103
1634
146
103
16%
Less than 100 .shares,
900
7,000
8.600
200
9,000
3.100
4,800
100
7,000
23,000
200
100
Do
Do
Do
Class
B common. -100
61
Dec28
30% Jan 5
Mar30
83
D3(:28
72
64% Dec28
100%
Decl?
Decl5
Dec20
38
0% D'c23
71% Dec3I
42
Dec30
78
92
De-:22
De-23
Dbc29
99% Dec27
2
Deo29
47
Dec21
48% Dac21
10134
Chino Copper
5
Coca Cola
No par
Colorado Fuel <fe Iron
100
Columbia Gas & Electric. 100
Columbia Graphophone No par
7158
75'4
16% D»"21
Do
Do
pref
No
oref
100
par
100
1,100 Consolidated Gis (N Y)...100
4,400 Consolidated Textile. ..Vo par
400 Continental Can, Inc
100
Do pref
100
100
3,700 Continental Candy Corp No par
10,800 Corn Products Refining.. 100
Do pref
300
100
No par
4,800 Cosden & Co
73,100 Crucible Steel of America. .100
Do pref
-.100
No par
700 Cuba Cane Sugar
Do pref..
1 ,500
100
12,400 Cuban-American Sugar
10
1,900 Dome Mines, L'd
10
500 Elk Horn Coal Corp
50
4,900 Endlcott-Johnson
50
Do pref
100
100
8,200 Famous Players Lasky No par
Do preferred ''8%)
700
100
100 Federal M'ning & Smelting 100
Do pref..
900
100
100 Fisher Body C)rp
No par
5, .500 FIsk Rubber25
No pa'
1,000 Freeport Texa^> Co
Gaston
<fe W. Inc
4..500
No par
-_-100
238,000 Ganeral Asphalt.
Do pref
1,200
100
700 General Cigar, Ino
100
Debenture pref
600
100
General Electric
5,.500
100
600 General Mitors Corp pref.lOO
Do temporary ctfs No pa
58,000
Do Deb stock (6%). ..100
1,000
Do Dih stonk (7%) --.100
300
5,800 Goodrich Co (B F)
tOO
Do pre'
200
100
P
700 Graaby Cons
100
Gray & Divls. Inc
25
100
1,200 Greene Canane:i Copper
No var
.500 Guantanamo Sugar
600 Gulf State' Steel tr ctrs-.lOO
No par
3.300 Raskel & Birker Car
400 FTendee Manufacturing
100
100
4,300 Houston on of Tetas
4,100 Hupp Motor Car Corp
10
5
1 ,.500 Indlahoma Refining
Inspiration Cons Cooper.. 20
5.200
100
100 Intornat Agrlcul Corp
Do pref
100
600
100
3,100 Inter Harvester (new)
(new)
Do pret
100
100
3,300 Int Mercantile Marine
Do pre'
100
3.000
100 Internat Motor Truck. A7o par
Do 1st pref
100
Do 2d pref
100
4.000 Internatloml Nickel (The). 25
100
27.500 International Paper
Do stamped pref
100
200
Invincible on Corp
50
14.400
Vo par
400 Iron Products Corp
15.S00 Island Oil & Transp v t c. 10
100
3,700 Jewel Tea. Inc
1.''00
100
Do pref
100
2,600 .Tones Bros Tea. Inc
25
8.000 Kglly-Sprlngfleld Tire
Temporary 8% preferred 100
1,000
par
No
9,700 ^!nne-;ott Copoer
8.200 Keystone Tire & Rubber.. 10
100
4,200 Liekawanna Steel
100
.500 Laclede Gas (St Louis)
No par
1.000 Lee Rubber & Tire
Myers Tobacco.. 100
400 Liggett*
100
225
Do pref
No var
9.700 Loew's Incorporate
W
MSA
t Ex-rlghts.
a E-c-div.
and
rights,
Jan J
Jan 7
June29
Jan 2
Jan29
Jan 3
Jan 9
Jan 9
6
3
Janl7
Jan 7
20% Augl2
176% Jan 6
Jan 7
75
148% Apr 9
102% Jan 5
Oct29
130
105% Nov 5
32% Apr 9
96% May 6
102% Jan 3
102% Feb24
7
11% Jan
9
Jan 6
29% Janl2
28% Jan 6
85% Jan28
Jan 3
46
75% Jan 6
111%
Apr 8
Jan 3
Jan 3
Jan 2
Jan 3
Jan 9
Jan 5
Jaol4
Aug27
Aug25
20%
-Ian 5
JunelS
Jan 5
108% Jan 5
6138 Jan 3
21%
18
De'^21
4158
4034
22
50
9
Dec21
44%
Mayl9
67
De-31
52% Dec31
51% Dec22
70
Dec30
65%
92-'4
80
8978
9378
Mar22
48% Apr26
Apr 9
98
De.'21
16
62
102'4
Jan22
40
66
1234
M ir26
42
85% Jan
94
88
100
Novl9
NovI9
10% Dec22
44
28''
68
N0VI8
Dec
9
NovIS
Dec30
11% Dec21
38% De'521
69% Dec28
19
Dec22
27% Oec28
4
Dec 8
DeelO
3
5478
775
13
6
85% Jan
5
Jan
55% Jan
4934 Jan
38% Jan
81
Mar
58% Feb
Feb
Jan
61% Jan
100
Dec
Jan
103
Feb
110
92
61
26
Sept
55% Jao
Oot
July
July
7778 July
65% Dee
Aug
82
80% May
192^8
Oot
76% May
156% Oct
111% June
145
119
45
July
May
Oct
107»4 July
553*
Jan
12
Oct
90
Dee 108
July
Sept
July
116
25
lAag
May
Apr
Act
Jan
39»4 July
16% Feb
19% Dec
37% July
16
48% Jan
20% Jan
64% Jan
6% Apr
50% Feb
104% Jan
31
90
08
Jan
Feb
39% Feb
5034
May
8658 Sept
23
Oct
116% July
July
114
67% July
Nov 141% Nov
Apr 113% Not
16'^ Dec
32% Feb
37% Nov
34»4
51%
87% Dm
57% Oct
Oct
29% July
5078 July
43% Nov
56
69
July
Oct
Oot
95% Oct
June
75
75%
91% Dec
Aug
54
Aug 88»8 July
7834 Dec 106% July
30% Dec 37% Not
65% Feb 103'4 June
100% Oct 110 June
z78
10»4
Sept
Jan
Jan
15«8
99
109% July
52% Feb 261
9
Jan
Jan
Mar
105
65
8778
Oct
July
Dec
Dec
Oct
Jan n410
Jan
16% May
July
Dec
43
Dec
June 150
Aug 107% Dec
Dec
"'Dec
Dec
38% Jao
39% Nov
31% Dec
Dec
15
25
47
90
Oct
Oct
Jan
Dec
144% Feb
Jan
82
82% Feb
123
July
23% July
48% July
173
55
Oct
Oot
fl4% July
38«4 JuJy
95% July
Aug
101
176
95
91«4
Oct
June
Apr
3
3
5
3
56% Jan
93% Oct
Aug 109% Apr
Jan
47% Dec 80
46% Dee 53»- Not
32% Dec 47% July
102
20% Augl7
847s
Jnn 8
July 8
49% Feb
89's
Oct
Feb
71«8 July
6178
42% Feb
78% July
27
10% Jan
78%
46%
116%
23%
9'4
8ept20
Apr 9
Apr 6
Jan24
Jan 3
111% Jan 6
1
1 5
51»4
Apr
170
84
71
111
Dec
21% Jan
Feb
9234
37»4 July
91
July
14988 July
120
June
67'4 July
128%
May
7
Apr 9
Jan 7
Maris
Jan 3
47% Julyl5
51% JaQ27
7% July 9
21% Jan 9
45% Jan 10
Jm
30
5
152% Jan 5
Jan21
105
33% Apr 7
48% Jan 5
9134
Aug 7 57%
15% D8C22
38%
127% Nov2>) 207
95
Dae 18 1007,
36
14% Deo22
n Par value S109.
48
Jan
110% Jan
Jan 19
26'4
91'4
7978
35
40
Aprl9
Apr 8
Aprl4
88% Aprl5
142% Aprl3
D'i'-SO
D?c28
14% Des22
534 Deol3
43
Dec21
75
Nov
69
29
05
Apr?0
102»4
Sept20
25% Dec22
Jan
Jan
Jan
17% Jan
Jan 7
91
20%
59% Aprl4
8578 Jan21
69%
Aprl7 nl50
n605
Jan 3
1058
13
Jan 2
28
23%
Jan 6
147
80
Jan 3
101%
104
Jan 5
95
83
91*8 AprlS
De'-20
Dec20
Dee23
40% Dec21
64-%
100
Dec22
Deo21
70
Dec22
Dec21
16
8% DeoSO
16
Dec22
11% Dec28
25
Dec22
51% D;';22
12% De"28
55% Dec21
9I4 Dec22
5% AugU
40
102
69
27
0''s
2758
11
Jan 9
107
58% Dec28
28
45% Jan 160% Deo
9438 Feb 110»4 June
48
Dec24
Dec28
D3c20
D»n21
Decl7
6
_
16% Mar30
21% Dec21
4434 Mavl4
Dec22 13478 Mar20
78
10
Dec22
Jan 3
48
12% Dec21
38% Jan 5
1% DeclO
19% Jan 5
321" Decl4
DRC15
43
71% DaeU 79% Deo30
51
Dec22
75% Jan 3
7334 Dec31
9434 Jan 5
116% Dec21 172
Jan 2
64% Novl8 80'-i Jan 3
47
84
95
Dec 108% May
191% Feb 314% Oct
Jao
93% Dec 106
HI" Aprl6
105% Aprl4
43% Apr29
278% Apr 7
Oct
May
73
Aug 120% June
90% Dec 100 May
Oot23
Mar29
Decl7
110
Jan
Apr
July
96% Auk
Dec
I6434
64
47
1483«
11
24% Dec29
59% Dec28
60 Nov27
714 Nov30
21% Dec20
914 MaFl9
13% Dee21
33% May
91
Doc
111% Jan
113% Jan
85% Dec 102
41
Dec 92
Dec 186
115
5% Feb 17
1934
104»^
81% Dec2l
16% Dec25
Dec
10158
1
28
Nov20
Der-29
89*4 July
1099| JulF
91
Jan 5
Jan 9
Dec28
5% Dec22
30% Dec21
80% Dec22
70
47% Oot
94% Juo*
2'i
Apr
129
Dec22
Dec20
8
De'21
9% D6C22
55 14 Dec21
15% Nov20
D3c27
Dec28
9734 June22
338 Dec22
61
Dec21
97
Dec20
24% Dec21
Dec
Dec
61% Dec
793g
65
334
71-34
Higheit
9634
114
15
10
63
4
Ar)rl2
Maris
Apr
67% Jan
18
497g
90
Aug 3
99 14 D3C22
214 Decl5
82
Dac30
48 S-pt24
neo20
76
Consolidated Cigar
Jan 3
Jan 13
26
Nov20 50 Ma'22
79% De.^. 93% Jan 19
82% Dec20 112% AprI4
97% Dec22 11834 Jan26
65
Dec21 10634 Mir22
100
cum conv 8% pref.lOO
Booth Fisheries
No pir
Brooklyn Edison, Ino
100
Brooklyn Union Gas
100
Burns Bros
100
Butte Copper & Zinc v t c..5
Butterlck
loo
Butte <fe Superior Mining.. 10
Caddo Central Oil & Ref-.lOO
California Packing
No par
California Petroleum
100
Do pref
100
Callahan Zlno-Lead
10
Case (J I) Plow Wka..No par
Central Leather
loo
Do pref
100
Cerro de Pasco Cop
No par
Chandler Motor Car
No par
Chicago Pneumatic Tool.. 100
Chile Copper
25
pref
Lowest
per share iS per share
29'4
<fe
71% 39.200
300
43% 43%
90's 91% 75,600 Baldwin Locomotive Wks.lOO
Do pref..
102 103
200
100
Barrett Co Chem Cona ctfs...
40%
29
20
•7%
601"
*91l"
30^4
62
59
53
76
52
8
100
"391'"
*2'il2
125
534
9
92l->
7OI4
5I2
29
87I2
124
90%
•4%
5%
I6I2
95
68
400
53
90
90
.Stoel Fdry tem ctfs.SS 1-3
Prof temo ctfs
100
American Sugar Refining.. 100
1,000 A35oclated
.50%
10>
534'
100
100
7,700
50%
•47
*91
105
98
Am
pref
Do pret
100
3,600 Amnr Sumatra Tobacco. ..100
26%
4
55
57
5%
Do
400
26
58
•90
81
02
0934
PER aUARg
Range lor PreiUnu
Year 1919
S per share
Do prof
100
79
DecIS 105
Amer Telephone Teloj..l00 92% May22 10034
110% 121% 10.20 Amar Tobacco
100 101% D9C22 283
Do prer (new)..
93
300
93
loO
85% Mav20
97'4
Do common Claas B..100 100% D'.c22 210
117
IISI4
5,700
11,600 Am.ir Woolen of Miss
67
68
109
55% D3C28 165%
Do oref..
200
100
88% D3e2l 105%
28I2 Dec28
400 Am-jr Writing Paper pref. .100
61%
Amir Zinc Lead & Smelt.. 25
•8% 9
l.OT)
534 Dec2l
21%
Do prer
263^ 2634
500
25
25% Dec 9 50%
3834 30% 14,200 Anaconda Copper Mining. 50
Dec21
30
66%
9'»34
4
53
103
45s
5
7934
•88
4
53
103
90
107% 107%
54%
334
5334
53I4
81
*8l2
5712
91
no
301?
12
181?
1158
42 12
13
37s
104
70%
lO's
6234
4"l3s
•6184
•9512 100
7034
52
8
13
313s
"
•17
'eoig 'eoii
•7I"
68I4
42I2
8734
7012
45I"
13
74i'>
91
25
157s
623|
121s
7012
3812
24
9334
17U
22I4
23I2
"334 'V78
28%
37%
I7I4
lUs
1934
9
29
ni"
2214
23I4
52
76
9
I7I2
12U
IV'
07I4
96I4
35%
17
13
17
6234
30
95
51
2234
23I2
1134
•82
06%
68
*90
1134
ll's
heu
120%
9
4l.
2238
231s
57I2
66I2
11934
•Oil"
29I2
3SI4
334
5338
5858
22I2
'6O34
30I4
99I4
H6'4 117%
66I2
•8I2
29I2
Yf34
6O34
•102
90
99%
116%
9
33
38
107
*6
60
6934
90
51
231s
1934
65I4
410
51
*68l2
23
«27
52
•73
107'4 IO7I4
70% 8OI4
110
9934 997s
119
1201
9II2 911
•42 12 4-t
8834 90^4
102
102'4 •102
•103
'4614
•9278
3114
68
"iiss
*22l4
81
90
98
4034
3OI4
68"
334
5"5'34
*4io
'
6I4
95
37-I8
2*7,
52
'5414
634
7
•9278
3OI4
9
•29
5834
7II4
•90
03
34
79
•88
IW's 9f»-H
117Ts 119
91
91
II4I2 115
06lg 687g
•48
52
IO3I2 103I'
*4l2
51.
•16
10;
90
78
•87
100
927s
94
10
78Ti
102
8
•42
93 12
AUK
Loieest
S per shire Shi'es lodui. k MUcoll. (Coa.) Par
II
4.000 Am 8blp db Cimm Corp. Vo pa
11%
11%
•60
100 Am 3melt 33our pror Hor A. 100
68
66
8.800 Amor.SmeItlaK& Roriolag.lOO
37% 38
39%
81
3OI2
.-ill
Rinje for 'jetr 1920.
On bvls of lon-share lolt
EXCHANQE
the
Wi:ek.
9334
80% 80%
3OI4 30%
98
•24
6734
93
105
99^8 997«
11738 1181
•89
91
11378 1I41.>
68I2 671
2934
3778
3018
81
3018
NEW
STOCKS
YOaK 8TOCK
$ per share
87I4
'oiss
S per
Thuridav,
Ja't. 27
Wedntadav.
2'i
I'Kli
Sites
for
Jan 5
Oot25
Jan 6
JanlO
Jan31
Aprl2
Old stoct.
337g
June
62
Jan
82
80
July
34
Dec
85
Not
Ti" "dm
Mar
Mar
Not
20% Dei;
30% Jan
2434
Dec
48
91
44
68
Jan
164
38% Dec
101% Dec
110%
Not
July
Oct
Nov 43 July
38% Dec 126% July
62% Jan 107'4 Not
2758
Jan
Oct
33
Dee
21
Jan
195
107
Dec
250% Aug
Jan
115
83
40
x Es-dividend.
Jnly
New York Stock Record— Concluded — Page
453
3
For record of aale* durloB tde week u. itoclu uiually InactlTe, see ttUrd page rollowlot-
HIOH A.VD LOW SALE
Tuesday
Jan. 2J
MoTKlay
Jifi. 24
Saturday
Jan. 22
V
PHICB.'i—l'SH .i» \liB,
I
Wedn»"lav
Ju'i.
PSK SHAltS
tr fHlt CISVr.
Thursday
friday
Jtn. 27
2U
EXCSANQ^
1
63
IS's
1318
127,
18'4
Vi'i
31
31^8
58
."j3l2
59
•,i3
5U
•53I-.
59
•53%
59
<J8
«93
'.I.J
9S
•93I4
98I4
•'.•3
9S1|
17
•!t3U
98
•95
1658
17
23iii
•24%
235*
l-lh
31'4
17lj
I7I2
23I2
19%
183,
13
311*
•.53%
18'4
13
3114
1814
1234
30'8
1858
123i
I2h
1834
1258
19
13
31
Sl'j
31
31%
I7I2
19
17
25%
1714
27
Highest
L»w*lt
atehi$i
la<\ui. fit Mlscell. (Con.) tar
Loft luiMri.jrated
Su par
t ptr share
S ptr short
S ptr ikart
LoOM-Wllca lUsouJltrctM.lOO
26
100
Dec28
Duc20
( per ihmr.
755, Det
Jul;
81
U'0%
De<-2
100
100
Do pref
100
M:iPk&y (.'umtiaDlea
100
no uret
100
Mttutttl Him'ar
100
May De[i:tnmeDt 8torea..l00
Do pref
100
Moxlcau Petroleum
100
•24I2
27
,400 Mla:ul C.>pp.r...
6
OH Oorp
10
A OrJlUUIR«..50
Moniana
57
Do
9SI;
10%
24%
100
pri'f
41 .000 Mlddl.^ .Stall .»
6.400 Mldv»l<.<Sieul
I3I-.
3134
9\ Nov20
Do 2d iiref erred
Lorlllardd')
3.000
lO'is
247al
Mont
I'ower
100
l"ef
100
WilACo ni8 Corp. Vo par
Acme
,200 National
1
Con-J olf'f..
Do
75
4l8
75
4 Is
6 Us
32
•72
3OI4
74I1
4I1
4I8
00^1
41s
3OI4
•3'J
74 14
61
32
77
•74
•4
•61
•91
•73
'103
4I4
•90
•72
95
7.1
•73
CI
95
75
102"8 10218
II
lUg
104
104
103
lO's
•79
.... f..
2158 2158
ti0l2
•90
•72
95
73
85
2134
•43
•51
34
2134
4534
3»i
HI4
•91
111
334
•4-t
•.>3
35
•34
lO's
101
334
•IOI2
3I2
•41,
r,u
27ij 2784
27^8 27h
'118
•118 125
125
I4I4
I4I4
521; 521
17
47I3
471s
"731":
358
2758 2'73i
1247s 125
lUi
•50
It's
•39
44
55
34>4
35g
5
27l«
"
12.'",
1438
18
.
47
47
Ml)
.8
125"
I4I1
•15%
-
47
17
7434
6778
74I4
7.'">3i
74%
70
75%
703,
67%
685s
08% 09
6»%
70%
15"s
15
3034
3314
273s
2434
15%
1438
.391
38".
1518
39I4
3334
33%
47
47
48
1
1538
16^8
15%
16%
I5I4
35
35I2
35I2
35
351
35% 37
28'2
35
33
29
24l8
253s
75:3
3338
'28'
"273,
25%
26
331"
28
28
28%
2538
25%
25%
28
273s
331'
281'
2534
251.1
2.55s
81
1
IOI4
IOI4
1078
11
76I4
70
70
623s
76%
62%
70
6II4
8638
14
017s
62^8
8038
14
•83%
11
11
•7534
01
11
7034
S8
801,1
801.1
It
137s
137,1
93
1034
9234
94
70%
*70
01
01
•86%
*13
14
14
1334
89
14%
84
89
OO's
90
92
104
103
103%
103
103
lOi
107
108%
109%
10978
109% 110
1''
94
•13
93
14
9378
9278
Co (The)
Nopar
Oklahoma Prod A Ref ol Am
3on Ontario
3.1001
62
103
MInInK
."liver
OrphPum
1
irX)
100
60
3,400
Do Class B
50
41 .7001 Penn-8eal)oard Sfl v t c JVo par
9.800 People's O L 4 C (Chlo)..100
900 Phlladelplila Co (Plttsb)
50
7,500 Phillips Petroleum
No par
12,200 Fierce-Arrow
Oar
Nopar
Do pref
100
,500 Pierce OH Corporation
25
700
Do pref
100
10..5.50 PlttehurKh Coal of P«
100
200
Do pref
100
900 Pond Creek Coal
10
8.100 Pressed Steel Car
100
1,500
Do pref
ion
M
PubllcServCorpoI NJ..-100
IO6I4 107
48
4334
3434
3514
1071
106
4S!2 48%
35
86
•10-1
1312
33
34
6312
3478
3478
34
34%
313j
323-
051"
OOI-
05%
07
95
41'>
19
4^8
4U
•16'
88
4l->
645s
02%
12%
1258
438
12
•4
438
19"
•17
434
19
4178
23
2J.
2278
52
•7214
•150
*94
23
03%
91% 93
41% 4178
2358
52
¥41
5
931
42ii
47s
23I4
161
109
"22"
213.
6534
12
•50%
53
88
'»74
163
•157
473
2338
53
88
103
109
*17
458
92
42
23
53%
•70
•157
10834 IO9I4
108%
8O34
331
•791-.
•7934
803)
34I2
37
35%
35%
35
38%
39
55 12
40%
37
55I4
58%
56%
375s
5658
9478
3834
5719
9478
121s
13
I2I4
1234
*8l2
4278
33I2
9
8%
878
878
878
43%
4278
43l'>
3434
33%
3538
IOI2
54I2
*86i2
934
4038
2234
32
103
801;
'55%
92
1034
32%
10%
1041
55I4
22
32
3438
11
55%
478
93%
5578
10%
4134
22
31%
32
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221.
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10434 10534
7
4834
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353s
38
58%
95
50 ic
91
3738
37
101
34
103
69%
103
8134
111
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IIOS4 1107s
563,
55
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5534
5634
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36% 38%
•30
37%
3«
37%
•99
95
100
94%
100
95
45
45
39
45
30
45
30
•16
19
19
8
734
734
39
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8
30
43
48%
43
4378
437,
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no
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105
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106
56
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04
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22
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92
92
37
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100
95
7%
7%
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85% 85%
95
45
39
97
45
39
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19
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778
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37
43
37
43
110% 110%
497g
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05
50
80
05
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06
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45
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3834
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20
17
8
17
37
42
37
8%
111
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38
37
100
95%
37
44
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9434
80
42
37
3734
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111
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43
111=8
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51%
81
Doc24
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06
De.l4
95%
C)ct2U
107
9
222
Marl3
108
28
148
88
\\lti
14%
D».-22
ID
AUK
2838
Def21
5
Transp
*
TradlnB-..£2
N
800 WllBon*Cn,ino,v
2,100 Woolworth fF
pref...
¥,100 Worthln-'ton P
300
Do pref A
Do
nrpf
R
No
t
W)
4M
v
t
«9>4
.Ian 7
I)f.
22
09%
93
Dc-2l
100>4
12*8
r>(>.-2i
25%
D..-.'21
40
40
59
Oct
83% Dcc23
00^4
26
Dc<-31
Der30
2
Dwao
par
...100
100
0..IOO
100
inn
13
Nov 19 891Nov II 102%
63% Dec29 93%
4S
88
10>)
UftJS
110
8
N..rl8
17%
117%
nec28
10% Dec23
35%. Dec 21
66
48
26
9
27g
48%
61
Mav20
81»4
Dic22
77%
nc.'2
22»8
Dec22
3% Novig
23 N0VI7
Jan, 13l<4
Jao, no
Jaui 264
162>4
99
Dec
21
Nov
32
Oct
0«i
May
Get
Julf
.)2»4
71«4 No?
92«« Jul7
I
Nov
39%
De<
1I8>4 Hepi
40% Feb'
(54
Nov
lOJ
Jul!
83
I
Julf
108% Fe»
43% July
No»
76
.Ian
45
Sepi
1
87
Nov
101%
Get
Jan 3
Jaol3
Apr 7
Jan 2
Jan 7
Aprl2
Jao 3
Jan 5
Jan 6
Juu 3
Jan 3
Oot26
Jan fi
102%
693s
79% May
.'6
70
Jan
92
July
Dec
108%
May
Nov
80
1
Dw
66
June
Aue| 137
lUl
Mar25
Marl9
Dci''29
Julr
Jai>
I
00
Jaol2
Jan 3
Jao
Jan fl
Jan 6
Jan fl
Jan
Jan
71*4
52«4
47%
107
63
x63
180
Juot
Feb! 120
Apr, 246
Jan 115
94
147>«
04% M>ir22
161% Aprl4
137% Aprl')
103
Dk
8%
24 »« Jul;
88H Jus*
46% Feb
Jan
Jan
Rept
83
64
102
94N Ocl
July
112
13% Nov
2178 July
01% Feb
10% Feb
44% Mar!
Ooi
14.5»4
70»4 Jaly
July
July
78
67
Jao
Jan
47
40
May
104
JUM
97
Aprl7
Mar
6»4
95s
8.
^pr 6]
28*4 8ept20r
AprU
li7
417| Jan fi
Jan 2
65
Jan 2
78
Sl|
11% Not
Mar
Nov
128
No*
149
34% Dec
39% No*
40
Mar
70»4
S81s
Dec
Dec
74
80
June22
Aprl4
Aprl4
36% Apr H
22
67
Jan
Jan
140%
92»4
Dec
1047,1
De*
27%
Apr!
July
27
4^
32
>0
Dec
2634 Decil
42% JanlO
44% July 2
58
67
43
38»4
Jan
X4278
Dec22
l)eC29
41% May.'0
37
Jan 13
69% Doc22
64% Dec22
6% lJ.i-22
Aue 9
30% Dec22
15
J).h21
61% Jan
5
46
1163s
11134
0.-f25
Jan 3
Jan 8
Jan 8
Jan 7
86012?
Jan24
2758 Jai 5
113«i« Aprl2
12
DedO
Dec22
90% nec22 104% Feb 2
Dec30
52
Jan28
68
95% DC020 124 Marl9
40
Dec2l 120
Aprl 9
»2978 Drc23 M278 July 7
73
Dec22 106% Aorl2
72
92% May 3 107
Nov 18 22»4
10
24% DPC28 94
Dec24
30
93%
55% Uec21 124»4
Nov
3
34"s Dec21
Ino June 3
I02
npc29
35*8 Dec21
73
Dec21
53% Dpp21
Dm
I
Jan
Cot
May
16
Jan
Dec
0«
o«
2858 May
105% 0«
Feb
7458 Jul>
99
111
86% Mar
1238 Feb
Feb
*69
08
May
Oct
Oo»
311«
109
106
Mar
ICO
July
91 >4
JM
Nov 132%
July
Deo
60
110
Apr
61
De«
9(?%
107% No*
e?tj Feb
KM Feb
112
JlID*
19
Mar
i]«
Aus
Dec
10.5%
B3»4
Dec
Jan
Jan
145
No*
m
July 7
Ian 3
Dec28 100»4 Janl3
16% Dec 9
.Tan 2
55».f
49% Decl3 123»sMayl0
D8r20
10
177g Aprl
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npr22
9
83*8 Apr 6
2% Dec22 2158 Janl3
85% T)?c21 243
Aprl4
33% ner21 90% Jan28
20
Dec21
48*4 Jan 5
Dec22
43
82% Jan26
Dpr23
75
94% Aprl 9
cll42% Dec22 C21212 Mar25
09t
41
101% Jao
Jan 6
Jan 3
84
DM
78% July
03
45
8?78
Dec 8 10818
De'-21
23%
Dec22 08
51% Feb 13
72%
Der30
83
91%
59
9
72
59,000 Slnclr.lr Cons Oil Cnrp.A^o par
800 Sloss-Sheffleld Steel 4 Iron 100
Do preferred
100
1('
StandardOIIof
25
J
Do pref non voting
3.180
lOOisJuuel?
1(X)
300 Steel 4 Tube of Am pref.. .100
ner30
77
5,100 Stewart Warn 8p Corp.A^o par
24% Dec22
3.700 StromberK-Carburet
No par 22% Dec21
3734 Dec21
143,800 Studebaker Corp (The).. .100
200
76
Dec 9
Do pref
100
Supprli;r oil
n<, pn
11% Dec 10
3,400
Superior Steel Corp'n
41
Feb20
100
2,100 Tenn Copp 4 C tr ctr9..Vo par
6% Dec28
40
30.700 Texas Company (The)
Dec-'l
25
22
Dec 2 2
71.000 Texas Pacific Coal 4 Oil
10
678 Dec23
300 Times Srj Auto Supply. iVo par
40
C.,200 Tobacco Products Corp
Dec22
100
Dec22
Do pref
80
100
8,000 Transcontinental Oil .No par
55s Dec23
347, Dec21
700 Transue 4 Williams SI. No par
6134 Dec22
200 Union Bag 4 Paper Corp.. 100
4,900 Union Oil
Nopar 19% Dpr31
500 United Alloy Steel
No par 27% Dep21
Febll
5, .500 United Fruit...
100 176
451
1 1 ,000
United Retail Stores... A7o par
Dec22
700 V a Cast I Pipe 4 Fdy
10% Nov 18
100
1,000
Do pref
38
DecSl
...100
534 Dec23
100
U a Express
15
Dpc22
5,000 U 9 Food Products Corp. .100
9,100 U S Industrial Alcohol
100
56% Deoll
90
Do pref
AUR 6
100
3578 Nov20
.500
a Realty 4 ImprovementlOO
States Rubber
53
23,700 United
Doc23
100
.500
Do Istpref
100
95% Dec28
400 U S Smelting Ref 4
29% DedO
.50
000
Do pref
60
39% Deo30
76 14 De'21
77,.500 United States Steel Corp.. 100
3,000
Do pref
100 104% Dec23
44% Dec22
18,400 Utah Copper
10
300 Utah Securities v t
7
100
AUE25
7,S00 Vanadium Corp
Nopar 28% Dec2!
2434 Dec22
1 ,300 Virclnla-Carollna Chem.. .100
8834 Der22
300
100
Do pref
70
rebl3
400 Vlrelnla Iron C 4 C
100
534 Decl8
3,100 V VIvaudou
Nopar
4834 Nov20
lOO
2,800 Wells Fan?o Express
80% July 13
1 ,000 Western Union Teleeraph . 100
500 Westlnithouso Air Brake
89% Novig
50
40
Dec22
2,300 Westlnshouse Elec 4 Mfg.. .50
Motor
30% Doi'23
2,300 White
60
19
Nov 19
100 Wlckwlre Spencer St^'el
5
26
5% Dec 7
9.900 Wlllys-Overland (The)
20
^ec 7
Do prpf (new)
100
1.800
Do
•108
•79
6«
Un.2l
M
<>
.Mi?.-
50%
...in
700 San Cecilia Suaar v t C-No pa'
200 Savage Arms Curp
..100
2.000 9a.TOn Motor Car Corp.JVo par
17,500 Sears. Roebuck 4 Co
100
0,;t00 Shell
1)KC30
V
50
703]
5.558
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S4»4
111
34
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34
7%
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85% 851
39
44I4
351..
70
9
433j
3058
43
67»4
103% 103%
85%
110
•108
50
.57%
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43I9
66% 67%
•4734
O8I4
40
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12%
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6778
4984
35
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95
25
4934
6734
eou
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7
lOlU
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2438
67
85%
39
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42% 43
6734
64
44%
38%
5538
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13
8738
9534
8738
9534
4478
373.1
40
5738
68% 69
"Vl;
10878
81
3438
2458
48% 48%
93%
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81
3458
74
13
86
345,
•80%
4134
5534
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10
34
100
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86
90
10%
22% 22%
6634
ail-
160
10858 109
103.1
•6
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90l»
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1334
7
17%
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4.51'>
50
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7
2533
6838
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23%
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1,100 .st.Ioseph Lead
43
109%
>4.200
100
8.700 Republic
-
233
53
437s
3538
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95
100
Punta AlfkTe susar
GO
Pure on (The. *
25
Railway .Stee! Spring
100
Do pref
.lOf
Ray Consolidated Copper .10
Remlncton'Typewrlter v t clOO
nepIoKle Steel
Novai
Republic Iron 4 Steel
100
Do pref
100
Motor Truck. //o pa22^ 23%
00% 0778 37.000 Royal Dutch Co (N Y shares)
4334
53
•76
100
.-lOn
son
425f.
4378
8II4 82
11138 Ill's
5558 56
9U
•6
89% 92
878'
978
•94
mo
1
0738
23%
55%
42% 42%
•6
24% 25
67I2 67%
478
834
•41
74
35
3t
065j
17%
1:
458
35
•32
2334
531-
80
103
4,0{)()
10.900
423.1
13
5438
41,
18
12.2
92
10
22I4
5434
458
19
12
87s
3334
1034
5534
55
*87
41
2234
65%
12%
43
•40%
10
237,
6778
12
458
2234
0434
12
834
33
'56
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42% 43
10%
551
8O34
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12%
1034
92
109
95
30
0,00')
663g
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2112
64l2
12
47%
3178
105% 105% •10-1% 107
13% 137s
13% J 338
34
127s
47%.
85
000
65
135s
.000 Pullman Com;. any
1101'
80%
34
43
36I3
5234
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85% 87
68
95
91%
33
I3I4
48-4
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93
43
109
•79 12
107
47%
65
1238
52
13%
35
80
3312
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3458
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6512
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I3I4
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64^8
21
92I4
87
107
34
6418
478
4834
34% 35
347,
3234
21
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107
477s
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I312
3334
_...5...
•16
13
353s
.S7%
110%
97
66
1034
26
200 Pacific Development
900 Pacific Gas 4 Kleclrlu
Pacific Teleph 4 Teleg
3S.100 Pan-Am Pet 4 Trans
115% Ji>nl»
83»4 Jnu 2
110% Jan H
1
Nopar 107 May20
1-'
Nopar
Dec22
Otis Eleiaior
Otl8 St«p|
100 Owens Bottle
1
100
Circuit. luc
3)<)|
.301)
521-
73
07
1558
102
5%
'i2irs
I411
ioo National Lead
i,.500
33i
51
53
4-1
OS'i
!0'4
76li
271
1251
J71"
Stamp'K
ion Ntinnally
35s
5%
3">s
..100
Cable. Wo par
100
100
4
North AmurlcHD Co
100
000 Novii 8(!otla StettI 4 Coal. .100
351
11
•1034
13
prel
Coiidi.lt
Euani't; <k
Do pret
100
Do pret...
100
1.700 Nevada C,)n8o) (Copper
5
ion New York Air Brake
100
1 .400 New York Dock
...100
300
Do preferred
100
.'>5
35%
'4712
15
60
•86
44% 44%
23
"47^
73I2
24'is
11%
•53
Do
Nat
Nat
301)
2278
3%
•51
67
•76
11%
,()0U
'
45
55
34% 3;%
53
'7434
...a-.
11
lUs
111
•120%
14%
14%
6734
33
95
75
10<>
125
•51
1.100
•72
•11
5
275s
•91
I
023.
I'OO
22I4
334
13
77
4
4
62%
'102
•43
•53
3434
•105s
341;
73
22%
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•30
•74
lOfi
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lUl •11
81
•15
4714
53
171
47I4
17
^
4%
63
95
72%
75
11%
55
35
77
4%
62
•91
95
81
22
44
4534
44'4
34%
lOtJ
22 Is
•21
44'4
3^
4%
62
III4
III4
ll's
35
6S
34
•lOSg
(i(><4
'30
•74
34
77
proferred c'f-* dtp
500 National <;ioak A. Suit
100
26% Dor
40% Feb
Jau 3
Jan a
28
70
46
60
Nat Anil & Chem
•31
H iriomt
lor
Year lUlU
LoaeU
Do
95
18''4
Oa
Wrtk.
Shtres
J per share S per share S per ihare S per share $ per short. $ per s.'tare.
1158
Ill
•11'4
2.000
llis»
11^4
ll^g
11^
lUl IKs
IIU 11»8
•11
38I4 38'4 •38 13 4U
39 14 40
1.500
3754 381::
•35"3 38
3o7s 3S
•901, 115
•<J<tl4 115
•9(iii 115
•Oiili 115
•961 1 115
•Oti'l 115
141
143
14
•138
11 1^* '140
140
140
141
800
141
•138 141
112
102
101% 112
•102
112
102
112
IIJ
•lOi
•100 112
•63
63
68
70
200
(iS
70
fiS
b8
68
•57I4 SS
•571->
•57
•67
•57
58
58
68
58
Sil
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S.V,
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R5
800
Rl
85
80
80'4 80'i •77
7.">
•73
•72
71
74
77
73
73
72% •71
1.300
74
74
•95
•94
•9314
•Ou
- .
•'^v
157% 10134 101.800
152^4 lOalj 150>: 154>2 15414 IJ714 154% 160
15518 16734
18>4
1234
31
•63lj
Manet
I
I
*88
PgH SB A MM
year 1920
basil 0/ 101) share toU
Ujttt/e /or
NEW YOaK 8TOCK
Ihi
H2
Ja-i.
tlTOGKS
Salts
/or
711.
100
27% July
Oct
106% Jul?
74% No*
Aus 121 July
Dec 17 July
72%
441. Sept
,
84
"
63% Jan
941s
Oe«
Mar
97%
Jnl7
6% Mar
AqD
29
iSgij Feb 230% !>«•
Dec
81»4 De»
74
41% Dec 64% NCT
46% Feb 89 No*
88
Mar26
91% Juno24
51% Mar26
118% Apr 8
123»s Apr 8
e««4
46»4
lOUj Jan31
02
113»s
Jan
Jea
Jan
109% 0«l
Ja^
547t JUDI
Doc
17%
151
0«l
104% No*
20«8 BeptlS
Apr 8
13% Mar31
60
'•57«i
83
9»t
Jan 2 «184
Jan »345
May
Oef
July 7
34% Julyie
.53«s
95% Jan
106
38I4
Jan 6
««% Jan
127
38
53
22478
90%
25%
68%
3778
78»ii
116»s
103»4
69»4
143»4
116%
3
.Tan 7
3
Aprl4
Jan 6
Jan 6
Oct23
Jan 3
Jan 3
Apr 7
Apr
Jan
Jan 8
Jan 6
Apr
Jan 5
Jan 13
fi
Tsn 3
47»8 M,ar27
109
Jan 6
115»j Jan 2 8
80»4 Jan 3
76
OPt23
AprlO
Aprl4
80%
112% Jan 7
l?n% fleptl7
21 June 7
Mar31
76
9238 Oot33
Jan 8
119
fi.5% Jan 3
14
97
OPU M<r20
32% 9ept20
725g
971.
34»<
Jan
116
Dec
Dec
I'jO
I
16i4 Feb
Apr
16
»07% Dec
96% Jan
17% Jan
8*4 Dec
64% Dec
61
Feb
110
84
Mar
Jnc
61% Nov
Sept
04% Jan
40% Jan
Jan
45
82
82%
Jan27
93»4
Janl3<
Oo»
May
May
507| Jui:»
115% July
1171(1 JulT
971s July
Jan
Feb
95
May
Feb
111% Dec
66% Feb
8RI/.
23% Jao
6|
91 Ig
139% No»
119% Jul»
.i^n 6
AprUi
32»4
167
111
Jan
Jan
43% Jan
Jao
46
73
109
Jan 3
Jan 6
116% Jan
Nc»
747, Oc»
Jan 100 July
76
45% on
34'? Dec!
58«? Ju!>
37>8 Jan
Oei
Feb 215
157
Aue 1)9% Ooe
80%
Jan
38<4 Adb
14
42% Jan 74»4 July
37% Jan;
32
93
145
825,
JuD»
Jnn;
87«4
855g
120
.Ian
n3«4 Dec
Feb
60
88
H*
781*
No<
50
Ma?
21<g Jiiot
62
92%
Dc>
July
1167»
Oei
T88
D«c
79
May
92% Mat
July
697| JUBIi
120
86
On
40% Jon'
98I4 May
1047t Ju!>
136>s
117% July
Mu
117
0<ji
Jan
08'j
O"-
Inn
Of
0»
Bid and asked prices; no sales on'thls day. § L,ess than 100 shares. J Ex-rlehts. n Kx-dlv. and rights, i Ex-dlv, c Reduced to basis of $ S par. n Par tlOo.
I7ame changed ftom Ohio Cities Gas to present title July 1 1920, range Incl. prices from July 1 only; range for Ohio Cities Gas Jan. 1 to July 31, 37: May 20, 50H;3aa. 3o.
•
— ——
——
M
J
Jan
U. t. CSovarnntant.
pirHl Liberty Loau
3M<% of 1(132 19*7
ot 1932 1«47
Conv
Conv 4H'/o ol 1032 1U47
of 1932 1947...
2(1 conv
Second I Ibery Loau
4%
4H%
1942...
1927 1042
ol 1!»27
OODV 4Vi%
of
Third Liberty Loan
4>i%ofl92«
Fourth Liberty Loau
of 1933 1938
Aik Lotf
Bid
D
D
J
J
J
J
91.96 Sale
D
87.40 3alo
87 40 Salo
I>
M
M
M
4M%
4X%
84.00 94.0N
86.00 101.10
''
C)8 81 40 92 90
88.0t'
88.02 5168 81.10 92 80
87.10
87 30
87. 22 Salo
99
9912 lOO's
IO312 105
IO312 IO212
102
'02
99
1
8II2
M
M
M
90
Second aeries 4Hs
1925JJ
do do •'Qerman stamp".
:
M
Sale
Sale
Sale
Sale
9638
97I4
91
92
99'8
9512
8312
42
96
Sale
Sale
Sale
Sale
78
81
64
Sale
Sale
:
75I2
92%
38
92
50
99
10
98
42]
7534
7912
33
A
M
70%
78
2571
35'
9II2
9II2
9812
8II2
99I2
9278
99I2
79
1
82
8II4
8II2
95I4
87»4
9918
85
96
28
110
58
466
80
937g
99
83
9712
19
296'
79
69
346,
67l2
993.1
5934
83I2
8312
40 14
42I4
102
50
31
IOOI4
9634
10284
50
102%
951J
82
82
77
70
62l2 '4641
8312
96I4
52I2
16.
3
State and City Securities.
N Y city— 4 M 8 Corp stock -I960 M
1964 M
4Ji8 Corporate stock
__
8714 ..
83
'9412
93
A
y
M
M
M N
m N
MN
9234
9234
84I4
84I4
8414
84I4
9234
95%
9634
86
98
9414
8412
88
50
88
61
92%99V6
89I4
9334
8II4
90%
83
9534
9578
99
84
95I4
93
92
84
90
94
8978 IOOI2
88 10018
87% Dec
'21
'20
Jan'21
9II4 Dec'20
94
83^4 Jan '21
8418 Jan'21
8414
8414
82 '2 Oct' 20
9312 Jan '21
100%
80
90%
90
93
90
8epf20
June'20
89
91
July'20l-Nov"20 --Mar'2U'
7734
92
99
71=4
*101
101
101
4HB..1963
4MB--1965
99
102
95
6018
Virginia funded debt 2-3e..l991
6e deferred Erown Bros ctfs
72
93
93
Sale
*9834
Dec'20
8")
.
95
A UK '20
93
N
79»2 91
8OI4 90
8212 89
8912 IOOI2
89i2 100%
7134 81
91
M
87
10
93
—
101
99
100
95
May •20!--juiy iui
July'20|
71U Oct
'20l
—
90
89
91
97
108
99
IO7I2
95
7II4
7II4
60
75 '2 Dec'20
..
7612
1st g 48
Atchison Topeka
& Santa F
Qsn
g 49Registered
Adjustment gold 48
Stamped
Conv
Conv
)tl990
1C95
1995
Q
A
A
M
M
M
M
W
P June & M Dlv iet g 3Hel925
P L E 4 W Va Sys ref 48. .1941
Bouthw Dlv 1st gold 3HS-1925
Cent Ohio 1st c g 4H8.-1930
W
con Ist g 68.. 1933
CI Lor &
Ohio River RR 1st g 68... 1936
QeneraIgold68
1937
Pitts Clev & Tol Ist s 68. .1922
Tol A Cln dlv 1st rel 4b A-1959
Buffalo R A P gen g 68
1937
ConBoI4Hs
1957
Ml A West Ist g 48 gu
1998
Clear A Mah lat gu g 6b.. 1943
Booh A Pitts lat gold 6b. .1921
Consol lat g 68
1922
1962 'A
Canada Sou cons gu A 68
*No
price Friday: latest bid
D
D
S
J
J
B
S
S
N
D
N
J
J
MN
W
52
5OI2
7778
"
Nov
tl996 Nov
1965 J
1960 J
East Okla Dlv 1st g 4b. ..1928
Rooky Mtn Dlv lat 40... 1965 J
Trans Con Short L Ist 48.1958 J
Cal-Ariz lat4rer4H8"A 1982 !W
8 Fe Prea 4 Ph 1st g 68.. .1942
Atl Coast L lat gold 4s
Z:1952
10-year secured 78
1630 m
1964 J
Gen unified 4H8
Ala Mid lat gu gold 68.. -1928
Brans &
1st gu gold 43.1938 J
Charles & Sav lat aold 78.1936 J
L * coll gold 4a
ol952
Sav F &
)st gold 6r
1834 A
l8tgoId5s..
..1934 A
Bait ft Ohio prior 3M8
1925 J
Beglstered
*1925 Q
1st 60-year gold 4a
S:1948 A
Registered.
»1948 Q
lO-yr conv 4Hs
1933
gen 5s SerlcB A. 1995
Refund &
Temporary 10-yr68
1929
Pitts June 1st gold 6a
1922
5.
78I4 Sale
itl995
gold 48
48 Issue of 1910
N
J
J
J
70
V2
Safe'
Sale
68I4 Sale
8212 85
8418 Sale
77 14
70
72
68I4
84I4
7512
82
8712
801? 79
10318 1031,. 103
78
78
Sale
V9
110
811?
7134
10218
T?.
01
79
1297s
7134
10078
93 '8 90
84 Sale
91
J
6934 Sale
7OI2 Sale
9078 Sale
90%
112
05
'.'.'.'.
Sale
8II2
65I4
7812 Sale
78
65
90
88
84
85
91I4
..
_.
.
81
.
88
259
40
28
3
16
Nov"20
Oct "20
9234
Jan' 12
62
62
60
7312
7412
70ig
77I4
91
89 14
71
771-
82
82
82
8712
6978 80
9512 IO3I2
68
7812
90U 92%
78
79%
Jan'21
79
Aug'15
72I2
79
68I2
Nov'20
78
8234
67
2'
3
Jan'21
801s
58
644
29
30
75%
IO312
69
6778
14,
Jan'21
8318
84
81 Apr '20
68
6912
60 14 Feb '20
69
70
6912
71
68I4 Sale
'78I2
72I2
7212
8418
7414
4734
.ran'21
71
83
65
9112
79
83
00 's
79
88
V9
5OI2
6OI4
73
98U 101%
"1841
177
59
122
Jan'21
91
78
91
86
81
67l8
81
74%
60
81
60
57%
5714
811a
60
66
79
51»4
6778
Mar'20
Jan '21
85
91
81
Dec'20
Aug' 19
75)2
7612
9212
81
69I4
79
85
9II4
90%
99% Mar' 18
5512 Sale
9112
8134 91
7218
55
92
81
80
9914
9834
88I2 Sale
55I2
71
44»4
68%
88%
73U Jan'20
7OI4
73I4
92'4
8312
73I4
85
85
85
Dec"20
Jan '21
Apr'20
99% Dec'20'.
98 -i^ Dec'20
88I2
88
17
99% 100%
9778 IOC
771* 91
8512
71i2
90
85%
y
98% 99
81
84
9134 Sale
A
J
J
8«%
84
96
26
78
84
65
73
69
J
J
J
727«:
72 14 Sale
82I4 Sale
9014
8912
801' Sale
35
33
Feb
_
80
80
55
72
83
83
94
82
Stamped
Guar Tr Co ctfs of dep
Purch money Ist ooal 53.. 1942
Chic A Ind O Ry 1st 5S-..1936
Chicago Great West 1st 48. .1959
Chic Ind A Loulsv Ref 6s. 1947
Refunding gold 53
1947
Refunding 4a Serlea C
1947
Ind A Loulsv 1st gu 48
1950
OhIc Ind A Sou 50-yr 48. .
1956
—
lat
M
J
& St P gen g 4saer A.el989
Registered
€1989
Gen'l gold 3Ma Ser B
el989
General 4Hs Series C...el989
Gen Arel Ser A 4H8
a2014
Qen ref conv Ser B 6s
a2014
Convertible 4Ha
..1932I-'
Permanent 4s
1925JJ
1934jJ
25-year debenture 48
1921'J
Chio A L Sup Dlv g 6a
Chic A Mo RIv Dlv 59
1926 J
O A Puget Sd Ist gu 48 .1949
Fargo A Sou asaum g 08..1924IJ
M!lw A Nor Ist ext 4Hs.. 1934
Cons extended 4>ia
1934
Wla AMInn Dlv g 53
1921
OhIc A N'west E.': 49...18S6-'26|F
Registered
1886-1920 F
General goId3H?
1987
Registered
;)1987
General 4s
1987
Stamped 48
1987
General 53 stamped
1987
Sinking fund 6a
1879-1929
Registered
1879-1929
Sinking fund 68
1879-1929
Registered
1879-1929; A
J
J
J
O
A
.
Registered
Staking fund deb 5s
Registered
10-year secured 7a e
Des Plalnes \'al Ist gu
Frem Elk A
ManO BAN W
Milw A 3
L
Ist
7012 Sale
98I4 _- -.
9112
J
66
D
D
83%
81% 84
98%
J
87
97
92%
89'^
Dec
94%
99%
I
StPaul AKC3hLlst4Hs'41
Chic StP
cons 63
1930
Cons Os reduced to 3)43_.1930
Debenture 53
1930
North Wlaconsin Ist 6a... 1930
MAO
o
*
M
Day A Mich
W
W M
WW
A
East Ist cona 48.1940
1990
43
Cleve Short L Istgu 4^8.. -1961
1929
Colorado A Sou ist g 4s
1935
Refund A Ext 4Ha
Ft
A Den C lat g 68.. .1921
-.1943
Conn A Pas Rlva lat g 49.
Cuba RR lot BO-year 68 g.. 19.52
Peoria
Income
W
220
69
67
67%
69
85% Jan'21
97% Feb' 19
82
Nov'20
67
66%
102
105
84
118
95
I
Nov 16—
65
98
62%
71
80%'
17,
87% 88 Oct '20
90%'
89%
60
69
79
44
78
67
72
S
Q F
V4
74
74%
J
83% ---
J
98-'4
1
63%
1
M N
A
D,
Oi
'
•
69%
103
64
Jan
I
'21
98
74
81
72
80
88
00
76
56% 70
60»4 73
80
'88' '
82
"88'
98
74
Deo'20
Nov'20
60
22
81
61%
98
47
67
16
36
89
74
00
59
O
A
75%
68
2
74% Jan '19
NoT'16
84
80
Nov'20
82% Sept'lO
88
Nov'20
i
Apr
Nov"20,
66
71
3
J
1
12
I
66
04
J
82
86«4
74
06
66%
76lj
1
Sale
N
F
J
'21
81
J
J
88
60
104
79'4 79
87%
78
71
79
90
F
67%'
102
Mar'17i
Jan'20
Sale
7934 Sale
A
71
81
65
68
98
7278
84
77%
60% 71
58% 69
86% 90%
I
81% Jan
--86
71
A
W
OInd A W lat pref53...<J193S Q
A
Nov'20
88
J
J
J
J
81
—
M
M
M
Jan'21
73%l
72
lOO's
70
79
65
May'lS]-6434 6534 65% Jan '21'-100% 101% 101 Jan '21'
Sale
58%
59
61%, 53
90 May'iy
80
l3t cona 4Mibi 1931 i
J
J
96%
3
71
99% ---
J
95% 09%
'
71
78
68
62
99'4
1
1
78
87
72
8134
102
84
83
J
J
62
—
98% Dec'20
Sale
601 >
101% 101%
—
ecpfi9
99
83% 91%
90% 90'S
90% 104
77
99% Jan '21'
99% Apr'29,
100
98
—
Jan'2l'
90
94U 94%
--11
Nov'20;
75
F
'»»
79%
'
101
O
103
"sV's
I
O'
Ni
Superior Short L 1st 5s g.f 1930
Chic T H A So East 1st 5a. .1900 J
Chic A West Ind gen g 6s..el932 Q
Consol 50-year 4s.
1952 J
Cln H A D 2d gold 4H3
1937 J
C Find A Ft l3t gu 43 1; 1923
Clev Cln Ch A St L gen 43.. 1993
20-year deb 4^s
..1931
General 53 Series B
1993
Ref A Impt 63 Series A... 1929
1939
Cairo Dlv 1st gold 43
Cln
A Dlv lat g 49.. 1991
St L Dlv Ist coll tr g 4a. ..1990
1940
Spr A Col Dlv lat g 4s
Va! Dlv 1st g 4s
1940
*1936
1 St L A C iBt g 4a
O
*1936
Registered
Cln S A CI cons lat g 68--.192S
C C O A I gen cons g 6a. .1934
1940
1st pref 43
Ind B A
90
'20,
103%
104
101% Oct'l6|
72 Sale
72
68ii Sale
68 Sale
81
J
80
J.in'21
99% 98 Mar'19
91
91%
91%
90% N.iv'20
99%
i\
81
08
02
63
70
7734
62
J
77'4
95
991
97%
80
59% 70%
98
99
78
90
70
78
Fe!j'20|
J-in '21 ---
si
M
63
99%
-
Ii
67'4
94% 97»4
03% 03%
76%
»4
81%
—
'2ll
-
M
AN
63
61
:
-
"•
Registered
198S
1934'A
Refunding gold 48
R I Ark A Louis l3t4H9.-1934|f*l
BurlCR
la^ e .58
1934 A
Istgu -..1921 A
Ch Okla A O cons 58
1952
Keok A Des Moines Ist 5s 1923 A
70
76
76
83
60
81
84% Jau
97%
88%
J!
J
62% 66
1
99%
98%
*72
II 102%
80
8778
67
68
76
90
72
53% 81%
8
I
BBpt'i9
Nov'20l
68%
67%
76%
75
-- 77%
93%
93
gold 69. ..1924 J
CRIF AN W
Feb '20
68%
68%
68
69'4
7
83%
Dl 103% Sale
gu 3H8-..1941 J
/?!/
9314
102
»0
soil
62% 73
73% 82
-
99I4
A
MIISparAN W Istgu 18.1947
St L Peo A N W 1st gu 53 194S
OhIc R I A P—
gen 4a
1 988
\
May'19
07
79
68
Mar'20,
68»4
91
'
67
oi
62
48
!
N
F
N
N
N
O
O
o
o
4H8 "47 "*
1st 63. .1933
1st 3Hs- 1941 J
1925
»4
'20
'20
81
W N
M N
1st g 69...
53%
63
Jan 21
Sale
85%
04% 86%
'
51
1921 *
1933
1933
1930 J
Mich Dlv
1
I
84
68
60
60
1
62
98
68
J
MIILS A We9tlatg6s...l921 "•
Ext A Imp a f gold 58. ..1929 F
lat
Sale
62
76
61
J
J
1921,*
Mo V
Salii
701.1 .Sale
J
3
71% Jan'21
73% Dec'20
69%
71% 91
92 •» Feb '16
56% D6C'20
4
79
79%
68
647*
63%
70%
71% 73
162
70%
72
52
75%
77
631? Sale
D
D
87% 93%
-
'
6II2
41
41
Mar'17
32
52
08
63
82%
19%
i
60
Jan'21
Feb'13
92
20%
..
'
80%
.«_• 93% Dec
.... 70 Dec
'oo"
79
J
1
Debenture 58
Sale
83»4
73
84
'87, 67
'21
82
97^4
671? 71
68
70% 73
761? .«-.
70 Sale
D
4Hs.. 1969
M
53
98
80
J
J
J
J
Jan
80%
60
78
"":-:j
J
S
19
82
Jan-21
34
33
95
10
89%
Oct
80%
Ist consol gold 68
21
40
98
96
64
73
"s
82U
8912
s
'30|-
49%
41
29I4
18
74
7214
8O34
32%
U S Mtg A Tr Co ctfs of dep
!
1'
.39
90
1930
..1937
61% 76
68% 72
1
46
3612
32I2 Sale
.
^^^^
>
11
88ii Sept'ie'
Feb '16
U S Mtg A Tr Co cl8 of dep
General conaol 1st 5s
711*
'2ll
46
98
4b g..l965
0334
I
113
A
J
89%
67%
Nov'20
72
4534
36i2 Sale
F
70
June'19
72%
42
i
'77%
224
2
65
Jan
79
G9«4
1<»
I
84
7II2
A
78% 82%
Mi:'17
76I4
6II4
72
O514
3
J
79
7
03>4 July'20
N
M
8
82
65
73
J
M
S4
92li'
68%
J
84
100%
87% 90%
00% 98%
JjM'21,
Salo
8212 Sale
J
J
J
86
79
UO
78% June'ZU,
77 14
70%
77
D
70>t
Jari'18,
86
D
J
J
J
97l»
99I2
1001?
837,
9134
7612 Sale
A
F
3
i»
100
Jan'21
8:]
99
Si!e
7
24
Junt-'17
De<^ '20
82
89
83
Blgh
00 14 100%
09 •» 78'«
06ta
86
76i» 88
94
83
06
06
Loui
220
6
May'18
97%
8:j
1958
A Imp
70
99
Joint bonds Isee Great North
Nebra.3ka Extension 48. ..1927
Registered
1927
General 4s.
OhIc A E III ret
101Z4
75
76
95
»5lt
80 12
89
89
90
Df)c'20
06
S3
70
Ashland Dlv
Railroad,
Ann Arbor
Q—
Ch
95I4
Jan
20-year convertible 4^8. .1930
30-yoar conv secured 68.. 1940
Big Sacdy 1st 48
1944
Coal River Ry 1st gu 48.. 1945
Craig V.illey Ist g 53
1940
Potts Creek Br lat 48
1940
R A A Dlv Ist con g is. ..1989
2d consol gold 48
1989
Greenbrier Ry Istgu g 48.1940
Warm Springs V lat g 5a. . 194
Ohic A Alton RR ref g 38.. .1949
Railuav Ist lien 3Hg
1950
OhIc B A
Denver Dlv 4s. 1922
Illinois Dlv 3^8
1949
Illinois Dlv 43
1940
3914
8178
88I4
ftl987
Hloh No.
100%
Sale
SI
(>4l2
D
Lore
H.ili-
83
Am Dock A Imp gu 63 11121 J
N Y A Long Br gen K 4H..1941 M
Ohesa A O fund A Impt 68. .192^ J
Ist consol gold 6s
1939 M N
Registered
1939 M N
General gold 4Hs
1992 M S
Registered
1992 M s
20
42
7.1
M
1947 J
1910 J
ReglHtered
Slll;
H
or
hati Ball
95
V
Ont RR A n of On coll g 58. 1.137 M N
Ontof N J gen gold 69
l!i,S7 J
OWoLSAEast
88I2 9534
191' IOOI2 IO4I2
787i
8534
88 14
19-I.'.
niv58
Atl
50
128
402
86%
9918
MldOa A
2934
I'
114
158
149
47 71
99
Sale
85% Sale
89 Sale
9512 Sale
97 Sale
pl'.lii
10-yr einp Bcsour 68 Juno.lW2i
Ohutt Dlv pur money g ii lO.'il J
Mac A Snr Dlv lat g 6j..101(. J
75
75
95-'8
99
1st gold 68
5»
71
92'4
9312
I
1921
6-year
notes
20-year gold bond 63^6.. 1937
1929
10-year conv 6>68
3-year conv 5H8
i)1922iF
Burloh (City of) 8 188
1946 A
flkese are pricet oa (»« 6o»l« 0/ te(o£
Oonso gold
9212
19
Jau'20
84
86
76
72
99% 110
92%
7034
6OI2
65
8O34
76
89'
Dec'2o; ""51
9978
2934
9934
7.'^
2
8312
98 '8
Sale
IOOI4 Sale
9612 dale
10234 Sale
4918
8914
8712
9914
88%
85
Sale
Sale
lOO'i
92 14
99
90
6212 Sale
10«U
9378 101
8434 98
21I
90
42
31
415
77
78^8
101
100% 968
08
96
98I4
78
lOlU
68
42%
>«
74I2
7778'
84
Q
t
70
76
Sterling loan 4s
1931 J
1934lM
Lyons (City of) 15-yr69
Marseilles (City of) 16-yr 63 1934
Mexico Exter loan £ 6s of 1899
Gold debt 48 of 1904
1964 J
Norway external s I 8s
1940 A
Paris (City of) 5-year 68
1921
Swltierland (Govt ol) s f Sa 1940 J
Tokyo city 5s loan ol 1912
ol Gt Brit
Ireland—
t
69
99.40
99.40
7912
8678
5
.Sale
8118 Sale
8118 Sale
M
4H%
Apr
Mar'20
Feb '15
9234 Sale
98'8 Sale
8II2 82
(Kingdom of), Ser A 6H8'25 F
JaDaneae Qovt £ loan 4iaa.l926 F
1966
1967
1965
4 H s Corporate stock
4i^8 Corporate stock
1963
1959
4% Corporate stock
1958
4% Corporate stcok
4% Corporate stock
1957
Corporate stock rog..l966
4%
New ihis.
1957
Corporate stock
1957
3!^% Corporate stock... 1954
N Y State— 49
1961
Canal Imrpovement 48
1961
Canal Improvement 4s... 1962
Canal Improvement 4b. ..I960
Canal luiprovement 4,4s. 1964
Canal Improvement 4}is.l965
'20
8878 .Sale
987« 3alo
Italy
4Mb Corporate stock
4Hs Corporate stock July
100
9912 Sale
90 Sale
192l'A
...1926 A
...1931 A
flo
2-yr 6He gold notes Aug 192liF
10-year 6Ha
1929|F
French Republic 25-yrext 8b 1945
g 69
do
do
A
TO'i
87»
!
—
—
9SU
I
1961 |Q
1914-"34iQ
—
97.44 8019 94 70
97 30 47911 o».64
Nov'20l--- 100
June'20
lOOlj
July'20
105
J:ui 21I
104
Mar'lOl
July'18 -.-
l(K)iz
Q
1925
88.60 7484 82.00 93.00
97.14
97.16
97.36 Sale
Oa
Oontralof
Bante
Aa
Bid
100
Canadian North .leb h f 7.i..ieiO ^
(Jar Clinch A Ohio lit SOyr OS 6'- '
Mobile Dlv lalg Sa
91.00 5608 85.60 95.00
87 22
97.:i4 Sale
J
J
Foreign Qovarnmanl.
Highway Improv
Highway Improv
igo.40
« 83.00 93. 4 >t
98 001
mdav
Jan. 28
/fi'j'i
1
70
Argentine Internal 68 oi 1909
9634
Belgium 26-yr ezt B (7Hsg.l945 J
9II4
Jan 1925'..
6-year 6% notes
lOO's
-- 1941 F A
20-yeiir.sf 83..
9534
1946
N
Berne (City of) s I 8s
N
Bordeaux (City of) J6-yr 69-1934
D t 42
Chinese (IIukUHDg Ry) Snot 19111
97
1946 A
Chrletianla (City) s f 8b
7412
CoPeuhaKcn 26-yr a t fiM8--l»44|J
79
External debt 68 of 1904.
Ouba
Exter dt of 6s 1914 ser A 1919 F
66
1M49'F
External loan 4Hs
9934
1945 A
Dennuirk cxterhal 8 f 83
77
DomlnlcanRepConsAdrngf 6s 68 F
5H%
8828 799
87 80,
S 90.00 Sale 90.02
<11930]Q
(J1930,Q
Beglaiored
Philippine Islands 4i
D K
87 3(1
98 00
Wteki
PHea
n
Jan. 28
Yearly
dtfauUti bonii.
ezctpt for
BONUS
HTOUK EXCUANQB
Week eading
'
1925'Q
coupon
IH93(l Q
Pan Canal 10-30-yr2e
Pan Canal 10-30-yT 26 rei(..1938 Q
IPflliQ
Panama Canal 3b g
Canada
91 90
87 10
87.10 Sale
87.00 Sale
A O
0OD80I registered
ooDBol coupon
registered
of
No. Low
a<at>\
Y.
i
Victory Liberty Loan
Not«8 0f 1922 1023
3Ji% Notes of 1922 1»23
Dominion
da
Hanoi
Year
1020
02.26 2780 80 in
9800
N
N
|3
or
Latt Salt
J 'in. 28
>S ^^
tnteretf
ar*
chaitgta
<>
Kangt
Fridav
a
'28
.Ian
buruli
Prut
EXCHANOK
Wuvk CDdlDK
QUMng
method 0/
IBO.t </>• Hcchaiffe
1
BUNDS
W.T. BTOCK
28
23
4i
4s
I
Record, Friday, Weekly and
New York Stock Exchange— BOND pru$4 now — "and
—
itcomt and
and
a
454
4%
J
J
1
.
60
21
8138
23
81
Sale
Sale
83
74
92%
99''S
64% Sale
and asked. aDue Jan. [doue April, toue May. ffDue June. ftDue July. itDue Aug. oDue Oct.
83
74
93
63
pDue Nov,
12
18
23
D6C'20
84
75t2
I
9
IS
Deo'20!.
6412
28
73
74
851f
86% 79
01% 98
63
73
»DueDee. K)pt!OD«ri«.
New York BOND Record -Continued— Page
IIONDS
Week ending
.I:iij.
Friday
Jan. -iH
28
Del Luck i WobHTO
Murria 6i K6bK\ lot Ku SHa^liUu j
lu21 J
N' y Li.ck & \V Ijt tis
.1',I2S F
CoDBtnictlon 5g
reriii
W
i
^-u
«
97»«
91
N.>V20
90
94
FeU'Og
—
K
ma
KoM
)',i:tii
68
69
Muo A coll trust
& Mack— Ist
4«
lion
t,
J
'.!
J
J
A..HH9
O
D
4d..l995
1J3j
Gold 4s
Del Rlv Tuu Ter Tun 4 Ha. 1961
Olll Ml*sabe <t Nor ^en 68. .1941
1937
DuJ A liuii Kau«e lst6»
UoKlbtered
m
M
Ki W
M
1990 j
Pcno coll trust gold 4s. .1951 f
SO-ycar "onv 4s Sor .\..19.'>3 a
1953 A
do SerlesB
Registered
87»» Salo
.\i
l8t cons
gu g 6s..l926 j
cons 68.-1921i.l
1942;a
.Mt Vernon Ist gold 6a. ..1923 A
Sull Co Brancb 1st K 5a. .1930 A
Florida E Coast 1st 4'-i8.-.1969|
Fort St U D Co 1st s 4^8. .1941 J
ft Worth A Rio Gr Istg 4s-1928|J
Galv Hous A Hend Ist 5s. ..1933 A
Grand Trunk ol Can deb 73 1940 A
Great Nor C B A Q coll 4s..l921| I
Registered...
ftl921iQ
1st A ref 4 (-is Series A
1961]j
Isr.
Registered
1961 j
St Paul
A Man 4e
193? J
Ist consol g 68
1933:J
Registered
19331 j
Re<lu<ed to gold 4^9.1933 J
ReKlsterert
19331 j
Mui fxt Ist gold 4s... 1937 J
M
M
Re-'lalered
19371
Pacific ext -mar Ja £-,_194o'j
EMlnn NorDlv 1st g 48.. 1948 A
Minn Union Ist g 6s
1922! J
Mont C 1st gu g 68
1937IJ
Registered
1937ij
let guar gold os
1937
Will A S F Ist gold 5s..l938| J
,i
A
Ter.-a
F
1955
IM
6s. 1937; J
Central 1st gold ls..l9":l'
Registered
.l')5l|j
1st sold 3Hs
1951 J
Registered.
I95I J
Exteaded 1st gold 3H«-.-195I.A
Illinois
Rt^glBtered1951A
gold 3-i sterling
.1951 IVI
Collateral trust cold 4s...l952:(W
Registered.
1 952, A
1st refunding 4s
.1955Kf
Ptircbtised lines 3U8
1952ij
L
O A Texas gold 4s. ..19531
l-it
99I8
80
80
9II2
92
96
esig
85
J
J
Sale
53
401; Sale
73
J:
A
38
42
Sulo
80>j Sale
N
No
price Friday: lateet bid
67I2
30
4412
8II4
58
34
461?
5334
12
66I2
85
1
"7"8>8
00
"
51
79
DccMO
Dec'20
'52'
811'
81
Let
47
91
40
72
2312
8912
62
"50"
60
02
67
67
1
Nov'U
Des M A Ft D 1st gu 4s. .1935 J
Iowa Central Ist gold 5s.. 1938 J
X3«i4 May'd'
90
91
90
65
65
7I8
Sale
Sale
J
J
J
J
III!
71
70^4
Sale
71
S.ais
71
08
90
71
Sulo
57
14
72
Dec 20
92
90
73I4
58
62
72^4
June
5
loj
53
84
J
74I2 Sale
72I4
72-14
72I4
80
65
50
69
^
80
65
65
86
84I4
J
J
and asked
8312
92
-
78
79
this
week,
a
84»4
6912
6912
OS's
2
97
53
17
7312
7458
873.1
Oct'09
74 -14
80
Jan'21
7<)is
7
93
78
59
74
4978
6314
0278
2
72
..I 67
I
78
7658
84
72
S414'
1
79
87I4
Sent' 19
Due
Jan.
6
Due
Feb.
g
Due
June,
h
July,
96
Mar'20
..
7OI2
88
78U
76I4
6b
75
4834
8212
91
8212
85
85
921i
5218
2318
27I2
6358
46t2
46l2
17
36U
3OI4
23I4
6OI2
6OI2
4812
24
23
2612
25
28
46
51
33»2
60
63
60
55
60
20
72I2
0238
29I2
40
74I8
88I2
9158
893g
4814
1
84
,
7412
49'8
60
6918
80
7934
87
9612
66
76
63'8
10
"36
72
70
3
Au?'20
90
60ig
68I4
35I2
234
56
Oci'18
7218
Tune' 19
49 18
42
40
17
87
09
97 '8
91
65&8
3478
7214,
87'ii
76l2
1
July- 14
72I2
73I4
.-I'l
80'8 Oct'
6918
7II4
87
Sept'20
9Si2 Jan'2I
90
r>ec'20
1
1
"Ogij Snie
90
IOOI4
87
60
76
79
74S4 Sale
9412 Sale
l',c'20
25
3412
241s
•69
74^
17
Deo'20
Dec'20
30
Dec'20
3412
35
68
65
94
72I2 Sale
Sale
"17I4
.Jan'21
1112
72
78
97*4
'30'"
13
26
25
4018
15
i
24
80
67
96
64
08
OO^'s,
94
60
5912
9OI2
78
84
9412J
Jan'2l
72
65»4 Sale
94 Sale
583i 59
91 Sale
102 Sale
M
Jan'21
99
23
*2'6"i2 '/.'-.
80
102 14
91
86I4 9&!>8
51 '8 6412
8018
71
8OI2
75
77-»
68
Dec'20
7434
9412
99
.T
64
71
78
63^8
68I4
13
56^8
OO'i
4II3
I
13
351
86
93'4
97 100
16
63
02l«
IO312
721"
lOSU
69I4
34
81
72*4
825g
I
I
67
67
3^8
Due
86
95
July'20
102
69
69
70
69
79S4 Sale
76
76
62^8 Sale
6212
63l2
5;''2
'
6712 Jan'21
79I2
8OI2
66I2 June'20
75
ReTlstered
DfMenturc gold 4s
Registered.
30 year deb 49
Lake Shore coll g 3 tis
.
70
6
88
7212 Sale
1951 A
Beech Cr Ext Ist g 3HS.6I951
Cart A Ad Ist tu g 4s
1981
Goiiv A Oswe Ist gu e 58. .1942
Ka A A O R Ist gu R 5s 1938
Au=:'19
61
24
78I4
7912
-.--
7812
88I2 Sale
1907 J
1097 J
1934 IW
1934 IVI
1042 J
1098 F
.
R'^trlstered
1998 F
MIchCent coll gold 3^9-- 190S F
Rei'lsfered
..1908 F
Ba'tle Cr A Stiir Ist gu 38. 1989 J
Beech Creek Ist gu g 49.. 1036 J
Registered
1930 J
2d guar gold 53
1930, J
Registered
IO3O1J
Mort::;ige
4
I
.1
J
88
67
Mar" 10
Nov' 10
7%\
68
NO A N'Elstref Alnip4t<;sA '52 ,.
New Orleans Term Ist 49... 1953 J
N O Tex A Mexico 1st 63. .1925 J
Non-cutn Income 58 A
1935 A
N V Cent RR conv deb 09 1935 M
1930
8618
92i->
54 14
98
90
93I2
76lj
7912
7218
'7"8'i4
97
91
8634
87
Sale
91
94I4
82(2
8ept'20
72
Jan'21
417g
41
43
4612 Jan'21
45
41
42
41
70^8 71
71
Side
42
43
82
81
84le
90
Jan'21
85
85
Dec'20
89 Is
891s
...
95
Dec' 16
Sale
6OI2 142
59
41
40
10
41
40
39
Jan'21
30
i
30
55
54
54
5
56
54
1
54
48
31
J:.n'21
50
33
ian'21 ...
2012 2612 Dec-20!...
40
47
Jan'2li...
6II2 Jan'2l
51
Dec'20|--.
42
Dcc'20
6712 61
6J78 Oct'20
60
35
30
Jan'21
3;
50
Oct'20
72
1977 J
4H9..1926
75
99
95
91
71
8214
9'Vi
6038
88
I
83
68
Dec'20
82^2
66'g
.^8
109.S P
Ref A Irao 44s "A"
2013 A
New York Cent A Hud River
93
88
S51'.
73
Nov' 1 7
86
55
.
Mar' in
78
74
J
58'2
69
Mav'lO
.T-in-2l!
0-i.'2i)l
90
pr lien 4 )^3. 19.57 J
10-year coll tr 7s..
Consol 4s Scries A
45I4 Salo
__
- .
62
flll2
77I2 Aii';'l9
76 14 Jan".nl
Jan'21j
90
75I2
7512
55I4
53I2,
74
52
<
of Mex prior lien
I9t consol 4s
I
!
Me
42
7918
.
Guar.inteed gcneral-48
Nov'U)
85
73
65
74
-
Nat
Ry.s of
.
3212
LA
74
.
48
63
M
f.512 .Tillv'18
7378
- 851' Sale
90
60
69
7Vh
3818
46
W
>rov'l«!
Jati'21
73
87
8S
—
19
10
O7I2'
II7I2
J
6034
M
73
62
39
58'2 Dec'20
5812 S'pt'^o!
Dec'2(>
69
8f)'^8
N
n
80
Nat
51
I
92
73
75
68'?
93IJ
08
17
7112
rii2
»
03
83
6214
..
Dt--2i)
102
69
73
69
72
59
39
39
59
M
M
781.
O3I2
88I2
J
O
M
M
021-.
5'>i«
79'8
80
50
1045
1938 IW
Cent Br U P 1st g 4s
1048
Pac R of Mo 1st ext g 4s 1938 J
2d extended gold 5h..
1038 F
St L Ir
A S gen con g .5s 1031 J
Gen con stamp gu g 5s. 1931 A
Unified A ref gold 49... 1920 A
Registered
1929 J
HIv A C, Dlv 1st g 4s... 1033 J
Verdi V I A
Ist g 53.. .1926 M
Mol) A Ohio now gold Os
1927 (VI
1st ext gold 69...
..?/1927 T
General gold 4s
1938 Q
Montgomery Dlv Istg 69. 10)7
St Louis Dlv 5s
1927 F
St
Cairo guar g 48.. 1031 J
Nasliv Ch itt A St L l.st 58..192S J
Jasper Branch Ist g 6s ..1923 A
09
83
83 '»
42
D.
107JIIVI
Missouri Pac 40-year 4s
3d 7s extended at 4%
41
81
•94
K
Geri"ral 49
77'<
69
78
7314I
67I2
68
...
5912
59I8
90'8
13
Julv'OO
7234
74
95^8 3ei/rl2
77'2
7634
6934
6934
'ilH Sale
68I2
73I4
5812
641s
OS
97
85
70
72
May' 16
77
PI
M
S5
Dec'20
80
73
73
59^4
69
Nov"20i-.
84
Jair2ll-.
83 '8 Dec'20 ..
92
Sent' 17 ..
Jin'21 ..
71
84
Nov'lS]..
7212
O
O
M
M
9778
*4
70
10118 104
6318 76
79<4 881*
Jan21
Jan21
9012
J
J
eoij
72
87 >«
9II2
70
45 12
Feb'05
Jan'21
93
N
78
95
90
Si
"si
9«'4
53*8
8718
8OI4
95
84
100
40
76»8 75^
96(8 lOolz
Dec'20
09i4
N.
S
M
73I2 JUI1(!'18'..
7312 Oc!'18,..
80
J.
75
<J
106
90
978 103
100
100
Jan'21
7I84
91
99
85
I-tb'20
90
8212
66I4
84
2T
95I2 Nov'19
104
Aug"20
.
90
80
99
94
M
A
refunding 4a
2004
Trust Co certfs of deposit
Gen sinking fund 4 Hs
1936 1
Trust Co certfs of deposit
St Loula Div 1st ref g 4S..2001 A
5% secured notes "ext" 1916
Dall A Waco 1st gu g 5s. .1040
Kan City A Pac ls( c 4s.. 1900 F
Mo A E Ist gu g 5s
1942 A
K A f)kla ist guar 5s. .1942 IVI
K A T of T 1st gu g 5s. 1042
Sher Sh A So Isf cu g 59. .1042 J
Texas A Okia 1st gu g 5S-. 1943
Missouri Pacific (reorg C'l)
1st A refunding 5s Ser A.. 1965 F
iHt A refunding 5s Ser Bo. 1923 F
1st A refunding 5s Ser C. . 1926| F
l8t
9Ii8
7
08I2
M
Mo
—
5i
73
1951
MIsslsslpDl Central 1st 53... 1949 J
Kan A Tex— lat gold 43. 1090 J
2d gold 48
..(71990 1'
TYiist Co ctfa of deposit..
1st ext gold 5s
1944
"94*
91
6934I
75
63
Ai
7->8'
6934
75
'¥>'
J,in2I
.!an21
Jatr21,-.
8II2
7034
37
104 It
73
9*4
14
871t 100
Mif
72
Jai)'2l
52I2
7S
91
Jan'21
72
85
s
62I2
Jan'21
71I4
98
O
87
Dec'19'
88
99
100
69'8
A
A
O
74
Jau'lll
Nov'20
993
'
J
08^
60
«
»»»8|
103<i4
54
73
6912
a f
Jm
J
99'8
6234
72l2
83I2
A
74
691b
92
12
...
77
J
J
7S7(
(J6
82^4
SS'i
8l'j Sept'19
. . -
J
M St P A S S M con g 43 Int pu '38 J
lstcon353
1938
Ist Chic Term
4s
1941
M S S M A A 1st B 48 Int gu '26 M
J
June' 12
7OI4
80
M
M
M
Refiinllnff gold 4s
91
92
71
M
M
76I4
5 'rill 'so"
Aug' 10
J
S92
61
6512 Deo'20 -...| 5158 65I2
J
70
D.'.-'19
10218 125 9912 101 ix
s' 101"8 Salo lOlU
97'«
Sale
97 s
98
605 9212 96'8
J
'21
9034
9014
J'
89
8OI2 Si
8134
8212
34 70
8512
J:
96 June' 16
8314
83Vi 84
8314
]\
SO'" 8«i2
Jan-21
96i-> 105%
J IO211 lOSig 102
99 Sepi'20
9912
99
99
90^8
31 83 14 92
} 90 90% 9OI4
12()l2 MaVlii
*80
J,
82
82
D 82
76'8 8314
80 Sept' 19
Dl
Mar'2(
7212
83
82
83
<?'
76^4 Dec'2()
75
76') 82
Fel^'20
99
97
9912
99
97
9OI2 Jan'21
ii 103
08'4 IOOI2
7618
D,
Joint 48
1065 A
1945
1952 J
—
55
78
SII4
6
Sapf20
67
108
95
5()-yr 58 gu
1st g 4 J^s
M
M
RR—
91
48
Jin'21
Jan'17
94
East Ist
90
D
J
flll4
1
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Jan'2i:
91
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9934
F
M>t
77
90i8 Juae'19
oa^a
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85
n| 103>4 Sale
87
H>
M S
IW
R
M N
91
Oct'Ofl'
etiji
96
87
86
81
J
J
7?lt
Dec'20 ....
03>2
6818
J
N|
6411
72lt
92
J
SAN
Nov' 19
53
90
86
36
74
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s
N
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Ui'4
9914
A
J
92
79
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a«>2
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J
M
M
M
78
84»«
Jan'21
I)
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78
711a
79
s
J
J
J
9Vt
75
75
ol
J
Registered
/iI952 Q
N tla A S 1st gu g .Is
1937 F
N A C Hdge gen gu 4 !^8. . 1945 J
Pensac A Atl lat gu g 08..1921 F
Ala cons gu g 58... 1936 F
Gen cons gu 50-yr 5s...l963 A
la A .lef Bdge Co gu g 4s...I'>t5 M
Manila
Sou lines 48... 1936 M
Mcx Internat Ist cona g 43.-1977
8tarar<ed guaranteed
1977
Midland Terra Isi a f g 63.1925 J
Minn St l.ouls Ist 7e
1927 I
Pacific Ext l9t g 68
1921 A
Ist consol gold 5s1934
Ist A refunding gold 4s. ..1949
Ref A ext .^O-yr 5s Ser A. . 1962 Q
1
1
A
LANAMA
L A N-3outh
91
04
68it
0612
sl
Hendcr Bdge 1st 8f g 69..1931 M S
Kentucky Central gold 4a. 1987 J
J
79'4
3018
IOOI4
60
8912 Sale
7OI2
LA NO
*
7
Jan'18
76
JairiS
Jan '21
1
M
50
13
53
M
Registered
...1953
15-ycar secured oi^s
19341 j
Cairo Bridge gold 4a
195o'.T
Litchfield Dlv let gold 33.195l| J
r^oulsv Dlv A Terra g 3^8 1953,.!
Middle Dlv reg 5s
1921 F
Omaha Dlv 1st gold 38... 1951 If
St r.ouls Dlv A Term g 3s. 1951 J
Gold 3Ms
lKl\.1
Sorlngf Dh- Ist g 3^8
1951 J
Western Lines Ist g 48... 1951 F
Registered
1 951
Bellev A Car 1st fis
1923 J
Carb * Shaw 1st gold 4S..1932 IV»
Chic St
gold ,5a. .1951 J
Registered
1951J
Colli 3'4s
-..1951 J
Joint 1st ref 58 .Scries A. 1903 .7
Meraph Dlv Istg 4s. ..1951 J
Registered
1 05r .1
St Louis Sou 1st gu g 49..1931;M
Ind III A Iowa 1st g 43
1950JJ
Int A Great Nor Istg ext 79. 1922!
James Frank A Ck\ir Ist 43.1959! J
Kansas City Sou 1st gold 33.19501 A
Registered
.1950: A
Ref A Impt 53..
Apr 1950i.T
Kansas City Term Ist 43-..I9fiO J
Lake Erie A West lot g 59.. 1037 J
2d gold 5.S
1941 J
North Ohio Ipt guar g 5<>..1PI5 A
Leh Val
Y 1st gu g 4H8..1910 J
Registered
.1940 J
681?
38
1
45
60
O
581?
U5
39 Ie
39 12
103
70
85
77
7II1
J
J
o!
80
76
"51"
60
7234
80
80
"
47'
Juuelti
100^8 Jan'17
8II2
8412
8212 Dee'20
108'2 Sept' 19
73U
60
55
I
55
M
M
N
Q
Mem
\
42
39
8312
93
A
II lat gold 5a...I9'27
|Ht con g gu 5». 01932
Ark l8t g 5s
1927
M
N
7212
3684
3812
7234 Sale
39 Sale
O
Jau'20
91I2 Sc|if20
93 Juiie'20
91'4 N0VI5
9812 Aug'19
66I4
53
58if Ocf20
4OI2
4412
90
767«
07
01
Louisville A Nitahv gen ea..l930
Gold 5s
1937
Unified gold 48
1940
llegM'-red
1940
Collateral trust gold 68... 1931
l()-ye:ir secured 7b
1930
L ClQ A /.fix gold 4H8...1931
OA
1st gold 08
19.30
2d gold 8s
1930
Paducah A
Dlv 48.. 1946
St Louis Dlv 1st gold 88..1921
2d gold 33
1980
Atl Knoxv A Cln Dlv 48.. 1955
Atl Knox A .N'or Ist g .58.. 1946
811
79
92
1
N
9312
91
9312
W
Istevt 48
0.4
92'8
1
»
.Sli
Louisiana
03
69
84
Dl 91
Green nay A
deb ctfs "A"...i F
60
7I4
Debenture ctfs "B"
Feb
69''4
Oulf A S I 1st ref it t g 5a.. 61952 J
Hocklna Val Ist ons g 4^^3.1990 j
} 7412
Registered
1999 J
J
Coi A H V 1st ext g48
19'IS A
O "oY"
AToI
Nor
Oci20
°l
i^
N YAR
89"ii
00
1
1937iM
Guar refumlliig gold 4«...1049lM
lleglstered
1949|m
N Y B A .M B 1st con g 58. 19351 A
56
Dei;'20
M
M
Ist general gold 53
Houston Belt
68
47^8
8S^
si
d!
7i>2
o\
1949.
9341
Unified gold 4»
103
»1>4
Oot'l.l|
8714
1922
1932iJ
Debenture gold 58
in deb 5s
Dec'lu
NuV20
M
92
2
77
J
s
s
20 year p
92
D
ATH
75
99
80
N
£v & Ind
80
sii
4s Series D..1953 a o
Chlo A Erie Ist gold 5s... 1982 ivi N.
Cleve 4 Malio:j Vail 8 63.1938 j
Erie 4 Jersey Ist s f 68... 1955 j
i
Genesee River let s t 6a.. 1957 j
Long Dock consol g 63. ..1935 a o
Coal
Ist cur gu C3..1922
N
Dock A Impt 1st ext 58. .1943 J
J
.V Y & Green L gu g 5s. ..1946
N
N YSusq A 1st ref 5a. .1937 j J
2d gold 4Ms
1937 F A
General gold 5b
1940 F A
Terminal 1st gold 5s..,1943livi N
Mid ol
J Ist ext 5s
1940 a O
Wllk A East 1st gu g 5s_.1942 J
W
7018
--
5,3-
Gen conv
& RR
48
29^8
6812
105
89
(Jold 4a
54
9312
J
89iz
9914
93if
Sale
7312
74
...
9014 ...
741.
15
98
I
MhfU
93>i
J
72 '8
56
"98
J
03
38
3S
83
96
Ui
D
02 '8
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09
81
02 '» xov'ao
Q
27
67
nuik
fiO
78it
/il931 CJ
1 938' J
20
No J Luu
Janll
76
•69ij
93i(
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70
0,
7li»
M
M
6978
4514
Yew
vna
ntgh
69 14
1945
lat CDinol gold 48
General gold 4a.
Farrv gold 4ViB
86^
..1920
Erie 1st CODS' 1 gold 78.
N Y & Krie Ist em. g 4a... 194 7
3rd ext Kold 4H8
.1923
1920 A
4tll ext gold 58
5th est gold 4s
192S J
VVL
latg fd 78.. 1920
Erie ist cons g 4s prior... 199ii i
Registered
.1990 j
Ist consol gen lien g 4s 1998 j
reduced lo 4b
A N V I8tguurg48
08
100
77»4 Jan 21
Ii3i8 Dcc'.'O
87'8
87'^(l
IU6I2 Mar OS
76'8 Dec'20
9ZU
77
Long
65
1933| J
1933 J
1946,
RcglMtercil
58''4
82
03
77's
1)
Dul Sou Shore & Ml U o.-*...l»3r
j^iijiu Jollel Jr East Isti,' 5a.. 19 II
721,
IOOI4
2
70i8 July 20
Olti A|>rll
29'8 Dec'20
04 '4
0484
53I4
5134
6212 60
51>4 Sale
O
o
Leh
45
X
1937
.
871t
1051,
4514
Sale
«ale
7«»4
J
80lt
?3
'.y.i\
lilt
119
65»4
69
69
70
48
73
Isl
«7
71''»
6384
1)978
45^
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16
Doc 20
100
13^1 P
04
J
aio tJr Juuc 1st KU 58- ...lUS'J'j
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1940
Guurauti-od
RlO Or VVuat Ist gold 48.. 1939
71^
71'~
99^4 104
90 '8
Kant/t
Lout Sale
.
56
24
10314
1031a 10212
^%
IVtU'j
Range or
\Uld
Lehigh Vul (fa) cons g *a. .i003 M V
Guueral cuua 4s>i8
2003 M \
l.tih V Torin Ity Isigu g 58. .1941 a
o
Ruilstered
1941!a o
lAiti Val RK 10 yr cull 6d..»1928|..
Leh Vul (':)iU Co l8t gu g 58.1933, J
J
lOUt
94>4
81
84
80
83
Bile
85
81>:
102
Deo'20
90
SO
Itf43;ivi
182()|j
Impim'i'Uicnt eold 58
19a5|i.'
lat A: rnlundluK 53
ccrtKsot depjslt.. 1. ..
Trijst Co
Col
92I3
96U
1922 j
lyilj A
conv 58
liKlO j
10-yc-ar stTurt'd Ts
lUlti A
Alb i s'Ubu couv Sv-ib
Kiinni i Sx'alOiia lat 7s..H»21'(VI
Den &.
iBt cons a 4M.ly;)('>| j
Or
Evansv
.Nri>2U
102>8
30- J ear
De(
7iit
<k
Isl lieu
iBt & rol 4s
Couool
Htu't
63
93
ttjij
oh*- -2000 K
Itudeou
equip n 4^8
Luw
mull .Vu
Jan 21'.
Uoo 20 .
95
91
midiug Jau 38
'A'oek
^y>,\
frUt
frldav
Jon. 28
SnjCK EXCHANGE III
y
year
1920
70
9S
70l«
»9
4a... I'JJAiM
lini»r<'V
uneii Idt rtf
tiONDS
1^
ft'inyi VI
l.>sl Sit'
.4»t Lu:r
lota
I
Uelawaro
3^
flUt.
SruCK KXCHANGl:;
N. Y.
455
2
May'20
'
'023'i
'68
0312
62
45
62
49
81
80''s
9534
8834
63
0114
571.
69
66I4
7,i
65
55
521j
2
62
3
Feb'20|...
Dec'20,-..
6312'
I
54
58
49
701.
671s
S2l2
76I4
76^8
66
00
06
5K
81
49I2
8212
78
73
Nov" 16
104
May'lO
73
70
:
June'20
561s
70
73
70
f
n Due Sept.
q
Due
Oct.
s
Option
sale.
J
.
.
«
.
456
BONDS
T.8TOOK EXOHANOB
Weok eudluK Juu.
Ptic*
I«ke Shore Bold SHa
Dtbi.'iitiiru eiold
49
D
U
M S
M N
M N
1'.I28
)93l
1031
1st gu g 48. ..1091
2&-ycur gold 4a
HeglBtered
Mob A Mat
C'l
MIchlKan
RR
1st Ss
Central 68
M
J
1!».'J1
M
1031
1031 y
4g
1940 J
Registered
1940 J
J
1st gold 3H8... 1951
l8tK0ld3VJ8
1962
20-ypar debenture 4a
1029 A
Y Chic 4 St L 1st B 48. .1937 A
Registered
193 A
Debenture 4s
...1931
J Juno
guar lat Is-.ioan F
Regis torcd
M
LAS
N
81
Ist
con g 4)^8. ..1041 J
!at gu 4s H- 1948 J
Og4L Cham
Rut-Canada 1st gu g 4'i.l940 J
at Lawr 4 Adlr 1st g fia-.-lOOfi J
ad gold 68
199fi A
*
BIk RIv gu g 4s.. 1922
Krle 2d g 69 ..ol02S
McK 4 Y Ist gu 68.. 1932
2d guaranteed 68
193-1
West Shore let 4s guar. ..2361
trt<oa
Pitts 4
Pitts
J
L
Beglstsred
NYC Lines eq
tr
A
f)
85
M
-"--
75
J
J
S
70 Ig
O
O
o
75
78
80i,s
81
70l2
Ol's
951;
-
J
...
93I2
V
85
—
—
72W 73
50
4278
45
44
N,
4434
4812
48i2
43
46
J
J
73
J
J
60
49
69
M N
A
J
M N
fiO
72I2
.
Boston
Wevr England cons 58
1945
.1945
Providence Secur deb 48.. 1957
Frov A Springfield Ist 58.1922
Providence Term Ist 4b
1956
4 Con East Ist 4Hb.. .1943
Wref lBtK48
pl992
Registered 56,000 onIy.-£i]992
General 4s
1955
Norfolk Sou 1st 4 ref A 63.. 1961
Norfolk A Sou 1st gold 58. .1941
Norf 4 West gen gold 6s
1931
Improvement 4 ext g 68_.1934
NewRlver 1st gold 63
1932
4 Ry 1st cons g 48.. 1996
Registered
1996
Dlv'l Ist Hen 4 gen g 48-1944
10-25-year conv 48
1932
10-20-year conv 4s
1932
10-25-year conv 4H3.- -1938
10-year conv 6s
1929
Pocah C 4 C Joint 48.. .1941
O C 4 T 1st guar gold 58.-1922
SoloV4NE Ist gug 4s.. 1989
Northern Pacific prlof Uan rail
way 4 land ^ant g48
1997
Registered
1997
General lien gold 3b
a2047
Registered
a204
Ref 4 imp 4 He'ser A
2047
at Paui-Diiiuth Div e 4a . 996
St P 4
P gen gold 68..- 923
Roglstered certificates- 923
St Paul A Duluth Ist 58.. 931
Ist conaol gold 48
968
Wash Cent 1st gold 48
948
Nor Pao Term Co Ist g 63.. 933
Oregon- Wash 1st 4 ref 48... 961
Paotllo Coast Co 1st g Ss
946
Paducab 4 Ills Ist s f 4H8.- 955
Pennsylvanla
Ist g 4s.. 923
Oonsol gold 4s
943
Oonsol gold 4s
948
Oonsol 4H8
960
...
Genera! 4Hs
965
Qeneral 58
968
10-year secured 7s
930
42
68'8
W
Y04
W
N
N
RR
15-year 6 Ha when issued.
Alleg Val gen guar g 4?
942
A B'ge lat gu 48 g 936
Pennsylv Co gu 1st g 4H3-. 921
Registered
921
Guar 3 Hs coll trust reg A. 937
Quar 3H8 col! trust Ser B- 941
D R RR
Gnar 3H8 trust ctfs C
Guar 3?^ 8 trust ctfaD
Guar 15-25-year gold 43..
40-year guar 4s ctfs Ser E.
Oln Leb A Nor qu 4s g
Ol ft Mar Ist gu g 4 Hs. .
OI 4 P gen gu 4H8 Ser A.
942
944
931
952
942
935
942
Series B
942
Int reduced to 3Hs.. 942
Berlea C 3Hb
948
Series
950
3H8
Erie A Pitts gu B 3Hs B.. 940
Series C
940
Gr R A I ex 1st gu g 4Ha. 941
Ohio Connect 1st gu 49
943
Pitts Y A Ash lat cons 63. 927
V AOgn4Ha A.. 931
To!
Series B 4^9
933
Berlea O 43
942
P O O 4 St L gu 4H« A.. 940
Series B guar
942
Series C guar
942
Series D 4s guar
945
Series E 3Ma gt'.ar gold. 949
Herles F guar 48 gold
953
Series G 48 guar..
957
Series I cons guar iHa. 963
OeT)i»rfll Sp F'eHeo A .
970 J
D
W
•
No
price Friday; latest bid
ii'
50
53
"6438
5378
Sale
80
6278
6412
Sale
7534 Sale
85%
9034
10334
103's Sale
31
51
[
74
70
70
76
"'
Jan'21 '""3
76
80
Jan'20
77^8 Sale
7678
56 Sale
77
8II4
81
82
9812 '9934
9OI2
..
93I2
66I2
63
106
73
65
\
230
36
70l2
76I3 dale
80 '8
"20
49I4
2
'20
9812
6312
6312
7378
67
98
Jan'21
30
65
701.
Feb'20
99
75
89
8078
75I2
43
83
73
82
981
133
417i 101
75
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86I2
92I2
8473
9312
105
315
72 14
83
82
83
9534
9538
6918
16'
Oct '20
Mar'20
Deo'20
73'>8
100 '8
10318 108
76i2
62
Dec'20
83
82
83
8278
971s IO2I2
96 June'20
97
Feb' 19
76 1« Oct' 19
3712 Dec' 16
9878
9734
6918
Safe
69'
Jan'21
74
Dec'20
77
5958
.-I
81
93
84
98'^i>
66
Jan'20
7358
9734
6918
7II2
7358
67
77
8118
8378
71
69
80
77
80
Nov'20
67
66
Fet)'20
84I2
80
86
81
80
Dec'20
8212
8418
8934
88I2
104
6712 _.
68
68
.
96I4
9018
88I4
75
8378
Dec' 15
Feb' 12
Dec'12
Feb'17
Apr'20
79I4
76l2
65
82
80
_.
..
85I4
85I4
87
68
Sept'20
Apr'20
86I2
Dec
7612
8818 Sept'17
85I4
85^8
85
80
79
79
82
80
84 ''8 Sale
80
Due
Jan.
a
7fii8
11
7418
79I8
Deo'20
Oct '20
M
2nd gold Income 5a
La Dlv B L 1st g 58
85I2'
6
Due
76
76
Feb.
7412
g
Due
82I4
82I4
8838
86
June,
ff2000
To!
A
A
July,
t
Due Aug.
88 <4
05
48
60
238' 56'i
319, 397«
971,5
91
88
67
77
96
65
--Sale
S5
!
31
491,
Jan'21
I
22
8834
Oct
'20
I
-
"62"78
Sale
5578 Sale
39 Sale
68
96
67
823,
4
40
I
M
M
J
8234
2
68
Jan 21
17
64i2
66I4
37
52
57
41
51
4U4
65
64
00
85
80
83I4
95
S9
101
8OI4
81
92
jr
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7118 Sale
J
s
J
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7834 Sale
9012 Sale
7334 Sale
M
A
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Apr'20
Aug
'20
Jnly'19
78I4
167
15
76
80
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90
90
85
70
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89
80
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Due Nov.
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'20
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88
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272
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6212
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1957
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ft
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06
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64
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51
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Utah 4 Nor gold 6b
Dec 20
Sale
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'ale
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43
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76l2 84
43
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77
87
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60
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lat gu 53. .1035 J
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refUTidlng 4g
68
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Doc '17
8OI2
88
General gold 59
1935 J
Kan A
1900*
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2d 20-year 53
1927 J
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1017 J
1st gold 43
To! StL A
prilen g 3H9-1025 J
50-year gold 431950*
Coll trust 4s g Ser A
1917 F
Trust CO ctfs of deposit
Tor Ham A Buff Ist g 4s-.*194fi J
Ulster ADel IstconsgSa... 1928 J
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1952 A
Union Pacific lat 2 4s
1947 J
1947 J
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1927 J
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A
07 14
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741,
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J
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1926
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1036
Va A So'w'n 1st gu 5s_.200?
1st cons 50-year 5d-.105^
lat oy gu48
1924
Spokane Internat 1st z 5a
1955
Term Aasn of St L 1st g 41^3 1939
lat cons gold 53
1894-1944
Gen refund af g 4a
..1953
St L
Bridge Ter gu g Sa. 1930
Texas A Pao lat gold 5s
2000
90
90
"
80
Apr'20
Jan'21
June'20
8412
82
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18
4
70
39
83 14
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A Meek lat g .5s
1048 M N
Virginia
Series
1st
72U May'20
8214
86I2
82
Jan'21
7438
8412
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86I2
'20
8078
80
Mar'lO
Oct '20
82
85
79
and asked,
75
May'19
80
93
8OI4
Rich
Rich
Nov'19
96U May'lS
93
68
67
—
76
77
8312 84
84
8OI2 8212 85I4 Jan'21
9OI4
Sale
91
91
79
80 Sale
82
897g Sale
88
92
104 Sale IO314
IO5I2
9978 Sale
9934
100
7812 Dec'20
80
82
99
7812
7712
5612
7612
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N
94I2 io'5'4
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9812 9812
141
Nov'lO
72
68
—
74
69
07 14
Dec
Oct
W
AAN
Ist gu g 59
1941
Louisiana West lat 68
1921
No of Cal guar g 59
193S
Ore 4 Cal 1st guar g 58. . . 1927
So Pac of Cal Gu g 59-. .1937
So Pac Coast Ist gu 48 g..l937
Tex 4
O con gold 5s. ..1043
3oPacRR Ist ref 4s
1955
San Fran Term! 1st 4s
1050
Southern 1st cons g 68
1994
Re?l3tered
1994
Develop 4 sen 49 Ser A. ..1956
Mob A Ohio coll tr g 43...193S
Msm Dlv Ist g 4)^9-58. ..1990
at Louis dlv Ist g 4s
1951
Ala Gt Sou lat cons A 53-. 1943
At! A Char! A L lat A 4^91944
Ist 30-year 53 Ser B
1944
Atl A Danv 1st g 43
194S
194S
2d 4s
Atl 4 Yftd 1st K guar 4a.. 1949
E T Va A Ga Dlv g 53
1030
Cons lat gold 53
1950
E Tenn reorg lien g 58
1938
Ga Midland Ist 33.
1940
Ga Pac Ry lat g Oa
1922
Knoxv A Ohio lat g 6S--.1925
Mob A BIr prior lien g 58-1945
Mortgage gold 4s
1045
104%
69
7812
IO8I2
Sale
60
62
82
'19
10458
M
H A T C lat g 53 Int gu...l937
Gen gold 43 Int guar
1021
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63
A
J
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1931
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72 12 Deo'20
98
91
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40
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56
55
8412
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'20
Oct
79
78
108
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76
76
76
60
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10334
16
102 Oct '20
78
797s
74 Oct '20
7534
7738
lonu
89
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8838 Feb' 14
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63I2
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57
53
77
8718
44
53
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122
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5578
Jan'21
70
45
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56
50
Oct' 19
87
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83
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4112 Sale
H
56
Oct' 17
IO8I2
lat Ser 1 4
a '46
Terminal 1st 4s. ..1939
4812
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54
46
39
6
16
64I2 Nov'20
65
M N
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8
52I2
45I8
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39I2
39I2
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49
9 71
79
40
Sepf20
91l2
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65'4
16
43
72
J
73
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1954 J
1955
1956lJ
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8 4 Y Air Line let 4g..l955 F
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Housatonlc Ry cons g 5a. . 1937
Waugatuck RR 1st 48
1954
SYProv 4 Boaton 43.. .1942
9514
94
J»n'2l
68
68'2 Sale
82
95I4
6434
21
K
K
K
82>i
801*
ei'4
Dec '20
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8epf2n
37 14
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San Fran gen 68-1931 J
J
Series
1900
Snuthw DIv iBt fj 59. ..1047
C Ft S A
conB g fis 1928
C Ft 9 A .M Ry ref g 49.1030
C A R A B IPt gu 58- 1020
St LS
Ist g 43 bond ctfS-.lOSO
2d g 4s Income bond ctfs.pIOSO
ConBol gold 4a
..1032
iBt terminal A unifying Bg. 1952
Oray'B Pt Tcr lat r>i g 53.19'<7
f' A A A Pass lat
gu e 48
1943
Seaboard Air Line g 4a
1950
Gold 49 stimpod
1950
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ol940
.
Rofundlne 4s
1.1050
lat A cons Series A
1945
AtlA BInn 30-yr Ist g 4.a'.cl03:!
Oaro Cent lat con g 4s... 1949
FlaCent APen Ist ext 6s. 1923
l9t land ijrsnt ext g 6s. .1030
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194,3
GaA .MaRy lat con 5a..ol045
Ga Car A No 1st gu g 59.. 1929
Seaboard A Roan lat 58. .1926
Southern Pacific Co
Gold 4s (Cent Pac coll)..tl949
Registered
*1949
20-year conv 49
ffl920
20-year conv 5s
1934
Cent Pac Ist ref gu g 48.. 1940
Reglatered..
1940
Mort guar gold 3M9-.*1029
Through St L lat gu 43.1954
G A 9 A A P Ist 53.1931
2d exten 5s guar
1931
Gila V G A
1st gu g 58. . 1924
Hous E 4
T lat g 5a. ..1933
lat guar 5a red
1933
93I2
82
12
42l2
60
60 14
92I2
4fl
8t Louis A
General gold 6s
St L A 9 F HR con.i p 48
7112
52
53
7312
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98
71I2
Doc'20
Nov'20
Nov' 16
Nov' 16
47
7II2
95
13018 Jan'09
9514 Jun(i'2n
40
46
44
48
94
71
Jan'21
A
I
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60
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F
67
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.1950
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Ivtun
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A1955
7U2
80
43
40
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S
99'2 Fob'19
67I2 June'20
7812
7834
05
77I2
721.1
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19^3 J
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73
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72
Nov 20
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puts ah
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1956
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79
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85
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70
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9OI2 Aug" 17
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Non-conv deben
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STOCK EXOHANOE
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Mlj Nov'lO
J
J
M
I
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no
10
69
J
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68.. 1920-22
art
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7
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Rntland
Hifffi
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'85': Sale
A O
5.1.1923
Cow
711.1
Ringt
Year
1920
P
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70
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A
m N
2000
2S
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—
2
1
New York BOND Record— Continued— Page
Jan'21
Jan'21
j
90
Due Dec.
1,
s
Option
sale.
New York BOND Record—Concluded— Page 4
BOND*
Waak eu
J^u
lloj
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3(1
gold &•
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lat retund oonv gold 4fl
200V J
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09
71
70
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44
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32
Sale
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letfis
1941 J
El let g 4-6b...19.')0 F
Un
Stamped guar 4-66
Kings County E l8t g
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195fl
F
1949
F
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Oblcago Rye lat 6s
...1927
onn Ry AL 1st Are(g4Ha 1951
Stamped guar 4H8
1961
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FtBmltb LI <k Tr lat g 6»...193«
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A
J
72
43
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63
6412
65
59
65
52
65
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53'4 Nov'2i
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J
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60
tai -exempt
1990
6fl. . 1953
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Lt oons g 63 192fl
MDw Elec Ry 4
7478
18
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Ry 4Ltgen4Hs..l936
50
tO-year adj Inc 68
57 14
Certificates of deposit
M
Portland
4
LH 4P
72I2
21
420;
1718
10
50>8
65
339
1034
33
28
5«l4
58
76
571
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ao
1812 26
153i 23 12
4^4 Sale
6i2
5
55
52
78
11
2434
2312
41'*8
63
60
49lt
4934
Chile Copper 10-yrconv 78 1923
Coll tr A oonv 6« aer A . .1932
OoinputUu-THb Keo a f tie.. 194
GraiibyCona.MSA Pooo6aA 192s
Stamped
192
Great Falls Pow lata f 6«...I910
Int Morean Marine a f 8a
1941
Montana Power lat 6s A. ..1943
MorrlB 4 Co lata f 4^8
1939
Mtge Bonds (V V) 4a eer 2. I90n
10-20-year 6a »<irle8 3
1932
Y Dock 50-yr 1st g 48
198
Niagara Falls Power let 63.. 1932
A
Ix)ok
6618
-----
4412
28
79
47
Sale
5
45
70
6«l2
32%
26
31^
32
06
77
76
Sale
Sale
66
32
31
I6I4
Oof2i
60
68
7I2
Jan'21
July'17
9
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1923 J
J
Sale
80
74
83I4
86
Sale
85
86
84
lOOig Sale
'
Detroit Edison let coll
1st 4 ref 68 ser A.
1933
*1940
let 4 ref «s eerlee B
A 1940
Bg O L
Y 1st cona k 5a. . . 1932
Havana Elec eonsol g Ss
1952
Hudson Co Oas Ist g 68
1949
Kan <D1ty (Mo) Oaa 1st g 5b. 1922
Kings Co El
Pg68
1937
Purchase money 6s
1997
Convertible deb 68
1925
tr 6b.
N
L4
J
M
M
1948
Purchase money g 4s
1949
Ed Elec 111 1st cons g 68.. 1995
WY4Q EI L4P let con g 5b. 1930
Pacific O 4 E Co
Cal Q 4 E
Corp unifying 4 ref 5b... 1937
Pacific O 4 E gen 4 ref 68.. 1942
Pac Pow 4 Lt 1st 4 ref 20- yr
Ss International Series.. .1930
Pat 4 Passaic O A El 58
1949
Peop Oas 4 C Ist cons g 68.1943
Refunding gold 6s.
1947
Cb O-L 4 Coke Ist gu g 5s 1937
ConOCoof Ch Ist sug 58 1936
—
IndNatOa8 4Oll30-yr6al936
MuFu?! Gas Istgu g53..1947
PbUadelpbla Co oonv g 58..1922
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87
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Due
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8
Dec'M
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lat g 4s..
Due July. kDueAus.
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101
2397
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2397
CumbT
Ist 4 gen 68... 1937
Keystone Telephone 1st 63.. 1935
Mich State Teleph let 6a.. 1924
N Y Telep lst4genaf 4H8 1939
30-year dehen s f 6s Feb 1949
\'oriliwe«'n Bell T l.st 7s A. l')4l
Pacific Tel 4 Tel lat 6s
I937IJ
South nell Tel 4 T lat s f 68. 1941 J
West Union coll tr cur ,5a... 1938
Fund 4 real eet g 4^8... 1950
Mui Un Tel gu ext 6.?
1941
v.- •h-""*' T»l '11 4V<g ^._
Due June.
Bale
94
loo's ioo;4
76
73
92
1953 J
A Coke 1st g 68 1949
Telegraph & Tolophon
Am Telep A Tel coH tr 48... 1929
Iron Coal
Commercial Cable
89
I
N
J
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AT
:
75
A
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Mar'17
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57
70
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89
75
65
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s f 68.1928 J
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7OI2
75I2
20
86lt
.
O
H
Convertible 48
1936
20-year conv 4Ka
1933
30-year temp coll tr68
1946
7-year convertible 8b
1925
Bell TelePh of Pa a f 78 A.. 1945
Cent Dlst Tel Ist 30-year 6a 1943
83
July'17
67
I
66
Pleasant Val Coal Ist
Va
89
81
J.in'2ll
18
21
68
Ml
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101 1 lOl's
103
90 Sir
9II2
96
7312 Sile
72
731t
81
Sale
81
81
Oi
May'20
ao
70
W6
Apr 20
8434 .
82
J. .21
81 4 Sile
81
82
82'4
4
71'4
7812
6638
M
l.stsf Ss
Victor Fuel l8t a f 58
84
etJU
m
sf 10-60-year 6slreg
7434
5812
Dec'20
74Ji«
84 >8
60
I
Stool
Utah Fuel
77
75I4
Dec20
79
J
Dee
701'
74 '8
70
Repub I A S IO-30-yr 6s a f.l940
St L Rock Mt 4 P 5a stmpd.1955
Tenn Coal I A RR gen 6s.. 1951
U S Steel Corp fooup...<fl963
May'20|
66
7334
A
Steel let ext 3 f 5a
1926
4 ref 58 guar A
..1942
30-7r p
4 Imp a f 68. ..1936
fiusq Iron a f 68
Buff
1932
Debenture 68
dl926
Cahaba
Co let gu 6b. .1922
Colo F
I Co gen a f 68
1943
Col Indue Ist 4 coll 68 gu..l934
Cons Coal of
let
ref 68 1950
Elk Horn Coal conv 6s
1925
Illinois Steel deb 4HiB
1940
Indiana Steel Ist 63
1952
Jeff A Clear
4 I 2d 6s
1926
Lackawanna Steel lai g 6s.. 1923
Ist coos 58 series A..
1950
Ist
85
73
68
7734
H'H
6'»
67
7s
IflSI
Stl Ist 7i'...1935
8212
8712
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N
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90
92
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8
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72
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86
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62
19
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8034
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conv 68.1926
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Conv deb 6»
fl924
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4
95I2
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M
m N
m N
4
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79
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89
Apr 00
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D
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94
81
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Jan 21
70
67
87i8
26-yr 8a. 1936
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1942
Debei ture 68..
1962
.
20-ye r deb 6a
Feb 1940
Inger.-ioll-Rand lat 5s
1935
Int Airre Corp Ist 20-7r 8a. .1932
Int P4i er oonv a f g 68
1936 J
1 at 4 ref a f oonv ser A ... 1947
Llegntt 4 Myers Tobac 78.. 1944
1961
Lorl wtl Co (P) 78
1944
88
1961
Nat Euam A Stampg let 58 1929
Ni,t Starch 20-year deb 6b. .1930
National Tube 1st 6e
1942
Y Air Brake lat oonv 68..1938
Rtindard Milling Ist 6a
1930
Union Bag A Paper lat 68.. 1930
Stamped
1930
Colon Oil Co of Cal Ist 68. .1931
S Realty A I conv deb g 6'< I'>24
O 9 R ubber 5-year see 78 ... 1 922
1st A ref 6s series A
1947
10-year 7H8
1930
70
70
70
80
80
88I2
N
F
Refunding 4 extension 6a 1933, M
Onlted Fuel Qaa Ist 8 f 6a.. 1936 J
Otab Power 4 Lt let 68
1944IF
*No
8
J
Stand ua8 4 £1 conv 8f A8..1926 J
Syracuse Lighting let g 6B-.1951 J
rracuae Light 4 Power 68. . 1954 J
rrenton Q 4 EI Ist g 68..1049IM
Onion Elec Lt 4 P Istg 58.. H>32iM
Dtica Fler
8
8
m 8
F A
M N
Ed El III Bkn l8tcong4s.l939 J
Lso Oaa L of 8t L Ref 4 eit 5s '34 A
Milwaukee Oaa L Ist 4b
1927 IVI
Newark CX)n Oas g 68
1948 J
IIYOELH4Pg 5s
J
.
86
85
85
87
99
79
80
Jan 21
Nov'20,
171.
62
let
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7914
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83
du Pint Powder 4Ka...l93B
I
Coal, Iron
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Bklyn Un Qaa Ist cons g 68.1946 m
68I4
IJ
18 8
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II
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tt
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17
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60
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91
f
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16
16
8II2
90'8
6012
7
iH
28
80
let 6a..l9.S-l
1931
1934
7s.. 1930
(3or coav 1st g 6s. 1927
a
40
43
3
3
Dec'20
47
32
Jan 2
01932
Refgafgea
25-year
1st
68
6
e6'a
451E
M
Baldw Loco Works let 6a.. 1940
Cent Foundry lat a 1 8a
1931
Cent Leather 20-year gS8..192fi
Consol Tobacco g 4a
1951
92
4»s
95
M
m N
f
27
3
26
Feb
J
N
O
J
N
Am Agrlo Chem lat c 6a
192S A O
(3onv debeo .5s..
1924 F A
Am Cot Oil debenture 6a. ..1931 M N
Am Sm A R lat 30-yr 5a ser A '47
Am Tobacco 40-year g 6a... 1944
Gold 4s
1951
Am Writ Paper a 7-88
losi*
87
64
91^4
A O Pow
16
70U
22
J
Ontario TransmlNSIon 6a
194.'i M
Pub Serv Corp N J gen 6s.. 1959 A
Tennessee Cop Ist conv 68.. 1926 M
Wilson A Co lat 25-yr8l6a.l941 A
10-year oonv a f 6b
192s J
C3orn Prod
July'l^
July'19
211
gen 68
36
70
20
O
J
o
Cuba Cane Sugar oonv
Deo 'It
Apr •21
Nov'20
2112
4
.
eoit
19
19
53
68
58
67
1937 J
m-Clty Hy 4 Li 181 a f 68. .1923 A
Ondergr of London *Ha
1933 J
Income 6a
1948 ..
Onlted Rya Inv 6a Pitta las.. 1928 HI
Onlted RvaSt L Istg 4a
1934'j
St Louis Transit gu 6a..
1924 A
Onlted RRs San Fr a f 48.. .1927 A
Union Tr(N Y) ctfa dep
'..
Bqult Tr (N Y) Inter ctfa
Vn Ry Pow let 4 ref 68. ..1934 J
73
Jun21
67
al960 A
13
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25»4
6318
Dec'20
71
D
D
O
>
Manufacturing
70
68
68
61
..
....
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7OI2
6612
6012
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19
70'4 Sale
J
28
60
18
27
54
92
9OI4
F
8« JoeRy
Istg 58. .1937
Bt Paul City Cab cona g 6e..l937 i
.Bird Ave 1st ref 4a
i960 J
Ad) Income Se
Third Ave Ry let g ee
18
68
60lt
58<4
56>»8
s
aitti
19
Oct' 19 ...
66
6668
60
Dec'20
13
G2i2
60
68 Jan '2ii --75'
63 >8
6414
400
27
29
77 '8 Nov'20
'4
Itfiiti
.\
Nor SiateH Power 2.5-yr 6« A 194
Ontario Power N F lat 6s.. 1943
24
60
1
dnb 6a
.M
Cunaul 6a
1955
Building 54 guar tax ex. .196
Chic C A Cunn Kya a I 68. .1927
Ghlo Ou Stii'u laigu 4 Ha A. 1963
lot fJer C 6vig (otfs)
1963
Nlag
49
45
66
62^
35
a
a
6811
192S
ooll tr g in
(Julil
A'zi '3t<
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jnv deb 7a A 193)
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Braden Oop \1 cill tr a t 6i..l'«:ll
ilinh TenulaAt lat 4a
...1952
Rof
SOU
62
194'>
88
00
69
y«jr
lOiO
—
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8/
79
O
N
38
33
60
24
65
66
60
Dec '20
40
20
12
F
74»4
64
B
L»m
4 k
04
1060
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Armour 4 Co Ul real eat
Distill
1512
1st oon8 4H8. 19fi2
1st
ref 68
1930
Lt* F let ref 68. 1942 F
Oen Elec lat 6e.l935 J
PofUand Ry
PorUd Ry
69'g
40
M
M
M
M
NTButeRys
Sale
Sale
Sale
....
..
a 1942
4
57 '4
A
NT MunlelpRy Ist sf 68 A.19fl8 J
NT Rya Igt R E 4 ref 4e...l942 J
CJortlflcates of deposit
Sale
I412 Sale
K«fundlng 4 9it«n 4^s..l931 J
UontreaJ Tram lat 4 ref 60. 1941 J
New
Sale
Sale
28
Ry <k Lt a f
Metropolitan Btreat Ry
Bway A 7tb Av lat c g 5s. 1943 J
Oct A9tb Av latgu g 5a. .1993
Manila Elec
Sale
55
64
*l
iBtartKJTo-Metrop coll 4Hs.ie6« A
Oertineatea of Deposit
Bterboro Rap Tran let 68..196fl J
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.
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53
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99
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134 Old Dominion Co
29
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38
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86
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16
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409
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6I2 Dec 21
Centennial
16ii Jan 6
26
26 Dec 21
Copper Range Co
48>8 Jan
26
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20
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47g Deo 22
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10
714 Dec 30
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16
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6i4 Apr
6O0 Augll
Franklin
26
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2
6i8Mar31
Hancock Consolidated
26
138
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101
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74 Mayflower-Old Colony
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334 Mohawk
245 New Cornelia Copper.. _
84
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52
100
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1114
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Nov
Nov
Oct
Feb
13-2
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4 '4
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4512 46
16
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2
158
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188
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434
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6
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27
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prices.
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4
15
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312
178
2
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20
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26
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60 St Mary's Mineral Land.. 26
par
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10
255 Shannon
25
10 South Lake
6
100 South UtahM AS
25
115 Superior
Boston Copper. 10
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26
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26
59.5 Arizona Commercial
6
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10
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44 Calumet ft Hecia
.
25
8,615 Carson Hill Gold
1
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53
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54
14
•9
33lj
2
•3
*
•50
31*
•I'l
.56
2I2
*4l2
•158
f.75
•8
81.
834
9
9
•03 .04
•4
•245 250
249
9fe
•2I4
314
•2
2if
.75 IE*. 47
•2
•.47
.25
21
249
245
.85
54
•29
•2«
21
3
*2h
•.65
•50
Ian 30
Oct20l
Mar
Mar
7
11
MUcetlaaeoui
Oil Kos'lneerlni?
Amer Pneumatic Servloe.. 25
Do pref
50
Amer Telop A Teleg
100
AmoskeaK Mfg
no par
Do pref
no par
19.'^
20
20
Am
pref
1
55
247s
Do
no par
100 Oorton-Pew Fisheries
50
33) Oreeafleld Tap A Die
26
40 Internal Cement Corp. so par
372 Internal Products
no par
Do pref_
100
13) Island Oil A Trans Corp.. 10
78 Llbby, McNeill A LIbbj.. 10
238 aLoew's Theatres
10
4-. McElwaIn (W
H) Ist pref.lOO
371 Massachusetts Gas Cos
100
24')
Do pref
.100
20 Mereeothaler Linotype... 100
110 Mexican Investment Inc.. 10
30? New r.NKland Telephone.. 100
51 Ohio Body ft Blower
no pa'
200 Orpheum Circuit Inc
Pacific Mills _
Plant (Thos O) pref
100
51 Reece Button Hole
10
Root A V Dervoort CI A no par
8hawmutSS
25
10 SlmmsMagneto
6
Stewart Mfg Corp
no par
890 Swift ^- i~io
100
30 Torrlngton
25
52 Union Twist Drill
5
1,.560 UnlH»d Shoe Mach Corp
26
167
Do pref
25
1,787 Ventura Consol Oil Fields.
6
8..507 Waldorf System Inc
10
4.';
Walthara Watch.
100
7I2
2OI2 Sept'20
38I4I
100
pref
Vermont * 'Vfasaaobusects.lOO
West Knd Street..
60
Do
67s
21
18
IClacRtampil.IOO
83 Edison Electric Ilium
Elder Corporation
List Silc 27"'"Dec'20
10234 1031.
lot
57I2
5712
103
•56
21
<t
Eastern 98 Lines Inc
Oec'20
18
,4<>2
16
Jan'21
Jan'21
82
V
July 21
270
70
98
2712
160
173,
1918
20
27
30
18
25
18
98
2412
16
16
•1.51;
2
19i2
99
371.-
I9I4
19
19
16
16
8234
6II2
171.
I7I2
177,
•90
911.
8234
6OI4 601.
1211. 1211.
.•>!..
Sept
77
1.50
21
10
Jan'21
1134
381s
2478
371-
*24l2
25
121.
III4
•90
82
678
•.56
38I4
121s
III2
3
28
40
130
0(;t2l|
16
Mar
76
6.50
41.
12li
10
10
*27l2 2734
List sue
LTSt snc
•133.1
14
List Silr
List Sale
18
*6l2
•351.
10314
57
22
I
75o Dec 30
85
Nov
76 Sept 27
37i4Sapt24
86
Jan
89 July 7
122
1,451
34I2
.34 12
•21
22
•3
10
List Sile 2812
49
25
124
Jan 28' 143
lOo Dec 21;
250
tf{
8«ptl4|
8'2
Dec 23
Dec 18
D'm21
.75
.60
I3I2
*6l2
341 2
21
•9
40
iin
32
5
7I2
8'J1|
Dec
Deo
Dec
3
Oct 26
72
378
5I4
22I2
List Site I6I2 Jan'21
Last Sale 70
Jan'21
I62I2 IR3I2 163
163
List Stle I6I2 Jan'?l
*6i2
Doc 28
Dec 21
Doc 30
N'.v
Jan 12
33;
4
22I2
191.
14
*17l2
•3534
1031^ 1(H14
4
I312
68
Dec 28
.75
.60
I3I8
558
.75
.60
I3I2
98
20
99
I314
14
*17l2
*37s
51?
.75
.60
I3I2
74't
134
08
1,710
20
378
17]
May 25
6618
47
2)7
130
234
9I2
82
Jan'21
Jan'21
Jan'21
•18
20
4
41,
122
122
82
Feb
llW
00
100
100
100
9!)
I
80
Lowell.
132
80
Ruiliiad
9I2
99Is 100
I
Ol8
9812
181.
•I512
16
16
10
26I2
18
a
.65
131;
4I2
.75
.60
I3I2
99I2
57
1734
1811
•1712
5I2
.75
.60
1318
»3li
221
.75""'
234
rs7 .S lip
•18
A
*19
99
'9
I
245j
27
30
13
20
*Vi
534'
234
91.
"
100
100
13
Do pref
100
2 10 Bojlou <k .Miilaa
100
Do pref
100
5) BoBloa A Frovldeoco
100
Bosloo Siibiirbaa E\eo..uo par
3»
Do prof
par
no
Boat >k vViirc Klec pru.aa par
Ohio June Ry 4 D H Y
100
Do orcl
100
23)
2
211
91.
Bfgkeil
Nortberu New UampRblre.lOO
23 Norwich A Worcester pref. 100
40 Old Colony
100
74
Last Sale .15
Last Sale 12
1
^12
•IS
4
.6i„
6Ts
fi's
I
2
illroudt
Ai^iany
42 Maine Ceoiral
29.N Y N H & Hartford
42
74
76
I
K
aeor;;la K7
Do preJ
•71
721. 72I2'
74
List Site 20
Jan'21
•75
•75
83
83
4134 4134
4134 4134
•50
51
50
50
L
79
27*4
I
"1
'I7I2
*6l2
12I'
8234
I3I4
18
14
•I7I2
*4ii
41s
1212
III2
9II4
9OI9
99
273g
2758
*25
122
•I9I4
mu
99 '2
•9
912
62
121
•121
I
•
I
2910
41t
121
111
4"g
I2I4
13
19
•40
99I4 100
8OI2 80's
f{0
77
flj^.25
1
75
*21
22
10
10
99 '4 100
I
164
17
7I2
34I2 34I2
34I2
21s
2 '8
•ni«
221"
17
162
*16
•7
75
41^4
51
80
•7OI2
16l2
734
7»4
9"2
221.
2118
75
212
I
•16
17
•16
I6I2
*7l2
334
•70i2 75
162
162
162
162
185«
•37s
51"
.75
.60
•131,
76
4II2
51
I
79
12
3^8
75
•701'.
51
80
25
534
.84
.70
13I2
41,
22I2
•16
-J
KO
13
19
17
•16
41-14
•76
I
•12
3^8
55g
.8t
.70
I3I2
41
2234
5"i8
•.75
•.50
10
*.25
21
2is
2
2I2
212
9I2
9I-'
995g 100
^l
23i
•9I4
•19
•75
•4II4
51
I
75
"
.99
List Sfl'. 3I4
.Ian'21
List Xitc 120 Nov'20
III- 6)
L mt S
Jan' 2
Last .Si/.; 10314 Oct.' 19
List .S lie 70
Jan'2l'
42
Year 1019.
Litwetl.
I
•2OI4 2118
2II2 2II2
List sue 74
Jan'21
76
74
•71
•19
•71
I
130
2OI2
2012
76
I
74I2
21
"..
81
2312
•40
•74
•71
63
I
•80
I
42
^40
43
I
135
'72
•70
•40
43
'no
135
,•130
tS5
---.
I
'
Week.
Bostoo *
213 Boston Klevaied
I
0312
81
231.
.99
3'4
1
I
Itantt tor Prettirti
KXCHANUB
fit
auarei
31
Last Sale .10
'.lO
.
128
I2S
03
•80
80
24
*jr,
.
135
•13i
135
Jan. 27
.
-
23l2
• JO
Jan. 20
Hangt /or year 1920
BOiro.W STOCK
/or
Prtiiay
Jan. 25
120
63iz
'81
2312'
22is
I
Thurada'/
I
Jan. 24
Jan. 22
0312
Wednesdmi
1
S«» n«mt page
3 tut
i
1
ttONUb
BOSTON STOCK EXCHANGE -Stock Record
SHAKK HRICBS—SOT
128
1
1
;
Assessment paid,
ft
Ex-rights,
5I4
Dec 2
6i2Marl8
1644
107,
20
Aug
1
17
25e Nov 11
39 Feb 13
76 Nov 1
Dec 29
16
2i8 Dec 31
Dec 31
Dec 27
Dec 17
90 c Dec 21
I'l Dec 20
81 4 Dec 23
134 Dec 15
401 2 Dec 30
I2I4N0V2O
35c Dec 27
lis
II2
II4
Mar 12
21
79
Feb
Dec
Dec 30
16
10
7
8
I4
Oct
H
Dec 17
Dec 22
Dec 29
Dec 21
Dec 21
12i|May24
50c Dec 28
1
15
201 2
341Z
25I4
lOo Mario
3c Dec 23
21:
1
Dec 30
Dec 21
4
*4
Jan 6
Jan 14
80 Sept 22
82 June21
38
Jan 3
6 Mar 24
2U Jan 6
47» Apr 7
3 la Jan 3
3
Jan 21
658 Jan 8
Mar 480
1314
May
3«»»
12
30
2
Mar
Mar
Mar
20
82
4'i
8
Feb
Feb
l%May
May
4
2O0
60e
42
78
24
31,
31
7i4May
2
Apr
Apr
Jan
Oct
Mar
3
Jan
2
4
Apr
Apr
Feb
3
Jan
41
May
2^
July
7,, July
61, July
4B, Oct
10 Ju'»
lai^Jun^
10 July
21,
Feb
14*4
61,
Mar
87,
Feb
28
Sept 27
12it Jan 3
21ij Apr 20
80c Jan 27
258 Jan 26
3712 Jan 6
58
Jan 3
Jan 3
66
Jan 5
68
23 Nov 11!
2
Jan 7,
67>4
Mar
87
7it
2tj
Apr 16'
25c Jan 10
6
Jan 7
eig Jan 29
May
m* Jan
Feb
Apr
26<^
9
40
Mar
Mar
Mar
Mar
Mar
13
.Tan
76o
301,
46
62
11,
40c
8c
4
1
Mar
Jan
Jan
Mar
Mar
July
01,
401,
Feb
July
6I»4 Jul»
8ti, Jul»
Jan 6
Jan 8
Oct 16
48
95
Oct
AUi
Feb
Mar 27
72
24
May
««4 July
01, July
Jan 2
Jan 2
I1<4
7i|
P''
Jul*
Jnl»
Mar
090
2i8
3*4
141,
Ju'>
Jul?
83
29I4 J'llT
121, July
l?i,
fi''
No'
May
20»8 July
l«4 Joi;
4I4 July
621, Jul?
73 Jut?
83
75
July
July
261, July
4U J"'/
3>t Jun*
6O0 Au»
n\, Jun»
6%
No»
5
fi
33o Dec 2
Aug 7
Dec 29
42oNovl8|
Dec 3
1
5
I'/T,
1
21.
1
28
25
26
26
2oc Sept 9
8 Dec 28
16c
Oct 15
i Ex-dividend.
ti>
1^ Jan
101
Oct 21
Feb20l
Jan 6
Jan 9
Jan 7
23
Jan 10
liaMar22'
4
9«4
3>s
3ij
2
Half-paid.
D«»
l»4May
2"*. *»">
358 June
Jan
Jan
12»4 Ji'-
71c
71,
II4
II4
Mar
6
Jul
4H
Jul'
Jnlf
July
6O0
Jan
8
16
Mar
Mar
81
40c
1%M-
cm 1^ ON KM J'
I'HK
Jan. 29 1921.]
Prilay
Week't Ran be
Last
Sale.
of Pr ictt.
Outside Stock Exchanges^
Stock*
—
Boston Bond Record. Transactions in bonds at Boston
Stock Exchantje Jan. 22 to Jan. 28, both inclusive:
iMSl
Week's Kar.ee
Sales
for
Sale.
Price.
of Prices.
Week.
t'l
Bonds
U
I/n
lilb
AUG
Low
3^8
92.14
80.64
87.90
88.12
91.14
88.54
97.48
7SH 78 Ji
96)^
96).i
W
Mass Gas 4^8
Mass Rlv Power 5a
7S
77 >i
84
94
99
85
77
77 fi
84
94
99
84 4
81
81
81
35
1931
1951
NK
1932
Telephone Ss
Pond Creek Coal OS ... 1 9 1
1925
Seneca Copper 88
.1944
Swift* Co Ist 58
Western Tel & Tel 58 .1932
.
Low.
12.400
6.750
31.200
25,400
9,000
1,000
,000
•1
Dec
20' 4
2,400
0.000
26,000
72
Sept
69 H Mar
Auk
77
9i
Jan
94
Deo
78
Doc
70 ^ii Dec
,000
:
Htoh.
89 04 May
82 04 May
82 14 May
81. 60 May
85.74 Dec
81. 74 May
94.50 Dec
Dec
72
93
July
58
Dec
74
July
$2,000
50
5.300
36,000
60
82
35
78
78
84
94
99
85
39
8Uii
60
.
*Hange for year 1920.
fHiih.
92 00
86. 04
80.64
80.74
90.04
87.54
96.04
.1932 47
2dLlblX)an 4t 1927 42
l3t 1.1b L'n 4K»-1932 47
2d Lib Loan 4^8.1927 42
3d Lib Loan K8-- 1928
4tli Lib L'n 4>f»-1933 38
1922 23
Victory 4Hs
Am Tel & Tel coll 4s . 1929
Convenlblo (is- ...1925
ISS LftU .1959
4
Chlo J unc & U .S Y 5» 1 940
Kasl Mass ref 5»
. 194S
S
iiuiy
2,000
4.000
15,000
2,000
100.00
92.34
93.80
92.98
94.96
92.98
99.30
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Mar
81
99 H
Jan
Jan
Jan
81
84
20 '4
83 ^,
77
85
96'
106
93 Js
'
Dec
Nov
Mar
Dec
4-
Nov
Jan
Jan
84
Week's Range
Last
Stocks—
Par.
Atlantic Petroleum
No
("elestlnc Oil
.
Preferred
July
82
Dec
300
744 June
100
60
2&yi
338
454 Mar
320
30
254
Dec
Dec
Dec
32
Mar
44
30
85 ?4
30
28M
284
il4
29
40
40
80
84>.4'
40
IH
2Vi
60
66 K
Wash Ball* Annap
13
50
50
81 5<
12
H
13H
29
63 smair33
80
Bait Elec stamped 53,1947
80
80
Consol Gas gen 4!^s,.1954
Console, EL&P4>-i;8.1935
7 per cent notes
6 per cent notes ,
Consol Coalref 4 4s.. 1934
1950
Refunding 5s
Cosden & Co conv s f
Davison Sulphur 63. . .1927
Elkhorn Coal Corp 6s. 1925
Fair & Clarks Trac 53,1938
1949
United Ry & E 4s
1949
Income 4s
Funding 58
,,1936
small,,
1936
do
75H
76 H
75
97 M
94 H
94H
78^
784
74 H
79 ?i
92)4
92
914 91K
78
65
46!^
654
464
644 644
63 4 634
99 4 994
65
7HS when
78
99>^
93 'i
70
1941
93 Ji
70
9
12
Oct
8,000
10,000
3,000
6,000
7,000
4,000
15,000
3,000
2,000
2,000
11,000
3,000
2,000
100
30,OOC
1,000
1,000
stocks-
Low.
704
100
100
15
100
61
01
92 '-8
92^
94
&
Co. pref
Leather
Preferred
12 Ji
94
(•)
(*)
414
100
-j-
Beaver Board
Preferred
Booth Jlshe.-les, pref
Cast (J I)
2d prete.Tcd
Chic City Sc Con Ry
100
ih P:di*ou
10
Motors
Cudahy Packing com.. 100
Decker(Alf)& Cohn,Inc(*)
Diamond Match
100
100
com
10
100
LIbby 10
54
15
20 4
36
Nov
Jan
Jan
Jan
Jan
89
86
83
81
100
Jan
Jan
Mar
4
96
Feb
Jan
Jan
Jan
Jan
Jan
Nov
Mar
96
£5Ji Jan
Feb
80
69
Jan
49 4 Sept
Nov
66
65Ji Nov
914
76 H
Oct
Jan
J
7
614
105
Orpheum Circuit. Inc
Peoples Gas L * Coke
10
100
Plggly Wiggly Stores Inc(*)
Pub Serv of Nor III com 100
Quaker Oats Co
100
Preferred.
100
Reo Motor
10
Republic Truck
com
com
Sears Roebuck
(*)
Rights
Standard Gas & El pref. 50
Stewart Warner Sp com 100
Swift & Co
100
Swift International
C&F "A"
15
R) com
& Carbon
20
103
75
106
13K
46
12M
so"
15
75
25
314
10
59 ii
103
27
21
30
52
Nov
5-8
95 ?4
62 4
9H
925
364
104H
905
4 284
23
32 'X
60 4
1,405
180
1
,050
32.OO0
174 Mar
95
58
'i,
Mar
Mar
90
74
244
98 H
11
Dec
Dec
Dec
Dec
W
Jan
Sept
Feb
June
114 June
1104 Apr
Jan
20
215
108
Feb
90
23 4
280
32
94
Jan
Feb
Feb
Jan
M.ar
Jan
Apr
Oct
»6«
814
Apr
744-
July
82
7
82
61
63
$11,000
2.000
13,000
3.000
30,000
4
394
85 4
80
67
61
85
,000
1 ,000
5,000
17,000
1
44
Apr
Aug
118
7H Dec
15
Jan
Jan
1
...
M,
10
62
1465^
81
164
Sept
28
85
Dec
Dec
51
15
Nov
33
24 4
90 H
Dec
Dec
Dec
23
20
22
H
44 i<
4
Dec
35
Dec
45
Dec
43
793,
Dec
310
Dec
Dec
984
Dec
28
Nov
Dec
Dec
Dec
52 4
243
90
18^^
42 4
504
Mar
Oct
July
Feb
Mar
Jan
Mar
Jan
Apr
Apr
Dec
Feb
Apr
Jan
Jan
128
55
49
.52 Li
Mar
Mar
4
Jan
74
Deij
Dee
38
Dec
77
Aug
Sept
78
5S
May
60
Aug
78 4 Ded
Mar
Nov
"
July
4 Mrr
4 Feb
70
Mar
494 Oct
-'
Feb
Feb
<Xt
87
86 4
70
66 ".
92 4'
Nov
Jan
Amer Rolling Mill com.. 25
Amer Vltrliled Prod com 50
Amer Wind Glass Mach 100
11
100
84
Co
Glass
8«
"28""
1
Kay County Gas
254
254
52
5
3
'
2
44
180
500
175
14
1)4
25
25
53
514
11
4
107
84
100
74
30
28
H
4
44
315
25 4
914
99
14
34
Prelerred
50
Plttsb Jerome Copper. . . 1
Pillsb & Ml Shasta Cop..l
5
Plttsb on & Gas
Pitt.sb Plate Glass com. 100
2,694
26
1
San Toy Mining
100
Union Natural Gas
100
U S Steel Corp com
50
West'house Air Brake
Wosfh'se El & Mfg com. 50
75
WC3tPennTr& WPcom 100
13
17
K
315
425
12
16
48
30
4
300
350
430
404
74
125
16.000
29%
3
24
7H
3c
36c
11
3
3c
36c
11
115
115
500
50
65
500
220
50
399
11
5c
1164
115
5c
117
824 824
95
45
95
45
29 >4
24
5
2c
35c
11
1134
5c
1164
814
100
10
104
60
69
69
99 4
9''4
42 M
300
85
96
45
574
100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3
75
47 H
..0
Jan
Jan
Jan
iV,
134
16
48
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
504
75
100
—
1.
Hith.
24 H
1,775
34
3
404
10
2
44
25
50
50
1
Ohio Fuel Oil
25
Ohio Fuel Supply
25
OkU'ihcma Nat Gas
Pii sb Brewing com ... .50
Preferred
215
26 4
92
99
92
99
14
1
Lone Star Gas
Irs' Light & Heat
Marland Refining.
Metropolitan Nat Bank
Nat Fireproofing pref
44
4H
50
50
M
I
3
15
100
Preferred
30
28
3
5
Preferred
84
100
9
31
30
84
100
5
Carnegie Lead & Zinc
DolUir Sav & Trust Co.lOli
Guffey Gillespie oil (no par)
Harb Walk Ref com,.. 100
Indep Brewing com
4
110
107
Cla.ss
210
150
410
90
30
2,533
150
152
100
90
50
10
2,040
200
50
11
11
Low.
Shares
42
41
pf 100
Prefeired.
High
Low.
Range since Jan.
Week.
of Prices.
Sale.
Price.
Par
Stocks-
Sates
for
Week's Range
Last
574
9
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
42
12
115
85
100
10
35
4
3
1
3
4
54'
215
27
92
99
2
4'
6
1%
26
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
53
34
75
14
19
49 '-2
30 H
iVi
8 '4
4c
36c
12
116
6c
117
83 4
974
454
10!-^
60
Bonds
Pit sb Brewing 6s
1949
69
994
Wes 'h'seEl&Mfg78.1931
Philadelphia Stock Exchange.
$1,000
3.000
Jan
Jan
69
9fi
—Record
Jan
Jan
69
99
4
of transactions
at Philadelphia Stock Exchange, Jan. 22 to Jan. 28, both
inclusive, compiled from official sales lists:
Last
stocks
Par.
Sale.
Price.
10
18';
304
204
47 4
Elec Storage Battery.. 100
, . 100
General Asphalt
Hunt Sl Broad Top pref 100
Pref ctfs dep
Insurance Co of
A
10
100
Lake Superior Corp
"ioi"
N
Lehigh Navigation
50
Lehigh Valley
50
Northern Central
50
Pennsylvania
50
Phila Co (Pitts)—
Pref (cumulative 6%). 50
no par
Phil Insul Wire
Phlla Electric of Pa
25
Preferred
50
Phlla Rapid Transit
Philadelphia Traction, , ,50
Reading
50
Tono-Belmont Dev
Union Traction
United Gas Impt
Low.
High.
isy,
31
31
204
204
46
48
37
36H
97
66
"67"
84
9
67
334
33
51
22 H
51
22
33K
514
H
17
544
534
82
1^{.
414
22 4
27
18
54 4
K
4 824
1%>1 11-16
30
31
31M 33
494 494
35
30
36
75
9
30
75
9
30
Dec
4 Deo
37M Fob
35
June
78 4 Deo
3i>4 Dec
S'
67
41 K.
H
14
417
150
66
381
526
2S2
341
100
4,500
67
274
18K Dec
2$
1,498
194
194
294
High.
Low.
137
73
lOT
1.325
70
66
Range for Year 1920.
Shares.
101
524 52H
17
Sales
for
Week
of Prices
29
29
30 4
33
49J<
50
Week's Range
19
19
1
Preferred
Preferred
69
50
50
West Jersey & Sea Shore. 50
Westmoreland Coal
50
50
York Railways
.\pr
Jan
Jan
57
54
Apr
lists:
Friday
Jan
454
225-4
625
280
20
55
860
200
3,175
25
18,645
Dec
Dec
Dec
Dec
4 Nov
6
434
7,-)0
4.740
Dec
101
42
1254.
23
20
93
66
20
36
11034
504 Nov
20 4 Dec
164
4
May
804
Jan
Jau
13)4
300
91
65
Dec
Mar
85
120
Dec
27 y,
24
344
,985
6
100
24
75
Dec
DfC
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
10
39
4
24
88
65
104
28
7,%
High.
34 Dec
60
490
91
22 Ji
36
33
5
40 J^
100
904
214
36
68
20
454
1474 1474
19
12
80
86
5,305
105
22 M
904
64
70
60
1,015
3,450
4,785
155
74
15
73
1474
74
30
8'i4
27
35
Low.
200
235
40
200
90
430
105
75
7
105
8K
1
20
6H
21
_ (
'4
22
.May
—
American Gas
100
100
American Rys pref
no par
American Stores
50
Cambria Iron
Range for year 1920,
125
22
804
214
4
r,i,
74
61 4 62 4
104
30
(*)
100
12
40
1
.
66
13
12iNi
500
350
80
G
5
214
106
Oct
84 4
comi)ikHi from official sales
of transactions at
28, both inclusive,
«
32 4
68
12
68
10
National Lcither
54
4
'
Mid West Uli) pref
100
Mitche'l Motor Co
(»)
Xat Carbon pi-ef (new) . 100
(J
Dec
Dec
393
130
25
50
75
390
30
4
13
74
U 484
7
(*)
Union Carbide
85
68
79J.4
35
48
Continental
Thompson
95
70
84 H
97J.g
Mar
Mar
Mar
Jan
Dec
4 Mar
74 Apr
79
42
56
56
Mar
10
July
1,090
94
35
(*)
Preferred
Temtor Prod
93 «
23 4
May
Dec
Dec
724 Dec
55 'May
2,^0
414 414
V14 714
100
100
Chic Elev Ry pref
Chicago Pneum Tool .100
Chicago Rys pait ctf ser 1
Chicago Title & Trust. 10
(WW)
Jan
20
«9
16
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange Jan. 22 to Jan. 28, both inclusive
Apr
825^8
90
88
790
100
70
63
Preferrc 1
Shaw
45''8
44,4
Nov
77
69
83
Shares
High.
70
70
&
914
Jan
May
Week.
70
70
Inland Steel
Libby, McNeill
Lindsay Light
92 M
May
240
60
20 4
70 4
par value.
Alliance Insurance
100
American Radiator
American Hhipbuildlng.lOO
Hupp Motor
Dec
Dec
Dec
Dec
Dec
714
Sales
for
M'cek's Range
of Prices.
Sale.
Price.
Pa/-
Hart. Schat&Mar.-c
Nov
Jan
Jan
official sales lists:
Lasi
CommoDWfr
83 4
76
72
S400
1,000
11
46
29
103 ?i
89
Jaui
Friday
Fruiay
Armour
July
28
—
.Armour
Dec
Dec
1
57
60
74
11
Chicago Stock Exchange. Record
Chicago Stock Exchange Jan. 22 to Jan.
compiled from
4 May
Nov
GH Nov
100
12 '/8
13 Ji
94 H
Nov
Feb
Dec
Dec
294
744
74
92
92
924
67
82
Nov
67
23
30
203
84
267
78
320
3
61
80
80
76
76 4
97 4
.75
5
5
5
80
4 234
6% 6H
23
82
Issued
6 per cent notes
Wash B & A 5s
39
20
30
Pennsylv Wat & Pow..l00
United Ry & Electric. 50
Bonds
Alabama Co gen
50
20
213
87
Consol Gas. E L & Pow.lOO
100
Consolidation Coal
iu> par
Cosden &. Co
.
. 5
Preferred
Davison Chemical,, no par
Elkhorn Coal Corp, pref .50
Hous OH pref trust ctfs. 100
no par
1 Benesch
5
Indlahoma Refining
...5
Keniucky Cos OH
MtV Wood Mills pf V t rlOO
50
Northern Central
Preferred
245
22
87
.25
_ .
5,96'!
4
61
B25
Carbo Hydrogen Co com.
4
6
40
22
10(-
40
24
22
67
Gas, 10
Barnsdall Coip class A., 25
5 .85
1
6ii
40
Dec
61
Arkansas Natural
884
.75
1
Cent Teresa SuKar, pret.lO
25
Commercial Credit
Dec
8
5
39
83 )i
80
South Side
Swift* Co Istsf g 58.1944
Apr
42
56
25
"viM
HIV4
M
Dec
Nov
4 Ueo
600
61H
Ist
g 58 '46
ref g 5s. 1947
i;iev 4 '-is. 1924
9
36
4
17
20
70
854
Hieh.
104
18'i
55
5
5s. Series "A"
1927
('oninionw Edison 5s. 1943
Year 1920
but
120
2,375
100
50
2.700
18H
4 'ijb
1 39
Chicago City Ry 58. 1927
Chicago RallwuyH i.8..1927
Cudahy Pack
I'eo (; 1. A C
13
164
104
70
Ra'i(ie fur
Week.
Share*
44
65
164
lOH
Bonds
Armour & Co
4,^ Apr
3.40 Jan
155
Feb
Dec
12
10
Sales
fo<
Hteh.
40
44
(•)
High.
ZH
2'i
C..50
Preferred
Sliares.
3H
10
Low.
t
<;o.
Amer Wind
High.
Low.
v
Lou.
Price.
Wiird (.M) A Co class "A"
Wluin Issued .
20
Western Knitting Mills. (•)
Western Stone
100
Wolff .M fg c;o com
Wrlgley jr common
25
Range for Year 1920.
Week.
Sale.
Price.
Wka
Unlti^d Iron
Wahl
—
Sales
for
ICOncltkted) Par.
Waldorf Kyalem Inc
Jan
Baltimore Stock Exchange. Record of transactions at
Baltimore Stock E.xcIkuikh', Jan. 22 to Jan. 28, both inclusive, compiled from official sales lists:
ynday
459
9
Deo
64
/uly
2T4 Aug
Dec
T
June
57
40 V$ May
Sept
60
May
33
Deo
151
28
398
Jan
Feb
23
564
644
Jan
Oct
Jan
Jan
Jan
Feb
56 J4
40
141
130
13
10
Dec
Jan
37H
22
80
56
69 4
44
364
504
1.03C
699
564
212
65
820
257
2,791
235
76
22
50
20
1
July
53 4
254
20!^ Sept
Deo 274
2«
124 July 28
49 V< Got
63
Feb 103
65
1-16 Sept 3 1 16
37
July
23
Deo
57
26
49 H Sept
50 4
40
Dec
o4
71
84
29
Mar
Nov
Nov
Jan
Oct
Jan
Oct
Jan
Nov
Jan
Jan
Ncv
June
Jan
75
Jan
Jan
Jan
Oct
Feb
Jan
12
Mar
Aug
32
Juu
Bonds
U
S
Ist
Lib L'n
448
'12 '47
2dLlbL'n44s,.1927 48
3d Lib Loan 448,,, 1928
4lh Lib L'n 4 J^s, 1933-38
1922-23
Victory 4M8
Am Gas & Bl 5s small, 2007
1945
Bell Telep of Pa 78
K'ec Ji I'uop ti ctis 4s. 1945
Inter-State Rys coll 4s 1943
LehiKh Va"ey co" 68. . 1928
Genera' consol if
2003
General consol 4 48.2003
Penn RR 10-year 7s 1930
I'hllailelphlii Co cons & coll
trust ."Js stamped
1951
Phlla Electric 1st 5s.. 1966
a:a:M
do
1966
Rca'ing gen 4s
1997
Si);inlsh-\mpr Iron 68.1927
i'nitiil R's p trctf 4s.. '49
IniUTl Uys Invest .5s 1926
\V..|s'.>ir-li
(
'n
U'*
1<I30
544
30
88.10
87.42
90.50
87.80
97.20
72
102
54 4
30
98
714
81
105
77
99
84
85
814'
98 4
33
70
<t4
4
88.10 »2,500
88.06 32,100
91. 04 34,000
88.58 165,500
97.36 63.050
600
72
1024 70,600
55 4 15,000
30
1,000
98
1,000
714 4.000
81
2.000
105
1.000
77
84 4
85 4
814
99
33
70
<I4
4
1.000
28.400
600
22.000
3.000
i.oon
5. coo
> (VW>
85.00 Aug
S3.20May
93.10 Oct
85.80
94 60
92. SS
99 34
82
May
82.30May
94.70 May
Dec
66
Oct
9T
49 4 Sept
o«t
25
924' J unn
June
59
June
70
lOOH
91
Dec
65
30 4
May
1024
Jan
724
Oct
S2
105
'
.
4
81
93
934'
88
Dec
Apr
Dec
Dec
Deo
nor
101
49
76
Jan
Ian
Oct
.Sept
95
Jan
Jan
Jan
Jan
Jan
1024
Sept
70
79
81
72
33
64
.\pi
91.91
';
Jan
Jan
Jan
Nov
Jan
Jan
Jan
9SS M»r
—
.
New York "Curb"
Market.
— Bolow wo
a record of
tho (riuisii/Ctions in tho outsido security markot from Jan. '22
to Jan. 28, both inclusive.
It (!over.s the week ending FViday
^
—
Week endlnn Jan.
Friday
Last
28.
Stocks—
Par
Industrall
Coal r
WeeXs Range
Sale.
Price.
Low
Nigh
Shares.
2,600
»K
8H
bH
9K
5
32
Amer Hawaiian S8.r...l0
Amer Writ Paper com. 100
S.r
tuc'l
Brit Amer Chemlcal.r- .10
Brltr-Amer Tob ord
£1
Ordinary bearer
£1
BucyruB Co com . r
100
Car Llg & Power. r
2
Cities Serv Bankers shs r(t)
3,500
100
300
32
1,100
67 K
Conley Tin Foll.r
(t)
Durant Motors. r. (no pa.)
Empire Tube A Steel
(f)
Farrell(Wm)&8on com r(t)
Gardner Motor
(no par)
Garland Steamsbip.r
(t)
Goodvear T<vR coia.rlCM
Hall Switch & SIR com. 100
Hane8(PH)Knlttlng oom 10.
SK
67 H
4
4
13
12 '4
14"
2H
H
29
Internat Cultl ppef
Internal Trade Mark.r.
K
2H
2H
29 H
42
4
15K
18K
16K
19H
19
20
17
I'l
1
1
22
3
22
23
3
15>i
15
ISX
17
3
15
97
97
IH
\y*
6
5
3
6H
13
SH
3H
8H
10>f
12H
64
12^
7
65
7
(t)
iVi
A.r..50
Maxwell-Chalmers A.r
cl
B
cert If leates . r _ _
Meteor Motors, r . . (no par)
& Pap«>r. (t^
Peerless Trk & Motor. r. 50
Perfection T & R.r
U
Profit Sh C & R B.r
1
Pulp
.
Preferred, r-
]
Pyrene Mfg.r
10
Radio Corp of Ajmer.r..(t)
Preferred .r
65
19
IfiJ^
22^
5H
19
57
16
21?i
5
19
58 H
16 H
5K
3H
12H
I2H
16 M
2
28!^
42
2H
IIH
5,500
700
2,300
175
100
180
100
100
100
100
13
16
16
15^4
300
200
800
400
500
26,500
2,000
700
6,000
45
100
1,000
400
H
22
2H
13Ji
13H
96
IM
4
5
2H
SH
7H\
6H
64
IJi
58,'^
18
P
57
12
1
Hi
1
23
3,0''0
\9H
3,700
22
iH""
19
400
4,700
H
1
H
3..300
5,700
IH
9?i
2
200
9.700
9
2H
6..300
2
420
18
IK
9H
r%
2H
..?•
Reo Motor Car.r
70
22
5-16
IH
9}4
5
800
16K
Lehigh Val Coal Sales. r. SO
Mot Co
2,500
9,900
100
1,000
2,500
100
9,400
18
10
Kay Co Gas ctte dep
iH
14
16Ji
16
100
Havana Tobacco com.r 100
Prefe-re1
100
Hercules Paper, r. . (no par)
21
13H
29 H
42
y%
800
18
Preferred
Heyden Chem.r..(no pa)
Imp Tob of O B & I.r-.£1
Intercontinental Rubb.lOO
68
2H
. . .
Common B
32
67K
Cleveland Auto Co
( t)
Columbian Kiueiuld Svnfi
1
1% '
10
22
23
Renn' Uc Ruti r..(no ns")
Reynolds (R J) Tob B r 25
\H
1,625
1
36
36 H
300
300
31
100
18
4
Rockawi" Roll Mills. r.(t)
Root & Van oom.r
lOO
Rov f'e'S''-anceTotIetT>ro'
Standard Motor Const r rlO
Stan woo Rubb.r. (no par)
Sweets Co of Amer.r
10
7
18
18
'
5H
(i%
8
H
2H
'
Swift International. r
Todd Shipyards Corp
2%
16
r (t)
Triangle Film Corp v t c. 15
UnlonCarbldo&Carbon r(t)
Uniterl Profit Sharing. .2'x'.
Un R"tall a'ArpsCandy r(t)
TJ
S'4
S Distributing com. r. 50
N
54!4^
1.700
2.000
IH
4,.SO0
8H
8
30
32
IK
H
1
IH
IH
IH
\%
ISH
19
300
695
2,000
.300
.500
700
63,000
26,000
200
'
7H
%
2
27)^
64
%
51
IH
TH
30
1
'-^
l!s
1
ISH
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
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9H Jan
10
Jan
32
Jan
6« Jan
Jan
68
4'4 Jan
13 H Jan
14
Jan
16 M Jan
2« Jan
30 H Jan
50
Jan
4K Jan
17
Jan
16 H Jan
19Ji Jan
21
Jan
17
Jan
5^ Jan
26 H Jau
3 1 Jan
15H Jan
Jan
15
97
Jan
2H Jan
8
Jan
13
Jan
3K' Jan
9H Jan
12H Jau
7H Jan
65 ' Jan
IH Jan
70
Jan
\9% Jan
62
Jan
19
Jan
22 H Jan
5% Jan
28
Jan
IH Jan
Jan
K
IH Jan
9H Jan
2
Jan
2H Jan
23
Jan
1
'
IH
Jan
39
Y.r.lOO
I9h
300
71
355
20
49
284
19
47
283
300
311
69 Jf 72!-;
Ml 359
3.200
30
20
230
5.U0
200
Oil Stocks
Allied Oil.r.
1
16c
Arkansas Nat Gas Com. 10
5
Boone Oll.r
Boston-Wyoming Oil.r. .1
Amer
1
Oil.r
Carib Syndicate.r
Carlb Trading.r
Denny
IJi
10^
_
Oil.r
Elk Basin Petrol.r
Eneineers Petrol Co.r
15-16
28
f)H
25
1
-..5
Fenslnnd Oil
(no par)
I GllUIand Oil pref.r...l00
Glenrock Oil.r
10
Grenada Oil Corp CI A.r 10
Guffey-Glllesple Oll.r.. (t)
Hurisin Oll.r
1
9H
\H
1
1-16
30^^
10-74
25
Va
Wa.
T%
8K
1
6
Federal Oil
16c
14c
9
IVs
1
2H
9
1
1-16
2H
r>H
245<i-
7-16
14Ji
85
13'A
2
13!^
85
2
5
24%
H
2'<r
2«
6M
26
1.54,000
800
21,200
19..500
600
25.200
15
17H
47
275
303
69 5i
332
14c
9
1
11-16
2S
61^8
21
%
9,100
4,700
7.200
7%
7..500
1,.500
IVi
12
100
2,600
1,700
3.400
25 fiin
r riauu
Lrjfl
Jan
Jan
SO.U
Jan
Jan
Jan
1
H
80
2
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5
24 5i
Jan
?<
.1nr\
Jan
Other
Stock!
oil
Marlimd OH (Dfl).r
..
20c
9H
2H
1
1-16
32
1054
K
42
\H
S%
\H
2H
15
87
2H
6%
27
9-16
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3
18
(;oIuiiibla Oll.r.
lEV,'
000
3M
1.200
2H
2K
2H
I5H
10
28
12H
12
13
26
2\i
24
6
2«
IH
6
5K
'
1
y.
1
5
Vi
31,600
2,900
3.200
2H
5H
5
3
2M
6V
B
700
1
6,800
100
2,100
600
13
10'^
11
10
i%
iH
7
7
7
2H
2H
Skelly Oll.r...
S'A
2H
8K
2H
5
.
7
10
Southern Oil & Transp.r 10
Stanton Oll.r
5
Texon on A Land r.
US Oil Corp
United Tex Petrol.r.
7
1
H
1
9
6
11-16
7
9-16
1
7-16
2c
22
3c
iHc
7-16
I»5C
72c
15J'2C
19c
8c
67c
1
26Hc
Divide Extension
)
EI Salvador Silver Mln. . . 1
2H
SH
2M
5
64c
26c
Gold Zone Divide. r
Great Bend .r
Harmill Divider
Hecla Mining
3H
IK
1
1
7c
21c
2c
28c
1
.1
Henrietta Sllver.r
Iron Bl08.som.r
Jim Butler. r...
4K
3
UHc
1
Jumbo Extension. _
I
Kewanus, r.
Knox Divider
Lone Star Gas.r..
7c
3c
1
15Hc
10c
5c
12c
I
MacNamara Cresc.r
MacNamara Mining. r
1
1
1.5c
Copper
5
Marsh Mining.. r
I
McKlnlev-Darragh-Sav. Motherlode
1
NIpissin? Mines
5
OphIr Sliver Mines
1
22
10c
Magma
Prince Consol
2
Ray Verde Copper
20c
mc
14c
3K
2H
3-16
16c
6HC
mc
8c
4c
lie
15c
20
7c
28c
"5Hc
'sHc 5MC
1
1
5c
2c
Ic
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H
2Hc
1%
1
9Kc
6K
8c
5K
65-4
1
3-16
3-16
3-16
1
2^0
2c
2c
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Ic
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1
Belmont Dev
Divider
1
1
Extension
1
Victory Divider
West End Consol'd
12c
17-lf
2y
9c
IH
White Caps Exten
White Caps Mining
Wilbert Mining.
Oe
100
lie
14c
1!H
1-K
5-16 2 7 IP
.
m
1-3"
1
1
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1
I
9c
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8c
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1
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8
3
He
IH
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4c
10c
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3c
2
9-lfi
1
Midw.ay.r
Mlnln^.r
I
United Eastern Mining
1
U S Continental Mines. r.l
United Zlnc.r
5
TTnit y GoM Mines
8c
2c
7y
5c
1-16
Ic
10c
3c
Bonds
Pack conv debCs
.
.
..1924
6s. .r..
Anaconda Con Mln 73
6%
r'39
notes Ser
A
r '2R
1920
Anglo-Amer Oil 7Hs.r.'29
ArniourACo 7% notes r '30
/Belgium (KIngd of Ss '41
Bergen (City of)Norw 8s '45
Beth Steel 7% notes. r 1923
Equipment 7S-r
1935
Brazilian L A Tr 6s. r
Canadian Nat Rys 7s. 1933
Cerro de Pnsco
Cop
8s. 1931
Cons Gas of N Y 8s. ..192!
Cons Textile deb 7s-_.]923
JDenmark (KIngd of)8s 1945
7 5^s_r '35
Light 6s. r. 1949
Diamond Match
ZDuquesne
Empire Gas
A Fuel 6s. r
6s. r
'24
1926
.56
^
Grand Trunk Ry 6Hs.l936
Heinz (H J) Co 7s r. .1930
58
96?^
9fm 97K
97M
97
89
97^
97
95 '4
96
94
97 y,
9\H
93%
87
100 '/«
96 H
96 'i-
90 H
101
?4'
101
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90 K
83
94 H
95
91
96^
97
98
97
94 M
86 J^ 89 K
100 i-i 101
96 K 9SH
100
101
93 ^^ 94
98'.<
98
96 ' 96 ?i
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102
104 W 106 H:
K 10m
99 K
100
97
97\4
98 H
101
1 04'
French Govt 4s. r
Galena-Signal Oil 7s_r 1930
Goodrich (B F) Co 7st1<>'2'^
56 Hi
83
94 Vj
48
95
90
95 Ji
600
300
9.000
2,000
8.000
100!-.-
97H=
9-3H
W2H
90"^
84 M
94 K
49
97
91^
96 Jf
9<!
14
1
H
2c
5-16
3c
37c
14c
12c
3Kc
\H
3
62c
26c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
H
Jan
Jan
Jan
1
Jan
Jan
Jan
Jan
Ic
Jan
20c
Jan
He Jan
14c
Jan
3H Jan
'4
Jan
15 He Jan
16c
Jan
4c
Jan
Ic
Jan
7VjC Jan
evjc Jan
lOc
Jan
15c
Jan
18
Jan
7c
Jan
25c
Jan
5c
Jan
7H Jan
H Jan
•4'
Jan
1
Jan
4c
Jan
H Jan
2
390
7-16
15
22c
1-16
Ic
1
Jw
14M
n\4
BH
8
3
SH
9H
2H
8
10
7-16
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
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.Ian
Jan
Jan
Jan
1
.Tan
Jan
Jan
2
Jan
Jan
Jan
IC
Jan
15
Jan
2><c Jaa
1
.Ian
Jao
Jan
Jan
Jao
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jao
Jan
Jan
Jaii
1
.fan
Jan
Jan
Jan
Jan
23
Jan
5c
Jan
6c
Jan
7-16 Jan
Sc
Jan
76c
Jan
17c
Jan
24c
Jan
9c
Jan
2H Jan
Jan
5
67c
Jan
31c
Jan
H Jan
4
Jan
1 3-16
Jan
2
Jan
31
Jan
H Jan
3-32 Jan
2 He Jan
24 He Jan
IHc Jan
28c
Jan
4W Jan
3H Jan
3-16 Jan
18c
Jan
8c
Jan
3c
Jan
17c
Jan
5 He Jan
16c
Jan
3-16 Jan
92
Jan
10c
Jan
30c
Jan
5 He Jan
8H Jan
13-16 Jan
I
7-16
2c
5-16
lie
H
Jan
.Tan
.Tan
6c
1'-.;
6U
3UC
15-16
Mc
4c
2c
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96 H
97
85
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83
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95 '1
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1
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Ja
Jan
Jan
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lie
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3c
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1^
IK
IH
2
.Ta"
IH
2H
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3c
1
Jan
3V5C Jan
4H Jan
3-16 Jan
2c
Jap
Ic
Jan
\H Jan
3-32 Jan
5-16 Jan
8.770
21,400
.Ian
IH
5c
.Tan
1.94'=
on nnn
r,H
Jan
M
1.200
6.760
S
195.000
70 000
205,000
34,000
183.000
71.000
248.000
33.000
28.000
225.000
85.000
13.000
25.000
165.000
700.000
28.000
^57.000
245.000
6,000
170,000
31,000
25.000
35.000
35,000
25.000
83.000
70,000
22.^000
2H
6H
17
5
1
10..500
500
13-16
3kf
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J?n
Jan
Jan
Jan
Jan
5-16
2. ,500
1.100
14.400
1 1 .900
8.200
19.600
10,700
y,
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1
1.''00
4.240
12.6?0
2,720
9.700
1%
6
146
4S
lOHc 20 900
m
m m
IK
1
1 ..580
1,400
Sc
r 10
•'^
17
1,.500
2.64.5
5,3'>0
5c
St
South Am Gold A Plat
Standard SI 1 ver-Lead
Success Minlne
7
6,200
100
7no
2.400
M.
5-16
Ooix Sliver
_ 1
Silver King Divide. r
1
Silver Mountain Mines. r I
Silver Pick Cons'd.r .
.1
3 000
5, .500
Shi
11-16
5-16
.]
.55.200
23.200
19.400
H 32.000
4
12,600
3-16 481.200
2
11.200
31
18..50n
23c
2.500
8c
19.800
2Hc 19.700
23c
21.300
2c
13.050
28c
41 .400
1.865
4V^
3H 6,800
3-1
1..500
18c
20.900
8c
22,600
3c
10„500
17c
68.200
5c
33.000
15c
25,000
18c
12,000
l.SOO
22
10c
17,100
30c
1..500
8
1
Rex Consolidated Mln.
7c
2c
2c
lOc
.25c
..1
lOr
5
Il-lfl
67c
29c
H
68c'
10
lOc
OH
7H
2H
30.700
7,400
700
25,100
H
23
22c
Goldfield Devel.r
2
1
S-S"?
1
7
4.fion
7-16
3H
1
9H
*H
38,700
300
11.200
IHc 2e 15.300
15
23
67 000
2Hc4Hc 17.400
3c
4Ho 19,700
7-16
5.400
4Hc 5c 13.300
53c
75c 939,000
15c 16Hc 12,600
17c
19c
14,600
7c
9c
28,600
1
7-lfi
Sliver
lOH
400
'.;,
flS
•Ju
9-16
7-16
"in
1
4U
2
Booth. r
1
Boston & Montana Dev. .5
Caledonia Mining
J
Candalarta Silver. r
1
Cash Boy Consol.r
1
Consol Copper Mines
8
Tonopah
Tonopah
Tonopah
Tonopah
Tonapah
17
4H
MininfS Stocks
Alaska Brit Col Metals. . .1
America Mines, r.
1
Arizona Globe Copper
I
Atlanta Mines. r
..1
Atlas Gold .r
Belcher-Divide, r
ioc
Belcher Extension
10c
Big Ledpre Copper Co
5
Eureka Croeeus.r
Eureka Holly. r...
Florence Gold field, r
Forty-nine Mining. r
Gold field Consol'd.r
H
H
1
17
Wilrox on A Gas.r
WoodburnOllCorp.r(nopar)
Consfjl Virginia Silver. r..
Cortez Silver. r_.
10
H
2H
20
Jaa
12
ion
7
H
Victoria Oll.r..
]
White Eaele Oil A Ref.r (t)
Emma
7H
2H
6-16
600
14
H
Prod r
Simnis Petroleum r(no par)
.Settled
y.
IH
3.700
12
13
jRti
8»i
.10
S;ivov Oil
4H
H
500
2>-i
12'
5",r
Wa
&y.
137
33.1.50
U
31
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
'4
2-^
Juii
Jan
Jan
Jan
Jan
4
,900
\7'4
3V;
3}.
19
Jnii
9H
2H
13
2H
Jan
Jan
23
9H
16
2'i
6
Rod Rock on A Gaa.r
RIckard Tex Co.r
5
R.van Cons'd.r
S.alt Creek Producer new
Sapulpa Refining. r..
5
11
5-16
.Voble Oil & Gas
1
.\orth American Oll.r..
fi
Omar Oil A Gas. .
.!(.
Pennock Oil. r
.10
Producers A Ref.r
Ranger Gulf.r...
28
665
140
1.37
lOH
9,700
100
2,^00
1.000
600
200
9,700
2^
IH
IH
«
,50
.Midwest -Texas Oll.r
Mountain Prod, r
12,200
3)i
h;
(t)
.
.
Hloh.
Lriie.
ia'4
28
.
Midwest Refining. r.
I5H
H
(t)
21K
51
288
323
74
359
H
3H
Merritt Oil Corp.r. .«.. .10
Met Pet Syndicate.r
.Mc\Ican Kat'Ic (;II r. .. 5
.Mexican Panuco Oil
10
.Mexico Oil Corp
10
112.
R<1 'gt .'rlnce Jrrn
Wevk
High Sharea
Low.
16
A
Allied
Jan
Jan
Jan
Jan
Jan
Jan
Price
Inter Petrol.r . . (nc par)
Livingston Petrol.r.
Magna oil Ref.. .
MnniCiilbf) Oil Explor r rt)
Mid
.
0/ Pflri.1
Siile
Par
(Concluct'd)
Aluminum Mfrs 7s. r_ .1925
Amer Agric Chem 7 '^sl94l
Amer Light A Trac 7s rl925
Amer Tel A Tel 6s r . 1 922
Other
British
;
.
[Vou
Jan
Jan
8
18
Jan
6H Jan
9K Jan
H Jan
2% Jan
29
Jan
69
Jan
HTi Jan
60
Jan
IH Jan
9
Jan
35
Jan
IH Jan
1
Jan
U4 Jan
IK Jan
2hH Jan
oil
Subsidiaries
Anglo-Amer Oil.r
£1
Galena-Signal OH com r 100
2^
Ohio Oil r
Standard Oil (Calif) .r. 100
Standard Oil (Ind) r
25
of
100
»
4««
4,1.50
13,900
2814
68
7-16
60
IH
Willys Corp 1st pret.r.lOO
Former Standard
2Ji
28
64
7-16
1,800
IH
60
US Light &Hoat com.r. 10
Prpferrcl.r10
U S Ship Corp.r
U S Steamship
10
Standard Oil
I.
High.
Lena.
1
1
(no pa-)
Allied Packers. r.. (no par)
Am
Rente Since Jan.
Week.
of Prices.
.
Sales
for
& Misc«ll.
Acme
Aetna Explos.r
Nor
K
5
privc
afternoon.
It should be understood that no such reliability attaches
to transaotions on the "Curb" as to those on the regrularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regfularly hsted that
is, securities where the companies responsible for them have
comphed with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one oan
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibiUty that fictitious transactions may creep in, or even that dealings in spurious securities may 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 absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Lincoln
1
5
THE CHRONICLE
460
Automatic
—
1
14c
9-16
2H
IH
9c
7H'
5c
.Tan
.Tan
.Tan
10c
3c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
60
97i^
Jan
Jan
.Tan
97H Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
91 H'
98Ji
.Ian
Jan
Jan
m
Ic
97
94'^
89 3^
10H<
98>^
101
98
98 H
96 Ji
91
102
106 "X
100 U
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.Tan
Jan
.Tan
Jan
Jan
Jan
.Tan
J.in
99K Jan
100
102 5i
.Tan
Jan
85
9^14
49
Jan
Jan
Jan
Jan
Jan
93H
Jan
97
.Tan
83
.Tan
91^
Jan
95 V
04 u
Jan
97J<
09
•Tan
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Jan
91
Tan
t
THE CHRONICLE
Jan. 29 1921.]
Bond*
frUtay
Week't Hangt
Last
Sale.
ofPricet.
—
(ConeltuUd)
SaUi
Htgh.
Week.
Price.
Interboro H T 78.r, .1»21
Kennci-ott Copper 7» r 193C
Laclede dut LUht 7b. r
Morris 4 Co 7 V.ii r . 1»30
National Leather 88. r. 1925
Hart., .f 1922
S YN
JNorwuy. Kli»!d of. Sa r'40
Ohio Cltlis Gaa 78.r. 1921
1922
7a.r
Ta.r
1923
.1924
78.r
1925
78. r
Pan- A III Pet A Tr 78. 192P
bote.
69
93
Oil
.
aiH
.
05
U&
07
.
RH
Pennnvlvanla
w
96 H
95
94
100
9R»,
7"„ s<>rnote8.r.Ocll5'22
7%serni>te«.r.O«t 15'23
9fiV.
9fi'4
fiiv*
4 Co
'
9.1
Con
Sinclair
Solvny
A-
.1927
Bell Telep 7s
Sfiinrt Oil (Calif) 7s
V 7a
StJinU on of
N
T-',
-
'
90 H
Oil 7>i,».r.'2'
Cie 8s. r
Southw
serpold deb
95 Vj
192.'
r. '31
1011101 Ij
101 I'
101 4>
101 '-
-2r
r
Ti
7%
84
98
95
30.000
07
99 H 100 'i 115.000
99^4 28.000
99'-i
90
97*4 30.000
3 1 .000
90
95
30.000
95
94
93'
10.000
931-4
>fi\ 93 »4
.000
20 '..OOP
100
lOOS
98', 99 '4 71.000
90 V 97 S 81.000
97', 14 5,000
90'
10.000
94', 95 '
90S' 91lv 370.000
101-1-4
S.^.OdP
100
13.000
90
»5'-i
281.000
101 *, 102
V
'4
I02^s
102
lOIi-j
1024
101
101
>-4
102^4
14
103
103
103 "-J
Bold deb r
Kold deb r
Kold d.-b r
cold deb r
7%
193'
cold deb r
ISte«-ITubeof Am7R r 195'
Swedish CK)vt fis J'ne IS'S"
..192.'^
Swift * Co7s.r.
•is r
1921
ser
ser
7''; ser
ser
7"^ ser
37 .000
62.000
20.000
20.000
101^
192P
1927
192«
192"
1930
r
91
102^4 1031103 V
103
101
101
9S
9fiH
S2
99 ^l
Texas Co 7% notofl r.l92?
Union Tank Car cq 78. 193P
Va CiiroChem 7iis r-193?
Western Kloo eunv 7s r.'2.'
1011-
95 H
98 H
'v
90
94
05
<K)
^-j
97 "-4
95
93
93
93
91
'
.Ian
.Ian
.
1(H)
97-,
94 »i
95 '4
93
88 Ij
99 V,
92
100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
72*-»
94 i,
94
99*4
99
99 ',
97 »4
90
95 * 41 OOP
81
82 ^ 10.000
213.000
9fiV 98
9fi'>
30 OOP
9(i'4
82*-.
23 OOP
82
99 li 99 ?4 115.000
04.000
ion. 102
1.50.000
95 »4 90
99 'k 99 H 51.000
9,''i'-.
93 S
100
'",
99 14
97\
97 S
90
91'.
102*4
(»0
103'-,
Jan
Jan
Jan
Jan
103-%
78
^
95'..
U
Jiin
Jaij
98 '4
100
95 »(
97 ^,
Jan
Jan
Jan
Jan
79
Municipal Bonds
1.000 Marks)
15
.
H
Frankfort 4g r..
nambursi 48
r
.
.
.
10^ 125.000
I2H
14
18
13'-^'
17,^:^
10.000
100 OOP
100 000
17'-
'^00
13'...-
IS'^'
16*i
17
lOVf
10
3
4i,.s r
Vlepn<\ Jo r
14'..
.
K
95'.;
84
98
90 »,
80
'
99^4
102
90
100
'2
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
3
IfiH
14
18 J4'
Jan
17H
Jan
Jan
ir.
Jari
10
3
2H
171^,
-TjlT)
(AO'
.100
100
50
.
10« 175
100 107
Preferred new
100 112
Contlueutjil Oil
Crescent np<- Line Co... 60 •29
Cumberland Pipe Line... 100 135
100
95
Eureka Pipe Line t;o
45
Galena Signal Oil com... 100
100
93
Preferred old
94
100
Preferred now
100 172
nilnolB Pipe Line
60 •M
Indiana Pipe Line Co
International Petrol, (no Par) •16
National Transit Co... 12. 56 •27
New York Transit Co... 100 160
Northern Pipe Line Co.. 100 91
25 280
Ohio Oil Co
26 •35
Penn Mex Fuel Co
Borne Bcrymser Co
Buckeye I»lpe Line Co.
Cheeebrougb
f B new
.T.'.ii
.
Prairie Oil 4 Gad
Prairie Pipe Line
100
100
100
Solar Refining
Southern Pipe Line Co.. 100
100
South Penn Oil
Southwest Pa Pipe Llsee. 100
Standard Oil (California) 100
Standard Oil (Indiana).. 25
Standard Oil (Kansas).. 100
Standard Oil (Kentucky) 100
Standard Oil (Nebraska) . 100
Standard Oil of New Jer. 26
.
IttO
110
no
32
135
99
47
I
97
99
I
170
87
101;
1
Huff R«ob
4 Pltuburgb 4Ha
Equipment
CeuWalof OoorulB4K8
CbloInd4
W
Erte4^.6B..
Hocking
\
alley
K(|ulpmtnl 7b
Kanawha 4 Michigan 4H8..
Minn
38.5
114
245
74
307
P4 88 M
Equipment
—In
dlscufi^inK bu.'siness and investment conditions for tho past year and
the outlook. LaA^ronce Chamborlain. President of the investment hoiLse of
Lawrence Chamberlain & Co.. talces an optimistic position. He says:
"The vast population and resources of the country, the soundness of the
'inancial stnicture which has enabled us to pass through a drastic readjustment without panic, justify fundamental optimism. Tho country is not
On the contrary, in the field
sufferinK from over-expansion of building.
of public utilities, railroads and domestic housinR there is a .shortage which
should he t he basis for stimulated trade activity."
Mr. Chamberlain looks forward to increased production sucii as foDowsd
the Civil War. and increased competition, with a downward trend to prices
made pos.sible by a lower cost of living and increased efficiency of labor.
As a result, fixed incomes should, he thinks, have an increased purchasing
power and the price of securities carrjing a fixed return should be enhanced.
Contrary to widespread opinion. Mr. Chamberlain is of the view that there
will be less financing in 1921 than in the past few years; that conditions in
the pubUc utility and railroad fields are not yet ripe for more extensive
programs of improvement or financing than in 1920. With smaller stocks
and lower prices the banks should be in a better position to take care of industrial requirements.
There should, therefore, be less pressure on the
investment market for financing of inventories. With business depr(>s.sion
there will be little enthusiasm for new ventures.
For these reasons Mr.
Chamberlain looks forward to a smaller volume of financing and to lower
Interest rates, both for commercial loans and for investments.
He looks
forward to a further recovery in bond prices as the investment markets
anticipate improvement in business.
Banks and Trust Companies
Imperial
Equipment 4s
Plltsb 4 Lake ErIeOK
110
Re»dlngCo4H8
.-,5
115
'04
Ontario 4 West 4 ^s...
Norfolk 4 Western 4Hs
Northern Pacific 7b
Pacific Fruit Express 7s
Pennsylvania RR 4 «8
330
36
25 •90
100 155
5 *24
Mexican Fade OU....
NewHtoc-k-
100
165
261.1
•23 la 2512
139
.
All price* dollar* per share.
Amerloa*
4Dier Ezeb..
Atlantic
Park
Bowery*
Batterj'
Broadway Cer
24-T
215
165
460
150
106
146
Bronx Boro»
Bronx Nat-..
Bryant Park* H6
Butch * Dro\
30
Oent Mercan. 195
Cbaae
320
Chat d PkoD 255
CtaelecaExob'
125
Cliemlcal
Coal i. Iroo.
Colonial*...
520
225
350
Columbia*..
I.50
Oommeruf
215
Comni'l Ex*.
OommoD-
weAltU*
Oontlnental..
210
Baok*
.
_
1
176
200
350
200
300
490
205
375
205
310
NY
*
Mutual*
Nat Ainerloaii 1.50
Nat City ... 307
New Neth*.. 160
New York Co 135
400
New \ork
330
205
145
530
240
Pacific •
;
New
!
Southern Pacific (Do
Equipment
Wash
H'ts*..
Yorkvllle*-..
110
150
170
]
Flltb
Avenue* 900
920
FUth
1.^0
100
First
890
2Z0
185
200
780
350
500
910
230
196
800
SCO
515
1
3011
280
335
200
270
288
350
210
475
Guaranty Tr
.Hudson
.?15
325
165
125
Farm L & Tr
Ry
Udellty Inier
Fulton
Law Tit A Tr
Lincoln Trust
Mercantile 1 r
Metropolitan.
210
HoiLestead*..
Mechanics"*..
LMotitauk*
iNasoau
North Side*..
Peoples
iRldgevood
Sh arc
Pat Bi't
coramon. IOC 90
(imerlCHD Cigar
IOC
82
Prc'erred
Amer Machine A Fdry..lOO 180
103
American Tobacco aorlp
Atk
95
6s
170"
166
^mer
Craa
4
Eleo
*37
84
75
44
64
6
20
26
260
65
9I4
»73
.
6. -25
016
6.26
6.62
6.60
7.00
7.00
6.60
6.30
6.26
7.00
6-26
6 25
6-20
6.25
6.25
030
6.26
7.00
700
7
00
700
09
38>i
86
77
49
68
16
25
30
200
66
lOU
78
14
16
35
37
I
81
831t
6
41
74
8
45
13
.
'
14>4
78
69
77I4
80
6
10
26
30
46
41
79
70
I
280
265
290
280
106
126
640
Trust..
Y Truet.
166 .Brooklyn Tr.
216 IHamllton
180 ijKlngs Count}
100 Manulactuierf
95 People's
95
460
200
630
195
270
notes 1922
notes 1923
M4N
M4N
Arm'r4Co78julyl6'30J&J15,
Beth 8t 78 July 16 '22 JA J 16
7% notes July 16 "23 J* J 15,
Canadian PacOe 1U24 M.VS2
Federal Bug Htft t^H 1924 MAN:
G'>i«lrlch (H F) Co7s"25 aAO
Hockine Valley Os 1924M&S
105
--
_
Interboro
.
320
400
830
BTookli/n
195
150
200
700
L'
60 *97
com
Prelerred
Mner Lt A Trao
Prelerred
\
480
270
060
203
290
iOB
160
RT
KCTeru. Ry
78 1921 MASj
4Ha 1921. J4J
MAN 16
6s Nov 16 1923..
l.acle.!eGa«79Jan 1929
F4A
l.i-lugh PowScc6al9'.'7.F4A
LlgRett4MyorsTob68'21 J4D
Penn Co4Hb 1921...J4ni5
Pub Ser Corp N J 7b '22. MAS
Hevn (R J) Tob 6b 22.F4A
8li>Hi< ebeff 8 4 I 6b •29.F4A
Ry 6s 1922. ..MAS
Swilt 4 Co 6b 1921.. FAAI6
7% notee Oct 16 '26 A4016
Texas Co 7b 1923.. ...MAS
U P Rubber 7 Hs 1930. FA A
Southern
.
M4S15
Ctab8ecCk)rp66"22
We*i Vleo eonf Tn 10?.^ A.*r
_|i
or at Btook
IOOI4 101
11014 101
100 10034
8812
87
AnacondaCop MIn 6h'29. J4.I
J4J 93I2 9-1
7b 1929 Series B
AnRlo AmerOll7H9'25A<VO IOOI2IOII1
i
87
86
226
.|
60
84
100
com
..100
195
1115
100
A mer Power 4 Lt com
IOC
Preferred
Tobac otd.-JCl
13'M 14-%
Hrltlflh Amer
•14
141.1
Amer Public UtUltlea com 100
lirit An.er Tobac, bearer. £1
100
18
Preferred
Ciiuley Foil (new)... no par •15
Carolina PowALlghlcom 100
Helmc (Geo W) Co. com . 100 148 155
95
Service Co com. ..100
90
Cities
100
Preferred
lOo
9
iHiz
Preferrf d
Imperial lob of O B A Ire
100
90 105
.oii.rado Power com
Johns..n Tin Foil 4 Met 100
lOO
Preferred
MacAndrHWB 4 Fcrbee. 100 10--) no
Lt.. 100
83
100
80
Preferred
Com'wth Pow Ry 4
K't
90
Preferred
Porto Rlcan-Amer Tob..lOO 90
90
83
Elec Bond 4 Share pref . 100
Scrip
87
Federal Light 4 Traction 100
Reynolds (R J) Tobacco. 26 •80
38
..100
26 •35
Preferred
B common stock
100 102 104
Preferred
Great West Pow 68 1946. J4J
97
93
MlBBlBBlppl Rlv Pow com- 100
Tobacco Prod Corp scrip
100
Preferred
Weyman-Bruton <3o, oomlOO 160 100
95
90
100
First Mtge 68 1951... J4J
Preferred
100
98 108
Elec C3orp.(t)
Northern Ohio
Young (J 8) Co
90
100
100
87
Preferred.
Preferred
Rubber Stock* {Cleie land prlcn) North'n States Pow (jom.lOO
88
100
Preferred
Firestone Tire 4 Rub.com. 10 •85
81
85
100
North Texas Elec Co com 100
8% preferred
100
77
100
Prelerred
preferred
7%
260
Pacific Ga8 4 Elec Ist pref 100
Oen'ITlreA Rub. 00m... 100
8-.
90
100
Puget Bd Pow 4 Light... 100
Preferred
ion
^l''»
100
2034
C.doii- eiir rirc4 R. com.
Preferred
48
IOC
47
100
Republic Ry 4 Light
Preferred
95
lOt88
100
Prelerred
Miller Rubber
91
88
Preferred
South Calif Edison com.. IOC
100
100 135 200
Preferred _
Mohawk Rubber
20
100
Rubber 00m
Standard (Jas 4 El (Pe!) . 60
Portage
42 \:^
KK)
60
Preferre<!
Preferred
40
Tenneseee Ry L 4 P com. 100
Swlnehart Tire 4 R.oom. 100
100
70
100 60
Preferred
preferred
100
Short Term Securltle*— Pe Ctni
rnllod Lt4Ry8eoB)
IOC
92
90
l9t preferred
AD. Cot OU 66 1924.. M4S2
100
Amer 1 el* Tel 6s 1924. FA A 9534 9()». Wcatern Power Corp
97l2
A40 97
100
Prelerred
6% notes 1922
,
520
N
600
Title Gu 4 Tr 310
U 8 Mtc & Tr 385
'Culted Statet- 810
Chester) .
Life Ins.
BanJu marked with (*) are Slate bank*, f Sale at aueUon
(his week. ( New nook, i Bi-dlvldena. y Bx-rlgbu.
*
155
115
166
4
426
426
100
80
6.76
6 75
6.70
6.25
Public UtlMtMa
Tobacco Stocka— P«r
7%
7%
N Y
----
BtooUv*
CJreenpolut...
26
6.26
6. 16
6 62
7-12 « 62
7.12 660
6.6
6.15
7.2; 6.60
7.1
es
7
60 138
Mlrtwept Refining
Am Tob7% noteel021M4N
Mutual(We«l-
166
206
...
4Hb
Toledo 4 Ohio Central «»...
Union Pacific 7e
Virginian
40
00
67
Sli'
73
70
80
82
22
26
60
8
20
63
6
—
171
89
93
*12
•84
1
91
97
15
36
111
4U
51*
561:
58'?
22l<
6412
22' 25
21
62
I
360
376
Coney Island* 140
U1r«
295
145
615
lrulte.l8t&tt-i!*
340
Equitable Tr
4Hb
7s
.
York
IConiraerclal.
f270
Republic*
.... Seaboard
170 Becind
Atk
Empire
590
460
200
220 Stat(,*
---- i'l'r»deeuiei;'s* 200
23d «ard*... 220
226 Unlnn Exch.. 165
Public
Bid
American...
Bankers Trust 335
Central Union 325
Col'inibla...
285
368
298
Park
Trust Co'*
160
312
170
350
288
135
Hanover
Harrlman
imp A Trad..
190
Mech 4 Met
290
aothaiD
Oreenwich *..
180
.Manhattan
..
125
Qarfleld
A Ik
Liberty
leo
126
165
156
35
205
Corn Exch*.. 280
Coemop'tan*. KO
Cuba (Bk of).
Bast River...
Biii
Industrial*...
Irving Nat of
Atk
200
255
6 90
6 90
6-75
7 00
8.00
8.00
8 00
8 00
6.95
6-05
Equipment 4M8...
I
bid
190
6.7.",
St Louis Iron Mt 4 Sou 6b.
3t Louie A San Francisco 6s.
Seaboard Air Line 6a
Southern Railway
on
8.00
7.10
7.00
7.00
7-50
7.00
7.00
7b
350
405
Stitck*
Magnolia Petroleum
6 75i
7-25
7.00
7.7
NY
390
«
7
00 6.50
6 90 6.26
4.He
595
435
410
100
585
42-1
7 01)
« 62
6 30
'•
IXnilpment 6b 4 78
Missouri Kansaa 4 Texas 6s.
Missouri Pacific 68
Mobile 4 Ohio 4 H. 6a
New York Cent 4H8. 68 ...
71
.
St
7.50
7.50
8 00
7 60
^ 26
6 90
6 90
6 02
•-
4Hs, 6s
6 26
6 S6
7 0') 6.37
7 00' 6.26
Louisville 4 NashvUle 6a
Michigan Central 6a. ae
100 100
100 325
10 •30
on
4Ha
Ixiuliv
Cblo 8t Louis 4 N O 6a
4V<e
Chicago 4 N
Chicago B 1 4 Pac4He. 68..
Colorado 4 Suuttiem 6s
Equipment
Other
'
6.62
7 16
8 00
7 37
70
7.00
8 25
8 25i
725
|
Cheaapeake 4 Ohio a^t..J
Equipment 6a
J
Chicago 4 Alton 4 MB. Oe ...
Chicago 4 Eastern III 6 m..
38
480
190
375
110
240
70
302
Standard OU ol New Y'k. lOti 362
100 390
Standard Oil (Ohio)
100 rl08
Preferred
100
45
Swan 4 Finch
100 110
Union Tank Car Co
Preferred
4Ha 4 fl«..
4 Ohio 6a..
6.60
6-76, 6.25
6 76i 6.25
I
IlltnolBCinlral 58
ICqulpuient 4H8
470
•70':
**f.'
RR. EqulpOMiDt* -PmCt [bOtU.
Baltimore 4 Ohio 4 H*
7 35
29
166
97
285
1.55
-100 108'4 109
Vacuum on
WashluKtouOU
CURRENT NOTICES
Sank*— AT T
lao
Sundry Securities
•
M
Preferred
.
City
AMOl
103
100
86
160
Hj&ily.{
D BC:aau&ily.
UBllUeduMi
Wmi 4 Broui
4e
K<|Ulpment 6«
1091ill01;
Canadian Pacific
390 410
•85
Carol Cllnchfleld
87
.
•Odd lots, t No par value. -(Listed as a prospeet / LIsied on the Stoi-k
Kxehanire this week, where additional trnnpaellons will be fonnd.
New stoi-k.
IT When
Issned.- 7 Kx dividend,
2 Ex-stock dividend,
rUDll8'e<l.
y Kx rlchta.
t Correct inn.
t Dollars per 1.000 lire. flat,
New York
frif
St<M.'k*
Preferred
I5!4
OOP
100 OOP
10 OOP
"P P(>P
for
Atk
/>ar| lltil
Anglo Amerloan OU new. £1 •19«4 20
•975
100 900
AUantle Refining
Jan
Jap
Jar
Jan
Jar
Jar
15 Hi
15 If
IW)
M
IM)
76
(Brrx>klyiv).
.klynj.l
:
bond price* are "and lDterc*t" eicept «b*r« Barked
Standard Oil
A/-nrJI-.t.
14
.
no
Murt«a<e..
Quotations
All
German Government &
(Oollars vrr
Berlin 4s r
M>
196
Title
Ian
'4
.Ian
95
76
18H
A^nej
B«att7
Ian
Jan
Jun
Jan
Jun
9.'.
i-
9.''-
70
06
in
Ml«e B<.nd..
.Nat Hurety..
iN Y TlUe 4
212
Atk
Alt
Lawyer* Mt|e 115
.Ian
lOOS
101
TO
Amer Hureiy. 63
Bond 4 M G. 205
(^Ity luveetlas
60
Prelerred
86
Alllaooe R'lt7
.
100 If
4ri.00P
58. OOP
100''.
JtU)
Jail
.Ian
Jan
Jan
Jan
Jan
Jan
prtct dolUr» pcfabu*.
6U
Atk
80
68
Bid
Jail
Jan
Jan
Jan
100',
100
100',
All
70
100*4
102
102'.
102
102 '4
102',
103
52 .OOP
39.000
47.000
49.000
53 OOP
95';
.
Jau
Jan
Jan
Jun
Jan
Jun
Jun
Jan
Jan
Jan
Jan
Jan
07
87 ••4
1.55.000
94
94
99 S
90 Vs
08
1-.
City Realty and Surety Companies,
meh.
Low
72^4
li
New York
I.
for
1
7» r'2)
Sears. Hoebuok
Kante Stnce Jan.
461
Ezebange
*
Per share
/FlatprlM.
fi
b Baal*.
Nominal.
9612 97I4
9934
9734 98l2
9534 90I2
9II2 93190*4 911-.
99
Industrial
and MIscellaoeou* Pt r that «
100 184 188
American Hrass
285g
271;
American Chicle cxim.no par
60
65
100
Preferred
135
100 1.30
American Hard ware
40
42
Anier Typefounders com. 100
>-3
ICO
80
Preferred
30
BIlBH 'EVn C*i, new. -No p.T *27
90
60 •50
Preferred
94
92
lOOi
IJorden Company oodi
100
90
92
Preferred
—
94 12
100 128
71
CelluKild Company
99I2 du Pont (E I) de Nemours
98
100 188
9812
97
4 Co. 00m
78
lOOi
91
93
Debenture stock
lUO
1>J
69
70
Havana Tobacco Co
6
100
991->
99
Preferred
.J4DI /45
99
9912
Ist g 6b June 1 1922.
IIS4
8712 8912 lulercontlnen Itubbcom.lOO
66 !•
100|
9834 99I4 International Salt
.^AO, /67
iBtgold 5e 1951
91
87
901gl 90 -V Inte.-ntitl.'Dal Silver pref. 100 *85
991
l.ehUh N rUley Coal Sales. 50 •671
99
100 16";
9634I 971
Pbetpe Dodge Corp
99 14 991
Royal Uaklug Pow com. .100 107
82
100,
Prelerred
99«4 100
100 89
Singer Manufarturins
87
88
^*
•31, pp.- X**.^ t
991
99
93
09
195
80
2l|
8
55
I2I4
76
0
I
I
I
•
'
'
d Porc&ajsr also payi accrued divtuciju.
s
136
|
Bx-«indeD4.
I
Bx-fUhU.
•
90
70
lii"
86
91
23j
.\sw stoat.
.
.
.
.
46^
.
.
I
and ^ailr^ail %nUllxQtnct.
Inwjcstmtiit
RAILROAD GROSS EARNINGS
STKAM
The
following table shows the gross earnings of varif)nH
roads from which regular weekly or monthly returnn
oan bo obtained. The first two eolninns f)f figures give the gross earnings for the latest week or month, and the last two
oolurans 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.
iMtesl dross Earnings
ROADS.
Week or
Month.
Jan.
Prerious
Year.
1 lo Latest Date.
Current
Year.
\
1
%
$
Year.
Alabama & VIcksb. November
330.005 243.222 3,199.821 2,530,799
Ann Arbor
Isl. wk Jan
11 7.
101.051
Toprfta
Atch
S Fe November 20310 170 17564 713 196893 476 162.387.311
Gulf Colo & S Pe. November 2,931,188 2.4.58.186 24.8.58,806 19,684,498
Panhandle S Fo.. November
917,120
764.2.59 8,541,371 5,885. .540
Atlanta iilrm & Atl. November
485.309 373,989 5,301,858 4,530,6.59
Atlanta & West I't. November
248,202
278,037 2,772,046 2,534,502
Atlantic City
November
270.0r)2
292.772 4.423.416 4.199.449
Atlantic (Joast I>inC- December 7.938,3(>1 6.400.2.34 73.633.762 63..5.58.4.52
Baltinioro & ()hi()__ December 2107482,'5 15745813 231944442 182620016
B& O Ch Terra-. November 288.019 205.982 2, 102. .531 1,864,224
Bangor & Aroostook November
693.788 562.042 6,143.9.39 4,766,2.57
Hcllcfnnlp C^oniral. _ November
12.«lii
.'<.07H
112.7.37
93,331
Bolt Ry of ChicaKO. Novemoer
,50.5..560
322.111 4,245.167 3,4.33.976
Bessemer & L. Eric. November 1,868.86.5 782.877 14.529.043 12.009,127
BInKham & Garfield November
33,306
148,154 1,367,072 1.159,120
BirniinKham South. December
72.649
44. .557
660.336
,567.350
Boston & Maine
November 7,736.28.5 6,467,373 79,4.59,013 66.142.694
Bklyn E D Term. .. November
118.772
9.39.184
85,025 1,088,432
Buff Koch & I'ittsb. 3d wk Jan
357.749 .341,123
949,2.50 1.023.370
Buffalo & Susq
December
304.497
145.254 3.114.960 2.1.57,831
Cyaiiadian Nat Rys. 3d wk Jan 1.996.701 1..599. 643 5.979.727 5.106.071
vriasourl
<fe
M
W&
Copper Range
November
.VovcinUer
November
Novemher
November
November
Camaguey&Nuev
November
November
November
November
Moveiiiber
October
October
Delaware & Hudson December
Del Lack & Western December
Denv &
Denver
Rio Cr.-uide Vovet.ibor
&
&
N'()veail)er
November
November
Dul MIssabe & Nor_ November
Dul Sou Shore & Atl 2d wk Jan
Dul'ith Winn
Pac N'me i:l)er
East St Louis Conn. November
East'nSteamsh Lines November
.<:
& East. November
El Paso & Sou West December
Erip Kailroad
\oveinbnr
Chicago & Erie.. November
F.lgin Joliet
NJ&NY
November
Fonda Johns & Glov November
Ft Smith & Western November
Galveston Wharf
November
Georgia Railroad
November
Geortri.-i & Florida., November
Grand Trunk Syst. 3d wk Jan
Atl & St Lawrence November
Oh Det Oan GT Jet November
Det G H & Mllw. November
Grand Trie V\ est .Voveinbef
Great North System
Green Hav & West,
Gulf Mobile & Nor.
Gulf & Ship Island.
Hocking Valley
Illinois
Illinois
Central
Terminal
Internat & Grt Nor.
Kan City Mex & Or
K C Mex & O of Tex
Kansas City South.
Texark & PtSmith
Kansas City Term.
Kan Okla & Gulf. ,
Lake Stip & Ishpem,
Lake Term Ry
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley
Los Ang & Salt Lake
& Arkan
Ry & Nav
Louisville & Nashv
Louisv Hend & St L
Louisiana
Louisiana
Maine Central
Voveiubi;!'
^fovemhpr
297,931 4,092,863
630.355
613.069 1.804.861
1.307,591 1,020.521 11,8.50.511
273.206
161.053 1,963.3.54
224,045
1.57.069 1.644.058
118,195
13,614
9.56,084
164.084
192, .500 1.682,747
95.301
83.047
909,919
993,842 1.069.773 10.2,50,925
101,800
1.58.815 2.427.893
4,761.775 2,876,042 44.648.193
8.461.2.54 6. .307. 146 81.907.747
OSO.SOo 2.8.;9.991 36. 7X. 133
301.718 261,474 2,672.799
208,709
157,932 1,932,057
'IS 1. 031
322.773 4.71I.>1.',9
294.237
210.0?(4 2.osr>,s:<829,546
435,417 10.S94,.591
.541.136 1,035,879 19.3.54.7.57
87,017
78.474
179,092
251 ..5X11
164.123 2.28t.,59S
154,102
89,109 1,3,56,671
240.419
262.406 4,479,323
2.699.490 1,186,784 22,978,939
1.269.896 1.051,049 14,490„5,57
284194 7,627,120 9S.94S,7
1 .230.344
884,406 11,721,299
124,272
100,727 1,226,608
1.074.277
R64..562 12.033.616
115.846
97,213 1,308,505
231.523
150,248 1,832.496
249.358
128,115 l,7,i3,468
555,147
690,620 6,090,220
so ,\v\ 1 .:-!'>(i.S<
't.5.'<n'<
1.907.473 1.567.103 5.9.54.605
397,191
272,280 2,882.771
238,955
181,561 1,773,994
582,390
362,744 4, 586,.540
1
RR.. November
Florida East Coast.
1.003.316
1
Lake November
Mackinac November
Salt
Detroit
Detroit Tol & iront.
Det & Tol siiore L.
Dul & Iron Range,
1.913.H.>9
1
1
i.l7.'-,,nso 15,ii.50.5,"..5
1.292.:-;.->i
ClevCC&StL.. November
November
PittH & Lake i'jrio November
Norfolk Southern.. Novem jer
Norfolk & Western. December,]
Northern Pacific, . November
Minn &
Pac. November
,
.
N Y
Phiiri
& Norf Noveinber
W Jersey & West.
& Seash
St L-S F of Texas
St Louis Southwest.
St L S
of Texas
November
November
Novemberl
November
December
November
December
November
November
November
November
November
November
November
November
November
November
November
November
November
November
St Louis Transfer..
November
Tol Peor
C C&
Pitts
St L,
Peoria & Pekin Un.
Pere Marquette
Perkiomen
N
Phila Beth &
E..
Phila & Reading
Pittsb & Shawmut..
Pitts Shaw & North
Pittsb & West Va..
Port Reading
Ouincv Om .t K C
Rich Fred & Potom.
Rutland
71.S24.047
.
29.s.50.fiJl
2,658.205
1,538,284
W & Rio Gran
W
Total system
3d
Ft
7.8,33.188
19,734.662
148,665
1,75^75H
1,099,045
4,281,769
17,315,078
12,761,391
S3, 677, 123
9,504,852
1.037,940
9.124.702
1,139,587
1,490,639
854,882
5,868,356
907,978
4,818,717
2.810,408
1,942,739
4,039,790
12,666,633
* Weekly
2d
week Nov (19 roads)
3d week
4th week
l-t
2d
3d
4th
1st
2d
3d
*
Summaries.
Nov
Nov
(20
(19
(16
(20
(
6
(14
(10
(13
(14
$
18,754.798
18.862.044
24.998.832
15.876.023
18,272.112
roads)
roads)
week Dec
roads)
week Dec
roads)
week Dec
roads)
1 5. .590,202
week Dec
roads)
17.4.35.318
week Jan
roads)
8,078,1451
week Jan
roads)
12,706,3881
week Jan
roads)
13,353,486
no longer include Mexican roads in
1
We
$
14.264.410
14.919.321
19,207.734
12.573.390
14.455.009
New
13.1.53.672
14.360.096
7,270,486
12,.324.,508
12,4.56,804
any of our
totals,
3d
6.9.S2.649
.3373
19022 28.38.59373
8.4-15,945
Klx.OSii 10 496,079
.5.50.014
822
wk
Jan 3.213.722 3.461. .532
Ma
South Ry in Miss,
Spokane Internat'l.
Sook PorM ct Sent tie
Staten Island R T, .
Novemb?r
October
November
November
November
Tenu Ala & Georgia 2d wk .Tan
Tennessee Central.. November
Term RRAssnofStL November
St L Mer Bdge T. November
348,827
,585.717
227.443
1.683
2.53,3.57
Texas & Pacific
,
Toledo St L& W__.
Ul=!tor & Delaware.
Union Pacific
.\'oveniher 195471.52
Total system ,
Oregon Short Line November 4,174.174
.
Ore-WashRR&N November
RR
Wabish
:
Railr.-iad
,
_
Western Maryland,
Western Pacific
Western Rv of Ala_.
Wheel & Lake Erie
Wichita Falls
&NW
Yazoo & Miss Vallev
*Monthly
February
!
March
April
1
61 8.
.
19
174.139
3.156
190.581
342,895
299,556
808.930
844.063
92.811
9.641,474
157209.59
3.480.564
-i 1
=;
r)62
1.413,317
8.397.695
2,212.021
3.162
i24.380
2,892.123 2,.595.920
1.049.055
593 .796
November
205.761
137.247
November
.387,584
295.246
November 1.904.669 1.000.66
November 5. 720. ,548 4. 312. .598
2d wk Jnn
402,291 t.: 4 5..576
November 1,413,771 1,220,182
November
226.764 227.403
November 1.886.442 800.1.54
September
252,745
230 73
November 2.206.9«(^ 2.320 573
2,702.8.38
4.363.426
3,958.562
2.345.902
11.356.935
1.376.382
985 .295
5. 897. .546
1.070.5.58
i..vis.r,8i
1,072.680
fi. 742. 562
2,071.810
6..525
2.289,776
3,589.972
2.853.612
2.468.954
8.267.S7S
1.125.572
120714149 102216188
1926.54 lO'i P'.3516422
41,371,322 35.099.592
30. .568.636 26.200,642
10.977.141 7.710.276
1.818.355 1,140.677
4,092.129 3,028.926
16.459.957 10,992,836
54.276,9,53 44.224.914
802,971
t4.55.779
14,814,002 12,366,278
2,5.52,035 2,322.753
16.378.357 11,^43.196
1.977.831 1.593.145
Oil
2''^
r-.'^.n
02
i^T^.O'"^
^_
and Monthly.
Summa ries.
C'trr.Yr.
Mileage.
1
118.763
fPenn),, Decembo"
Vlcks Shreve & Pac.
Virginian Railroad.
1.049.965
7.066.687
1.382.664
320.764
676. .387
132. ,541
100 707
132.733
803.61
468.439
436,358
3d wk Jan
786.958
December 1.006.064
November
127.209
November 124808.54
Union
Utah
9.650.910 10.457,819
November 1.061.607 1.069.82S 10.4.53.792 9.559 .490
November 1.905. .561 1.635.009 19,116.831 14.930.164
November
462,783 .366,149 4.867.651 3.933.832
3d wk Jan
& Nor E November
Orl
Nortbei*ti
%
31.49
9K A'A
30.15
26.27
26.40
+ 2.436. .5:-!0 18 52
+ 3.075,222;21.41
+ 807,659,11.11
+ 381,8S0l 3.09
+896,682 7.19
2.805.3.36
2.083.897
i
Southern Railway
Ala Great South
CinN O .t Tex P
Georgia Sou & Pla
Mobile & Ohio.,,
$
+4.490.3S8
+3 942 7''3
+5.791.098
+3.302.633
+3,817.103
299
2,098,825
1..843.018
1,226,463
4,999.338
W
AGGREGATE OF GROSS EARNINGS— Weekly
Increase or
Decrease.
10. .5.59
1..
328.
November
November 18345423 157''!9.S7 1,S4"; 58.56 155044817
November 1.062.1 "4 63n.141 6.365.941 9,159,86"
November
288.14-1 3,795.271 3,366,098
425.617
November 2.730.731 2.083.433 23.982,824 19,624,293
November 1,256.130 1.075.362 10.876.3.59 8,660,112
Tex. November
Hous E &
282.421
221.718 2.735.916 2.165,322Louisiana West'n. November
510.179 370.315 4.888.746 3,766,801
Morg La & Texas November
949.097
751.934 9.424.807 7,085,702
Texas & New Orl November
687,279 9,070,188 7,334.275
965,461
Southern Par .Syst. November 26654sn-, 219.58735 2.=;726 12.50 217431782
M
1
Jan
South Buffalo
Southern Pacific
Atlantic S S Lines
Arizona Eastern.
Galv Harris & S A
Hous & Tex Cent.
2,660,884
Preuious
Year.
v.k
San Ant & AranPass November
San .\nt Uv;-.lde & G Novemhsr
Seaboard Air Line.. November
97.8(i9,3'^7
Current
Year.
,
St Jos & Grand Isl'd
St Louis .San Fran..
3,4/1..9()
'',25". 35c,
2.881.219
1
November
Internat.
Oahu Ry & Land Co Novemljer
Pacific Coast
November
Penns.vlv RR & Co. November
Bait Cbes&.\tl.. November
Cine Leb & Nor,. November
Grand Rap & In.i Novetnbnr
Lond Ishind
November
Maryd Del & Va. November
.34.687,023
215,000
November
November
November
November
November
Susq & West.. November
Northwestern
1.422,155
.
& Ohio Cent.
Kanawha & Mich
N Y Chic & St Louis
N Y N II & Hartf..
N Y Ont & Western
Tol
NY
l.S.:i35.5.53
5,997,295
8.915.210
80,421.149 71.738.232
8.062.170 6.061.072 81 ,.502.9,56 66.622.179
299.269
227,737 3,343.719 2,653,227
4.39) .2.59 1.979.770 32,022,095 25. .574. 280
1.,501. 684!
.592.701 1 2.093. 1"6 8.462.234
620.6131 275,226 4.951.729 3.9.57.192
2,715.78011,681.848 25.695.030 ,21.349.919
1! 555229 9.527.218 114662960 196.602.392
1.195.602
781.7.53 11.784,917 10,067..523
419. .529
.3.33,719 4.161,165 3. .564.605
635.076
523.511 7.179.433 5.877,075
8.451.199 6. .570.897 86.559.174 76.925,599
10352569 9.4 10.24') I0J0020.59 ,92. '156. 7.5:^
971.424
88. .363 1.178.467
118.091
616.864
623.175 7.339.075 6,086,414
SS,786 1.960,696 1,400.699
157,8i;0
414,20^
171,826
581 0881 fi 35737009 514254690 44788.5998
152.723
126.277 1.541.470 1.486,508
11 -',031
126,913 1.186 0.58 1.073 691
1,0 16, .585
74 4.378 8.927.-592 7..578. 496
2,103.707 1.747.113 23.908 on 22,649,915
115.128
105.546 1,230,977 1,251.819
732,917
754.9 ;5 7.4i'^l.S".-, 7,539,567
176.895
140,161 1,853,934 1.512.967
7«9 39.') i:;. 936, 205 11,166,879
1 .0.50 58>
1.386.173 7.180.718 O8.497.fi02 85,100,764
101..5.55 1 .496.745 1,119,754
198.183
3.101.663 3.072.670 40.772,368 35,443,137
118.582
101 .810 1,145.292 1,014,831
839.122
80.273
76.492 1.295.245
9.781.149 5,725.497 84.6.50.977 66.767.-564
191.220
37.004 1.634.817 1.031,742
1.50.883
68,711 1.435.648 1.041.922
282.279
165. .501 2.292.544 1.310.668
1.36.615
217,046 1.677,898 2,314.468
i05.6sn 1 241.r.r< l.021,H74
12 "..700
812.751
889,473 10,013,835 11.319.197
.547,198
448,926 5,4.32,020 4,423,785
309.190 248.131 3.1.58. 784 2.699.266
8.518.733 6,997,915 85.430.268 71.361.399
195.840
166,292 1.799.392 1,487.845
192.011
141,124 1.635.940 1.406.477
1,982. .586 1.386.479 19.477.563 12,263,213
8.36.409
683,371 8.427.227 6,140,556
.506. 365
.531.798 1.490.844 1..522. .539
117.720
99.376 1.262.913 1.024,556
625.836
419.040 5,478.692 4,068,285
91.7':>0
S79 sn:', 1,001.^16H
1
98 478
4.277.094 3,5.39.893 44,705.785 .37,495.978
882,267
1.1.52.19'.
171.641
51.i4(;
965.2871
1. 083.
Ik
Cincinnati North.
1,494,711 19.440.605 15,941.865
334,258 4,586,211 3,603.480
Mineral Range
2d wk Jan
11,860
13,805
19,701
23,473
Minneap & St Louis 3d wk Jan 409,336 375.842 1,168.416 1.104.672
Minn St P & S 8
November 4.946.331 3,847,139 44,304.223 39.009,994
Mississippi Central November
90.681
994,828
90.524
934.035
Midland Valley..
35103 674 2.5612 731
Westi November
Michigati Cen'ral .Vovcmoer
2,861,232
1.696.871
10,109,666
1,266,668
1,068,021
890,338
1,651.182
928.907
9,458.420
2.231.104
115117552
265.127
Ind Harbor Belt. November
Lake Erie
182.120
123.462
493.124
403.9.55
695. .594
New York (/'entral,. November
!r.'S21S'i
8.825, 43.5
.
Texas* Mex.. November
Beaura S L& W.. November
St L Brownsv & M November
123156.50 9.4IS.9ii5 114364740 9S.4-H.?fl1
n7.:-;n'i
l'^3.079 1.1<17,39X 1,130.519
454.047 271,343 3,733.508 2,569,343
281,446 225.738 2,806, .571 2,247,071
i.849.7:r.
79i).447 15. .551. 777 10,797,807
13330129 8.463.829 132036725 98.134,460
116.886
75,177 1,004,319
863,338
2.1.53.6.8.1 1,451.544 17.910.874 13,193„565
172.784
224.767 1„550,8,55 1,362.481
185.862
184,057 1,744,491 1,156,066
1.761,022 1.282.703 17,951,945 13,643,2,52
251,888
179,029 2,014,546 1.413.977
139,815
112,123 1,467.007 1,268,580
320,197
114.404 2.488.209 1.346,878
126.717
76,375 1.64*1.785
997.160
90,107 1.280.110 1.020,292
1,38,275
340,644 217,524 2,801,066 2,474.427
494,051
394,742 4,291.063 3.613.943
7. .582. 129 5,705.822 67,785.608 .59.085.6.59
1.876.112 1.623,961 18,747,861 15.704,547
436,233
226.079 3,900,469 1,9.38,182
411,568 308,509 3,918,131 3,220,196
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November 11480954
November
283,017
November 2.219.990
November
524,655
_
NO
27.803,307 22,623,057
21, 802,40s 20.268.695
14,614,603 11.277.925
3,204.703 3.391.416
167771947 150370.394
.393.686
wk Jan
November
Cuba Railroad
1.680,566
1
1.761.332
1,199,497
201.0331 245.807 2.804.650
163.331
41.101 1.677.3.52
2.061.1 14|l,9,50,s:.'4 22.479.7 10
81.219
157.842 1,511,696
Ncvada-<;al-(JreKon 2d wk Jan
279
8,936
3.809!
Newbtirgh & Sou Sh December
234.420
176.151 1.920,237
New Orl Great Nor. November
1S4.37S 2.478.004
244.722
,
335.098
12.586 422
14915511 12130 562 151868017 128495802
289,950
121.361 2,563,278 1.574.776
11 161 100 9,64«,.589 12408138.1 101427537
582.814 493,822 6,065.273 4,536,434
2.0'i:-!,:<|T 2.6^7.757 29,2Ui,2S'i 25.319. 8S8
696,197
135,169 5,543.7.33 3.735.700
Nf)vember
3d
279()377 169330075
36.485.960 31.260.718
1
November
Conn. November
Montour
December
V^shv Chatt & St L November
Nevada Northern.. November
I
1
Current
Year.
3.1.55.403,2.4.32.996 27.043.884 23,083.750
201. .595!
131.245 1.910.140 1.439.268
069 16H7 8,6,56.302 118132 429 93. .577. 081
519.6.53
3.59.431 3.980.051 3.348,977
De<!eml><:r
.
Previous
Year.
*
3. .534. 378 2.9.32.146
.VIonongahela
.Vtonongabela
W
November I7f')7()SOO
November 2,909,410
November 2.1fi2.1<>l
November 1.464.4.5(1
November
362.460
December 13199 828
,
Pretioua
Year.
%
Kan k Tex November
November
November
Missoin-i Pacific
<'anadian Pacific
3d wk Jan 3.196.000 2.837.000 9.775.000 9. .339. 000
Oan Pac Lines In Me November
187.502
195.282 2,499.840 2,385,215
Caro Clinch St. Ohio. Novemoer
774.432 529.613 6.899.336 5,698,410
Central MM of N J . November 5.190.022 3.9.53.430 47.027.614 40.926. .536
Cent New England. November
853,904 561.219 6,879,088 6,178,555
Central Vermont
November
():-!9.710
511,083 6. 5,53. 212 5,33.S,4-.,'l
Cliarleston &
Car November
300.613
290.285 3,170.125 2.798.015
Chos >fe Ohio Lines.. November 8. 5(10, s:; 5.3.54.030 81..544. 944 65.799.:',38
Chicago & Alton
November 2,966,588 1,769,532 27.641.790 22,890,225
Chic luiri & Qniiicv.
Chicago & East 111..
Chirago Orciil Wesi
Chic Ind & Lonisv_
phicago Junction.,
Chic Milw & St Paul
Chic & North West.
Ohic Peoria & St L.
Chic R I & Pacific.
Chic R I &Gulf-.
Chic St !•
& Orn
Chic Terre H & S E
OInc Ind & Western
Colo & Southern
Ft
Den City.
Trln & Brazos Val
Wichita Valley...
Colo & Wyoming
Columbus & Greenv
Current
Year.
Mo K&T RyofTex
Mo & North Arkan.
!)•-'.'
.
Week or
Month.
1 to Latest Dale.
Jan.
Latest Gross Earnings.
ROADS.
PreHotm
$
Current
Year.
..231,304
213,434
..221.725
-.213,206
1
Current
Year.
1
Precious
Year.
\
Increase or
Decrease,
\
j
%
Prer.Yr.'
«
S
$
231, or. 421.180,876 348.749.787 +72,431,089 20,77
+61.492.190 17 7a
212.770 408.582,467 347.090.277
220.918 387.680.982 .372.828.115 ^12.852.867 3.45
1
+38.629 073 11 08
--61.705.722 16.99
--65925 .059 16.43
..220.459
July
+ 73 .557 =1.30 19.98
August
..199.957
+ 11378377523 68
September ..226.955
+130570938 25.94
October . ..231.439
November .-235.213 233.8,39.592.277.620 4.38.038.048 + 1.542.39.572 35.21
t Comparison with 1917 figures, not 1919.
Nlay
June
,
1
..21 3. .525
211.040 387,330.487 348,701.414
208. .598 430.931.483 369.225.761
218.918 467'351 .54'«'40'. 376.485
199.418 441.423.1.58:367.865.628
224.922 594.192.321 480.408..546
229.935 633.8.52.5681.503.281 .630
Jan,
—
Latest Gross Earnings by Weeks. In the tal)lt- which
follows wc sum up scparuU^lj' the canniiK^ for the third w<'('k
This tabli) covers 14 roads and shows T.lD'o
of January.
increase in the a^jf^re^jate over the same week last year.
Third Week of January.
1.907.473
1.907.473
630,3.55
rand Trunk of ( 'anada.
Trunk
of
397.058
3.59.000
103
.506 .365
25.433
247.810
531,798
320.764
S08.930
28,063
21.972
_.
Jan
Dec 31 20
—
from
Kail 11 ay.
660,336
.V.7 aflcr
.\el after
Taxes. Equio.Reats.
S
S
1,9,57,106
1,919,214
1,515,497
1,377„577
4.0,52.0,59
21.074.825
15.745.813
712. .507
775.674
3.908,648
7..528, 992
7,1 14.330
22,999
77,893
436.880
140.514
231944442
182(J20016
72.649
44, ,5,57
18,677
def3,061
65.484
97,770
318.841
16.627
def9.625
43.358
69,944
9,370
dcfl2.4.55
def22.871
•19
23,228
,567.350
2(>6.813
422.182
Buffalo Rochester
Dec •20 2.095.715
•10 1,005.819 def3()3.400 dcf303,405 deflS3.663
Pittsburgh
Jan 1 to Dec 31 •20 21,733.723
622,101
2(H,380 1.983.774
•19 13,955, 591 dfl, 073. 135df 1,3.53, 707 dl'l,01S. 976
Buffalo
15.304
63,441
Susq
Dec '20
304,497
&
&
19
def84.736
145,254
202.645
3,114.960
•19 2.157.831
457.741
Chicago Milwaukee Dec 20 13.199,828 1,462,122
990.475
•19 12, .5,86.422 def4.58.027 ilcf897.799
& St Paid
def50,297
Jan 1 to Doc 31 •20 167771947
,335,430
'19 1,50370394 11,808,689
5.501.692
Copper Range Co. -Nov 20
15,627
95.301
22,451
19
*751
*def6,099
*83,047
Jan 1 to Nov 30 '20
32,713 def43,001
909,919
•19
*928,907 *dcf 15,750 *def87,617
Delaware & Hud
Dec '20 4,761,775
988,355
906.855
•19 2,876,042
175.901 def23.002
Jan 1 to Dec 31 20 44,648,193 3. 480. 078 2. ,509,439
•19 34,687,023
3.107.309 2,191.538
Del Lack & West
Dec '20 8,461,254 2.049,393 2,194,984
•19 6,307.146
1,207,722 1,207,523
Jan 1 to Dec 31 '20 81,907,747 8,951,316 4,613,297
•19 71,824,047 15,758,796 12,287,411
El Paso &
Dec '20 1,269,896
729,601
,576,146
'19
Southwestern
228,272
129.949
1,051,049
Jan 1 to Dec 31 ^20 14,490.557 3,978,829 2.747.722
•19 12,761.391
2,874,948 3.149.989
Kansas City
Dec '20 2,035,517
503,564
422,194
^19
Southern Sys
410.084
342,290
1 ,,549.781
12 mos ^20 22.355.226 4,443,561 3,485,6.56
'19 16,607,010
3,277.923 2.431,484
Montour Railway
Dec '20
defl0,723 defl 1,442
163.331
•19
42.101 def28.270 def35.107
Jan 1 to Dec 31 •20 1,677,3.52 def35.805 def63.779
•19 1.199,497 def240,320 def271,127
Newburgh &
Dec '20
17,688
234.420
44,008
'19
So Shore
176.151
67,271
46,949
•20 1,920,237
Jan 1 to Dec 31
72,817 def52,015
19 1,328,299
46.971 def50,102
'20 8,451,199
Norfolk & 'Western Dec
1,011,631
'19 6,.570, 897
259,263
Jan 1 to Dec 31 '20 86, ,559, 174
def 1381 ,287
'19 76 925 599
9,781.256
Pere Marquette
Dec '20 3^101 !663
268.713
•19 3.072.670
318,576
Jan 1 to Dec 31 '20 40.722.368
4,010,-563
'19 35.443,137
8,046,078
Phila Bethlehem & Dec '20
def4. 724
80.273
4.055
'19
New England
def329
76.492
defl, 4.58
Jan 1 to Dec 31 '20 1, 295.245
def8.260 def 32, 104
'19
8.39.122
def 1,807
10,927
Toledo St Louis & Dec '20 1.006,064
204.244
'19
Western
844,063
146.095
Jan 1 to Dec 31 '20 1 1 .356.935
1.639.631
'19 8.267.878
1,007,801
Union RR Co
Dec "20 1.049.065
29.373
1,781
'19
593.796 defl 62. 3.52 def 17 1,831
Jan 1 to Dec 31 '20 10,977.141
433,897
293, .305
•19 7.710.276
def39,422 defl30,882
* Corrected figiu-es.
Jan
1
to
Dec
31 20
def59,370
270,748
def413,304
or
November
lidi.son
261 .046
15,235
*def93,240
932,215
22,3.55
2,318,383
2,078,147
2,146,531
1,248,382
4,588,307
11,947,363
588,559
117,438
2,797,994
2,995,609
31.470
1.507
382.673
151.426
17.982
30.0.58
def212 290
defl35.888
1,317,571
.367.120
2.8.39.7.59
10.368.405
203.928
83.324
1,746,877
6,680,3.58
def7,"58
def 5 .507
def 7 1,792
defl9,186
174.252
103,033
1,112,643
745,4.58
56.259
defl,55,.524
1.137.045
417.186
Latest Gross
Road
Company.
Earn ings.
Jan.
1
to Latest
Date.
Month
Adirondack El PowCo
Alabama Power Co..
B;mgor Rv
Elec C^,
*B.ircelonaTrac.L&P
Baton Rouge Elec Co
Beaver Valley Tr Co.
November
November
November
November
December
November
BinghamtonLt H & November
Blackstone Vail G & E December
/Brazilian True. L 4: P November/
Bklyn Rap Tran Sya
i*c
I'
oBkUnCityRR... August
August
August
August
August
August
August
August
December
December
November
Current
Year.
Precious
Year.
Current
Year.
Previous
Year.
$
$
%
$
447.179 366,994
397.416 289,411 3",796',i35 2",653",2i2
120.190 102.292 1.133.842
981 .900
3163.105 2406.091 24.507,401 18.499.063
47,6.50
.37.141
471.187
371.269
61,755
50,878
652,414
547,293
80.28.5
(ialveston-llous El Co De<-embor
tieiieral (ias ..V Kl Co- November
850,473
(6,911,612
6.239 1740.628 \
52,802 16,173,566
231.239 193,997 1,698,104 1,386,397
.30.839
19,948
110,467
82,606
519.677 457.910 4,229,097 3,623.972
108.413
.581.012
91.770
657 .42''
1.574,675 1347.095 13,832,880 9.878.724
156.589 120,296 1 ,23'/ ,376
990.551
68.748
54,327
6,52.007
583,023
44,915
41,923
490.984
424,475
IIH 4H7 103.400 1.212.070
925.746
[
Date.
Prerious
Yeat.
2. 827. 91 >
2. .505 ,941
2.600.048
14,716,417
1.753.745 1.761.802
3.334.827
163-031
Great West Pow Sy^^ Noveiiil).
Kl Ky. L iV P November
December
<i;is & Lt
Honolulu R T & Land November
Houghton Co Kl Lt.. IJecember
November
Illinois Traction
InlHriiiiro Kaj) Tran
Tot al system
</
2.884,602
,619.242
,302,700
1,390.3.50
112 .6.58
29 .172
1,096.981
356,978
155 .460
107 ,0'
69 .398
,931.629
8-1.047'
424. .531
348 ,55Vt
294.396
676
1..574.
4.57, S', 13
460.(>77
909,699
760,712
3..500..571
,1.50,931
281,.5:i(;
160 .130
342,134
277 .168
843 .927
3.808.9.53
3,095,151
581 .781
879 741
39 571
63 693
874.325
366,708
450,642
764.237
4,873.160
8.476.209
386.632
687.462
107<).(i93
766.128
1037,3,52
39,704
70,245
4.53.162
.572,156
48 385
297.151
320,421
31,345
29 ,001
6w;
102.579 10
1914.274 1623 ,452' 18 823.429 15.718.920
68,0,58
4980,072 4668 26854 .247, .579 47.4.54.472
317,237
3.56 842
30 097
31,803
169,631 165 935 1 .758 231 1,6,56.450
227,260
26,00S
260 003
20 648
October
255,911 221 749 2.806 699 2,162,512
995,953
December
107,-377 102 .907 1.235 878
November 264.018 212 .769
Decembei-
Keokuk Elec Co
Kevstone Telep Co..
Key West Klec Co.Lake Shore Elec Ry..
Mwell Klec Lt (,'orp.
Meiro'"'! n I'.dlson ('o
December
December
December
eMilw El Ry & Lt Co November
Miss River Power Co- December
Ry &
.925.,5.50
30.125
196.319
123 916
'
Houghton Co Trac. December
Ilniiiiiigioii Dev&Gas November
,018. .588 10.718.404
109.6.54
Haverhill
November
Power C^o. November
Nevada-Calif El Corp November
New England I'ower. November
New .lersev Pow l>t November
Vewp NcVH Ky.G.tK. November
New York Dock (^o. November
N Y & Long Island-. August
N Y & Queens County August
319,044
276.711
Light
205.0,52
499.0,50
45.716
230 1 51
..t
Railw.ays
Eighth Avenue.
Ninth Avenue
Nor Caro Pub Serv Co
Northern Ohio Elec.
Nor Texas Elec (,'o
August
August
August
13,3'5'0'.92.5
1667. !<I4 14|-< ,277 17,1-52
249,131 206 .384 2,735 371
'ska
2.321.954
287 .241
240 .168
181 .203
5.4.38
2.361.211
3.720.026
2.848, 493
395 .994
34 314
496
20 5 1-70 2.5V.'l" 7.58 2'.5ro".793
518,971 478 .328 5.836 931 5,211.053
377.998
348 9,50
55.238
53 781
730.778
780 176
113.568 108 335
5.483 374
807,303,
650 381 9.449,497
93,993 1106.834
242 129!
37,733
89,7:-i0
SO 062
852,221 847 3.56 10.161 183 8.375.458
343,770 329 .540 3.951.650 3.387.854
26 599
41.2,54
3048.941 2291 ,106 31. '2'42.765 23.466.448
November
November
December
NorthwOhioKy&PCo, November
Pacific Gas & ISIec Co November
2.5'i.]16 205 sin
Pac fie I'mver *: l.iaar November
Paducah Electric Co. December
40 ,098
483,570
48,791
PennCentLt&P&Sub| November 215,006 168 .413
Pennsylv Util System' November
254,073 162 991
Philaileli)hi,a Co and
Subsid Nat Gas Cos November 1347 409 1055 ,390 13,395.985 10,895.158
P uliidcloliia Oil Co.. November
178 95:-i 160 ,481 l.M'.^.i)^.M 1.185,727
732,301
Phiia & Western
December
801,162
67 959
58 ,865
Phila Rap Transit Co December 3889 911 3141 .534 38,807,354 35,358.471
Portland Gas & Coke. November
247 IW 190 146
94 sss: 1 .'273.4fii f.'0'3b",.365
P irlr> Rico Railwavs. November 122 221
8,6,50,6.58' 7,841,700
Port (Ore) Ry.L&PCo November
8.56 586 739 ,971
Puget Sd Tr. Lt & P. December
939 901 890 ,474 10,000.430
Rp.a.fliM<;Tr:inSit LtSys November
235 402 228, 33S
Republic Ry & Lt Co. November
743 762 577, 313
Ruilaiid Lt & Power. November
45 303
51 2ti9
St L Rocky Mt & Pac October
490 671 392, 888 4.275.522 3.408.342
Sandusky Gas & Elec November
62 46l>
85 505
Schpnectadv Ry Co.. November
165 481 142 793 1. 727.780 1.5'05'.699
37.60K
3 3,50
41.319
17th St Incl Plane Co November
4 0-19
681.891
Sierra Pacific Electric December
70 342
779.2441
68 579
I
6.8.56.625
s,)utliern
August
Tampa
December
144 934 125 656 l,473,630l 1 ,269.248
November .5C;5 034 .503 710 5,S,5S .5931 5.065,497
November 221 419 192 8'' 2,251.9491 1 .980.3.53
December 1108 225 994, 996 12,445.452 11.407.976
November 1182 517 1005 154 11.732.212 10.236,620
November 1)90 992 519 ,577
November M'<. .500 H'il fin
December 1045 536 862 ,549
(.;al Edi.son.
Electric Co.
1,528
lOS
972, 971
9. 147. ,564
& P.
Power
Third Avenue System.
Twin City Rap Tran.
Utali Power & Light.
I'fahPecCorp&Subs
Virginia Ry & Power.
West Pow Co of Can. October
42, 301
47 462
Winnipeg Elec Ry
Novea)ber
183 099 461 450 4.7(>,S.916 3.839.757
Youngst Ohio River November
576.016
57, 898
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co- having, with the
Tennessee Hy. L
Tennc.ssee
.
.S:
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. has been operated by its owners.
I) The
Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11 1919. respectively, since which dates these roads have been operated
d Includes
.separately,
c Includes Milwaukee Light, Heat & Traction Co.
/Earnings
all sources,
e Includes constituent or subsidiary companies.
given in milreis. g Subsidiary companies only, h Includes Tennessee
Railway, Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway <fe Light Co. i Includes
both subway and elevated lines, j Of Abington & Rockland (Mass.).
k
Given
in pesetas-
Electric Railway and Other Public Utility Net EarnThe following talkie gives the returns of ELECTRIC
ings.
railway and other public ulility gross and net earnings with
charges and surplus reported this week:
:
Net Earning
-Gross Earnings—
—
Current
Companies.
Year.
$
South^n Canada Pow Co Dec
Oct 1 to Dec 31 ^20
67,063
193.758
Gross
Earnings.
.50.42:-t
290.909 262.280 3,266,907 2,647,059
12199000 9796,000 122306000 103335000
1
November 1418.001 1033 ,650
November 4H)..547 269 ,827
41 .814
46.779
November
December
145.204 126 ,821
_
/)
*def7,7,50
dof,53,844
297.593
154.760
December
Co
luiie
Coke Co
Pall River <ia.s Works December
Keileral Light & Trac November
Pori Worth I'ow * Ll November
'blc
NY
to Latest
2176.H.59 161.5,<il5 19.6li(),621
El Paso Klec
Nashville
2;'.S.79
360.309
KasttTii Texas Klec
lOdison KlcclUof llroc IJecember
DecembeiElec LtA i'rof
Nebr
1
Current
Year.
'osubiiti
(
ft
of
aBklyn Heights RR
Coney Isld & Bklyn
Coney Isld & Grave
Nassau Electric. _.
South BrookljTi
New York Consol.
Bklyn Ou Co & Sub
Cape Breton El. Ltd
Cent Miss Vail Elec.,
Chattanooga Hv >t Li
November
Decern l>er
Dcci'.nbcr
Niiveinber
light & power cos..
Kast St Louis »V Hub
East Sh G & E Subsld
6
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name
.
I
Havana
A'(7
63.5.')8.4,52
to
L(
.Mirh
e
•19
Ohio Dec •20
•19
1 to Dec 31 •20
•19
South Dec ^20
•19
1
Dt'iroit
I'.iliiil
and
«
Atlantic Coast Line Dec
7.938.361
6.400.234
Jan 1 to Dec 31 '20 73.633.762
Jan
295,215
The table
net earniutifs witli charges and
railroad and industrial companies
}i:r()ss
dross from
Raihcay.
Birmingham
I
Previous
Year.
S
%
1826,493 1757,()22 24.698.039 19,977,551
90.7:10
78.747
'
'
'735,344
'e'aa'.ooo
55,068
01.464
98.425
104.429
14.58.145 1313.119 14. '614". .362 12,"l22'„596
122.085 105,264 1..547. 353 1,309,281
2767.988 24-16,261 28,.«)3.030 23,3;5.H82
134.371 ii7,9;j8 1.473.151 1,260.022
1301,311) 1I55.H2'.( 14.157, 1.5.'! 11.439.09!
Ab&R
13.353.486 12.456.804 1.191.897
896. 682
STKAM
&
i'lr.i
Dii'iiK^HiiK hi
3,461. .532
786,9.58
of
reported this week:
Uy Co
Ry A
will P.
oiii
'oiisjiii
umbCo (Me) P * L
Dayton Pow & Light. November
33,494
Net Earnings Monthly to Latest Dates.
Baltimore
December
Co. Novemt>er
Duluth-Superlor True November
Total (14 roads)
surj)lus
(
'/
.
following shows the
Current
Year.
Month
Connwticut Power
340,370
375,842
409.336
3.213,722
348,827
Net increase (7.19%)
Cities Ser\'ice Co
CltlzeiLs Traction
C
17.286
340.370
i
Southern Kailway
.Mobile & Ohio
I'acific
of Road
Company.
or
<
.
i
1(1.626
Canada
(irand Trunk \Vi!sterii
Detroit (irand Haven &Mil(5anada Atlantic _ .
Minneapolis & St. Louis
Iowa Central
. St. Louis Southwestern
Texiis
567.
1..
1.996.701
3.196.000
Canadian I'acific
Colorado & Southern
CiraiKl
311.123
1„599,643
2.837.000
613.069
1.567.103
3.57.749
Jan.
Latest Orosa Earnings.
Name
Cleve I'ainusv &. Kast November
Colnrado Power ('<>-. Noveiiibar
(•Columbia (ia.s & Klec I)ecember
December
< 'olunil)Us Elec (^o
.
$
$
i
Increase. Dccriuse.
1919.
1920.
Buffalo Kochester A: Pittsburgh
< 'anadian National Kys
(
tuo
itiih L^iiiiUiMi^ijrj
iyzi.\
'Z\)
.?
Asheville Power
Light
Co
&
12
Electric
Co
12
&
68.591
57.765
786.290
641,851
102,351
81,268
23,698
23,944
293,433
272,109
7,247
32,238
1.1,59,499
248, .565
927.811
153,346
128.210
1,574,203
1.229,739
318-343
46,690
38.342
610,261
mos
mos
Nov
12
Taxes.
%
•19
^20
•19
^20
•19
^20
19
Carolina Power
Light Co
*
57,185
164.969
Net after
Nov 20
Nov
Atlantic City
Previous
Year.
mos
^20
'19
'20
•19
.557.138
Current
Year.
-S
;M,298
9.3,345
Fixed
Charges.
S
5,189
5.177
62.196
62,163
13,788
1 1
,322
116,405
137,442
17,776
15,893
207,227
192.045
Precious
Year.
$
26,259
75,205
Balance.
Surplus
i
18.509
18,767
231.237
210.006
def6.041
20.916
102.160
180.901
28.914
22.449
403.034
365.093
— —— ——————
— —
—
—
—
•
—
Net
Gross
after
Fixed
Charges.
Hnlance.
Surplus.
&
0«(9
Electric
Eantinns.
s
Dec '20 1.458.144
'19
1.313.118
12 mos '20 14.614,362
Oo
9.38.02«
419. .W4
.''.18,494
980.101
9,9n..518
8.013.71.')
.399.921
.5.074.976
4.756,31.5
Consumers Power
Dec
Co
12
Federal LiKht &
Traction Ck)
Nov
ndlana General
Co
12
Tares.
s
2.906.3.52
424. .531
348. .5.59
117.474
126.048
.56.144
.56.306
4.1.50.931
1.239. ,581
3. .500, .571
1,106,829
613.220
623.616
175.019
143.342
46.363
48.033
468.110
492.103
16.071
206. .503
61.332
69.742
626.361
483.213
27.770
31.962
261.607
198.1.55
.301,948
mos
20
mos
'19
'20
•19
Nov
England Oo
Power Co
mos
'20
"19
'20
•19
New York Dock Co Dec
^20
mos
•19
'20
Nov
^20
12
12
Ohio Power Oo
19
19
12 mos* 20
19
Nov
Co
StiMm
Rockford Elec
..
12
Scranton Elec
Nov
Co
12
Third Ave
Ry
mos
mos
Dec
Sys
'20
"19
'20
•19
^20
•19
'20
•19
'20
•19
6 mos 20
19
Virginian
Ry &
Dec
Power Oo
^20
mos
^20
•19
^20
^19
6
Nov
Wheeling Elec 0«
12
Yadkin River
mos
Nov
PoworOo
12
mos
Baton Rouge Elec. Co ^^
December..
47,650
1.761, .580
1.445.497
•19
'20
'19
'20
'19
'20
'19
18..593
.880,883 def 301 ,403
dcf22,171
1.6.59.919
1.,579.480
Elec.
Co
41.766
40.336
491.867
486.177
90.884
87.349
1,121.008
171.207
.395.994
1.58.715
5.937. .538
1,585,809
4.096.768 1.4.57.175
518.971
6199.472
478.328
6165.642
5,836.931 62.145,4,56
5,211.053 61.946.375
596.748
226.927
383.861
196.2.37
5, .522, 989
2,198.589
4. .500.686
1.802,866
127.026
38.6.58
97.816
35,607
1.167,1,53
342,247
999.489
348.572
324.940
289.623
3,340.166
2,724.555
1,108,225
994,996
6,748,789
6,0.55.444
129.441
118.379
1,093,942
970.998
-.Xcl
1919.
78,293
1.024,448
881.816
88.7.59
134.032
107.478
1.108.235
866,127
1.090.3.54
9.36.739
8.998
9.517
114,.585
29.660
26.090
227.662
110.508
2.38,064
92.895
103.044
104,287
1.044,203
965,434
133,618
147„591
961,177
1,068.418
6322,255
6360,582
61,574,633
S
-S
37,141
371,269
122.085
105.264
12 mos
1.547.353
1.309.281
Connecticut Power Co.
December..
134,371
117,938
12 mos
1,473.151
1.260,022
Eastern Texas Elec. Co.
December..
145.204
126.821
12 mos
1,619.242 1,390.350
Edison EI. Ilium. Co. of Brockton.—
Decembec.109.654
112.658
12 mos
1,302,700
1,096,981
El Paso Elec. Co.
December..
196,319
155,460
12mo8
1,931,629
1,574,676
aSler TuTt.s
1920.
.34,966
69.697
69,321
403, .548
640,6.55
414,795
222,437
226.016
550,639
def88,819
def78,425
dof373,927
def262.119
134,626
159,107
420,249
832,263
.33..347
,335,104
1.330„537
187,629
1
201,475
1,1.54,384
1.125.621
7.874
8.197
94.399
97.045
14.867
14.880
176.924
206,123
7.401
8.928
99.322
170.050
29.711
17.454
226.221
194.003
— Surp.
after Charges
1919.
1920.
s
.«
—
1919
s
12.282
157,678
15.104
139.696
110,120
76,239
907.156
81,653
721.234
.599.829
50 541
424.295
17,680
99,105
13,902
127,990
12.029
31,426
8.513
63,623
11,394
122,817
8.722
84,901
7.498
88,636
0.129
55,136
42.386
582,363
—
29.603
612.055
9.023
200.138
defl.002
245,815
60,1.54
53.821
504.152
40.051
346,030
32.100
274,287
609,566
45.929
536,673
33,892
423,166
384,661
21.083
399,431
39.309
376,968
27.256
360,955
33,887
297,870
61,812
54,606
452,413
51,323
4f0,977
46,503
361,046
5,532
53,256
4,941
52,941
4,960
45.986
16.922
165,784
13.048
158.551
16,610
162.577
7.9.50
48.726
11.402
98.302
.
583,750
.53.334
604,4,59
Power of Ablni?ton & Rocklajid.
December..
30.125
29,172
5,801
12 mos
356,978
294,396
61,321
Fall River Gas Works
December..
84.647
69.398
13.200
12 mos
909,699
760.712
159,843
Galveston Houston Elec. Co.
December..
342,134
277,168
97,564
.32.550
Elec. Lt.
3,095,151
1,126,505
71.823
819,016
62.545
704.449
36,669
404,294
,39,571
4,025
58,559
6,918
51,570
3,329
50,034
42,640
48,385
453.162
15,508
130.788
15,600
139,071
9, .547
75.348
11,252
93,317
29,001
297,151
3.620
62,160
4.570
69,037
det3.025
defl4,037
defl.494
def3,774
31.803
30,097
356.842
317,237
Key tS^est Elec. Co.
December..
26.008
20.648
12 mos
260.003
227.260
Lowell Elec. Lt. Corp.
December..
107.377
102.907
12 mos
1.235,878
995,953
Miss. River Power Co.
December..
219.131
206.384
12 mos
2.735.371 2.321,954
Northern Texas Elec. Co.
December..
343,770
329.540
12 mos
3.951.650 3.387.854
6,504
83,383
4,385
53,381
2.924
52,466
1.979
25,513
11.215
96,126
8,612
79,510
9.475
72,646
54,623
29.813
290,664
35,347
287,608
27,695
259.305
33,305
263.243
172.587
2,096,748
160.651
1.799.325
70.148
*981.080
58.887
568.590
108.905
1.415.512
136,244
1.352.936
83.467
1,115,743
111.380
1.053.504
15.781
136.328
12,003
8,993
61.238
6.078
449.279
4,306,547
389.153
289.883
2,418,445
240,921
25,760
339.717
33,273
302.139
19,607
267,269
27,356
230,910
Gas
December..
&
Lt.
Co.—
39,704
mos
4.50.642
386.632
Houghton County Elec Lt. Co.
12
December..
68,058
572.156
12 mos
Houghton County
December.-
12 mos
Keokuk Elec. Co.
mos
Paducah Elec. Co.
December..
48,791
40.098
483.570
Puget Sound Trac. Lt. & Power
December..
939.901
890.474
12 mos
10,000,430
Sierra Paclttc Elec. Co.
December.68,579
70,342
12 mos
779,244
081.891
12mos
Includes St. Louis contract adjustment
58.2flH
&06.1»ti
«
made
60.292
507.574
56.677
4S2,67«
In
May.
1920.
FINANCIAL REPORTS.
Annual, &c., Reports.— The following is an index
annual and olhor financial reports of steam roads,
to all
street
railways and other companies published since De<t. 2.5 1920.
This index
which
ffiven monthly, does nol include
reports in to-day'.^ "Chronicle."
Full-face figures indicate reports published at length.
i.*^
,
.S/foTn
Ronis
—
Page
Algoma Central & Hudson Bay Ry
Algoma Central Term.. Ltd.
—
.
4 St. LouIh RR..
Dill:»s Railway 'Dallas. Tex.)..
San lYanclsco & Sacramento Ry
Young itown 4 Ohio RlverRR..
Chlca!?o Peoria
Famous
—
Players
Canadian
Ltd
157
Page.
Corp..
"2525
Fanrell (William) Son. Ine
•2.525
Federal Telegraph ' Oinpany
376
stone Tire * Rubber Co
•2516
•2515 FishiT Body Ojrporaiion
165
257 tYanlUin (H. H.) Mfg. Company... 362
^2525
163 General Aaphall Company.
371
2.56
l-lrc
373 Gllilland Oil Company
Globe Grain 4 Milling Co
—
RaUwnvs
Page
Cumberland County (Me.) Pwr.
& Lt.Co.
•2518
Kansas City Power 4 Light Co
'25 6
Kansas City Railways
*2515
KIcctric
/ndvslrials
\
I
Chicago City & Connect. Rys. Coll
Trust
253,
Chicago & North Western Railway
166.262
59
262
Goldwyn Pictures Corp
Goodyear Tire 4 Rubber Co
Granby Conaol. Mining. Smelt.
66, 158
4
Pwr. Co
67
Gulfey GlIleBpie Oil Co
58.71
Lphl','h Valley Transit Co
372 Haytian-Amerlcan Corporation
368
Middle West Utilities Co
62 International Cement Corp
^2526
Philadelphia Rapid Transit
373 Laurentlde Company. Ltd.
60
Winnipeg Electric Railway..
373 Lawyers Mortgage Company
263
InduHlrials
Page Lehigh 4 Wilkes Barre Coal Co
368
Air Reduction Co., Inc
..2522 Llbbey Owens Sheet Gla.S8 Co
^2527
•2522 Lucey Manufa'-nuing Company.. ^2527
Allied Chemical 4 Dye Corp
Allls Chalmers Mlg. Company
374 MalUnson (H. R.) 4 Co.. Inc
167
American Ice Company.
254
natl Sugar Company
269
American Multigraph Co"npany. .. 260 Manhattan Shirt Company.
263
.\merican Smelting 4 Rellnlng Co.. 254 Martin Parry Corp
367, 378
American Telephone 4 Telegraph Co 260 Michigan Sugar Company
159
American Water Works 4 Elec. Co.. 369 Mexican Ea-?le Oil Co
167.255
158 Middle States ©II Corp
American Woolen Company
67
Anaconda Copper Mining Co
64 Midwest Refining Company
369
367 Nash Motor Company.
Armour 4 Coinpiny.
367
Armstrong Cork Company.
65 Nashua Manufacturing Co
370
Atlantic Petroleum Company
260 National Blsoilt Company
253
*2523 Northern Securities Company
Corporation
Autosales
258
^2528
Bamsdall Corp. '2523. 57. 65. 69, 260 Pacific Development Corp
Bibb Manufacturing Company
260 Pacific Gas 4 Electric Company
Francisco)
•2516,
•2528
British
American Tobbaco Co.,
(San
^2524.
254 Riordan Company. Ltd
^2528
Ltd
159.
^2517
Bush Terminal Company
260 Root 4 Van Dervoort Eng. Co
375 Shaffer Oil 4 Refining Company
168
Butler Brothers. Chicago .
California-Petroleum Corporation.. 261 Southwestern Power 4 LiTht Co. .. 266
•2524. 375 gteel 4 Tube Co. of America. •2529 2'>6
CalUhrin Zinc-Lead Co
•2529
268.253 Superior Oil (Corporation...
Central Agulrre Sugar Co
1 59
Coast Valleys Gas & Electric Co. ..•2524 S«irt 4 Company
Lt. 4 Pwr. Co of
Tonopih-Belmont Development Co. 169
Consol. Gas Elec.
^2525 United Alloy Steel Company
Baltimore
380
376 ni-«d Fr.Ut Coraoany
Columbia Gas 4 Electric Co
.253,267
376 U.S. Cast Iron Pipe 4 Foundrj- Co.. 169
Continental Motors Corporation
58 U. S. Realty 4 Improvement Co... 267
Crane Company
Creimery Package Mfg. Co. ..368. *376 U. S. Smelt.. Refining 4 Mining Co. ..58
57,70
Cuban American Sugar C-o... .•2516 2531 VIvaudou (V.) Inc
159 Vulcan Detlnning Company
169
Cudahy Paokln'i Company
*2525 Wamsutta Mills
*2529
Davis Daly Copper Company
.* 2525. 261
60
Wayagamack Pulp 4 Paper Co
Detroit Edison Company
371 West India Sugar Finance Corp
59
Dominion Bridge Co.. Ltd
380
261 Western Union Tele-.Taph Oo
Durham Hosiery Mills
66 Westfield fM-iSS.) Mfg. Company. •2532
Eastern SS. Lines. Inc
_
60 White "aTle Oil 4 Refining Co
59
Edlsnn (Thomas A.) Inc
•2517
Empire District Electric Co
282 Yukon Gold Co...
* Found in V. 111.
Fajardo .Sugar Co. ot Porto Rico
—
M
.
*2516.
•25301
Long Island Railroad.
{Financial Status
— Statement for
.31
1920.)
sjranted yesterday vacating the injunction against the raising of passenger rates is mentioned on a
subsequent page.
The "Information Bulletin" issued periodically by the
management as of .Jan. 20 1921 said in substance:
How the Employee Fared. It was a prosperous year for the employeesThe U. S. RR. Labor Board handed down a decision in July, retroactive to
May 1 1920, which added over .?3. 000. 000 per annum to the payrolls.
—
The increa.se in wages since pre-war days, as far as railroad employes are
In 1917
concerned, has kept well in bace with the mcrease in cost of living.
our total payrolls am junted to $7,220,794: in 1920 to $16.867.426 an
increase of 133% over 1917.
How the Public Fared. .\n estimate of the number of buildings erected
outside of the old City limits of Brooldyn and Long Island City shows
that 9.227 dwellings and miscellaneous buildings were constructed during
the vear. as compared with 8.860 in 1919; 1.615 in 1918; 4.892 in 1917
and 8.890 in 1916.
Communities naturally thrive as population grows. The Long Island
KR. carried approximately 73.000.000 people in 1920. an increase of about
9.000.000 over 1919.
Hoic the 73,000.000 Passengers Who Used the RR. are Clas.Hfied.
33.563.000 who paid fares at
1. Commuters
—
—
—
2.
6703
Year ending Dec.
The Court order
Local Electric (Atlantic Ave.)
3.
One-wav. round-trip and
&
all
aver, rate of 0.74c. p. mile.
who paid fares at
aver. rat« of 1.12c. p. mile.
10.893.000
others not in-
who paid fares at
aver, rate of 2.34c. p. mile.
The average rate per mile paid by each passenger was 1 .5 cents, while the
actual cost to handle each pa.sscnger was 1 .8 cents per mile.
The number of passengers carried one mile was about 1.100.000.000. .\
\Vliat the
loss of three mills per mile on this number means $3,300,000.
railroad tost the users of the road naturally gained.
Travelers on Long Inland profited to the same extent that the raili;oad
lost in the matK-r of increased passenger rates which were not put into
effect on Long Island RR.. the same as on other roads in the L'nited States.
This, reduced to dollars and cents, amounted to fully Sl.(X)0.000.
The freight carried to and from Long Island points increased 191.953
Freight rates were advanced along with other carriers
tons over 1919.
about Sept. 1 so that consumers on Long Island are bearing their proper
'
such necessary advance.
portion of
How the Comparvj Fared. Both the freight tonnage and volume of passenger traffic increased very satisfactorily, as has been shown. The financial
The table given below shows
results, however, were highly disappointing.
that in 1920 there was a net loss from operation of $33,000 while fixed
charges aggregate about $3,800,000 and a return of 6% on the capital
investment would have amounted to a futnher $2,040,000.
The U. S. (Jovernment. by the Transportation .\ct of 1920. assiuned the
losses from operations up to Sept. 1 1920. so that the actual results to the
Corporation fo'* the year 1920 will be a deficit in meeting all obligations, of
about $750,000. but the above figures show what the actual results would
have been, but for the Government guarantee, and reflect the earning
power of the property under present circumstances.
In ten years' time
Passenger Traffic has Increased 115% in 10 Years.
the passenger travel of the Long Island RR. System has more than doubled.
cluded
December..
12
6.218
TrjkOtlon
31,345
320.421
S
—
1919
S
i
—
3,808,953
1,269,248
62.705
558.095
.
108, .588
1.064. .5.59
1,045,536
862,549
5,779,545
4,792,051 61.9.57.884
118,166
15.275
82.603
17.125
1,136.649
193.721
886.024
267.095
92.755
44.578
61 ..523
32.334
897.465
403.145
667,537
400,126
December..
12 mos
Haverhill
1.473,630
12mog
1
1,637.748
7,940.082 10.622.842df2.6S2.760
7.999.419 9. 919.785df 1.920.366
499.050
12m03
471.187
Blackstone Valley Gas & Elec.
December..
290.919
262,280
12 mos
3.266.907 2,647.059
Cape Breton EJec. Co., Ltd.
December..
6S.748
54,327
12mo3
6.52.007
583,023
Cent. Miss. Valley Elec. Co.
December..
41,015
41,923
12 mos
490,984
424,475
Columbus
125,6.56
s
nltej L'hargn
1920
$
324. .561
b Before deduction of taxes.
Gross
X920.
S
144.9.34
-I'inrp
19l«.
Elec. Co.
December..
•
after tjai*i-
1020.
2. .533.217
'20
'19
'20
"19
-Su
101«.
s
2,208,8,57
2. .528.481
torborouKh Rapid Doc ^20 4.980.072
Transit Co
'19 4,668,268
6 moK '20 26.969,396
19 24.200,227
New
Tampa
3.257.400
316.176
240.263
205,802
[Vol. 112.
1920.
s
$
'20 1.301.316
b,5.56.4.39
'19 1.1,5.5.829
b.5.30.363
'20 14.1,57,4,53 b,5, 115.209
*
19 11.4.39.094 b5, 06 1,698
Nov
11
Service
mos
—
.
- Oroti
-
,"580.180
4.836..'>42
•19 12.122..596
Columbia
.
THE CHRONICLE
464
in
1
28.873.000
2
—
—
THE CHRONICLE
Jan. 29 1921.]
NU.MBKR OF PASSENOEHS CAKRIED FROM VM\ TO
19J0.
(00.000 omitted).
1911.
191rt.
1912.
1913.
1914.
191.5.
1917.
1918.
1919.
1920.
4."..S
33.8
37.3
40.«
41,6
42.6
.W.?
.5.5.0
64.0
73.0
The heaviest passtingfr ser\'ice ever performeil b\' the LoiiK Island in any
slnglo month. wa.s la.st July, when 8,511,276 people were carri**d, making "a
dally average of 274, .557 riders.
As shown above the pa,ssenKer traffic in 1920 exceeded the record of 1919
hy nearly 9.000,000 traveU-i-s. or 14';
.
MOVEMENT OF
Jan.
PASSE.\(iERS
CARRIED.
HY MO.\THS
l.\
.M.MHER
1<»20,
(00.000 omitted).
Mar. April. May. June.
Juli/.
Aug. .Sept. Oct. \or. Dec.
8, .5
8.4
5,0
5,9
6,7
7,8
5.8
5.3
5,8
Why Campanu does not make <i Profit Improvement Program. Iletween
15 and 20 years ajjo the owners of the roail entered upon a program of
reconstruction and expansion of facilities.
Kroni that time to the present,
more than $.50,000,000 has lun-n spent for eleclriflcation. steel p:isst nsfcr
equipment elimination of (trade erossiiiKS. change of line to ntluce (trades
and curvatures, adilttioual running tracks, nex%' stations, now shops,
freischl cars. frelKht yards. &c.
The Hay Rld^e Improvement cost over $10,000,000, and the Investment
had to be carried aloti!; until 1918 before the new line was put in operation,
and a return could be realiztxl.
The operating deficits irrew li«ss in l'.)14 anrl 191.5, and in U'lli and 1917.
the two years prior to Federal Control, the road nuule a small profit
With
the return of the railroa<ls to private operation on Mar. 1 1920. after Hi
months of control by the U. S. CJovernment. the I.oin? Island KR. was no
worse off than many others. All the railroads in the country, literally
.spoakiuK, were shot to i)ieces.
Then came the new wage award, which increase<l the payrolls of the
Long Island over $3,000,000 a .\ear. The Transportation Act of 1920 is
intended to stand back of the railroads and to prevent their insolvency.
The Inter-State ('ommerce Commission is re<iuir(>d under that law to fix
rate-s that will pay these wages and other lncre<'usi>d costs, and to earn a
return on the value of property usetl in transportation.
The railroads generally hail freight rates increas<'d 40'o and passenger
rates increastnl 20';,.
The lx)ug Island increa.s<»d freight rates 40' c, but
has not been permitted to Increase pas.senger rates at all, and 70'^! of the
total business of the Long Island is pa.ssenger.
This is the answer in a nutshell.
We cannot sell pa-ssenger transportation for 1 cents a mile that
costs 1 8-10 cents a mife to produce.
Outlook.— Thii outlook for 1921 is ftill of difficulty. The injunction
procoedin(ts, restraining the company from putting into effect the advance
In pa-ssenger rates ordered by the Inter-State Commerce Oonunissiou.
may take several month.s for final decision (But see news item below Kd .)
Therefore, rigid economy will be necessary in all deijartments. The
policy of the Management is to scrape and save in every possible way.
without reducing train service or seriously discommoding patrons.
Feh.
3,9
4,1
5,1
—
—
.
.
'••,(
—
.
PRELIMINARY INCOME REPORT FOR CAL. YEAR
1.9£0
1917.
1918.
1919.
1920.
-$17,286,178 $22,241.1.56 $24,381,973 $25,913,000
11.960,534
16.739,070 20.586,849 25,116,000
Gross earnings
Operating expenses
Netrailway revenue. . $5,325,643
Taxes & mlscellaneouB charges
$5,502,085
$3,795,124
Deficit in operating income
Other income
$797,000
$1,630,000
$8.33,000
800,000
..
--
Net
loss from operation
Fixed charges
V. Ill, p. 2,520.
_
.
—
$33 000
$3 .800 ,000
Bethlehem Steel Corporation.
(Preliminary Re.port for Fiscal Year Ending Dec. 31 1920.)
Following at the regular quarterly meeting of the direelors
on Jan. 27, President E.G. Grace, gave out substantially
the following statement:
Fiscal RmuUs.— The net income of $14,458,835 for the year represents a
profit of 5.27% on the volume of business done and, after payment of
$3,450,000 for Preferred dividends, leaves 18.35% on the $6(J,000,000 of
Common stock.
The allowance of $13,941,000 for depreciation and depletion exceeded
last years allowajice by $1,375,000.
This increa.se was caased by the
increased value of plants in operation throughout the year, and in addition
inventories were adjusted in value to either the cost of production or
piirchase price, using the lowest figure in each case.
'^^^^'^ °° *^^°^ ^^''- 31 1920 aggregated $145,287,000; in 1919.
*o9i''%^'
New business booked during the year amounted to $168,296,000.
New Dry Dock. The new 20,000-ton drydock at the Fore River plant is
completed and we purpKvse to set aside sufficient capacity at this plant to
meet the New England ship-repair needs. With this installation completed,
the Corporation has three large ship-repair plants all with drydock facilities, located respectively at the ports of Boston. Baltimore and San Franall
—
—
cisco.
Additions
— No New Financing in Sight. — There was spent during the year
$32. 900. (XX) for extensions and additions to property.
The expenditures for new construction during 1921, eliminating the $20 000.000 to be spent on the five 20,000-ton ore ships to transport Chilean
y;on ore, and which has already been provided for by the sale of Marine
Equipment Trust Certificates, should be relatively small as compared with
the last tew years: all the more important prasent construction pro(rrams
having been completed.
No new financing
required nor is there any in mind at this time.
Outlook.
The steel plants of the corporation producing commercial tonnage are operating at about 25% capacity, while a considerably better rate
of operation exists in departmenus where more highly finished commodities
are produced, and in the shipyards.
The three large shipyards of the Corporation have sufficient work on hand to insure reasonably full operations
throughout the year.
I believe the low point in the iron and steel industry has been reached
and that from now on production will increa.se. depending upon the rapidity
with which all interests recofjnize the necessity of a return to more nearly
normal conditions. Liquidation in many cases has not been completed,
but is surely taking place. All interests manufacturers, merchants, employers and employees should do their part; there can be no valid excuse
for exceptions.
When this has been done, we can expect business to revive
and go forward on a good sound basis.
Dividends.
The directors declared the regular dividends on both classes
of Preferred stocks for the entire year 1921. payable in four quarterly installments, on April 1, July I and Oct. 1 1921 and Jan. 2 1922. on stock of
rerford, respectively. Mar. 15. June 15. Sept. 15 and Dec. 15 1921.
They also declared the regular quarterly dividend of 1 '4
on both cla.sses
orCommon stock, payable on April 1 1921 on stock of record Mar. 15 1921.
INCOME .ACCOUNT FOR CALENDAR YE.-iR.S— PRELIMINARY
—
is
—
—
—
%
FIGURE.S FOR
1920.
ft
1920.
1919.
e
1918.
»
1917.
»
GrosssaIesandearaingS-274.431.236 281.641,907 448.410.809 298.9i29..531
Less Mf^. cost and op.
exps.,
incl.
admin.,
—
selling
&
general exp.
and taxes..
Net manufac.
..-238.468.864 246.494.158 394,993.090 247.926,7.58
profit-
36.962,372
1..
389, 182
35,147,748
2,293,469
53,417.719
3.771,050
51,002.773
2.976.587
Total net earnings
37,351,554 37,441.218
and discount-. 8.951,203
9.518.205
Deduct deprec.&depte. 13.941.516 12,566,152
57.188.769
9,748.012
31,510.366
53,979.360
8.746.982
17,911.640
Other income
I^int
Net income
-
...
Dlvs. (inserted by Ed.;
14.458,835
15.356,860
15.930.391
27.320.738
594,480
U- ?^ J?"^- * Ci*wvW2, 400,000 (8)2,400.000 (8)2,397,800
Pref. 7% Non-cum.. (7)1.043, 420 (7)1,043.560 (7)1,(M3, 560
1,043,560
Common Class A
(5)743,100(7) 4166,535(10)1486,200(10)1486,200
Common Cla.ss B
(5)2,260,000(7) 4166.535(10)4458,600 10)4468,600
Balance .surplus.
-V. 111. p. 5524.
8,022,315
3.580,230
6,644,230
19,737.898
465
United States Steel Corporation.
and Twelve Months Ending Dec.
{Results for the Quarter
The n.suits
of the operations for the quarU-r
31.)
ended Dec.
.31
1920 siiown below were given out on Tuestlay following the
reguhir meeting of the directors.
.\n authoritative state-
ment
(hited .Jan. 2') siys:
is running ulxjut the same as it has been going duiiug llu;
last 60 days.
Those who have ixx-n expecting a sudden and s&lijifucUiry
revival of busine.ss will prolxibly Ix* disappointt*! but others who have
taken into account all the conditions ihiOughout th<; world which have a
our
biLsiness
,
upon
Ix'ariiig
and prosix'i-ls should
have Ix'eii shown.
busine.ss conditions
l)e
well satisfied
with the developments whiili
It simiiis (he two important factors to In- coiLslderi-d in trying to progno6tlcale the future relate to the high costs of production and the high costs
of living.
There have Ixjeii sonie reiidjustineiius in r«spt-( uj one factor
which ar(> appreeial)le and t<'iid in the right dinctioii.
.\s to the wage rat<'s. generally s()oal<iiig. emi)loyees have been fair and
reasonable.
Of course the rativs paid to those who have suddenly Uxtome
ex|)erts, including men working at the carpentry trade at the raUi of $1 to
$1 511 an hour, are not Included, or other similar Inides. iiifliu-nc»Hl by si>ecial
conditions not ne(vs.sary to mention, having nothing Ui do willi the law of
supiily and demand: nor to the retailers who ar<; paying not more than .50'i
of former prlc(\s and .vet insisting upon as high or even higher priies for
what they si'll. The inexorable law of sujipl.v and demand will bring all
different lini\s of ai'llvity to a realix.ation of what must Ih- done Ix'fore a
normal volume of business on a fair and reasonable ba.si,> can \k exi>ecled.
With the elimination of extravagance and waste in all public and private
departments, the disjiositlon to economize and save and a rea.sonat>le effort
to cooperate we sluill, as the days go hy. se<^ a continued, if slow Improve
nienl In liusiiu'ss <-onditi<)ns in th<! comi>aratively near future.
There
will still U' seen pessimists, self apiwinled agitators and othiTS who are
of no particular lienefit to the general community.
i,
-
.
INCOME .iCCOUNT FOR THREE MONTH.S ENDING DECEMBER
31.
1920.
1919.
1918.
1917.
Unfilled orders Dec.31.tons8. 148, 122
8,265,360
7,379.152
9,381.718
Net earnings (see note) x$43,877,862 $35,791,302 $36.3.54.165 $.59,384,694
Deduct
—
Sink, fund on Imnds of
subsidiary cos., depreciation and res. funds. 10,016.636
Int. on U. S. St«el Corp.
bonds
Prem. on tX)nds redeemSink.fds.U.S. Steel Corp.
Total deductions
Balance
Add
— Net
4.986,675
200.611
2.158,410
10.729,256
S. 947, 273
9,843,041
5.090.100
5.187.162
153,816
1,969.699
5.280.137
189,966
1,845,740
2.54,879
2.021,771
$17,362,332 $18,096,006 $16,257.9.50 $17.1,58.884
$26, 515, .530 $17,695,296 $20,096,215 $42,225,810
bal. of sundry-
charges and
iHiceipts,
incl. adjast. in accls.,
inventories,
&c
624,618
Total
Prof, di vs.
642,767
18,5,69-1
1,600.808
$27,140,148 $17,880,990 $20,738,982 $43,826,618
6,304,920
6,304,920
6,304,920
6,304,920
6,3.53,782
6,3.53,782
11,4:J6,807
21.602.857
(1^4%)
Common dividends
Percent.-
(1'4%)
i2M%)
(lk'%)
(4H'%)
Balance for quarter.. $14.481, 446 $5,222,288 $2,997,255 $15,918,841
X Note. -Net earnings after deducting all expenses incident to operations,
comprising those for ordinary repairs and maintenance of plants, allowances for estimated proportion of extraordinary cost, resulting from war
requirements and conditions, of facilities installed and of inventorie/^ of
materials on Itand, also estimated taxes (^incl. Federal Lnoome and war excess
profits taxes), and interest on lx)nds of the sul>sidiary companies.
—
NET EARNINGS FOR CALENDAR YEARS.
1920.
1919.
1918.
1917.
$13..503,209 $12,240,167 $13,176,237 $24,437,625
January
February
12,880,910
15,704,900
March
Total
(first
April
May
June
11.883,027
9.390,190
17.313,883
26,471,304
22.870.321
29.448,072
quarter). -.$42, 089,019 .$33,513,384 $.56,961,424 $76,756,019
$12,190,446 $11,027,393 $20,644,982 $27,833,907
15,205,518
10,932,559 21,494,204 30.019,885
15.759,741
12, .371, 349
20,418,205 30,508.708
Total (.second quart«r)$43, 1.55,705 $.34,331,301 $62,5.57.391 588,362,480
July
$16,436,802 $13, .567, 100 $15,261,107 $23,600,-585
August
15,440,416 14,444,881
14,087.613 24,439,545
September
16.174.322 12,165,251
13,612,869 22.748.857
Total (third (quar).. .$48.051, .540 $40,177,232 $42.%1,589 $70,788,987
October
$16,775,443 $11.109,.586 $13,6.59,932 $21,8,35,991
November
15.002,919
11,768,914
11,859,351
19,902,862
December
12,099,500 12,912,802 11,350,993 17,645,842
Total (fourth quarter) $43, 877, 862 $35,791,302 $36,870,276 $59,384,696
Total for year
$177,174,126$143,813,219$199,350,680$295,292.181
Interest charges of subsidiary companies deducted before arri-\ing at
net earninf^ above are as follows:
1920.
January
February .
$707,938
707,065
707,998
706,005
704,048
702,793
699,918
697,968
695.875
695.093
688.467
693.857
March
April
May
June
July
August
September
October
November
December.
INCOME ACCT. FOR
Deduct
—
For deprec. &
res.
1918.
$726,892
724,867
724,848
739,069
762,202
738,449
738,988
732.882
731.578
724.580
719.894
715.230
762,85C'
7.55,784
748.047
746.289
745,898
744.730
748.959
715,3.58
713,472
709,780
722,365
1917.
$745,853
745,522
74«,977
744,648
742,835
742.738
739,795
739,119
739,397
729.847
727..566
725.842
YEARS {PRELIM
CAL.
FIGS. FOR 1920).
1918.
1917.
$
S
$
$
177,174,126 143.589.063 199,3.50.680 295.292.181
1919.
1920.
Net earnings
1919.
$738..506
funds
&
sub. cos' sink. fund. 38,281 .406'
S' ink. fund on U. S. Steel
Corporation bonds
8,438,762]
Interest
20,105,560
Prem. on bds. redeemed
836,911
For expends, made & to
be made for add'l prop.
new plants & construc'n
.Add
Net bal. of charges,
I
45,515.926
40.718,824
.50.5.53.271
20.509,321
933,451
20.891.116
837.816
21.2.56,303
— adjustments
863,848
.5,5.000.000
Cr.624.618 Cr. 194. 219 Cr. 629.4.54 Cr. 1 ,600.808
67,037,823 66,794,479 61.818.3a3 126.072.616
1 10. 136. 104
76,794.583 137. .532. .377 169. 219. .565
Dividends— Pref. (7%). 25,219,677 25.219.677 25.219.6:
25.219,677
Common.
25,415, 1 25 25,415,125 71,162,3,50 91,494.450
Per cent
(18%)
(5%)
(14%)
(5%)
Balance for year
.59, .501, 302
26.1.59.781
41,150 3,50 .52. .505.438
Unfilled orders Dec. 31 1920, 8,148,122 tons,
See monthly comparison
since 1910 in V. 112. p. 229.— V. 112, p. 267.
incl.
Total deductioiLs
Balance
Sears,
Roebuck & Co.
(Report for Fiscal Year ending Die. 31 1920).
The report makes this brief statement:
This being the first consolidated annual statement, rutention is called to a
in the method of itemiziiig.
In previous annual statements, only
the net worth of the .Seattle and Dallas hou-ses and of the various factories
owned by the company appeared under certain captions. In the within
statement their entire as,sets and liabilities Unduding the Philadelphia
hoase. opened October. 1920) ar« allocated under their appropriat*" clas.sichange
fications.
^
.
THE CHRONICLE
466
A stock dividend of 40% ($30,000,000) was paid July ir> 1920. IncrnaslnB
the outstandinB conimon stock .$10.'). 000. 000. Two quartorly dlvidcnd.s
of 2% each wore paid on the $7.'). 000. 000 common.
Stores and Factories Embraced in the Consolidated Balance Sheet and Income
Account of 1020.
— (^hicaKo.
I'hiladolphia.
Hallas.
Scatlle.
-David Bradley Mft?. Works. Bradley. 111.,
(ft) Factories Entirely Onmrd.
farm impU^nienUs; Illinois LumlH>r Yards. Cairo. 111.. lumlK-r. portabK;
housts: K-Z-Est Way Stove Works. Kankaki;e, III.. Kasoline and oil slovc«;
KinK S(>winK Macliiiio Co.. Buffalo, N. Y.. .sewiiiK machines and cnsim
separators; Norwoo<l Hash <& Door ("o.. Cincinnati. ().. mill work; .Superior
Stores.
(a)
—
.
—
Cabinet (!o., Mu-skoKon. Mich., phonoRraph and sewinK machine? cal)inets;
Conley Camera Co., Kochostor, Minn., cameras and phonoffraphs; Adlcr
MfK. <^o.. IjOuLs\1lle. Ky.. pianos and orxans; Sejirs-Uo<!lniok Hhoo Factories, SprijiKvalo and Freeport. Me., shoes; Bent IMano Music & I'hf)noKraph ('o.. (JhicaRo. Ill,, pianos and plionoKraphs; Illinois Wail I'.ipi'r Mills.
Chicago. 111., paper, wall pai)er and shades; Illitiois Taint Worics. Chicago.
ni., paintss; Fulton Saw Works, (;hicaKo, 111., saws and small tools; tent and
trunk factory, Chicago, III., tents and trunks; wood and fibre tx>x factory,
Chicago, 111., packing l>oxe»s.
INCOME ACCOUNT FOR CALENDAR YEARS.
1919.
$
1920.
$
1918.
1917.
$
,S
2.')4..595.059 257.930.025 198, .523, 079
Gross sales
Returns, allowances, dis16,8.57,250
counts. &c
20.738.187 23,947,441
Net sales
Otherincome
178,2(f)8,223
12,460,615
233,8.56,872 233,982„584 181,665.820 165,807.608
230,2.57
2.59.753
298,8.53
11, 516, .546
[Vol. 112.
These capital expenditures which reprcnent from \'A llme« to twice the
outlay that would have l»e«'ii rii(iiilr<j<l. prior to the war. for such additlonH
and extension.< are rendered imperatively necessary by reason of the franchise obligalloaH of the gas and electric companies to meet the demand.
('ost of New Capital.
-Kurthiirmore the cost of money (that Is to Kay.
the rate of return upon which capital has been ol)talnable>bas increased
from 33 1-3 to 50%.
Increased ('ost of Materials and iMbor
For electric current, the price
of steam coal, delivered has IncreAswl during the period of the war from
$3.00 to $H,10 per ton. and th<! rale of hourly wagijs ai>pr(>ximat<;ly 100%.
In the manufjicture ami distribution of gas the price of anthracite before
the war. was ap|>roximalely $4.67 per ton. the present price l.< $12. 07 per
ton. while the price of bituminous Igas] coal which prior to the war was
$3.30 averaged in the fall of 1920 SI 82. and r(!ached S1 1.
The gas-oil contract for hi; year 1915 was at the rate of 3 cents a gallon
and for 1921 12,'t cents a gallon.
Iliylier Rates -Cnurl Decree.
The n(M;esslty for an increase In the rates
charged to the public for gas and electric current, especially in the gas rate,
has been obvious for a long period of time.
The proceedings begun by the company in Jan. 1910. to obtain relief from
the 80-cent gas rale culminated in a favorable report from the Special
Master appointc^d by the U.S. District Court for ttur Southern District
of New York and the entry on Aug. 1 1920 of a final d(XTO<i in that C^ourt.
sustaining all es.sential contentions of the company and putting in effect
a rate of $1 .20 per 1 .000 (!ubic feet.
The rale of $1.20 was adetiuate to cover actual operating costs as of
early 1020 and i)ay an 8% return upon the company's actual investment in
property tisivl in its gas business.
With the increases in rates of pay and in the cost of coal and other material
during 1U20. and the increa.*ed cost of gas-oil for 1921 the $1 .20 rate barely
covers present operating costs and yields virtually nothing as return upon
investment. It is therefore unremunerative and confiscatory.
The rate suits instituted by subsidiary gas companies have been advancMl
with all practicable diligence during the year. On Nov. 19 1920 the Federal
('ourt entered a dec.-ee confirnaing. with minor modifications, the Report of
the Special Master in the New Yorkdi Queens Gas Co. case, and restraining
the public authorities from enforcing the statutory maximum of SI. 00
against that company.
(Jn Nov. 19 the company i)Ut in effect a rate of
$1.25 per thousand cubic feet plus a service charge fo 75 cents a month,
which, as of that date, was sufficient to defray operating costs and yield
"With the increased
slightly less than 7% upon the company's invastment.
cost of gas-oil for 1921. the present rate including the .service charge in the
Flushing territory barely covers actual operating cost.s.
Other subsidiarv companies in the Manhattan. Bronx and Long Island
City territories, put in effect a $1 .00 rate on July 1 1920. under preliminarjinjunctions gra,nted by the Federal C;ourt. Modifying orders increa.sed this
rate to $1.10 on Dec. 1 1020.
As intended by the Court, this rate at that
time yielded approximately 10 cents per 1,000 cu. ft. over and above actual
operating (^o.sts. but it now falls more than 10 cents short of meeting present
actual operating expenses.
Action to advance the rates now being charged by the various gais companies to a figure adecjuate in view of present costs of oil. coal and labor,
will be taken at an early date.
Thermal Unit Standard. The inquiries of the public authorities within
the year have established in our opinion, that the continued requirement
of the 22 candle-power standard produces gas of no greater utility to the
consumer than that of approximately 550 British thermal units, but makes
the necessary price of gas to the consumer, under the 1921 price for gas-oil
approximatjly 12.18 cents per thousand cubic feet more than would be
necessary under such thermal unit standard.
Surcharpe for Electricity Based on Varying Coal Prices. The adjustment
charge applicable diu-ing 1918 and 1919 to several classes of service was
put into effect on Dec. 1 1920 as to general consumers and amounted
This will disfor that month to nine-tenths of a cent per kilowatt hour.
appear if and when the price of coal falls to the basic price upon which the
7 cents kilowatt hour, maximum rate was predicated.
Dividend Policy. -We have pursued thus far the policy of maintaining
the usual rate of dividends, despite the prevalence of high prices for materials and labor, inadequate rates for its service, and consequent inadequate earnings. These dividends represent in part, an appropriation of
approximately $10,000,000 from undistributed surplus earmngs which, as
the result of the conversatism that has governed the company's policy
in this regard, accrued over a period of years during which the rates for the
service yielded actually less than a fair return upon the investment in the
gas and electric properties.
Our capital .stock is essentially an investment security. Of the 9.560
shareholders 69% own less than 51 shares each. It has been deemed
advisable, therefore, pending the granting of relief sought in the Court from
inadequate rates, that the usual rate of dividends should be maintained.
Purchase.
The Consolidated Company has acquired and holds 4,563
shares of the capital stock of The Bronx Gas & Electric Co., pursuant
to an order of the P. S. Commission made Dec. 31 1920. authorizmg us to
acquire not less than 757o of the 4,865 shares of $100 each outstandmg at a
This was not a competing company,
price not exceeding $75 per share.
but supplied gas and electricity in what is known as the old Town of Westchester, which is adjacent to the territory supplied with gas by the Central
and Northern Union Gas Companies, and with electricity by The New Y'ork
Edison Co. and the Westchester Lighting Co. (V. 112. p. 66. 165.)
Gas Oil. The outlook for the future as to gas-oil cannot be said to be
Contracts have
reassuring, from the viewpoint of 22 candle-power gas.
been made for our 1921 supply, but at a price that opens up the serious quesWe have made experiments as
tion a.;; to whether its use can be continued.
to the possible use of lower grades of oil in gas manufacture but vrith no
conclusive results.
A contract has been made with the Standard Oil Co. of J for all our
gas oil requirements at the price of 1234 cents per gallon plus harbor transportation which is less than one-eighth of a cent per gallon as to most of the
This increase of approximately 5H cents per gallon will add to the
plants.
co.st per 1,000 cu. ft. of mixed coal and water-gas sold by the Consolidated
GaS Co. approximately 2l}4 cents, and to the cost of straight water-gas
sold by our affiliated companies approximately 23 H cents
The contract covers the period ending June 30 1921 with the privilege of
renewal for the balance of the year, and the quantity stipulated may be
reduced in accordance as may be required to produce gas which will conform to any modification of the present 22 candle-power standard.
—
—
1
I
—
—
1
.
245,.373,418 2.34.242,.337 181 ,896,426 166,106.461
Total income
Purcha.scs. all expenses-229.4.36,224 206,062,168 1.57 ,186,079 145,019.492
610.698
723,588
468,784
Repah^ and renewals. - . 1.221,077
1.172.879
679,081
678,671
792,292
Depreciation ro.sorvo- - reserves
1 ,209,232
1 ,825,0,56
300,000
681,168
Other
587,332
1 ,077.883
Profit-sharing, &c.. fund
1.191,942
905,484
Res. for Federal income
4.870.377
9 480.946
3.977.398
and exce.ss profits tax.
Common dividends ._(8%)7. 198, 028 (8)5,999, .524 (8)5 999.246(7J4O5.549009
559,188
.5.59,188
Preferred dividend (7%)
559.188
5,59.188
12. .331.413
Balance, surplus
3,989.4.58
Previous surplus
33. .574,919 x21.243,506
Less stock divi
(40%)30.000,000
6.145.630
8.011.731
6.458,773
14,470, .504
Profit & Io,ss sur
7„564.374 33,574,919 20,616.1.34
X This figxire includes a .surplus adjustment of .1627,371.
14,470.504
CONSOLIDATED BAL. SHEET. DEC.
31 1920. [Compare V. 110, p. 58.]
foregoing statement as to change in method of accounting,]
Liabilities
Assets
Rl est.,bldg.,mach.,&c..$27,820,192 Preferred stock
$8, 000, 000
Good will, patents, &c_. 30,000,000 Common .stock
105.000.000
3,920.447 7% Ser.gold notes
.50,000.000
Cap. stk. of other cos
10.623.905
105.071 .243 Accounts payable
X Inventories
Notes payable
Accounts receivable
47.797.135
44. .560. 165
Marketable securities
1.487.140 Accrued taxes, incl. res.
for Federal taxes
Liberty bonds
7.400,080
627.040
Cash
3.263.3.53 Pref. divl. pay. Jan. 1
Insurance. int., &c..paid
1921
(1%%)139,797
Accrued int. 7% gold notes
729,166
in advance & other de3.423.749
ferred charges
3,908.606 Reserves
Surplus
7.564.374
[See
—
—
Total
Total
$230,668.1971
$230,668,197
X Cost or market. whicheTer is lower. -V. 112. p. 265.
—
Company
Consolidated Gas
of
New
York.
{Preliminary Report for Fiscal Year Ending Dec. 31 1920)
the annual meeting on Jan. 25 Pre.s. George B. Cortelyou said in substance:
Loss on Gas Business. The lo.ss from the company's gas business during the past year amounted to at least $4,343,286. As an offset to this,
there accrued during the period from July 1 to Dec. 31 thesum of $2,796,728,
representing the amount collected under the order of the U. S. District
At
—
Court, in excess of the statutory rate of 80 cents per 1 ,000 cu. ft. which was
not included in the earnings for that period.
From July 1 to Aug. 5 the company charged its private consumers $1 per
1,000 cu. ft. under temporary injunction. Since Aug. 5 it has charged $1 20
under the final decree of the Court. Had we been able to collect the rate
of $1 20 during the entire year 1920, the amount collected in excess of the
statutory rate of 80 cents would have been $8,301,245.
The deficiency in the company's earnings during the four years from
1917 to 1920 inclusive, below the cost of gas including a return of 8% upon
its investment in its gas properties, has aggregated no less than $21 ,741 ,624.
The deficiency in the earnings of the affiliated gas companies during the
same period has been on the same Ijasis, not less than $15,000,000.
The company and its subsidiaries are confronted not only with a continuance of high operating costs, but also a substantially increased investment
per unit of productive or distributive capacity, on which future rates must
be such as to yield a fair return.
Output. The ratio of increase in gas output with which we started
early in 1920 did not continue throughout the year.
The last two months of the year proved unusuallj- mild, resulting in an
increase substantially less than was anticipated.
Other gas companies in and near N. Y. City have been paying for gas-oil
contract prices ranging from 12 to 14 cents a gallon.
The gas sales of the Consolidated Gas Co. increased during 1920, as compared with the previous year, 2,176,671.300 cu. ft., or 11.72%. In 1919
there had been an increase in gas sales of 3.04% as compared with 1918.
The combined gas sales of the Consolidated Gas Co. and its allied companies amounted to 4.201,900.000 cu. ft. more in 1920 than in 1919. a
gain of 12.48%. as compared with a gain of 2.08% in 1919 over 1918.
(The sales of electric current in 1920 aggregated, we learn. 1.009,476,725
k. w. h.. being an increase of 16.065% over 1919.
^Ed.]
Gas Meters. ^The total number of gas meters supplied by the several
companies in use Dec. 31 1920 was 997.251. and of electric meters 462.061.
Taxes.
The taxes charged against the earnings of the allied companies
amounted to $7,620,497, as compared with $7,747,265 for 1919. Aside
from the Federal income tax and the capital stock tax. the taxes assessed
against the properties and operations of the companies increased $315,747
in 1920 over 1949.
The decrease in the Federal income tax, due to decreased
earnings of both the gas and electric busine.ss, was $293,565 36, and the
decrease in the capital stock tax was $148,949 '75.
There was expended during the year for additions to
Cost of Additions.
and extensions of the producing and distributing plants of the various gas
and electric companies the sum of $27,033,138.
Maintenance. At a cost of $8,535,565 for repairs and $1,865,975 for
renewals, all of these gas and electric properties have been maintained in
.
—
—
—
—
—
—
excellent repair.
New Gas Plant. The new water-gas plant at Astoria, having a daily
capacity of 30,000,000 cu. ft., known as "Plant D" is practically completed,
six 1214 foot generators out of the twelve which will constitute the equipment of this station, having been put in service. The plant represents an
expenditure of about $6 .000 .000 not including all of the auxiliary structures.
New Electric Plant. -The growth in the demand for electric service has
likewise necessitated the erection which is now in progfe,>s, of a new generating station in the Bronx, at the foot of East 132nd and 134th Streets on the
East River, by The United Electric Light and Power Company, which
It is estimated that its ultimate
will be known as the HeU Gate Station.
cost will approximate $24,000,000.
It also became necessary in 1920 to increase substantially the transmission
distribution and sub-station facilities of The New York Edison Co.
This
involved capital expenditures during the year 1920 by that Company of
—
—
.
.
Approximately $11,763,000.
The aggregate capital expenditures of
Capital Outlay in 1920 and 1921.
the Consolidated and its affiliated gas and electric companies for the year
1920. were $29,817,036 of which S21.190.801 was for electric property
—
and $8,626,235
for gas property.
m
It is estimated that
1921. '' wiU be necessary to expend, for additions
to and extensions of the gas av\\ electric plants and distributing systems, a
sum
substantially in excess of
la.^t
year.
—
—
—
—
—
N
The offering of .S25,000,000, one year 8% gold notes in
Dec. 1920 was described in Chronicle V. Ill, p. 2328.
INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
Sales of gas (1.000 cu. ft.) 37,876.872
000 k.w.h.) 1,009,476
Sales el.cur.d,
1918.
32.988.377
756,649
$94,400
7,141.372
Total income..
$3,533,734
2,225.057
7.000.000
Interest
Dividends (7%)-
$5,595,876
1.483,436
7,021,796
1917.
30,778.671
749,828
$2,538,279
6.695.957
.235.772
1.533,372
6,994.793
1919.
31.262,995
865,388
Operating income.. _def. $4,343,286 df.1,853,759
7.449.635
7,877,020
Otherincome
$9,234,236
1,493,159
6,987,155
.S7
Balance .sur. or def.def. $5,691,322 df.2,909.356 df.l,292,393sur.$753,922
BALANCE SHEET DECEMBER
1920.
Assets
$
Plant, &c.. 54,828,631
—
31.
1919.
1920.
S
S
54. .550.283 Capital stk. 100,000,000 100,000,000
1919.
.$
Liabilities
—
Securities a 140.954.480 115.283.896 Conv.deben.
1,284,047 Accts. pay.
Mat'ls&sup. 1,720.946
2,142,967 Demand nts
2,375.969
Cash
2,428,817 1 jT. Sec. gold
Acc'tsreceiv. 4,743.573
notes
443,000
268,000
Bds.&mtgs.
Stk prem_.
Reserves...
25.000.000
8,652,663
6,450,000
24.278,772
9.200,100
25,000,000
13,918,878
12,821,613
13,918,879
12,851,107
Profit & loss
surplus. -. 10,251.717
b Gas Sales
surplus
2,796,728
15.884,152
Total
204.891.599 176,133.010
Total
204,891,599 176.133.010
a Includes $2,502,000 par value Liberty bonds.
b Amount of gas sales resulting from the increased rate of gas, not included in the earmngs pending final action In the U. S. Supreme Court.
V. 112. p. 376.
THE CHRONICLE
Jan. 29 1921.]
United Paperboard Co.
Sl.no.TM
Cross o;inilm;s
Taxes
ss.^as
51,747
liisur
ari'l
Admlii. pr.pcniies
N'.'
I'Jl",)
Sl.006,749
i-arnliigs
lUl'J
I'Jl'O
1
Iiitc-csl
KifiO.rr;-'
4.1,151'
x Hal
»171.51ll
eharKi'.s
(l'.)i3.6l(l
CJ)
surplus
.
$5,704
(3)47.315
?:<,7r,4
Pri'f. dlvldeuds
50,089 fomnion divs-
183.038
y$795,0S0
5118,403
No deduction
has been mado for plant depredation and Income taxes.
y Net profit before •deducting unmatured dividends declared as follows,
viz.:4H*; on the Pref. .stock, $61,476: 2';. on the Common .stock $18^.640.
X
,
BALANCE SHEET NOV.
1920
-—
Assets
S
sec,
&c
.
Suni'ry st'eurtiles.
Casli
Casli (Ins. f<l. for
87.865
197.0'iV
I)ef(Tre<l
.
.
charges
.
reiflacements.
1.01G.4Sf>
i;9,279
Total
Contracts for liuprovemeiits and
520,495
104,04(->
100,535
4,270
asseUs.
'.I
S
000
2 100,000
Common flock
12.000.000 12 000.000
Accounts pa>;itiU'
389.547
100, .5(H
diviUnmatured
23.()58
248.111.
dends declared
13, .122,213
444,5.'>7
57;j.653
Suspendwl
*
1..100,
I
12.3r.5.30f>
4'<r),807
191
1920
/ ia'iilUiessioc.'.
<>e."e le
!>
.
ronlucenH'nl)
Hills 4 acc't.s rec
1 .044.557
Md.s<v & 8uppliea.:il.5I4.695
.
27.
1919.
e(iulpm't,
Plant!;.
treus.
173,255
397.681
.
Ile.serve for tt<'crued
interest,
Surplius- .
&c
Total
16,113.922 15,897,000!
287.397
bl.291.182
lli.lI3.!!22
143,55.':
1
,205.96.S
15.897.000
a Inventory valued at market prices as of Nov. 27 1920. which is less
than cost, b Surplus, after doductinK $918,600 Common .stock dividend,
see V. 111. p.
2050.— V.
has .since been conirollnd itiid coutinuuukly (X>uduc(«d by members of the Charles Fleischmann family.
(.'apitalizntion after this Financing
Authorized. Oulstartdiim.
Common stock (all owned by Kleischmann family) .$3,0«)0.000 $3,000.()0(»
Preferred sioirk. ti'
cumulative.
.
3,000.000
3,0(XJ.(J00
8'
10-year notes, due Dec. 1 1930 (this Lssue) . _ - 4,000.000
4.000.000
liiisiness.
Producls manufacturiyl and distributud by company are
conii)re.sse<l yeast, mall extr.'ict (and as by-products of yeAsli. vinegar.
Industrial alcuhol. denatured alcotiol and dried graiiLS for lallle fee<liu({
l>urp<i.ses.
ComprcsscKl yeast is the principal product
isitold and diairibuied to about :t5.000 ci)niMiercial bakerins. hotel.s and pulihc iiuiiiiutions. and
about IT.'), (too grocers, tliniugh whom the yeatii i!> rv-wiM for domestic une.
The distribution of compressed yeiusi by company i» <-.(in<luc(«d iluT>ugh
the nu'diuni of c)\er 900 established ageiu-ies or diiiirlliuiing branches
located llirouglioui the I'nited States. Canada, Cuba. .Mexico and Porto
Kico.
This branch of the busine-ss has shown a lart^e and steady increase
\wtliiii the last 10 years.
'riic company ni:<iniaii}s extensive experimental and ntsejirch laboratories
foi- developing new and improved proce<»ie*> for the manufacture of its
various products and for developing new uses for its conipruKaed yeast and
other products.
Within the last 3 years, through rB*-arch and experimental work, new and valuable pnwesses of yeast manufacture have l>een
developiHl and new uses for yeast have l)een iliscuveri;!; :!i<l by means of
extensive advertising and methods of sales promotion yeast a-s a health food
and as a nie^licjnal agent in certain common disorders haa \>i»m brought home
to the public, resulting in enormous increa.ses in the sale of this product.
On account of the Fisleral war-time prohibition eiKiclments in 1917 and
later the Constitutional amendment jirohibiting the sal<> of alcoholit! liquore
for beverage purposes, the company was force'l to li<iui(l:ite its large stocks
of alcoliolie licpiors. close ui) its beverage disltibuting branches and re-equip
its factory properties fur the manufacture .solely of compressed yeast and its
oiher products, all of which was done from 1917 to 1919, inclusive, during
which years, in spile of the radical changes which had to be made, the business of the manufacture and distribution of (!ompres.sed yeast wa.s carried
on without iiuerruption. and this was done without any substantial increase
in the price of yeast to the trade.
<-oriM>rution
(Semi-Annual Report for Six Months Ending Nov. 29 1920.)
RESVLTS FOR SIX MONTHS ENDING NOV. 27 1920 AND NOV. 29 1919.
l'J20
111. p. 2529.
—
President R.
—
W.
—
the old models of motors, which lune been replaced by new models, were
built up while those old models were still in j)roduction.
The productive inventorj'. will however, be reduced very rapidly as production increases, and the depreciation in values] will be relatively small,
averaKing probably less than 5% of cost.
Addilions.
A sn\all addition was added during the year to the Detroit
plant and the growing demand for our truck motors made it imperative to
substantially increase our plant capacity at Muskegon, including the
erection of a large power plant.
Stock.
The outstanding Prof, stock [original $3,500,000) has been
reduced to $2,151,700 through the -sinking fund.
The payrolls, covering approximately 7.000 employees, during
Uflffes.
the year aggregated .510.288.000.
Stockholders
The total number of stockholders has increa.sed to 6.109.
Sales <S Orders.
The total sales were 15'-^ % in excess of the sales for the
previous fiscal vear. The value of firm sales orders on ou4 books Oct. 31
1920. was $53.584.220 64% greater than on Oct. 31 1919.
22 Continental parts .stations have been
Parts Stations
Parts "Sates.
established in the principal cities throughout the country and 8 more are in
process of organization. These stations are being extended to foreign countries, and their Importance, with over 1 ,000,000 Continental motors in service, will be readily recognized.
Chairman Dies. On Nov. 23 1920 we -suffered the death of the Chairman
of the board, Mr. Benjamm t"". Tobiu.
Outlook.
The company is in a strong position to meet whatever problems
—
—
—
——
—
—
—
may
—
confront
it.
INCOME ACCOUNT FOR YEARS ENDING
OCT.
31.
1919-20.
1918-19.
1917-18.
profits after mfg., maint., &c..|
exp.. incl. deprec. & ord. taxes
$5,125,725 $1,939,785
^$3.567..504l
Not shown
Federal tax reserve
1 ,700.000
about
Preferred dividends (7%)
164.500
(7)206.6.35
(7)238,282
about
874.0.53 (61^)944.993(8)1,162,784
Common dividend (6%)
Net
(
J
Balance, surplus
$2, .528.951
$2,274,097
$538,719
Total profit and loss surplus Oct. 31-- $6,345,309 .$3,827,608 $1,555,610
Note. -In November 1919 the dividend on the common stock was inThe earnings for year ended Oct. 31
creased from 1}^% to 2% quarterly.
1920 as above are charged with three dividends at the latter rate. The
quarterly dividend due in November 1920 was deferred till Dec. 15
fourth
and then paid on the $14,607,250 outstanding common stock at the reduced
This payment called for $146,072 in addition to the $874,053
rate of 1%
(or 6%) distributed or common stock during the late fiscal year and makes
a total distribution on said stock for the year 1919-20 of 7%
—
.
.
BALANCE SHEET.
1920.
Asset.f —
$
Propertvacct- .3.333.818
Investments .
89.469
Cash
542,055
OCT. 31.
1919.
1920.
Liabilities
$
8,427,811 Pref. stock--- 2.151.700
26.687 Common stock 7.295.369
—
1919.
2,757,500
7,227,370
571.789 Notes pavable 2.590,073
Res.for Contigenl74.332
.\cct. & notes
receivable1,723.992 Accts. payable 1,535,545 2,156,314
1,062,323
U.S. Govt. cert
1,300,000 Accrued payInventories __ 1.164,998 6,067,591
rolls, &c-.197,223
772,433
Divi .declaredPrep'dint..tax
290,785
&c
Serial gold
115,655
58,258 7%
Discount on
notes & obli.5,037,9.50
gold notes- .
Fed. taxes res- 1,130,000 1,700,000
149,183
Liberty bonds
532,369 Surpliis
6,345,309 3,827,698
Miscellaneous
23.701
Total
26,457,.501 18.732,100
Total
26,457,501 18,732,100
a Property account includes: Land, $1,124,900; buildings, .$3,964,237:
machinery, $6,292,069: equipment. .$4,608,900: total, $15,990,107. Less
Reserves for depreciation and accruing renewals, $2,656,289; balance,
$13,333,818.
The foregoing property values are exclusive of special tools, dies, jigs,
patterns, &c., currently used of a present value in excess of $2,000,000.
X Authorized common stock is 1 ,500.000 shares of SIO each: issued under
the laws of Virginia 1,460,725 shares ($14,607,250) for net assets (exclusive
of special tools, dies, jigs and fixtures, patterns, designs, drawings, patents
and goodwill), valued at .57,295,369.
Note.
"The excess of cost over market values of the materials purchased
for forward delivery, including adjustments subsequently made approximates $250,000. No eventual lo.ss is anticipated in this respect .since the
piU'chase commitments are covered by firm sales orders."
V. 112, p. 376.
—
—
—
Co., New York City.
(Official Statement dated Dec. 3 1920).
In connection with the bankers' offering on Dec. 11
lO-yoar Gold Notes due Dee. 1
(p. 2329) of $4,000,000
1930, Pres. Julius Fleischmann, Dec. 3 1920, wrote in subst.:
History.
The company had its beginning in 1868 as a co-partnership.
Gaff, Fleischmann & Co. and later styled Fleischmann & Co. composed of
Charles Flei-schmann, Maximilian Fleischmann. and James
Gaff,
The Fleischmann
8%
—
W
.
which firm introduced into the Cnited States from Europe the luanufacture
of compressed yeast for commercial purposes. The firm was continuously
engaged in the businass of the manufacture and distribution of compressed
yeast and other products until 1905, when the present corporation was
formed and the assets and business of the co-partnership taken over. The
.
—
E.'XRNINGS FOR
Year ending Oct. 31 1920.)
.Judson, Jan. 19 1921, WTotc in substance:
fi.-icol
Viewed from the standpoint of volume of business done, the
Results.
profits made and our position in the trade the year was very .satisfactory.
Corporation is also in a relatively fortunate position witli regard to
The
commitments for forward deliveries and your attention is called to the footnote on the balance sheet on this subject.
The inventories, shown at cost or market value, whichever
hi'cnlories
is lower, are considerably larger than at the close of last year, due not only
to increasotl costs but also to the fact that a large .stock of service parts of
—
.
;
;
Continental Motors Corporation.. Detroit.
(Report for
407
CALENDAR YEARS.
%\el
xNFtvroflts
.Sole1916
t25,7(S2,0.'J7 $2,075,293
2,7fl5,989
.
1(), 1.56,471
1.17e.240 1917
27,.V20.fO«>
.
17.771,070
:^,393.331
1,580,487 U'18
32, 191, .(78
..
I.55K.-49
18 522 971
1 831 242
1919
I(>.:j43.(;70
I'J. 139.317
1.822,730 191»
31.951,786 2.421,357
19,225.811
1.820.4.55 l!t20(6mo.s)
16,343,670 1,558,249
X Applicable to interest on notes and Federal taxes.
Net profits for the above 10>i years average over $2,100,000 a year, or
over 6 i times the annual interest charge on these $4,000,000 notes and more
than \ times their annual interest and sinking fund charges combined.
Reinveslmenl of Earnings.
The poli<;y of the manaRoment for the past
15 years has been to turn back into the company by far the larger portion
of the annual earnings for extensions, improvements, dtc, particularly in
respect to the building and equipment of factories at advantageous points
and the establishment of distributive agencies or headquarters.
An average of over $1 .000.000 per year from the earnings for the past 15
years has been expendixl in extensions and improvements of factory yiroperties, and over •'>."). 000, 000 has been expendei.! from current and accumulated
earnings within the last 3 years in building, re-building and acquiring
manufacturing units in order to meet the conditions Iwought about by
prohibition and the increased demand for compre-ssed yeast and its other
products, all of which expenditures have required cash outlays.
.Srile.t
1910
.$15,729,978
profits
S1.152.:i:il
1911
1(U2
1913
1914
1915
'
—
Financial Condition, including .'subsidiaries. .June :iO 1920 (but giving effect to
this financing) ( total each side, $S5..5< 5.223)
Assets
LiabillUfs—
$
S
S
a
Current assets
(15,718,948)
Current M.ibilltiei (4.260.878)
Cash
Notes & accounts payable.. .'!.IJ41.764
5, 713, .550
U. S. Treasury c rtifi.?ate=. _
4:1,567
lilfl.lis
.Accrued trxes. payroll. &c. _
,36.'' ,030 8'^, lO-ycarnotes
Note? & accounts receivable 4
4,000,000
Inventories
£,59 ,80i 1st MtKc. €,% bonds (Splel-
—
•
fend cash, notes & accts.
receivable & •ect'ities
Inve.-tmont securities
ma,nn Bros Co)
105.000
1,445,041 xReserves - 7.207,56
1,05 ,763 Contingent liab.(see contra)-.
200.500
Land. bldKS., mach. & equlp-. 16,879, 716 Preferred stock
- 3,000,000
Prepaid taxes, hHuriinte,
278. ?55 Common stock
3 .000,000
Conf indent a.^sel. (see contra) .
200. .500 Surplus
13.801 ,284
X Consisting of uncollectible accounts. $.597,405: depreciation. $4,620.insurance. $1,445,041: excess coal cost, $372,561: Federal taxes
22();
Ins.
.
&c
(1920), $272,334.
The above statement shows net assets including sul>sidiaries (excl. of any
valuation for patents, trade-marks or good-will, and after deducting all
liabilities including these notes) amounting to more than $19,800,000, or
i)ractically 5 times these $4,000,000 notes: and current a.ssets alone amounting to over $15,700,000, or over 1.9 times the amount of all current liabilities
and these notes.
Note Safeguards. The indenture will provide (a) that so long as notes
are outstanding neither company nor subsidiaries shall mortgage its properties or create any additional funded or other debt maturing more than 12
months after date, (except purchase money mortgages). (6) That at all
times net assets shall be maintained equal to not less than 2.50% of the
notes outstanding and current assets equal to not le-ss than 125% of all
liabilities including these notes.
.Sinking Fund.
The note indenture will provide for the retirement of
S200.000 of notes on or before Dec. 1 of each year, by purchase or (and)
in the latter event at the then redemption price.
by call,
Plants A Properties.
The company and subsidiaries own 12 plants in the
United States End Canada, located as follows: 2 in I'eekskill, N. Y.; 1 at
Bcrthierville, Que.; 2 in Baltimore: 1 in Langdon, D.C.; 4 in Chicago;
1 in Sumner, Wash.: 1 in San Francisco.
The comt)any owns the total capital stock and operates (a) The Fleischmann Malting Co. engaged in the malting of grain and having 6 malting and
elevator plants, in Chicago: MinneapoUs: Ked Wing, Minn.: Davenport.
Iowa: Louisville, Ky., and Buffalo. N. V.
Plants have a malting capacity
of 5.000,000 bus. of malt p. a., a large portion of the outi)Ut of which is
—
—
—
taken by Fleischmann Co.
Fleischmann Co. further owns the controlling interest in American
(ft)
Diamalt Co. engaged in the manufacture of malt extract and other malt
I)r()ducts, having an extensive factory in Cincinnati, and being the largest
j)roducer of malt extract in the U.S. IVoduct is sold largely to bakers for
use as^-n ingredient in commercial bread. The mall supplied to this company is m-'idc by Fleischmann Malting Co. (c) The Fleischmann Transportation Co. is a subsidiary: operates 175 vinegar tank cars and conducts a
general trucking business in the larger cities of the country and supervises
the transportation of raw material and factory supplies to the varioas factories operated b> the Fleischmann Co. and the distribution of manufactured products from the Fleischmarm factories to the point of destination.
In addition to the above properties and companies, the company owns
upwards of 300 parcels of real e.state. with the buildings and equipment
c(mnected therewith, which properties are used as distributing agencies for
All the manufacturing properties of the company or .subsidiaries and
ye:isl
all of the agency properties are owned in fee simple and free anil clear from
any or all encumbrances, with the exception of one factory in Chicago, on
which a mortgage of $105,000 remains unpaid.
The company maintains extensive storage facilities for various raw materials which enter into the manufacture of its products and for fuel, &c., and
carries on hand at its various factories at all times at le;ist four months'
supply of raw material, present between $4,000,000 and $5,000,000.
Good-Will. Patents it Trade Marks.
Many millions of dollars have been
spent by the company and its predecessors in giving nation-wide publicity
to Flei.schmann's Yeast and other products, and in establishing and
.\11
creating a good-will and upbuilding a selling and distributive s>stem.
such expenditures have been charged as an expense of the business and no
good-will account has ever been establi.shed on the books of the company,
and the good-will and trade-name or trade-mark and brands of the products
have never been valued on the books of the company for any purpose.
Directors: Julius Flei.schmann. Max C. Flei.schman n Henry J. Kaltenbach, Paul W. Fleischmann, Alfred Knight, Thomas L. Smith, Dr. -\lois
Zeckendorf, Julius F. Behrend, Hugo .\. Oswald.
Officers; JuliiLs Fleischmann, I'ros.: Max C. Fleischmann, 1st V.Pres.:
.
—
.
Henrv
J.
Kaltenbach.
l'.iul
W.
Fleischmann.
Alfretl
Knight.
Thomas
L. Smith, Dr. Alois Zeckendorf, Joseph Wilshire, Robert L. C/Orby. and
Henry R. Newcomb. Vice-Presidents: Julius F. Behrend. Treas.; Hugo A.
Oswald. Sec: Charles Kayser and A. B. McNamara. Asst. Secretaries.
Compare V. 111. p. 2329.
—
THE CHRONICLE
468
Transue & Williams Steel Forgings Corporation
INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
Gross sales
Loss returns, allowances
and
215.702
161, .3.50
156,177
.').B58,440
5.244,280
5,287,000
143.8.39
163,8.56
125,2.39
$791,795
53.939
$916,796
63,191
$728,865
60.737
$1,181,3.55
58,731
$845,734
.S97P,987
$789,601
$1,240,086
profit from oper.
income not
—
Not boforo Fp^ taxes.
.
Prov. for
Kod. taxo.s
and contingonclos.
est.
Dividends
Ngtproflt...
a In 1920 profit and
provision
made
175,000
a2.50,O0O
275,000
360,000
($5)500,000 (S5).500.000 ($.5).500,000($4}ii)4,5a)00
8221.987
$170,7.34
for Fodoral taxes."
1920.
—
Capital
&
Notes
In
willv
acr'ts roe
xl .258.429
.
.
.
82,139
488,466
21.872
;M .283 Hcs. for l''ed. taxes
Prepaid expms-s
148,762
114.873
contlnsjencles
Securities owned-, .y 1.470. 10« 1,853,004 Capital surplus
!i.ss(t.><
.
.
4.446.880
4..'>90.K97
.">.50,00()
473,232
15,402
125,000
.568,791
12,025
Total
4,590,897 4.446,880
At cost or market value, whichever is lower.
y U. 8. securities, municipal bonds and listed stocks at face value with
accrued interest.
z Capital declared in accordance with the Stock Corporation Laws of the
State of New York, represented by an authorized is-sue of 110,000 shares;
reserved for sale to employees, 10,000 shares; outstanding in hands of public.
100,000 shares.
Contingent liabilities at Dec. 31 1920. .S338,000, on discounted customers' notes.
Note.
The depreciated property account on Dec. 31 1920, based on appraisals of $1,117,808 at sound value Sept. 30 1919, with subsequent additions, aggregated $1 ,121,123.
This is after allowing for additions in 1920
of $252,812 and depreciation of $122,848. The total '•additions" since
Nov. 1 1916aggregate$693,812; the total depreciations, .5436,706. V. Ill,
—
—
p. 1668.
Hart, Schaffner & Marx, Chicago.
Annual Report For Year ended Nov. 30 1920.)
President Harry Hart, New York, Jau. 24, wrote in subst.:
—
(lOtk
— Our volume of sales
entire sales of
but
the first six months was about equal to
the
1919
net profits were less due to:
(1) The
close selling which conditions necessitated.
(2) Depreciation and reserve
charges made to reflect a proper showing of the company's statas. Our
merchandise holdings are less than half those of a year ago.
Finances.
Bills receivable have increased largely but the accounts are
those of leading retailers who are gradually liquidating their own holdings
and making payments. At this writing the amount outstanding has been
reduced since Nov. 30 1920 by approximately $5,000,000.
Liberty bonds were sold during the year and the loss charged against
cturent profits. Eqtiipment was increased by .$203,087 early in the year
to meet the hea\'y demands for merchandise.
All loans direct from banks were taken up in November, nearly all before
maturity. At this date, .Ian. 24 1921 the total borrowed money is $267,500
and cash on hand covers all our liabilities, including taxes for 1921.
Good Will and Surplus.— The item of good-will has been reduced from
$15,000,000 to $10,000,000 and the accumulated surplus of the business has
been reduced by the same amount, leaving ample surplus for all recognizable needs.
Results.
in
—
.
INCOME ACCOUNT FOR YEARS ENDING NOV.
Net after depreciation and
1919-20.
Federal taxes
$2,013,055
Deducf-^Interest paid Oess
received)
Preferred divs. (7%)
Common
divs. (4%)
Redemption Pref. stock..
231,980
600,000
Premiimi on stock purch .
Reduction of ^ood-will
•3,314,000
Reserve applicable to inventory values, &c
30.
1916-17.
1918-19.
1917-18.
.$2,132,928
$1,567,371
$1,637,697
Cr.67.291
232.689
600,000
17„500
120
86,356
234.617
600,000
64,600
2.511
33,935
240,843
600,000
173,400
25,109
300,000
300,000
Balance
def. $2, 132,925 sr$l ,049,910 sur$279,287 sur$o64,411
a Amount of good will written off, $5,000,000; less preferred stock redemption fund of $1,686,000 applied thereto.
BALANCE SHEET NOVEMBER
1920.
10.000,000
a605.952
2,691,956
fixt
Inventories b
Lib. Loan Ixis. Oean
pay.by empl'eeB)
Accounts and
Prepaid
ins.
Liabilities—
Preferred stock
.000,000 Common stock
u
i.049.;{62
700.943
2.781,523
prem.
175,065
260. 210
.256.935
138,861
i.
Payments by em-
Total
.
<fec.,
kcc that company below.
RH. Kilnnrhmini- In view of d<< lining trairic. the freight movement
aggreg.-il Ing less than two-thirds of what it was three montlis
"io roads are generally retrenching somewhat drastically. Union
'^K<>.
acific. Lehigh Valley. Krie. H. & <).. and numerous other companies have
.Tdoptcd a ,5-<lay week for shop or other employee.-;, while some thousands
of men each have been tenipor.nrily laid off by the I'cnnsyhania. H. k O..
('. n. & Q., Ht. Paul. North Western. Illinois <entral.
&c. Uost 'N. B.
Jan. 26. p. 6.
Hfiilmad Mail Pay.- V. C). Dept needs $35,840,000 to cover deficiency
for year 1920-21. due to higher cost of mall transportation under order of
Dor. 23 1019.
-Ky. Ago" Jan. 21. p. 2.54.
Clin Freiyhl Ezchangv •/on. 22 In 31
Fixed by Can. Ry. Com. at X^'A"/,
surcharge 8%
Higher RR. Fares Cited as Ezplaitiing Jlearier Travel .South by Motors.
aries.
sal
&c
Res'veforconting.
Pref. stock redem
tion fund
Profit and loss
2. .538 .052
2,:i09,463
57.995
750.000
57,995
450.000
1,952 ,'244
1,686,000
4.085,169
74.572
27.430.419 29.892.828
Total
.
27,430,419 29.892.828
,
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Railway News. The
following table summarizes recent railroad and electric railway news of a more or less general character, fuU details
concerning which are commonly pubhshed on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Per Diem Rat€ Continued. "Times" Jan. 22, p. 17 (see V. 112, p. 160).
Inlra-State Rate Test Case.
(a) The test case appealed by State of Wisconsin from injtinction granted C. B. & Q. RR. reached U. S. Supreme
Court Jan. 22. "Times Jan. 23. Sec. 2, p. 1. (b) I.-S. C. Commission
—
—
on Jan. 25 to 27 ordered the raising of local passenger, &c., rates in Ohio.
Montana, Iowa, Illinois. &c., to the inter-State basis, on or before Mar, 1.
27, p. 22; Jan. 28. p. 6.
I
'
.
.
.
.
—
;
—
.
"Times' Jan. 23. Her. 7, p. 10.
Prices Prmtid on Tickets.
Plan adopted by I'enn. RR.
p. 24.
Inter-Slate Commerce Commis.firm.
Preaent make-up. &c
Times" Jan.
—
Jan. 22.
24,
Bost. "N. B."
Passnt(ier TermiTinIs .--Hoxnh Station. Boston, leads.
Idem.
Trnrlion Siliialimi.
(iovernors nie.«.sage favoring complete
municipal ownership but private operation with adequate fare. "Times"
Jan. 25 and '26. p. 1 & 2.
Moce for Loner Wages. The railroads have been exported shortly to
apply to the V S. Ry. Labor Wage Board for a reduction in wages. 'Times'
Jan. 26. p. 3: Idem Jan. 27. p. 20.
On Jan. 27, however, that Board held
in case of Atlanta Birm. & Atlantic RH. that the road and employees must
first exhaust private negotiations.
"Times Jan. 28. p. I.
U. S. Guatanly Payments. Brief for partial payments. "Ry. Age"
Jan. 21. p. 249, 233; "Ky. Keview" Jan. 22. p. 147: Bost. N. B." Jan. 27.
Clayton Late.
Competitive bidding, &c. Idem p. 231 and 2.50. Many
changes in directors jiropo.sed to overcome interlocking. "Times" Jan. 23,
.\eir
—
lorfc
—
'
—
—
p. 11.
Train Handling with Electric Locomotives (W. S. H. Hamilton of Gen.
Idem, p. 227 to 231.
Cars on Home Roads. On Dec. 15, 38.7%, increase, 3.2% (or 74,000carB)
over Dec. 1; March 1. only 21.9%.
Progress tvilh Federal Valuation of RR.
"Ry. Review" Jan. 22, p. 130.
Outside Repairing Defended.
"Ry. Re\-iew' Jan. 22. p. 146; "Wall St.
Journal" Jan. 24. p. 11. 'Times" Jan. 26. p. 18; Jan. 28, p. 20; "Bost.
N. B.." Jan. 24, p. 2 and 9; "Wall Ht. Jour." Jan. 27, p. 8.
Divisions Case.
(a) Treatment of New England roads considered
"generous." "Wall St. Journal" Jan. 24. p. 8; "Bost. N. B." Jan. 26, p. 10.
(b) Offers of some $15,000,000 toward annual deficit of $27..S0O.O(J0 reTalk of pool to give aid. "Times" Jan. 26. p. 19. and Jan. 27.
jected.
p. 20.
(c) Statement by President Alfred of Pere Marquette RR., "Wall
St. Jour." Jan. 27, p. 2.
Cars Loaded. Week ending .Ian. 1, 598,905 in 1919-20; 745,446 in 1918-19;
612,741 in 1917-18.
Mexican Roads. Proposed Return to Owner. Commission appointed.
"Ry. Rev." Jan. 22, p. 150; "Times" Jan. 23. p. 13.
One-VIan Safety Cars. Progress. "El. Ry. Journ." p. 177 to 179.
blatters Covered in "Chronicle" of Jan. 22.
(a) Pennsylvania Lines reduce
expenses, p. 335(b) RRs. and unions warned by Labor Board, p. 335.
(c) National Board Labor agreement, protest, p. 3.36.
How they rob the
public and cau.se waste. "Ry. Age Jan. 21. p. 223. 243.
Elec. Co.)
—
—
—
—
—
—
—
—
"
Albany Southern RR. Co.
— Time Extended. —
gives notice to the depositors of the 1st Mtge. 5% sinking
fund 30-yr. bonds deposited with the Bankers Trust.Co. that the time within
which the plan (V. 110, p. 2290) may be declared operative has been
extended to June 1 1921, inclusive. This extension applies also to the
privilege of depositing bonds under the plan.
It is also announced that 1st Ref. bonds to be issued under the amended
plan will bear interest from Mar. 1 1921. PajTnent of the coui>on due on
that date on the bonds on deiKisit with the Bankers Trust Co. will be made
by the company to registered holders of certificates of deposit upon presentation of the same.
V. Ill, p. 1750.
The company
—
Baltimore
—The
I.-S.
& Ohio RR.— $9,000,000 Promissory
Note, &c.
C. Commission has authorized the company:
(1) To issue $3,000,000 Ref. & Gen. Mtge. Series "B" 5% bonds, for the
purpose of retiring by exchange an equal amount of Ref. & Gen. Mtge.
Series "A" 5% bonds; and (2) to pledge $3,000,000 Ref. & Gen. Mtge.
bonds. Series "A," and $10,000,000 Ref. & Gen. Mtge. bonds. Series ""B."
as secuirity for its $9,000,000 promissory note to be issued to the DirectorGeneral of Railroads.
Under the terms of a contract, dated Sept. 16 1920. between the Director
General of Railroads and the company, to fund a general balance of $9,000,000, due to the U. S. gro"wing out of the operation of the properties
during Federal control, the company has issued the above $9,000,000 note,
dated March 1 1920, payable to the Director-General of Railroads ten years
after date with interest at 6% p. a. payable semi-annually.
As collateral security to note. Director-General has agreed to accept.
Refunding & General Mortgage Series "B" 67o bonds
$10,000,000
Refimding & General Mortgage Series "A" 5% bonds
3,000,000
Sandy Valley & Elkhorn Ry. Ref. & Gen. Mtge. 5% bonds
2.200.000
—
Shuts Down Repair Shops.
The company on Jan. 23 announced
that, effective Jan. 27, the Mount
Clare shops, both locomotive and car departments, will shut down until
further notice. It is estimated that between 7 ,000 and 8.000 shop employees
are now laid off.
V. 112, p. 160.
—
Bangor Railway
.
a After deducting $433,706 depreciation reserve, b Denotes inventories
of materials and finished and partly finished merchandise at or below cost,
less reserves,
c Bills payable: bankers' loans; reduced to $267,500, by
Jan. 24 1921
d Preferred stock, 7% cum. originally authorized and issued,
$5,000,000, less $1,686,000 redeemed and canceled; balance as above, $3,314,000.— V. Ill, p. 6W.
Idem Jan.
'
it is as.s<Tt<'d,
.
Pref.div. Dec. 31.
bills
ployees for purchase of com .stk.
Accts..
1919.
S
d3.314,000 3,314,000
15,000.000 15,000,000
c3,242,500
pay'le
575.628 2.990.200
,
486,517 Bills payable
Accrued taxes,
receivable (net). 11.101 ,351
Cash
1920.
$
trade
names. &c
Mach., fum. &
30.
191(1.
S
Good-will
'
.
.
175,000
250,000
2,222.544 2.222,,544
1,029.719
843,520
X
Assets —
.
gan 1*. V Comnil.s.slon on .Ian. 26. upon ap|)lleatlon bv \:i roads, was permanently enjoined by the Federal CJourt at Detroit from rtriucing the Intrastate i)a.sKeng<T rates from 3 to 2'A<'-- per mile,
(f) Injunction against Ixjng
fiiisiesl
.->50,000
&
Profit and loss
TotJl)
1919.
S
<ieKlared
aceordiince
991,160
Laws of X Y z .
260,799 A ecouiits payable
481.245 Accrued taxes
tlL.'ilS nivlMend payable...
,12I.12:J
1
.
.Mdse. Inventory
1920.
S
UaMUlIci—
.5
& plant lU
less tlif u Irrlppcnt].
appr.. after depr
(;ash .
I
.
—
31.
1(119.
Property
Other
$430,086
$14,602
was credited with $15,464 as "excess
loss surplus
BALANCE SHEET DEC.
Asfcls
ic) 12 r(.;i<ls ,ipi>llc!<i to I
>.
Ji^t
< ouri ..i
l)i . Mnii.i-.s. U.. on Jan
27
for iiijunroon to pn-vcnl lliat .Stale from inlcrferinK with the higher pa-sw-nger rates.
id) In lllinr)iK on Jan. 27 Hlaie .\tt<.rii<'y-<i< neral l)i-g;in suit to
sot aside said higher pa.KsenKor rates.
Kin. Am. Jan. 28.
.e; Thi- Mi<Jii-
Island KI{. vacated-
Soiling, olTic«&adm.oxps.
Not
1917.
«6, 749.771
245.253
and
inat'Crial
factory expcnspfi
Otlier
1918.
S6, 208. 301
.'»6,934,7;
6.330.044
192,779
fri'lKht,
Labor.
1910.
$7,559,871
_
[Voi* 112.
&
Electric Co.
— Resignation. —
E. C. Ryder has resigned as President, and will devote his time to the
practice of law.
V. HI, p. 1471.
—
—
&
—
Power Co. Pref. Stock.
stockholders on Jan. 19 ratified a new by-law removing the comptilsory feature which had been provided for the redemption of a certain amotmt
of Preferred stock each year. The change was made coupled with the provision that the company may redeem Preferred shares at 110 at any time.
Another change involved provides that Preference shareholders shall share
pro rata "with Common shareholders in any surplus for distribution, thtis
making the Preference shares participating.
E. A. McNutt succeeds T. B. ftlacauley as a director. V. Ill, p. 2422.
Barcelona Traction, Light
The
—
Buffalo
& Lake Erie Traction Co. — Valuation — Earns. —
The Pennsylvania
company to increase
P. S. Commi.ssion on Oct. 12 1920. in allowing the
("V'. Ill, p. 1660). fixed the valuation of the
"Erie Division" at S4. 100. 000 for rate-making purjxjses.
"The engineering conference found a reproduction cost new of company's
used and useful property "within its Erie zone district, "without depreciation,
as of Dec. 31 1918 on four separate and distinct bases, viz.:
$2,817,608
(1) On lOyrs.'aver. prices, extending from 1906 to 1915, incl
3,158,480
(2) At prices when property was constructed
plus 1916, 1917 and 1918
(3) At prices from 1906 to 1915, incl.,
3,294,855
construction at actual cost thereof
4,864,569
(4) At 1918 prices
Total Revenues, Operating Expenses and Net Income Applicable to Fair
Return (Erie Division).
1920.
1916.
1917.
1918.
1919.
1915.
Total rev.. $559,402 $783,510 .$865,022 $1,171,604 $1,146,621*81,276.652
-(-35.4%
—2.1%
^.02% -i-40.1% -i-10.4%
+11.3%
$985,463 $1,076,712
Oper. exp.$390,004 $470,237 $588,781
$923,491
its fares
"
Net inc. ap-
+ 5.2% +20.6% +25.2%
plic. to a
fau- ret'n $169,398
$313,274 $276,240
—10.2% +84.9% —11.8%
+ 9.3%
+ 56.8%
+6.7
$248,113
$161,158
$199,940
-35.5%
+24.1%
—10.2%
1920 figures estimated, being based upon operations from Jan. 1 to
June 30 incl., 1920. The percentages shown above indicate the increases
and the decreases ( ) for each year, as compared with the preceding
( +)
year. Total revenue as shown above includes revenue from transportation,
other operating revenue and non-operating income. V. Ill, p. 1660.
*
—
—
I
•Ian.
21«
MIK
IKl'l.J
Bellefonte Central B.R.^Dirtd('tt(l.s Resumed.
ClIllOXICLE
—
Kansas City Clay County
(SO cents pei- share)
Jan.
In Feb. 1917 the ri'gular
payable Keh. 15 to luilders of rocoid Juii. 25.
paid together with an extra dlstribulioii of 1'
annual dividend of 1*;';
none since. —V. 109, p. lb(w
The
(lir»M-tons h;ive dt-<lar(«l
1
'[
& Cheraw RR.— Settlement. —
Bennettsville
See •I'nilod
an uiiimal dlvlcleml of
.States ItK.
— V.
AdmlniNtratlon" below.
tt2.
p. IIC.
lioitds—dovernmeut Loan.
Central of Georgia Ry.
—
I.-H. <'.
—
Chicago Milwaukee
&
St.
Paul Ry.
Resitjuntion.
—
elected a director to succi-od John D. Ryan,
•who recently resigned in compliance with Section 10 of the Claj-ton Act.-V. 112, p. 1()1.
Samuel McHotx-rts has
l)t>en
Im prone m cut
Cleveland Railway.
Plans.
—
Stanley in a letter laid before the Cleveland (Mtv
Council has asked that the company lie permitted to sell S3, 000. 000 stock
at not less than SO, and requests that the Taylor .service-at-cost franchise
The proceeds of
bt< amended .so as to permit of tlie issuance of the stock.
the .stock uould In- used for netxled imiirovemeiits. See text of I're.s. .Stanin the •'Electric Hy. Journal' Jan. 22, p. 193. —V. 112, p. 101
ley's letU'r
John
1're.sideiit
J.
Des Moines Terminal Co.— Settlement.
.See
—
.
— V.
"rnited Stales KK. Administration" below.
111. p. 2323.
—
Detroit United Ry. —Consolidatio/i Plan.
The petition of the contpany to the City Klectric Commission, asking
that an ordinance propo.sing consolidation of private and public owned r;iilway systems in Detroit should be submitted to the electors, has been approved by the Commission. See V. 112. p. 372.
Fitchburg
&
Leominster
The company has
To Extend Bondn.
Department of
—
I'ublic Utilities
from Feb. 1 1921, the maturity of Its
3100.000 1st Mtge as of Loominisler.
Aver Street Ry. with the interest rates increased to 7%. V. Ill,
tor permission to extend for
$300,000 Consol. Mtge.
Shirley &
p. 2423.
Fort
Ry.
St.
pelilioned the Ma.ss.
.'>
yeai-s.
4Ss and
—
Wayne Van Wert & Lima
Trac. Co.
Receiver.
—
President of Old National Bank. Fort Wayne, Ind., has
been named roceivtT by Judge A. B. Anderson in the U. S. District Court.
The appointment was made on the petition of the Fidelity Trust Co. of
Pliiladelphia, which brought the receivership proceedings agaln.st the company and also against the Ohio El(x-tric Co.. which i.s operating the traction
company under a lease. The petitioner alleges that the company has defaulted the Interast due Jan. and July 1 1920 and Jan. 1 1921 on the outstanding $1,470,000 1st mtge. 5s. due July 1 1930.— V. 110, p. 1642.
Hem-y C.
I'aul,
Fort Worth Belt Line.— Settlement.
—
RR. AdminLstration" bclow.^V. 107, p. 802.
Galesburg & Kewanee Electric Ry. Fare Increase.
The lUinoi P U. Commission has authoriz-d the company to charge a
See "United States
—
10-cent cash fare on its Kewanee city lines, and to sell three tickets for 25
V. 110. p. 2657.
cents. The fare has been 8 cents with5 tickets for 35 cents.
—
Galesburg Railway, Lighting
The
llliiiois
the 10-cen
P U. Commission
cash fare and to
sell
&
Power Co.
Fare.
—
authorized the company to continue
for 25 cents.
3 ticke
V 111, p 588.
ha.s
—
—
&
Indiana Ry. New Officers.
Grand Rapids
William Miller Wardrop has been elected Vice-President and A. L.
Parmellee Secretary and Auditor. V. 112, p. 61.
—
—
Traction Co.
Rates of Subsidiaries Increased.
The Illinois P. U. Commission has granted the subsidiary companies
increases in rates for gas. electricity and rail'way service as follows:
Illinois
(a) The Decatur Ry. & Light Co. is permitted a 6-cent street cash car
The company, besides, is perfare with a rate of 9 tickets for 50 cents.
mitted to charge $1 40 a 1,000 cu. ft. for the first 5.000 cu. ft. of gas conElectric lighting rates for the company
stmied and SI 35 for all over 5.000.
»ro 10 cents for the first 150 k. w. h.. with graduation down to 5 cents.
Traction Co. is to collect, for electric lighting, 10
(b) Cairo Electric
cents for the first 15 k. w. h., 8Vi cents for the next 85 k. w. h.. and 7 cents
The minimum bill allowed will be 75 cents.
for all over 100 k. w. h.
(f) Danville St. Ry. & Light Co. is permitted to charge $1 50 per 1.000
first 5.000 cu. ft. of gas a month and $1 45 per 1,000 for all
net for the
over 5.000 cu. ft. Electric light rates in Danville now are to be 8 cents
net for the first 100 k. w. h. with all over 100 k. w. h. graduated down to
Electric lighting in Tildon will be 8 cents a kilowatt, graduated
5 cents.
do'wn to 5 cents, and in other towns served 13 cents for the first 15 k. w. h.
graduated to 11 cents, with bu.sine.ss lighting from 12 to 6 cents.
Power Co. is allowed to charge in Galesburg
(d) Galesburg Ry., Light
$1 60 for the first 1.000 cu. ft. of gas, with cost for increased consimiption
graduated down to $1 40. Electric lighting rates in Galesburg and East
Galesburg will be 10 cents for the first k. w. h. and all over graduated down
In Abington. St. Augastine. Prairie City and Knoxville electric
to 6 cents.
Ughting rates will be 13 cents for the first k. w. h., with all over 20 k. w. h.
at the rate of 11 cents.
(e) Northern Illinois Light & Traction Co. is granted a rate for Ottawa
of 11 cents net for the first 30 k. w. h., with graduation for increased consumption down to 5 cents.
Champaign Ry.. Gas
Electric Co. can charge a gas rate
(/) Urbana
In the two cities of $1 50 a 1,000 cu. ft. for the first 5,000 cu. ft., with all
over that consumption costing $1 45 a 1,000. Electric rates in both cities
will be 10 cents for the flr.st 50 k. w. h.. graduated down to 5 cents.
&
&
&
(g)
Bloomington
&
& Normal
Ry.
&
Light Co.
k. w. h. for the first 150 k. w. h. used in
centos in other towns served.
(h)
k. w. h., with scale graduated down to
in the towns served. -V. 111. p. 2041.
—
charge 10 cents a
is
6H
allowed 11 cents for the
cents and a discount of
10%
V. 87. p. 37.
Electric
President Frank Hedley says:
"The six months ended De"c. 3ri920, shows a total deficit of $2,682,760.
There was a deficit of $2,864,749 on Manhattan division and a surplus
over fixed charges of $181,989 on Subway di-vision. The latter, however,
does not include interest on all the money put into the construction and
equipment of the subway as it docs on the Manhattan division.
"The city's contribution toward construction of the new subway lines
amounts at pre.sent to about SKO.000.000. Interest and sinlung fund on
this sum would amount to approximately $2,200,000.
Deducting this
amount from subway earnings, which must be done in order to place the
subway on parity with the Manhattan, would leave a deficit of S2. 018. 000
on the Subway division and a deficit of $2,864,749 on the Manhattan
division.
In other words the subway failed to earn interest and sinking
fund on the
re.sented
acttial
monej' put into construction and equipment and repS2. 018. 000 during six months endiKl Dec. '31
by bonds by over
19-20.
See also "Earnings Dept." on a preceding puge.
The company has installed 4 new turnstile devices at the East 51st St.
station of the Lexington Ave. subway.
If they prove satisfactory they
•will be placed in use throughout the entire system, thus saving the wages of
ticket choppers, amounting to SI .500,000 a year.
V. 112, p. 61
—
International
&
Great Northern Ry.
New Chairman.
At a meeting of the noteholders' protective committee held Jan. 21,
Frederick Strauss, Vice-Chairman. was elected Chairman to .succeed the
late Alexander J. Hemphill, and Winslow S. Pierce was elected a member of
the committee.
— V.
Ill, p. 2041.
—
Interstate Public Service Co. Acquisition.
See Louisville & Southern Indiana Traction Co. and the
Northern Ry. & Lighting Co. below.— V. 110, p. 1289.
filed witli Ilie
&
St.
Missouri
Joseph Ry. —Stork.-S.
I'
(
'oiiimission a reqiiKst for
.'•>• '" 000
authority to Issuo Sti.OOO.OOO 7*:, I'reCi-ii-i-*! <-uniu
of ('oiunion stock.
In Oct. the eonipany ohtained am
iiimts.sion to reissue Its capital .stock of .<(l6. 000. 000 of
«
^aK
to be I'ri'ferred and $7,000,000 Coiiiniou.
It houghl to aiucuid its diiicluh
of Incorporation later, but the Secretary of State would not permit It to do
so because all the holders of I'leferred stock had not given their consent.
The company propost* to dis,solvo as a Maine corporation. V. 111. p. 1566.
'
'
.
'
Louisville
&
—
Kansas Oklahoma & Gulf Ry.
-Reort/anized Compani/.
Neir Scrurilie.s In lU l.<sit,(l,
Tlii.s <'omi)an.\' was orjfunized
as ilic "new (•(jni|)aii> " jintvided tor in tlm plan of adjustment of the Missouri Oklahoma tt Clulf Kit. System, dated
Dee. 31 191S (V. 108. ]). Umd). The plan was approv.'d by
the Direetor-Oeneral of Railroads during the period of Federal control.
In aeeordanee with the plan the company has
aequired the propertifs that were siihjeet to the receivership,
and has been authorized hy thi- l.-S. (". C'ominission to
is.sii<>
bonds, eapital stoek and equi|)inent trust notes as
below, for the purpose of further execution of the plan.
A mortgage and deed of trust, dated iMar. 1 1920, under
I lie
terms of wliieh the proposed issues of bonds will be secured, has heen made by the comjiany to the St. Louis
Union Trust Co., covering all of the aj)i)!icant's i)roperty,
subject anil inferior, however, to the Government lien mort-
gage dated .March 1 li)20, under which $1,411,687 Government lien notes ha\e been issued.
Obligations Authorized to Be Issued by Reorganized Company.
—
$2,74 1,750 Mtye. Bonds.
Tin; company Ls authorized to Is-sue. as of
1
1920. not exceeding $2,744,750 .Series A <i% bonds secured by a
mortgage dated March 1 1920. due .Ian. 1 1937. to bear int. from Jan. 1
1919, payable J. & J.
ISoiids are subject to and inferior to the above
Govorntnent lion mortgage dated March 1 1920, made by the company
to Krank Hagerman and the Commerce Trust Co.
To be u.sed solely for taking up. acquiring or otherwise .satisfying or
liquidating the following: («) Receivers' certificates amounting to $1,720.000; (6) interest on said re<-eivers certificates to Dec. 31 1918, aggregating
$190,478; (f) interest on unsatisfied equipment obligations, aggregating
$147,273; and (d) other liabilities of the receivers, coiu-t costs, allowanceti,
expenses of reorganization and claims .so far as approved by the (Jourt
(2) $82,000 Income Bonds.
The company Ls authorized to issue as of
March 1 1920 $82,000 f>9, Seri&s IJ Income bonds, to be secured by the
aforesaid mortgage, to bear int. from Jan. 1 1919 (cumulative), payable
Jan. 1 of each year if earned, the first coupon to be payable as of Jan. 1
1920 and to represent int. for the preceding 12 month-s; the principal to be
payable Jan. 1 1949. The bonds are to be subject and inferior to the Government Hen mortgage dated March 1 1920. and Series A bonds.
To be used solely for purpose of taking up, acquiring or othenvlse satisfying or liquidating claims.
(3) $6,120,500 Income Bonds.
The company is authorized to issue, as
of March 1 1920, not exceeding $6,120,500 6% Series C bonds, due Jan. 1
1949. equal to 507, of the principal amount of bonds of the Mls,souri Oklahoma & Gulf Ry. and Missouri (Oklahoma *c Gulf RR. that have been or
may hereafter be deposited by the respective holders thereof in accordance
with the plan (V. 108. p. 1936). said Series C bonds to be secured by the
aforesaid mortgage and to bear int. from Jan. 1 1919. such int. to be payable on Jan. 1 In each year {cumulatively) only if earned, the first coupon to
bo payable Jan. 1 1920 and to represent int. for the preceding 12 months.
Bonds are subject and inferior to the Government Uen mortgage dated
March 1 1920 and Series A and Series B bonds.
(4) $9,120,500 Preferred Stock.
Being equal to 50% of the principal
of bonds, together with unpaid interest accrued thereon to Dec. 31 1918. of
the Mis.souri Oklahoma & Gulf Ry. and the Missouri Oklahoma & Gtilf
RR. that have been or may hereafter be deposited under the plan.
(5) $729,640 Common Stock.
The company Ls authorized to issue its
Common stock not exceeding $729,640. and also not exceeding 8% of the
par value of I'referred stock actually issued in accordance with the above
in .settlement of claims if any ranking between the present 1st <k 2d mtges.,
or if not so required, the Common .stock shall be dLstributed pro rata among
the holders of such of the $867,000 2d Mtge. bonds as may be deposited.
(6) Stocks Hare Equal Voting Power.
The Preferred and Common stock
.shall have equal voting power.
Company is authorized to issue, as of Aug. 1
(7) $51,378 Equipments.
1919, 10 equipment trust 6% notes of $5, 137 85 each, to be secured by a
certain agreement of sale and indenture of lea.se between Barney & Smith
Car Co.. the Winters National Bank and the company.
The company is authorized to issue, as
(8) $385,161 Equipment Trusts.
of Aug. 1 1919. 9 equipment 6% trust notes of $38,516 19 each, to be secured by a certain agreement of sale and Indenture of lease between American Car & Foundry Co., Columbia Trust Co. and the company.
Statement of Indebtedness.
The following statement of the indebtedness
of the Mis.sourl Oklahoma & Gulf System and of the new company, including the outstanding $1,411,687 Government lien notes and eqtllpment trust
notes mentioned above, shows the reduction in the total liabilities upon the
applicant's property under the plan:
Mo. Okla. <ft Gulf Syst.
Xew Co.
Capital stock
$14.751 .400 00
$9,850,140 00
(1)
March
—
—
—
—
—
—
—
—
Bonds
Government lien notes
Equipment trust notes.
Other
13,108,00000
8,947,2.50 11
1,411.687 30
673,868 83
_.
liabilities
6,569,784 17
$20,882,946 24
13 ,546 ,237 93
Net reduction
Fired Charges.
fir.st
Indiana Columbus & Eastern Co. Receivership. —
Ohio
Ry. below.—
Interborough Rapid Transit Co, Earnings, &c. —
See
coiupuny has
Bloomington and Normal and 13
Madison County Light & Power Co.
40
may
'I'hi-
—
('ommLssioii \va< granted authority to procure authentication
and delivery to company of S99K 000 Uef. & Gen. .Mt^'e. tj', boiuls, ami to
pledge or repliKlKO fioni time to time, part or all of .said bonds as seiurity in
•whole or in part, for advaiici.s, or for noti's.
Of the foregoing ?99.S,000 bonds. $300,000 are authorized to bo deposited
V. 112, p. 371,
as security for a (io\eriinient loan of S2U7.900.
The
1U9
— Under the plan fixed
$34,429,184 17 $34,429,184 17
charges aggregate $289,818 97.
int.
as follows:
Series
A
bonds
$164,685 00
40,432 13
84.701 84 $289,818 97
In addition, there will be $372,150 additional interest charges to be paid
only if and when there are sufficient surplus earnings from operation, but
to be cumulative:
Series B bonds
..
.
$4,920 00
Series C bonds
367.230 00
Compare reorganization plan under Mis.suori Oklahoma & Gulf RR. in
V. 108, p. 1936.
Equipment notes
Government lien notes
Long Island RR.
—
Injunction Vacated.
—
The Appellate
Division of the Supreme Court on Jan. 28 vacated an injunction which restrained the company from putting into effect the Increased
pa.s.senger rate granted by the l.-S. C. Commi.ssion.
Justice Benedict
granted a temporary Injunction, in which he held that the Transportation
Act of 1920. in so far as this company was concerned, was uncon.stitutional.
The Api)ellate Division reversed Justice Benedict's decision and held that
the constitutionality of the Transportation Act could not be attacked in
the State Court. This decision means an increase of 20% in passenger
rates on the road
See also preliminary report on a preceding page.— V. 111. p. 2520.
Louisville &
The stockholders
to the
Northern Ry.
will vote Jan 29
Interstate I'ublic Service Co.
.
&
Lighting Co.
Sale.
—
on ratifying the sale of the properties
— V.
Ill, p. 2228.
—
Sale.
Louisville & Southern Indiana Trac. Co.
The stockholders of this company, which operates the interurban
line
between New Albany and Louisville, Ky., and the street railway lines of
New Albany and Jeffei-sonville, will vote Jan. 29 on ratif>-lng the sale of
the property to the Interstate I'ublic Service Co. Both companies are
owned and controlled by the Middle West Utilities Co., so that the transfer of the property from one company to the other •will not result in any
change in the management. It is stated that the purpose of the sfile Is to
simplify the business of the three concerns.
V. lOS, p. 1398.
—
.
.
THE CHRONICLE
470
Manchester Traction, Light & Power Co. Rfjunding.
ntockhoI<l(T8 will vote Pob. 3 on tho r(»commcn<lallon of the, dlr<K>
tors thut $911. (K)0 5% (^oniiol. MIrh. bonds maUirInK April
next bo reTho
1
fundtxl by IssuInK an o<|ual aniovint of inortRaKo bon<lH cntitlinK th<; holacrs
thereof to l"/,, InKTPBt.
Hiiico th<! rulo of lnt<T<-.st cxcct'ds tho rate provided
for in the company's oxiKtinK First KefundiiiK niorlKaRe Indenture to the
Amcriian TruHt Co., the storkholdcrs will vote on aiithorizinK that such
8ui)pleniental Indenture be enttTeti into as will ptTmit the inclusion in such
refunding bonds of an aKreemunt for additional intertist, subject to all rights
of the holders of bonds and coupons hiTetofor*^ or hereafter issued in accordance with the terms of the original ind(;nture. .See V. 11 1 p. 2228.
Midland Valley
RR — ScUlcmcnl. —
Minneapolis
The
—
UK. AdminLstration" below. V. 111. p. 896.
Notes Authorized.
St. Louis RR.
<"o/nints.sion has authorized the company to issue $2.30.000
•Unit«Hl States
.See
,
I.-S. <;.
6%
—
&
—
promLs-sory notes in connection with piu-chase of five pjuvsenger locomoUnder an agrocmont to bo dated Dec. .31 1920. with American
Ivocomotive (^c. the company will procure five superheater l'ac"ific typo
pa-ssejiger locomotives costing $,'111 ./."iO. of which .$81,750 will be paid in
ca.sh.
The balance will be payable $2.'J.000 semi-amiually from July 1 1921
to Jan. 1 1926. Inclusive.— V. HI. p. 2.521.
tives.
M.
—V.
St. Paul
S. S. Marie Ry.
has been (Jectod Treasurer, .succeeding
I'alst
110.
I).
— Treasurer. —
&
Minneapolis
H.
22K7.
C
—
F. Clement.
—
Mississippi Central RR.
Wage Reduction.
The company ha,s annoimced wage reductions effective Feb. 1. ranging
from 10 to 30%. and applying to the coraipany's entire force, including
am
offi
fleers
— V.
and general managers.-
Missouri,
W.
President
112, p. 162.
Oklahoma & Gulf Ry.
Co. — Final
Montreal Tramways
A final dividend ot 214% for
2.5.
— V. 111.
Dividend. —
p.
2423
the year 1920 has been declared, payable
holders of record Jan. 20.
The company, it is stated, is .still
1 to
In arrears for one dividend.
V. Ill, p. 1365. 896.
Feb.
—
New
Orleans Ry.
&
Light Co.
— Valuation
Undetermined.
The "Electric Railway Journal" Jan. 22 .says: "The matter of the valuation of the railway property of the company is one of the things not discussed.
The company in one of its revised estimates placed the valuation
at $55,000,000.
On the other band, the special Masters in (Chancery announced that they thought the property was worth $41,500,000. The concensus of opinion is that the valuation of the railway, gas and electric property, when the matter is finally determined, •will bo around .$47,000,000,
against the company's $55,000,000 and the Masters in Chancery .$41,500.000.— V. Ill, p. 1752.
New York
Central RR.
— New Director. —
A. T. Hardin, Vice-President in charge of operations, has been elected a
director to succeed the late William K. Vanderbilt.
V. 112. p. 258, 162.
—
—
—
Northern Ohio Traction & Light Co. Fare.
The City (-ouncil of Akron, O., has pas-sed an ordinance allo'wing the
company to continue to charge a straight 5-cent fare for a period of three
months, pending action on the proposed service-at-cost franchise. The
company was to have returned to the practice of selling 6 tickets for 25 cents
on Jan 1.— V. 111. p. 2041.
Northern Pacific Railway. New Directors.
Frank L. Polk, formerly A.ssistant .Sec'y of State, E. M. Willis and A. H.
—
—
Gillard have been elected directors succeeding J. P. Morgan, Lewis Cass
Ledyard, and Payne Whitney who resigned in compliance with Section 10
of the <^layton Act. prohibiting interlocking of directorates.
V. 112. p. 161
Ohio Electric Ry.
B.J. Jones
—
— Receivership. —
Columbus, former Gen. Mgr. was appointed receiver by
Federal Judge Killits on Jan. 25.
At the same time Henry C. Paul! of Fort Wayne, Ind., was appointed
Receiver for the Fort Wayne division, and J. Harvey McClure of Lima was
made Receiver for the Indiana. Columbus & Eastern road. These latter
receivers, however, will work under the direction of Mr. Jones.
Paul C. Martin, Gen. Counsel says: "Inability to obtain increased
passenger rates, added expenses due to war prices and the development
of
of the automobile are the chief causes for the company being in such a
condition."
See Fort Wayne Van Wert & Lima Trac. Co. above. V. 112. p. 373.
—
Owensboro
(Ky.) City
RR.
— Fare Increase Denied. —
The City Commission of Owensboro. Ky.. has denied the company's
application for an increase in fare from 7 cents to 10 cents. The company
has announced that it will discontinue service to Hickman Park, one of the
principal parks of the city, and that it will introduce other economies. The
V. 107. p. 2290.
fare was raised from 5 cents to 7 cents about a year ago.
—
Pennsylvania B.'R.—Sale of .S60,000.000 15-Fear 6^%
Kuhn. Loeb & Co., announced
Trust Bonds.
yesterday that the $60,000,000 IS-year 63^% Gold Bonds
due Feb. 1 1936, offered b.y them and their associates at 9934^
and int., to yield about 6.58%, have been oversubscribed.
—
Collateral
(See advertising pages.)
A.^sociated wilh Kuhn. Loeb & Co. are:
Bankers Making Offirinti.
National City C^^o.. Guaranty Co. (New York), Dillon. Read & Co., Harris,
Forbes & Co., Kidder. Peabody & Co., Lee, Higginson & Co., Blair & Co.,
—
Inc., New York, Cassatt & Co.. Philadelpiha, 1 nion Trust Co., Pittsburgh
and Continental & Commercial Trust & Savings Bank. Chicago.
Denom. $1,000 and $500 (c*&r*). Int. payIntei-est payable F. & A.
able without deduction for any tax or taxes (other than a Federal income
tax on the holder thereof levied by the U.S. Government) which the company or the trustee may be required to pay or to retain therefrom under
any present or future law of the United States or of Pennsylvania.
Security.
To be secured bv $60,000,000 Pennsylvania RR. Gen. Mtge.
6% gold bonds. Series "C." due April 1 1970, and .$6,000,000 Phila. Balto.
& Wash. RR. Gen. Mtge. 6% gold bonds. Series "A," due April 1 1960.
Approval.
Ihe issuance of these bonds is subject to the approval of such
Governmental bodies es may be necessary.
Purpose.
Proceeds from the issue are to be utilized almost entirely in
caring for maturities of the Pennsylvania Co. during the current year.
(The Pennsylvania Co. has approximately $50,809,580 obligations becoming
due this year as follows: (a) $15.4.33,000 1st 4 3^5 due July 1; (&) $10,463,358
French franc loan of 1906 due June 15; and (c) .$24,913,322 i'A% Gold
Loan certificates due June 15].
The New York Stock Exchange has admitted the bonds to the
Listed.
—
—
—
—
when issued.
To Increase Indebtedness,
Lease of 16 Roads
holders will vote March 8 on the following:
—
list,
tfec.
— Stock-
(a) Ratification of long-term leases of 16 railroad properties (see V. Ill,
p. 162) now constituting portions of the Pennsylvania System and controlled
through ownership of all or practically ail of their capital stock.
(6) Authorization ofan increase in the co.'s indebtedness of $100,000,000.
(c) Changes in the dates of the annual meeting from the second Tuesday
of March to the .second Tuesday in April
An
announcement
says;
which ratification is asked have been negotiatedin conThe
formity with the company's policy of consolidating the Pennsylvania
System and simplifying its corporate organization, for the sake of operating and accounting economies.
The request for authority to increase the indebtedness should be carefully
distinguished from an actual issue of obligations. It is required in order
that the company may be in position not only to do its o^vn necessary financing, but also to enable it, if required, to assist its subsidiaries in meeting
official
The changi'H
In the dates of the annual meeting and election are requiMcd
that more time may be available to close the arrounUi of the 142
the Pennsylvania System, so that overtime
clerical work, now ne<,-es«ary mav be avoided.
It is hoped in »his way to
save In overtime approximately the cost of printing and InauInK the report.
Data from Letter of President Samuel Rea to the Stockholders.
Authority to increase the indebtednees of the company to the extent of
$100,000,000 is, in the judgment of your management. noc«»isary, for while
a balance of $64,000,000 of former authorization remains unissued your
management must be In a position to assist Its subsidiaries In their financing,
esp(!cially as a largo part of this year's maturing obligations an- thoM; of the
Pennsylvania Company. In order, therefore, that your company may be
able, in its own bf^half. and to assist Its subsidiaries, should assistance be
found n<«;ej>sary, to provide for maturing obligations: the settlement of
accounts with the U .S. Government for expenditures upon the property and
for equlnment during Federal control; and for such additional equipment
and facilities as may be essential to further promotr; the development and
economical management of the property; you will be asked to authorize the
above increase to be made In such amount, and at such times as your
directors may deem nec«»isary, through the issue of bonds or olbfr evidences
of indebtedness, in such form as may be found best for th(r intr-rfstsof the co.
The purpose of the leases abov<^ referred to. which have been approvid by
your directors, and by the comj)anies name^, is to effr-ct greater economy
In operation and accounting.
They are for a period of 999 years and cover
lines of railroad now embraced in, and coastitutingpart of, the Pennsylvania
System, while the capital tsock of all the companies nam<-d (excepting small
minority holdings in the Pitts. Cin. Chicago & St. Louis RR. and the
CJrand Kapids & Indiana Ry.) is owned by the Pennsylyania RR or Its
subsidiaries.— V. 112, p. 373. 2.58. 162.
In order
corjxiratlons {•onslltulinK
,
I
.
Peoria
— Fare Increase. —
Ry.
(111.)
The company on
—Obituary. —
Kenefick of Kansas City, Mo., died Jan.
[Vol. 112.
leases for
their very large maturities during the current year; to settle accounts with
the Government, which spent large sums upon the property during Federal
control; and to acquire such additional equipment and facilities as may be
The authority requested is desired in order that the board may
essential.
be adequately empowered to act as circumstances make necessary.
Jan. 12 ralscKl its fare from 7 cents to 8 cents by order
of the Illinois P. U. C'ommission.
Two tickets are being sold for 15 cents.
Children between the ages of 5 and 12 years are carried for 4 cents.
V. 110,
—
p. 26.58.
Pere Marquette RR.
Frank H. Aldred, says:
— No
Dispute with Unions.
— Pres.
This company has handled the entire amount of repairs to its motive
power in its own local shops, and up to the beginning of the present depression the force employed in its local shops was the largest in its history.
Diu-ing the last several years a very large proportion of the road's freight
cars were away from home lines for long stretches at a time.
In the latter
part of 1920 these cars commenced coming home in large numbers, and,
as they had not been well maintained during the period of Federal control,
this company was confronted with a very unusual volume of car repairs.
This company, accordingly, made a contract with the Inter-National
Car Co. for repairs to 500 cars, which is a comparatively small number. In
order that our equipment might be kept in condition to perform the maciservice, but the prices paid in this contract are not greater than the
costs of similar work in our own shops.
The present reduction of forces
in the locomotive and car shops of this company is due entirely to the existing financial depression, and we hope it is only temporary.
V. 112. p. 63.
mum
—
Potato Creek
The
RR.—-To Abandon
13}4 Miles.—
C. Commission has authorized the company to construct an
extension of 2.99 miles and to abandon 13.49 miles of the present 16.48
miles of road in Potter and McKean counties. Pa. The road was constructed in 1909 from Keating Summit. Potter County, to Keystone. McKean
County, about 16.48 miles. With the abandonment of 13.49 miles and the
construction of 2.99 miles of road the total length will be 5.21 miles. The
existing line was built primarily to serve lumbering operations.
I.-S.
Republic Ry.
&
Light Co.~City Pays
Deficit.
—
The Youngstown City Council has voted
to pay the Yoimgstown Municipal Railway Co., a .subsidiary, $109,506 for deficit incurred in operation in
1920 under a "service-at-cost" franchise. The amount is to be paid in
monthly installments. V. Ill, p. 1950.
—
Rio Grande Southern RR.
— Settlement.—
— —
RR. Administration" below. V. 105, p. 2366.
Rockford City Traction Co. Fares Wagc.^.
The Illinois P. U. Commission has authorized the company to raise its
cash fare to 8 cents. The fare has been 6 cents, with 5 tickets for 30 cents.
The company announced a wage cut of 10% for its trainmen, effective Jan.
The new wages are from 46 to 50 cents an hour. V. 107. p. 1385.
15.
See "United States
—
—
Rockford
&
Interurban Ry.
Effective Jan .15, the
new wages
will
— Reduces
company cut the wages
be from 50 to 53 cents an hour.
Southern Ry.
Wages.
—
of its employees 10%
V. 111. p. 2141.
—
— Loan Approved. — The
I.-S.
.
The
C. Commis-
sion has approved Government loan of .$3,825,000 to aid the
carrier in providing new equipment.
The loan will be secured by $5,900,000 Devel. & Gen. Mtge. 4% bonds
Series A.
See V. 112. p. 163.
—
—
Tennessee RR. Receivership Branch
A Knoxville, Tenn., despatch states that this road
Line.
d'c.
—
has been placed in the
hands of a receiver.
The I.-S. C. Commission has authorized the company to consti-uct a
line of road from a point on the main line at the mouth of Beech Fork
of New River, Campbell County, Tenn., in a southea-sterly direction along
Beech Fork and Rocky Fork in Anderson County, a distance of six miles.
The company was organized in 1918. in Tennessee, follo'wing a receiverThe main line as now opership of the Tennessee Railway (V. 107. p. 502)
ated extends from Oneida to Fork Mountain, about 45 miles, with several
The main
short branch lines in Scott. Campbell and Anderson Counties.
line and branches are chiefly used to handle timber and coal.
branch is to be byilt by the Beech Fork Timber Co.. which
The proposed
owns most of the timber lands to be reached by the line. A written agreement between the company and the timber company provides that the latter
will obtain the necessary rights of way, maldng location sm-veys and conbranch
.
struct the line according to agreed specifications, turning it over to the
The co.st of the line
railroad as a complete line ready ready for operation.
is estimated at .$204,477.
Income account for the year ending Dec. 31 1919 shows a gross income
of $13,448; deductions for hire of equipment and interest on fimded debt
Compare reorganization
amount to $20,249. leaving a net deficit of $6,801
plan in V. 107, p. 502.
.
Third Avenue Ry.
—Injunction. —
Federal Judge Hough signed an order on Jan 25 restraining the city and
State officials from seeking to prevent the 59th St. Crosstown line (a part
of the Third Ave. Ry. system) from discontinuing the exchange of transfers with the Sixth, Seventh, First, Second and Lexington Avenue lines.
The Court stated that to compel the company to continue the transfer system would violate the law. because it would be confiscatory, and stated that
the company received only 2 cents from each transfer passenger, and that
it cost 3.96 cents per passenger, to say nothing of more than half a cent adV. Ill, p. 2521.
ditional needed to meet interest on borrowed money.
.
—
Twin City Rapid Transit
The company, which operates the
Minn., has raised
its fare
Calendar Years—
Operating revenue
Operating expenses
Taxes
Operating income^
Other income
on
Co. — Fare —Earnings. —
electric railway lines in Stillwater;
Stillwater lines
1920.
1919.
its
from 5 cents to 6 cents.
$12,986,406 $11,442,444
8,445.0.59
9.794.834
1.126.338
1.161. .506
1918.
1917.
S9.695.980 $10,181,867
7.003.974
6,723.520
936.451
916.196
55.555
15.215
$1,871,047
51.034
SI,';
$2,114,398
Gross income
1 ,115.298
Total deductions
210,000
Preferred dividends (7%)
(3 % )600.000
Common dividends
$1,922,081
1,133.729
210,000
$389,100
$578,352
.$41,302
$2,542,151
25,846
SI .770.770
F.alance. surphis_
-V. 112, p. 2.58.
$2.0.30.066
84.332
$2,567,997
1.079,468
1,029,947
210.000
210.000
(2)440.000(6)1,320,000
$8,050
J
THE CHRONICLE
Jan. 29 1921.]
United States Railroad Administration.— AVnn/ ScttleClaims with Sei^en D'her Companies. -The Dircctor-
>nent of
Uenerai of Itailrojuls announces that final scl Icnicnts hav»>
been reacthod witli 7 additional carriers as follows
Rio (Jrando Southcn-n, $105,000; Midland Valley. $550,000; Ik'nrH-tUsvillo
$29,599; Clyde .SS. C!o., $162,224: (Chesapeake BS. Co.. $62,303;
Des Moines TBrmtnal Vo.. $16,500; Kort Worth Belt Line. $75,000. See
also V. 112, p 163.
& Oheraw,
United Power
& Transportation
Co.
— Dividend. —
.semi-annuHl dividend of $1 60 per .share ha-s been declared, payable
Jan 31 providing funds for the payment of the Feb. 1 couijon of InttTslate
Railways 4s.— V. ill, p. 75.
A
,
United Traction Co. (Albany).
The New York
S. Comjni.ssion
increa,se In fare from 7c. to lOo.
1'.
Fares
rcfusetl the
has
— Wagci. —
company's application
It has allowed th(! company to charRe
Albany. continiuHl the 7c. fare in Troy and ordered a reduction in
The Commission de(;lan><l it liad
Ren.<selaer across the river from Albany.
no disposition to Kranl lii^ fare increa,ses to traction lintvs, stating that the
"future trend of Wiiges and expen.ses will be downwartl."
The refu.sal to Krant any increase for Troy and Rensselaer is ba.se<l on
franchise aKroements those citii's have with the trolley company limitinK
the fare to 5c. Troy had a^rrt^od to increase to 7e.. but the ('ommon Council
Rensselaer aj^retnl to a 7c. fare for a
refused to atrroo to anv further boost.
The (Commission now orders a reduction to
period explrinR this month.
ThJ
5c. within the city limits and to 6c. between Rensselaer and Albany.
Increaso to Sc. in .\lbany is contlnKont on the seHins of 4 tickets for 30c,
Notices of a reduction in wa^es from 60c. to4.'>c. an hour, effwliv<' Jan. 29.
were .served on striH'l car employees of the company on Jan. 24.— V. Ill, p.
for
an
8<;.
in
.
589.
Valdosta Moultrie
W.
& Western RR. — Sale. —
Talbert. special ma.ster. will offer the road for sale on Feb. 22 at
Valdosta at the upset price of $165,000. V. Ill, p, 2521.
J.
—
Westchester (N. Y.) Street RR.
—
—
Fare Inrreane. &c.
Commission has authorized the company to charge
The Commission has ordered
an 8-cent fare in each zone except in Zone 1
the company to rtwume operation at once on it.< branch line running to
Larchmont,"just abandoned. Operation, the (Commission notified the com^V. 112, p. 373.
pany, must be continued until legal abandonment is (granted
The New York
1».
S.
finishing, 261';; silk 23.3% and automc.biles 31 08«r,
(2) lncr«a«ej> .jir
building and repairing. 13.8%; steel, 3.4%; and paper.
9<v;
.'Oil I) ping Hoard Inresligution.
Charles M. Schwab exonerated
"Time."
Jan 27, p. 2.
Wuyes.
'I'he 12,00(J milk employees iu (ireater N. Y. district were on
Jan. 22 denied by arbitration board the right to an Increase of $10 a week.
;
—
—
Wisconsin-Minnesota Light & Power Co. Notes Sold.
—Paine, Webber ct Co. have sold at 99 and int. $1,000,000
One-Year 8% gold notes. A circular shows:
Int. payable F. & A. in New York
1921. due Feb. 1 1922.
Denom. $rMO and $1 .000 (c*). Red. all or part on 30 days'
and int. Continental & Commercial Trust & Savings
notic« at lOOH
Bank. Chicago, trustee. No new mortgage while notes are outstanding.
Dated Feb.
and ChicaRO.
1
—
Company. Doe-s a general public utility business without competition,
serving 48 communities located in Western Wisconsin and Eastern Minnesota, including the cities of La Crosse, Kau (Claire, Chippewa Falls, Red
Wing and Winona. Has a total generating capacity of over 70,000 h. p.,
Furnishe-s a Large amount
of which more than 00,000 h. p. is h^dro-electric.
of electric power under a 30-year contract with the Northern States Power
Tensioa transmission
St. Paul and Minneapolis.
(Co. for distribution in
lines aggregate 414 miles in length.
Purpose.— To retire .oeOO.OOO notes due Feb. 1 and for additional working capital.
Authorized. Oulstanding
Capitalization
$5,000,000 S5,000.000
(Cumulative 7% Preferred stock
5,000,000
2,500,000
Common stock
First & Ref. bonds (incl. those reserved to retire un20,000.000
9 .'526 ,000
derlying issues)
Closed
1 .305, ,500
Mortgage bonds of acquired properties
l,000.u00
1,000,000
8% One- Year Notes (thisissue)
Earnings, Based upon Above Capitalization as of Oct. 1 1920.
1919.
1918.
1920.
,'$2.0.'->0,665
,$1,814, .598
$2,451,171
Gross earnings
maintenance, &c
.$932,073
.$821, .5C3
Net after taxes,
S977,071
541,895
Bond Interest
80,000
One-Year Note interest.
—
,
$355,176
Surplus
—V. 110, p. 369.
Wisconsin & Northern RR.
— Bonds
Authorized.
—
C. Conunission has authorized the company to Lssue $49,400
1st Mtge, 6% gold bonds, and to sell the bonds at not less than 90%. The.se
bonds are part of the $1,600,000 5-year 6% 1st Mtge. dated Jan. 16 1919.
paid to Wisconsin Trust Co., Milwaukee, trustee, of which $1,550,600 are
now outstanding. The proceeds of this issue are to be used for the purpose
of securing funds with which to defray certain expenses incidental to construction.— V. Ill, p. 1662.
The
I.-S.
INDUSTRIAL AND MISCELLANEOUS
—
General Industrial and Public Utility News. The
table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Evens and Discussions" (if not in the "Editorial
folloA\an,g
Department"), either concurrently or as early as practicable
after the matter becomes public.
—
The "Iron Age" of Jan. 27 says in brief:
steel and Iron.
"After four weeks of restricted operation, amounting in some cases to
almost complete shutdowns, various independent steel companies are
starting up on orders that will keep their plants going on a .50% scale for
two weeks or more. Thus the (Chicago district shows the independent companies running at 30 to 40% of steel works and 50 to 60%) of blast furnace
capacity, while the Steel Corporation's finishing mills were at SO to 85%.
Pittsburgh and Ohio districts show a slightly lower average of plant operation.
At Johnstown, Pa., the Cambria plant will start next week on a 50%
Two weeks'
basis, after being practically shut down since late December.
While the lowering of wages is much discussed, the steel
orders are ahead.
companies are slow to act, the reductions thus far made affecting a relatively
smali minority of mill workers.
Other producers of light rails have gone below the Steel Corporation's
A 2.50c. Pittsburgh price was recently made on tank plates.
price of 2.75c.
or $3 per ton below the established price. A sharp cut on bolts, nuts and
rivets has been made by Central Western producers, the new basis being
12H% below that maintained by Eastern makers.
The dulness of the pig iron market has been somewhat relieved by sales
Prices as low as $27 50. Birmingham, have been done on
of moderate size.
a sale of 2,000 tons, but the u.sual quotation in the South is now $30.
and Pittsburgh sales of foundry iron have been made at conCleveland
cessions of $1 to $1 50 per ton.
Pittsburgh basing case still in doubt. "Iron Age" Jan. 27, p 257.
(m) Retail food prices, p. 326.
(r\) Cost of
(I) W/io/csa/e prices, p. 325.
(o) Cotton mill tvagcs
living since 1914 in 8 cities and 32 cities, p. 326. 327.
changes. 1907 to 1920, p. 327.
(p) Employment and wages in selected industries in Dec. 1920 and 1919, p. 328.
(r) Coal
(q) Coal regulation, reasons and Association's reply, p. 328, 329.
(») Bitumitious coal prices and fair profits, p.
Shortage explained, p. 329.
(u) U. S. Census final figures, p.
330.
(t) Lumber trade inquiry, p. 331.
(w) Pan Ain. Labor Fed(v) St. Lawrence water powtr project, p. 332.
331.
eration, p. 333.
(x) Open shop "conspiracy." p. 334.
(y) Labor Federation,
325.
(z.) Packer legislation sought, p. 336.
dissolution by French Courts, p.
(bb) N. Y. income tax,
faa) Sales tax, reasons for and against, p. 338.
still applies to non-residents; filing time ends April 15, p. 339.
Unemployment. U. S. Employment Service, after survey for period
Dec. 15 to Jan. 15 in 35 States, estimates the number of vmeniployed in
the U. S. at 3.473,466. Full statement. "N. Y. Times. Jan. 26, p. 15.
Bureau of Labor comparing Dec. 1920 with Dec. 1919, finds (1) a decrease in number of employees as follows; Woolen industry. 52.4%, liosieiT
and underwear, 51%; men's clothing, 38% boots and shoes, 31.3%; cotton
—
"
;
.
;
—
.
—
Among the many wage reductions we note (Da 15% cut bv Am Locomotive Co. at Schenoc-tady. Ac; (2J 10 to 15% by (iunerai Electric Co..
effective Feb. 1; (3) 20% by Consol. Textile Corp.
Dept. of Labor Jan. 21 reported that the then pundinc 22H% wage cut
in the textile industry would leave an hourly wage 2 5 litneei a(> high as in
1913 and 1.4 times as high as in 1918.
I'rices - ("ommcxllty prices at wholesale have re<enlly Khown the following notable reductions: (a) Wheat, .No. 1 red, on Jan. 28 reached $1 87,
agst. $2 60 Jan. 7 1920, the high for that year; (b) oats Jaji. 2H, 54e.,
agst. $1 ,50 May 7 1920; (c) sugar Jan. 26, 7;-jC. agat J3c. July 12 1920;
(d) tin Jan 25 32 .5()<-. agst. 65.2.5c Jan. II l920: (e) pig iron at Phila.
Jan. 27 $30 75 agst. $.53 51 Aug. 31 1920.
Peoples' Reconstruction League.- .\ " non-i)artlsan union of farmers and
labor organizations" has been formed to bring about "tconomic Justice."
(iovernment ownership of RRs., Slc. Chairman, Herbert F. Baker.
I'res. Farmers' Nat. Council.
The ex»H;utlve committee includes Warren
.S. Stone, head of Locomotive Engineers.
"Times" Jan. 28. p. 5.
Matters Coreied in "Chronicle" ol Jan. 22.
(a) Klvicantile. Ac. failures
in 1920, p. 305.
(b) f. .S. Harvests in 1920.
(c) Customs conversion rates
Canada and Australia, p. 311, 312. (d) Wool Financing in Argentina, p.
312.
(e) Cold and silcer exports in 1920, p. 315.
(f) British ezpotts.u. 315.
(h) War Finance
(g) Foreign Trade Financing Corp. organization, p. 318.
(Vp. functioning, p. 319. (i) 6Vor(;i« Cof((m 7'rus( Cwp, p. 320. (j) Western Accrptance Corp.. p. 320.
(k) drain Exchange report on, p. 325.
Oil, iVc.
Together with further reductions throughout the country
in the price of crude oil, the Standanl Oil Co. of Indiana has reduced
its prices for gasoline at .service stations from 29 to 27 cts., and on tank
wagons from 27 to 25 cts., and the price for kerosene from 18H to ISJ^i cts.
"Times" Jan. 25. p. 1.
Carl 11. Pforzheimer & Co., 25 Broad St.. N. Y., fpocialists in oil stocks,
reiiort as of Jan. 27 as follows:
"Pennsylvania crude oil since Jan. 1 1921 has been reduced 60 cts. a bbl.,
from $t) 10 to $5 ,50 a bbl. Mid-Continent crude has been reduced from
$3 .50 to $3 00 and other gra<les accordingly. The following table shows the
pr&sont prices of the principal grades of crude oil compared with previous
—
—
.
.
471
(I
.
not at Ions."
Table Showing the Price of the Principal Grades of Crude Oil.
Jan. 27
Jan. 1
Jan. 1
Jan. 1
Jan. 1
1921.
1921.
1920.
1919.
1918.
Jan.
1
1917.
Ponnsvlvania
Corning
$5 00
$5 50
$6 10
$4 00
$3 75
$2 95
4 25
3 50
3 50
2 8.5
2 80
2 30
Cabell
4 46
3 42
3 96
2 77
2 70
2 10
Somerset, light
4.50
3 25
4 00
2 60
2 55
2 06
Ragland
-.2 00
2 60
1 75
2 32
1 20
96
North Lima
3 73
3 48
2 98
2 38
2 08
1 63
Illinois
3 77
3 02
3 52
2 42
2 12
1 67
Mid-( Continent
3 50
3 00
2 75
2 25
200
1 69
Healdton
2 75
2 25
2 00
1 45
1 20
80
*2 .50
C.ulf Coast
1 50
1 75
1 80
1 00
98
Canada
3 38
3 88
4 13
2 78
2 58
2 08
* High price of $3 reduced 50c. in the latter part of 1920.
Pipe Line Traffic For December and Full Years (Barrels)
Runs from WtUs—
-Olhir Rtuipls
Regular i Other Deiiv's
1920.
Pipe Line—
1919.
1920.
1919.
1920.
1919.
Buckeye
469,959
422,252 2,202.766 2,165,163 2,448,82.5 3,002.441
—
—
29.447 ,3fi6 28,075,657 27,147.449 32,569,537
155,955
172,473
169,722
320,140 1,743.281
1.846,635
1,733,890
IfO
2,262
274,961
333,665
2,689
52,824 3,383,860 5,516,172
1,080,702
1,296,449
1,707,385
1,682,019
12,671,501 16,305,866 18,870,026 22,359,913
2,960,728 2,952,841 2,995,267 2,885.938
32,402,827 35,305,355 32,754,813 35,474,731
1,354,461
1,649,480
1,573,357
1,763,447
16,024.322 20,928,490 18,439,480 21,170,808
884,537
1,271,490
918,579 1,625.578
10,951.175 17,481,106 11,209.110 15,974,564
1,084,871
Northern
1,650,626
1,141,339
1,876,472
13,682.527 23.621,181 13,742,970 24,047.165
Total for year
1,148,609
Southern
1.282.090
1,007.166
1,329,058
Tot tilto'.jrBar
13,379,917 14,893,244 13,288,100 14,897,501
96,471
1,187,.533
Southwpst fenn 109,774
1.277,410
1,325.546
1,255.248
Total for year 1,234.477 1.243,923 12,939,916 12,861,194 14,192.112 13,809,655
Gross Stocks of Oil (Barrels) on Dec. 31 1920.
Total for year 5,483,161 5,253,920
Crescent
Total Tor year
Cumberland
309,004
290,796
Totalfor year 3,740,636 5,260.676
Eureka
567,851
527,715
Total lor year 6,090,022 6,251.578
Indiana
22,477
24,390
Total for year
284,326
287,765
National Transit 191,298
160,295
Total for year 2,379,174 2,314,124
12,366
New York Transit 14,585
169,064
Total for year
163,174
1920.
1919.
1920.
1919.
-2.229,760 2,042,1S7 N'ational Tnin.sit
706,Sfc9
761.971
87,896
88,771 New York Transit.. 792,585
Cresront Pipe Lino-.
860,003
327.072
214,610 Northern Pipe Line, 464,0,S6
Cumherlaml Pipe L
523.165
Eureka Pipe Line. . -1,176,^)46 1,444.3.53 i^outhtrn Pipe Line . 602.907
531,568
7S4.161 Southwest Penn PI.. 4.34.260
Intilana Pipe Line. -- 06S,0S0
576.300
IMexican oil shipments for December 1920 are reported as 17,608,703
bbls., an increase of 1.457. 308 over November 1920, while for the entire
cal. vcar 1920 they .are said to aggregate about 153 million bbls.. against
79. .")3. 16 and '26 millions, respectively, in 1919. 1918. 1917 and 1916. and
In Dec. 1920 Mexican Petroleum leads with 3,222,848
6 millions in 1912.
bbls. increase over November, 791.874.
As to Mexican Oil controversy, nroposed taxation, &c., see "Times"
Jan. 17. p. 19. 21: Jan. 28, p. '24.— Ed.)
Copper. Lead. Zinc. Sitrer. Tin. A-c.
(a) Production, &c., in 1920 and
monthly average prices. "Eng. & Min. Joum." Jan. 22, p, 137 to 143.
"Wall St. Joiu-n." Jan. 24, p. 9.
(b) (Copper experts recover.
Muscle .Shoals Nitrate Bill. "Elec. World Jan. 22, p. 221.
Buckpyc Pipe
I.inC-
—
—
"
Acme Tea Co. — Preferred Stock Retired.—
It is reported that the outstanding First Pref. stock has been reduced by
the sinking fund to about SI .,500.000, as compared with $2,169,000 outetanding Dec. 31 1919.— V. 110, p. 2072.
Alaska Packers Association.
— Special
Dividend.
The
—
directors have declared the usual quarterly dividend of $2 per
and a dividend of $2 from insurance fund intrest, both payable Feb.
In Feb. 1920 a special dividend of $20 per
holders of record Jan. 31.
was distributed from the Liberty Loan bond holdings of the insurance
in addition to a dividend of S2 per share from interest income and the
quarterly dividend of $2 per share. V. 110, p. 466.
—
Alliance Realty Co.1920.
.^g.\eis—
real estate inv.
and nuges.
lioiiils
2.285.606
299.700
Markct;U)lc stocks
and bonds other
than real estate.
Hills
&
Accrued Int.*
(11
vs
2,204,172
Advance taxes
A
I'urn
fixtures.
Liabilities
1
1920
77.f.39
27.44
3,011
-
1919.
S2. 000.000 $2,000,000
Accrued
interest
payable
8,219
21.077
7
2,625
195,000
30 .060
Sundry
accounts
payable
Loans payable
98,417 Uos've for dividend
OO.05S Reserve for contin-
303,2,50
gencies
Reserve
for taxes
Surplus
4..54
170.000
30.000
349,997
2,822
766.175
349,997
755,861
1
$3,331,760 33,354.560
Total
—
$495,572 Capita! stock
69,417
52,812
97,103
23 ..544
acc'ts rec.
Cash
Balance Sheet Dec. 31.
1919.
N. Y.C. real estate $503,577
other N. Y. City
.share
10 to
share
fund,
usual
Total
53.331,760 $3,354, .'60
Net operating income for the year ending Dec. 31 1920 was $176,114;
corporate exp. and taxes, $45,800; net income, $130,314.^ V. Ill, p. 1754.
Allied Packers Inc.
— Annual Report. —
Income Account for year ending
Oct.
—
30 1920.
other income. $439,103; gross income.. $5, 720, 436
5,298.222
Selling and general expen.ses
Gross
sales, $5,281 ,333;
Profit from operations
Interest on bonds and other interest
after charges.
Loss
— V. 112. p. 259.
—
$422,214
1,709,196
.def.$l ,286.982
—
—
;
THE CHRONICLE
472
American
Chemical
Agricultural
Co. —Offcrinq
of
SiO.OOn.OfMJ 7'-2''o Bnrifis.- Kon,lv(js. Ar.—-\A'i\'U\fiKins(m
Co., Nfw York and Boston, this wccU offcrcfl {uui sold, at
97V;^. yifldine about 7H'/r. ?:j(),(K)(). ()()() 7 }X/7o First Kef.
Mtfr<>. Sink. Fund (rold Bonds (Scrit^s A). (Sec adv. i)!itrr>s).
nau<l Feb
1921.
Duo Feb.
Int. payable F. & A. willKnil
1941.
doductinii for normal FcfliTiil Ipcoiiki tax up to 2'/,.
OKI (dlDtiy TruBl
Co.. Itoston. TruNtco.
Inf. and sinking fund payable at offlrcs of I,ce.
H^(n{i^l^on .t Co.
UcnoniK. $1,000 and S.'iOO «; & r*) $1,000 and multiples.
&
1
1
Callablo all or part at IC) prior t<i Fob. I 1926, durlnt? next years at 103 >i
years at 102' .; next 1 vears at 101; lavi yrar at lOO'inext
.'{% annually of total FIr.st Hef. Mt«c. I!ond.s issued,
iSiiikiiio Fund.
flr.sl payniont Fob. 1 192:5 to be ii.Kcd for piircliaso or call and rci Ircnicrt of
bondsisuffirienl to retlri- before maturity more than r,0';'„ o( the amount
of llie present issue.
In addition, a sinkiinc fund of $37.5,000 per year i.s
operating to rehire the First WortgaKe !>% Boi/d.s.
Srcurilu.
Socuri'd by a mortKafto on all real e,state, plants and equipment.
now owned or hereafter aefiulrcd. suljjecl only to the $f).9.')9.000 First
(closed) MortKaRc 5s to retire whirh. First Kef Mt^e. bonds are reserved.
Data l-'rom Letter of Chairman Robt. S. Bradley. New York, Jan. 22..
Purpose.
Prooeed.s will be used (a) to retire by call or purchase, the
outstandlnK $5,03.'>,900 ("onv. Gold Deb. bonds due Feb. 1 1924 and (6) to
provide atUiitional capital rwiuired for the increasinfr luisiness.
Capitalizati.m Oulslondiny Upon Completion of This Financing.
IstMlKe. 5% bonds due 1928. conv. into Pref .stk (closed mtRe)..$6,9.59,000
7^2% Ist ref. mtKe. sinking fund gold bonds, due Feb. 1 1941
(this ls.sue)
30.000,000
Preferred stock 6% cumulative.
..28,46.5,200
Conuuon stock
31 ,979.400
/t.s;!C(.v.— Based upon the balance .sheet of .tune 30 1920 (V'. 111. p. 984)
but Including the proceeds of these $30,000,000 bonds, net a.s.sets (exclusive
of any valuation of brands, patents, trade marks and good-will), after
deducting all indebtedness except funded debt, are valued at 8113.2.54,547,
or more than 3 times the total funded debt of S36,959,000. including this
issue.
Of tills valuation, the value of the mortgaged property aloi e
(plants, equipment, investments in phosphate properties, etc.) exceeds
853.000.00tlor 144% of the entire funded dtbt. In addition the net current
assets (w<irknig capital) after this financing are more than $55,000,000 as
compared with about $39,000,000 on June 30 1920.
Karnings Years ended June 30,
June30—yrs.
1915-16. 1916-17.
1919-20.
1917-18.
1918-19.
xNet iTofits. ..$7,444,766 .f7,.591, 212 $11,910,236 89,923,494 .$9,473,084
Deprec&Dople.
987,107
1.186,144
1,413,090 2,294,210 2,308,351
yNet profits... 6,457,659 6,405,068 10,497,146 7,629,284 7,164,733
X Before depreciation, Federal taxes and interest charges, y Applicable
to interest charges.
Net profits applicable to interest charges for the fi.scal year cnde<l June 30
1920 were 2.75 times the present interest charges of .$2,597,9.50 on the total
$36,959,000 funded debt, including this i.ssue. Average annual net profits
for the last 5 years were $7,630,778 (after deducting an average of $1,637,
780 for depreciation and depletion) or nearl.v 3 times these charges.
Current Assets and Liabilities at the Close of Fiscal Year Ended June 30 1920.
Current Assets ($61,324,034)
Current LiaMlities ($21,860,820)
Cash and ca.sh assets
$3,400,099 Accounts pay accrued int.
Bills and accts receivable. 39.917,960
int., taxes, etc
..-$3,980,820
Merchandise and supplies. 18,005,975' Notes payable
..17,880.000
Tht> net current assets are $ 9,463.214, and adding the proceeds of
these boednds, will exce $,55,000,000.
Profits and Dividends Sincf Organization in 1899 to June 30 1920.
Net profits applipable to dividends
$63,119,236
Dividends on preferred stock
27,4,58,383
Dividends on common stock
9,598,967
Deductions (good-will, dismantlement of plants, etc.) written off 7,956,580
.')
—
.''i
—
—
.
—
—
Undivided surplus, June 30 1920...
$18,105,306
Diridend Record.- Has paid regular dividends, at the rate of 6% p. a. on
Preferred stock since organization in April 1899. Cash dividends have been
paid quarterly on the Common stock beginning in Jan. 1912, continuously
to and incl. Oct. 1920, at the following rates p. a.: 4% from Jan. 1912 to
July 1916; 5% to July 1917; 6% to July 1918; and 8% to Oct. 1920, an
average of 5 1-3% per year for the 9 years. In Jan. 1921 the 2% quarterly
Common dlv. was paid in Common stock at par.
Underlying Bonds. -The mortgage will provide that the First Mortgage
5% bondi shall not be extended, so that upon their payment at or before
maturity in 1928, the First Ref. Mtge. will become a First Mtge. on all the
properties.
None of the subsidiary companies have any funded debt.
Further Issues.
Future series may bear such rate of interest, mature at
such times, be callable at such prices, have such convertible or tax provipayable in such currencies and at such places as the directors
sions and be
may determine.
Total Authorized Issue
Restrictions Limiting Issue of First Ref. Bonds.
(a) The total Mortgage Debt shall never exceed 75% of the value of the
mortgage property, based upon the book valuation June 30 1920, plus the
cost or fair value (whichever may be the less) of property subsequently
acquired subject to the mortgage.
(6) The total combined Net Assets of the company and its subsidiaries,
after deducting all liabilities except funded debt, shall equal at least 250%
of the entire funded debt, including bonds proposed to be issued.
(c) If the total combined Current Assets fall below 160% of total ctirrent
liabilities, the company shall declare no further dividends upon its Common
stock until said ratio is restored; if below 140% it will default imder mtge.
(d) No further First Refunding oonds shall be issued unless the average
annual net earnings for the last three fiscal years, applicable to interest
charges, shall be twice the annual interest charges on the Funded Debt
outstanding including the bonds proposed to be issued.
Company. ^Organized in Conn. April 10 1899. Business is manufactuer
and sale of chemical fertilizers, bone-black, grease, glue, gelatine and allied
products. Owns and operates 50 plants well distributed to serve the greater
gart of the agricultural districts In the United States, the most important
eing in Belfast and Searsport, Me.; Weymouth, Mass.; Carteret, Bayway
and Newark, N. J.,; Philadelphia, Pa.; Baltimore, Md.; Norfolk and
Alexandria, Va.; Wilmington, N. C; Charleston, Columbia and Spartansburg, S. C; Atlanta and Savannah, Ga.; Jacksonville and Pensacola, Fla.
Montgomery, Ala.; Buffalo. N. Y.; Cleveland and Cincinnati, O.: East
St. Louis, 111.: Detroit, Mich.; Los Angeles, Cat.; and Havana, Cuba.
Has just completed a large modern plant at East St. Louis and has another
new plant under construction at Henderson, N. C.
Also owns in Florida over 120,000 acres of land on which have been located
deposits of phosphate rock which should be sufficient to meet the company's
requirements of raw material for more than 100 years. Also owns the
entire capital stock of the Charlotte Harbor & Northern Ry. which operates
about 100 miles of railroad connecting the phosphate mines with its deep
water terminals at Boca Grande.
Sales for year ended June 30 1920, were the largest in history.
Sales, &c.
Sales for the current fiscal year to Nov. 30 (the close of the Fall trade)
were about 10% less than during the same period of last year. Losses
from bad debts since organization to June 30 1920, have been less than
y2 of 1%.— V. 112, p. 259.
—
,
—
—
—
—
—
—
&
American Brake Shoe
Foundry Co. New Officers.
William F. Cutler, President of the Southern Wheel Co., St. Lotiis, Mo.,
and William B. Given, Jr., Assistant Vice-President of the American
Brake Shoe & Foundry Co., have both been elected Vice-Presidents.
V. Ill, p. 1185.
Americ3.n Brass
An extra dividend of 1
Co. — Extra
%
Dividends — Earnings. —
has been declared on the stock together with
J-2
both payable Feb. 15 to holders
the regular quarterly dividend of
amount has been paid extra each quarter since
of record Jan. 31. A like
Feb. 1919.
Calendar Years—
1920.
1919.
1918.
1917.
Net
profits
Dividends
Ratepercent
1H%
$3,3.54, .564 $2,8.56,140 ,$3,992,219 .$7,109,177
1,800.000
1,800,000
3,000.000
6,675,000
(12%)
(12%)
(20%)
(44H%)
$1,554,564 $1,056,140
$992,219
$434,177
[Vol. 112.
Holal auth.i 6% Cuniul. I'ref. stork, par $100 with authority to add 2.072
shariw of ''onimon slock, on offlrial notice of Ifwuamv In exchange for out
standing Coiiimon slock of the par value of $100 jx-r Bhan-.
.\'rl Karnings and Feilrral Taxes Calendar Years 1915 lo 1919.
1915.
1916.
1917.
1918.
1919.
$567,445
$.591. 49H $1.263. ,590 SI, .599.745
10.166
69,6fHi
6,163
399.642
.368.887
Earnings Calendar Years 1919 and 10 Months i-nded Oct. 31 1920.
1919.
20(10 mos)
X (;ross profits from sales
$6,027,653 $4,479,743
Other Income
88,278
96,079
.Net
earnlngu
$406,982
Fed<r:ilfaxe«i.
Tf>tal
S^4lin^c,
..
Income
$6,115,931
4,394.033
122.153
_
&c., expenses
$4..575.821
498,136
3,702,444
121,469
686,172
.-- $1,101,609
...
1.794.134
$165,736
2.895.744
I)ei)reciation.
Dividends paid
Net income
PrevloiLs surplus
Profit & loss siu-plus
$2,895,744 $3.061 .480
X After deducting cost of material labor and manufacturing expen.se.
V. 112. p. 64.
American Druggists' Syndicate. —D?Wrfc«f/
Omilted.
.
Condensed Statement by
Pres. C. H. Goddard, L. I. City, Jan. 1921.
Our surplus earnings were over dividend require nients for the year some
months ago. but how much .such earnings have been affectr-d during the
last 70 days by slack bu."iness, and to what extent they will be reduced by
depreciation in inventory will not be known until the Inventory is taken.
The loss on an esliniat(<l $3,000,000 inventory is .sure to be considerable
in he Dreseut falling market.
While the A. D. 8. has a line of credit with the bankers aggregating
$1,500,000, it has to-day no out-standing notes, bords or overdrafts, and
has more cash on hand (not counting nearly $1 ,000.000 in accounts receivable) than all our indebtedness amounts to.
Our debts (including those of
all subsidiaries) are limited lo current accounts payable.
The issiied capital stock now aniounts to 680.000 shares, par $10 each.
V. Ill, p. 893.
1
—
American Gas
&
— Sub. Co. Bonds. —
Corp. — Hog Island's Work
Electric Co.
See Ohio Power Co. below.
— V.
Ill, p. 2425.
American International
The Boston "Xews Bureau" Jan. 24
Finished.
—
The army
tran.sport Aisne. last of the
huge
fleet of
says:
Government ships
built by the corporation, left her dock at the Hog Island shipyard on Jan. 22
on her trial run and will he officially delivered to the Emergency Fleet
Corp. on Jan. 29.
The Hog Island shipyard during its less than three years of activity
the first keel having been laid Feb. 12 1918 ha.s tiUTied out 122 merchant
vessels of a total of 956.750 deadweight tons.
V. Ill, p. 2043.
—
—
American Locomotive Co.
— Wage Readjustment. —
stated that the wage reduction of 15% announced at the Schenectady
It is
plant about Jan. 20 will be extended to other plants of the company.
stated that business now on hand assures operations only until about the
end of April— V. 112. p. 260.
It is
American Pipe
The Common stock
&
—
—
Construction Co. Sub. Co. Capital.
A Construction Securities Co..
of the .\merican Pipe
a subsidiary has been reduced from $2,000,000 to $1 .000.000 by a reduction
The reduction in the
in the par value of the .stock from $10() to $50.
.stock of the Securities Co. is in the way of an in.side adjustment
and for the purpose of effecting a saving in taxes. AH of the
Common
Common
stock is owned by the American Pipe Sc Construction Co. The reduction
does not affect the $1 ,000.000 8% Cumul. Preferred stock of the Sectirities
Co. on which the Pipe Co. guarantees payment. See V. 112. p. 260.
—
American Smelting
—
&
—
Refining Co. Call for Proxies
With the call
Directors Support Guggenheim Management.
for proxies to be used at the annual meeting on April 6 the
shareholders have received from President Simon Guggenheim a statement to the effect that he and his wife own over
.$2,800,000 stock in the company and $300,000 of bonds.
The official circular, which is dated Jan. .30. also contains
a statement, signed by 21 members of the board of directors,
denying emphatically the truth of the Eiler charges and confirming the statement in regard to same put out bv President Guggenheim, on Dec. 30 (V. 112, p. 254):
—
Condensed Excerpts from Directors' Statement of Jan. 30 1920.
End of Marketing Agency Due to Conflict of Interests. At the start of the
agency, the mining companies (Utah, Ray, Chino, Nevada Consolidated,
and much later Braden, Kennecott, Cerro de Pasco, and Chile) were all new
and small mines, and the amount of copper belonging to this company
—
constituted a large percentage of the total copper in the agency. These
mining companies have since become among thel argest producers in the
world, and by the time the war broke out, the proportion of the copper in
the agency owned by this company (notwithstacdirg it had also Increased)
was only about one-fifth of the total amount available for sale.
The mining companies, having only the cost of production, wished to
withhold from sale on a dull market, and to sell largely when the price met
The smelting company sought, not to make a
their opinion of the future.
profit in the buying and selling of copper, but to make its profit out of
smelting and refining, and was anxious to sell its copper at the price it paid
This condition resulted in a duality of interests, which
for it in the ore.
finally made necessary the termination of the agency.
Some of the most important members having withdrawn, the decision to
terminate the agency, as to the remaining members, was reached by our
entire board (excluding the Guggenheims) after most careful investigation.
The members of the Guggenheim family studiously avoided influencmg the
opinion of the remaining directors, and absented themselves from the
meeting that no charge of conflict of interest could possible be made.
Even Mr. Eilers does not question
Position of Company.
Conclusion
the fundamental soundness of the company's position, the assured permanency of "its business, its industrial and commercial stability, its enviable
credit, and its asured earning power under normal conditions.
This company, like virtually every other company the country over, is
going tlu'ough a period of great industrial and commercial depression, involving lower earnings, large cash absorption, and reduced operations. It
would be absurd to hold the management responsible for this condition of
There is nothing in the present situation differing in principle from
affairs.
similar periods of depre.ssion and financial stringency, notably those of 1907
and at the outbreak of the war in 1914.
In each of these cases the metal industry was among the first to revive.
There is every reason to believe that a similarly early revival will follow
from the present depres.sion: such is the confident belief of the managemtnt.
—
—
—
Importance of Conlijiuiiig Guggenheim Management. The management
has been faithful to the interests of the shareholders; it has served no other
Interests: its record has been free .from aTiy taint of dishonest or selfish
exploitation; it has earned the confidence of stockholders, not only because
of its clean record, but by reason of re.sults accomplished.
The undersigned, for themselves and for their fellow directors, desire to
record their belief and conviction that the part taken by the Messrs.
Guggenheim in the management of the company and its affairs, has been the
greatest single factor contributing to the
and that
it
would be most unfortunate
company's
if
the
groT^'th
and prosperity,
.should now be deand financial vision
company
prived of the benefit of the extraordinary commercial
and ability they possess.
[Signed by G. P. Bartholomew. F. H. Brownell. L. G. Eakins, Charles
Earl, John C.Emison, W. M. Drury, H. .\. Guess, Frank W. HiUs, WiUiam
Loeb Jr W. S. McCornick, W. E. Merriss, Willard S. Morse, Edgar L.
Newhouse, C. A. H. de SauUes, F. R. Raiff, E. R. Reets, John N. Steele,
Evander B. Schley, Roger W. Straus, C. W. Whitley and H, W. Y'ork.l
Compare V. 112, p. 254.
.
Balance, surplus
—V. Ill, p. 1663.
American Chicle Co. Listing Earnings.
The New Y'ork Stock Exchange has authorized the listing of 149.336
shares of Common stock, no par value (auth. 162,500 shares) and $3,000,000
—
—
—
—
Tile semi annual di\ idend oJ 4'; usuallj i)aid Feb, 28. on the outstanding
capital stock. j>ar 5>10. will Iv omitted on that dat«'.
In Feb. and Aug. last
semi-annual duidcnds of 4'', each were paid.
THE CHRONICLE
Jan. 29 1921.]
American Steel Foundries.
CJi-oss sales in
dividends, afl<!r
— Earnings. —
Net earnings applicable to
1920 uero alx)ul StiO.OOO.OOO.
down
writing
lil)erdl
Ac,
depieeialion.
of inventories,
interest and I'ederal taxes, are esliuiatod at S'>.()(Kl.(lO(( .or the year, or
alxjut $7 !>0 a share on the 012.000 shares of Coninion stock, atier allowint?
for I're.terred dividends.
All of the nine plants of the Griflin Wheel Co
and seven of the nine i)lanls ol he American Steel Foundries are now in
opiTation.
Operations are not at capacity, however, lu many intitancee.
('^'Iron Ako," Jan. 20 1021.)— V. Ill, p. 2.">2:i, 2231.
American Window Glass Co.
— Bonds
Called.
—
The company has
First MtKo.
V, 111. p.
culled for payment Feb, 1, at par and interest. $280,000
& Coll. Trust lO-Vear Sinking Fund gold bonds of 1912.
1748.
American Woolen
The
coni|)aiiy at
it<s
Co. — Price
New York
Rerisions.--
sale of stock ffoods has readjusted (luota-
that the openings, when they como, will represent a higher range
Prosidont W. M. Wood, concorninH: the sales, says:
"The sale of goods now being conducted by the company is p\irely and
simply a stock goods proposition. It has no direct connection with the new
goods, which are t-o be oi)encd later.
In principle it is no different
from our usual .-^t^asoiial stock sales save possibly the feature of price
guaranty on repeat styles. The .sale comprises both heavy and lightweight
goods for men's and women's wear.
"(ienerally speaking the response has boon up to expectations.
We
feel that the present level will stabilize the market and while the fall season
necessarily will bo short, wo anticipato a good volume of businftss."
V. 112, p. 260.
.soa-son's
—
—
—
American Wringer Co., Providence. Receirci-ship.
Presiding Justice Tanner in the .Superior Court at Providence, upon
petition of Sullivan Ballon, Secretary of the company, appointed the IndusDepression due to the
trial Trust C/'o., Providence, temporary receiver.
war is said to be the chief reason for the company's difficulties. The plant
employs about 900 hands. The wxinger department has been closed since
November last, but the mechanical rubber roll department is In operation
and employs about 200 persons. V, 110, p. 2569.
—
American Zinc, Lead & Smelting Co. — Financial PosiGood — Reason for Deferring Preferred Dividend. — Presi-
tion
dent William A. Ogjj, in a
letter to stockholders, says in sub.:
half of 1920 conditions for your company were
satisfactory, the Irsi liiilf of the yof.r, and particularly the last quarter,
presented a verj- different state of affairs for your company and the zinc
mdustry in ger.ernl, alorg vith most other industries.
Declines in the j rices of son c of our rroducis have been unprecedented,
and dra.stic reductions in the value of inventories have been necessary. In
consequence, after giving effect to these reductions, which bring our inventories to a basis of cost cr rerlacement value (whichever is lower), our
operations for 1920 show a loss before depreciation and depletion of $1,30.373.
The company's fiiirrcial i < sition is pood. It has no bank loans or floating debt other than normal ci.rrent accounts payable, and accruals for taxes
and interest, and ijs net current assets at Dec. 31 19'20 (cash, raw materials,
finished stocks and supplies, less liabilities), amounted to $2,923,878, of
Although during the
first
which cash was $354,944.
In the light of the dei ressed conditions and the indefinite period of their
continuance, directors decided unanimously that the best interests of the
stockholders would be met by postponing declaration of the dividend on the
pref. stock, due in ordinary course on Feb. 1.
The pref. divs, are cumulative, and payment of them will be resumed as soon as conditions warrant.
See V. 112, p. 374.
— Bond Issue. —
—
Co. — Supreme Court
Mining Co. —
Ames-Holden-McCready, Ltd.
reported that new financing in the form of a bond issue is being
arranged for the company to provide working capital. V. Ill, p, 2044.
is
Anaconda Copper Mining
Annuls
Acquisition of Alice Gold & Silver
The U. S. Supreme Court on Jan. 24 handed down a decision annulling
the sale of the Alice Gold & Silver Mining Co, to the Anaconda Company.
The sale which was upheld by the lower courts, was made by transferring
30,000 shares of Anaconda stock, valued at $1,500,000 to the stockholders
«f the other company. The suit was brought by a group of minority
stockholders who allege the sale was void because a majority of the Alice
stockholders did not approve it,
John D. Ryan, Chairman of the Anaconda Company, declared that the
Supreme Court decisiou was of little importance since the Anaconda company owned 95% of the stock of the Alice Gold and Silver Mining Co.
V. 112. p. 164.
Arlington
1^ Calendar
Mills,
— Annual
Lawrence, Mass.
Years—
1920.
1919.
Sales.
—
1917.
1918.
Sales of mfg. prod., raw
material, by-prod. &c.$30,466,430 $27,368,000 $48,476,355 $31,251,636
Profit and loss, .surplus.
5,136,917
5,696,650
9,399,472
6,485.772
Note.
In 1918 the company operated a number of outside mills for
Government accoimt, thereby increasing sales abnormally. V. 110, p. 2659.
—
—
Atlantic Refining
The stockholders
will
Co.— Would
$15,000,000.—
Borroir
vote Ai^ril 11 on a resolution:
That this company borrow for its corporate purposes $15,000,000. for
a period not exceeding 10 years, with interest at a rate not exceeding 7%
p. a., payable semi-annually; that such indebtedness may be evidenced
by coupon gold notes or debentures issued independently or under and in
pursuance of a Trust Agreement between the company and a trustee. In
such form and containing such terms and conditions in conformity with the
foregoing as the directors may determine.
understood that a public offering of an issue of $15,000,000 10-year
&yi% Debentures will be made next week by Brown Bros. & Co., White,
Weld & Co., Graham, Parsons & Co., Frazier & Co. and the Equitable
Trust Co. V. 112, p. 164.
It is
—
Autosales Corporation.
— Annual
Report.
—
1920.
1919.
$352,751
28,227
$208,262
62.654
$380,978
22,021
Net profit from operations
Income from miscellaneotis accounts
Gross income
and
loss charges
Reserve for Federal income taxes
gencies (net)
Net
and other contin10,000
Less dividends: on pref. stock
Paid in cash (1H%)
do
do
Preferred stock
Balance
—V. Ill, p. 2523.
Barnard Manufacturing Co.
The stockholders voted on Jan 27
50,000
$135,608
$308,957
$39,795
profit for period
(6)159,180
(4H%)119.385
def$23,572 sur$149,777
— 150%
Stock
Dividend. —
to increase the capital stock from $500,000 to $1,200,000, and approved the issuance of the new stock as a stock
dividend of 150% to stockholders of record Jan. 27, V. 112, p. 374.
.
—
Barnsdall Corp.^
—
—
Dividend.
—
—
Beacon
Oil Co.,
—
Boston. — Dividend No.
2.
or $1 .470, ()()() of the $3, .500, 000 sloiJi is
(ias Co., has deelare<l a dividend of 3'/, liayOn Dec. 31 1920, an iidtial
(o holders of record Jan. 25.
Tins coinijany, of which
able Jan.
,'il
5%
dividend of
1.",
was paid.
—
Crude Oil First Six Months of Operation).
Aug. '20. Sept. '20. Oct. '20. Sot. '20. Dec. '20
Receipts (bbls.). 325.255 4.5.3,722 441,406 498,513 419,271
512,i:i3
{RecciiUs of
Month (.r—
.lulu '20.
Beech Nut Packing Co.
— Trustee Resigns. —
National liank of N. Y. has tendered it« resignation as
trustee under the mortgage dated May 1 1920, such resignation to take
etfect on Feb. 15.
V. 110, p. 1975.
l.ilH'rty
—
Brier Hill Steel Co.,
Youngstown,
O.
—
Si/h. Co. Incorp.
Exchange.
The Barnsdall-Fosler Oil Co. has been incorp. in Delaware as a sul>>idiary
with a nominal capital of SIOO.OOO. It will operate in the Montana and
Wyoming fields, where approximately 11,000 acres of oil lands have l)een
secm-ed.
Edwin B. Reeser, Pres.; H. V. Foster, Vice-Pres., and R. A.
Broomfield, Sec. & Treas.
—
Sales, Earnings.
tiross .sales in 1920 were .$14,222,219. total st«el production 495,670 tons,
and sliii)meiUs 474,431 tons. After all charges and allowances, including
dividend reciuiroments, then; was a reserve of $1,175,000 for Koderal taxes
and $49K,S7t) for writing down inventories.
Earnings in 1920 available for surplus amounted to .«3, 269,188, bringing the total surplus to $21,205,972.
The company paid $13,071,072 in
wages during 1920, Net current assets Doc. 31 1920 were .$9,000,981
and proi)erty investment after deduction of depro<!iation $30,440,907.
Net earnings for the vear, after miLking provisions for all known liabilities
and income lax, were S5,i;«),018, l"lron Age" Jan, 27.' V, 111, p. 2.524 .
—
— Sale of Control. —
Gas
under "Reports"
—
— Capital Increase. —
Canterbury Co., New York.
Bronx Gas & Electric Co.
See Consolidated
above.
Co.
The company has
from
filed notice at
.S4,r.00,000 to $7,000,000.
V. 112, p. 164. 65.
Wilmington, Del., increasing
its
capital
—
—
Cedars Rapids Mfg. & Power Co. Bonds Offered.
Chase & Co., Boston, and Spencer Trask & Co., New York,
are offering at 79 and int., to yield 6.60%, $500,000 First
(closed) Mtge. 5% Sinking Fund gold bonds of 1913.
Due
Jan. 1 1953. Auth. and out., $15,000,000. A circular shows:
Operation and Control. This company and Montreal Light, Heat & Power
Co. are controlled by Montreal Light, Heat & Power Consolidated through
—
stock ownership and the properties of both companies are operated under
98-year leases i,from Aug. 1 1916) by that company. Under these leases,
the Consolidated assumes all fixed charges, operating expenses, maintenance, etc, of both companies.
See earnings of Montreal Light, Heat & Power Consolidated below,
V. 106. p, 2454, 823.
—
—
Charlton Mills, Fall River. Postpones Action.
The stockholders voted at their annual meeting to postpone action on
the 100% stock dividend recommended by directors until some time within
V. 112, p. 375.
the next three months, when a special meeting will be called.
—
—
Chesapeake Steamship Co. —
—
RR. Admin, under
U.
Cities Service Co., N. Y. — Earnings, &c. — F*resident
See
S,
Henry
L.
Settlement.
"Raih-oads above. V. 109, p. 374.
"
"
Doherty
—
in
statement for Dec. 1920 says in
brief:
Cities Service Co. closed 1920 with gross earnings of
Fiscal Results.
$24,698,039 for the year, an increase of $4,720,489 over 1919. After providing for all taxes, interest. Pref. dividends and other charges, the balance
available for reserves, dividends on the Common stock and surplus was
$17,370,464, an increase of $4,234,873 over the preceding year. Earnings for December 1920 showed a good increase over December 1919; while
utility earnings showed decided increases, there was some falling off in
the Oil Division compared with the preceding month, because of the curtailment of pipe line runs in the Mid-Continent fields.
Oil.
The outlook for the oil industry in 1921 is most satisfactory.
Stocks of oil in storage are less by more than 50,000,000 bbls. than they
were in January 1916, and this notwithstanding the great expansion that
has taken place in production of crude oil in the last five years. The
registration of motor vehicles in the United States indicates that at the close
of 1920 there were 9,295,252 motor vehicles registered in this country,
compared with 7,604,016 on Dec. 31 1919, an increase of 1,691,236, or
Combined tank wagon sales of gasoline for December 1920 showed
22.2%
an increase of 33 1-3% over 1919. Export demand has held up well.
Oil operations of Empire Gas & Fuel Co. progressed satisfactorily durTwo wells were coming December, notwithstanding the winter weather.
pleted in the Eldorado field in Kansas and drilling commenced on two wells
In Oklahoma seven wells were drilled in the Osage
in the Rosalia field.
district, all good producers, and on Lot 181 recently purchased at the Osage
Propsale, a fifth well has been completed with a good initial production.
Operaerty acquired at the Osage sale has come up to all expectations.
tions have been active in Stephens County, Texas, and on the Bamgrover
Production in both these districts has held
lease in the Gulf Coast field.
—
.
,
up
well.
—
In the face of the retardation of Industry in
Public Utilities Division.
sections, combined gross and net earnings of public utility subsidiaries were greater for December than for December 1919 or for November
1920, the latter having been the best previous month for utilities in the hisFurther increases in rates were granted during Detory of the company.
cember to Knoxville Gas Co., Montgomery Light «fe Water Power Co.,
many
Webb
&
CarterviUe Gas Co. and Carthage Gas Co.
1919. 1020 Decemhj>r
1920
1919.
Grossearnings
$24,698,039 $19,977,550 $1,826,493 $1,757,622
Expenses
700,473
703,835
60,603
61,589
City
—
ypar—
Net earnings..
.$23,997,566 $19,273,715
on debentures.. 1,941,628
1,922,861
4,215,264
Div. on Preferred stock. 4,685,475
$1,739,206
1,386,455
$134,121
74,141
Operating, administrative and general expenses
— Smaller
Kcnii-annual di\idend of 5', has been dwiared on the outstanding
In Aug. last, a
(^apital sio<-k, pa.vable Feb. 1 to hoUteis t f record Jan. 2.'>.
semi-annual dividend of 6''; was paid together with an extra dividend of
10': and a ,''.0'; stock dividend.
In Aug. 1919 and Feli, 1920, regular of
(>'; each and extras of :>'", each were paid.
V. Ill, p. 391.
Interest
$1,547,236
1,413,115
Earnings after deducting cost of goods sold
Profit
Bates Manufacturing Co.
A
The
of values.
It
It Ls stattHl that over 90% of the approximately ,125. (MK) .sliares of the Hl«heart Producing Si Refining < 'o. has l>e<-n exchanged for ( "la-ss U stoi-k of lbt>
Barnsdall Corporation.
Under tlie merger tenn»>. lllg heart st<><-kh<>lder«
were allowed to exchjinge their slock for Barnt>dall sliares on the btibis of
five for one.
See V. 112, p 374, 260, 164.
owned by the Massachusetts
'1 his Is
tlons further downward on both men's and women's wear Roods.
lx)lieve<i to bo the final step in the nrocoss of stabilizin!? the marliet prior
Many of these
to opening its heavywoiKht lines in tne next month or two.
quotiitions are actually below i)rnsent-day cost and preclude further revision.
American Woolen is KUiiraiiteeinfj: the trade aKainst lower prices and it Is
b<!lieved
473
$1,765,890
174,321
400,804
$1,696,033
168,769
372,589
Net to Common stock
and reserves
$17,370,463 $13,135,590
$1,190,764 $1,154,675
Jan. 1921. ^an. 10 '20.
Outstanding Capitalization of Cities Service Co.
$36,806
Series A 5% Convertible Debentures
$30,898
Convertible Debentures
6,547,540
8,776,820
Series B 7
17,005.780 17,417„500
Series C 7% Convertible Debenttu-cs
3,031,800
1,216,070
Series D 7% Convertible Debentures
73,363,129
Preferred stock
76,719,371
2,003,890
Preference B stock
3,278,410
43,440,587 36,680,270
Common stock
total surplus and reserves Dec. 31 1920 aggregate $52,950,942.
Company's
V. 112, p. 375.
—
%
—
City of Paris Dry Goods Co., San FTancisco.—Stocf:
—
&
Common
Stephens
Co., San Francisco, are offering at SlOO
Offering.
circular shows:
stock.
per share, $400,000
To supply additional capital for the business.
Purpose.
For the past ten years dividends have been paid at the
Dividends.
average rale of 9%. For the year 1921 directors have declared a dividend
of It)' on the new capitalization.
Business was started by the Verdier family in San Francisco
Comimnii.
Business to-dav comt>rises ,54 distinct departments, selling thouin IS.'iO.
sands of different lines of merchandise, and its volume of business in 1920
was in excess of $5,000,000.
——
—
;
1921, Including This Offering.
81 .000 ,000
490,000
Cumulative Preferred stock (par $100)
Capitalization as of Feb.
st ock (par S 100)
Common
7%
A
1
— ——
—
.
The (lomTnon utock WiiK recently meriMsel fri):ii 5100.000 to S'iOO.OOO.
of which 8200.000 w.m l.s.siiotl U> old .s'oeVhoMcrM as « .'iO'^ si.onk <liv!'lon'l.
S100.000. loss amouni H.ilisrrltiei b.v olil sKx^khoUlers under
Jhi'lr rlRhtH. is now offered for public sub's. Tli>tlo!i.
Coinpure V, 111, p.
•25'ji: V. 10?). p. rj7(;
The remaining
Clyde Steamship Co.
Seltlemcnl.
—
Hoo "U. H. lUt. Admin." under "Itallroads" above.
&
Colorado Fuel
Xew
Iron Co.
— V.
—
kIocKIioIiU rs' iroi<eii\e count iltee has been forn'ed,
<x)nKi!>linK of William ),. IMnrlin, I res. Marliii D.veinK & l''i.i?shinK Co..
IJrIdKclon, N. .).: \Vm. I". Michel, of Cin.eron. Michel & Co.. and David I'.
Hchlolt of N. Y. City. reprcKwiliri; a largf mount of slock of the company.
Thomas Mooro Simonton. Sec. S VVesl 40lh Ht.. N. Y. City. Hee V. 112.
p. 10.5. 06.
<i
Plauy.
— Report.
subsidiary, has filed plans for
Klcctrlc LiRht & Tower Co..
a $2,000,000 serxico station which it will build at, the sotithcjist corner of
134th St. and Ivociist Ave. the Jtronx. The buildinK will be; H stories high.
V. 112. p. 16.5. .'176.
Soc annual report on a precedinK page.
—
of Toronto.
— Stork Offered. —
The United Financial Corp.. Ltd.. Montreal, and Osier & Hammond.
Toronto, recently offered at 302 .50 per .share (par .§.50) a block of this
no bonds, debentures or preferred stock.
Company. Incorp. in Ontario March 2.'J 1848 and has since continuously
manufactured and distributed gas for lighting and heating purposes in
Toronto. Has more than 600 miles of street mains, of.'} in. to 48 in. diameter, servinK about 110.000 buildings in Toronto and 126.000 customers.
Average daily output for 1920 over 14.000.000 cu. ft.
Table Showing Progress of Company, by Decades. During the Past Fifty Year
No. of Populatirm Miles
Gas Oiilpiit,
Dividend
—
of
Ne.l
Require1.000
of Meiers of District
Supplied. Main. Earnings.*
Cu. Ft.
in Use.
mrnls.
Year.
45.548
1 .40;{
.56,000
4:5
1870
.S.53.629
.S.'<2.000
:}.906
149..383
75.110
98
119.568
62.826
1880
507. .5.55
13.242
160.141
192
208.822
149.888
1890
838.215
26.982
225,000
251
286.170
170.000
1900
65.349
400.000
424
2.621.247
758.473
373.165
1910
122.703
575.000
601
5.127.827
1.240.275
1920
536,070
* Applicable to dividends, interest and renewal fund.
Has by legislative sanc-tion a franchise without time limit in
Franchise.
Toronto and in the townships of York. Etobicoke. Vaughan, Markham
and Scarboro.
Dividend Record. Has paid divs. continuously since inception, viz.:
1848 to 1857. 10% p. a.; 1858 to 1873. 8%: 1874 to date, 10% p. a.
The dividend payable is fixed by statute at 10% per annum. If in any
year net earnings fall below the amount required for dividend disbursements, the accumulated reserve fund may be drawn upon to make up the
Company may then increase the price of gas sufficiently to
deficiency.
yield revenues adequ.ate to replace the reserve fund and pay the regular
10% dividejid. As of Sept. 30 1920. the amount at the credit of reserve
V. 112, p. 261.
in support of dividends was $3,346,982.
—
—
Crucible Steel Co.
—
—
—
New
Leo.se
Offices.
The company ha-s closed contracts with the National City Co. for the
lease of two entire floors in the old Manhattan Hotel. 42d St. and Madison
Ave. The present offices of the company are at 2 Uector St
The executive offices in Pittsbvugh will be moved to New York in April
The change, it is stated, will be in the nature of a consolidation
or May.
V. 111. p. 2427.
of the staff of the organization.
—
Cudahy Packing
Co.
— Wichita Stock Yards
Sale.
—
Justice Stafford in the District of C'olunibia Supreme Coiu't has approved
the plans submitted by the company for the dispoFal of its interests In the
Wichita Union Stock Yards. Under the plan the Cudahy interests are to
dispose of 2,500 shares of stock within three month.s and 4,100 shares within
a year. This is the first plan submitted >)y any of the packers, in connection
with the agreement reached with the CovetToiient to digest themselves of
stock yard interests, to be approved.
The Department of Justice consented to the decree approving the plan.
See V. Ill, p. 2142; V. 112, p. 1.50. 165. 376.
Cunard SS. Co., ILtd.—Selh £4,000.000 Debentures.—
The Mersey Investment Trust. Ltd., Londoi, recently purchased and
offered through other Liverpool and London banks at 90 £4,000,000 7%
Mtge. Debenture Stock. Of the total £4.000,000, £1 .,574,156 is being
reserved for offer to holders of (a) the £1.000.000 5}^% Mtge Deb. stock
(6) The £213,000 4.'^% 1st Mtge. Debs, of Thos. &
of the Cunard Co.
Jno. Brocklebank, Ltd. in exchange for their pre-ent Iioldings; and (c) the
holders of the balance of the Cunard Co.'s 4 li % Deb. stock repaid Doc. 31
1920. Capital outstanding: 5% cum. pref. .stock. £1,500.000; 6% cim.
2d pref. stock, £1.000.000. Ordinary stock, £4,450.180; the Government
See full details in the London "Financial News" Jan. 8, 1021.
share, £20.
—V. 112, p. 66.
Davis (Cotton) Mills, Fall Rivor. Smaller Dividend.
A quarterly dividend of v % h^<s been decl-red on the outsfanding
.52.500 (^"^O Capital stock, OTVible March 23 to holders of record .Nlar. 1^.
St, a quarterly of 2% was paid. — V. Ill, p. 1855, 1756. 1664.
In Dec.
Listinq
Revnrl.
Det'^oit Edison Co.
—
1
—
'
—
)
—
—
The N<>w York Stock Exchange has authorized
the listing of .$2,600,000
additional. Capital stock, par $100, on official notice of issuance ou confor an equal amount of its 10-year 7% Conv. Gold Debenture
version at par
bonds (Series of 1929), due Feb. 1 1929, making the total amount applied
for $32,377,400.
Calendar Year&—
Gross revenue
1918.
1917.
1919.
$21,990,352 $16,498,301 $13. 801, ,527 $12,270,926
3,664,-110
4. .533. 694
4,278,318
3.747.990
*Netrevnue
Surplus after chArges.._ $2,070,936 $2,5.56,735 $2,394,223 ,$2,635,848
2,0.55,625
1,966,905
2,201.627
2,058,531
Dividends
1920.
Balance
expenses and
def. $130,691 sur. $498, 204 svu-..'533S,598sur..S668,943
depreciation. -V. 112, p. 261.
—
Steel Products Co., Ltd.
— Dominion Charter.
Incorporated under Dominion of Canada charter Dec. 27 1920 with an
authorized capital of $1,500,000 Pref. and $1,500,000 Common stock, par
$100, to take over the present Dominion Steel Products C^o. of Ontario.
The Old Ontario company has an authorized capital of $1,500,000 capital
stock of which $862,500 outstanding. V. 106, p. 300.
—
Duquesne Light Co.
— Listing — Earnings.
The New York Stock Exchange has authorized the
listing of .$31,718,500
& Coll. Trust 30- Year Bonds, Series A, dated July 1 1919,
1949, of which $31,718,500 outstanding in the hands of the
Total auth., $100,000,000. See V. 100, p. 176; V. Ill, p 298.
Income account lor the 9 months ended Sept. 30 1920 shows: Gross
earnings of $10,812,136; net earnings, after taxes, .$3,144,192; gross income,
$3 694 •'^31. net income after int.. rents, amortization, etc., .$2,518,563.
and profit and loss surplus, .$2,258.129. V. 112. p. 66.
6%
1st
Eastman Kodak
Jtily 1
Mtge.
public.
—
Durham Hosiery Mills. — Listinq— Ear7iings,
&c.
—
The New York Stock Exchange has authorized the
listing of $497,150
official, notice of is.suance and
of Class
stock applied for
additional Common stock Class B, par .$50, on
B
of payment in full, malcing the total amount
$3,750,000 (total authorized is.sue).
Since Dec. 3 1919 company has acquired interests in small hosiery mills
of Durham as follows:
Anihorizcd Capital.
Issued.
Ou-ned.
Name of Corporation
John O'Dauiel Hosiery Mill, Inc-$100,0(K) 7% cum. pref. $86,600 None
100,000 Com.raon
100.000 $51,000
do
do
do
1.50.000 ':% cum. pref.
100.000 None
Tar Heel Hosiery Mills, Inc
125.000 Common
100,200 .$51,000
do
do
do
also acquired $12 .030 si cck at nar of t he ( )verseas Corp
Corporation h.^s
and 105 shares (par $100) stock of Diu-ham Notion Co. at $125 per share.
—
.
.
-To
Co., Rcchosto'-.
Sit'ii Slmre.s.
-
that officials of the comiiany have under consideration a
plan to split the common shares Into smaller units. T.'ie plan would call
for parcelinK the shares on cither a 10 for 1 r,r 5 for 1 basis.
The current
(luotallou is .'JtiOO bid and S625 a^kel.
A press report from Itodiester s-tat<is. however, that there Is no foundation
for the report that company .h contemplating Ki)littinK up it« Common
sharas.— V. 111. p. 1665.
is St at (id
It
Edwardc Manufacturing
Co., Boston.
Smaller Dim.
—
on the outslandintf Capitfl stock, yt'.y: blc Feb. 1 to holders of record J;.n. •/!>.
In August, last, a
seini-annual dividend of 4% Wfs paid together with :in extra of 4%.
V.
serri-aiinii:! divlc'er<l
.•\
<
f 3'
b: s
;
been decl:
re^^l
—
1 1
company's Cornmon stock. (Capital outstanding after this financini.;
amounts to SB. 000. 000. the tot.il authorized amount. The company has
due
real estate.
.'i
Consumers Gas Co.
Dominion
On Sept. 22 1020orKani/.<.d In New York the Durham Hoshry Mills. Inc.
authorized capital .?125.000. for the purpose of H(4llng Un product, and perhaps otlH^r hosiery i)rodurtH. and haH convc'yed to It. In con«ld<Tatlon oM.he
eiillri- authorized sit.ck of Koods held lu N< w York and Its New York (Mty
A nothcr Commitlcr.
\u indcpHndonI
Consolidated Gas Co. of N. Y. -BuLhliug
[Vol. 112.
>.)
37.5.
The United
.
.North Stale Kniftln/t .Mills. Inc.. a subsidiary. In Nov. 1020 authorized
l.ssued .$250,000 7%, I'ref. Cum. stock at par.
The Durham Hosiery
Mills own.s S191..500of the $2.50,000 C!ommon stock.
(Combined incunie acc,,iiii( I'.ir the
months ended Se.p.t :{0 1020 shows:
Net sales .,f .? 13.201 .75 1: ifros.s profit. $1.752.3''.7: net profllaftwexpcnjieK.
d«!preclatl..n. etc., $.S3S,.366.
Surplus Sept. .'{0 1920, $2.6.56.912. Compare V. 112. p. 66. '261.
Ill, p. 406.
Director.
Joseph ChllborK.
Consolidated Arizona Smelting Co.
—
and
ficrRcr has beon eJocte<l a dir<x'tor suceotHlln,?
V. 112. p.
After
—~
THE CHROXrCIE
474
Ooorgo
—
,
1
.
p.
.'!02.
Essex Foundry Co.— 30% Ca.^h Dividend.
This company, all ot whose outstanding Pret. and Common stocks are
owned by the Iron Products Corp.. has declared a 30% c^sh dividend on
the outs'andin.g $1,004,000 Cornmon stock, par $100. jjavable ¥ch. 15.
Preferred stock outstanding. S201.50'), par .$100.
Eureka Pipe Line Co.
W.
—
—
.Veiy Director.
E. M.icklin has been elected a director succeeding A. D.
McVev.
V. 112. p. 66.
Fifth Avenue
Coach
Yrs. Hinting .Ju7ie:iO—
Number of revenue bu.ses
Co., Ne'w Yor'k.. —Earnings.
1920.
271
8.793. 195
Hevonue bus miles
Number
1919.
—
1918.
1917.
239tFi(fures
(Not Avail.
279
8.087.127
of passengers carried
at 10 cents
42..552.709 36.488,447 26.113..576 22.080.764
Total rev. from operation.. .$4.3.53.050 .$3,742,697 S2.6.54.4.57 $2,243,816
Total operating expen.ses
3.126.493 2,.'547..5941 2,255,310 1,621..30S
Taxfts
409.726
486.790/
Income from operations...
Non-operating income
Income deductions
$817,732
$908,313
41.408
105.763
$399,147
.50.448
85,0.52
106.773
$622,508
19.735
59.708
Net income
!S783.128
.$843.9.59
$.342,818
.$.582..535
al44.322
228.051
151.023
13.806
for year
Surplus adjust., net deduct..
.50.444
Netinc. in Corp. surplus... .$6.38,806
$515,898
$191,794
8568.729
a Includes balance on unamortized cost of equipment retired during year,
obsolete bus parts scrapped, loss on s.ale of securities, depreciation of vehicle
equipment and buildings, etc., and other debi',^, and credits, .such as adjustment of Federal taxes, bad debts collected, etc. V. 111. p. 497.
Ford Motor Co.
Press reports This
— Seeks
—
Loan
— Resignations—
week stated that the company
lias l^een
Prices,
&c.
negotiating with
in different parts of the countr.v for a large loan
Alihough nothing
defini'.e could be learned it was stated that the size of the loan ranged from
$.'.0.0"0.000 to «.75.0no 000.
It was also reported that the loan may fake
bankers
.
the form of a 15-year 7',i% note or bond is.sue.
One of the factors which has teen largely ir..strumcn'al in necessitating
new f'nancing h is s.'id. is the large taxes that the company will have to
pay this year for the account of 1920 business. It is understood that these
taxes amount to around $43,000,000. The company is also said to have
lieen hit by the dei>ression with rather large !n^•entories. there being over
13'~*.000 cars completed but as yet unmarketed.
AVarren C. Anderson, Detroit, for the past two years director of the five
Euronean branches of the Ford Motor Co.. has resigned. Dean S. S.
Marquis, head of !he welfare and sociolorical work, has pIso resigned.
The price of the Kordson tractor has been reduced from $780 to $62.5
Reduction in price of materials and opeiration of the
effective immediately.
plants at maximum production made the reduction x)ossible.
The Company's Highland Park plant re-opened on Jan. 28 many heads
of departments, steam fitters, foremen and millwrights being called back
to work.
It is said, the big plant will be operating at about 25% capaThe working schedule is said to be three days a week
citv by Jan. 31.
for the present.
V. 112, p. 262.
—
—
—
General Electric Co. Cvt in Force Necessary.
With a payroll reported to be the hic;hest in its history, and with bookings
new business at a rate of about $200 000.000 at this time, while early in
of
1020 they were at the rate of about .$350,000,000. it is not siu-prislng to
learn that the General Electric Co. finds it expedient to make rrdiictions
of about 10% in the working force in the factory departments of its various'
apparatus and supply plants. At the sjime time there is a sufficiently large
volume of back orders to keep the plants working for several months.
World" .Tan. 22.)
The companv on Jan. 27 announced a cut in wages at its Schenectady.
N. Y., plant, effective Feb. 1. All day workers are reduced 10%. while
The cut affects about 20,000 employthe piece workers are reduced 15%
ees.— V. 112, p. 377.
General Optical Co.. Inc. Dividend No. 2.
("Electrical
.
—
—
dividend of 3% on the outstanding Cimiulative Participal-ng l^-eference stock, par $50. for the three months ending Jan. 31.
has lieen declared, payable Feb. 1 to holders ot record Jan. 18. Initial
dividend of like amount was paid Nov. 1 last. V. 111. p. 1665.
.\
rocrular quart erlv
—
—
—
Listing.
Gillil&rd Oil Co.
The Now York Stock Exchange has authorized the listing
8% Cum. Conv. Pref. stock, par $100. See V. 112. p. 262.
—
of S3. 529. 700
—
Glidden Co., Cleveland, O. New Vire-President.
R. V.'. l.cvenhagpn. formerly Secretary of the Shenvin-Williams Co.,
Cleveland. O.. has been elected Vice-Prseident in charge of auxiliaries.
V. 110, p. .364.
<fe
Pow
The New York Stock Exchange has authorized the
li.sting
Granby Consol.
J^Iining,
Smelting
Co., Ltd.
of $2,500,000
5- Year 8% Conv. Deb. bonds, due May 1 1925. Seeoffering V. 110. p. 6646.
June 30 1920 are reported as
A suminarv of results for the year ended
follows: Total ore mined. 742.345 tons: total copper produced. 23.127.849
lbs.; total silver produced (including silver in purchased ore). 938.292 oz.
total gold produced. 14,616 oz.
For the six months ended June 30 1920 the company reports a profit o
$37,445 after taxesof $348,563; total surplusof $1,319, 244.— V. 112, p. 377.
Granada
Oil Corp.
Operations.
;
—
act >ve drilling operations on the Magdalena property, which had been
delaved tltree months, due to the congested conditions in the Colombian
freight yards and the rainy season, were renewed Dec. 2.'; 1920. with favorThe operations are in charge of Frank Odell. who
able progress reported.
V. 110. p. 171.
drilled in the wells for the Tropjcal Oil Corp.
The
—
Grand Rapids
(Mich.")
Brass
Co.
— Notes
Offered.
—
St rJey & Bi;st4I. Cleveland are of>V-ing at par and int.
Serial Coupon Gold Notes.
$2,50.000
yielding
Du? $12. .500 eac'i J. & J. from July 1 1921 to Jan. 1
Dated .7,in. 1 1921
Denom. SI. 000. $500. Int. payable I. & .1. at office of Union Trus
1931.
Red. all or part on any int. date at 102 and int
Co., Clevclard. Trustee.
Cornpauy agrees to pay the normal Federal income tax to the amount of 4%
Data From Pres. L. H. Thullen. Grand Rapids, Dec. 24 1920.
Curavt.ni. —Owns and op.M-atos a modern plant in Grand Rapids, Mich.,
hardware.
-.vU-^re it produc ;s kitciiea cabinet, refcrigrator and office desk
Business started in 1882 and iucorp. in 1888.
8%
8%
.
.
I
THE CTIKONICLE
Jax. 29 1921.]
—
note
Purpose. — Proceeds
be
additional workiiie capital.
Earnings.
AveraKP not oarmngs for thi^ past 3 years (191?() earn. i«l.)
are 155.000 or almotit :i tinuji thi) maxiiiuiiii Iritcri'si rf<iiilrcnnuib of this
issue.
will
to reduce lurreiit
iisod
Diridend Decreased.
Providence.
Mills,
and
for
Com.. $553,780: Surplus. $63,887
.Stock OiitstandliiK.— I'ref.. S182.950;
Granite
liablliiitis
—
Great Atlantic
<fe
Tea Co.
Pacific
hd
llu' iirs:
i!'<.iiiI.s
uKainst S158.*.K).").l(i'.> I'er I'.lli).
•Official.-— V. 111. 1.. 175().
.
ii
—
Sales.
oidliiK Dee.
1920. were $205.931 .875
iiHioust' of S-l(i.966.70n or over 29';;
•
& Dock
Great Laker. Dredge
M
—
Co.-
Busiuvss, A-c.
cash position of the
comPresident II. O. Wild says in substanee: "The
pany, the stronK«>t in its hist<>ry. its net cash as.sets a|)]>roxiiiiatint; $3.400.000. assLU-ing oi)portunilyol furthering tlic develoi)nient of llie business
along conservative lines. The volume of contracts on the booK.s is above
the average at this period.
"The outlook is regarded as excellent, notwithstanding general conditions.
"Earnings
for the year
1920 greatly exoecxl those of any previous year."
V. 110. p. 1191.
Griffin Vi'heel Co., Chicago.
See .\merican
.Stt\'l
I'oundriec above.
Gulf States Steel Co.
—
Net income for the year ending Dec. 31 1920, after denreciaticin an<l
taxes and after marking down inventory to cost or market, and after
loeses on Liberty bonds sold, amounted lo $751,220, as comi)arcd with
$279,421 in 1919.
It is announced that hereafter reports of earnings will be
Instead of monthly.
V. 111. p. 2429.
—
Hocking Valley Products Co.
1920.
Calendar Years—
Gross income
S1.453.(U0
Expenses, taxes & Int..
1.222,438
Net earnings
Net operating income
brought by
claim.
427.409
Quarterly
l'M7.
.t.KH9.7(>9
7.39.247
Sl.'->0..522
30.040
$29.4f.n
$48,354
$75,994
S.TO.SOO
Rcceirership.
Hand has appointed Einar
74. .528
—
C^hrystie receiver in a suit
S. S. I'arsons. a creditor for upward of $9,000. on an assigned
a service station for repairing motors,
The company maintains
on the Harlem Hiver.
A Jury in Judge Learned FTand's part of the Federal Court. New York,
decided on Nov. 27 that this company was not insolvent, although two
bankruptcy petitions had been filed against it. One of the original petitions
res!\ilt«d in the appointment by Federal Judge A. N. Hand of Joseph C.
Benson. .Vs.sLslant Treasurer of the company, as temporary receiver. This
appointment was vacated and Percival Wilds was made receiver.
Testimony disclosed that the company bad been making money while
in control of the receiver, that a net profit had been earned, and that the
action to put the company into tianltruptcy followed the purchase l>y the
HarrLsburg Mfg. A: Hoiler Co. of the assets of the old Ilurlljurt Mot or Truck
V. 108. p. 787
Co. (V. 108. p- 787) from Landon P. Marvin as receiver.
—
Inland Steel Co., Chicago.
A quarterly dividend of 1% has been
Dir. Decrca.^cd
int
yieldiritr
Fund ^old
Siiiidiig
S%,
.<'(>0/KM) JkI
Mij?.-.
l)onds.
Due De<'. 1 19.iO. Int. payable J. & D. at Fort
Savings Uank. Chicago, trustee. Red. on ajiy lul. dale,
uiioii .»(, (i.,>s iiDiice. at 100 and int .. plus a premium of t^9l for each full
year or fraclion thereof remaining between liate of
i.m and dale of
maturity.
Free from normal Ke<ier^il income tax n^
g2'/'o. I'enna.
HIale lax of 4 mills refunded.
Denoin. $1 .()(K) aiM
;.
.Sinking Fund.
.Semi-annual sinking fund. boginniuK wlllj tJct. 15 1922,
will jirovide for the retirement of this entire issue at or before maturity.
Sinking fund must be used ui) to retire bonds pureh;uie<l in the open market
at not to exceed the call price, or (6) to retire bonds ;ts m;iy be called by lot.
Duta from Letter of Vice-President C. D. Kelly. Chicago, Dec. 10.
Company. lucorp. in 1912 in Illinois, with a paid-in <;apltal of $20,000.
Operations were initlallv confined lo jobbing and merchandising of steel.
A i)lant for the production of e()l<l-<lrawn steel was siiliKe<i>iently placed in
operation and the steady growth of business to prosoJit pro|)i>rtloiis brought
about a necessity for largely liierea.sed manufacturiug riciliiiej*. resulting
in the purchase early in 1920 of a tract of about 30 acres at llamuioud, Ind.
New pl.anl now rapidly nearing completion, will have a <atp;iclty of over
200 tons of finished product per day.
1<1!().
I
&
'
—
-
—
.
Capilalizalion
Preferred stock
Common
—
Authorized.
Oulsland'g-
$25,000
100,000
500,000
$1,000
-
stock
10f).000
Mortgage bonds (this issue)
,500,000
Surplus
1,1 .59.989
A.ssels.
Balance sheet as of Sept. 30 1920. after giving effect to this
financing, shows net current a.s.sets of $782,478. or over .$1,564 for each
bond. Ne' tangible assets aggregate $1,703,830. or in excess of
$1,000
$3,407 for eacli $1,000 bond of this issue.
Earnings.
Net eirnings. before Federal taxes, for 4 years and 9 months
-.
--
First
—
ending
30 1920 averaged over $381 ,00f) p. a., or in ox(H«s of OViJ times
interest requirements on this i.ssue.
Tijese average net eirnings have been
equal to over 75''c of entire bond issue, and since Incorporation average
not earnings, before Federal taxes, have been equal to about 84% p. a. on
the average amount of ca[)ital invested.
Capital. ^Since beginning of operitlons. in 1912. the outstanding capital
stock his been iTicre:ised lo $100,000 Common and $1,000 Prof, stock, and
a surplus of $1 .1.59.9S9 has been accumulated.
Practicallv all of this combined capital and surplus consists of earnings after payment of substantial
dividends and he.ivy appropriations for Federal taxes.
Purpose.
Proceeds will be applied to the cost of construction of a new
plant at Hanunond, Ind.
Se|)t.
—
—
$104,300
55.94G
$231,172
116.883
—V. 111. p. 1856.
Hurlburt Motors, Inc.
made
1918.
$774.(il9
(>70.319
1919.
$48r..909
S114.2H9
Hescrve. sink. fund. &c.
Federal .ludgo
Earnings.
«<
8%
—
110, p. 2391.
Earnings.
und
lOll
;i,1
Mr
D'ted D«c.
Dearborn Trust
8';
—
Operalion.s.
— V.
lO-Vt
i
quart criv dividoTUl el :.': Ii: n ln'cn doc-!:.red on tin oiilstanding CapitHl
In Nov. li>st. 3% was
stock, pavalilo K(b. 1 lo hoUicrs of riiord Jan. •.>4.
paid; in August last. 10%: In Mi.y last. 8%.— V. 111. p. 498.
A
I'ho sales for
oCt'criitjf
475
—Enminfis.
declared on the out tanding S25.175.1^5 capital stock, par .S25. payable IStar. 1 to holders of record Feb. 10.
In Juno. Sept. and Doc. 1920 quarterly dividends of '.i'.'c each were paid on
the new $25 par .stock, as compared with dividends of 2% each, paid quarterly from Juno 1917 to March 1920. inel.. on the old $100 stock, and 5%
paid In March 1917.
1918.
1917.
1919.
CaJendar Years—
1920.
$6,830,146 $14,473,512 S21.240.783
Net income
x.S6.066.,560
1.769.166
1.953.713
Depreciation. &c
(1.424.052
1.959,499
436. .549
3.53.250
Bondinterest
340.981
f
7.000.000
8. .500. 000
Pederaltax
_
2.001.060
1.999.820
Dividends
2.001.560
2.763.905
—
—
Lee Rubber
—
&, Tire Corp.
Dividend Earnings.
directors have declared the asual quarterly dividend of 50c. per
share, payable March 1 to holders of record Feb. 15.
The company, it is said, will show operating profits of al)out $4 per share
for the year 1920, and a balance after taxes and charges of approximately
$3 per share on its capitalization. Sales have held up quite well despite the
reaction in the tire industry, and for the final quarter of 1920 wore ahead of
the .same iieriod of 1919.
V. 111. p. 2048.
The
—
&
Lehigh Coal
Navigation Co.
Strike
Ends
—
The strike of the miners. whi<ii Ixigan Jan. 3 came to an end on Jan. 20
when the men voluntarily retiu"ied to work. All but two of the company's
collieries and washeries resumed, and these would hjive dotie so except for
repairs that were being made in those mines.
The strike was calliHl lx;cau.se
the company would not accede to the demand that It dis(^rge certain
workers.
—
-V.
112. p. 167.
Lincoln Motor Co., Detroit.
Dividend Deferred.
—
sideni \\'. f. Lel.nu! on Jan. 26 announced that payment of the
([Uarterlv (iividend on the Class .\" stock due thfs month will be deferred.
Vice-President Leland is ouoled: "Prospects loolc .satisfactory but we
will still ;i'lhere to o\ir policy of <• inserving resources and playing safe,
'i'he
Class A dividerds are cumi'laiive. so >he stockholder is in no sense a loser
by the policy." See al.so V. 111. p. 1666.
Vice-I
ri
Lindsay Light Co., Chicago.
Cal. Years
—
Net earnings
1<I20.
$1'.»2.712
Taxes
Deprec --.
— V.
Earnings.
—
1919
Cal. Years
1929.
1919.
86.361 Pref. divs_(7)$28.000 (7 7-12):-!0.333
7..500 Com.divs_
(4)24.000 (11 2.3)70.000
166.071 Balance --sur.43.653
def.l87..543
20,000
77.0S9
111. p. 1666.
1
I
Balance, surplus
81.343.156 $3,063,553 $3,165,489 $8. .535.248
V 112. p. 378.
X After reserve for Federal a-'d other t:i.';es in 1920.
—
International Agricultural Corp.
.
-New
Director.
E. R. Stottinius has been elected a director succeeding
mont. V. 111. p. 175G.
—
International Petroleum Co., Ltd., Canada.
12
Months ending Dee. 31
Production of crude
—V.
OiUpnt.-
1920.
Peru
oil (tons).
1919.
266,923
fields
248,554
Increase
18,369
111. p. 2234.
International Shoe H3el Corp.
The company has
filed notice at
Month of—
.See
Earnings.
its
Balance.
Expenses.
$80,086
siu-.$I7..509
.<i2.402
^o
—— Rcceire Cash
Essex Foundry Co. alwve.
—
def.14.604
Bonus.
—
Conn.— To
Ivcr. Cap'/nl.
petitioned the Connecticut General Assembly for perV. 111. p.
mission to increase its capital from $1..500, 000 to $2,000,000.
1476.
—
Ks^nsas City Stock Yards Co.
George R. CoUett. formerly of Morris &
President succeeding Eugene V. K. Tliayer.
Kansas
&
—
Xcw
President.
Co.. Chicago, has been elected
— V.
Gulf Cq., Chicago.
100. p. .504.
Earnings.
Net
—
surjjlus for the yc;'r enciirg Dec. '.'A lOiiO. ^fler ;:llowirp for depreV. 111. p. 901
ciation, taxes and divitlencs. amounted to $2.142.299.
—
—
Kelly-Springfield Tire Co. Listing.
The Now Vorii Stoc!: K.xe:iange has aulliorized the
listing of $1.2.50.000
additional Con.nion .stock on offici.-.l notice of issuance as ;i 3% stock diviof record Jan. 14. making the total amount
dend, uavable Feb. 1 to holders
applied for $9.532.650.— V. 112. p. 167.
Kentucky Iron &
Steel Co., Louisville.
Bankruptcy.
—
The company lias filed a voluntary petition in l)ankruptcy in the U. S.
A.s.sets are given at $388,614 and liabilldcs
District (^ourt at Louisville.
at S2S1,549.
tions in Dec.
The company was organized
It manufacured bar iron.
in
May 1920 and
ceased opera-
—
Kentucky Wajfon Mfg.
Acquisition.
Co., Louisville.
The company has acquired the complete wagon line of the Studebakor
Corporation. South Bend. Ind. The Studebaker v.agons will be produced
an increase in production being contemplated to
about 60.000 wagons of the farm tjTie annually. In addition to wagons,
the Kentucky company maniif-'.cturcs automobiles and trui;l;s. inantire
spreaders, lime sowers, and oi)erates a foundry and drop-forging plant
which contracts for outside work. According to I'resident Board, the
in tiie KentitcVry plant,
company po.ssesses ample capital to take care of the traiLsaction. the company having a surplus of $1 .000.000 in addition to its capital of $1 ..500.000.
("Manufactiu-ers Re -ord") .— V. 92. p. 1429.
La Salle Steel Co., Chicago,
llyney. Emerson & Co. and Tilden
111.
&
Bonds
(b)
on
stock dividend.
i
(all outstanding) to
ecoiimiendlng the pajiuent of a 40%
An extra dividend oi'2]4 (25 cents) has been declared on the outstanding
capital stock together with the regular semi-annual dividend of 5%. both
payable Feb. 21 to holders of record Jan. 27. An extra dividend of 2 ^C> *";
has been paid semi-annually trom Fel). 1917 to Atig. 1920. inclusive.
V .111. p. 798.
%
—
Los Angeles Gas
&
Elec. Corp.
Stock for Customers, d-c.
Desirous of securing greater co-operation between itself and its consumthe compan.v is offerii;g its customers the privilege of subscribing to
$1,000,000 6% cumulative Preferred stock at 85 per share. Payment
may be made (a) in fidl at time of subscription, or (6) in installments of
$5 per share cash at time of purchase, and $5 per share on tlie first of each
month thereafter until the entire amount is paid, or (c) in installments of
$17 per .share cash at time of purchase and $1 7 per share per quarter, commencing on Jan. 1. April 1. July 1 or Oct. 1. following the expiration of one
full month after tlie date of payment of the first installment.
The proceeds of this sale will be used only for betterments and additions.
The surplus for payment of dividends for the year ending Dec. 31 1920
was $1,045,923.— V. 112, p. 263.
Offered. —
Tilden, Chicago, are
Mills, Fall River.
Dividends.
—
idcnd <.f 'i' \\;<ti been declrred on the outs-anding Capit;,
stoc'.payable Feb. 1 to hc:l''ers cf rc-ori Jan. 24. In 1120. two semiannual divif'enc;s cf 3% each and two c.c'.ra dividends of 5% each were
paid.-- V. 111. p. 394.
-V .senii-an:iti.il
The company has
and
Lyman Cotton
V. 111. p. 1188.
Jewel Belting Co., Hartford.
increasing the authorized capital stock from $2,500,000
$3. .500.000, par $10;
ers,
—
Ore rrcripts.
$97, .545
67.798
October 1920
November 1920
—V. 111. p. 78.
Iron Products Corp.
Capital Increa.se.
Wilmington. Del., of an increase in
capital from SI .000.000 lo .$5,000,000.
Iron Cap Coppsr Co.
—
Thomas W. La^
Lit Bros. Corp., Phila.
To Increa.se Auth. Capital from
$2,500,000 to ?t:8,500,000—40% Stock Div. and2li% Extra.—
An otficial statement says: The stockholders will vote March 17 Co) on
1
di^
.
&
(A. C.) McOlurg
Co., Chicago.— .S/or)!- Dividend.—
This companv has increa-sed its outstanding capital stock from $.500,000
to $1,500,000. par $100. by retiring $100.01)0 of tho original $600,000 capital
The additional $1 .000.000 Capital stock was distributed in the form
stock.
of a 200% stock dividend.
The company, offices at 330 East Ohio St., Chicago, has no bonds or notes
outstanding and owns all of the stock of the South Bend Stat lonary Mfg. Co.
(W. H.) McElwain Co.
Strike Not Affecting Operation.
It is stated that the strike declared by members of the United Shoe
Workers of America, against the company last week, as a result of the company's action in putting into effect a wage reduction averaging 22'; has
not affected tho operation of the company's plants in the least.
All i)lants. it is stated, are running to the extent warranted by orders in
hand, although much 1h»1ow capacity. V. 112. p. 378.
—
.
—
McNab & Harlin
Paterson, N. J.— Stock
Offered.— PAdkv Bros. & Co.. New York, azv offoring 500
share.s of 10% Cumiil. Pref. stook to viold about 9.70%.
The
Rrfg.
Co.,
])ankei-s state.
—
—
—
Capital.
Company now has outstanding $210,000 10% Cumul. Pref.
stock (par $100) tmd $900,000 Common stock.
Assets.
On Seiit 1 1920 a jiproximate figures showed that after providing
for the $152,900 of unsecured gold notes, there were net tangible quick assets
of over $3.50 for e«ch share of Preferred stocli.
Earnings.
Profits for the first 8 months of 1920 were reported as $1,50.000. which wotild indicate earnings for the yeir equal to over 10 times the
I'ref. dividend requiremcTits.
For the 4 years neding Dec. 31 1919. net
earnings after taxes averaged about S149.000 p. a., or 7 times the Pref.
.
dividend requirements.
—
Company. Is an old established compnny. producing a staple line of
V alves and fitt ings suitable for steam, gas :'.nd water requirements.
Products
have a high reputation .-aid ;'re used exlen.sively by the railroads, shipbuilding companies and large oil companies, such as the Standard Oil Co.
and Tidewater Oil Co.. as well as in general building construction.
—
.
THE CHRONICLE
476
Manhattan Mortgage
'I'liD
.
stocUlioldcrs on
from Sl.OOO.OOO
to
.I;in.
Co.
—
—
.$:j, ()()(). ()()().
Oil Exploration Corp.
Development.
Many dcnclopnuMits liav(! marked (he fii-st year or this <«mpany's existence (icoloKical work haw Ix'Cii <;<)inplelcd, base and lli'ld <-ampN cslablished and iMial and land Iransporlalioti lines nut into operation.
Drilling;
started at two points se\cral months URo, and Is now well under way.
The
orlf^inal land holdinKs, amountInK to alH)Ut fi.'iO.OOO acres in the Maracaibo
Basin, has lieen increased in that district to over 1,000,000 acres.
p. 2170, 1S97.
See
V. 109,
& Telephone
Maritime Telegraph
announced that the
wore offered last week at
issue of §500,000
'37 li
and
int.
have
—
all
beou disposed
t.old Monds,
duo 1940 at 88 and int. yielding 7%
Honds are Be<rur<5d by a
mortgage on the entire property and are followed by 6% Debenture
bonds and by Preferred stock paying 7% and Common stock paying 8%.
Net Earnings Available for Interest in the Pa.tt 4 Years are liep'irtcd as Follows.
otal net earnings
Int. on first mtgo.
— Sub. Co. Divs. —
Paper Co. — Sale of Plant. —
hoadf|iiarters in
X Preliminary figures for 1920.
recently
and also the
— Listings—Earninqs. —
has authorized the listing of $2,500,000
additional capital stock, par $10, on official notice of issuance and payment
The stock apin full, making the total jimount api>lied for !512,500.000.
plied for has been offered for subscription at .$11 per share to stockholders
of record .Ian. 18 (V. 112. p. 2()4).
X Consolidaled Income Account Middle Stales Oil Corp. and Sub. Cos.
Cal.
Mar.
Year
Gross income
Dividends received
.'S8.752,.'H75
Total gross income
Deductions
Reserves, including Federal taxes
Dividends paid (cash)
.$9,752 .085
Not
1
"19 to
Dec. 31
1920.
'19.
.$1,531,513
999,710
10.100
.613
4.50.344
.?1 ,.541
1,788.355
300,000
2,576,030
yll,871
149.720
$929,678
X For 1920 consolidation embraces income Number Seventy-seven Oil Co.,
Number One Oil Co., Ranger Oil Co., Dominion Oil Co. and Texas Chief
Oil Co., and includes subsidiary companies proportionate interasts in earnings and expenses of Peters Oil Co.
y Includes Federal and State taxes
For 1919 it was estimated Federal taxes should
for 1918 and lease rentals.
not exceed $35,000.— V. 112, p. 369, 264.
profits
.$5,087,700
Company.
Progress of
—President
P. D. Saklatvala
Jan.
24 says in substance:
In the comp.any's 4 years' existence daily earnings have been multiplied
234 tunes, assets 86 times, while the outstanding stock has been multiplied
only 17 times, with nearly M, of the increased stock having been given in
Cash dividends, which began in Oct.
free allotments to stockholders.
1917, at 'A of 1% monthly, later increased to 1% monthly, and then again
to 1 1-3% monthly, have never been delayed.
Company has no bonds, notes, bills or accounts payable, simply operatThe number of stockholders has increased from 11
ing accounts current.
to over 8.500.— V. 112, p. 379. 264.
Miller
12
Rubber
—
Co., Akron,
months ended Dec. 31
—V. 112, p. 167.
Montreal Light, Heat
—
O.
Sales.
1920
1919
-$32,891,670 $27,116,588
& Power
Consolidated.
Increase
.$5,775,082
—Earns.
9 Mos. to
Years ended
Dec. 31 '20. Apr. 30 '19. Apr. 30 '18. Apr. 30 '17.
$12,748,410 $10,939,272 $10,390,684 $ 6,783.840
Gross revenue
6,810,287
5,3.57,493
4.767,869
2,866,316
Expenses and taxes
Deprec.&renew'lres'ves 1.055,167
943,927
1,039,069
675,000
1,078.450
1,032,670
995,022
756,514
Fixedcharges
Net earnings..
$3,804,506 $3,605,182 $3,588,724 $2,486,010
..a(5)3.220,739 (4)2,562,291 (4)2,556,025(3)1,903,395
20,000
20,000
20,000
10,000
Dividends
Pension fund
—
— Balance
Sheet.
—
LiabilUies—
1919.
1920.
$7,423,250 $7,465,975 Capita 1
$2 ,000 ,000 $2 ,0C0 ,000
3.S7,405
182,658 Surplus.
500,000
500,000
Bonds
322,594
278,343
2u 1,828
217,080 Undivided profits.
Real estate
156,459
146,823 Mortgage bonds.. 5,258,800 5,274,100
Interest receivable
96,383
98,221
84,172
165,290 Interest payable..
--.
Cash
Reserve for taxes
23,500
29,000
1919.
1920.
Total
$8,203,115 $8,177,826
Total
$8,203,115 $8,177,826
—V. 111. p. 195.
Narragansett Mills Corp., Fall River. Smaller Divi.
A quarterly dividend of 3% has been declared on the outstanding Capital
In Nov. last, a quarterly
stock, payable Feb. 1 to holders of record .Ian. 25.
dividend of 5% was paid. In Feb., May and Aug., last, dividends of 10%
—
each were paid.
— V.
111. p. 2527.
—
— No
New
Nashawena
Mills,.
Bedford, Mass.
Extra Div.
A quarterly dividend of $2 per share has been declared on the capital
In Aug. and Nov. last,
stock, payable Feb. 1 to holders of record Jan. 25.
extra dividends of $2 per share each were paid in addition to the regular
quarterly dividends. V. Ill, p. 1757.
—
New England Telephone
Co.
— To
Increase Capital.
—
stockholders will vote F'eb. 16 on increasing the authorized capital
stock from $75,000,000 to $100,000,000. No immediate sale of the additional stock, it is stated, is contemplated at this time the proposed increase
being simply a provision to enable the company later to take advantage of
improved financial conditions. Close to $67,000,000 stock is now outstanding, of which the American Tel. & Tel. owns over $38.500,000.
V. Ill, p. 1284.
The
New
Jersey Zinc Co.
— Wage Reductions. —
The company made a 10% cut in wages and eliminated an 8% bonus
system Jan. 15. The plant, however, will operate at full capacity. "Eng.
News Record" Jan. 27 1921.— V. 112, p. 67.
North
& Judd
Mfg.
The dividend
—
New
—
Britain.
Dividend.
ending March 31 June 30 and Pept. 30
Co.,
rate for the quarters
4% regular and 1% extra on the capitalization of $2,000,000.
The dividend rate declared to stockholders of record Dec. 24 and paid them
Dec. 31 1920 was S'y, regulpr and 1 % extra on the new outstanding Capital
stock of $2,500,000, so Ihnt in effect there was no reduction of the dividend,
but only of the rate.^V. Ill, p. 2144.
12 Mos.
1920
1919
—V.
to
Dec. 31.
-111. p. 1956.
.35.288
$98,004
$99,389
106, p. .505.
& Co.
& Co.,
Dated Jan. 3 1921, due Jan.
Denom. $1,000. $.500 and 8100.
1 1951.
r*, $1,000.
Int. payable J. & J. in N. Y. City.
Red. all or part on
any mt. dale on 60 days' notice at 10714 and int. to and incl. Jan. 1 1926:
at 106 and int. to and incl. Jan. 1 19.',1: at 1('4H and int. to and incl. Jan. 1
1936; at 103 and int. to and incl. Jan. 1 1941; at 101 H and int. to and Incl.
Jan. 1 1049, and at 100 j^ and int. thereafter. Company agrees to pay the
U .S. normal income tax up to 2%
Penn. 4-mill tax refunded.
Data from Letter of R. E. Breed, President of Atrer. Oas & Elec Co.
Company. Owns and operates a large electric light and power generating
and distributing system in important manufacturing sections of Ohio,
with over 1.028 miles of tr.Tnsmission and distributing lines and serving
the cities of Canton, Newark, Steubenville .'ind the Ohio Hlver districtnear Wheeling, W. Va.. and in all in over 45 cities and towns in the State.
Main power station is at Windsor, on the Ohio River near Wheeling. VV. Va.
one of the largest generating steam turbine plynis in the U. S. (The company was formerly known as the Central Power Co. and present name
adopted Nov. 20 1919. C^ompany is a consolidation of the electric light
and power companies in Ohio controlled by the American Gas & Electric Co.l
Earnings.
In the last two years to Dec. 31 gross eainings and net income
after taxes and depreciation have been as follows:
c*
<fc
.
.
—
—
1919.
1920.
19:0.
I
1919.
Gross earns-. $7,695,842 $5,490, 765|Net income. .$2,477,466 $1,920,694
Annual interest charges accruing, on completion of the i)rcsent financing,
will be SI ,155.150: net income having averaged twice this charge last year.
Hccwily.
Bonds will be a niortgnge lien on the entire property, conservatively appraised at over .$25,000,000.
They are .secured by first Uen on a
sub.stantial part of this property and on the balance subject in part to only
$2,617,500 (closed) prior liens outstanding. Additional 1st & Ref. bonds
are issuable only for refunding and at par for 75% of the cost of additions
and betterments.
Oiitslanding Bond.'!.— .\pproximately $14. 632. ,500 First & Refunding
Mortg.ige bonds will be out.standing on completion of this financing, also$2,617,500 underlying mortgage bonds.
Sinking Fund.
Mortgage provides for an annual sinking fund, beginning Jan. 1 1924, of 1H% of the Series "A" bonrts outstanaiiig eich year,
up to and including Jan. 1 1936, and thereafter 2% p. a., to be used to purchase bonds in the market if obtainable at or under par. V. Ill, p. 18.58.
—
—
—
—
—
Pacific Mills, Lawrence, Mass. Earnings.
Calendar Years—
1918.
1917.
1920.
1919.
Net sales
$66,078,797 $44,702,213 $57,044,065 $36,941,445
Net profits
4.475,5095,231,584
5.682,921
6,731,623
— V. Ill,
p. 1757.
—
—
Pacific Oil Co.
Listing.
The New York Stock Exchange has authorized
the listing, on or after
of 3,500.000 shares of capita! .stock, no par value, on official notice
of issuance and payment in full.
Company was orgonized in Delaware
Dec. 3 1920 to engage in all branches of the oil business. The company
acquires the California oil properties owned by the Southern Pacific Land
Co.. a sub.sidiary of the Southern Pacific Co., and its stockholdings in the
Associated Oil Co. from its road, as per plan in V. Ill, p. 2230. V. 112. p. 67.
Feb.
1,
Penn Seaboard
Co.-—Offer
Steel
—
— Acquire
to
Rolling Mills Stock Delayed Temporarily.
Rockaway
Frazier & Co., Phila., in a notice to stockholders of Rockaway Rolling
Mills Corp
advLsing of a Temporary delay in the plans to exchange their
stock for Penn Seaboard stock, says; "We have been advised by the Penn
,
Seaboard Steel Corp. that arrangements have been made with majority
Interests in the Rockaway Rolling MUls Corp. to delay delivery of Rockaway stock until the additional Penn Sealjoard v. t. c. have been listed, in
order that a listed security may be exchanged for Rockaway; and we therefore advise you to do nothing until we notify you that the company is prepared to deliver listed v. t. c. in exchange for Rockaway stock."
Data from Letter of Frazier & Co., Philadelphia, Jan. 20.
Terms of Exchange. Penn Seaboard Steel Corp. has authorized us to
make to stockholders of Rockaway Rolling Mills Corp. a proposition to
exchange their holdings of Rockaway RolUnc Mills for Penn Seaboard stock,
on the basis of two shares of Rockaway Mills stock for one share of Penn
Seaboard stock, provided an agreement is entered into at the time of
exchange whereby the holders agree that they will not sell or otherwise
dispose of the Penn Seaboard stock so acquired for a period of 90 days.
Upon acceptance by the New Y'ork Stock Exchange of application to li<?t
additional shares, holders may deposit their shares in the voting trust at a
cost of 4c. a share
Comparison of Financial Statements. According to the certified balance
sheet furnished by Rockaway Rollins Mills, the book value of its capital
stock amounts to $8 70 a share, whereas the book value reported by ttkB
Penn Seaboard Corp. for its stock amoimts to $39 75 a share.
Rockaway Rolling MiUs has no obligations
Outstanding Obligations.
prior to the stock other than a small purchase money mortgage on houses
purchased for the use of employees, whereas Penn Seaboard Corp
recently
has outstanding $2,000,000 notes.
Penn Seaboard has already acquired a majority of the otltControl.
standlng shares of Rockaway Rolling Mills. V. 112, p. 379.
—
—
—
—
Pennsylvania Canal Co.
— Claims,
&c.
—
There being now in the Registrar of the U. S. District Court of the Eastern District of Pennsylvania the simi of $31,476. being the balance of the
fund for distribution to the holders of the bonds of the company o the Issue
of July 1870, David Wallersteiii Master appointed by the Court to asc«:tain and report to the Court what disposition should be made of the said
fund, the names of the parties entiteld thereto, &c.. requests aU parties interested to appear and make proof of their respective claims upon the ftmd
mentioned on Jan. 31 at Land Title Bldg., Phila. V. 97. p. 302.
,
—
Pennsylvania Water
& Power
1920.
Calendar Years—
Gross inc. (all sources).- $1,867,870
523,910
taxes, &c.
Exp., maint.,
$1,343,960
528,550
Net earnings
on bonds
Dividends
Interest
(6H%)552,17o
Co.
—Earnings. —
1919.
1917.
1918.
$1,823,066
523.810
$1,700,900
445.064
$1,610,818
394.550
$1,299,256
$1,255,836
518,340
,532,850
(6).509,700( 5»^)467,225
Sl.216,268
518,550
(5)424,750
$270,271
$272,968
,
1920 was
Nova Scotia
44,2.36
$122,273
—
Balance Sheet for December 31.
Assets—
Mortgages.-
.$.343,410
1,34.677
York, and Continental & Commereial Trust & Savings
Bank, Chicago, are offcrinjf at 9.')14 and int., to yield about
7.40%, .llO.OOO.fKX) First & Ref. Mtge. 7% Sinking Fund
gold bond.s, series "A".
(See adv. pages.)
.
.$563,767 $1,022,891
$1,012,699
$572,615
Balance, surplus
a Includes $537,296 for dividends accrued but not declared.
* Due to the change in the fiscal year, .surplus revenue resulting from operations from April 30 1919 to Dec. 31 1919, after full provision for expenses,
depreciation, fixed charges and dividends for the eight months' period, has
been transferred to the surplus account. V. Ill, p. 2144.
Mortgage-Bond Co. of New York.
— V.
1917.
142,240
Now
Omaha,
93. p. 112.
Middle State Oil Corp.
The New York Stock Kxchaiigo
$192,827
1918.
$423,5,52
169,391
47,118
(forinorly
completed a deal for takiuK over the holdings of the company,
water power and dam owned by the Menasha Woodenware Co. The
Mona.sha Paper Co.s property included the paper and sulphite mills at
Ladysmith and pulp mills at Port Arthur and Thornapple. below Ladysmlth,
Wis., on the Ffamoeau River, together with the water powers and dams
at those points.
Hereafter the property acquired will be known as the
Great Western Paper Co.
The purchase price is said to be in the neighbor-
hood of .»3,000,000.— V.
bonda
1919.
».'->11.431
Ohio Power Co.— Bond Offering.—DiWon, Rf-ad
Wm. A. Road & Co.), Lee, ilif,'fjinson
Ill, p. 1955.
Menasha (Wis.)
The Western Newspaper Union, with
6%
Italance
Massachusetts Gas Co., Boston.
— V.
XI920.
$669,313
241,870
49,043
earnings
(.ros.s
offeriuK in V. 112. p. 378.
See Ueacon Oil Co., above.
.
jirst
.See
of.
—
name to Tcxton Cotton Mills.— V. 112, p. 265.
Ohio Gas & Electric Co. -liond Offrring K<-<lmond X Co.. .New York, offer a limited amount of 1st Mtge. 6%
Its
I
Co. -Bondit Sold.
Kof. M. Bold bonds which
7%
Mills Co., Chicago.- -iV« we Chnnqcd.
t'ompany has changed
—
—
Maracaibo
It is
0-Cedar
(Jnpilnl Inrrai.sc
an Inrroasc in the Capital stock
par $100.— V. .S:j, p. 1039.
IH approvoij
[Vol. 112.
Steel
&
Coal Co., Ltd.
Coal.
633,845
650,964
Pig Iron.
73,829
35,676
— Output
—
(in Tons).
Blooms&B' lets. Merch. Mills
101.192
58,232
48,515
35.172
Balance, surplus
—V.
$263,235
Ill, p. 902.
Pepperell Mfg. Co., Boston.
$256,706
— No Extra Dividend. —
semi-annual dividend of 4''c has been declared on the stock, payable
In Aug. 1920. an extra dividend of 6%
Feb. 1 to holders of record Jan. 21
was paid in addition to the regular semi-annual 4%. V. 111. p. 499.
A
.
Porto Rico Telephone
Co. — Larger
—
Dividend.
—
of Toronto, Jan. 21, says in substance: "Shareon the Common
holders were gratified this week to receive a dividend of 2
The "Financial Post"
%
THE CHRONICLE
Jan. 29 1921.]
This also happeiied
stock for till! last quarler inKtc^ad of tho customary 1 '",
on the last quarter of 1919. The increase of 1% Is addltioual from the
eamingsof 1920.'— V. lll.i). 1089.
.
—
Pressed Steel Car Co. Plan lo Hit in- I'rcf. Stock.
stockholders will vote Feb. 16 (ui the lollowinfj:
—The
IncreasinKthot^oinmon stock by $37. 500. 000; (2) on redeemliiR the
(1)
12.^,000 shares of the Pref. stoek by the payinunt therefor in sharc\s of the
Oonuuon stock, par for par (il tho I'refeired .shareholdirs coiu>eiit thereto).
Data from Letter of President F. N. Moffstot, N. Y., Jan. 26 1921.
Your directors, believing lliat tho interests of all stockholders would be
better .served if all of the outstanding stock were f 'oinnion stock of the same
clas.s. n^cornmend an increase la the Common stock from $12. .500. 000 to
$50,000,000.
or tliis increase $12,.'j00.00() would hu set a.slde for the purpo.se of Issuing
one share of such (!omnion stork in exchange for each share of Treferred
now outstanding; and S.">. 000. ()()() for the i)urpo.se of enabling the directors
to declare a 20',:{ stock dividend upon the Conniion slock, which stock dividend participation would Ix' enjovwl by tho.se Preferred stockholders who
had seen fit to coii\ert their I'referrecl stock into Conmion.
If all of the I'ref' rri»d stockholders saw fit to convert their shares into
Common stoc'k in time to |)arllcipate in this dividend. th<^ total outstanding
capital, alter the dividend woi!ld be .$;{f),000.000. and there still would
remain in the treasury S20.000.000 for sucli other corporate purposes as
may be found desirable in the future.
Since the PretcrriKi stock is non-eunuilathc. your directors believe that it
will bo to the advantage of the I'ref, shareholder to make' the excliange and
thereby .secure an unrestricted share in all of the properties and accumulated profits, which have been very much increased during recent years.
Directors also believe that the (Common stockholder is justified in extending
this privilege to the I'referrwJ stockholders, so as to eliminate the noncumulative animal I'ref. div. to which the I'ref. stock is now entitled.
V. 112. p. 168.
Pullman Company.
— Wdfjcg. — The "Railway Atje" says:
Conflicting reports resulting from an account of a so-called voluntary
wage cut of 20% by employees of the company at Chicago have simmered
down to two or tlu-ee authoritative outstanding facts. In the first place,
the suggestion of a wage cut was made by J. U. Weaver, V.-I'res. in charge
of construction of the company, who ad\ isi^d the eniploye(\s at the I'ullmaii
car works, which is an open shoj) employing 9,000 men, that a decTease in
their pay was ne«*ssary.
The matter of reductions in jjay at the Pullman
repair shop, which is unioniztxl, has not yet been brought up.
At present
the company is ristoring its men at the Pullman repair shop to tho basis
of a 9-hoiir day, as against tho S-hour day imder which they have been working.
Tho 9-hour day will apply 5 days a week, with a 5-hour day on
Saturday.— V. 112, p. 67.
Pure
Oil Co.
— Regular
Cash and Stock Dividends.
—
A
dividend of 2% in cash (50c. per share) and 2% in Common stock has
been declared on the Common shares (par $25) both payable March 1 to
holders of record Feb. 15.
Like amounts were paid (In cash and stock)
on .Sept. 1 and Dec. 1 la.st. In 1916 and 1918 stock dividends of 5% each
were paid. V. Ill, p. 2332.
—
&
Pusey
Jones Co., Wilmington, Del.
— Seeks Damages.
The company has
instituted proceedings against Government to recover
$14,328,839 to cover losses by commandeering of its ships and plants during
war.
According to Chairman Benson of the Shipping Board work at the compau>-'s shipyard at Gloucester, N. J., which has been closed for four months
will not be resumed until there is a decision in the Federal Court of the District of C'olumbia in the suits instituted by the company against the Shipping Board.— V. 111. p. 1190.
Radio Corp. of America.
The company on Jan. 18 opened its
— Opens
—
Radio to France.
wireless circuit to France to commercial business after several days of private tests in which direct exchanges
between the two countries were effected. The service is accomplished
through the huge transmitting station at Tuckerton, N. J., where a 200kllowatt alternator of the high-frequency type a comparatively new invention developed by the General Electric Co.
is used.
The receiving station
on the Ajnerican side is at Belmar, N. J., and on the French side it is located
at Ville Jtxif, near Paris, with the transmitter at Lyons, France.
The Radio Corporation now offers radio communication between the
Gaited States and France, England, Germany, Norway, Denmark, Sweden.
Finland and Poland, as well as between San Francisco and Honolulu and
Japan. Radio circuits to South American countries and other lands are
being prepared, the company annoimced. V. Ill, p. 1089.
——
—
Raritan Refining Co.
— Bonds Offered. —
The present bondholders have been given the right to subscribe at par to
$100,000 additional 7% Partlc. 10-year gold bonds of 1919, due Aug. 15
1929. The proceeds are to be used in extending plant operations.
The company recently declared a divi. of 14% on its $1,000,000 capital
stock (all owned by Eastern Potash Corp.) after setting aside $20,000 for
sinking fund purposes and S40.000 for distribution to bondholders under
their participating rights, in addition to the regular 33^% semi-annua
int«rest coupon, which is payable Feb. 15.
Helling & Reutter, who placed $550,000 of these bonds in Sept. 1919 are
offering the un.sold portion of the above $100,000 at 100 and int.
Compare
V. 109, p. 1372. 1993.
—
Rockaway
by
—
(N. J.) Rolling Mills Corp.
Exchange Stock
Steel Corp. Delayed Temporarily.
—
Penn Seaboard
—
Sagamore Mfg. Co., Fall River. — New Director. —
Perm Seaboard
"See
Steel Corp. above.
Francis A.
I<
V. 110, p. 1532.
ester of Witston, Mas.s.. has been elected a director.
109, p. 483.
— V.
—
—
Savage Arms Corp., Utica, N. Y. Resumes Operations.
After being idle for a month the company's plant in Utica N Y restimed
operations Jan, 10. No reduction is made in wages but the basis of pay is
,
now
,
.
. ,
nine hours instead of eight.— V. Ill, p. 1758.
— V. 110, p. 1296.
Semet Solvay Co. — Dividends Discontinued. —
President H. H. S. Handy says in substance: "No more dividends will be
received by the shareholder.^ a< tho terms of the merger of the Semet Solvay
Oo. with the others into tho Allied Chemical & Dye Corp. pro^^des for stock
allowances for di^^dends earned up to Dec. 31 last." V. 111. p. 1478.
Seneca Copper Co.
— Production. —
—
It is reported that the company in Dec. 1920 obtained 98,489
refined copper from 24,025 tons of rock.
V. Ill, p. 2049.
Shell-Mex, Ltd. — Chartered
—
pounds of
England. —
in
Incorporated in England with a capital of £6,000,000, of which £3,000,000
"A" and £3,000.000 "B." Company was organized to carry on tho
busiiie.'=s of producers, refiners, stortt;, traitsporters, suppliers, sellers and
distributers of potroleum and the products thereof, &c.
A majority of the
directors shall be natural-born British subjects. ("Journal of Com." Jan. 22.)
are
Southern California Edison Co.
The
— Dir.
have placed the C<mimon stocl: on an S*;^ dividend b.Tsis.
Quarterly dividends of 1M% have been paid on the Ctmimon stock from
Nov. 1016 to Nov. 1V(20 inclusive.
Vicc-1'resident A. N. Kemp stated that the increase in the di\ idend rate
on the Common stock was warranted by the earnings showing in 1920
and the improved operating cof.ditions for 1921, through more normal
rainfall and the bringing in during the year of 92.000 additional horsepower hydro-electric capacity. V. 112. V- 379, 266.
—
Southern New England Telephone Co.
—
Stock Offered.
Chas. W. Saanton Co., New Haven, Conn.,
Co., Hartford and Hincks Bros. & Co., Bridgeport are offering
Inc.,
Richtor &
at 104 $1,000,000 Capital stock (oar $100) bringing the total capital stock
up to $15,000. OnO. Has .SI ,000.000 1st mtge. r-,% bonds of 1948 outstanding
Dividends.
Dividend rate has been as follows: From Jan. 1883. to Oct.
1888. averaged 6% p. a.; July 15 1891 to Jan. 15 1912 at rate of 6% p. a.
increased to 7% p.», withdiv.of Aprill5 1912:andto8% p.a. Oct. 161920.
—
and
all towns in Coimeclicut.
Jross earnings have been us follows
1913
1914
1915
1916
$4.5.'>6„'i89 1919
3,782.981 1917
4,993,101 1920
4,019,433 1918
5,349..343 • One month
The company has a surplus and reberve amounting to $8
Control.
()nu-thlrd of the stock is own<-d by American
Tele^'raph Va.—\. HI, p. 2236.
_.$3..'i94..''.,V.(
S6.489,4.S0
_.
•7,615,000
estimated.
—
&
South West Pennsylvania Pipe Lines Co.
,114.945.
Telephone
— Director.—
John Dorr, of Pittsburg, has been ehictod a director succeeding T.
Magee
\ 112, p. 68,
Southwestern Power
&
Light Co.- Earnings, &c.
M.
—
\2Mos.EmlNov.:\0—
Increaie.
1920.
1919
Gross earnings of all sub.sldiarlt«-$9.241 ,363 $6,272,194 $2,969,169 47%
.N'et earnings of all subsidiaries
49
1,1{J3,283
3.362,260 2,258,977
Italance of subisidiariiw' earnings
after all expenses, applicable
,0.'i9.(i38 100
toH. 1'. & L. Co
2.121.942 1,062.304
Expenses of S. V & L. Oo
34.577
24.595 71
59.172
Interest charges
311,494
128,737 41
440,231
Dividends on Preferred stock
188,277
64,750 34
263.027
HiaiiUs for
Italance
$.527,9.56
$841, .556 159%
..$1,369,512
The sub.sidiary companies which in 1912 served only 13,120 consumers in
nine communities having a combined population of 98.600, now serves in
122 comnumlties having a total population in excess of 700.000 cu.stomtTs
to a total of approximately 11.5,000.
The principal subsidiary companies
controlled are Texas Power & Lt. C'o., Fort Uorlh Power 4; Lt. Co..
Wichita Falls Electric (;o.. El Paso CJas Co., and the Galveston Gas Co.
C^ompare note offering in V. 1 12, p. 266, 380.
—
— Enjoined. —
—
Standard Coupler Co., New York. — New President. —
Sparks Withington Co.
See Stewart-Warner Speedometer Co. below.
Edmund
11.
Walker has
V. 110, p. 1978.
Ijeen elected President, effective
V. 106, p. 605.
retirement of Goorge A. Post.
—
Standard Oil Co. of California.— £,V<ra
Feb.
1,
on the
Dividend.
—
has been declared along with the regular quarterly
dividend of .$2 .50. both payable March 15 to holders of record Feb. 15. A
like amount was i)aid extra in the four quarterij of 1920 and in Dec. 1919.
.\i\
-
exi ra di\ ideiid of SI
V. 112.
|).
(iS.
— Usual Extra
Standard Oil Co.
of Kansas.-
Dividend.
—
An
extra dividend of 3%, together with the regular quarterly payment of
3';
has been declared on the outstanding S2. 000. 000 Capital stock, par
8100, i)ayable March 15 to holders of record Feb. 28. An extra dividend
of 3'/, has been p;iid. along with the regular quarterly dividend since Feb.
1918.— V. 111. p. 19.57.
.
—
—
Standard Parts Co. Receivership to be Continued.
The reorganization Committee F. H. Goff, Chairman, in a
report to the creditors, states in substance:
On Oct. 26 your committee announced that the committees representing
the Preferred and Common stockholders had agreed upon a reorganization
through the sale of new issues of Preferred stock in the amount of approximately $6,000,000, arrangements to be made with certain bai>ks for lines
of credit of $4,000,000.
It was believed that the stockholders would be
able to take the new Preferred stock and that the plan could be completed.
Owing to the financial depression many of the stockholders were unable
to take the pro rata share of new stock and the reorganization committee
has been unable to secure sufficient subscriptions or to complete the plans
for tho reorganization which are neces,sary to lift the receivership.
For the above reasons we believe the company should continue under the
receivership under closer cooperation with your committee.
If times become more propitious and a new plan is submitted by the
reorganization committee, this committee wil advise you concerning it.
Compare V. 111. p, 1758, 1957. 2432. 2529.
Stanley Rule
p. B. Stanley and J.
&
Level Co.,
W.
Wilbur,
New
Britain,
Jr., elected^directors.
Conn.
— V. 110,
p.
1296.
Stewart-Warner Speedometer Co. — Patents Infringed. —
The U. S. Court of Appeals has rendered a decision finding that the
manufacture of the Sparton vacuum tanks by Sparks W^ithington Co. is an
infringement of the Stewart-Warner patents and has enjoined the Sparks
Withington Co. from the further manufactm-e of Sparton vacuum tanks.
—V. Ill, p. 2146.
Studebaker Corp.
—
Wagon
Sells
Business.
— V.
Wagon Mfg. Co. above.
Texton Cotton Mills, Chicago.
See Kentucky
—
112, p. 380.
— New Name. —
(John R.) Thompson Co., Chicago. — Div. Incr. —
See O-Cedar Mills Co. above.
The Conmion stock has been placed on an
8%
basis,
Sales.
compared with
—
6%
paid in 1918, 1919 and 1920 and 4% in 1916 and 1917.
Gross sales for the fiscal year ending Dec. 31 1920 were $14,362,400,
compared with $11,151 .881 in 1919; net income is reported at $563,087, as
against .S933.544.
— V.
110, p. 1420.
Tobacco Products Corp.
— Dividend Payable in
Scnp.
—
has been declared on the Common
stock, payable in 2-year 8% script on Feb. 15 to holders of record Jan. 31.
In Aug. and Nov. last dividends ot 1 1-^% each were paid in scrip, while in
each was paid in cash. V. HI, p. 20.50.
Feb. and May last
The
regular quarterly di\idend of
1
K%
—
—
—
Debentures Called.
(J. Spencer) Turner Co.
Seventy-eight 6% 20-year debentures have been drawn for redemption
at par and int. on Feb. 1 at the company's office at 56 Worth St., N. Y.
City.— V. 110, p. 1858.
Unbreakable Mirror Co., Hackettstown, N. J.
Division Chief Clark of tho Internal Revenue Collector's office on Jan. 12
conducted a sale of the equipment of this company's plant to satisfy a
debt incurred by failure of the company to pay its excess profits tax of
The company manufactured metal trench mirrors during the war.
1917.
Joseph Tanncnbatim. President.
United Engineering
& Foundry
Co.
—Extra Dividend. —
dividend of 2' ar.d an extra dividend of 4% was paid on the Common
The dividends are iiayable as
stock, Jciii. 26 to holders of record Jan. 20.
follows: one-ihird in U. S. Liberty bonds, at par and two-thirds in cash.
V. 111. p. 700.
A
;
.
United ?ruit Co.
— Income
Cat.
Rate Increased.
directors
H. C. Warren & Co.,
'
1H%
—
Scovill Mfg. Co., Waterbury, Conn.
To Incr. Capital.
The company has petitiontjd tho Conn. General Assembly for permission
bo increase its capital from $5,000,000 to $25,000,000.
C»;/i/«j /!(/.— -Holds license for use of all tejt-iihonc instrument* and apparaiitjftus owntMj or eonlrolled by .\niericaji T«li-|.!
licut. e.\(cpt in tin- town of (irct-nwicli, ai..:
icfc;
liridgiporl, Danbiu-y. Hartford, New iJn:_
!....„.
ion.
Mi-rldeu, Derby, Waterbury, Norwich, New LouUou, Nurwaik, hiauiford
(
On
477
Year
19-20.
Account.
15 A/os.
Dec.^\
to
—
—
19.
Years end. St pi. .30—
1918.
1917.
Total net income
.$44,615,274 $.38,386,308 $24,8;i0.006 $17,.592,391
867,567
839.509
206,685
25.187
Less: Interest charges..
3.686,869
9,896,4.50
18,016,106
Estimated taxes
15, .581,780
3.903,392
4.025,320
6, 289, .562
Dividends declared
6,518,990
(8%)
(8%)
(12}i%)
Per cent
(13%)
x$22,489.317 $13,873,958 $10,068,727
brought
.,..»„ „„„
25.198.060
35.040,15-1
Balance, surplus
.\cciun.
profit
forward-49,109,723
Tropical loss reserve.. 4,380,971
$9,134,564
„. ,„_ „_»
21,567.370
Total profit
$75,980,011 $48,914,109 $35,266,787 $30,701,933
5.503.873
-^QSO-OOO
Less direct chgs. to p. &1.
4,773,.)b7
19a,614
Pltisdireclcred.top.&l. 50.000.000
Bal. at crod. of p. & 1. $25,980,011 $49,109,723 $35,040,15-1 $25,198,060
Compare V. 112. p. 253. 267.
I
~
.
4:8
illK
U. S. Cast Iron Pipe
KarniiiKs fur
& Foundry
Co.
— liantings — Div.
I)i-<-. :il
5%
112, p.
\U%
—
l(i!t.
& Heat
U. S. Light
Allan Smith
J.
& Heat
Co. and
of Willys Corp.
Co.
l)a« reslKne<l as
th*"
Process
—
New
N
—
—
President Kesignf!.
President and director of the U. S. Lif^ht
Gear Corporation, and as Vice-President
112, p. 68.
.
Utah Power & Light Co. — Bonda
Offered.
— Harris,
Co. and ("ofriii & liurr arts offering at 97 and int..
yielding about 7.30% .1500,000 1st Lion & Gen. Mtge. Gold
Bonds, Series of "7s Due 1941." A circular shows:
Forbes
&,
Dated Jan. 1 1921 duo .Ian. 1 1941. Int. payable J. & J. without deducany normal Fodoral Income tax to an amount not oxcecduiB 2% p. aCallable on the first day of any month, on four weeks' notice, in blocks o'
not less tiian .S2;')0,000, at 107 3-4 and int. to and iiicl. Jan. 1 1921: at lO.i and
int. to and incl. Jan. ] 1931; and at a promium of H % .le.ss each year thereafter to maturity.
Denom. .SI. 000 (c*). Guaranty Trust Co., trustee
Earnings (including Western Colorado Power Co.) Year ended Nov. 30 1920,
tion for
Gross earnings
Net. after maintenance, rentals and taxes
.\nnual interest on funded debt with public, including this
.?6,604. 13.")
$3,0.5.5.197
Ls.sue.
Balance
1.265. -170
$1,789,727
—
Company. Owns all the securities (1st mtge. bonds and capital stock)
of Western (Colorado Power (.o., and all the capital stock (except directors'
shares) of Utah Light & Traction Co.
The electric light and power and gas
proportias of the latter (operated under a 99-year lease) together with
Western Colorado Power Co. plants, have a total in.stalled capacity of 150.6S7 k. w., of which 133.237 fc. w. is hydro-electric. To take care of new
bu.siness. the construction of an additional 16.500 k. w. capacity has been
partially completed.
Transmission and distribution systems owned and
leased total about 3,700 miles in length.
.
Capitalization after This Financing
—
Common
stock
Preferred 7% cumulative .stock
Second Preferred 7% cumulative stock
1
Authorized. Outstanding
$35 ,000.000 .$30 ,000,000
25,000,000/ 8.4.50,000
\
|
x4,937,000
Mortgage 5% Bonds, due 1944
100.000,000 y23,691,000
1st Lien & Gen. M. Bonds, Series of "7s due 1925"!
656,000
Series of "7s due 1941" (this issue)
500,000
\
Fir,st
/
J
X A total of $7,837,000 2d Prcf. stock has been issued, of which $2,900,000
has ceased to be subordinated to, and has become. Pref. stock.
y $1,156,000 additional are pledged under the $1,156,000 1st Lien &
Gen. Mtge. b»nds. including the issue of $500,000 Series of "7s due 1941."
The company guarante&s principal and interest on $12,151,000 Utah
Light & Traction Co. 5% Bonds, due 1944.
This Issue. The mortgage provides that additional bonds may be issued
upon the pledge with the trustee of an equal amount of 1st Mtge. .^s, pro
vided annual net earnings are equal to 1 i4 times the annual interest charges
on all 1st Mtge. bonds in the hands of public and all First Lien & Gen. Mtge.
bonds out., incl. those proposed. See V. 110. p. 1850.V. HI, p. 1662.
—
Virginia Iron, Coal
—
& Coke
Co.
—Earnings. —
Quarter end.
£)ec.31'20. Sept.30'20. June30'20. Afar.31'20. Fear 1920
Gross earnings- _$1, 129.977 $1,357,474
$727,531 $4,163,622
$948,640
Int., taxes, &c..
295.869
283,773
158.387
162.667
900,596
Net earnings-.
$790,253
,$834,108 $1,073,701
—V. Ill, p. 1573.17>5», 2237.
Vulcan Detinning Co.
— Scrip
The regular quarterly dividend of
$564,964 $3,263,026
Dividend.
%
14, in 1-year
Waldorf System,
Inc., Boston.
—Earnings,
&r.
—
President, P. K. Woodward ir. ?n rdv, s^ys 'ii part: 'Waldorf System,
Inc., Is now one cf the largest ch;iiiis of lunch rooirsin the country- sperading
over seven Slates. There pre now 89 resiaurrnts in 28 different cities;
every day about SSO.OGO is taken in in cash sales. Although less than two
cents is made on the average meal of 30 cents, the vast volume of 36.000.000
meals a yen;- enabled the company to pay sub.stanCial dividends to owners
of Waldorf coniirion ."rtock l;<st year.
"The net earnings for 1919 were at the rate of $385,407 a year. Although the incref'sed costs of provisions reduced the company's profits per
meal, the new restaurants required and the Lirge increase in businc.ss with
careful management, enabled the comp?nv to show net earnings at the rate
of $626,703 for 1920.
In 1919 dividends on the common slock were at the
rate of lO*?;, per year, orsh dividends.
In the yenr just closed. 1920. there
were a cnsh dividend of lO'/c and two stock dividends of 5% each. V. 112.
380.
p.
—
Warwick
Mills.
— Smaller
Dividend.
—
A
dividend of 3% has been declared on the outstanding Capital stock.
payable Feb. 1 to holders of record Jan. 17. In August last, a semi-annual
dividend of 5% was paid together with an extra dividend of 2J^%. while
in Feb. 1920. 5% extra was paid.— V. Ill, p. 503.
—
Washington
—
(D. C.) Gas Light Co.
Notes Offered.
Crane, Parris & Co., W^j-shington, D. C, are offering, at
100 and int., by advertisement on another page, the unsold
balance of $1,200,000 5- Year
Dated Jan.
Red
1921, due Jan
1
11926
7M%
Gold Notes.
Denom $1,000. $500 and $100
(c*).
all or part, •n any int date after Jan 1 1923. upon fou weeks notice,
a tl03 and int after Jan 1 1924 at 102 and int.. and after Jan. 1 1925 at
101 and int. Int. payable J. & J. without deduction fo norma Federal
Income tax up ta 2%
American Security & Trust Co., Washington, D. C.,
trustee.
Authorized, $2,000,000. Balance is-suable for additions, &c.,
subject to approval of P. U. Commission. So long as any notes of this
issue are outstanding, company will not further mortgage the properties.
Data from Letter of Pres. H. S. Reeside, Washington, D. C., Jan. 22.
Company. Incorp. by Congress in 1848. Manufactures all the gas used
for heat and light in the District of Columbia and several of the communities
in adjoining counties of Maryland and Virginia.
Population estimated,
450.000. Company distributes most of the gas directly to consunaers in
the city of Washington and serves the outlying communities through its
subsidiaries which act solely as distributing agencies.
During the calendar
year 1920 the system distributed 5.040,851 ,000 cu. ft of gas through about
86,816 customers' meters. Company operates under a perpetual charter
which can only be changed by Act of Congres
Company owns and operates two plants for the manufacture of water gas,
combined output capacity 20,000,000 cu. ft. of gas per day. Its seven
holders have an aggregate storage capacity of 6,900,000 cu. ft. of gas.
O^wns about 556 miles of gas jnains. Owns all of the stock and about
25% of bonds of Georgeto'wn Gas Light Co (the latter in turn owns all the
stock of Georgetown Gas Light Co. of Montgomery County, Md.); all the
stock and bonds ef the Rosslyn Gas Co. of Virginia, and all the stock of
Washington Gas Light Co. of Montgomery County, Md.
Valuation .—The lowest valuation of the physical properties of the
company (that determined as of Dec. 31 1914) by the P. U. Commission of
the District of Columbia as the fair value of the property in the District
of Colimibia, plus the net cost of additions from that date to Dec. 31 1920)
amounts to $10,476,942.
Purpose. Proceed will be used to reimburse the treasiiry for expenditures heretofore incurred for extensions and additions.
Comparalwe Statement of Earnings of Company Only.
Gross Inc.
Int.Chges.
Calendar Years
Gross Revs.
Net Inc.
$682,808
1917
$2,820,256
$242,068
$435,792
534.747
281.187
1918
3,801.159
251.190
1919
4.073,315
649.435
320.394
326.663
600,324
338,162
1920 (estimated)
5,147,588
260,155
.
:
.
—
.
—
—
[Vol. 112.
The corresponding incomr; for the year ending Doc. 31 1920 (partly
estimated) wa.s n<«irly twice tlie annual inUTOst chiirg<« on the outstanding
First
Mtge. bonds and
Has paid
Dividends.
since 1884.
—
this lssu<! of notes.
divs. on Its $2,600,000 capital stock every year
(The company has al.'-o outstanding an ls.suc of .*5. 199.651 Gen. Mtge. 58
Nov. 1 1960. The only funded debt or sUxk of any sul)sidiary outstanding In hands of public coiLslsts of $.500. ,500 Ist .M. ;> of Gwjrgetown
Gas Light <;o. due 19til. secured on that co.'s projxirty .)— V. 112. p. 271.
du(!
—
Watson Products Corp., Canastota, N. Y. Rcrriicr
Milton DeLano. Pros of the State Bank of Canastota. N. Y.. ha.s been
named receiver The move It Is stated, is part of a pian to reorganize the
company as the Watson Truck Corp.
Wayland
Oil
TIk' stockholders
—
&
Gas Co. Liquidation.
on Jan. 15 received a liquldJiting dividend
of \l cent/t
per share on the outstanding cipltal s(,ock.
In
irch 1920 a distribution
of $5 20 per share w- s m;ule. making a total of .$5 .'iJ Pt;r shire thus f^r paid.
Because of their Inability t^) have the taxable inc:>:no anprove'l. the traitees are unable to say Just when a final di.slributiori will be made.
C'orapare V. 111. p. 1861.
M
—
—
Western Electric Co. Emphyres Take Bonds.
The Company announces that 6.170 employes have subscribed to over
$2,600,000 of the new ,5-year 7% convertible gold bontLs Issued in March
1920.
See V. 110. p. 1328.
2.334.
Capital.
J.
an increase in capita
Kowan. Pres and H C.
IH filed notice at Trent^)n
stock from $100,000 to $2,000,000
Tener, Sec.
Charkw
.\
—
—
Westinghouse Traction Braka Co., N.
The company on Jan
fif
,
—
Oil & Refining Cc.
Output.—
& Co.. 120 Broadway. N. Y. City. Jan. 26 reports: "The
Jeffers lea,se near Florence. Kan., is now producing more than 2.()00 bbls.
per day.
When the two wells which are now drilling are completed, the
White Eagle
.losephthal
company should produce 3.500
bbls. per day."
—
— V.
112,
p 59
Name— Cap. Inc. —
Whiting Corp., Harvey^ 111. New
The Whiting Foimdry Equipment Co. has changed
its name to Whiting
Corporation, and the authorized capital stock is mcreascd from 5700,000
to $3,000,000.
is no change in management, and the corporation
There
will continue to manufacture cranes, foundry equipment and railway
specialties as before.
Wickwire Spencer Steel Corp.
—
—
To Inc. Pref. Slock.
28 on incre^ising pref. stock from
^;7, 500, 000 to SIO.OOO.OOO.
The new stock, it is s-.id. will be issued from
time lo time ss expansion requires. It is expecte.l that 8.500,000 will be
issued in the near future to provide working capital.
V. Ill p. 1759, 2334.
The stockholders were
to vote Jan.
—
Wilkes-Barre Colliery Co.
— Tenders. —
,
The Girard Trust Co.. trustee, Phila.. Pa., will until Feb. 10, receive
bids for the sale to it of First Mtge. 6% sinking fund gold bonds of 1912,
at not exceeding 101 and int. to an amount sufficient to ejchaust $25,477.
V. 107, p. 808.
fC. R.)
We
Wilson Body Co., Detroit.—.300%
Stork
Div.—
are officially informed that the company on Dec. 29 1920 paid a
300% stock dividend to holders of record of Dec. 29. thus increasing the
outstanding Com. stock from $569, 570 to $2,278,280, par$10. V. 112, p. 169.
—
Yale & Towne Mfg. Co. — To Increase Capital. —
The company has petitioned the Connecticut General Assembly for
permission to increase its capital stock from $5,000,000 to $25,000,000.
V. Ill, p. 2237.
CURRENT NOTICES
—
each on the Preferred and Pref.
1 H
stocks have been declared, payable Feb. 21 to holders of record Feb.
6% scrip, dated Jan. 20 1921 and maturing Jan. 20 1922.
Compare V. 112. ]». 169, 68.
"A"
..
.
CJIUOXrCLE
lOL'O :irc (ifriclJiUv reporled at $851 .WA. roinpiircxi wllli inlofiit, of Sr.O.'j.TO.i 1" H)l<).- Coinpan- V. 112. p. 169.
Tho (lircciors havo (lcolarc<l a dividend of
on the I'rcf. Kto<'k for the
current year, payalih) In four <iuarterly Installments of
each.
The
first Installment Is payable March IT) to holders of record March 1.
V.
yr.ir <-nirc<l
t.lii'
—
—
Charles Lee Scovil, who has been associated with Spencer Trask & Co.,
investment bankers, for many years as advertising and sales manager, has
H. Lamresigned to become First Vice-President of Medley Svovil & Co.
son Scovill. son of Henry William Scovill. and grandson of James Mitchell
Lamson Scovill. who founded the Scovill Manufacturing Co. of Waterbury
Conn., in 1802 one of the largest independent brass manufacturing concerns in the United States
has become Treasurer. Gale McNomee. former
News Editor of the "Daily News Record" and "Women's Wear," and for
many years associated with other important metropolitan newspapers, has
been made Vice-President.
Medley Scovil. founder of the btisiness. con-
—
—
tinues as President.
—
The firm of H. L. Allen & Co. will open offices at 40 Wall St.. New
York, to deal in Government, municipal, corporation and railroad bonds.
The partners are H. L. Allen, Charles C. Thomas and G. C. Stevenson, all
formerly associated with the bond department of Hornblower & Weeks.
For several years Mr, Allen has been in charge of the bond department of
the Hornblower & Weeks organization. Mr. Thomas has been in charge
of the New York City dealers sales department, and Mr. Stevenson, sales
manager of the New York office. All of the partners have been in the
bond business for a number of years, Mr. Allen's e.xperience of -about 18
years having embraced every phase of the investment banking profession.
Frederick H. Hatch & Co., 74 Broadway, says: "Lower prices for commodities and mantifactured products, decreased volume of business and
curtailed inventories, withdrawal of the Government from the money market on the large scale necessitated by war conditions, release of "frozen
credits," accumulations of unemployed capital these foreshadow a marked
decline in interest rates and a much lower basis of investment yields.
High long-term investment bonds and guaranteed stocks afford the best
and safest means of securing the full benefit of the present investment op-
—
—
—unparalleled half a century."
—Antonides & Company of Denver, Colo.,
portunity
in
announce the removal of
on Jan. 24, to more spacious and convenient quarters, suite 202
Now United States National Bank Building. Announcement is also made
of the association with the firm of Gray B. Gray. &s Manager of its MuniciMr. Gray was recently connected
pal and Corporation Bond Department.
with Sidlo, Simons. Fels & Co.. and formerly with Jas. N. Wright & Co.
in their Municipal Bond Departments.
Charles Scudder has been admitted to partnership in the firm of
Whitaker & Company, dealers in investment securities in St. Louis; the
members of the firm are Edwards Whitaker. E. J. Costigan. C. L. Kraft,
E.G. Stockton and Chas. Scudder.
Zimmermann & Forshay annoimce the opening of additional office
space recently acquired at 170 Broadway, thereby providing much needed
space and tacilities for their foreign exchange and foreign bond department
Burns. Brinker & Co., of Omaha. Neb., dealers in bonds and stocks.
have opened a branch office in Lincoln, Neb., at 506 Little Building.
Cedric Potter is their resident manager.
The Columbia Trust Co. has been api)ointed by the Garment Center
Realty Co. trustee imder mortgage securing $3,500,000 9% sinking ftmd
their offices
—
—
—
—
gold bonds.
.
The " Investors Review" issiied by Bourveau & Evans, members Philadelphia Stock Exchange, contains a special article on Reading.
-The New York Trust Co. has been appointed transfer agent of the stock
or the Di Giorgio Fruit Corporation.
—
—
—
H. B. Calhoun, formerly of W. A. Harriman
Bonbright & Company, Inc., New York.
&
Co..
is
now
with
THE CHRONICLE
Jan. 29 1921.]
479
is advertising Fruit of the Ih>omi muslin at
per yard, limiting each customer to 20 yards. The
Winsted, Conn., hosiery mills and the New P'nglauil Knitting
Co. nulls there, after being closed for 'M days, will resume
work mxt week at a wage cut of lfi%. At Schenectady,
X. Y., the (Jeueral IClectiic Co. will reduct' wag<'s on Feb. 1
10 to I'/'f ami dr(i|) the weekly bonus. At Racine, Wis., the
J. I. Case I'low Woiks will reopen on Feb. 1 on a three-day
schedule. The Cram]' Shipbuilding Works at I'hiladelphla,
At
I'a., are to make a tentative cut of 10% in wages.
Rochester. X. Y., 29,000 workers are out of employment, but
(i~t'/i of the clothing oiieratives have returned to work.
The
Sultou .Mills, of .\orth Andover, .Mass., announcctl a wage
r»'duriioii of ]','/, to take effect .Ian. .'51.
At Stonington,
Conn.. \\('a\<'rs of the Ameiican N'elvet Co. refns«> to accept
a redui'tion in wag«'s of 2;") to W.i and have gone on strike.
At Lowell. Mass., the Treniont & Suffolk Mills have closed
down indefiintely for lack of business. From I'rovidence,
R. I., comes word that the .Vmerican Wringer ('o., the largest concern of its kind in the world, has be(>n jtlaced in the
partment store
14':;c.
COMMERCIAL EPITOME
\cic York, Friday Nniht, Jan. 28
lUisincss
try.
is
a
is
Iron and
sli,t:htly
11»21.
a little better in different parts of the coun.steel,
to he sure, still las; nevertiieless there
better tone, taUe
it
trade, a little rnor(> eoiifidenee.
for all and ;ill in .K^merican
Y(>t there is no {^ainsayiii'.:
the fact that the note of caution is also there. l$uyers at
wliole.sale are pnrehasinjr with a little more freedom, hut
on<> thinj; is undeniahie^
they are' huyini; in small lots.
They ai'e not disposed to antiiiliale future wants for any
j:reat time ahead, for they see that the tendency of prices
in many lines of business is downward.
Cotton jroods have
declined and in this department there is less business than
ree(>ntly.
An attempt to put up prices was met l>y a prompt
withdrawal of buyers. Ami raw cotton has latterly weakened .somewhat, with (>xports lifrht and stocl<s in this country very lartre.
Lancashire's trade is not in a very proniisiiiK condition either, aithousih some slifrht improvement has
been reporttMl there. If the imi)r<)veinent continues, it will
react favorably upon tlie American market. Ketail business
has increased somewhat. But it is almost snj)ertluous to
.sa.v that it would incre»s(> mor(> rapidi.v if I'etailers should
r(H'osrnize the situation and cut prices sharply, with no
gesture of make-believe. Wholesale trade in the Kast and
West has increased more than it has at the South, which
feels th(> .irreat decline in cotton and the restricted export
outlet.
There is no doubt that the South has been hanl hit
by the bi.u decline in cotton, su^ar and rice.
It is even
sjiid that in a jrood man.v cases notes have had to be extended, in Louisiana, for instance. Urain has declined and
latterly tlour has shown a downward tendency.
Failures
are fewer than they were last week, but they are still vei-y
numerous.
For instance, the total for the week is 421)
.-ii-'ainst 4.">*.) last week, 104 for this week last year, 140 in
1!)1<), 292 in 1918, and .312 in 1917. so that the agcgrejiate is
Iron and steel are even
the larjrest for some years past.
less active than they were recently.
The output of bitu-
minous coal has decreased with
a
reduced demand trace-
able partly to the unusually mild winter, not to speak of the
.slower pace of many manufactur(>s. Unemployment is widespread and far frreater than it was a year ago. while the
cost of food, clothing and housing is still very high.
Wages continue to be reduced in different industries, and
this with the lower prices of raw n)aterials as compared
with a year ago indicates that costs of manufacture are
nearer normal than the.v were then, although labor has been
by no means liquidated even yet, and it is not at all clear
that prices of raw materials have yet touched bottom. Still
the commercial world is moving back towards the accuf^tomwl level of co.sts and this, in making for ultimate i)rosperity on a sound basis is .lust so much to the good. Lumber
is in somewhat better demand at the r(>ceii(
ilecline in
j)rices.
Already talk is heard of the likelihood of greater
l)uilding actlvit.v this spring.
ISTachine tools arc^ in b<>tt(>r
at a luind-er of well-known centres. Th e automobile industry is dull.
Crude i)etroleum is lower; also naval
stores.
On the other hand, there is greater activity in the
textile and shoe industries in New England.
And in the
demand
Carolinas and Georgia many cotton nulls have resumed
work, some at 00% and others at as high as 100'/' of capacity. And there is a hopeful feeling in the cotton manufacturing business of the South.
The leather trade shows more life, with hides lower.
Live animals are lower, with a big supply.
The lowest
prices on wheat this season have just been reached.
Raw
and manufactured silk are in .somewhat better demand at
firmer prices. Meantime one gratifying feature of the situation is that Western farmers show a much greater inclination than recently to .sell their grain and livestock. That is
taking the bird in the hand, rather than waiting for two in
the bush, or. in other words, waiting for better prices, which
may not come. Probably it would be wiser if the Southern
cotton farmei- would take a leaf out of the Western grain
farmers' book.
Both have lost heavily by waiting for
higher prices in.stead of marketing their crojjs when quotations were far higher than they are now.
Finally one feature which has had a more or less heartening effect in the
commercial world is the i-ecent advance in stocks and foreign exchan.ge the latter ju-esaging, it is hoix'd, a revival of
export ti-ade before long. It is also taken as indicating a
l>etter condition of business in England, an idea which is
somewhat encouraged by the rising ratio of reserve to liability of the Bank of England.
What is needed throughout the world is increased pro<luction, lower costs and
cheai)er prices, and they are all bound to come in time.
Some j)rogress has alread.v been made.
Benningt<m, Yt., rei)orts every textile mill there in operation for the first time in a month.
Many of (ieorgia's cotton mills have resumed oiierations on full or i)art time, and
it is believed that by Feb. 1 all mills there will be running
at 100%. Charlotte, N. C, reports that in two weeks fifty
cotton mills have resumed work and that .spinners look for
a big increase in business v.-ithin 00 days. A Chicago de-
hands of a temporary receiver. I'nion textile workers and
manufacturers have .joined in an ajipeal to the House Ways
and Means Conuuittee for tariff jirotection against foreign
textile .goods. About 9,0t)0 woolen workers in I'assaic, N. J.,
have been notified of a general reduction in wages. Tlie
American Writing I'aper Co.. at Ilolyoke. Mass., will reduce
force Feb. 1 by about 100. The ('anadian Cotton
^Montreal, have announced a wage reduction of
12i/>%, effective next Monday. It will affect approximately
Various i)oints in Vermont, Massjichu3,n00 oi)eratives.
setts and Connecticut rejjort that textile mills are resuming
operations, although generally at a lower wage scale. The
United Traction Co. of Albany has cut wages from 00 to 45
ce>nts an hour, (effective to-morrow.
The Dei)artment of Labor says that (!veu if the maximum
wage cut of 22',1>% so far reported by cotton mills were
ai)plied generally in the industry to 1920 scales, it would
leave an hourly wage two and a half times as high as prevailed in 1913 and 1914 and one and a quarter times as high
as in 1918.
The number of unemployed in the United States increased 8,473.400 fi-om Jan. 1 1920 to Jan. 1 1921, according
to the Labor Departments' employment service. The number of workers in industries declined 30.9% in a year,
Michigan showing the largest decline among the States,
Automobile and accessory workers declined
with 82%.
60%, and building trade workers .')8%. Employment in
Xew York State declined 28%. On the 24th instant at Baltimore 2,000 men competed eagerly for jobs pajing 30 cents
an hour which the city offered. Some 180.000 are idle in
the Pittsburgh district, including Western Pennsylvania
and parts of Ohio and West Virginia. The iron, steel and
coal industries are the hardest hit, but all are suffering.
Some employers express hope of an industrial revival after
The building trades are the most hopeful.
Ai)ril 1.
At the fur auction here on Jan 22 the drop in squirrel
was 25%. Raccoon fell 40%. It came second in the inCompared with the average prices paid
terest of buyers.
at the April sale of the Xew York Fur Auction Sales Corporation here, last Saturday's other offerings showed these
percentage declines: Black bear, 25; brown bear, 35; Polar bear. 35; German and Russian fitch, 60; mole, 60;
nutria, 55, and ernune, 50.
Creditors of ^l. B. Horowitz, jobber of silks, velvets, ribbons and millinery good.s, 33 West 33rd Street, have, it is
Assets are placed
said, agreed to an exten.sion of payment.
Plans for a readat $425,905 and liabilities at $328,271.
justment of the business of Guiterman Bros., Inc., manufacturers and jobbers of men's furnishings, St. Paul, Minn.,
its office
.Mills, Ltd.,
are reported under consideration and conferences are being held between officials of the corporation and the local
and Xew York banks interested, with a view of dec-iding
on a plan of reorganization. Assets are estimated at about
and liabilities $2,300,000.
London cabled that Allahabad, India, reportetl fresh rioting had broken out in the Fyzabad district and troops were
proceeding there from Lucknow. The rioters are estimated
to number 10,000. The trouble is said to have been caused
by the needless killing of two "sacred pigeons" by European
It was a religious
boys. A religious strike was proposed.
matter. The Stock Exchan.sre at Boml)ay and also the cotton and bullion markets uere c1os(h1 for a day and then re-
$2,700,000
opened.
The biggest snowfall of the winter, embracing many
points in the Rocky Mountain region. isolate<l Denver and
other cities from telegraph and telephone communication
for a time on Jan. 24. The storm covercnl Wyoming, Colorado. Northern -New Mexico, Kansas, Central Xebraska and
the Dakotas.
LARD quiet; prime western 13.8.5^ 1 3. 95c.: refined to
Continent 15H('.; South American Kk'.; Brazil in kegs 17c.
Futures advanced mainly owing to reports that the British
Government will discontinue its control of piiiue steam lard
on Feb. 7, and of refined on Feb. 21. This ruling it is
stated will apply to shipments from the American markets
on the dates named. Nothing has yet been said about a
Hogs have advanced. At one time
decontrol of bacon.
prices declined owing to selling by packers and gjain interests
TTTK CTTliOXTCT.K
480
;uh1
I>AII,Y
of <fxport, di'iiiaiKi.
Toduy
tlu-y Jiro a trifle liij^hcr for tho
lacik
tlic
:dif;:litly
and
(JLOSINO PRIOKS OK I.AKI)
KMT,
PORK
quiet;
12.9r>
13.80
.Tanuarydelivory...cts.l3.10
May delivery
...13.77
Wed.
Turs.
Moil.
Sal.
7)ri(r('s
advanr-od
wook.
FUTURES IN CHICAfJO.
13.62
Thurs.
Fri.
12.97
13.00
13.60
13.67
13.02
13.70
family
short
at
$2.3 10, showinfj a decline for the we(>k of 2.') to 75 cents.
the latter on January.
Beef quiet; mess SlG^n-flS; packet
$19@$21; family $27(i^S2<); extra India mess $4.'')C">S4S;
No. 1 canned roast beef $3 IT); No. 2 $8. Cut meats dull
but- hipher; pickled hams, 10 to 20 lbs., 20J^@217^c.;
pickled bellies, 10 to 12 lbs., 16
17c.
Butter, creamerv
(>xtras, rj0K@r)lc.
Cheese, flats, 20@29c. Eggs, fresh
gathered extras. 66c.
on the spot hitrher; No. 7 Rio 7©73^c.; No. 4
Santos ^%@,\Q]4c,. fair to good Cueuta 11 (« 11 3^e. Futures
advanced with Rio Exchange higher; also the tone of Brazilian markets brightened, the trade bought here to some
extent in undoing hedges and shorts covered. Besides a
The financial outlook in
better spot demand was reported.
Consumers too in this
Brazil is supposed to be improving.
Gountn,- and elsewhere have held aloof so long that stocks
must have dwindled. Today prices declined slightly, but
they show a rise for the week of 2.5 points.
floar
.l;3:iC«'$3(>.
me.ss
S30C«;S31;
6.61
cts.7.02@7.04|aept
cti-7.80(a7.82
7.41 @7.42 December... 8. 15@8. 17
SUGAR
©663 IJuIy
lower;
I
centrifugal 96-degrees
test
Cuban and
Porto Rican 4.89o.; refined, granulated, 7.50o. Futures
have declined and Cuban raw on the spot has been down to
It is, of course, a new low level on
3J^c. cost and freight.
Too much sugar and too little demand is
the great break.
There is also price cutting in the refined
the great trouble.
market at the West in a sharp competition for business.
The financial situation in Cuba, of course, also counts. The
new crop Cuba
Cuban
ports increased greatly
last week, reaching 63,032 tons, against 3.'S.972 tons in the
previous week and 141,218 tons a year ago. Exports fell
.'5,000 tons to 10,654 tons, and stocks at Cuban ports increased to 110,820 tons against 58,442 tons last year.
Stocks at Atlantic American ports are 63,605 tons against
53.227 a week previous and only 32,339 a year ago. Today futures advanced a few points, but they are lower than
a week ago by 43 to 46 points, on March and May.
cts.4.35®4.36
Spot (unofficial) ct8.4.36 IMarch.. ct8.4.04@4.05 July
receipts of
at
1
IMay
—
4.20@4.2ll
OILS. Linseed quiet and lower; carloads could be had
at 75c., but there was no demand for such quantities.
There were inquiries reported for futures, but actual business
Cocoanut,
of this kind is believed, to have been small.
Ceylon bbls. 12i^@13c.; Cochin bbls. 13@13i^. Olive
.$2 50.
Cod, domestic 60@62c.; Newfoundland 65@68c.
Sova bean, edible spot \\(g:i\\'^2C. Cottonseed oil sales
to-day 11,500 bbls., March closing at 8.57 to 8.58c., May
at 8.99 to 9 and July at 9.29 to 9.30c.; spot 8.30 to 9c.
Common to good strained rosin
Spirits of turpentine 72c.
$8 75.
steady; refined in bbls. 24.50@25.50c.;
bulk 13.50@14.50e.; cases 26.50@27.50c. GasoUne lower;
steel bbls. 31c. to consumers, to garages 29c.; consumers,
reduction of
wood bbls., 36e. Kerosene also declined.
.50 cents to $3 in the price of Mid-Continent crude oil affects,
it is declared, more than 630,000 bbls. daily output, or over
50% of the entire production of the United States at its
present rate of 1,230.000 bbls. a day. Mid-Continent crude
now sells 50 cents below the high quotation of 1920. which
was $3 50 a bbl., and 25 cents above the price prevailing on
Jan. 1 1920, $2 75 a bbl. The present daily rate of production in the Mid-Continent field, is said to be divided as follows: Oklahoma, 265.000 bbls.; Kansas, 86,000; North
Texas, 72,000; Central Texas, 135,000. and North Louisiana,
81,000. Very much all of this is said to be high-grade oil.
Chicago wired: "Oil interests believe prices are scraping
bottom. No Mid-Continent refiner concedes any current
profit.
Gasoline jobbers report sales well above a year ago
and 30% for some of the large companies. Fuel and gas
oil continue very dull, with supphes accumulating as industrial lines resuming work are not hea^^" users."
PETROLEUM
A
Pennsylvania
~
Corning
OabeU
$5 50|Indlana
3 50 Princeton
3 96 [Uinois.
Somerset. 32 deg.
and above
Ragland
Wooster
Lima
4 00
2 00
Plymouth
Kansas &
S3 38 Strawn
3 5"^ Thrall
_. 3 52 riealdton
3 23 Moran
Henrietta
Okla-
S3 00
3 25
1
75
3 00
3 00
homa.
3 00 Caddo, La., light- 3 50
2 »0 Caddo, crude
2 00
Corsicana, heavy. 5 50 De Soto
3 48
3 40
Electra
3 00
3 80 Oorslcana, light
ad viscid to
make
their
ports of (;ntry.
Charters Included
Kri.in
with Mexico are being
shipments by rail through border
from a
Ciulf jjort to
W.st
Italy f-IO.OOO 'luart
May
and
COFFEE
8pot(unoffi(nancts7-7iilMay
American shippers doing business
S40(m.'$42;
January closed at $22.72
@
March
[Vol. 112.
1
RUBBER
dull and lower.
Large holders are out of the
Transactions are confined to small quantities.
Smoked ribbed sheets were quoted at 18 Mc. on the spot;
19c. for March, 20Mc. for Jan.-June and 21J^c. for AprilJune. First latex pale crepe was 193^c. Para quiet and
lower at 18c. Central quiet and unchanged at 13 14c. for
Corinto.
OCEAN FREIGHTS have been lower on coal and inclined
Charters have been very dull.
to sag on grain and fruit.
With approximately 250 ship.-; of 2,000,000 deadweight tons
now idle, the Shipping Board is rapidly approaching its
estimated withdrawal of 400 ships of 2,250,000 tons, which
will be acomplished, it is supposed, before the depression
is over.
Some look for a turn for the better before summer.
Because of port congestion at Vera Cruz, and Tempico,
market.
@
a
to
Maize
San
-••'", :""r'^;v' •,"" "i"'-'"" i-m- i> Kiuar.v. i'ii|)|>fa oai.s
f»^.Ui:; "iii:;'^
Hdhia HIanca to United KiiiKdoni f)r Continent AT,h. .Ian 2.")-Feb 10 from
eoal
from (Charleston S. C. or .lacksonville to \ve.st Vf.ixsX. of .South America
$.) 25 .Jannary-hebruary: one round trip in W(«t India trade
1 lS7-ton
.steamer ?2 prompt.
33.000 <iuarters Krain from Atlantic range. Inrluding
l<)rtlaiKl to HamburK, Rotterdam or Antwerp. 20e.
i)er hundrcxl pounds
Canadian currency prompt; ties, from Brunswick to I'hiladelphia, 32c.
.
TOBACCO
has been in the mj'.in rather quiet though the
said to have increased somewhat.
And most
factories are now in operation.
Tlie rest it is belie^ed soon
will be.
Their trade is better at lower prices.
Kentuekj'
loose leaf to))acco niarket.-i have recently reopened and
receipts were large.
There has been a fair demand there,
hut low grades are not wanted. As to the P(;nnslyvania
cigar tobacco, growers and buyers have been in disagreement
about prices. Louis\ille, Ky., ^vired "Night riders appeared
for the first time in several years in the Blue Grass region of
demand
is
Kentucky. Last Saturday night and Sunday morning a
band of about t\venty-fi%'e mounted, armed and masked
men made a twenty mile circle in Bath and Fleming Counties,
warning farmers and growers not to sell, haul or raise any
more tobacco under threats of personal \-iolence and destruction of crops, barns and homes."
Lexington, Ky.,
wired Jan. 25th: "Gov. jMon-ow said that he would ask the
United States Government for troops if necessarj', to put
down any outbreak by night riders. Insurance companies
are notifying their agents to cancel
all
outstanding policies
on tobacco and tobacco barns owing to unsettled conditions
in the tobacco market and the large number of severe losses
on tobacco in barns which it was hoped would abate but
Avhieh have steadily increased.
This a\4U be a hard blow
if tbacco barns are burned.
In western Kentuckj- forty-five
were burned last autumn during the trouble in the "black
patch" district. Lexington is the tobacco capital of the
If
State, eighteen large warehouses being located there.
there is any general trouble thej" will be placed under hea^-j'
.
guard.
COPPER
Large
dull and lower; electrolytic 12M'@13c.
interests are holding out for 13c. while the weaker holders
show an inchnation to shade prices. And London at one
time Avas weaker. Tin declined early in sympathy with
London. Spot tin was quoted at 34^@3534c. Later in
the week, however, prices advanced on the firmness of foreign markets.
Lead in small demand but steady at 4^@5c.
for spot.
Zinc dull and lower at 5.25@5.30c. spot St. Louis.
PIG IRON has been dull as ever; $30 at furnace for the
Blast fuma-ce
best grade is now quite generally quoted.
output is reported to be decreasing. In the Youngstown
district 8 or 10 out of 15 furnaces are reported idle.
STEEL
has remained verj^ dull.
The automobile
trade
is
Active bujnng by that industry
said to be unpromising.
seems remote. Some are even predicting that production
of autos may not for some time to come exceed 40% of capacity.
Of course this is only surmise. But the demand is
so slack for steel that when an order appears of a desirable
kind it is said that some independent mills are apt to cut the
price to get it.
Some independent steel mills, it is said, are
running on a 50% scale for a fortnight or more. The output
in the Pittsburgh and Ohio districts on the other hand has
decreased shghtly. The Steel Corporation's output of sheets,
tin plates and wire is said to have been somewhat reduced.
In the first half of 1921 it is feared sales of steel to implement
works, shipyards, fabricators, automobile concerns, and
Wire sells less
raih-oads are Ukely to be onh' moderate.
It is predicted that British
readily with grain prices down.
prices will be reduced to meet Belgian and German competition.
Japan and South America are reported to be feeling out the American market.
has been less active but generaUj' steady, with
The demand is mostly for fine and fine mepulled higher.
dium of good staple. Woolen mills at Passaic, N. J., are
cutting wages 7J-4% and also stopping the bonus of S3 per
week. The sale at Invercargill. New Zealand, on Jan. 22
was very firm on the basis of rates ruling in Christchm'ch and
Napier. Eleven thoiisand bales were offered at Timaru on
Jan. 26. The LiAcrpool East India wool auctions ended firm
last week on the basis of the drop early in the week of 5 to
10% on good Jurias and Vicaneres and a rise of about 6%
on gray Kandahar. At Jhe closing day in the London Colonial series 75% of the offerings were sold on the basis of the
new limits. Discretion, it is stated, has been given brokers
on the selling of the wools -nnthdra-mi from the series closed
on the basis of the free wool limits.
Chicago wired that pulled wool was more active and prices
up 5 to 10% for better grades in which the bulk of business
Fine and half blood territory wools are
is being done.
WOOL
selling there,
it is
said,
on
.a basis of
80 to 90 cents.
An
80,000 lbs. went it appears at 34
cents in grease and 50,000 lbs. of one-fourth blood territorjwool on 45 cents clean basis. One firm claims that the
extremely choice
lot of
1
'
THE CHRONICLE
Jan. 29 1921.]
iniprovcincut is worldwiciti with an upward trciui (»ver.vwhero. About 10,00(),0()0 lbs. were bought in ono week in
South America for United Stales account. Somo think
this is an over-estimate.
It is felt that the F^mcrgcncy
Tariff bill will not pass under the Wilson Administration.
('al)lc.s from
New Zealand stated that at Tiiiiaru on
Wednesday 12,r>00 bah's were offered and 9,200 sold. Tlu'
demand was fair except for inferior merino, .shal)l)y and
wasted eomebac'k and half-bred greasy, which were not
wanted. Other sorts brought prices equa' to those at Inveroargill on Jan. 22.
The auctions of free (\)lonia! wools held
in London from time to tim(> since Jan. 11 clo.sed on Jan. 27,
A good demand
481
Hca midJiig
Jan. 28 1921.
—
FT(/rn
from
—
Oreat
Oalveslon
4,911
. -
10.385
Huutitun
22.881
10,188
Bruain.
Total.
38.177
10,188
Tiixiui flty.
J'ort Arthur
Stiii
i;i
641,692
127.259
8,980
650
""366
"'7".866
"ai'.m
l~«4'.ii2
7.171
17.323
16,797
701
99,579
7,428
7.499
"""260
13.689
""260
432
462
MoIjIIo.,
Jiu;ktjOiivllle
Savannah
10.162
. _
.
WllniliiKion.
Norfolk
.,.
New York
30
.
naltlinore
169
100
.
Philadelphia
I.os Anceles.
Friday Night, Jan. 28 1921.
by our
For the
as indicated
telegrams from tho South to-night, is given below.
week ending this evening tho total receipts ha\e reached
141,858 bales, against 125,041 bales*last week an d 124, 468
bales the previous week, making the total receipts since
Aug. 1 1920 3,950,735 bales, Jigainst 4,644,985 bales for the
same period of 1919-20. showing a decrease since Aug. 1
1920 of 694,250 bales.
0,341
Galveston
Texas City
7.647
12,548
19,922
Thurs.
7.763
Fri.
7.258
Total.
10,609
65.747
1.091
1.091
'4t)7
Houston
10.188
467
33.808
10.188
Port Arthur. Ac.
New Orleans
Mobile.
Pensacola
3.509
6,546
313
91
5.256
52
9.640
731
5.082
571
3.775
188
1,141
1,236
5,199
919
904
1.404
264
160
267
1.946
Jacksonville
Savannah
Brunswick
..
665
174
205
1.678
969
2.435
""'769
'3I466
136
Wilmington
Norfolk
N'port News, &c.
1
131
218
1 .7,32
328
775
187
136
561
147
1,732
37
"""8
1,1,50
42
New York
Boston
Baltimore
Philadelphia
10.803
1
Charleston
8,150
37
4.169
144
2,383
42
25.279
22.060 141.858
2,383
...
Totals this week.
14.712
25,367
34.503
19.937
The
following shows the week's total receipts, the total
1 1920 and stocks to-night, compared with the
last year:
since
Aug.
1920-21.
1919-20.
Stock.
Receipts to
January 28.
Galveston
Tera City
Port Arthur,
Ac-
Mobile
Pensacola
Jackson\ille
Savannah
Brunswick
10,803
1
Charleston
1
Wilmington
1.1.50
Norfolk
N'port News. &c.
8,150
37
4.169
144
2,383
42
New York
Boston
Baltimore
Philadelphia
Totals.
This
Week.
Since Aug
1919
1
65.747 1.903.315
1.091
16.232
10.188
265,763
467
41.385
33.808
904. olS
1.946
62.014
Houston
New Orleans
Since Auo
1 1920.
This
Week.
.732
61,463 1,516,194
8,115 237,032
12,516
57,852
189
19,969
48,011
796,217
5,688
216,:H5
1,993
15,795
'
r.isij
624
11,132
407.524' 28,396
956,148
8,875
3,500
123,300
47,:i09
7,126
204.682
.55,284
2,933
114.699
167,7711
7,204
254.273
1,222
104
3.297
18,745
593
13,940
18,475
1,167
14,620
26,661
1,719
74,290
4.511
1.002
15,200
1921.
383.815
1920.
3.501
291,380
78,715
449,823
22,854
442,943
27,604
"iliwi
152,597
2,.500
245..301
38.611
71.977
93,598
16,435
4..524
3.278
""5I777
261,807
18,000
62.587
56.854
95,677
5"9l724
5,976
5,443
13,802
141,8,58 3.9.50.735 192,343 4.644,985 1.490.175 1.426,289
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
—
Receipts at
1921.
Galveston
TexasCity, &c
New Orleans.
1920.
65.747
11,746
33,808
1,946
10,803
1
1919.
Brunswick...
Charleston
1,732
61,463
20,820
48,011
5,685
28,396
3,500
7,126
Wllmint^ton..
1,1.50
2,9.33
Norfolk
N'port N.,
8.150
37
6.738
7,204
104
7,098
6.459J
141.858
192.343
121,875i
Mobile
Savannah
1
&c
All others
Total this wk.
44,660
4,306
34.461
2.552
20,975
3,945
2,304
2.213
1918.
1917.
1916.
28,183
7,203
57,935
60
12,327
4,000
1,679
1,773
3,680
264
4,807
3,56
7,59
4,862
1,346
""51820
862
20,604
122.011
96,530;
167,472
57,730
1,748
11,850
1.828
5,900
5,000
1,436
51,505
20,427
25.616
4.626
25.007
3,000
2,160
Since Aug. 1.. 3,950,735 4,644,98513,345,450 4,086,578 5.212..363 4,842,438
The exports
week ending this evening reach a total
which 28,782 were to Great Britain,
10,685 to France and 55,337 to other destinations. Exports
for the week and since Aug. 1 1920 are as follows:
of 94,804
for the
bales, of
l.ISO
294.601
3.793
110
110.817
'4,660
46.600
11.499
46,000
51,202
49,443
"7I466
15.775
34.973
119
5.301
8,167
1.24<i
2.989
659
4,49:{
'
100
33.532
29.600
16.104
1.000
6,341
659
2,697
33,532
29.600
16.104
1.000
28,782
.
10.685 65,337 94,804 1,051.921
378,999 1.425.585 2,856.606
116.571
48.230 164,801 2.006.262
8.5 .-iTOlfifi 407 I W> 4«I
356 300 1.381.007 3.742,569
377 I?4 S93 800 2 .533.475
04012 1rI285
'18-'1<»
New
York.
On Shipboard. Not
Jan. 28
at
—
Galveston
Now Orleaas
Oreat
_
Savannah
Cleared for
28.725
13.627
5.000
4. .534
923
Other
Cnnt't.
urise.
Total 1921
Total 1920
TotRl 1019.
Total.
7.000 106.241
4,500
17.000
1.000
12.820
277.574
394.300
135,597
244,301
10,034
nil
f,466
9.000
92,198
61,210
alOlOOO
413
500
1.000
.5.5.
.523
71 ,977
1
400
;}66
4,000
400
300
5.000
_
'Estimated,
,54.,572
12,7.57
25.733 101.009
1,56.918
-
39,990
43 .9H0
20.2121 86.0,50
46.451
Stock.
.56.651
29.5.58
9.331
.002
1 1
7,000
2,820
-
Norfolk
hearing
Coast-
many.
(Charleston
Mobile
—
Ger-
Britain. France.
Other ports*_.
Wed.
35,206
PortI'd.Ore
New York*
Tues.
169
55.803
6,760
22.247
582
1,150
544,516
26,340
811
245.602
7.42«
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
COTTON.
Mon.
700.877 1.4«8,15K
94.393 265,76:1
18,262
460
Taeomu
Tot
Sat.
2.70tt
2.697
San Kran
SeatUo
Tot.'19-'20
•
361427
7,004
2,747
349
HoHlon
Total
THE MOVEMENT OF THE CROP,
225.
44.111
Tolai.
Otiitr.
22.247
682
I'ortNowalez
New Orleans
homt» and the Continent prevailed. America luniglit a fair
quantity.
During
Onlj- a small percentage was withdrawn.
the past fi'W days the early loss of 5 to lO^o ^^'Ji'^ entirely recovered, closing on a level with the December auctions.
Victoria furnished the best wools on th(> 27th inst., greasy
merino combing ranging from 27 '2d. to ',ir>}-k\-^ and lambs
20d. to 40d.
Boston wired: London cables report an advance there compared with a week ago, of itbout T^i'/t- A
Boston dispat<'h sa\ s that canceled orders for wool are being
reinstated.
.'>89
Aiitoulo ..
KrutiHwIch
bales.
France.
I'aao
<'harI(>Hli)u
.')7,0CXJ
1 1920 to Jan. 28 1921.
Hrported l»—
Oreat
Britain. France. Other.
from
after total off«'rings of
A ug.
Jiiportut to
Ezporti
1
22.880
8.913 '>02.984 1.287.191
16,332 319. .504 1.106.78.''>
5.:^77 117.988 1.244.088
a Japan and China.
Speculation in cotton for future delivery has been of
moderate size at irre;;ular prices. But on the whole options have risen within 24 hours.
The January delivery
went out at 16.25c., or ISH points over March, and about
140 over .July.
The operation was considered a success.
Yet some 88,000 bales were tendenxl on notices up to the
2.5th instant, when the .January delivery expired at noon.
TMiat is to be done with this (^tton remains to b<> seen.
There is an idea that quite a little of it will be rotendered
on March. That remains to be seen; it is merely a matter
of conjecture. Of late the tone at times>has been firmer,
owing to some advance in Liverpool and reports of a somewhat better trade in yarns at Manchester. Also there Is
said to have been a somewhat better demand for spot cotton at the South, especially for the lower grades. If tho
South can get rid of any considerable quantity of its low
grades it will certainly be a big boon to that section. Meanwhile mill operations seem to be increasing. Within two
weeks 50 mills, it is announce<l, have resumed work in different parts of the South. And mills have been buying here
At the same time Southern hedge sellin.c'
to some extent.
has not been large.
And some attribute not a little significance to the fact that persistent mill buying coincides with
a noticeable lack of Southera he<lge selling. Besides, too.
there has been at times a noticeable .scarcity of contracts
here. And the time is not far off when it is said that corporations organized under tlu' Edge Act will begin to function with a view of increasing the export trade in cotton
and other commodities. One of them has a capital of $100.000.000, which means a potential cre<lit of ten times that
amount. Other companies have been established in different parts of the South and though smaller they are imiKirtant. At the same time sterling exchange has been steadily
rising, and reached a i»oint the highest seen since July of
last year.
To some this seemed evidence of a gradual improvement in the business of (Jreat Britain. One disturbing
thing was the breaking out of riots in the Bombay district
in the early part of the week, because, curiously enough, of
a rejiort that EuroiJcan boys had wantonly kilUMl two sacreil
pigeons. It started a reli.gious riot, and moreover the Stock
Exchange there and also the cotton and bullion markets
had to be closed. The next day, however, they were reopened, as the religious agitation had subsided. It will be
recalled that grease on the cartridges which native .soldiers
were supix)sed to bite at that time was one of the things
that started the Sepoy Rebellion in 1857, so that religious
fanaticism about an apparently trivial matter could have a
.serious effect.
Hai)pily tJO years seems to have chauge<l
Meanwhile, New
even in India, to some extent.
England re[)orts increasing activity in the output of both
textiles and shoes, rroviilence. It. I., advices say that there
has beeji a very noticeable awakening of trade in cotton
and woolen go<Kls and some mills, owing to a big demand,
are running on full time. Fall I liver's ssiles of print cloths
last week, though only abour half wLuit they were in the
things,
—
.
I)i<'vi()iis
wock,
\vor(>
still
2.^>().()(K)
pieces,
and
liint
is eei--
not n total to lie (lesjtised. The iriniiintr report aj)poarcd on tho 2-lth instant, and. Ili(>u^,'li the total was laru^e.
it was about what had hoen oxi>ectod, and had very little
effect.
A factor apart from this has heen the steady huyinf:
of .Tidy. And some tratle interests which have sold March
have been huylnjr May. I.iverixtol. at one tinio. boujjht considerable March and .May. France has heen a buyer of .Tuly
taiiily
int(>rests
.Tapanc'se
have a[)iiarently
bouffht.
And not only has foreii;n exchan^'e advanced, but
stocks have also aris(>n. a fact which of its(>lf caused more
or loss eoverinj;. Fiirfheimore, the exi)ected doFn-ession following: (he ''losinn of the .Tanuary deal did not occur.
On
the contrary the market on (he whole acted now and then
in a way to su?:ic(>st that i)ossit>ly Marcli may irive a far
better account of itself than some have been disj)osed to
believe, especially if it looks as thouj^h the South will carry
out its threat to cut the acreatre soniethinj:; like
1/r,'/,
Unfavorable weather for plowin? would also have a bad
effect.
]\Iorcover the wintiM* at the Soutli has been so mild
that it is supposed to have favored the variou.s [tests which
are apt to attack the cotton plant. This may jtossibly I)econie more ai)parcnt Ia((>r on. (houLdi to he sure the winter
is not yet over.
On the other hand, there looms in the I'su-kirround the potential carry-o^'er into next sea.son of 8.000,000 to 9.000.000
bales.
The crop this year could be cut in half and with
such a carry-over there would still be a irood supply. And
the question is, will the South really cut the acreage sharply? Or will the avera-jre farmer, as so often in the past, "lot
the other follow do it?" This question cannot be inuuodiately answered.
The first sign of what the South really
intends to do may appear in Southern Texas very soon.
That section leads the way in the matter of crop preparations and planting:. It may possibly furnish the cue to the
rest of the South. And meanwhile exports are small despite
rising exchan.ge.
The truth is that this country is overstocked with co(ton and TOuroi)e is certainly not overstocked
with mone.v or credits. On the contrary Europe remains
poor, and the matter <;f ci-edits is a thorny one at best. Spot
cotton at tlio Soiith. as a rule, is not active. There have
been curious reports in circulation to the effect that in some
sections middling has been selling at times on the basis of
12 cents. Many will be incredulous, but such reports have
been in circulation. And the ginning cannot be wholly ignored by any means. The current estimates on the crop are
some 13,000,000 to 13,200,000 bales. The gue.sses in many
cases on the world's consunijttion this year are 3.000.000
bales or more below this.
Meanwhile, too, the stock in
licensed warehouses here is steadily rising.
On the 27th
instant it was up to 87,040 bales, or nearly G.5.000 bales more
than on January 1. and four times as large as that of a year
ago. Moreover, it exceeds that of two years ago by about
C,500 bales. It is oxjiected to go on increasing. And print
cloths have been quiet and depressed. It seems that as soon
as mills and dealers began to raise prices the demand fell
off.
The recent big declines in furs was considered signifiRetailers are supcant of popular feeling about prices.
posed to hold large stocks of winter clothing, and in the
main the winter has been mild. Nobody claims that the retail trade is bri.sk; on the contrary it looks as though the
•consumers' strike is still on. Sham "reductions" in prices
have to all appearance fooled very few. As regards the
cotton trading some large Wall Street interests have sold
heavily, and at times Liverpool has sold more or less. Some
prominent interests here are skeptical as to the possibility
of a stable advance from this level. To-day prices declined
for a time and then rallied, and clo.scd very steady.
The
ending is at soine decline for the week on March, but at a
Middling upland on the spot cIoschI
rise on later months.
at 14.75c., a decline for the week of 100 points.
The following averages of tlie differences between grades,
as figured from the Jan. 27 quotations of the ten markets,
designated by the Secrtitary of Agriculture, are the differences
from middling established fcr dohveries in the New York
market on Feb.
3.
i.ir. oil *.Middiiri'-' "yello'.v" tinged
3.43 of
2.90 on *SM-ict low raid, "yellow" tin:ed-.5.3n off
2.L'8 on *I.(>w middling "yellow" tinned. .7 28 off
Strict mlildllns;,..
1.20 on (iood middilag "yullow" stained. 3. 00 of
^-2.10 off Sirirt mid. "yellow" stained
Strict low imiidling
4.10 off
.")..50 off
4.23 off Middling "yellow" stained
t.ow middling
5. 83 off! •Good middling "blue" stained__3.8S off
•Strict qood ordln.iry
..7.'.';) .iff
•Strict !iiiddling "blue" !=rained._.T.O'J off
•Good ordinary
Strict good mid. "yellow" tin2"'r(1.30 oif •Middling "blue" stained
6.25 off
•These tea grades are not deliverable
Good middling "yellow" tinuel-.1.03 off!
middlins "yellow" tinge l__2.05 off upon future contracts.
Strict
Middlins
tair
Strict K'MkI
RanKe
Tuesdny, Wed' day Thumd'y, FtUlav.
Jan. 25. Jan. 26. Jan. 27. Jan 28
Wttk.
.
15.90- 30 10 0.5-61 15.60-45
flosinc
—
—
1.5.9.';
HanKO
—
—
14.17
. .
Unnge
—
14.70
14.2.5-..53 I4.45-.fl2
Closing
—
14.45
. _
April—
Ranee
1
4. 88- .90
14.50-63
ClOBlns
—
14.50
May —
Range
Closing
Jv e —
-
Range
—
14.60
July—
Ranee
—
13 74-00
13.97
14.40
—
— 14.37
14.37
— 13.74
.48
14.27-.68 14.13-.72 14. 4.5-76 14.2ft- .61 14.13-.92
14.33-34 14.32-33 14.72-74 14.48-.&0
1442
—
—
14.40
14 80
—
14.50 .63
14.67
—
15.05
14. .55
—
14.65
—
15.06
— 16.00 —
14.64- n4 14.7.5-27 14 70-05 14 .56-14 14.90-.29 1 .90-30 I4.66-.30
14.70-.71 15. 20-. 23 14.71-. 73 I4.77-.80 15.26-.28 15.20
—
Clo.slng
—
A vouxt
Ranee
Closing ...
Ranee
Range
14.75
—
14.82
— 1S.20 — 16.30 — 16.2»-.2e
16.33 —
—
—
14.95
—
15 26
15.20
—
—
H 80 -
—
—
14.8.5-90 15.21
15.25
14.80
—
14.70
—
Closing
15.40
— 16.42 — 14.86-21
14.7.5-05 t4.82-.38 14.86- .22 14.82-37 )5.12-..50 15,20-53 14.8^-53
14.87
14.81
15.38
15.00
l5.4S-.rXi 15.52-.63
—
C'loslng
XnrembcT
—
14 95
14.15
14.42-75 14.57-06 14.46-85 14.30- .91 14.65-97 14.60-96 14.30-.M
14.50-51 14.98-00 14. 49-. 50 14.55-. 57 14.95-97 l-l.86-.87
.
f 'losing
Srpiem)>er
15.60/61
16.60-61
14.17-.4<?
Clo.slng
Ocloher
have been as follows:
—
Fehrtinry
AfnTch
Jan. 24.
lowest and closing prioea at
—
Range
—
—
—
—
— 14.87 —
— 16.63 —
15.00
—
16.48
14 0.5-00 14 00-32 14.9.5-21 15.24
14 87
14 75 - 15 33
15 03
Closing
D/'remher
—
—
15 3^4- 37,15.30-55 14.95 .56
15 53
Il6.67
14.80
—
Range
15.35
—
C'nslnP
—
—
—
/ 16c.
THE VTRTBLE SUPPLY OF COTTON to-night,
as made
as follows.
Foreign stocks, as
well as tho afloat, are this week's returns, and consequently
all for(>ign figures are brf>ught down to Thursday evening.
But to make the total the complete figures for to-night
TFridav), we add the item of exports from the United States,
includiiie- in it the exports of Friday only.
Janunni2^
1921.
1920.
1919.
1918.
up by cable and telegranh,
is
—
'
Stock at
I
Stoclf at
bales. 1,030. 000
London
942.000
10,000
64,000
405.000
16.000
65,000
456.000
21.000
51,000
1,129.000 1,116,000
27.000
ivrrpool
487.000
528,000
5.000
94,000
Stock at Manchester
Total Great Britain
Stock at Ghent
stock at Bremen
S„ock at Ha\Te
Stock at Rotterdam, &c
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1.59.000
200.000
25.000
102 000
66,000
97,000
95"000
140,000
.50,000
34.000
120,000
3.ooe
70.000
28.000
579.000
Total Continental Stock.s
222.000
457.000
182.000
221.000
1.000
Total European stocks
669,000
749.000
1 .708 .000 1,573.000
India cotton afloat for Europe
69.000
68.000
25.000
30.000
American cotton afloat fr.i Enrope 323.310
783,064
395,463
185.000
EgAT>t. Brazil. &c.. afloat for Eur'e.
60.000
.54. "00
101.000
110.000
Stock in Alexandria. Eg%T)t
219.000
386.000
355.000
228.000
Stock in Bombav. India
978.000
684.000 600.000 *540.000
Stock in U. S. ports
1,490.175 1,426.289 1,362.076 1.393. .327
Stock in XT. S. interior towns
1,753.9'0 1,273.098 1,484.636 1.318.330
U. S. exports to-day
22.491
23.371
57,086
Toval vi-sible supply
6.623.886 6.1.59.822 5,033 261 4,680.657
Of the above, totals of American and other de criptions are as follows:
American
—
Tiverpool .stock
Manchester stock
Continental stock
American afloat
TT. S. poi-t
U.
U.
bales-
647,000
83.000
720,000
2.56.000
280.000
U.S. 000
.36.000
21.000
383.000 *1,53.000 *191.0C0
185.000
323.310
783.064
395.463
1.190.175 1,426,289 1.362.076 1,393.327
1,753.910 1.273.C98 1.484,636 1,318,330
.57.086
23.371
22.491
,502.000
Europe
for
stocks
:
S. interior -stocks
S. e.xports to'day
Total American
East Indian. Brazil, &c.Liverpool stock
London stock
Manchester stock
(Continental stock
India afloat for Europe
Eeri'pt. Brazil. &c. afloat
Stock in Alevandria. Egypt
Stock in Bombay. India
T>tal East India.
Total American
&c
4,821.886 4.721.822 3,744,261 3.388,6.57
383 ,000
5 .000
11.000
77.000
69.000
60,000
219 000
978.000
222.000
10.000
51.000
74.000
68.000
101.000
228.000
684.000
150.000
16.000
29.000
*29.000
25.000
.54.000
386.000
*600.000
176.000
21.000
30.000
*30.0fK)
30.000
110.000
355.000
*540.00«
1,802.000 1.480.000 1.289.000 1.292. 00©
4.821.886 4.721,822 3.744.261 3,388.657
Total visible supply
Middling uplands, Liverpool
Middling uplands. New York
6.623,886 6.1.59^822 5.0.33.261 4.680657
16..59d.
23.15d.
9.04d.
28.31d.
26.95c.
39..50c.
31.20c.
14.75c.
.30.79d.
Eg>'pt. '^nnd sake], Liverpool
78.00d.
.30.82d.
22.00d.
Peruvian, rough good. Liverpool- 16.00d.
35.00d.
37.00C1.
47.50d.
21.S.5d.
24.60d.
17.42d.
BroHCh. line. Liverpool
8.90d.
22.10d.
Tinnevel y, good Liverpool
17.67d.
9.40d.
24.85d.
I
iniilclliiic
Good middMn!;
I
:
[
I
i
*
Estimated.
Continental imnor's foe past week have been 94,000 bales.
The above figures for 1921 show an increase over last week
of .33, .528 bales, a gain of 46-1,064 bales over 1920. an excess
of 1,.590,625 bales over 1919 and a gain of 1.943,229 bales
over 1918.
MARKET AND SALES AT NEW YORK.
1
The official quotation for middhng upland cotton in the
New York market each day for the past week has been:
Jan. 22 to Jan. 28
Middling uplands..
Sat.
-.16.15
Mon. Tues.
Wed. Thurs.
16.85
15.65
16.20
NEW YORK QUOTATIONS FOR
32
15.00
Fri
14.75
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add column's which
show at a glance how^ the market for spot and futures closed
on same davs
YEARS.
Spot
14.75
39.50
27.95
31.60
17.40
1913.C
1912
1911.
1910
1909
11.85 1908
8.50 1907
12.90 1906
13.15
9.65
.15.90
14.75
10.00
11.65
11.00
11.70
1905.C
1904
1903
1902
1901
1900
1899
1898
7.00 1897-c.. ... 7.31
16.25 1896
.-. 8.25
8.95 1895
... 5.62
8.:u 1894
.-- 8.06
12.00 1893. . . . 9.50
8.00 1892
... 7.50
6.38 1891
..- 9.31
5.94 1890..-- ...11 00
Saturday--
Monday
Tuesday
Thursdav
Friday
Total
Quiet
Quiet
Quiet
Quiet
Quiet
Quiet
Market
Closed.
SALES.
Futures
Market
for middling upland at New York on
Jan. 28 for each of the past 32 years have been as follows:
The quotations
1921 .c
1920
1919
1918
1917
1916
1915
1914
Monday
Salurdtw
Jan. 22.
and
()C'tob(>r.
[Vol. 112.
FUTURES. — Th(! highest,
New York for the past week
Janvary
.
.
THE CHRONICLE
482
and
-
Closed.
50 pts dec
pts adv
pts dec
pts dec
pts dec
ptsgdec
25
70
65
55
65
Spot.
Barelv steady
Very steady
Steady
Steady
Very steady
Contr't.
4.200
4.900
2.500
7,700
Total
4.200
4,900
2,500
7,700
- -
19,300 19 .300
THE CHRONICLE
Jan. 29 1921.]
AT THE INTERIOR TOWNS
the movemont— that is,
roopipts for the week siuoe Aug. 1, the shipments for
the week and the stooks to-night, and the same items for the
oorresi)onding i)eriod of the previous year ^is set out in
detail below:
iJi©
—
Movement
KuelpU.
Towns.
Movement
28 1921.
to Jan.
Week.
Ship-
Season
Stocks
ttie .Is.
Jan.
28
\reek
to
Shlpmerut.
Kecelpls.
Week.
Jan. 30 1920.
—
Below are the closing qu'/tations ®f middling
Al ARRETS.
Southern and other principal cotton markets for
cotton at
each dav of the week:
Closing Quotations for Middling Cotton on
Week endinu
January 28.
Jan
30
300
MoniKomery
128
Sclniii
llcleuii-.
LIttk' Hock
200
S.079
45,815
(ialvoBton_
2-.1
144
52
29.n7.S
1
2,44.-.
Pine HluH...
Oa., Albany. --
135.r,.-,3
1..54I
4. ,570
5.877
24
2,72<
.
35.821
3.7.SO
Ark.,
96. 1 SO
5.113
Aiuusta
2,7.V>
5, 701
10.266
103.943
02,05S
205,173
Columbus . -
1,024
3?. 400
Sfi3
30.915
2,S40
3,027
5.776
2S5
060
392
22.01!)
70. .531
251
152
Athens
Atlanta
Maooii
Rorac
1.273
La., Slirovoporl
Mlsp.C'ol'imbns
Clarkgdalr ..
Greenwood
437
8,021
G3,38S
1.7.57
,36.5,55
2,240
2.412
004
200
Oklahoma...
3,900
S.C.Groanville
1.S45
2.206
Honev Grove
"Houston
""Paris.San Antonio.
Fort Worth*
60.741
4,291
3S9
3.750
Total. 41 towns 17? o«<)
Last year's
flsniros
The above
100
327
1.85
15.743
500
46
1
.320
>
2. 70S
4.200
12.100
2.023
43
3.50
7M
.33
177 07^
2.706
50
1.061
603 17,06<1
200 0.100
1.440
20 000
1.524
1,032.7S7 03.811 37 1 .006 40.001
3S4
74. .555
4.185 20
1.476
S0(
35.307
147
S.OO?
4.037 26.265
82.0S<
1.200
4
<.-,!
1.7.5'!
910
ir,r.
^M
4.397
14,035
3,767
753
23.706
26.451
3.247
102.480
4,961 38,241
8.165
14.836
427
730.245 30.134 290,184
005
1.313
4,183
43,7.53
1.723
5,870
2,201
5C
8,131
36,.50(1
1.03C
55.825
2,427 16.010
4.4S3
27,847
941
1,411,510 ,57,201 212,397
757 14 210
103,42?
862
3 000
38,845
2.20tl 20.000
34,400
4 n7s <j7n 1R5 64=;
1
273068
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
—W(i give below
a statement showing the
sinee Aug. 1. as made
tolegi'aphie reports Friday night.
The results for
and pinee Aug. 1 in the last two year.^ are as follows:
1919-20
1920-21
movement
overland
up from
the week
Norfolk
Haltimore
_
_
MiMuphls
nnll.'ia
I''ort
14 25
14.00
15.00
14.00
15.511
15.00
14.00
14. .50
14. .50
14. .50
13.15
13.60
14..
50
13.25
12.65
13.10
14.50
12.70
12.55
13.10
14.50
12.70
16.40
14.25
14..50
12.80
13.25
14.50
.Augusta
-
Kmk
Lit lie
14.00
14.25
14.00
15.00
14.00
15.50
16.45
14.00
_
l'hil:i(U>lpliia
Houston.
14.00
14.50
14.00
15.50
14.3H
15.50
17.10
14.25
Worth
.
for the
week and
January 28
Shippei
Via St. Louis
Via Mounds, &c
Via Rocic Island
Via Louisville
Via Virginia points
Via other routes. &c
—
Aufj.
1.
29. .565
016.238
9.349
132
3.328
S.214
8.228
3.56.175
6. 284
129.497
12,964
36.602
67.061
1.947
S'.^n
5,987
9.480
14.00
14.25
1
4 .00
14.00
15.00
14.00
15 00
15.00
14.00
14. .50
14. .50
13.20
13.05
13.50
14.50
14
00
15 .50
15.25
|13..50
14.50
'13.15
13
CONTRACi' MARKET.—The
NEW ORLEANS
00
clos-
Saturdny.]
Jan.
.i.cmary .
Kchriiary
_
13.70
.
Monday.
—
Tuesdnii.' Wrd'dau, Thursd'y.
24 Jan.
-Zl.^Jan.
Za.^Jan.
13.72
13.77-. 83 14.:«13.S.5-.98 14.40-
July
14.12
14.28
14.20
May
October
December..
Time
—
Spot
Oi>i ions
13.82-. 85 13.9'2-.96 14.20-.23 14.20- 23
13. 9''-. 95 14.0S-.12 14.45.47 14.40- .44
14.7'2-. 73114.70- .75
14.1.5-.18 14.30
14.90-. 92
14.20
14.42
14.95
— 14.68— 14.74
— 14.74
Quiet
Steady
14.25
Steady
Stead
Friday.
27. Jan. 28.
— 13.82 — 14.13 — 14.07
—
—
—
— 14.37 — 14.93 — 14.88 —
—
14.2.5-.31
.
26. Jan.
Steady
Steady
Steady
S'eidy
Steady
Steady
Steady
•'
Stea<ly
CENSUS BUREAU'S REPORT ON COTTON GIN-
NING. — The
Division of Manufactures in the Census Bureau
completed and issued on Jan. 24 its report on the amount of
cotton ginned up to Jan. IG the present season, and we give
it below, comparison being made with the returns for the
like period of the three preceding years:
Alabama
California
Florida
692.514
50.233
1.016.3.52
.55,023
Arizona
Arkansas
7,52.435
44.599
17,110
1,648.968
82..536
1,.
387. 5.59
Georgia
Louisiana
294..512
844..5H7
376.6.53
Mississippi
841.240
Missouri
North Carolina
61,2.33
53.488
801.746
811.3.53
8.53.847
Oklahoma
.540.373
1.070.669
53,049
810.486
488.284
16.413
868.109
41.670
47.167
1.781.738
607,934
818,016
46,146
.561.356
909.142
1,162,121
21.413
4.197
290.663
2,516.322
21.180
4.770
2.998.681
16.664
3.968
10..307.120
11.048.652
10.570.733
1,419.524
277,792
3.862.254
14.549
11.675
Tex;is
Virginia
All others
763.410
35,713
869,634
55.440
28,956
1.994,038
5.52.933
1,440.9.56
1.0.50.830
1,506.7.52
South Carolina
Tennessee
1918.
1919.
1920.
646.697
87..574
2.56,2.58
2. .562.0.52
203.324
Since
Since
Aug.
Week.
14.00
14,25
14.00
15.00
1.00
1
ing quotations for leading contracts in the New Orleans cot"
ton markets for the past week have been as follows:
1921.
show that the interior stocks have decreased during the weok 4.0S5 ])alos but are to-night 480,812
bales less than at the sanv lime last y(>ar.
The receipts at
all towns have been 0,737 bales more than the same week
1.
Savannah
14.00
14..50
14.00
15..50
14.25
are for rinriiinatl.
totals
SINCE AUG.
.MDhilo-
Monday. Tuesday. Wed' day Thursd'y, Friaay.
March
17.012
10.993
1
0.S07
22.750
32.73S
r^i
2.50
3.5r>
700
6. .534
016
96.660
.471!
Dallas
..500
3.00S
0.184
3.000
37.165
1.473 16.522
3.702
202
15,309
4S1 12.724
525,3.56 20.607 383.670 .38.025
.
1
1
46.7.5S
401
Greenwood
Tenn Mf^nphls 26.700
Clarksvllle ..
2.077
31
17.700
Nashvilk; ...
Tex., Abilene..
Brenh:»ra
146
5.519
1.000
18,.593
3. 128
83. .527
3 033
45,251
IIuKo
*
31.20>f
20,451
1S,73S
1 1 .260
RaleUh
.
7. .589
5.6S8
3.267 5-^.666
2,S6 13 515
8.731
240 14.326
,600 19,935
26.124
1
366,643 29, .565 '>3 2S6
3S5
10.51 S
7.472
510
Okla Altus...
ChlckRsia. .
3I,72S
161,377
,S3.972
120
911
31.060
N.C.C.r'iisboro
6.000
20
6.635
5.854
.59,366
7.477
02.323
1,973
1,354
.
Morlllan
Natchez
VIcksbnnj . .
Yazoo Cliy..
Mo.. St. Louis
ISK
396
3. OSS
6.,501
1
5,200
220 2.832
63,728
1.038 16.685
35.612
254
3.584
28,218
808
7. .588
I5S.703
6.000 51.521
28.000
33,330
9.163
108
2.364
125.480
5.920 43.310
192,041
6,007 33.902
420.774 10.,S07 182.446
33.724
2.2.50 20,065
S,S05 45,001
202.777
47,096
1.889 13.000
66,S11
3,047 53.7.^0
4,K00
16,017
409
100,678
3.702 44,766
98.638
20.200
4.300
31.S40
0.500
1.241
24.748
668 10.000
16.241
535 10.360
.568 10 355
32,174
40S,llfi 16,328
7,339
32. .573
7.800
700
389
9.140
25
49
808
5.642
32,719
17.S26
18.147
62.735
77.531
—
Saturday
Slocks
Week.
Season
QUOTATIONS FOR MIDDLING COTTON AT OTHER
Ni'w Orloans
Ala.. Eufaula..
483
1.5H.131
United States
1.
0502.086
304,172
12,.586
and Jan. 16 compares as follows:
274.789
417.23511910
1921
1920
.56.045
Statistics of
n8.3:n
223.990
12.016.465
The amount ginned between Jan.
1
298, 200 11918
round bales and Sea Island cotton included
135.881
in the report:
1920.
1919.
1918.
11?.X42
149.887
186.014
6.828
40.822
88.840
1,664
E gyp to- American included in the report amounted to 73,481 bales.
1921.
Round
204.624
bales
Sea Island
Total KToss overland
54.089
Deduct shipmenl.1
Overland to N. v.. Boston, &c.-. 6. 73,S
—
45,489 1,217.200
760.4.30
towns
Inland. &c., from South
1.515
13.707
6S.392
T^.383
132.428
Total to be deducted
21.960
214.203
13.570
318.016
.32.129
.546.227
31.919
899.184
Between
interior
Leaving total net overland
*
4,481
2,214
6,875
49.616
1.50.350
movement by rail to Canada, a Revised.
The foregoing shows the week's net overland movement
has been 32,129 b-des, against 31,919 bales for the week last
year, and that for the season to date the p^ggregated net overland exhibits a decrease from a year ago of 3o2,9o7 liales.
—1920-21
1919-20
*
Including
—
In Sight nnd Spinner\'
Takings.
Wee!;.
Receipts at ports to Jan. 28
1 U.85S
Net overland to Jan. 28
3>.129
Southern consumption to Jan. 28.0 46,000
Since
Since
Atia-I.
.546,227
.586.000
Week.
192.343
31.919
73.000
6.0R'^96?
893.969
297.262
*19.394
3,950.735
1
DOMESTIC EXPORTS OF COTTON MANUFAC-
118.0.50
Auq.\.
4,644.985
899.184
1.813.000
TURES. — We
give below a statement showing the exports
domestic t^otton raanufa(!tu»'es for November and for the
eleven mon+hs ended Nov. 30 1920, and for purposes of comparison like figures for the corresponding periods of the
previous year are also presented:
of
of
Cotton
Intetnor stock
219.987
-1,085
in excess.
Came
into sight during
Total
in sight Jan.
week
215.902
28
277.868
6.976.931
Nor. spinners' takings to Jan. 28-. 33.540
*
Decrease during week.
471.051
7.828.220
.960,165
53,068
1.719.611
a These figures are consumption: takings not
available.
Movement
Week
—
—Feb.
31
917— Feb.
1
2
Yarn
2 davs
Corpus
1
day
4 days
1.33 in.
-2 days
Chri.sti
high
high
high
high
high
high
0.05 in.
0.16 in.
high
1
1
day
day
0.02 in.
0.28 in.
0.12 in.
0.20 in.
drv
Palestine
San Antonio
Del Itio..Galveston
New
Orleans,
Slu'eveport
1
day
La
Selma. Ala
Mobile, Ala
2 daj-s
Savannah,
2 days
Ga
Charlotte, N. C
Charleston. S.C
dry-
2 davs
0.20 in.
0.88 in.
0.32 In.
high
high
high
high
high
hi?h
70
74
72
71
73
1.941. .503
3.839,349
3.617.372
1.660.257
1.404.301
1.050.430
3.706.491
51,189 ,021
24.086 S36
11.688, 130
18.411 ,807
46.714 ,988
33 334.702
15 .610.680
11 ,024.351
13 405.552
36 ,347.758
2.532 $378,488,480 $247,138,113
EXPORTS OF COTTON GOODS FROM GREAT
eivt^ the exports of cotton yarn,
goods, &c., from (jreat Britain for the month of December
and since Aug. 1 1920 and 1919, as compiled by us from the
British Board of Trade returns.
I; will be no iced that we
have reduced the movement all to pounds.
Yarn
omitted.
Thermometer
72 low 28 mean
84 low 40 mean
66 low 48 mean
72 low 42 mean
70 low 28 mean
70 low 34 moan
low 38
66 low 42 moan
72
1919.
BRITAIN. — Below we
9.488.908
dry
0.39 in.
0.20 in.
1920.
low
low
low
low
low
low
30
29
36
30
21
31
&
Thread
Total of
Cloth.
Ml.
OOO'.t
1920.
to
us by 1,elegr.i.ph this evening from the South indicate that
the rainfall has been light as a rule during the week.
Abilene, Texas
Brownsville
Dallas
3,810.105
2,177.408
799.684
manufactures of.vnlue ^31,451.723 S27
8.262,-387
j
Rainfall.
other
7.097.788
WEATHER REPORTS BY TELEGRAPH.— Reports
Rain.
II Monihs end. Nor. 30.
Bales.
I
1919— Jan.
1918
into .«igbt in previous years:
Bales.
.Since Aug. 1
229.2191 1918-19— .Lan. 31
---210.40311917-18- Feb. 1
178,430 1916-17— Feb. 2
value
value
value
value
value
All other
W.iste cotton
Totfil
30.
1919.
1920.
.yards 58.588,492 74.006.0:J8; 774,4.52 033 622 025.9.56
value 518.883,524 515,904 ,681 1$225,497 647 $137 415.070
Piece soods.
Piccp soods
7.3.57.109
r
Ei ported.
Wearing apparel
Knit i-'oods
.\11
Total marketed
Month ending Nor.
Manufactures
August
50
62
47
Nov
57
Dec
49
52
Sundry
54
mean .57
mean 51
mean 50
mean 55
mean 51
mean 46
mean 52
Ist
'
quar
1919.
1920.
lbs.
1919.
1919.
1919.
lbs.
lbs.
yards.
yard.1.
lbs.
366. .541
331.182;
79.471
382.139
304.912
61.903
51.024
S3 .030
14,1411
12,227' 16.139'
84.512'
303 .'246
68.5131
71,428|
^6.002'
73. ."^04'
69.210
66.065
S9.643
187.331
196.933 |~187
236.761
235,179
70.396
73.342
77.052,
55. .500
85.926
00.180
277.7<;3'
39,823 47.8481.053.5921.002.221
...
1920
1920.
17..568I
14.517
Sppt .__j 13.084
-
October
I
lbs.
lb.i.
12.955
9.136
15.530
16.748
342.023
24S.046
376.621
392.863
articles.
Total exports of cotton manufactures
64.007
46.364
40.951
30.003
410.264
441.288
The foregoing shows that there was e.\i>oried from the
United Kingdom during the five months 410.264,000 pounds
of manufactured cotton, against 441.288,000 pounds last
year, a decrease of 31,024,000 pounds.
—
_
.
—
.
.
.
.
,
THE CHRONICLE
484
WORLD'S SUPPLY AND TAKINGS OF (^TTON.
Cotton TakinKS.
Week and Season.
Week.
Total supply
Deduct
Visible supply Jan. 28
Week.
Season.
Season.
6.067.047
792,018
828,220
186,000
196,000
4.956.2.57
27V.808
86,000
9,000
23,000
6,000
C, 970. 931
801 .000
140.000
403.000
1.50,000
6.50.000
114,000
0,883,200 13.487.188 6,468.915114.766.238
—
I
6.623.886 6.159,8221 6,159,822
6,623.886
259.374
209.374
8.606,416
309.093
0,863.3021
5,140.302
1. 723.0001
"" "^
254,0931 6,.306 .4 16
55,0001 2,300,000
in Europe IVom Brazil. Smyrna. We-st Indies, &c.
a This total embraces since Aug. 1 thn total estimated consumption by
Southern mills, 1,586,000 Ijales in 1920-21 and 1,813,000 bales in 1919-20
takings not being available and the aggregate amounts taken by Northern
and foreign spinners, 5,277,302 bales in 1920-21 and 6,793,416 bales in
1919-20, of which 3.554,302 bales and 4.493,416 bales .\mericau.
Of which American
Of which other
• Embraces receipts
.50.000
Liverpool— Jan
—
b Estimated.
of
India cotton at Bombay for tho we«k ending; Jan. 6 and for
the season from Aug. 1 for three years have been as follows:
Receipts at
—
roocipi.s
Borabiiy
1919-29.
. . ^
AUQ.
71 000
.
Week.
1.
Avfi.
Since.
Week.
1
898.000
67G 000 127.000
7S.00O
Hince August
For the Week.
.Aui. 1.
7.S2.000
Great
Ureal
Conti- \Japa'i-&
Britain. nent.
Chliui.
liritaln.
Totiil.
Japai
Cortl-
The
particulars of thr- for<*poing shipments for the wf 'ek
in our usual form, are as follows:
Oer- -OtherEueoprMexGreat
Britain. France. many. North. South. Japan.
ico.
:ToU.
York
72
.30
360
...
462
Now
Galveston
Now
nen.l.
Savannah
Norfolk
Baltimore
Philadelphia
San Francisco.
Total
China.
Total.
11,000
33,000
9,000
288.000
209,000
01,000
166.000
585.000
no.ooo
180.000
1.000
1,000
1.000
8.000
2,000
8.000
8S,000
10, 000
.58,000
26,000
90,000
122.000
164.000
2,000
.5.000
1.000
Total all—
1920-21--
1919-20-
2.000
9 000
IS 000
-
19,000
49.000
10.000
'^7.000
467.000
827.000
1,000
1,000
15 000
15,000
13,000 17.000 32,000
1918-19
370,000
207,000
r.
587,000
991.000
188 000
1<»2.000
675.000
117 000
1.000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON. — The following are the receipts and shipments for
the week ending Jan. 5 and for
of the two previous years:
the corre.sponding week
Receipts (canlars)
Week
Since Aug.
1919-20.
1918-19.
235.3ia
4,302.26T
93.940
2.232.967
.
1
Since
Week.' Aug. 1.
Exports (bales)-
To Liverpool
To Manchester, &c
To Continent and India.
To America
4.500
5,750
3.511
Since
Week. Aug.
1.'
1.
110,440
67,021
45.901
11.792
14.661 158.115 31.658 472,197
Total exports
235,164
MANCHESTER MARKET.— Our
Uramen.
Lisbon. l.OOc.
Oporto, l.OOc.
Hurrclona, direct,
Hatnburz,
,50c.
Aii(\V(;r,>,
.50c.
Dec.
(As. Shtri'
ommnn
d.
d.
d.
22 6
9.
Cot'n
1
s.
d.
Mid.
32s Cop
TJpV^
to Finest.
8U
TtPist
cable from Liverpool we have thefollowing statement of the week's .sales, stocks, &c., at that port
American
d.
d.
1
Common
1.0.34,000
Of which American
643,000
58.000
40,000
184,000
146,000
Total imports
Of which American
Amount anoat
_Of wh ich American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Market.
12:15
P. M.
Monda.y.
d.
8.
d.
Wednesday .' Thursday.
Tuesday.
Dull.
Saturday.
Spot.
Dull
[
Friday.*-
Quie*.
Mor'!
I
!
Dull and
dein::,nd.
\
IireeuLar
j
8.99
8. .88
HOLI.
3,000
DAY
pts.
5@i0pt8.
advance.
decline,
'
1
2.000
4.000
!
Quiet,
9.04
0.08
I
4,000
2.000
Steady,
7@15
4
P.
8.92
Quiet.
o(<*14pts.
Qulot.
24(ft33 pt.s
decline.
]
Si HUl.v
Quiet,
10(3) 16 pt-s
i
9@14
pts
advr.nce
decline.
Steady, 'Very st'dy,
Quiet,
1G(S'24 pts. 20'3;29 pt3.il7@22 pts 24 ft- 30 pts.
''ecllno.'
decline.
arivance.
decline.
decline.
M.
Prices of futures at Liverpool for each day are given below:
I
Men.
Sat.
Thurs.
Wed.
Tues.
Frl.
1
12>4
to
Jan. 28.
p.
m.
d.
12
(1
March
.\prll
HOLI-
-.
H 12K
m.
p.
January
February
May
'
'
1
Jan. 22
DAY.
D.
m.
d.
9.13
9.07
9.18
9.24
9.33
9.37
9.4»
-.
9. .54
9.52
9.49
0.47
9. .52
4
p.
</.
9.:js
9..33
4
12M
m.p. m.
d.
9.24
9.24
9.4.3 9.38
9.47 9.45
9.58 9..56
9.62 9.62
9.70! 9.72
9.751 9.77
9.76: 9.80
9.76, 9.80
9.73 9.77
7=;
q 71
p.
m.
d.
12M
p.
m.
d.
9.04
9.0^
9.17
9.24
9.36
9.39
9.17
9.13
9.28
9.34
9.44
9.47
9,.52
9. .58
9.57 9.61
9.60 9.65
9.60 9.65
9.57 9.02
q.s.'i' 9 KO
4
p.
m.
d.
4
12k| 4 i
12,'i
p. m.p. ra.ip. m.ip. tn.
1
d.
d.
9.33 9,33 9..54
9.31 9.32 9.53
9.4(> 9.47 9.64.
9.51 9.52 9.69
9.61 9.63 9.79
9.64 9.67 9.83
9.7R 9.7S 9.93
9.79 9.82 9.97
9.S1 9.S5 9.98
9.81 9.85 9.98)
9.78 9.82 9.95|
-q
O")'
q 7^1
d.
d.
9 39 9.1s
9.3Si 9,57
9. .52
9.31
9.57i 9.38
9.661 9.50
9.71
9.81
9.84<
9.861
9.86,
9
q
83.
80i
9.56
9,e6
9.70
9.73
9.73
9.70
9 9P
coe*
Mil.
Upft
t" Finest
Jan. 28.
Jan. 21.
Jan. 14.
18,600
18.000
32.000
14,000
14.000
21.000
9,000
8.000
4.000
46,000
45.000
46.000
1,068,000 1,030.000
1,037.000
647,000
682,000
634,000
18,000
87,000
63,000
14.000
72.000
61,000
136.000
161,000
90.700
11.70 9
Jan.
13,000
11,000
2,000
47.900
.
November
December
)6s. Shirt-
HII7S.
1.25c.
Vladivo.stolc,
September
October
S^
Piraeus.
Shanghai, 1.2.5c.
BoMibay, 1.7.5c. askeJ.
LIVERPOOL. — By
.August
tnos.
.50c
-iOc.
Salon lea.
Ulea,
Reval.
8.5c,
Jai)an, 1.2.5o.
.50c.
<;"noa, 75c.
Christiania. S7c.
Stockholui, 87c.
comparison:
32s cop
Twtsl
,
Cioihenbure, S7c.
Klu^rn-.
July
1919-20.
.
TrlcM-c. I.2.V.
report received by
cable to-night from Manchester states that the market is
dull but steady for both yarns and cloths.
The demand for
cloth is improving.
We give prices for to-day below and
leave those for previous weeks of this and last year for
1920-21.
8.094
7.810
LlveriHH)!, 80c.
Market,
48,953 11,018 175,672
42.280 9,000 96,333
52,454 7,302 67,166
14,428 4,338 133.026
900
5.362
6.341
800 94.804
Manchester. 80c.
opened
76,950
3,284,421
Since
Week. Aug.
160
100
rates for cotton from
New York, as furni.-^hed by Lambert
Burrows, Inc are
as follows, quotations being in cents per pound:
Market
.
260
6.341
28.782 10.685 33.281
FMures.
—
.
17.:i23
.
Mid.rprds
1920-21.
800 21.794
COTTON FREIGHTS.— (Current
Sales
Alexandria, Egypt,
38.177
10.188
...
1.753
100
Total stock
14.000
12,000 24.000
17,000 2,5,000
2,000
1,000
.500
260
Actual export
14.000
12.000
8,666
6.950
169
Forwarded
1920-21..
1919-20-.
1918-19.
Other India:
1920-21..
1919-20..
1918-19.-
1.200
2.302
1,500
4.911 10..385 14,731
.
_.
10,188
.300
2,450
10,1.52
5.671
Orleaas.. 13.689
Sales.
Bombay
0.341
arranged
Sales of the week.
<£-
109
100
-94.804
1
Exports
from —
250
ToUI
Havre, .50c.
Hottcrdam,
I91S-19.
Since
Hi rice
Week.
400
1.500
W
C;hunt, via Antwerp.
1920-21.
5,271
&
BOMBAY COTTON MOVEMENT.— Tho
Jan. 6.
10,152
PHILADELPHIA— To Rotterdam— Jan 17— Bonnie Brook, 100..
S
FRANCISCO— To .lapan—Jan 24— Korea Moru. 6.341
Houston
Total takings to Jan. 28.0.
Total Italu.
22— Argalla. 10,102
——
NORFOLK -To Rotterdam — Jan 7 — Eastern Dawn. 260
BALTI.MOUE— To Hamburg— Jan. 20—Ohaj-lot, 109
—
To Bremen Jan. 27 Mar Cantabrlco, 5,271
To Hamburg —Jan 27 Mar Cantabrlco, 400
To Antwerp -Jan 2.5 -All)lstan. 1 .500
1919-20.
1920-21.
0.590,3.5K
Visible supply Jan. 21
Visible supply Auk. 1
Amcricfui in slfchl to Jan. 28
2"ir)",<')62
Boml)a.v rocoipts to Jan. 27
br,().m)()
Othor Indian siiipm't.s to Jan. 27
wo. 000
b9.000
Alexandria receiptn to Jan. 26..
Other supply to Jan. 26*
61.5.000
SAVANNAH-To
[Voi. 112.
BREADSTUFFS
d.
B. d.
Friday NigM, Jan. 28 1921.
Flour was steadier in the fore part of the week with a nmeh
21
(.4
35
®39
lietter demand reported at Minneapolis and lising jji-ices for
20
24
36 6 @40
6
31
19 6
@21 6
38
@41 6
wheat. Minneapolis millers think that stocks of flour in the
Jan.
Certainly trade has been dnll
principal markets are small.
19 6
10.17 56
7
@21
38 4 ®42
28.79
«i>
14 22 ?i
(*
for a long time and stocks must have decreased. In any case,
26% 19 6 @21 6 10.85 50
39 6 <^42 6
66
28.66
25
19
(ca
21 21
(q)
@21
9.35 57K
68 |39 6 @42
27.66
millers believe that the general statistical situation is im28 20 H
9.04 1.58
(0,43
m 25H 18 6 fe20
28.31
@ 65 140
In a single day cash wheat at Minneapolis adproving.
SHIPPING NEWS. As shown on a previous page, the vanced
cents.
Also there has been some export inquiry
exports of cotton from the United States the past week have for flour, though actual sales have been only moderate.
reached 94,804 bales. The shipments in detail as made Greece has bought to at least a moderate extent. The gi-eat
up from mail and telegraphic returns, are as follows:
trouble with foreign trade, however, is that would-be buyers
Total balescannot furnish the requisite credits. Recently British buyNEW YORK To Manchester Jan. 21 Bovic, 30
.30
To Hamburg Jan. 26 Mongolia, 72
ers took some .50.000 l)bls. per week of spring patents and
_
72
To Barcelona Jan. 27 Oabo Villano, 360
360 Canadian straights, but it has latterly been announced that
OALVESTON To Uverpool Jan. 25 Cranford, 4,911
4,911
of wheat until
the British Commission
To Havre—Jan 22 Dorrlngton Court. 10,385
—-Jan 21 Bia, 4,295 Jan. 26—-Carmarthenshire, 10,385 ^lareh 1. The question will suspend buying the same as reTo Bremen
i< whether it "Rill do
7,980: Outtyhunk. 2,456
14.731
Europe is beUeved to
gards flour. Some think it will not.
To Rotterdam—Jan. 26— Carmarthenshire, 1,150; Cuttyhunk,
50
1,200
It is said, too, that the
want more or less high-gr;ide flour.
To Genoa Jan. 25 Tonstad, 1,945
1,945
INIanchurian flour, with which Europe -is believed to be
To Leghorn Jan. 25 Tonstad, 5,005
5,005
HOUSTON^To Bremen Jan. 26— Oklahoma City, 10,188
But later
10,188 lit^avily stocked, is not giving geneniJ satisfaction.
NEW ORLEANS— To Liverpool Jan. 27 New Brooklyn, 6,911.- 6,911 in the Week, when wheat declined, the demand for flour fell
To Manchester Jan. 22^Manchester Civilian. 6.778
6.778
To Dunkirk Jan. 24 Delaware, 300
300 off.
Cash wheat dropped 4 cents at Minneapolis and 4 to
To Bremen Jan. 21 Sacandagua, 1,847. ..Jan. 26 West8 cents at Kansas City on the 20th inst. And the reports,
ern Chief 603
2,450
To Rotterdam Jan. 24 Maasdijk, 1,3 17- ..Jan. 26 Clifftoo, from Minneapolis and other parts of the country. Y>-ere
wood, 385
1.702
Reports that
less faA'orable as regards business in flour.
To Copenhagen Jan 24— Delaware .200
200
3
10
17
@ 30
W 29
29
21 Ji
W 26 H
21H ® 26 H
21>^
& 26^
25
24
24
C»l.'4
@Z3
@23
©22
.'1
rt
1046 49 H
6
11
42 50 S
10 68 52
9.54 53
8.66 54
m 57
69
C4
® em
63
(a
@ 64
@ 64
31
®3fl
34
fet38
25.4
25.98
26.12
26.68
29.16
—
— —
——
— —
——
—
—
——
5%
——
—
—
—
—
— — —
—
—
—
—
—
— 24 — Delaware. 400
To Christiania—Jan
To Barcelona—Jan. 25— P. Claris. 500
To Mexico—Jan. 21 — Lake Gorin. 800
To Japan— Jan. 27— Mexico Maru, .753
,
—
—
.
1
400
500
800
,
1
,753
Argentina is about to ship large quantities of wheat to Europe certainly did not help matters. And latterly flour has
been dull, weak and more or less unsettled. The Continent.
howovor,
lia.s
CHKOMCLK
iliK
Jan. 29 1921.]
withiu a few days,
it is
said,
takcu 50,000
At times too hedge
i)l)ls.
For the total is now down to ;i5, 878,000 bushels,
against 03,178,000 a year ago. Tlu> West has reporl(>d a
bettor demjind from mills.
They were for a tinu- at K'ust
having a better flour business. And the eash situation lias
That fact stood out very
frequently boon a strong feature.
plainly.
Premiums were tsasily maintained, although reAt Omaha
ceipts were largo, country offerings were small.
millers took 50,000 bushels on the 2oth inst., the first purchases for months past. Nothing has been settled as to
Argentina's surtax, and the matter may not be decided for
This has a tendency to di\('rt export demand to
six weeks.
this country.
France asked prices earl\' in the week on
900,000 bushels. On the 25th inst. e.xport sales were reported of 1,000,000 bushels. And Wasliington, D. ('., gave
wheat prices a fillip waih the announcement that imjjorting
countriesneed 200,(K>0,000 bushels of wheat andryein excess
of th(> surplus available in exporting countries.
On th(> other
hand, howev(>r, it was asserted that financial conditions in
Europe would be the dett>rmining factor, and that Argentina
was offering wheat at 8 cents under quotations from the
United States. And over a large part of India 2 inches of
rain have fallen, greatly benefiting the growing crops, though
further sowing just now is out of the question.
English
cables on the 25th inst. said that the British Commission
has supplies of wheat on hand for 120 days, and will be out
London cable said, it is
of the market until March 1st.
reported, that shippers have obtained Manchurian licenses
to export considerable quantities of wheat from Januaiy to
The weather throughout the greater part of Europe continues mild and
crops look well.
Forward gi-owth of
cereals however, is causing some anxiety.
Rains have
fallen in the Punjab and United Provinces of India and
the condition of wheat is unofficially fixed at 70% in that
country. The rains should prove very beneficial to grain
already so^vn, but further sowing of grain is impossible
owing to the lateness of the season. In Australia a shipping
firm has received an estimate of the surplus of wheat for
Europe of about 100,000,000 bushels, which would indicate
a grand total of wheat in that country of approximately
112,000,000 bushels. Heavy rains have fallen there and
conditions are generally favorable.
Germany, it is said,
will be obliged to import 3,000,000 tons of grain to meet
home needs in 1921. Today prices advanced Ic. to
March ends half a cent higher for the week and May ^e.
lower.
Prices are down 5 to 7 cents from the "high" of the
week, that is from the closing of last Monday.
DAILY
C5LOalNCi
No. 1 whit « cts.
No.2wlutL- --
PRICES OP OATS
Mon.
Sal.
Tues.
Sew.'ieH
56
55
Sat.
Mon.
Tius. Wed. Thurs.
Norn. Norn.
delivery
delivery
Sat.
Mon. Tues. Wed.
cts.167
171
167
163}^
157?i 161K 157
163>i
Thrirs.
a
$9
8
Hard winter straights 9
Clear
6
Rye flour
9
Corn goods, 100 lbs.:
Yellow meal
1
Winter straights, soft
Cornflour
Receipts at
Sat.
Mon.
Tues.
Wed.
69Ji
68}^
67M
68%
Tliurs.
67
2
—
Flour
Fri.
69M 70H 69^
68%
Oats advanced in company with other grain despite a large
movement of the crop and an increase in the \isible supplyin the United States of 577,000 bushels as against a decrease
in the same week last year of 827,000 bushels.
This brought
the total up to 32,877.000 bushels, against only 11,661,000
bushels a year ago.
Moreover the new^ crop of Argentina
oats is officially estimated at 60,500,000 bushels against
58,000,000 bushels last year from which 26,500,000 bushels
were exported. As the consumption in the United Staates is
but moderate, it is estimated that a considerable surplus of
old oats will have to be added to the present crop.
The
cash trade as will be inferred, has not been at all active.
7 25
—
6 20
2 15
font
Wlieat.
Duluth
Milwaukee..
Toledo
26.000
28.000
994,000
14.000
2,729,000
538.000
52,000
63,000
48,000
.
Omaha
Indianapolis-
Total wk. 1921
281,000
403,000
310,000
Samewk. 1920
i^amewk. 1919
.Since
7,692.000
5,781.000
5.357,000
.520,000
,089.000
336,000
107,000
170,000
410.000
210,000
14,000
80,000
1,026,000
225,000
157,000
230,000
222,000
609,000
1
293,000
575,000
260,000
205,000
536.000
f 05, 000
212,000
68,000
79,000
1.0.56.000
Rye.
t>ush.48lbs bitsn.56lbs.
?»."(.
1,178,000
709.000
115,000
29,000
.54,000
Detroit
St Louis
Peoria
Kansas City-
Barley.
0<U1.
5,621,000
540,000
321,000
2,411,000
472,000
79,000
144,000
(liioago
Fri.
66%
68%
—
$9 50 Barley goods Portage l>arley:
No. 1
8 75
$7 25
Nos. 2, 3 and 4 pearl 7 50
9 50
Nos. 2-0 and 3-0... 7 15®
7 75
Nos. 4-0 and 5-0... 7 50
9 75
Oats goods Carload
spot delivery
6 00®
2 15
bt>ls.l96lbs. bush. eOlbs. Imsh. 56 lbs bv.ih. 32
1.000
7,000
10,624,000 40.036,000 1 .367,000
805,000
5,109,000 4.368,000
843,000
602,000
6,861,000
6,309,000 2. .323. 000 1,434,000
Aug. 1—
1920-21
1919-20
191S-19
16,739,000 210,017,000 90,284,000 111,353,000 15,989,000 9,005,000
12,024,000 288,7.59,000 93,898,000 121,714,000 19,423,000 19.595,000
8,8,'i2.000 3:i9.9f>2 ooo' r'0.85S.000 182.712.000 4?. 879 000'25.426.000
Total receipts of flour and grain at the seaboard ports for
week ended Jan. 22 1921 follow:
the
Receipts at
—
1
Flour
Wheat.
(Ms.
Corn.
Bushels.
Bus'->els.
.
Barley.
Rye.
[
'
Barrels
New
York
104.000
45,000
.
HaUiniore
New Orleans «
Galveston
Montreal
19,000;
20,000
-1
129,000
10,000
13,000
.
.St.
.
Me.
Portlanri,
Philalelphia
John
Bo.stoij
Total wk. 1921
Since Jan 121
Week
cts. QS'A
91( Il02
The statement of the movement of breads tuffs to marke
indicated below are prepared by us from figures collected by
The receipts at Western
the New York Produce Exchange.
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
1920.
572,000
897,000
79,000
314.000
1.410,000
l„52O,00O
177,000
178,000
474,000
- -
l,6.39.000l
Bmhels.
Bushels
Bushels
116,000
104.000
346,000
180,000
45,000
43,000
380,000
38,000
5,666
192.000
...
333,000
625.000
_
.
52,000
4.666
340,000i 5,147,000
1,394,000 19,908,000
SinoeJan.l"20
1.635.000
9.832.000
21.660
175,000
56,666
19,000
999.000
305.000
641.000 2.810.000
270,000
1,154.000
2.660.000
1
373,000
,399,000
636,000
>. 000
1.572.000
a Receipts do not include grain pas-siug
bills of lading.
,,
,.
80( I 86
Malting
75
00®
40®
00®
75®
00®
95®
00®
Spring patents
54(
53L 53%
Barley
Feeding
»0 85Ji
1
55@55%
64%
No. 1
No. 2 white
No. 3 white
FLOUR.
Fri.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs. Fri.
„ 2yeUo\r
„
No.
cts. 85H
85'^
86H 85M 84li 84
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO
,,
J
Maydeliyery
July deUvery
97%
Nominal
No. 2
197>^
higher.
trifle
Oat^
»1
Minneapolis-
164M 165?^
May
154M 153Ji
Indian com advanced early in the week owing partly to
the rise in wheat. And. although the receipts at Chicago
on the 24th inst. were the largest of the season, the price
advanced about one cent under the influence of the strength
of wheat and also because of an expectation of an early sharp
decrease in receipts, at Chicago at h-ast.
It is true that the
visible supply in this country- increased last week no less
than 1,870,000 bushels in contrast with an increase in the
same week last year of 41,000 bushels, and that the total
is now 9,788,000 bushels against 3,496,000 bushels a vear
ago. Last week the total receipts were 10,420,000 bushels,
or about double those in the same week last year.
Exporters, too, have bought but moderately; they took ten
loads early in the week.
Yet the tone for day.s was firm.
Why? Largely because of wheat's advance.' Also, however, com had become oversold.
The bears had too much
company and became nervous. In other words, a stronger
technical position of itself operated plainly to offset statistical drawbacks, and the rather unsatisfactory state of trade.
To-day prices declined on May, but was steady on July,
ending with May a fraction lower for the week and July
NEW YORK.
GRAIN.
Wheat
No. 2 r«d
No. 1 spring
Corn
No. 2 yellow
Rye
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
March
).i
cash business has not been largo. Some moderate sales
But in general rye has rather
for expc^rt were reported.
reflected the strength elsewhere than assert^nl itself individually.
Still the cash situation has been strong owing
to the favorable statistical position from the holder's standThe United States visible supply decreased, for
point.
instance, last week 460,000 bushels against an increase in
The total is now only
the same week last year of ()08,0(KJ.
2.410.000 Ijushels against 18,782,000 bushels a year ago.
Naturally tliis is something which cannot be wholly ignored.
On the 25th inst. exporters took 40, (XK) bushels and Duluth
wired on the same dat(! that there was an urgent inquiry
for rye.
To-day prices decUned, and they end 3 to 6 cents
lower than a week ago. July showing the most wc^akness.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAQO.
Sal.
Mon. Tues. Wed. Thurs. Fri.
cts-147% 149% 146i)i 143% 143% 142%
MaydeUvery--.130
July deUvery
131% 129% 125
123
122%
The following are closing quotations:
DAILY CLOSING PRICES OK WHEAT IN NEW YORK.
cts.Nom. igSH 192
56(a) 56
I.V
Wed.
Frt.
Thurs.
55 (a 55^5 SSf^OSSH 55 (a, 55
55^55>a 5.'>fe55}i, 54(4543.^ 54f454H 54@54H
DAILY CLOSING PRICES OP OATS PUTUItES IN CHICAGO.
Sat.
Mon Tues. H'cJ. Thurs. Fri.
cts. 44^
Maydollvery
44^ 43% 42« 42>i 42H
July delivery--- 44%
44« 43% 42H 42% 43
live advanced earl in the week with other grain, though
IMc
No.2Red
Buyers do not
its effect.
forget
A
March.
had
selling
that su])pUes are steadily increasing and that both
export and domestic trade is smaH at best.
In laet little or
11(1 e\|)()rt business has been reported.
'J'odaj' prices declined
slightly but the close showed little ciiange.
The ending
lioucver is 'J4 to IJ^c lower for the week.
prompt shipment. Canacliau fhjiir is selling at alxiiit tlie
same l)rice as Aiiieripaii, owing to a rise in Canadian I'xcliaiige.
Wlieat advanoed on some export buying and co\ering.
Mainly it was on covering. Offerings, too, were light.
That counted notieeably. And the visible supi)ly in the
United States docreas(>d last week 2,27(),()tM> bushels, making
for
bad worse.
485
2.79
through
New
234.000
1
849,000
.2OS.000
2. .598.000
Orleans for foreign ports
on through
The exports from the several seaboard ports for the week
ending Jan. 22 are shown in the annexed statement:
Exports from
—
Wheat.
Corn
Flour.
Oats.
Rye.
Barley.
Peas.
Bus ''els. ^Barrels. Bushels. riushels Bushels Bushels
1,500
122,094 362,478
212,145
84.923 55,024
180,000
897,000
216,000
80,000
510,000
Iim!i '5,666
2,000 337,666 215,666
483,000
186,000
5,000
Bushels.
New York
Portland. .Me
I
io.stori
-
Phila'.eiphia
Baltlt'iore
New
Orleans
Oalw.itoa
Si. John, N. B
Tot.tl
Week
The
Juh'
week
1920
1
1,046,000
1,130.000
178,000
154,000
4,536,145
2.415.680
424,923
y.'.'.y.\
7,000
17,000
10,666
.50,666 125,666
92,024
129,094 1152478 390,000
lO^.l'JO •.'38.000 325.535
1.500
week and
since
205. ,591 243.845
destination of these exports for the
is as below:
1920
— —
-
.
.
.
.
.
.
.
486
HK CHRONICLE
I
WhtM.
flour.
.
jire.sHure
Corn.
Kjpjrinfor Week
Week
mid Slhce
July
Ja
lu-~
1
.
I
22
I
1921.
Buihcix
Continent
So.
A:
West
I
C;cnt. Aincr.
18.000
Since
July 1
1020.
Jaa. 22
1021.
uxhcls
/'uxi.
/it/ihrl.';.
2,416.411
3,340.462
23.000
744,2o6
29,769
2..S09.704
.54.843
2,000,
7.000
37,000
3.819.355
Indira
Urlt.No.Ani.f;ol8.
Other countries
Total
Total 1919-20
Tho
92,024 8,243,316
243.845 12.728,354
world'.s
shiprtKsiit
cmlinf? Jan. 22 1921 :mu1
shown in tho following::
13,.509
424,923
205.591
4„536,145 225..3!)3,605
2,415.680 I2..524,8'i9
1
Exports
Week
sint^t^
Corn.
1919-1920.
Si-cc
July 1
Jan. 22.
6.599.2.50
1,7I6,03'I
wheat and corn for the week,
July 1 1920 and 1919 an^
of
Wheat.
1920-1921.
c.'.i
220,900
175,023
940.793 07,128,210
3.532.352 151,569,330
KliiBiIom
UiiUp.I
Week
Since
July 1
1920.
1920-1921.
1
Ja.. 22.
.
1919-1920.
Since
IlfCt
SI (c
Jul!/
Jul'/
nusi els.
lius' els.
Bv.^hcls.
Kushds
North .\mcr. 6,557,000 268,439.000 199,910,000 1,253,000
Sl-tce
July I.
1
Buslie's.
Flus' r!s.
8,407,000
1.097,000
KuBsIa
Danube
635,001,
38.633.666 99,"2'8.5',660
18.000 000 61,111,100
3,760,000
230,000
l.OlV.OOO
'78,066
ArBenllna..
2,032.000
176,000
Australia
India.
Olh. countr's
8 ''IT
To'al
oon 301 06S non 362
2'>5
,9'60,666
78.119,000
71,V73",666
S6V.660
1
1,756.660
000 3 213 000 88.025.000 74.6'0.000
Tho visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 22 1921 was as follows:
GRAIN STOCKR.
.
4,562.000
Boston
3,3V3'666
3,877.000
.585.066
.53.000
.
5.,535,000
233.000
.
.
.
Detroit
_
f'hicajro
.000
.
-
Milwaukee
Diiluth
Mlnnea.poll3
.
304 000
801,000
61.000
881.000
62.000
1.475,000
non
l'>2 000
100 000
333 000
550 000
OSO.OOO
Ouiaha
1
3 .,879.000
To*,;'.l .Tan. 15 19''1._. 38 154 000
Total .Ian. 2-i lov^o.-- 63,17.> 000
Total
.Tati.
:'^-'>
1021 __
7.000
78,000
317,000
2'89',o6o
2.410.000
2.314.000
134 000
"
IO6.066
490,000
0. 788 .000 32,,877.000
.
.
J.
.000
260,000
1.140000
'.
2,70'>
r.79 ,000
Peoria
Indianapolis
1
000
8.274.000
858.000
1,380.000
313.000
383,onn
>i
298,000
.S34.000
27.600
57.000
11.000
52.000
i-8.nnn
37,000
13.000
97.000
1.000
ono
1
40 noo
SI 1.000
bus
205.000
2,253,060
72.5,000
151.660
1.52.000
27.000
4 225.000 11.559,000
90 000
404.000
6.951 000
34"^ .000
_
St. I,OIll3
Kaii.sas City
I'.n'lt'i.
bu-<h.
15.000
312,000
493 0f)0
4,000
309.000
.
;
1.0.58.000
.000
1
-
G.alvoston
Buffalo
A float.
Rl/t'.
bush
301.000
.532
-
Toledo
SO 000
.000
1
-
liaitiniore
Oil IS.
.
husi
1.503.000
2,510.000
Phll.idelphla
Newi)ort News
New Orleans
Co D
W/ie 11.
hvxh
United States
New York
2,066
111.006
101,000
67.000
1,180,000
13.000
30",
060
2,805 000
:
in 1920.
Canadian
.
2.52,000
193,000
Total
Tola!
Total
Summar.v
.^Tpe")(^'^^
.
.Tan.
2 nno
.c;,4'^o.n00
i.nnn
6 010
5,937,000
1,831 000
1
.7-?6 (-00
1
7;9 000
New
less
expected
by
cent under
some
WOOLEN GOODS. — There
4 636 000
4 566 000
4.842 000
York, Friday Night, Jan. 28 1D21.
animation In dry goods markets gen-
the .general report that the zesjjonse of buyers to the new
prices was l)y no means as good as it had been in the case
In some quarters it was stated that the
of cotton goods.
prices named on some serges seemed especially attractive
and the business offered was more than mills cared to ac-
O.O'!!
8.756.000
000 41 r.33,000
ono
8,078 000 40,7,89 000 2,457 nno
3..520 000 17. .598 000 18.788,000
if any surprise, as
experienced traders that something like a lull was bound to occnr after the active dealings
earlier in the month.
Therefore little disiiosition is shown
to complain about the comparative dulness, as it is generally
believed that in the nia.iorit.v of cases it is only temporar.v.
It is argued that there are still many holes to be filled, as
many buyers failed to fully cover their nearby requirements, partly from disinclination and partly from inability.
Hence it is thouglit that tlie chances of doing business are
.still good, especially in those lines which were inclined to
lag during the recent spurt of activity and which are still
available at prices relatively lower than those ruling on
the goods which recently moved in large volume. Although
prices in some cases are fractionally lower, there are no
In some cases the slackening
signs of general weakness.
of demand, coupled with lower raw material, notably cotton, has made certain holders somewhat timid, and their
greater anxiety to sell accounts for the recessions from recent top levels. This applies almost wholly to second hands
and speculative operators who simply bought in hopes of
quick resale. On the other hand, little or no apprehension
is noticeable among first hands, especially those producers
who had booked enough orders to keep their mills busy
Among such interests it is
for several months to come.
argued that as long as their output is well sold ahead nothing is to be gained by cutting iirlces now in order to secure
additional business for the more distant future. They feel
that inasmuch as a large proportion of the merchandise recently sold went into legitimate distributing channels it is
not reasonable to expect that there will be enough selling
was
full
2.41 >
193,000
erally this week, hut this created little
it
below the recent top price, and a
mill quotations.
have been no changes of momarket for woolen goods, largely because both
buyers and sellers are inclined to await more settled conditions in labor circles. Althou.irh some large clothiers were
.>^aid to have placed fairly good orders at new low prices, it is
9.788000 32,877,000
THE DRY GOODS TRADE.
There has been
%
2.805.000
1 831,000
22 1921... ..55.5«4 000
1921... .58.279 000
24 1920..^ .74.207.000
Tot.al .Jan. 15
ToUil
8.756 000
;
2,410.000
2.000
.35.878,000
.19,706,000
_
.Tan.
428.000
-
Gaiiadiaii
Total
193.000
169 000
24 000
1,357 oon
2,3,84.000
.
J.an. 22 1021. ._ .19,706,000
.fan. 15 I'l'M .- .20 !'-. 000
.Tan. 24 102T.._ .11 029 000
46,000
2,000
6.57.000
5,715,000
Pt Arthur .10.147 000
Otlier Canadian
.
3,307.000
DO.MKSTK; COTTO.V (iOOns. -Trade n-iwrts reflect
considcralile irregulaiity and unseflb'iiient.
All branches
report less activity, l)Ut generally sjieaking conditions Jn
the finisbed goods deimrlments have lu-en more satisfactory than those prevailing on gray goods.
In view of the
large business earlier in tlie month, the slackening of demand for finislied gootis lias created little astonishment
jind has liad no jierceptibie «'ffect on first hiind sellers or
mills who have enough orders on hand to absorb their outjiut for weeks if not months.
Moreover, there is still a wide
range of inquiry for small lots, and it is still quite apparent
that many jobbers have meagre stocks of stai)le standard
merchandise, wash and white gooils. 'i'lieir efforts to replenish these and to restore many lines temporarily dropped
disclosed further evidence of the scarcity of many lines for
immediate delivery. As a rule second hands show no anxiety
to sell and little is heard of distress offerings.
Fair business has ?)een offered in ginghams, mostly in small lots for
immediate and nearby delivery, which has been handled
mainly l)y second-hands, usually at a premium because of
the scarcity of many staples. Many mills being sold up to
.\pril have been obliged to decline orders for prompt delivery.
The majority do not appear anxious for future
business, only a few offers being made for .\prll-May delivery, and those at slight advances.
Other colored cottons
have sold steadily; tickings, hickories, chambrays and cottonades. Individual orders for fine goods have been small,
liut demand has been broader than for many months. Print
clolhs have been quiet and easier, buyers showing less iutei'est because of recent large purchases and the weakness in
cotton prices. This change, however, has not brought out
any offerings of moment from mills that would indicate
any weakening. Generally they have held firmly to pre-,
vious full prices, and hence the bulk of the small business
has gone to second hands, who have offered concessions of
Latest prices are: For .jS'^-inch, GlxGOs,
Vi to V> cent.
for 68x72s, 9%c. for 72x7Gs, 10%c.; for 4-yard, 80
9V4c.
squares, ll%c. for SSMj-inch. 60x48s, TMtC. Jobbers bought
brown slieetings moderately early in the week, while bag
manufacturers took heavier goods in a .small way at
to V4
cent below recent top figures. Later, even less buying interest was visible, and it was claimed that some mills were
more willing to consider bids that they would have ignored
a week or so ago. There was a better and broader caU,
especially early in the week, for combed yarn goods, twills
aud pongees. More business was done then in some specialties, and fancy shirtings were sold as far ahead as July.
Second hands offered some voiles at 11 cents, or a half-cent
;
—
<^-
fi-oni sjieculative holders to cause further price
reductions of iinijortance iM-fon; noteworthy demand again
makes itself felt. Irregulaiity has pievaile<l in the market for commercial credits. \ laige percentage of the business was done at 7%%, although at one time as low as ?'/{.%
was secured on the dioiccst paper, wliereas <K-casioually demand for funds was .so brisk as to force the rate to 8%.
;
7.909 ono 3'^.3n0.000 2,4.56.000 2,';:^o noo
3.496,000 11.061.000 18,782,000 3,003 noo
.\'tile.
Bon!c rrsiii n()l incUi'el a' love: Oj>.ts. 23 000 bush els New Yor k,401 000
Huff.ilo; total. 4" loco, ,^ ;;ii'i3' 451.00
;-u-ih-I.s 1-1 1920: l)arlr V. New Yo -k, 16.000:
BufValo, 229,00(1
Pulut! 1. 1.000; to; a!. 246,0Cr b-.sh-'s. a L'ain.st 38.0 10 bi:sh'>'R
MoiVireal
Kt. William
[Vol. 112.
ment
in the
Dress goods have still been in better demand than,
cept.
men's wear goods, but in both branches sales were- almost
entirely for spot or nearl)y delivery, buyers continuing decidedly conservative re,:-aruing future operations.
FOKEIGN DRY GOODS.—Matters have been virtually
deadlocked in the burlap market. On the one hand, buyers
liave been generally indifferent and making lower bids, if
any, being impressed by the present large stocks and the
On the other hand, holders have
liberal quantities afloat.
been stronger in their views, p'artly because of the talk of
higher tariff, and partly because of the advance in the
rupee and the great strength in sterling exchange. Hence
it is asserted that while there may be some decline in Calcutta f.a.s. quotations, the landed prices here will he higher.
Light weights on spot advanced from 4.35 cents to 4.50 cents,
and heavy weights from 5.20 cents to 5.40 cents. Calcutta
(luotatiou's on light weights were 4.(15 cents for .Jan.-March
and 4.75 cents for Feb.-April. For the same shipments
heavies were offered at 5.(55 cents and 5.80 cents, respecBusiness in linens has shown little improvement, as
tively.
the new prices received from. Belfast, averaging about 30%
below the October list, did not prove especially attractive tobuyers. There has been some business in table damask, and
,'-:ome sampling in costume linen.-;, but visiting buyers have
been operating mainly on goods offered from stock at bargain jirices. The fact that linens are still available here
at distress prices is expected to influence Belfast to make
their greatest reductions at once. When representatives of
numerous foreign concerns arrive here next month it is believed they will find a large number of orders waiting.
I
I
'
I
I
I
I
THE CHRONICLE
Jan. 29 1921.]
inU
New
©ity Bc^jartmcixt
NEWS ITEMS.
Be Brought for Defaul^
C.
of
Bonds. — Messrs. Caldwell &
atxd
Bern, N.
Notice,
Sicit to
l{ii\ iiiond,
on Old Railrodd
counscllors-at-law of this city, advisi* us tliat they arc ahout
to bef^in a suit against the eity of New J^erii on $.")(), 000 t!eThe following' is the
"faulted railroad bonds issued in ISOo.
announeeni(>nt refjardiii^ tlie matter sent to us by Daniel
V.
A
Raymond:
suit in cciiiity tiBulnst tlie City cif Now Horn. Ntirlh Caroliii.-i. Is uliout
be t)ro\'.ght in tlip Kt'(UT:>l ('oiirl by llu- holder o( some of the t!efiiulle<l
1K9.S.
There h".s
bonds of the eity which vere issued uiuler diite of .Ian.
been iirevioiis liiisniioii o\er bonds of this issue whieh hi'S resulted in f.ivor
of the city, but the iittormivs who have eharge of tlie t)reseiM lili(;:iiion.
includinp a New York firm which makes a si)eeiiilty of municipal bond
exaniiniilions. and .1. I.athrop Morehead. K.st).. of llurliam. North Carolina, beliexe that they can show that the statement of facts agreed iip'm
to
l.'
in the last trial w;ls in error.
The location of a few of the iK^nds of this isstie is urknown. Arranpoinents will he made whereby holders of these bonds c;<ii join in the lit. Ratio!)
they so desire e.pon payment of a proportionate part of the expenses.
if
New York
Amendment
State.
Proposed.
Bank
Inrcs!A bill proi)osing an amendment to
mevt Law
subdivision (5 of section 239 of the Bankinjj Law was introduced in the Senate on .Jan. 19. This bill proposes that
of the amount of deposits
after July 1 1921 not less than
received during: oaoh quarterly interval shall be invested
in bonds and mortpatces on unencumbered real i)i()perty
i)rint .sc^ction 6 below showinj?
situated in this State.
the new matter proposed in italics:
6. Bonds and niortKi'Res on uncnciiniberod real property situateJ in
—
to
Sdi'ings
50%
We
of the appraised value thereof.
Not
more than 65'',' of the whole amount of deijosits and guaranty fiuul s!i:UI
be so loaned or iiwested; cntl al'li r llir fiifU (^r.ij of Ji'ly 1021 nnl lesx than ',G%
if the atnoi.nt of riipvsit.i iioind Oxirivv (0<h qvarl(r!ii inltrral aftir .tiiiii
date shall be so loaned or inreslei!.
If the loan is on unimpro\e.l and unproductive real property, the amount loaned thereon sh-rill not be more than
40% of the ai)praisixl value. No investment in any bonds and moriKape-;
.shall be made liy i>ny sa\ii,ps bar.k except tipon the report of a cim'ii;t!e(of its trustees cliar?:e<i with the duly of in\ estiRating the same, who shill
certify to the value of the premi.ses mortgagfnl or to be mortgaged, according
to their judgn enl lind such report shall be filed and preserved among the
V"or the ptirpose-s of this subdivision rail propreiords of the corponitlon.
erly on which there is .i building in proce.ss of construction, which whtvi
completed will co-istituie a ermanent- improvement, shall bo considere 1
iiiipro\ed and r;ro(iucli\e r<^al property.
Section 2. This Act .shrdl take effect immediately.
this St'ite, to the extent of OO^;-
.
i
—
Ohio. Proponed Bomc^i Resolution Considered Valid.
Attorney General John B. Price on Jan. 26 gave an opinion
holding that the proposed joint resolution providing for an
amendment to the Ohio Constitution so as to i)ermit tht?
granting of a State bonus to former Ohio service men. is
constitutional.
The Cleveland "Plain Dealer" under dale
of Jan. 26 said n-ith reference to the matter:
The
was introduced in both House and Senate. In the latter
b«dy, it wa.s unanimously recommended by tlic Committee on Military
Affairs and then was sent to the taxation committee, this body referenng
it to the Attorney General for an opinion.
In the House, it wa-s also unanimoiLsIy recommonod by the Committee on
resolution
Militar.v Aff.urs subject to the opinion of the Attorney General as to its
constitutionality.
The ruling, favorable to the bonus plan, opens the way for immediate
action on the rasolution in either House or Senate.
The measure has the backing of the American Legion. It provides for
submission to the electorate at the genci'al election next fall of a proposed
constitutional amendment creating and administering a fund from which
former soldiers, sailors and marines from Ohio shall be paid a bonus of .f 10 a
month, with a maximum payment to any one person of $250.
The resolution also provides that those fo.-mer service men who do not
wi.sh to take the cash boniLs may alljt it to a hospital fund for the aid of
di.sabled soldiers.
If adopted by the general a,s.senibly
and approved by the Ohio voters next
would become a part of the constitution and the machinery to raise
and administer the fund would be created. Legion officers estiiiiate that
fall, it
the
maximum
cost to the Stale will be $25,000,000.
The point raised by the Senate Committee in refening the bill to the
Attorney General was that "all legislative powers relating to issuing of the
bonds, method and manner and time of payment and all other matters have
been delegated to tl<e sinking fund commissioners.
The ruling made by the Attorney General is that the resolution amending
the constitution "so as to i)ro\»ide for payment of adjiLstod compensation
to veterans of the World War would, if submitted to and adopted by the
people, be a valid proposition."
Certain verbal changes should be made in the language of the proposal
dealing with tax levies, and in the ballot form directed by the resolution,
the opinion concludes.
The opinion from the Attorney General quotes the provisions of the
resolution that pernnt the State C ommissioners of the sinking fund to issue
and .sell bonds from time to lime, not to exceed the total sum of $25,000,000,
"the proceotis of which are to be paid into the Stale treasury to the order of
the Commissioners and known as the 'World War eoinponsalion fund.' "
The bonds are to be paid by means of a tax levy not to exceed one-half mill
annually, "in such amount as the C^ommissioners of the fund shall require,
which levy is to be in addition to all other taxes now or hereafter provided
by law."
The Attorney General called attention to possible conflict between the
bonus amendment and provisions of the constitution that declare that
"the legislative power of the Stale shall be vested in a general assembly;
that "the State may contract debts to supply casual deficits or failures in
revenue, or to meet expenses not olherw ise provided for;" that "in adidtiou
the State may contract debts to repel invasion, suppress insurrection,
defend the State in war" and that "except the debts above specified no
debt shall hereafter be created by or on betialf of. the State."
"The real or imaginary conflict between the propo.sed (bonus) resolution
and all or any of tlie provisions of the State constitution which have been
quoted the ruling .said, "cannot affect the validity of the former.
"In the first place a constitutional amendment must nec&ssary conflict
with something in the former constitution. If there were no such conflict,
no amendment would be nece.ssary. To the extent that the new provisions
conflict with the old, just to that extent there has been an 'amendment'
to the constitution."
"
"
—
Ohio, Bill to Suspend Tax Limitation. Under a bill introduced in the Ohio Legislature on Jan. 17, ta.xing districts
maj^ vote to suspend all hmitalions of the "Smith" one per
cent, law for three years.
The Ohio "State Journal"
describes the bill as follows:
It was drawn by C. D. Laylin,
special counsel in the attorney general's
behest of the Ohio tax conference of farm, real estate, commercial and civic bodies, and is known as a temporary relief measure, to
serve until a permanent solution to the tax problem can be found.
The bill provides that taxing authorities, namely, co'aiicils, county
commissioners, boards of eduction and township trustees, mav by twothirds vote submit to the people the question of lifting all Smith law "limitations.
If approved by a majority, the taxing authority may levy for
any purposes in any amounts.
office, at the
"
487
It would not afford relief, of course, in 1921. for which ifmiiiii
deficiency bonds probably will be auihori/ed.
ii
of
more
BOND CALLS AND REDEMPTIONS.
Bloomfield,
each and bearing
pad Feb. 1 192..
Aug.
5%
1
—
County,
Stoddard
Strcfl hoiids, dated
Mo. -Bund (.'all.
14 and 15for$oO(J
have been called and wUl be
.907,
interest,
.\u.s. l.i,
—
Fulton, Callaway County, Mo. Bond Call. Sewer
bonds at
<lated Feb. 4 190-1, .\os. 47 to .00 inch, and
$500 each have Ix^en called and will 1:.e paid Feb. 4 1921.
Helena, Lewis & Clark County, Mont. Bond Call.
4H%
—
given lo the holdi-r or holders of thi- following enumerated
Special Improvement District Warrants, that on l-'ob. 1 1921 said warranto,
with accruc<l Inlcresl, will be paid upon pri«entatloii to Martin Doty.
(Mty Treasurer, of the city of Helena, Mont., and that interest on the sauju
will cease and tcmilnateon the first day of February, A. D. 1921. ^
Nolict!
is
.
Special
Special
Special
Special
Special
Sewer Improvement District No. 4 <'. Warrant No. 494, _jjj,j
Street Improvement District No. 59. Warrant No. 1H4,
StriHH Improvement District No. 65, Warrant No. ;J08,
Street Improvement District No. (ifi, WarranlB No. 314 and .344.
Street Improvement District No. "0, WarranlK No. 284, 285, 286
and 2H7.
Special Street Improvement District No. 73.
Warrants No. 589
SptK'ial Street lmi)rovement District No. 74. Warrant No. 456,
Sliocial Street Improvement Dist. No. 76. Warrants No. 660. .561
Special Street Improvement District No. 77, Warrant No. 528,
and 590.
and 562,
j
S|)ccial Street liiiiirovement District No. 7K. Warrant No. 6.5(j.
Special Si Improvement Dist. No. 80. Warrants No. 850 .851 .852.8.53
886,
Special St. Improvement Dist. .No. 82. Warrants No. 628. 629. 630 &, 631,
Special St. Imi)rovement Dist. No. 81. Warrants No. 746.747,7.54,755
766
Special St. Improvement Disi. No. 95. Warrants .V». 970 and 971.
&
&
.
Special Street
Improvement
District
No. 99. Warrant No. 1032,
•Special St. Improvement Dist. No. 101. Warrants No. 1044 and 1045,
Special St. Improvement Dist. No. 102, Warrants No. 1151 and 1162.
Special .Street Improvement Dist. No. 104. Warrant No. 119,
Special St. Improvement Dist. No. 105. Warrants No. II 10 and 1158.
Special
Special
Special
Special
Special
Special
Improvement District No. lOG, Warrant No. 1092.
Improvement District No. 107, Warrant No. 1157.
Improvement Dist. No. 108. Warrants No. 1132 and 1133,
Imp. Dist. No. 109. Warrants No. 1162. 1163. 1164. and 1165,
Imp. Dist. No. 112. Warrants No. 1191, 1192. 1193. 1194& 1195,
Imp. Dist. No. 18, Warrants No. 1220. 1221, 1222. 1223. 1224.
Street
Street
St.
St.
St.
St.
1225 .and I22G.
Special St. Improvement Dist. No. 122, Warrants No. 1234
Special St. Improvement Di.strict No. 123. Warrants No. 1243
Special St. Improvement Dist. No. 125, Warrants No. 1 to 48,
and 1235,
and 1244.
Preriously Called Warrants.
Special St. Improvement Dist. No. 53. Warrant No. 262.
Interest on the above warrant ceased and terminated on April
both
1
Incl.
1920.
—
Borid Call.
On Feb. 1
electric light bonds, dated Feb. 11 1911, Nos. 1 to 27,
inclusive, and o3 for .S-OOO eat^h, ha\'e lieen called and will be
Tipton, Moniteau County, Mo.
5%
paid.
BOND PROPOSALS AND NEGOTIATIONS
woek have been as follows:
ACADIA PARISH ROAD DISTRICTS, La.— BO.VO OFFERING.—
his
Proposals will be received until 10 a. m. Feb. 8 (not Keb. 7, as stated in
V. 112. p. 281) by .T. G. Modlenka. I'resident of the Police Jm-y (P. O.
Crowley) for the following 5% bonds:
Certified check for
.5350.000 Sixth Ward Siib-Ro.ad Di.strict No. 2 bonds.
SS.750 re(|uired.
180.000 Hoad District No. 2 bonds. Ceitifit^d check for $4,500 required.
Date Jan. 1 1921. Int. J. & J. Due eyarly from 1921 to 1950. inclusive.
ALCOA, Blount County, Tenn.— BO.Y/) SALE.—The $125,000 6%
20-year sewer bonds, dated Jan. 1 1921. offered op Dec. 28 (V. Ill, p.
2113) have been .sold, it i;: slated.
No report has yet b^en received as to the disposition of the $25,000
funding bonds offered for sale on the same day.
ALLENTOWN, Lehiijh County, Pa.— BOND OFFKR/JVG.— Malcolm
W. Gross. Mayor, will receive bids until a. m. Feb. 7 for $20,000 4Hi%
coupon tax-free sewer bonds. Date Oct. 1 1919. Int. A. & O. Due part
on Oct. 1 in 1924. 1929. 1934. 1939. 1944 and 1949. Cert, check for 5%
of amount of bid. payable to the "City of AUentown," required.
Plirchaser to pay accrued interest from Oct. 1 1920.
—
Ind. BOND SALE. It is reported
on .Ian. 24 .S2G.00() (3% light-plant i)onds were sold to the Meyer- Kiser
Bank, of Indianapolis, for .S27,ai0, equal to 104.
ANDERSON, Madison County,
tha^.
ARCANUM,
Darke County, Ohio.— BOA'D OFFERING.— t,. L. Miller.
Village Clerk, will receive bids until 12 m. Feb. 7 for $5,500
coupon
fire-truck bonds.
Denom. .'S.500. Date Nov. 3 1920. Int. M. & S. Due
S500 yearly on Mar. 1 from 1922 to 1932 incl. Cert, check for 10% of
amount of bonds bid for. payable to the Village Treasurer, required. Bonds
to be delivered and paid for within ten days from date of award.
Purch;i.scr to pay accrued interest.
6%
ASHEVILLE, Buncombe County, No. Caro.— BOND OFFERING.—
Unt 1 12 m. Feb. 15 (i. C. Hunter, City Seci-etary and Treasurer, will receive
sealed bids for .SlfiO.OOO street bonds, at not exceedins (>% interest, offered
without success on March 8 (V. Ill, p, 1773.) Dmom. $1,000. Dat€
J.) payable in New
Jan. 1 1921. Principal and semi-annual interest (J.
York in gold. Duo yearly on Jan. 1 as follows: $10,000 1922 lo 1928, incl..
and .$15,000 1929 to 1934, incl. Certified check or cash on an incorporated
bank or tru.st company for S3. 200. p.ayable to the Commissioner of Accounts
and Finance, required. These bonds are to be prepared under the supervision of the U.S. Mortgage & Trust Co.. New York, which will certify <is
to the genuineness of the signatures of the city officials and the seal impressed thereon
The legality of the bonds will be examined by Caldwell &
Masslich, of New York, and the purcha.ser will be furnished, without
charge, the opinion of said attorneys.
Bids are desired on blank forms
which will be furnished by the city or .said trust company. Bonds will be
delivered on Feb. 25 1921 or as soon thereafter as the bonds can be prepared, at the office of the U.S. Mortgage & Trust Co.. Now York, and must
then be paid for on delivery. Purchaser to pay accrued interest.
..*i
BEDFORD
SALE.
(P. O. Mt. Kisco), Westchester County, N.
BOND
— The282) were 6% registeredGeo. B. Gibbons offered Y. Jan. 20
road-impt. bonds
on
.$11,900
Co. of New York
awarded to
..^
(V. 112. p.
Date Jan. 15 1921. Due
at 100.08 and interest, a basis of about 5.98%.
SI .900 Feb. 1 1924 and 82.000 yearly on Feb. 1 from 1925 to 1929 incl.
The Mt. Kisco National Bank submitted a bid of par.
BELHAVEN,
On
Beaufort County, No. Caro.— BIDS
DECLINED
—
bids received for the $60,000 water-works and StjO.OOO sewer
0'; coupon bonds (V. 111. p. 2541) were turned down.
Bonds are still
open for sale for thirty days.
Jan. 20
all
BENTLEYVILLE SCHOOL DISTRICT (P. O. BentleyviUe), Washington County, Pa.— BOND OFFERING.—W. J. Wilson. Seiietary of
Board of Directors, will receive proposals until Feb. 10 for $85,000 5,'-j%
.school bonds.
Denom. $1,000. Date Oct. 1 1920. Prin. and semi-ann.
int. (.\.
Icvvillc.
&
Oct.
1942.
I
& Miners' National Bank of Bent$4,000 yearly on Oct. 1 from 1921 to 1941 incl.. and $1,000
Cert check for $1,000 required.
O.) payable at the Farmers'
Due
BIG STONE GAP SCHOOL DISTRICT (P. O. Big Stone Gap),
Wise County. \a.—DESCItn'TION OF BO.\DS.—Thp $35,000 6% highschool bonds which were recently sold to Powell. Garard & Co. of Chicafro
Int.
(V. 112. p. 391) are in denom. of $1,000 and are dated Jan. 1 1921.
& J. Due in 30 years.
(P. O. Lebanon), Ind.— A'O B7DS.— No bids were
road-impt. bonds, aggregatreceived on Jan. 20 for the two i.ssues of 4
ing S30.300, offered on that date (V. 112, p. 282)
J.
BOONE COUNTY
H%
— —
——
—
——
— —
.,
.
——
THE CHRONICLE
488
BRADFORD, Miomi
HOXD
County, Ohio.
SALK.—Tho followliiK
issues of (>';; Ixnuls which wore offorod without succcsm on July 1
Ixxin sold U> the NlnkluK Fund Tru><l<'<w at par
(V. 111. P- 21-1; havii
Npccial assj'.ssniciil Miami Avo. walcr conrKuaioiiK Ixjiids.
I}U(! $r.no
on Miirc-h 1 in 1021 and 1022
Duo each six
l.SOO (vlUaKc's r>'>rlion) Ki-llcr St. iniiM-ovcnicnt bonds.
nu)nlh.s a« follows: $r,M) Sept. 1 lO-ll to Sept. 1 H)'12, $100 March 1
1013 U) Man-h I 1914.
Main St. iiuprovcinpnt Ixjnds. Duo $750 yearly on March 1 from
7.,
lil21 lo nr.iO. liichislvo.
Duo $1,000 each six months from
.'),000 Main Ht. improv(>in(!nt bond.s.
March 1 1930 to March I lO-ll. inclu-sivc.
A' fotir
[Vol. 112.
COLUMBUS, Muscogee County,
l)e
—
—
—
BOND OFFERING. — Bldn
Ga.
will
rccclM-d by the (:|i;ilrnian of the FInanc* Committee, for the .$1.00.000
and .Sl.50.000 school r,'/, .10 year »X)rid>*- -V. 111. p. ir>«- until Feb. 0.
Ktreit
COMSTOCK SCHOOL DISTRICT
—
l.H,sii<>
WO
O. Com.tock), Kalamazoo
(P.
— BO.V/;.S VOTED. NewHnajxjrs rejwrl that at a KjKx-.lal
the votCTs almost uiianimoUKly voted in favor of a prop<jsltlon to
$2.5.000 hlKh-school-huil<llnK bonds.
County, Mich.
i-lection
CRAWFORD COUNTY
O.
(P.
SALE—
Denison), Iowa.— BO.VD
A. B lyoach & Co of N V were the succe«sful hidden* on Jan 25 for
the $125,000 5>i;% 20-y(ar funding bonds dated Fob 15 1921
V. 112 p
.392— at 100 01 a basis of about 5 49%
—
.
BRADFORD CONSOLIDATED SCHOOL DISTRICT
—
Darko County, Ohio. li(h\/> OFriCUI NG. I'rojjosals wiii l)c
reccivcil until \2 in. Fel). 7 l)y 1<\ I'. Mdriff, Clerk of Hoard of Kducalion,
Dcnorn.
for S.W.OOO ()',< coapim sohi)oi-bld«. addition construction bonds.
H.
Duo SI. 000 yearly on Hept. 1
Dato Jan. 1 I<.»21. Int. M.
$500.
from 1022 to 19H0 incl.. and $1,000 each six nionth.s from Mar. 1 1940 to
of amount of
Sept. 1 195.">, inc!. Cert, chock on a solvent bank for
bonds bid for. payable to A. H. I'atty, District Treasurer, niquirod. Lionds
to bo delivered a.ud paid for within 10 days of date of award.
ford),
&
h%
BRISTOL COUNTY
Man.—NOTE
(P. O. Taunton),
SALE .—-Thi'.
|;r>0.()ll() ()% IkLX ii'ee tuloerculosis hospital notes offered on Jan. 2.5 (V. 112,
("o., ot Boston, at 100.10, a basis of
were awarded lo Kslal)rook
D 391)
&
about
Duo July
1922.
— The temporary loan was$1.50,000, dated Jan.
of
(V.
Date Jan.
.').0.'j'/r.
TEMl'OR/XRY LOAN.
1.5
1921.
1.5
2.5.
112, p. 391)
awarded on Jan. 2.5 to
and maturiuK Nov. 1 1921
S N. Bond & (V)., of Boston, on a ,5.84% discount ba,sis. plas a premium
of $3.2.5.
BROOKINGS SCHOOL DISTRICT (P. O. Brookings), Brookings
BOND ELECTION. — On Feb. the question ot Issuing
County, So. Dak.
1
$70,000 high-school-building bond.s
will
be submitted to the voters,
it is
stated.
BRYAN, Williams County, Ohio.— BOA^JO SALE.—The $4.5,000
cefundliiK bonds, which were offered on Nov. 22 (V. Ill, p. 1967) ^fiere
awarded to the National Bank of Bryan for $45,002 50. equal to 100.005,
a basis of about 5.99%. Date Nov. 1 1920. Due $15,000 in 1925, 1926
6%
and 1927.
BUCYRUS CITY SCHOOL DISTRICT
(P. O. Bucyrus), Crawford
Miller, Clerk of Board of
for the following
.school
County, Ohio.— BOiVD OFFERING.— C. H.
Education, will receive bids until 12 m. Feb. 4
building bonds:
6%
1 as follows: .$^1,000 1926, 1927, 1931. 1932,
$70,000 bonds. Due
1933 and 1934: $5,000 1935; $6,000 1936 and 19.37; .$5,000 1938
and $6,000 1939 to 1942, inclusive.
45.000 bonds. Due on April 1 as follows: .$6,000 1922 and 1923; $5,000
1924. 1926 and 1927; $4,000 1928 and 1929. and $5,000 1930 & 1931
Denom. $500. Date April 1 1921. Prin. and semi-ann. int. (A. & O.)
payable at the Bucyrus City Bank of Bucyrus. Cert, check on some solvent
bank in Crawford County for $200, payable to the above Clerk, required
with each issue. Bonds to be delivered and paid for at the office of the
Board of Education within 10 days from date of award. Purchaser to pay
accrued interest and furnish at his own expense the necessary printed bonds
on April
BUTTE SCHOOL DISTRICT NO. 1 (P. O. Butte), Silver Bow
County, Mont. BOND ELECTION.— At an election to be held on April 2
the voters
bonds.
vrill
deckle whether they are in tavor ot issuing $525,000 school
These bonds were defeated at the
election held
on Nov. 13 1920
—V.
Ill
p. 2155.
CARBON COUNTY SCHOOL DISTRICT
—
NO.
1
(P.
O. Red Lodge),
Mont. BOND OFFERING. Sealed bids will be received until 7:30 Feb. 19
by O. K. Northrop, District Clerk, for $65,000 6% school bldg. bonds.
cfcnom. $1,000. Date March 1 1921. Prln. and semi-ann. int. (M. & S.)
payable at the office of the County Treasurec or at the American Exchange
National Bank, N. Y. Due in 20 years optional in 10 years. Cert, check
for $6,500 payable to the District, required.
—
CARROLLTON, Carroll County, Ohio.— BOND SALE. The First
National Bank of CarroUton has been awarded the $10,000 6% water
works bonds offered on Jan. 19.^ V. 112, p. 79 at 100.76 and interest,
a basis of about 5.82%- Date Nov. 15 1920. Due $500 each sue months
irom Mar. 1 1921 to Sept. 1 1930, incl.
—
—
CASS SCHOOL TOWNSHIP
— (P.
— WARRANT
O. Newberry), Greene County,
OFFERING. Oliver Brewer, Township Trustee, will
End.
receive bids until 10 a. m. Feb. 10 for $1,600 warrants, to bear interest at
a rate not to exceed 6%. Denom. $500 and $600. Payable July 1 1921
at the Citizens' Bank of Newberry.
CHEROKEE COUNTY
O. Gaffney), So. Caro.— BOiVD SALE.—
By submitting a bid of par and interest, C. M. Smith acquired the $100,000
17
6% funding bonds on Jan.from(V. 112, p. 179). Date April 1 1920. Due
1921 to 1930 incl.
$10,000 yearly on April 1
(P.
111.— BOiVD ELECT/O.V.— The City Counci'
on Jan. 19, by a Tote of 46 to 11, decided that at an election to be held
Feb. 22 a proposition to issue $8,000,000 deficit, judgment and funding
bonds be submitted to the voters for their approval.
BONDS OFFERED BY BANKERS. On a preceding page of this issue
the National City Co. is offering to investors the tinsold portion of the
$11,455,000 4% tax-free gold bonds purchased by them last week (V. 112,
The bonds are offered at figures to yield from 5.10% to 5.625%
p. 392)
CHICAGO, Cook County,
—
.
Amount.
Due.
Price.
Yield.
Amount.
Due.
Price.
Yield.
$449,500
695,000
795.000
714.500
788,500
787,000
768.000
822.000
805.000
1922
1923
1924
1925
1926
1927
1928
1929
1930
98.57
97.09
95.69
94.78
93.62
93.47
02.55
91.68
91.86
5fHi9;
$755,000
755,000
735,000
747,500
638.000
1931
1932
1933
91.16
90.49
89.85
89.69
89.13
88.61
88.11
87.63
87.18
5.15%
5.15%
5.15%
5.10%
5.10%
5.10%
5.10%
5.10%
5.10%
5?^%
5>i%
5.50":;
5.50%
5.30%
19.34
1935
.580,000
1936
380,000
5.30"/;
1937
190,000
1938
5.30%
50.000
5.15%
1939
DISTRICT (P. O. Chicago), Cook County
CHICAGO SOUTH PAR'C ''.
Neil, Secretary of Board of Commissioners,
HI. BOND OFFERING. J
wUl receive bids until 12 m. 1 eb. 1 lor the following 4% bonds:
$398,000 pubUc park acquisition and impt. bonds. Due $21,000 yearly
on July 1 from 1922 to 1939, incl., and $20,000 July 1 1940.
342,000 South Park Ave. Impt. bonds. Due $18,000 yearly on July 1
trom 1922 to 1940, incl.
260.000 Roosevelt Road bonds. Due $13,000 yearly on July 1 from 1921
—
.
to 1940, incl.
Cert, check for $25,000 payable to the South
required.
COLD WATER, Branch
County,
Park Commissioners,
Mich.— BOiVDS VOTED.—It
is
reported that at an election held Jan. 11 a proposition to issue $50,000 water
works and electric light plant bonds carried by a vote of almost 1,200
"ayes" to 38 "nayes."
COLESVILLE UNION FREE SCHOOL DISTRICT NO. 4 (P. O.
Harpersville), Broome County, N. Y.—BOND OFFERING.— George
F. Demeree, Clerk of Board of School Trustees, will receive bids until
2 p. m. Feb. 7 for $10,000 school bonds, to bear interest at a rate not to
exceed 6%. Denom. $500. Date Mar. 1 1921. Interest annually. Due
$500 yearly on Nov. 1 irom 1921 to 1940, incl. Cert, check lor 10% of
amount of bonds bid for, required.
COLLINS SETTLEMENT SCHOOL DISTRICT (P. O. Weston),
Lewis County, W. \a.—BOND OFFERING.— G. W. Blair, Secretary
Board of Education, will sell at public auction in the Citizens' Bank, of
Weston, at 2 p. m. oh Feb. 11, $50,000 6% school bonds. Denom. $500.
Date July 1 1920. Principal and annual interest payable at the Chase
National Bank, New York, or at the Citizens' Bank of Weston. Due on
July 1 in each of the years 1925, 1930, 1935 and 1940.
COLUMBIA CITY, Whitley County, Ind.— BOARDS NOT SOLD.—
An issue of $75,000 6% electric light plant bonds offered on Jan. 24, was
not sold, as
Jan.
1
all
14.
1927.
The bonds are now scheduled to be sold
bids were rejected.
$5,000. Date Jan. 1 1921. Int. semi-ann. Due
Danom.
(P.
O.
Ore.— PRICE
Prinevillc;,
PAID—The
$100,000 funding and $100,000 road 6% bond« on Jan. 15
» J
by Kalph Hchneeloch Co., and Carstens & Earles, Jointly V. 112, p. 392
price paid lor the
—
was 90.81.
DADE COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO
—
1,
Fla.
BOND .SALE. On Jan. 20 N S. Mill & Co. were awarded the $7.5.000
H'AVo bonds (V. 1 12. p. 2K2) at 101.32 and interest, a basis of atxjut 6.34%.
Date Jan.
1921.
Due yearly on Jan. 1 as follows: $4,000 1025 lo 1928
incl., $5,000 1929 to 1032 incl.. $6,000 1933 to 1036 incl., and $.5,000 1937
to 1030 incl.
Other bidders:
Bank of Bay Biscayne
$74,3101 First Trust & Savs. Bank... $73, 385
Heasongood & .Mayer
74.2.50|Geo. B. Sawyers & Co.
73.200
.
1
DECATUR COUNTY
(P. O. Greensburg), Ind.— BOND SALE.—
Co. of Indianapolis have purchas<^:d the S19.800 4H% Fred
Scott et al. Kugit Twp. road l«)nds which were offerrrd bust April
V. 110.
p. 1772— for $19,931.18, equal to 100.067. a ba.sis of alwut 4.:<6%.
Due
$990 each six months from May 15 1021 to Nov. 15 1940, incl.
DE KALB COUNTY (P. O. Decatur), Gm.—BOND OFFERING
L. T Y. Nash, <;ominissioner of Koads and Revenues, will receive proeosals for $250,000 5',; road bonds until 12 m Feb. 8
Denom $1,000
»ate .Jan 1 1920
Int J & J
Due yearly on Jan. 1 as follows: $20,000
1938. $30,000 1939, and $40,000 1940 to 1944, incl
Certified check for
$2„500 required
DELPHOS, Allen County, Ohio.— BOATD OFFERING.— W. H. Shaffer.
City Auditor, will receive proposals until 12 m. Jan. 31 for $7. ,500 5'A%
deficiency funding bonds.
Denom. Sl,.500. Date April 1 1920. Int.
annually.
Due$l,.500yearly on April 1 from 1924 to 1928, incl. Purchaser
to pay accrued interest.
f. V.
&
Wild
—
—
DERRY TOWNSHIP SCHOOL DISTRICT
(P. O. Derry), Westmore22 the I^irst National Bank of
Blairsville, offering $87,133 (102.509) and interest, a basis of about 5.21%,,
was awarded the $85,000 53^% llV4-year (aver.) tax-free coupon bonds
offered on that date (V. 112, p. 79).
Date Jan. 1 1921. Due yearly on
Jan. 1 as follows: $1,000 1922. $2,000 1923, $3,000 1924. $4,000 1925 to
1930 incl.. and $5,000 1931 to 1941 incl. Other bidders were:
Frazier & Co.. Phila
$87,000 OOlLyon, Singer & Co.. Pitts. -.$86,821
Mullen, Briggs& Co., Phil. 86.872 50|Grover & MacGregor, Pitts. 86,275
DONORA
SCHOOL DISTRICT (P. O. Donora), Washington County, Pa. BOND SALE. The $170,000
tax-free school
bonds which failed to sell when offered on April 30 last V. 110. p. 1996
have been taken by the Teachers Retirement Fund at par. Date June 1
Due on June 1 as follows: .$5,000 in 19.30 & 1931: $10,000 in 19.37
1920.
1941, 1942, 1943 & 1944; $20,000 in 1945, 1946 & 1947; and $25,000 In
1948 & 1949.
(P. O. Alexandria), Minn.— BOA'D SALE
DOUGLAS
The Minneapolis Trust Co. was awarded on their bid of 101. a ba.sis of
about 5 62%, on Nov. 8 $15,000 5ii% 10-year road bonds.
Denom.
land County, Pa.
BOND SALE. — On Jan.
BOROUGH
—
4^%
—
—
COUNTY
Date Nov.
$1,000.
1920.
1
DUPLIN COUNTY
Int.
M. & N.
Due Nov.
1930.
1
O. Kenansville), No. Caro.— BOND OFFERING. -^Jas. J. Bowden. Clerk Board of County Commissioners, will receive
bids for the purchase of $100,000 6% road and bridge bonds until 12 m.
Feb. 14. Denom. $1,000.
Date Mar. 1 1921. Prin and semi-ann. int.
payable at the Chase National Bank, N. Y. Due$10,000 vearly on March 1
from 1942 to 1951 incl. Cert, check for $2,000. payable to the County
(P.
Treasurer, required.
—
EADS, Kiowa County, Colo. CORRECTION. The amount of water
bonds purchased on Mar. 10 by the First Nat. Bank of Pueblo was $50,000
(not $55,000 as stated in V. 110, p. 1216).
The bonds are described as
follows: Interest rate 6%.
& J. Due Jan. 1 1935.
Denom.
$1,000.
Date Jan.
1
1920.
Int.
J.
PALESTINE, Columbiana County, Ohio. BOND SALE.
described
—EAST were the $14,000 6% coupon fire-en^e bonds & Trust Co. V. CinOn Oct 28
awarded to the Provident Sav^ngs Bank
1586,
of
in
Ill,
p.
cinnati for $14,163 80, equal to 101. 17. a basis of about 5. 90%.
Due $500 yearly on Sept. 1 from 1925 to 1952 incl.
Sept. 1 1920.
Dat«
Tex.—
EDWARDS COUNTY (P. O.
—A. P. Allison, County Judge, Rocksprings), m. Feb.BOA'D OFFERING.
at 4
14 $300,000 5M%
will sell
special road impt. bonds.
p.
Date June 10 1919.
ELDRIDGE SCHOOL DISTRICT NO.
12,
—
Stutsman County, No.
During December the State of North Dakota purDak.^ BOND SALE
Date May 1 1920.
chased the $25,000 4% bldg. bonds at par.
Due
May 1 1940. Bonds are not optional, but can be paid on any interest*
bearing dale after 2 years from date of bonds.
ELIZABETH, Union County,
5H%
N.
J.— BOND SALE.
—On Jan. 25 the
coupon (with privilege of registration) school bonds offered
on that date V. 112, p. 283 was awarded to the National State Bank of
Elizabeth, which offered to pay $1,198,500 for $1,173,000 bonds, equal to
Date Dec. 1 1920. Due j'early on Dec. 1
102.174, a basis of about 5.29%.
issue of
as follows:
on Feb
CROOK COUNTY
O. Brad-
(P.
—
—
as follows: $38,000. 1922 to 1932, incl.; $39,000. 1933; $57,000. 1934 to
The following is a complete list of the bids
1945, incl.; and $32,000, 1946.
submitted:
Name
—
Amt.BidFor.
White Weld & Co
Kissel Kinicutt & Co
Blodgelt & Co
Eldredge & Co
Stacev & Braun
Geo. B. Gibbons & Co
Harris Forbes & Bankers Trust
Union County Trust Co
J. S. Rippel & Co.
Price Bid.
$1,186,000 00
1.173.000 00
Peoples National Bank
National State Bank.
$1,198,796 94
1,198,500 00
1,183,000 00
1.198.733 90
,
;
1
J
Co
1,187.000
1.193,000
1,174.000
1.175,000
00
00
00
00
1,198.750
1,198,010
1.198,263
1.198,880
00
00
00
00
ELKO, Elko County, Nev.—BONDS VOTED.—By
a vote of 115 to 90;
the citizens of Elko ratified the proposition to issue bonds to the amount of
of which $150,000 is to be used for piu-chase of the Elko Water
$180,000,
system from W. T. Smith. The remaining $30,000 is to be used in developing more water for the city.
FRANKLIN COUNTY SCHOOL DISTRICT NO. 38 (P. O. West
BOND SALE. ^John Nuveen & Co. of Chicago, have pm-chased
City) III.
$5,000 7% school bonds. Dated Dec. 1 1920. Due serially on July 1 from
—
,
1921 to 1927.
incl.
FULTON COUNTY
(P. O. Rochester), Ind.— BO A'DS SOLD —There
were no bids for the $27,500 Fletcher Stoner et al. Henry Twp. road bonds
offered on Jan. 18 (V. 112, p. 283), but the Akron Exchange Bank of Akron
Date Oct. 15 1920. Due $1,375 each six
later agreed to piu-chase them.
months from May 15 1922 to Nov. 15 1931 incl.
GALION, Crawford County, Ohio. BOND OFFERING. It is reported that' Jacob Keene, City .\uditor, will receive proposals imtil 12 m.
Feb. 5 for $80,000 5% water works purchase bonds. Denom. $1,000.
Date Dec. 1 1920. Due Mar. 1 1929.
GALLATIN COUNTY (P. O. Bozeman), Mont.— BOA'D SALE.—
W. L. Slayton & Co. of Toledo are reported to have purcha,sed the $125,000
6% road bonds which were offered without success on Dec. 2 Y. Ill,
—
—
p. 2348.
GARFIELD COUNTY SCHOOL DISTRICT NO. 45, Mont.—BOA'D
—-The $2,000 6% school-bldg. bonds offered on Dec. 27 were awarded
SALE.
on Dec. 28 to the State of Montana at par. Denom. $200. Due in 20
Int. semi-ann.
years, optional on any interest-paying date.
This item was inadvertently reported in V. Ill, p. 2545 imder the
caption of "Rosebud County School District No. 45."
THE CHRONICLE
Jan. 29 1921.]
GARY SCHOOL DISTRICT (P. O. Gary) Lake County, Ind.—
BONDS NOT SOLD —No sale has been made of the $lf)5,00() C,";. school
INDIANAPOLIS, MaHon County.
,
bonds which wore
Date Fob
ol'i'iTed
on Jan
K & A
lut
1921
1
20 (V
Due Feb
112, p
Deiionj. $500
283)
192{)
1
GEYSERVILLE UNION HIGH SCHOOL DISTRICT, Sonoma
BOXD SALE — The Petuluina National Hank anil tho
Jointly purchased the $10,000 6% l-20-.vear bonds which
County, Calif.
Bank of Tomales
were referred to
1921
in
V
1
12. p. 180. at
Denom
100 57-
Date Jan
$500
1
Interest annually
GIBSON COUNTY
(P.
O. Trenton),
Tenn.— BOA'O OFFERING.—
Until 1 p. ni. Jan. 31 K. If. Taylor, County Judge, will receive sealed bids
for the 8150,000 6% funding bonds, recently voted
V. 112, p. 39.3.
Denom. SI, 000. Date Jan. 1 1921. Prin. and semi-ann. int. i)ayahlo in
Dun $10,000 yearly
Tretiton or New York City, at option of holders.
on July 1 from 1922 to 1936, Incl. Cert, check for $3,000. i)ayal)lo to the
Countv Trustee, required. Bonded debt none. As.sosso(l value. $35.Population. 44,000.
000.000.
—
GLACIER COUNTY SCHOOL DISTRICT NO. 1
Mont.— HON D OFFERINO.— On Feb. S $25,000 6%
Denom. $1,000.
will be offered for sale.
considered.
J. V. C^arberry, Clerk.
Bids
less
O. Blackfoot),
school bldj;. bonds
than par will not be
(P.
GLADSTONE, Clackamas County, Ore.— BOA'^D OFFERING.—
Proposals will Ix? received until 8 p. ni. Fob. 1 for $11,240.01 Impt. txjnds by
Paul C. Fischer. City Recorder. Denom. $500. 1 for $240.01. Cort. check
for h'"c. rcQuired.
—
GLOUCESTER,
Essex County, Mass.— TKA/POR/IKY LOAN. On
Jan. 26. It is stated, a temporary loan of S200.000. dated Jan. 28 and maturinx Nov. 16 1021, was awarded to the Capo Ann National Bank on a
5.69% discount basis, plu.s n premium of S2 00.
GONZALES COUNTY (P. O. Gonzales), Tex.— BO.VD OFFERING
Feb 14 by J C UomI erK, CJounty JudRc,
Bids will be received until
for the following 5H % bonds which were offered without success on March 1
—
2pm
—
V. 110, p 1217
$104,000 Road District
No
5 bonds, authorized
by a vote of
171 to 42 at
Duo $3,000
Date Jan 1 1920
an election hold July 19 1919
Total debt of thi.s district,
for 16 years and $1,000 for 14 years
Valuation of property of district. 1020. $765,350;
actual value of property of district (est ) $2,300,000; tax rate
(total, all purposes). $2 59 on SlOO assososd valuation; population
(estimated). 4.000
100.000 Koad District No 8 bonds, authorized by a vote of 143 to 48 at
Date Jan 1 1920
Due $3,000
an election held May 31 1919
Total debt of this district
for 20 years and $4,000 for 10 years.
this Issue only: Valuation of property of district 1920. $1 .167.330;
actual valuation of property of district (est ) $3,350,000; tax
rate (for all purposes). $2 04 on $100 assessed valuation; popula52
tion (estimated) 4.000.
Denom $1,000 Int semi-ann (J. & J ), payable at Gonzales or at the
Seaboard National Bank, N. Y., at option of holder. Cert, check for
2%, payable to the above County Judge required.
this Issue only
...
GRAHAM, Alamance
County,
No.
Caro.-BOND OFFERING.—
Sealed bids will be received by P. A. Holt, Town Clerk, until 7 p. m. Feb. 7
for the following 6% bonds:
$100,000 .sanitary sewer bonds. Due yearly as follows: $2,000 1922 to
19:^1. incl.. and S4.000 1932 to 1951. incl.
50.000 school bonds. Due yearly as follows: $1,000 1922 to 1931 incl.,
and $2,000 1932 to 1951 incl.
Prin. and semi-ann. int. payable at the Hanover National Bank, N. Y.
Cert, check for 2% payable to the City Treasurer.
.
GRAND
RAPIDS. Kent County, Mich.— BOiVD OFFERING.— Pro-
2pm
posals will be received until
Feb. 14 by J C. Shinkman, City Clerk,
ror tho following two Issues of 6% tax-free special assessment bonds, which
were offered but not sold on Jan 10 (V 112. p 283):
$250,000 streot-impt. bonds. Due $50,000 yearly on Aug. 1 from 1921 to
1925 incl
Due $10,000 yearly on Aug. 1 from
50.000 sewei^construction bonds.
1921 to 1925 incl
Denom $1,000 Date Aug 1 1920. Prin and semi-ann. int (F. & A.)
payable at the City Treasurer's office. Cert, check for 3% of amount of
bonds bid for. payable to the City Treasurer, required. Purchaser to
pay accrued interest.
GREENVILLE, Pitt County, No. Caro.-BOND SALE.—The $65,000
water and light and $35,000 funding 6% bonds offered on Jan. 10 V. 111.
have been sold to Tucker, Roblson & Co. of Toledo at par and
p. 2444
interest.
Denom. $1,000. Date Dec. 1 1920. Int. J. & D. Due
yearly from 1923 to 1959 inclusive.
—
—
GREENVILLE SCHOOL DISTRICT
—
(P.
O. Greenville), Greenville
M
County, So. Caro. BOND SALE. On Jan 25 R
Grant & Co of
N. Y. were awarded the $250,000 5% 19^-year school bonds dated July 1
1920— V. 112. p. 393.
GREENWICH, Huron County, Ohio.— BOJVD SALE. The following
——
—
6%
two
issues of
bonds offered on Dec. 31 V. Ill, p. 2444 have been
sold to the First National Bank of Greenwich at par:
$5,440 electric light Impt. bonds. Due $500 yearly on Dec. 1 from 1921 to
•
19.30, incl.,
and $440 Dec.
l.COO water works bonds.
1
1931.
Due $500 on Dec.
1
HAMILTON COUNTY
Cincinnati), Ohio.— BOA'DS RE(P. O.
OFFERED. The four issues of 514% Cincinnati-Dayton Intercounty
Highway No. 19 bonds, for which no bids were received when offered on
Jan. 14 V. 112, p. 393 are Ijeing re-offered on Feb. 11. Albert Reinhardt, Clerk of Board of County Commissioners, will receive bids until
12 m. on that date for the bonds, which are as follows:
$9,000 Sec. "S" assessment bonds.
76. .500 Sec. "S" county's portion bonds.
17.000 Sec. "T" a.ssessment bonds.
135.000 Sec. "T" county's portion bonds.
—
—
—
Denom. S500.
Date Dec. 1 1920. Principal and semi-annual intere.st
D.) payable at the County Treasurer's office. Due Dec. 1 1930.
Certified check for 5% of amount of bonds bid for, payable to Louis J.
Huwe, County Treasurer, required. Purchaser to pay accrued interest.
(J.
&
HANCOCK COUNTY (P. O. Greenfield),
BO ATD OFFERINO.
— Grover Van Duyn. County C. Pauley CenterInd.—bids until 10 bonds.
Treasurer, will receive
m.
Feb. 3
Twp. road-impt
Ed.
$19,040
a.
5%
for
Denom
$952.
months from
Int. M.
15 1920.
15 1922 to Nov. 15 1931 incl.
Date Dec
May
& N.
Due $952 each
six
HANGING ROCK SCHOOL DISTRICT (P. O. Hanging Rock),
Lawrence County, Ohio. BOND SALE. ^The issue of $2,000 6% coupon school bonds which was offered on Aug 31 last V. Ill, p 912 has
since been sold at private sale at par. Date Sept. 1 1920. Due Sept. 1 1921
HAPPY VALLEY IRRIGATION DISTRICT (P. O. Olinda), Shasta
County, Calif. BONDS VOTED
On Jan 15 by a vote of 73 to 2 the
$150,000 6% irrigation construction bonds (V. 112, p. 80) carried. Due
yearly from 1925 to 1942 incl.
—
—
—
—
HARRIS COUNTY DRAINAGE DISTRICT NO.
ELECTION.
—
10,
Tex.— BOA"D
The question of issuing $.50,000 bonds will be submitted to
the voters on Feb. 5.
Albert Townsend is Clerk of the County and Exofficio Clerk of the Commissioners' Court.
—
HAYWOOD COUNTY (P. O.
On
6%
Waynesville), No.
Caro.— BOND SALE.
Jan. 17 C. N. Malone & Co., were the successful bidders for $60,000
road and bridge bonds at par and interest.
HEBER, Wasatch County, Utah.— BOATD ELECTION CONSIDERED.
—A water works system bond issue of $15,000
is
being considered.
HILLSBORO,
Hill County, Tex. -BOND OFFERING.— F.K.McKee.
.
City Attorney, will receive bids for the $15,000 5% 20-40 year (opt.) market
icfa foi
square bonds, recently voted V. Ill, p. 2249, until 7.30 p. m. Feb. 8.
Date Jan. 1 1921. Int. semi-annually. Cert, check for $200 payable to the
Mayor, required.
—
HOWARD COUNTY
(P. O.
Kokomo), Ind.—BOND OFFERING
—
m
Orville O Butcher. County Auditor, will receive proposals until 10 a.
Feb. 7 for S90.661 80 6% J B. Conkle, drain-construction bonds.
Denom
170 for $500 and 10 for $566 18-
—
HUDSON, Fremont County, Wyo. NO SALE. Newspapers state
that no sale was made of the $25,000 6% 1.5-30 year (opt.) coupon water
works bonds offered Jan. 12. V. 112, p. 80.
—
BOND OFFERING.— Pro-
Ind.
for the pun-hase of $300,000 ()%, coupon sanitary distlrct bonds will
i-e<-eive<l until 12 in. Feb. 11 by Uoiieri II. Hryson. <."itv Controller.
DeiKini. $1,000.
Dat« Feb. 14 1921. Due Fe".. 11 1926. Principal and
semi-annual interest (J.
J.) pav:thle at the Treajiury of Marion County,
pos.'ils
bo
&
or at one of the authorized depositories of the City of Iniianapolls.
Thivio bonds are not an obligation of the Citv of In'tianHixills as a whole,
but are a le«al indehlodness of the "Saii'iarv Dis'rict of Indianapolis" and
a s|)<«'ial tax for the payment of iirlnclpnl and inieresi on those bonds shall
bo levied on all property of the district.
O. Jacksonville^, Ore.—
— JACKSON COUNTY (P.<"hauncey Floroy. '"oumiv OOVO OFFERING.
Until 2 p.
March 3
'M'o'k. will receive
ni.
the pun-ha.se of all or any 'lart of S2.50.0OO 5% coui>on road
bonds
Denoms. ?.50 or multiples thereof tin to $1,000. Interest semlaniuial.
Due $100 000 in 10 years. $100,000 In 15 years and $50,000 In
20 yi'ars, Certlfii-d check for 5"E. required.
T>ro|)(>sals for
COUNTY
BOND
JASPER
(P. O. Rensselaer), Ind.—
.SALE
Fletcher-.^inerlcan Co. of Indianapol's has purchased at jmr the $18,200
4';'; Josetih K. Thomas. Newton Twp. i-oad Impt. lionds. which were
offered on April 21 last
V. 1 10, p. 1663.
Due $010 each six months from
May 15 1021 to Nov. 15 1930, incl.
HON I) OFFERING. John T. IMt'irs. Co-tity Treasurer, will receive bids
until 1 p. in. Feb. 7 for the following two isRU<» of road bonds:
.John O'Connor. Walker Two., bonds.
$6,900
De-ioin. «'<45.
Date
Dec. 15 1920
Due S'M5 i»ach six montlis from May 15 1022
to Nov. 15 1931. inclusive.
—The
—
5%
3,500
4H%
C. Hose. Barkley Twp binds.
Denom. $80 and $180.
Date July 15 1020. Due $80 Mav 15 1021 and $180 each six
W.
.
months from Nov. 15 1921
Int.
M. & N.
The same
official will rtwoive
to
Nov. 15 1930.
proposals until
inclusive.
m. Feb. 17
for the
road bonds:
$20,100 Alfred Diigfd" by. Kankakee Twn.. bonds. Denom. SI .020. Due
$1,020 each six months from May 15 1022 to Nov. 15 1931, Incl.
25,200 Claude Spencer, Milroy Twp.. bonds.
Denom. $120. Due
$1,260 each six months from May 15 1021 to Nov. 15 1930. Incl.
24,400 Thomas .\bbrlng. Keener Two., binds.
Denom. $1,220. Due
$1,220 each six months from May 15 1922 to Nov. 15 1931. incl.
Date Dec. 15 1020. Int. M. & N.
1
p.
followitig r>%
JEFFERSON COUNTY
BONDS RE-OFFKRED —
(P.
O. Madras),
Ore.— B^DS REJECTED-
bids submitted on Jan 15 for the $.50,000 6%
The said b >nds will be re-offered
12. p 80) were rejected
March 2. until which time proposals will be entertained bv S
Perclval,
County Clerk
Denom Sl.OOO Date Jan 1 1921
Prin and semiann int (J. & J ) payable at the FLscal Agency of the State of Oregon In
N. Y City. Due Jan. 1 1941. Cert, check for 5% required
.A.11
road bonds (V
1
D
SALE—
KENMORE, Erie County, N. Y.—BOND
Tho following two
issues of 6% assessment bonds, aggregating $1 1 ,823 40, offered on Jan. 10—
V. 112. p. 181
have been awarded to O'Brlan. Potter & Co., of Buffalo,
at 100 04, in basis of about 5 98%:
Due $1,547 05 yearly on Jan. 1 from 1922 to
$7,735 25 paving bonds.
—
1926, incl.
4.088 15 sewer bonds.
Due $817 63
yearly on Jan. 1 from 1922 to 1926,
incl.
Date Jan.
1
1921.
KENMORE, Stark County, Ohio.— BOATD OFFERING —Proposals for
$3,600 6% sewage-disposal works enlargement bonds will be received until
m
Feb 15 by B O Sours, Village Clerk. Denoms 3 for $1,000 and 1
Date Jan 15 1921. Int semi-ann
Due Jan 15 1925 Cert,
$600
check for 5% of amount bid. payable to the Village Treasurer, required.
Bonds to be delivered and paid for within 10 days from date of award.
Purchaser to pay accrued interest.
12
for
KNOX COUNTY (P. O. Vincennes), Ind.— BOA^D OFFERING.—
James M. Adams. County Treasurer, will receive proposals until 2 p. m.
Feb. 5 for the following two Issues of road impt. Ijonds:
$100,000 5% Ray G. Stibbins et al. bonds. Denom. $1,000. Date
Sept. 7 1920.
Due $5,000 each six months from May 15 1921
to Nov. 15 1930. incl.
48.000 4!^% W. H. Dickman et al. Widner Twp. bonds. Denom.
Due $2,400 each six months from
$1,200. Date July 6 1020.
May 15 1921 to Nov. 15 1030. incl.
Int. M. & N. Cert, check on an Indiana bank, for 3% of amount of bonds
bid for. payable to the Board of County Comm'rs.. required.
Until the same time, proposals will be received by John S. Nicholson.
Cotmty Auditor, for the following bonds:
$29,933 70 5% C. B. Ke.ssinger et al. Harrison, Palmyra and Steen Twps.
drainage bonds. Denom. $1,000 & $933 70.
Date July 8
Int. M. & N.
Due $3,000 yearly on Dec. 1 from 1921
1920.
to 1929. incl.: and $2.9.33 70. Dec. 1 1030.
56,000 00 6% Mason J. Niblack et al. Levee Repair bonds. Denom.
Date Jan. 22 1921. Int.J.&D. Due SI 1.000 yearlyi
$1,000.
on Dec. 1 from 1921 to 1024. incl.; and $12,000 Dec. 1 1926.
Denom. $500 &
4,664 10 5% Riley McAlister et al. drainage bonds.
$164 10. Date Aug. 7 1920. Int. M. & N. Due $1,000
yearly on Dec. 1 from 1921 to 1924, incl.; and $664 10.
Dec. 1
1925.
KNOXVILLE, Tenn.— BOA'D OFFERING
1932 and 1933.
in
489
—
Bids will be received unti
10 a. m. Feb. 1 by John L. Greer. City Recorder, for the following bonds:
$100,000 00 6% street-lmpt. twnds. city's share. Denom. $1,000. Int.
semi-ann. Due $20,000 yearly en Jan. 1 from 1922 to
1026 incl.
*4,378 56 5% Improvement District No. 179 bonds. Denoms. 4 for
$1,000 and 1 for S378 56. Int. J. & J. Due Jan. 1 1926.
*1,632 70 5% Improvement District No. 164 bonds. Denoms. 1 for
$1,000 and 1 for $632 70. Int. J. & J. Due Jan. 1 1926.
Denoms. 22 for
*22,913 70 5% Improvement District No. 181 bonds.
$1,000 and 1 for $013 70. Int. J. & J. Due Jan. 1 1926.
*3,424 55 5% Improvement District No. 180 bonds. Denoms. 3 for
Int. J. & J.
Due Jan. 1 1926.
$1 .000 and 1 for $424 55.
*22.685 37 5% Improvement District No. 172 lionds. Denoms. 22 for
Int. J. & J.
Due Jan. 1 1926.
$1,000 and 1 for $685 37.
* Property-owners' share.
All bonds are dated Jan.
1
1921.
The
city's share bonds will be payable at the Hanover National Bank. N. Y..
and the property owners' share at Cincinnati. Ohio, New York City, or
at the f'ity Treasurer's office at option of purchaser.
The said bonds shall
be printed, lithographed or engraved under the direction of the Recorder
and at the expense of the purchaser thereof. Cert, check on some bank in
Knoxville for 5% required. The bonds will be sold subject to approval as
to legality by Schaffer & Williams of Cincinnati, whose opproving opinion
will De furnished to the successful bidder without charge.
LAUREL, Prince Georges County, Md. BOND OFFERING. Proposals for $5,000 5% coupon 30-year electric light bonds will be received
Denom. $500.
until 12 m. Feb. 14 by Harry F. Frost. City Treasurer.
LAUREL, Jones County, Miss. BOA'D OFFERING. Bids for the
purchase of $100,000 6% school bonds will lie received by G. L. Lightsey.
City Clerk, until 2 p. m. Feb. 21. Date Feb. 1 1921. Due Feb. 1 1936.
Certified check for $1,000 required.
LAURENS COUNTY (P. O. Dublin), Ga.— BOA'D SALE.—The
$300,000 5% 28H year road bonds, dated June 1 1910. offered without
have been sold, it is stated, to the
success on Dec. 15-— V. Ill p. 2543
First National Bank of Dublin at 90 00 a basis of about 5 72%
LYNDHURST VILLAGE SCHOOL DISTRICT (P. O. South Euclid),
On Dec. 23 the $07,000 6%
Cuyahoga County, Ohio.— BOA'D
coupon school-building bonds which had previously been offered on Oct. 30
(V. Ill, p. 1679). were awarded to Franz C. Warner, of Cleveland, at par.
Date June 1 1920. Due $2,000 Jime 1 1921 and $5,000 yearly on June 1
from 1022 to 1940. inclusive.
MADISON COUNTY (P. O. London), Ohio.— BOA'D OFFERING.Bids will lie received until 12 m. Feb. 10 by Will U. Da^is. County Auditor,
—
—
—
SALE—
6%
ditch Impt. bonds:
Due $1,500 each six months from
1 bonds.
March 1 1921 to Sept. 1925. incl.
Due $3,000 each six months from
24.000 Bragg Joint Ditch bonds.
March 1 1922 to Sept. 1 1925. incl.
Due $800 Mar. 1 1921 and $1,000 on
3,800 Van Wagener Ditch fxinds.
Mar. 1 in 1922. 1023 & 1024.
Due $1,200 Mar. 1 1921. and $1,000 each
8.200 Kent Ditch bonds.
six months from Sept. 1 1921 to Sept. 1 1924. incl.
for the follo%ving
$15,000 Headlev Ditch No.
I
— —
—
—
I'lirrctt DltrJj Iwnda.
Duo $1,500 Mar. 1 1922. and $1,000 oach
six inonlhs from Sopl.
1922 to Mar.
1925, Inc-l.
Dui! .$1,000 yt-arly on Mar.
from 1922 to
4,000 Cook mull hoiidM.
OT.SOO
1
1
1
192.'>. incl.
12.000 Catlxarl DlKii Ix)ndK. Due SL.IOO each six months from Mar. 1
192.'i, incl.
1
1922 to Sept.
8,000 Nlclu'l.son .loint Ditch bonds.
Duo $1,000 oach six monlh.s from
Mar. 1 1922 to S(!i>t.
I92.'5. Incl.
!5K00, $200 & .S.WO.
Dononis.. $1,000.
Date Kcl). 21 1921. I'rin. and.
semi aim. int. (M S'. H.) jjayablo at tlic County Treasurers office.
('ert
rhc<'k for lO"; of amount of iHjnds bid for, payable lo the County Treasurer,
rc(|uln(l.
Purchaser to |)ay accrued interest.
MANILA (City ofj, Philippine Ulands.—A'O BIDS tlKCEIVED.—
"Financial America" reports that the Hurcau of Insular Affairs did not
receive a proi«)sal on .Ian. 2.'> for the $2.7.')0.000 10-30 year optional .53^%
tix-froo rcKlstered (fold lK>nds (V. 112. p. 394).
1
1
.
MAPLETON SCHOOL DISTRICT
(P. O. Maplcton),
Monona
SALK.-Xn i;isue of $12,000 school bonds has
been taken by (ieo. M. Uechtel & Co. of Davenport. Due Feb.
1920.
MARTIN COUNTY (P. O. Fairmont), Minn.— DESCRIPTION OF
ItONDS — The $121,000
%-year (aver) ditch bonds awarded on
Dec 17 to the Minnesota Loan & Trust (^o Minneapolis Trust C'o and
Wells-Dickey Co jointly, at 100.50. a basis of about 5 94% (V. 112. p.
Int. J & D.
182), are in denoni of $1,000 and are dated Dec. 1 1920.
MARTINSVILLE, Henry County, \a.—IiOi\DS VOTED.— The:
County, Iowa.
liONli
1
li"',
1 1
.
,
citizens of Martinsvillo on .Ian. 18 voted decisively in favor of the propositi
.$2.'>0.000 bond issue for street impts. and schools.
Only four votes were
against the i)r<)posal, while 462 went on record for it.
MASON
—
Iowa. BOND SALE.
AccoriiinK to iK'wspaper reports an issue of $175,000 5i4Vo water bonds
has been disposed of.
CITY,
Gordo County,
Cerro
MASSACHUSETTS
(State of).— NOTE OFFERING.— Htate Treasurer
.Tames .Tackson will receive proposals until 12 m. Fob. 2 for the purchase of
$7,000,000 military service loan notes, which are being issued to refund
the $7,000,000 soldier boniLs notes maturing Feb. 19. The new notes will
be sold on either of the foilowiuK matiu-ities: $3,000,000 Nov. 15 1921 and
.$4,000,000 Feb. 15 1922; or .$3,000,000 Nov. 15 1921. $3,000,000 Nov. 15
1922 and $1,000,000 Nov. 15 1923.
MEDFORD IRRIGATION DISTRICT
County, Ore.— BOND SALE.— It
99.00 on
— V.
112. p.
181
is
— were
(P.
O. Medford), Jefferson
stated that the $1,250,000
6%
irriga-
awarded to P. Welch of Medford at
.Tan. 18.
MERCER COUNTY,
(P. O. Celina), Ohio.-BOND OFFERING.—
Proposals will be received until 10 a. m. Feb. 14 by E. G. Ungerer. County
Auditor, for $500,000 6% coupon court house bonds. Denom. $1,000.
Date Apr. 1 1921. Prin. and semi-ann. int. (A. & O.) payable at the
County Treasurer's office. Due yearly on Apr 1 as follows: $6,000, 1922;
$7,000. 1923; $8,000, 1924; $9,000, 1925; $10,000, 1926; $11,000, 1927;
$12,000, 1928; $13,000. 1929; $14,000. 1930; $15,000. 1931; $16,000,
1932; $17,000,1933; $18,000.1934: $19,000.1935; .$20,000,1936: $21,000
1937: .$22,000, 1938; $23,000, 1939; $24,000, 1940; .$25,000. 1941: $26,000, 1942; $27,000, 1943; $28,000. 1944; .$29,000. 1945: $30,000, 1946:
$31,000. 1947; and $19,000. 1948. Cert, check on a solvent bank in Ohio:
for 5% of amount of bonds bid for. payable to the County Treasurer,
Purchaser to pay accrued Interest.
required.
MIAMI BEACH, Dade County, Fla.-— A^O BIDS RECEIVED.— -^o
bids were received on Jan. 19 for the $50,000 water and $25,000 fire dept.
6% bonds— V. 112, p. 182. These bonds will be sold at a private sale if a
bid of 97 and accrued interest or better
MIAMI COUNTY
is
received.
O. Peru), Ind.— BOATD SALE.— The First
National Bank of Peru has been awarded at par the following two issues of
5% road bonds for which no bids were submitted on Dec. 10 V. 112, p. 81:
Date June 15
.$44,100 Geo. W. Thomas et al. Washington Twp. bonds.
Due $1,102.50 each six months from May 15 1921 to
1920.
(P.
—
Nov. 15 1940. incl.
15,600 Julius Pritz et al Union
$780 each
six
Date Sept. 15 1920. Due
15 1922 to Nov. 15 1931, incl.
Twp. bonds.
months from
May
(State of).— BOND OFFERING .—Additionul information
is at hand relative to the offering on Feb. 1 of the $1,000,000 6% 30-year
coupon road bonds V. 112. p. 394. Proposals for these bonds will be
received until 2 p. m. Feb. 1 by Frank E. Gorman. State Treasurer. Date
Feb. 1 1921. Prin. and semi-ann. int. payable at the State Treasxirer's
office.
Due Feb. 1 1941. Certified check for 1% of amount of bid, payable to the State Treasurer, required.
The official notice of this bond offering will be found among the advertise
merits on a previous page of this issue.
MICHIGAN
—
MIDDLEPORT, Meigs County, Ohio. BOND SALE. — An issue of
$43,000 6% refunding bonds was recently sold to Breed, Elliott & Harrison
Denom.
at par.
$1,000.
Date Oct.
1
1920.
Interest semi-annial.
Due
$2,000 on Oct. 1 in each of the years from 1921 to 1940. inclusive, excepting
1926, 1932 and 1938, when $3,000 will be payable.
MILFORD, New Haven County, Conn. BOND SALE. R. M.
Grant & Co. of Boston, were awarded the $110,000 4K % road-con.struction
bonds offered on Jan. 26 (V. 112, p. 394) at 95.27. a basis of about 5.64%.
Denom. $1,000. Dote April 1 1920. Int. A. & O. Due $10,000 yearly
—
,
on April
1
from 1921 to 1931,
inclusive.
N. Y.—BOND OFFERING.— Albert F.
Buhler, Clerk of Board of Trustees, will receive bids until 8 p. m. Feb. 2
for the following bonds: $16,500 5-19 year serial drainage and $4,500 1-5 year
serial fire dept. bonds.
Denoms. $1,100 and $900. Cert, check for 5%
required.
MINNESOTA (State of).— CERTIFICATE OFFERING.— Sealed bids
will be received until 11 a. m. Feb. 3 by R. P. Chase, Secretary of the
Soldiers' Bonus Board (P. O. St. Paul) for $4,538,000 5%, tax-free coupon
soldiei-s' bonus certificates of indebtedness
They will be subject to registration both as to principal and interest
Denom. $1,000. Date Feb. 1
Int. F. & A.
Prin. and interest payable at the office of the State
1920.
Treasm-er or at the States fiscal agent in New York City or St. Paul at
option of holder.
Prin. and interest upon registered certificates payable in
New York or Chicago exchange. Due as follows: $12,000 Feb. 1 1924,
$363,000 Aug. 1 1924. $36,000 Feb. 1 1925, .$693,000 Aug. 1 1925, $470,000
Feb. 1 1926. $670,000 Aug. 1 1926, .$465,000 Feb. 1 1927, .$705,000 Aug. 1
1927, .$465,000 Feb. 1 19?8, $.529,000 Aug. 1 1928, and $130,000 Feb. 1
1929. Cert, check or bank di'aft upon a solvent bank or trust company for
$25,000 payable to Henry Rines; State Treasurer, required. Payments for
the bonds may be made in weekly installments of $1,500,000 first payment
Certificates are ready for imto be made as soon as possible after sale.
mediate deUvery. $3,794,000 are now on deposit in New York and are to
be delivered there. Remainder of this offering is now in the State TreasDelivery of these will be made either at St. Paul or in New
urer's office.
York at option of purchaser. Purchaser to pay accrued interest.
MINEOLA, Nassau County,
—
.
MITCHELL, Davison County,
So.
Da\i.— BOND
OFFERING.—
hand
relative to the offering on Feb. 7 of the $75,000
water works and $50,000 sewer bonds— V. 112, p. 395. Bids for these
bonds will be entertained until 7.30 p. m. on that day by JYank McGovern,
City Auditor. Interest rate not to exceed 5%. Date July 1 1920. Due
Cert, check for
reqtiired.
in 20 years optional anytime after 10 years.
Fiu-ther details are at
2%
.
MONROE SCHOOL DISTRICT, Sonoma
SALE.
— The
$12,000
6%
1-20 year school
—
County, Calif.— BOA^D
bldg. bond issue, which was
mentioned in V. 112. p. 182 has been sold to the Petaluma National
Bank and Bank of Tomales, jointly, at 100.55. Denom. $600. Date
Jan.
1
1921.
Int. annually.
MONTGOMERY COUNTY
(P. O. Troy), No. Caro.— BOJVD SALE.—
6% tax-free court house and jail bonds has been sold
Date Nov. 1 1920.
to the Union Savings & Trust Co. of Warren, Ohio.
Prin. and semi-ann. int. (M. & N.) payable at New York City, N. Y
An
issue of $160,000
$8,000 yearly on Nov.
1 from 1931 to 1950. incl.
Financial Statement.
Actual value taxable property
.
Assessed valuation
Total indebtedness
Population 1910 census
Present estimate
Due
—
.
THE CHRONICT.E
490
tion bond.5
— —
—— —
$25,000,000
16,351.541
_
260.000
15,530
16,000
[Vol. 112.
,.??,*^'^'^*^0'^^'*Y COUNTY (P. O. Dayton), Ohio.- BOA'D OFFER/AO.—Ii.\. Kilmer. Clerk Hoard of Co. CommTH.. will receive bids until
10 a. m. Jan. 31 for the following two l.ssucs of 6% coupon Covington I'Ike
linpt. bonds:
$51,000 Sec. "E" bonds. Due $6,000 Feb. 1 1922. and 15.000 yearly on
'
''
Feb. 1 from 1923 to 1931. Incl.
80.000 Sec. "F bonrls. Due .«5.000 Feb. 1 1922. and $9,000 yearly on
Feb.
from 1023 to 1931. incl.
Denom. $1,000. Date Feb. 1 1921. I'rin. and semi-ann. Int. (F. & A.)
I)ayable at the County Treasurer s offic-e, where dc^llvery to purcha.ser Is
to bo ma<lo as soon as prepared.
Ort check for $1,000, payable to tb«
C^ounty Treasurer, re<iuired.
I'urilia.ser to pay a<.-crued Interest.
1
.
A.
MT. CLEMENS, Macomb County, Mich.
BOND OFFERING. —
Devantler. City CI<Tk. will nxieive bids until 7.30 p. m. Feb. 3 for
.$40,000 6';; water works (extension bonds.
Due .^2.000 yearly from 1922
to 1926, incl.: and .$3,000 1927 to 1936, incl.
Cert. che<k for $100, required.
.\.
MT. VERNON, Westchcntcr County, N. Y.—BOND OFFERING
—
.Iam<!s Berg. City Comptroller, will receive bids until H p. m. Jan. 31 for
$23,000 .'y'A% registered a.s.s<»sment bonds. Denom. $1 .000. Date Feb. 1
Prin. and semi-ann. Int. (F.
1921.
A.) payable at the C;ity Treasurer's
office.
Due Feb. 1 1926. Cert, chock for .$.500, required.
&
MUSSELSHELL COUNTY SCHOOL DISTRICT NO 86 (P O"
BOND .SALE. — The $3,600 6% school bonds, which
Rothiemay), Mont.
were offered on Aug. 14
Montana.
— V.
111. p. 412
— have
beien r.jld to the State of
NAMPA AND MERIDIAN IRRIGATION DISTRICT (P. O. Nampa)
BONDS NOT .SOLD. — There was no sale made on
Ida.
Canyon County,
Jan. 18 of the
.$29,6,50
6%
refunding bonds.— V. 111. p.
2157—
These bonds can be purcha.sed at a private sale.
NEWARK, Essex County, N. J.— BONDS AVTUORI ZED. —On
Jan. 13 the City (Commissioners pas.sed an ordinance providing for the
issuance of $2,000,000 5K%
water bonds. Denom. $1,000. Date
Mar. 1 1921. Int. M. & S. Due yearly on Mar. 1 as follows: $40 000
1923 to 1931. Incl.: $44,000, 1932 to 1941. incl.; and $60,000 1942 to 1961
,
incl.
NEW
BERN, Craven County, No.
BOND OFFERING.— F.
Caro.
T.
Patter.son, City CMerk, will receive proposals for $150,000 school bldg. and
equipment purchase bonds until 8 p. m. Feb. 1. Said bonds to be dated
Jan. 1 1921, and to be payable forty years thereafter, with interest payable
semi-annually at the rate of 6% per annum, and of such denomination and
payable at such place as may be agreed upon by and between the Board
of Alderman of said city and the purcha.ser of said bonds.
Cert, check or
cash on an incorporated bank or trust company for 2% of the amount of
bonds bid for payable to the city of New Bern, required. Bidder are invited to name a lower rate of interest which said bonds are to bear.
JERSEY (State of).— BOND OFFERING.— Sta.te Comptroller
N. A. K. Bugbec will receive bids until 11 a. m. Feb. 15 for the purchase
of $12,000,000 20-year soldier bonus and 85,000,000 30-year bridge and
tunnel bonds, all bearing 5%, free of taxation, in coupon or registered
form, as purchasers may desire, and subject to call 15 years from date, as
the Sinlang Funds may permit.
Denom. $1,000. $5,000, $10,00( and
$50,000.
Interest on bonus bonds payable M. & S.; on bridge and tunnel
bonds. J. & J.
NEW
—
—
NEWPORT, Newport County, R. I. BOA'D SALE. On Jan. 27 the
Bank of Boston was awarded at 98.205, a basis of about
5.37%, the following two issues of 5% coupon bonds offered on that date
First National
(V. 112, p. 39,5):
$35,000 Bath Road improvement bonds. Due $3,000 yearly on Feb. 1
from 1922 to 1932. inclusive, and $2,000 Feb. 1 1933.
27,000 Washington Street Boulevard improvement bonds. Due $3,000
yearly on Feb. 1 from 1922 to 1930, inclusive.
NEWSOM LAKE DRAINAGE
DISTRICT, Quitman and
Talla-
BOND SALE.— The WiUiam R. Compton
piu-chased $200,000 6% bonds.
Denom. $1,000.
hatchie Counties, Miss.
Co., of St. Louis has
Date Sept. 1 1920. Prin. and semi-ann. int. (M. & S.) payable at the
Hanover National Bank, N. Y. Due yearly March 1 as follows: $4,000
1921 to 1925, incl., $6,000, 1926 and 1927: $8,000, 1928 and 1929; $10,000.
1930 and 1931: $12,000, 1932 and 1933; $14,000, 1934 to 1936, incl;
$16,000, 1937 to 1939, incl., and $18,000, 1940.
—
NILES, Trumbull County, Ohio.— BOATD OFFERING. Homer
Thomas, City Auditor, will receive proposals untU 2 p. m. Feb. 14 for the
following two issues of 6% bonds:
$4,000 city's portion sanitary sewer bonds.
3,500 sidewalk bonds. Due April 1 1928.
Denom. $500.
bonds bid
Date Oct.
1
Due
Oct.
1
Cert, check for
1920.
1929.
2%
of
amount
of
for. required.
NILES SCHOOL DISTRICT
Niles), Trumbull
—BOND OFFERING. — Proposals(P. O.be received until 12County, Ohio.
m. Feb. 7 for
will
6%
coupon school bonds by the Clerk of the Board of Education.
Denom. $1,000. Date April 1 1921. Prin. and semi-ann. int. (A. & O.)
payable at the Treasurer's office. Due $3,000 yearly on April 1 from 1934
$36,000
to 1945, incl.
—
—
NOGALES, Santa Cruz County, Ariz. BOA^D OFFERING. F. E.
Cole, City Clerk, informs us that he will receive bids until 7:30 p. m. Feb. 7
for the following 514 7c bonds:
$245,000 water- works improvement and extension bonds. These bonds are
the unsold portion of the $325,000 water-works impt. and extension bond issue, of which $80,000 were sold as stated in V. 112, p.
Due yearly on Feb. 15 as follows: $5,000, 1935: $13,000
395.
1936 to 1940. incl.; $15,000, 1941 to 1945, incl.; and $20,000. 1946
to 1950, incl.
30,000 city hall and fire department bonds offered without success on
Mar. 1 V. 110. p. 1339. Due $1,000 yearly on Feb. 15 from
1921 to 1950, incl.
Denom. $1,000. Date Feb. 15 1920. Principal semi-annual interest
(F. & A.) payable at the Continental & Commercial National Bank. Chicago
Certified check for a sum not less than 5 % of the amount of such bid
payable to the City of Nogales. required. The successful bidder will be
furnished without charge, with the opinion of AVood & Oakley of Chicago,
approving the validity of these bonds. The bonds are ready for immediate
delivery, and all bids for the purchase thereof must be without condition
as to the legality of the bonds.
—
.
NORFOLK, Norfolk County, Va.—NOTE S^LE.— Hannahs, Ballin &
Lee and Estabrook & Co., jointly, have purchased $500,000 6% taxanticipation notes.
Denom. $1,000 or multiples thereof, as desired. Date
Principal and interest payable at maturity in New York City,
Feb. 1 1921
N. Y. Due Dec. 10 1921.
.
NORTH
BEND, Coos County, Ore.— BOA^D SALE.— On Nov. 13
Carstens & Earles. Inc.. of Portland acquired $15,500 6% bonds. Denom'
$500. Date April 13 1920. Int. A. & O. Due April 13 1930 optional
after 1 year.
NORTH HEMPSTEAD
(Town)
UNION FREE SCHOOL DISTRICT
NO. 7 (P. O. Great Neck), Nassau County, N. Y.—BOND SALE.—
On Jan. 20 the $420,000 5}4% coupon (with privilege of reglstrat.on)
school bonds offered on that date V. 112. p. 285 were awarded to Redmond & Co. and Harr.s. Forbes & Co. of New York at 105.09 and Jiterest.
a bas.s oi about 5.10%. Date Feb. 1 1921. Due yearly on Feb. 1 as
—
—
follows: $20,000 1932 to 1951, Jicl..
York, were:
bidders, all of
and $10,000 1952 and 1953.
NationalCity Co. and Remick,
Sherwood
New
Hodges
& Co
Geo. B. Gibbons
& Co
103.157 Farson,
Bache
103.07
& Memlield
Son & Co.
& Co
Other
102.58
and
101.379
NORWICH, Chenango County, N. Y.—BOND SALE. —The National
of Norwich was awarded at par and interest the following tive issues
of 5% bonds, aggregating $33,746 07, which were ottered on Jan. 21
Bank
V. 112, p. 285:
$7,679 19 paving bonds. Denom. $500 and $679 19. Due one bond yearly.
2,226 31 paving bonds. Denom. S500 and $226 31. Due $500 yearly on
Jan. 1 from 1926 to 1929, incl., and S226 31 Jan. 1 1930.
Denom. $500 and $433 40. Due $500 yearly on
9,933 40 paving bonds.
Jan. 1 from 1926 to 1944, incl., and $433 40 Jan. 1 1945.
13,500 00 pa^^ng bonds. Denom. $500 and $1,000. Due yearly on Jan. 1
as follows: $500 1926 to 1938, incl., and $1,000 1939 to 1945, incl.
407 16 sewer bonds. Due Jan. 1 1922.
Geo. B. Gibbons & Co. of New York submitted a bid, but the city o'iicials
rejected it because it was conditional.
Jan. 29
J
THE CHROXICU:
921.
OLD FORGE, Herkimer County, N. Y.— ftOXD SAU:. On Jan. 2r>
112. p. .i'.'.'ii wcro
the S^.j.OOO ()% water boiul.s offircU on that date (\'
awarded to Shwwood & Merril'iihl of New ^ OrK at 100.07, a hasi.s of al'<iut
l>ue SI. 100 yi^rly on Jan. 1 from lit22 to
5.99%. Hate Jan. 1 1921.
.
1951 inel.
Gm. U. fWbbon-s
& Co. submitted a bid of 100.02.
State of ).— /50A7.) 0/-7''A'ft/.V6'.— (i. (i. Hrown, Clerk of the
Slate Uiiid l)0;ird (I*. (). Salem), will receive bids until 10 30 a. m. I'Vb. 1,1
l)enom.s. to suit
for S.IOO.OOO -t'; 20 vear Oregon Fann Credit bonds.
Date Mareh 1 1921. I'rin.
piurhaser, of *2.'>. $100, ^.iOO and $1,000.
and semi-ann. int. |>ayal)le at the olliee ol the State Treasurer. C\-rtified
i>ayal)le to the .State Land Hoard, required.
checlv for !i'
OTERO COUNTY SCHOOL DISTRICT NO. 11 (P. O. La Junta*.
Co\o.— liOXn.S \ori:i>— Ii().\l) .S.l^/;.~t)n Jan. 20 Iho $200,000 ti";
The.se I>oikIs have alreatly Ijeen reported as l)einK
school Imnds wei'e vote<l.
sold to the Haiilu-rs Trust Co. of Denver, sulgecl to l)eii.K sanctioned at the
The notice of the pre-election sale appeared in V. 112, p. Kl.
said election.
OREGON
f
.
'.
OTTAWA,
Franklin County, Kans. HOXI)
water dam lH)nds. which were mentioned in \'.
!}<",
.S.U./;.-
The
.«ll.(i!)0
112. p. 1K2. haM> lieeii
Date Nov. 1 1919.
the (iuarantv Trust Co. of Kaiis;ts Cily.
yearly on Nov. 1 as foUows: $1,000 1931 to 1911 Uicl. and $000 191,").
sold to
Due
—
COUNTY
OVERTON
(P. O. Livingston), Tenn.- W;.V» SAI.i:
Caldwell & Co. of NiLshville, offering par and accruetl interest were awarded
on Jan. 22 the $.50,000 0% 13-20->ear tax-free road bonds (V. 112, p. HI).
Int. annually
Donom. $1,000. Date Jan. 1 1921
OXFORD
SCHOOL DISTRICT (P. O. Oxford), Granville
County, No. Caro. liOXDS VOTED. 1!.\ a larjje majority the voters of
tliis district authorized the is.suance of .$7.5,000 high .school bldR. and oquipt.
bonds on Jan. IS V. 112, p. SI.
PATOKA SCHOOL TOWNSHIP yP. O. Princetoni, Gibson County.
l<()Xn SAl.I:'.
The I'c o) Ics Anuilcan National Hank of I'rincelon
Ind.
was awardtd at jar the $10,000 6^ .school l)ld«. bonds offered on Jan. 25 :'.).').
Date Jan. 1 1921. Due
.000 each six mouths from
V. 112. p.
1922 to Jan. 1 1927. incl.
July
PAULARINO SCHOOL DISTRICT, Orange County, Calif.— BOA'/J
SALK The $17,000 •>'. 2 l.S ye^ir serial school bond-s, dated Keb. 1 1921.
V 1 12, p. SI -were sold on Jan. 18 to the First National
oflcred on Jan.
Hank of Santa .'\na at par and interest.
.
—
.'J-1
1
—
I
—
.
PERQUIMANS COUNTY
—
OFFEHlXCi.
-C.
(P.
No. Caro.—BOXI)
County Commissioners,
Hertford),
O.
W. Morgan. Chairman Hoard
of
will receive sealed proposaLs until 2;30 p. m. l-'eb. 17 for the .S300.000 6%
coupon fwith privifeKe of registration) road and bridge bond.s— \'. Ill, p.
UOS. Denoni. $1,000. Date Jan. 1 1921. Prin. and semi-ann. int.
payable at the office of a bank or trust ccinpany in New York City, N. V.
Due yearly on Feb. 1 from 1924 to H.).")!. incl. Certified check on an incorporated bank or trust comjiany tor 2*'; of the amount bid. payable to
Purchaser to nay accrued int.
\V. F. Kdwartl, County Clerk, re<iuired.
The successful bidders will \xi required to turnish legal and approving
The cost of preparing
opinion on the proceedings and issuance of bonds.
and iwinling bonds and cost ot certilying to the genuineness of the signatures of the officials, and the seal impressed thereon, will be jiaid by the
amount bid.
Fla.— BOA'D OFFERING —nids
PERRY, Taylor County,
purchasers,
and
i.s
be
1.5.000
like
6% serial water and sewer bonds
Due SI. 000 yearly.
G% serial drainage bonds of 1920.
Date July
of 1920.
amount of bonds was reported sold in V
A
PHILADELPHIA, Pa.— BOND SALE.— Tho
Due
1
1920.
111. p. 2446.
$5,000,000
5%
30-year
coupon and registered (interchangeable) bonds V. 112. d. 28.5
were awarded to a syndicate composed of Elkins, Morris & Co.. Diddle &
Henry, Edward iJ. Smith & Co., the Commercial Trust Co., and the
tax-free
Franklin Securities Corp., for $5,145,995. e;iual to 102.9199, a basis of
about 4.81%. This syndicate is now advertising the bonds at a price to
yield the investor AH%, as announced in an advertisement appearing on a
preceding page of this is-sue. Date Jan. 1 1921. Due Jan. 1 1951. Among
thirty-six bids received, there wore three, besides that of the successful
group, for "all or none." as follows: Brown, Bros. & Co.. Drexel & Co., and
the Guaranty Trust Co., 102.11, subject to approval of counsel: Dillon,
Read & Co.. and Kuhn, Loeb & Co., 100.6477: Harris, Forbes &; Co.,
National City Co., Montgomery & Co., Graham, Parson & Co., 102.32.
PHOENIX, Maricopa County, Ariz.— BOA'D SALE INDEFINITELY
DEFERHED.
—
At the offering Jan. 19 of the .$450,000 water-works, $140,000
V. 1 12, p. 182 no award was made
sewer and $65,000 fiie-dept. 6% bonds
because of the objection of City Attorney Sloan, who advised against any
bid containing the clause "evidencing legality to satisfaction of our atSale
torneys"; he contended it should be "subject to legality of bonds."
was indefinitely deferred. Bidders were: E. H. Rollins & Sons of Denver,
Wm. R. Compton Co. of St. Louis and National City Co., jointly, 101.025,
Bankers Trust Co. of
delivered at New York or Chicago, as directed.
Denver, Continental & Commercial Trust & Savings Bank of Chicago and
Harris Trust & Savings Bank of Chicago, jointly, par plus $972 ,50. Chas.
E. McArthiu' of Phoenix, for the account of Keane-Higbie & Co. of Detroit
and Hallgarten & Co. of New York, par less a commission of $11,462 50,
subject to legality beirg approved by Wood & Oakley of Chicago.
—
—
COUNTY
(P. O. Blackshear), Ga.— BOA"i> OFFERING.—
PIERCE
Bids will be received by the Board of County Commissioners until 10 a. m.
Feb. 8 for the following 5 9; bonds:
$48,000 school bonds. Due yearly on Jan. 1 as follows: $2,000 1922,
$4,000 1923 and 1924, $6,000 1925 and 1920, $8,000 1927 and 1928
and $10,000 1929.
30,000 road bonds. Due yearly on Jan. 1 as follows: $1 ,000 1930 to 1939,
incl., and .$2,000 1940 to 1949, incl.
80,000 road l)onds. Due vearly on Jan. 1 as follows: $3,000 1930 to 1939,
incl., and $5,000 1940 to 1949, incl.
Denom. $1,000. Date Jan. 1 1921. I'riu. and semi-ann. int. (J. & J.)
payable at the National Park Bank, N. Y. A deposit of 2% required.
Purchaser of bonds to pay for opinion of his attorney as to validity oi the
bonds and also .or printing bonds. Separate bids desired as to each the
school bonds and the .$30,000 and $80,000 road bonds, but bidders may also,
i. they desire, submit one bid .or the school bonds and the $30,000 road
lK)nds. and one bid .or the school bonds and the $80,000 road bonds. P. R.
Sweat is (Uiairman o. the Board Oi (^ounty Commissioners.
COUNTY
fP. O. Petersburg), Ind.— BO A'/> OFFERING.—
PIKE
Propo.sals will be received until 1 p. m. Feb. 14 by AV. F. Ttislcy, County
Auditor, for $447,856X0 6''i 1). C. Houchin et al. drainage bonds.
Denomination 300 for $1,000. 290 for $500 and 10 for S285 68. Date Nov. 9
1920.
Int. M. & N.
Due $44,785 68 yearly on Nov. 15 from 1921 to
1930
incl.
PLATTSBURGH,
BANKERS. — A
Clinton County, N.
Y.— BOAV>.S OFFERED BY
block of $122,000 hhVc coupon or registered water and
special appropriation bonds is being offered to investors at prices to yield
from 4.90':; to 5.50% by the Equital)le Tru.st Co. of New York. Denom.
Date Dec. 31 1920. Prin. and semi-ann. int. (J. & D.)
$.500 and $1,000.
payable at the City Chamberlain's office; interest on registered bonds to be
remitted in New York exchange.
Due yearly on Dec. 31 as follows:
$9,000 1921 to 1930 incl., and $8,000 1931 to 1934 incl.
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 3,
Fla.
BOND SALE. — Wm. W. I'^lourney was the successful bidder on
Jan. 20 for the $200,000 6% 5-24-year
interest.
Denom. $1,000. Date Jan.
POTTSVILLE,
Schuylkill
bonds— V.
1
1921.
County,
112, p.
Int. J.
&
Pa.— BOA^D
28,5— at 95 and
J.
OFFERING.—
Proposals for $4,200 5)4% fire dept. bonds will be received until Feb. 8 by
Lamar L. Pritchard. Superintendent of Accounts & Finance. Denom.
Date Jan. 1 1921. Due Jan. 1 1931; optional Jan. 1 1926.
$100.
POWDER RIVER COUNTY
SOLD.— On
— V 111, p.Sept. 7
914.
no
sale
O.
PUEBLO COUNTY SCHOOL DISTRICT NO.
BOND ELECTION — S.ALE. — Subject lo an
Colo.
callid. tin- Hankers Trust
year (dpi.) school bonds.
29 (P. O. Boone),
election yet to bo
Co. of Denver, has piuchasod $3.5.000 6'; 15-30
Fifiancial
Statement.
.-
.Vssessed valuation
Total hoiid.Hl debt (Including this Issue)
Population («t., 1,000.
$1,141,117
40.000
PULASKI COUNTY
The
BONDS NOT
(P. O. Winamac), Ind.—
$S,2()0 5'^ Chas. Ix-slin et al. Klch drove Twp. road
have not been sold.
Jan. 21- -V. 112, p. 183
RED SPRINGS, Robeson
.'iOLD
—
iMnds offered on
County, No. Caro.— />(/.ViJ OFFERING.
—
P. Spill, Town Clerk, will receive bids for the
electric light bonds which were offend without
success on Oct. 2S (V. 111. p. 1874).
Denom. .il .(<()(•- Date Oct. 1
1920.
Prin. and semi ann. (A. & <).) pavable in New ^ork.
Due yearly
on Oct. I as follows: $1,000 1923 to 1942 incl. and $2.0(j0 1943 to 1957
incl.
Cert, check or ca.sh for $1,000 re<iuire<l.
Bonds certified bv the
r. S. Mtgc. & Tru-st Co.. N. Y.
Legality approved by Chester B. Masslich of N. ^'. and J. L. Morehead of Durham.
Bonds will In- delivered in
I'ntil 2 i>. Ml. ] tl». II.
$.50.00(1 ()', Kold watiT
and
New York
1921.
on Feb.
l(i
.\.
REDWOOD COUNTY
Falls), Minn.— BO,V/> Orf£«until 3 p. m. Feb. 4 by L. V
Larson, County Auditor, for $40,000 County ditch bonds, at not exceeding
Interest.
Int. .semi-annual.
Certified chock for $1,000 required.
(P.
O.
Redwood
/A'G.- -Sealed proposals will be
r(»ceivt«l
6%
REIDSVILLE,
No.
OFFERING.
— Sealed bids will Rockingham County, Feb. Caro.— BOND 6% gold coube re<eived until 12 m.
2 for $100,000
(with
I)on
privilege of registration) water bonds by J. F. .Smith. City
Treasuri'r.
Denom. $1 ,000. Date Feb. 1 1921
Prin. and semi-ann. int.
(A. & O.) i)ayablo in New York.
Due vearly on .April 1 as follows: $2,000
1923 to 1942, incl., $3,000 1943 to 19.54 incl., and .$4,000 19.55 to I960, incl.
(~"ert. check or cash on an incorporated bank or trust company for
of
the amount of bonds bid for payable to the City of Koidsville, or the above
.
2%
N
The approving poinion of Chester B. Mxsslich,
Y.
bo furnished to the purchaser without charge, preparation and certificabonds by U. S. Mtge. & Triust Co.. N. Y. The bonds will be
delivered at any place East of the Mis.sissippi River at purchaser's choice on
Feb. 11 1921 and must then be paid for.
Financial Statement.
Assessed valuation, 1920
$10,780,000
Estimated actual valuation..
10,780,000
official, re(iuired.
will
tion of
,
Indebtedness.
Propos(!d water bonds
Water bonds outstanding
Street bonds outstanding
Other bonds outstanding
$100,000
75,000
1.57.000
193.000
Total bonded debt, existing and proposed
Total floating debt
$.525,000.00
None
Sinking funds, except for water bonds
.Special a.ssessments actually levied
.)<>
.$1,000 yearly.
25,000
(P.
Deductions.
will
2.'? by the (^ilv Clerk for the following bonds:
30-vear street-impl. bonds of 1917.
20.000 .5''r 30-vear water and sewer bonds of 1917
Date July 1 1920.
2.5.000 6'; serial street-impt bonds of 1920.
000
NO. 9S
—
in('luded in the
received until Feb.
$2.').
POWDER RIVER COUNTY SCHOOL DISTRICT
Pinto). Mont. BOND OFFERING. J. E. Dell. Clerk Hoard of School
Trustees, will receixe bids until today (Jan. 29) for $2,0UU *i% coupon
bonds. Cert, check for lO'.L, required.
.
.
GRADED
191
(P. O. Broadus), Mont.— BOARDS NOT
was made of the $50,000 6% highway bonds.
to some of above
Water debt
.street
$39,006.06
and applicable
bonds
59,719.48
175,000 .00
Total
deduction
$273 ,725.54
Net debt
251,274.46
Population, census of 1920, 5,333.
Indebtedness of Koidsville School District
$35,000.00
g
"
Indebtedness of Township
None
There is no other municipality or political subdivision whose limits are
practically coterminous with those of the City of Reidsville.
RENVILLE COUNTY (P. O. Olivia), Minn.— BOA^D OFFERING.—
A. O. .Schmidt, County Auditor, will receive sealed proposals for the purchase of $50,000 6',;. refunding bond.s until 9 a. m. Feb. 15. Date F^eb. 1
Due Feb. 1 1931. Ortified check for 10':; of the
Int. F. & A.
1921.
amount of bonds bid for, payable to the County Treasurer, required.
ROCHESTER, N. Y.— PfilCB.—The bid at which White, Weld & Co..
the F^irst National Bank, Kis,sell, Kinnicott & Co. and Brown Eros. & Co.
were awarded the seven i.ssues of 5"^ bonds, aggregating $4.225.000 -V.
112, p. 395— was $4,344,892 83, equal to 102.8377. a basis of about 4.77%.
The sp^en issues are described as follows:
$100,000 eouipment bonds. Due $20,000 yearly on Feb. 1 from 1922 to
—
1926, inclusive.
2,000,000 school-con.struction bonds. Due $66,000 yearly on Feb. 1 from
1922 to 19.50. incl., and $86,000 Feb. 1 1951.
300,000 municipal-building-construction bonds. Due $15,000 yearly on
Feb. 1 from 1922 to 1941, inclusive.
100,000 sewage-dispo.sal bonds. Due $5,000 yearly on Feb. 1 from 1922
to 1941, inclusive.
650, OCO garbage-disposal-construction bonds.
Due Feb. 1 1951.
375,000 water- works-unprovement bonds. Due Feb. 1 1951.
700,000 local-improvement bonds. Due Feb. 1 1941.
Other bidders for tho entire lot were:
Name —
Bid.
Estabrook & Co.. Remick, Hodges & Co., Guaranty Trust
Co., Bankers Trust Co., New York City, jointly
$4,303,387 50
National Bank of Commerce, Rochester
4,295,980 00
Han-is, Forbes & Co., National City Co., E. H. Rollins & Co.,
Redmond &
New
Dillon,
Co.. Eldi-edge
York, jointly
Read
&
Co.,
&
Co., F^astman, Dillon
New Y'ork
&
Securities Corporation, Potter Brothers & Co.,
Schmeltzer, jointly
Bros. & Hutzler, Barr
Chase
&
Co..
4,285,797 75
4.269,750 00
Salomon
4,261,715 25
A. B. Leach & c:'o., Ilornblower & Weeks, Schoellekopf & Co.,
Security Trast Co., Union Trust Co., jointly
4,236,449 75
Bidders for smaller portions were:
Bonbright & Co.. New York City
Oarl)age di.spo.sal construction
$668. ,544 00
AVater-works improvement
387.500 00
1,056,044 00
Rochester Savings Bank Rochester— $250,000 garbage-dispo.sal construction
253,900 00
Gran by & Son. Naples, N. Y.— $5,000 equipment
5.006 00
NOTE OFFERING. Proposals are being received until 2:30 p. m. Feb. 1
by J. C. Wilson. City Comptrollei for $20,000 Ply-mouth and Brooks Ave.
.sewer notes, maturing four montlis from l-'eb. }. at the Central Union Trust
Co. of New York, where delivery to purchaser is to be made on Feb. 4.
Bidders must state rate of interest, designate denominations desired, and
to whom (not bearer) notes shall be made iiayable.
—
.
ROCKY
RIVER, Cuyahoga County, Ohio.
BOND SALE —Tho
—
$13,000 6<; park bonds, offered unsuccessfully on Dec. 20 V 111, p 2545
have been sold to the Realty Underwriting Co. of Cleveland at par.
Duo $1,000 each six months from April 1 1922 to
Date Nov 1 1920
April 1 1928, incl.
—
ROCKY RIVER VILLAGE SCHOOL DISTRICT
NO
—
(P.
O.
Rocky
BIDS. There were no bids
River), Cuyahoga County, Ohio.
for the $19,000 6',L funding bonds wliich were to have been sold on Jan. 21
V. 112.
p. 183.
BOND
ROSELLE, Union County,
—
6%
N. J.
S.XLE. The $35,000
5 5-6-vear (average) street -improvement bond..; offered on Jan. 21 (V. 1 12.
p. 285) were awarded to the First National Bank of Roselle for $35,200.
Denom. $100. Int. J. & J.
equal to 100. .571. a basis of about 5.88^;
DISTRICT (P. O. Roselle Park), Union
.HALE. On Jan. 25 the issue of $127,000 6'^o
County, N. J.
coupon (with privilege of registration) school bonds offered on that date
(V. 112, p. 28.5) was awarded to B. J. Van Ingen & Co. of New York for
Date Feb. 1
$129, (ilt; 20 (102.06) and interest, a basis of about 5.83'i
Due yearly on F'eb. 1 as follows: $3,000 1923 to 1951 incl.. and
1921.
$4,000 19.52 to 1961 incl. The following were tho bids received:
.
ROSELLE PARK SCHOOL
BOND
—
.
Van Ingen &
Co., New York
Co., New York
Rosello Park Trust Co., Roselle Park.
Geo. B. Gibbon &Co.. New York
Outwater& WeUs, Jersey City
B. J.
R.
M. Grant &
$129,616 20
128,7.50 00
128,485 90
128.3S4 30
128.244 60
— —
—
— — ——
—
—
RUNNELS COUNTY
Ttx.—ROND ELECTION
(P. O. Ballinrer),
isKuo of Sino.OOO roiimiissioiiDr's Precinct
Hliilod
An
COUNTY
—
No. 2 bondH will bo voted
(P.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 40
(P. O. ChUholm), Minn.
liOXl) SALE. Tho Wcills )i< k(>y Co. of Si
Paul and tlio Miiiin'.sota Loan & Trust Co. of Minnojipoiis have purchastd
and am now offcrinK to inv«>st«rs. to yield from 6..'")0';^ to 0.10%, according
—
1
to matin-. ty. SI.IO.OOO 7% tax free srhool-l)ldK. I'onds.
Denoni. $1,000.
I'nn. and interest payal)lo at the Northwestern National Bank, Minneapolis.
Duo yoiirly on Jan. ir> from 1923 to 1931 incl.
MARTIN PARISH ROAD DISTRICT NO.
ST.
O. St. Martin
vllle), La.—IU)N1) OFF EU I N(l.— V nt\\ Mar. 8 bids for an issue of S300.00
road bonds will i)f received by It. J.Vienvenu, President of the Polieo Jury
ST. TAMMANY PARISH (P. O. Covineton), La.— BOND ELECTION.
An issue of S2.')0.000 ('hef road bonds will be put before the voters at an
election to be held on Feb. 1.5, it is slated.
1 (P.
—
SALEM SCHOOL TOWNSHIP
—
—
(P.
O. Daleville), Delaware County,
Ind. flO.VD OFFERING. Owen K. Ilolvio. Township Trustee, will roInt. semi-ann.
ceivo bids until 1 p. m. Feb. 3 for $60,000 0% school bonds.
SALINEVILLE, Columbiana County, Ohio.
BOND SALE.— Tho
at par tho $10,000 6%
Citizens liankint,' Co. of Ralinevillo has purchased
wator-works-impt. bonds which were offered on .July
V. 110. p. 2697.
Date ,TuIy 1.5 19?0. Du(< S500 on Jan. 15 and July 15 in each of the years
from 1922 to 19.'^1, inclusive.
—
SANTA CLARA SCHOOL DISTRICT, Santa Clara County, Calif.—
BOND SALE.— On Jan. 17 Cyrus Pierce & Co.. Blyth, Witter & Co..
it is reported, tho $110,000 6% bonds (V. Ill, p.
jointly, were awarded,
2545) at 103.77.
SANTA CLARA HIGH SCHOOL DISTRICT,
BOND SALE. — The $125,000 6% .school
Calif.
Santa Clara County,
bond
i.ssue.
offered on
Jan. 17 (V. 111. p. 2545) has been sold, it is stated, to Cyrus Pierce
and Blyth. Witter & Co., jointly, at 104.47.
SAVANNAH,
Chatham
County,
4M%
On
&
Co.
Ga.— BONDS DEFEATED.—
—
—
school bonds V. 111. p. 2251
Jan. 18 the $1.,500. 000
lacked
318 votes of required number to authorize the issue. Another election Is
contemplated soon.
—
SEWARD, Seward County, Neb. BOND SALE. Reports say that the
City Council announced at its meeting on Jan. 19 that it haid disposed of
$14,000 in water bonds through the Peters Trust Co. of Omaha.
SHELBY COUNTY (P. O. Shelbyville), Ind.—iVOTE OFFERING.—
Walter W. Leslie. County Auditor, will receive proposals until 10 a. m.
Feb. 5 for the purchase of $5,000 6% promissory notes, dated Feb. 5 1921
and maturing June 5 1921 at the County Treasurer's office. Denom. $1 ,000
SLAYTON, Murray County, Minn.— DESCR/PT/OiV OF BONDS.—
The $98,300 6% paving bonds, awarded as stated in V. 112, p. 183
answer to the following description. Denom. $1,000. Date Oct. 1 1920.
Int.
A.
&
O.
Due
yearly from 1922 to 1940 incl.
SOUTH DAKOTA (State of).— BONDS OFFERED BY BANKERS.—
The Continental and Commercial Trust & Savings Bank of Chicago, and
Harris. Forbes & Co.. Halsey. Stuart & Co.. and the National City Co.,
all of New York, are offering .$7,000,000 5)^% and 6% tax-free coupon
(with privilege of registration) bonds as follows:
$500,000 6% Highway bonds. Due Jan. 15 1929 at 101.89 and int.
yielding about 5.70%.
500,000 6% Highway bonds. Due Jan. 15 1930 at 102.07 and int.
yielding about 5.70%.
1,000,000 6% Highway bonds. Due Jan. 15 1931 at 102.25 and int.
yielding about 5.70%.
2,500,000 6% Rural Credit bonds. Due Jan. 15 1936 at 104.00 and int.
yielding about 5.60%.
Rural credit bonds. Due Jan. 15 1941 at 101.21 and mt.
2,500.000
yielding about 5.40%.
Denom. $1,000. Date Jan. 15 1921. Prin. and semi-ann. int. (J. & J.)
payable at the Continental & Commercial Trust & Savings Bank. Chicago,
or at the First National Bank. N. Y. The.se bonds are legal investment for
savings banks in New York. New Jersey, Connecticut, Rhode Island, New
Hampshire and Vermont and eligible as security for postal savings deposits.
5H%
SPARTANBURG, Spartanburg County, So. Caro.— BIDS REJECTED. — It is reported that all the bids received recently for the thre.
issues of 5% bonds, aggregating $200,000 (V. Ill, p. 2545) were rejected.
SPARTANBURG SCHOOL DISTRICT (P. O. Spartanburg), SparNO BIDS RECEIVED. —At the recent
tanburg County, So. Caro.
offering of the $300,000 school
ceived
bonds
— V.
Ill, p. 2545
—no bids were
re-
.
SPENCER COUNTY (P. O. Rockport), Ind.— BOiVD OFFERING.—
Frank M. Harter. County Treasurer, will receive proposals until 2 p. m.
Feb. 15 for $39,600 5% .loshua Weatherholt et al Ohio Twp. gravel road
impt. bonds. Denom. 78 for $500 and 1 for $600. Date Feb. 15 1921.
Int. M. & N.
Due $2,000 each six months from May 15 1922 to May 15
Purchaser to pay accrued interest
1931. Incl., and $1,600 Nov. 15 1931.
SPRINGWELLS, Wayne County, Mich.— BOND OFFERING.—
Bernard P. Esper. Village Clerk, will receive bids imtil 7 p. m. Feb. 1
for $400,000 6% coupon (with privilege of registration) water bonds.
Date Feb. 1 1921. Prin. and semi-ann. int. payable at the Wayne County
& Home Savings Bank of Detroit. Due Feb. 1 1941. Cert, check for
$4,000 required.
STAPLETON, Logan County, Neb.— BOiVD OFFERING.— Henry E.
Weiss, Village Clerk, will entertain bids at any time for the purchase of
$10,000 6% 5-20-year (opt.) electric-light-system bonds.
STORM LAKE INDEPENDENT SCHOOL DISTRICT (P. O. Storm
Lake), Buena Vista County, Iowa. BOND SALE. ^This district sold
.$80,000 5% school-building bonds on July 21 to Geo. M. Bechtel & Co., of
Davenport. Denom. $1,000. Date Aug. 2 1920. Int. F. & A. Due
Aug. 1 1926.
TARBORO, Edgecombe County, No. Caro. BIDS REJECTED.—
The proposals received on Jan. 25 for the $200,000 public impt. and $20,000
refunding 6% bonds V. 112, p. 286 were rejected. They wiU be sold
—
—
—
at a private sale.
DOWN
TENNESSEE (State of).— BIDS TURNED
.—The bids, which
were submitted for the $1,000,000 5% memorial auditorium and capitol
annex building bonds on Jan. 10 (V. Ill, p. 2447), were turned down.
TETON COUNTY SCHOOL DISTRICT NO. 21 (P. O. Fairfield),
Mont. BOND OFFERING.— Aa issue of $4,000 6% school bonds will bo
offered on Feb. 19.
TIPPECANOE COUNTY (P. O. Lafayette), Ind.— BOND OFFERING.
Proposals will be received until 2 p. m. Feb. 5 by Alfred M. Sucese.
coupon Benjamin F. Walton et al
County Treasurer, for $7,500
Wabash Twp road impt. bonds. Denom. $375. Date Dec. 6 1920. Int.
M. & N. Due $375 each six months from May 15 1922 to Nov. 15 1931,
—
4H%
incl,
TUPPER LAKE,
Franklin County, N.
Y.— B7DS REJECTED.-
All bids received for the $100,000 registered bonds offered
V. 112, p. 286 were rejected.
rate not to exceed 6%
—
TUSCALOOSA COUNTY
—
(P.
on Jan, 18 at a
O. Tuscaloosa), Ala.— BOJVD SALE.
—
6% bridge refunding bonds has been sold, it is reported.
ULM IRRIGATION DISTRICT (P. O. Ulm), Cascade County,
An
issue of $25,000
—
NO BIDS RECEIVED. No bids were received on Jan. 8 for the
$800,000 6% bonds— V. 111. p. 2447.
This district will endeavor to sell the bonds at a private sale.
UNION CITY, Randolph County, Ind. NO BIDS RECEIVED
There were no bids received for the $40,000 6% coupon school bldg. bonds
Mont.
—
offered on Jan.
24— V.
112. p. 286.
VAN BUREN TOWNSHIP (P. O.Knightsville), Clay County, Ind.—
BONDS NOT SOLD.-—-No sale has yet been made of the two Issues of 6%
coupon school bonds, aggregating $110,000 offered on Sept. 3
p. 817.
—
—
—
—
—
A
— V.
Ill,
[Vol. 112.
VAUGHN SCHOOL DISTRICT
County, N. Mex.$75,000
O. South Bond), Ind.—-iVO fl7/).S.— No
the $79,000 .'}% road-lmpt. bonds offered on Jan.
bids wiMo submit t«d for
25 (V. 112. p. :«)(!).
—
CHKOMCl.E
TTIK
492
on Fob 20. It is
ST. JOSEPH
—
—
l)ondH
s(:ho<;l
O.
(P.
nONDS NOT SOLD. —There
Guadalupe
made of the
Vaughn).
was no
dale
on Jan. 20.
VIVIAN, Caddo Parish, I.B.— DATE NOT YET
The dal,<! for h<; reorfiring of tho $34,000 5% street
t
w<;re offered without success on Jan. 4
determine<l.
— V.
1
DETERMINED.—
Impt. bonds, which
has not as yet been
12. p. 280
—
WADSWORTH SCHOOL DISTRICT
O. Wad.worth),
—awarded IP. the07o Hchool bondsMedina
The $2.50.000
offered
— wore
to
Tillolson
Wolcott
County, Ohio.— /(OAV^ SALE.
—
on Jan. 20 V. 112. p. ^.^'.W>
*c
C;o.
of Toledo for $251 .988. e(iual to 100.7952. a ba-sis of ai)out 5.9:5%.
Denom.
$1,000.
Date Jan. 26 1921. Prin. and semi-ann. int. (M. & .»<.) payable
at the district's cleposllory
Due ea<;h six months .-is follows: $1 .000 Mar. 1
1922 to Sept. 1 1923, Incl.: $2,000 Mar, 1 1924 to rtopt. 1 1928, Ind.; .$4,000
Mai. 1 1929 to Mar. 1 19:52. incl.; $5,000 Sept. 1 19.12 toMar. 1 19:56. Incl.;
.$6,000 .Sept. 1 19:56 to Mar. 1 19:57; $7,000 Sept. 1 1937 to Sept. 1 1940,
Incl.; 88,000 Mar. 1 and Sept. 1 1941; $10,000 to Mar. I 1942 to Mar. 1
1945. Incl., and $11,000 .Sept. 1 1945.
.
WALKILL STUMP AND LAND CLEARING DISTRICT,
Clay
SALE—
A $100,000 6% K >l(\ tax-free bond Issue
has been awardwl to the American Clearing Co. of Hamilton, Ohio. Denom.
Date April 1 1920. Int. A. & O.
$,500.
SCHOOL DISTRICT (P. O. Warsaw), Kosciusko County,
Ind.— BONDS
TU ORl /.ED .—.^amr-n M. fiiffd. Supt. of School Hoard,
advises us that an issue of $50,000 sthticl bonds has been authorized and
will probably be offered in April.
County, F\a.—liOND
WARSAW
AV
O. Salem), \nd.—
— WASHINGTON COUNTYon Jan. 22— V. ,5% road BONDS NOTTuTTT
None of the several
of 4'A% and
bonds, aggregating
$187,300, which were offered
112. p 286— were
(P.
issues
sold.
WASHINGTON TOWNSHIP SCHOOL DISTRICT
O. Black.
ford), Lawrence County, Ohio.
BOND OFFERING. Oscar Kearns.
Clerk of Board of Education, will receive bids until 12 m. Feb. 15 for $45,000
6% school bldg. bonds. Denoms. 25 for $1,000 and 25 for $800. Date
Mar. 15 1920. Int. semi-ann. Due $1,800 yearly on Sept. 15 from 1022
to 1946, incl.
Cert, check for $500, payable to tho Board of Education,
required.
Bonds to be delivered and paid for within twenty days from
date of award. Purchaser to pay accrued interest.
WASHINGTON TOWNSHIP C0N30LID\TED SCHOOL DISTRICT (P. O. Dala), Hardin County, Ohio. BOND SALE. The
$75,000 5H % school-building-additlon bonds, which were offered unsuccessfully on Dec. 28 (V. 112. p. 183) have been sold to the 8tat« Industrial
Commission of Ohio at par. Date Aug. 1 1920. Due $5,000 yearly on
Oct. 1 from 1921 to 1935, inclusive.
WATERBURY, Ccnn.— BOAD SALE—The $.500,000 5% coupon
(with privilege of registration) water brrdscfferfd on .'an. 26 V. 112, p.
286 were awarded to E. H. Rollir.s & Fens ard Eldridge & Co. at 100.73.
a ba.sis of about 4.95%. Date Jan. 1 1921. Due $10,000 yearly on Jan. 1
from 1922 to 1971. inclusive.
WAYNE COUNTY (P. O. Detroit), Mich.— BOA^D SALE —The $400.000 5% coupon tax-free County Hospital bonds were not sold on Jan. .5
as planned
V. 112, p. 82 but have since been .sold to the Sinking Fund
Commission of Detroit at par and interest. Date Dec. 15 1920. Due
Dec. 15 1935.
WELD COUNTY SCHOOL DISTRICT NO. 76 (P. O. Frederick),
Colo. BOND ELECTION SALE. Subject to an election yet to he
called the Bankers Trust Co. of Denver, has purchjised an issue of refunding
and building school 6% 15-30 year (opt.) bonds which will range from
$20,000 to $25,000.
(P.
—
—
—
—
—
—
—
—
Financial Statement.
Assessed valuation...
Bonded debt (excluding this issue)
Population, est., 1.500.
$1,136,000
31,500
WELD COUNTY SCHOOL DISTRICT NO.
Colo.
DESCRIPTION OF BONDS. — Further
6%
to the sale of the $8,000
Denom. $1,000.
p. 286.
1951 optional Jan. 1 1931.
106 (P. O. Buckingham),
details are at hand relative
funding bonds, awarded as reported in V. 112,
Date Jan. 1 1921. Int. J. & 3. Due Jan. 1
WELLESLEY, Norfolk County, Maaa.— TEMPORARY LOAN.—
temporary loan of $25,000. dated Jan. 24 and maturing Nov. 24 1921, has
been awarded, according to reports, to F. S, Moseley & Co. of Boston at
5.74% discount
basis.
WEST PARK SCHOOL DISTRICT
(P.
O. West Park),
Cuyahoga
BOND OFFERING.— Proposals for $1 .000.000 6%
County, Ohio.
coupon
school bonds will be received until 8 p. m. Feb. 7 by W. J. Featherstone,
Clerk of Board of Education. Denom. $1,000. Date Feb. 1 1921. Prin.
and semi-ann. int. (M. & S.) payable at the Lorain Street Savings & Trust
Co. of Cleveland. Due $10,000 Mar. 1 1925. and $15,000 each six months
from Sept. 1 1925 to Mar. 1 1958. incl. Cert, check for 2% of amount of
bonds bid for, payable to the Treasurer of the Board of Education, required.
WHITLEY COUNTY
(P O. Columbia City), Ind.— BOA'D SALE.—
Jan. 22 the $46,725 5% William E. Crabill. Smith Twp.. road bonds
offered on that date (V. 112. p. 286) were awarded to the Farmers' Loan &
Trust Co., of Columbia City, at par and interest. Date Jan. 22 1921.
Due $4,672 50 each six months from May 15 1922 to Nov. 15 1931 inclusive.
WILDER, Canyon County, Ida.— BOiVD OFFERING.— On Feb. 7 the
$15,000 water works bonds recently voted V. 112, p. 183 will be offered
On
.
,
—
for sale.
WILLOWS GRAMMAR SCHOOL DISTRICT
Glenn County,
Calif.
BONDS VOTED.— On
school bonds were authorized
by
(P.
O.
WILMINGTON, New Hanover
OFFER-
receive
and Treasurer,
— Thos. D. Meares. City ClerkCounty, No. Caro.— BOA'Dproposals
Date Jan.
1921. Prin.
$1.50,000 impt. bonds until 12 m. Feb.
ING.
for
Willows),
Jan. 15 $160,000 grammara vote of 332 to 69.
will
3.
1
payable at the Hanover National Bank. N. Y. Due
1 as follows:
$3,000. 1922 to 1939. incl.. and $6,000, 1940
incl.
Cert, check on an incorporated bank or trust company for
to 1955,
2% payable to the above official, required. The opinion of Jno. C. Thomson, of N. Y. as to validity of the bonds will be furnished to the purchaser.
and semi-ann.
yearly on Jan.
int.
WILSON, Wilson County, No, Caro.— BOjVD S.ALE— On Jan. 24
the following 6% tax-free coupon (with privilege of registration) bonds
V. 112, p. 286 were sold to the Wm. R. Compton Co., and Halsey,
Stuart & Co.
$466,000 street impt. bonds. Due yearly on Nov. 1 as follows: $35,000
1922 to 1931, incl.; $18,000 1932 and 1933, and $20,000 1934 to
1937, incl.
water and sewer bonds. Due $2,000 yearly on Nov. 1 from 1921
64,000
to 1952, incl.
Date Nov. 1 1920.
WILSON, Allegheny County, Pa.— BOA'D OFFERING.— D. J. Patterson, Borough Clerk, will receive proposals until 8 p. m. Feb. 24 for $75,000
5% coupon tax-free street impt. bonds. Denom. $1,000. Date Oct. 1
Due $5,000 yearly on Oct. 1 from 1925 to 1939,
Int. semi-ann.
1920.
Purchaser to pay accrued interest.
Cert, check for $1 .000. required.
incl.
DISTRICT NO. 11 (P. O. Winnfield), La.—
PARISH
BOND SALE.— On Jan. 24 the $1,000,000 5% road bonds (V. 112, p. 82)
were sold to Caldwell & Co., of Nash^^lle. at par.
—
ROAD
WINN
—
WINONA, Mo-It-'—lery County, Miss. BOND SALE. Reports say
that $45,000 6% bonuo have been sold at par. less printing of bonds and
attorney's fee.
These bonds are part of $6(),000 6% light and water-plant purchase
bonds, which were offered on Jan. 4 (V. 112, p. 284), but then failed to
receive a satisfactory bid,
Jan. 25
YONKERS, Westchester County, N. Y.—BOND SALE
a syndicate of New York brokers, comprising Estabrook & Co.. the Guaranty Co.. the Bankers Trust Co., Remick. Hodges & Co.. and Hannahs.
Baliin & Lee, bidding 102.605. a basis of about 5.16%, was awarded the
following 516% coupon (with privilege of registration) bonds:
$80,000 water bonds. Due $2,000 yearly on Jan. 1 from 1922 to 1961 incl.
460.000 school bonds. Duo $23,000 j'early on Jan. 1 from 1922 to 1941
—On
inclusive.
60,000 city hall bonds. Due $3,000 >Tly. on Jan. 1 from 1922 to 1941 incl.
1.070,000 local improvement bonds. Due $53,500 yearly on Jan. 1 from
1922 to 1941 inclusive.
•
THE CHRONICLE
Jan. 29 1921.]
000 clock bonds. Dm- S7.70() jrly. on Jan. 1 fi oni 1922 to lUll incl.
Due $7,460 yearly ou Jan. 1
149 000 Kriitltvc'io^slng eliiiiinatiun bonds.
from 1922 to 1941. inclusive.
buildiiiK bonds.
Cue $1,000 yearly on Jan. 1 from 1922
14.000 public
115-1
lo
193.'),
Due $50,000 yoai-ly on Jan. 1 from 1922 to
1927. inclusive.
works depaxtmeut e(|ulpment bonds. Due Sf'.OOQ yeaj-ly
25.000 public
on Jan. 1 from 1922 to 1921). inclusive.
The syndicate is now offering these bonds to lnvt«tors at prices yleldlnK
from 5>1j% to 4.90%, according to maturities.
YOUNGSTOWN,
Mahoning County, Ohio.— liOND OFFErUSO.—
A II. Williams. C'itv Auditor, will receive bids until 12 m. Keb. 14 for
$450 000 fi'/c coupon" (with privilege of registration) Belmont Ave. bridge
Denom. 81.000. Date Jan. 1 1921. Prin. and seml-ann. int.
bonds.
payable at the office of the Sinking Kund Trustees. Due yearly on Oct. 1
as follows: $20,000. 1922 to 1936, incl.; and S30,000. 1937 to 1941. incl.
Cert, check on a solvent bank, for 2''; of amount of bonds bid for. payable
to the City Auditor, requirtyl. Bonds to be delivered and paid for by Mai-.2
.
ZANESVILLE, Muskingum County, Ohio.— nOA^D OFFIiRIXG.
M. Smith. City Auditor,
S.
will receive bids until 12 ni.
—
Feb. 18 for the
bonds:
Duo yearly on Jan. 1 as follows: .S5,000 1923 to
$122,000 sewer bonds.
192(i, incl.; $10,000 1927 to 1935, incl.. and S12.000 1936.
Due SS.OOO yearly on Jan. from 192t) to 1931 incl.
30.000 park bonds.
.seml-ann.
Certified check for
Iiit
Denom. SI. 000. Date Jan. 1 1921
3% of amount of bonds bid for. payable to th(^ City Treasurer, retiuired.
following
LETHBRIDGE NORTHERN IRRIGATION DISTRICT,
6S";
1
.
.
.
SO
Alta.
HIUS.- .\o bids were riH-elvt-<l for (lie $5,400 000 7'; gold coupon (with
privilege of n'glstratiou) 30-year serial debeuturns offered on Jan. 7
V. Ill,
p. 244H.
—
inclusive.
300 000 assessment bonds.
498
ONTARIO
(Province
DEBENTURE SALE.— It
of).
Is
reported
that on Jan. 25 a block of $10,000,000 6''( 20-yr. debentures was awarded
to a syndi<'ate composed of Aemilus Jarvis Si. (_,"o., A. E. Ames ii Co.,
Wood, (iundy & Co., Harris, Forties & Co.. the National City Co.. the
United Financial t^orp.. and the Dominion Se<-uritie.'» C(jrp.. at 96. 787. a
basis of al)ijul 6.2H'.;
I'rln. and interest payaljle in Canadian funds at the
I'rovlncial Treasurer's office or at the Bank of Montreal.
.
ORILLIA. Ont.— DEBENTURES VOTED.—On
reports, the ratepayers voted favorably
hospital debentures.
on the
Jan.
1.
according to
(juestion of Issuing $60,00
OTTAWA. Ont.— DEBENTURES DEFEATED— On
Jan.
3,
it
is
stated, the voters defeated the by-laws to issue $60,000 miiaicipal quarry
and $200,000 central firo-statlon debentures.
PORTAGE LA PRAIRIE, Man.— DEBENTURE OFFERING.— W.
R.
Town Secretary-Treasurer, will receive bids until 5 p. m. Feb. 11
$34,000 electric-light and $20,000 water-works (i% coupon debentures.
Denom. $500. Date Jan. 2 1920. Interobl payable semi-annually (J.ScJ.)
at Montreal. Toronto and Portage La Prairie.
Due Jan. 2 1920.
Crieve,
for
RECINA PUBLIC SCHOOL DISTRICT (P. O. Regina), Sask.—
DEBENTURE OFFERING. J. H. Cunningham. Secretary of School
6H%
CANADA, its Provinces and Municipalities.
BARTON TOWNSHIP, Ont.~DEHE\Tl RE SALE.—U Ls report«id
that $6,190 20 year. $1 .537 10 year and $6,000 5-ye4»r 6% delientures have
been sold to \V. L. MclCiunon & Co. of Toronto at 97.305.
BRAMPTON, Ont.—DEIiENrVRE SALE. — The Canadian Debenture
1
Corp. of Toronto, has uurcha-sed at 100.18 the $3,608.88 (>% 20-yoar.
$1,55633 6^^; 30-year, $31, 034. .56 6K''"i 10-year and $24,879.16 6,'^%
20-year debentures offered on Jan. 24
V. 112, p. 397.
—
BROCKVILLE, Ont.—DEHENTVRB OFFERING.— U
is reported that
Treasurer will receive proposals until Feb. 4 for the $143,964 6%
V. 112, p. 83.
10-year installment debentures recently authorized.
FENELON FALLS, Ont.—DEBEXTVRES DEFEATED.— A by-law
to Lssue $20,000 fire-department debentures was defeated by the ratepayers on Jan. 4. according to reports.
the
Town
—
GLADSTONE, tAan.—DEBEXTVRE OFFER I NO.— Proposals
6%
will
Iki
by S. Schooley, Town Secretary-Treasurer, for $11,000
20-year debentures. Denom. $100. Date Jan. 1 1921.
received until Feb.
coupon
1
& J.
KENORA, Ont.— DEBENTURES RE-OFFERED.— PtoposslIs
Interest J.
for the
follow ing deljentures. which were previoiLsly offered on Dec. 29 and Jan. 12
will now be received tmlil 12 m. Feb. 15 by F. J. Hooper.
V. 112. p. 184
—
—
Town
Clerk-Treasurer:
$10,000 00 7% 15-year
20,000 00
6M%
13.564 87
7%
7%
7%
installment
Utility debentures.
Due yearly to Aug. 1 1935.
debentures. Int. J. & D.
Electric
annually on Aug. 1.
20-ycar waterworks
June 30 1940.
33-year debt-consolidation debentures.
Due Doc. 31 1953.
Int.
Int.
Due
& D.
J.
10-year electric debentures. Int.F.&A. Due Aug. 1 1930.
20-year in-stallment public impt. debentures. Int. ann.
on Aug. 1. Due yearly to Aug. 1 1940.
20-year installment local impt. debentures. Int. ami. on
7,755 38
Aug. 1. Due yearly to Aug. 1 1940.
Prln. and interest payable at the Imperial Bank of Canada, Kenora.
6.000 00
25.000 00
Board, will receive bids until 12 m. Feb. 1 for $250,000
30-year debentures. Tenders are requested on debentures with principal and semlann. int. payable in either Canada alone or both Canada and New York.
Maturity will bo on either the sinking fund or the annuity plan, according
to the best bid received
Debentures to be delivered and paid for in Regina.
.
SARNIA, Ont.— DEBENTURES VOTED.— It Is reported that at the
Jan. 1 elections the ratepayers pas.sod a by-law to issue $10,200 sewer
construction debentures.
DEBENTURES DEFEATED. At the same election, it is stated, a bylaw to issue $,59,000 water-works debentures was defeated.
—
SASKATCHEWAN SCHOOL DISTRICTS,
— The following,
debentures aggregating
SALES.
—
SAULT STE. MARIE, Ont.—DEBENTURE S^LE.— Newspapers reGundy & Co. of Toronto have purchased $20,000 5H%
6% 10-year and $159,000 6% 30-year general impt.
port that Wood,
30-year, $16,000
debentures on a
65^%
basis.
—
WEST
MONTREAL, Que.— DEBENTURES VOTED. It is reported
that the ratepayers have voted favorably on a by-law to issue $282,000
light, fire-dept., roads, streets, sidewalk, sewer and water-main
debenturas.
5H%
NEW LOANS
NEW LOANS
FINANCIAL
$1,000,000
NEW LOAN
Per Cent Bonds
Due January 1, 1951
&
Price: 104
interest
To Net about 4.75%
Biddle
& Henry
South Fifth Street
PHILADELPHIA
Jersey
Securities
Highway Improvement Bonds.
City of Philadelphia
104
New
STATE OF MICHIGAN
5
SaaU..— DEBENTURE
according to the "Financial Post." is a list of
$71,300 reported sold by the local Government
Board from Dec. 25 to Jan. 8: Laird, $15,000 12-year 8%. Local invests
ments. Rosthern. Sugar Hill, $4,500 10-year 8% Sturgeon Lake Lumber
Co., Prince Albert; Silberfleld. $800 5-year H'y'o Mutual Life Assurance
Co., Winnipeg. Man; Columbia, $3,000 10-voar8%, Waterman- Wat«rbiiry
Co., Regina; Milner, $2,000 10-year S%. R. S. Henry, Kosthern; Robert,
$3,000 1.5-year 8%. Regina Public School Sinking Fund; Gauthier. $4,000
15-year 8%. Walter Martin. Regina; Downey Lake. $3,500 10- year 8%,
Watei-man-Waterbury Co.. Regina; South Loverna. $2,000 10-year 8%,
Dr. Hunter, Hoosier; Moose Jaw, $18, .500 10-year 8%. local Investors
Moose Jaw; Invermay, $12,500 20-year 8%, J. A. Thompson, Winnipeg;
Bright. $2,500 10-year 8%. Regina Public School Sinking Fund.
DEBENTURES AUTHORIZED. The same paper reports the following
authorizations granted by the I>ocal Government Board from Dec. 25 to
Jan. 8: Irvington, $500; Dodsland, $2,150; Macworth, $1,100; Barton,
$1,400; Prince. $5,800,
OUTWATER & WELLS
The undersigned will receive sealed bids at
his office in the City of Lansing, Michigan, until
the 1ST DAY OF FEBRUARY, A. D. 1921, up
to 2 o'clock P. M. of said day. for the sale of
one million dollars ($1,000,000.00) of State of
Michigan Highway Improvement coupon bonds
denominations of $1,000.00 each, to be issued
by the State Highway Improvement Loan Board
of the State of Michigan, pursuant to the provisions of Act No. 25 of the Public Acts of the State
of Michigan, extra session 1919. Said bonds wiU
be dated February 1. 1921, and will mature on
the first day of February, 1941, and will bear
interest at the rate of five per centum per annum,
payable semi-annually. Both principal and interest are payable at maturity at office of the
State Treasurer, Lansing, Michigan.
A certified check in a sum equal to one per cent
of the amount of the bid. payable to the order
of the State Treasurer of the State of Michigan,
must be submitted with each bid.
The right is reserved to reject any or all bids.
15
Tel. 20 Montgomery
Jersey City, N. J.
Exchange Place
in
PRANK
E.
New
Jersey Municipal
Bonds
Descriptive List on Request
J.S.
18
RIPPEL& COMPANY
CLINTON STREET
NEWARK,
N.J.
GORMAN,
State Treasurer.
Wire to New York
Call Canal 8437
I'ricale
STOCKS AND BONDS
bought and sold
MUNICIPAL BONDS
Underwriting and distributing entire issues of
Olty Cotinty, School District and Road District
Bonds of Texas. Dealers' inquiries and offerings
solicited.
BOYLE,
BROCKWAY & GRAHAM,
INC.
HOUSTON
WISE
COMPANY TEXAS
G.
Inquiries inwted.
FINCH &. TARBELL
Members New
MATTERS FINANCIAL
Yorli Stock
Circulars on request.
HAROLD
for cash, or carried on
conservative terms.
Inactive and unlisted securities.
120
Union Arcade
BROADWAY,
Exchange
NEW YORK
Pittsburgh, Pa.
Established 1915
Acts as
iiecidcor,
United States and Canadian
Municipal Bonds.
Trustee,
Administrator,
Girard Trust
PHILADELPHIA
Guardian,
Receiver,
Registrar
and
Transfer Agent
Chartered 1836
CAPITAL and SURPLUS, $10,000,000
Member
Ground Floor Singer Building
89 Liberty Street,
New York
Telephone Cortlandt 3183
Interest alloved
on deposits.
Company
of Federal Reserve System
E. B. Morris, President
1<
INANCIAly CIIKONICLK
Department
Clcissified
TRADERS WANTED
BOND TRADER
tills
wanted by
Now York
class
WANTFD
oxci-plion.-illy
Invostirnsn.,
hlKh-
Man
lions;?.
dftvplop biislni-ss.
To the right
man we offer a substantial salary and an IntereM in the business. Corrc^spondence will bo
kept confidential. Address Box K-5, care of
Financial (Chronicle, 90 I'iue Street. New York
be ablo to
Street,
trader in listed and
unlisted securities wanted by New York Stock
KxchanRe firm. State experience and salary
Address Box E 10. care of Financial
expected.
Chronicle, 90 Pine Street. New York City
wanted, by old established Stock
Exchange House, having a clientele in and
about New York City. Only experienced man
would appeal to us. Replies confidential.
Address Box E-4, care of Financial Chronicle,
90 Pine Street, New York City.
New York
by
Stock
Must be
experienced and
only securities of
established value and are interested in high
Write giving full parclass applicants only.
Exchange House.
We
handle
Box E
ticulars.
Can
7, care
in
initiate
business
educated, 34, with 12 years' varied manufacturing and business experience, from shopman
to director; production, sales, administration
and conduction of corporate affairs. Knowledge of accounting, taxes and contracts. Follows economic conditions and statistics. Can
meet and tactfully deal with business executives.
Position sought is one as Assistant to a
general officer or one requiring a wide range of
work and responsibility. Location to be in, or
near. New York City.
Address Box E-1, care
of Financial Chronicle, 90 Pine Street, New
own hand-
Financial
of
Chronicle,
New York
90 Pine Street,
York City.
City
CUSTOMERS' MEN WANTED
has an opening for customers' man controlling
Exceptional opportunity for
active accounts
the right man. Address Box E 8, care of
Financial Chronicle, 90 Pine Street, New York
Brilliant
Opportunity
City.
STATISTICIANS WANTED
JUNIOR STATISTICIAN WANTED by
man with seat on
Stock Exchange or
means to purchase seat, to
become a partner or associate
himself with established boiid
house in New York City.
eligible
New York
prom-
inent Stock Exchange house for its lociil office.
Correspondence will be held confidential.
When ^vriting state education, experience and
Box E-6, care of Financial
salar.v desired.
Chronicle, 90 Pine Street, New York City.
will
dential.
If
be treated confidesired,
WE HAVE
an up to date plant which costs
.?300.000 for tanning hides, side, kip cals, drT,or green salted.
Our organization is made up
also have a good
of thorough leather men.
selling organization in Boston to sell the
finished merchandise.
are seeking some
hide concern or bankers who are ready to tan
Prices for tanning are 20%
skins on contract.
lower than last year. Address Box E 3. care of
Financial Chronicle. 90 Pine Street. New York
City.
commimi-
be made through
attorney
personal
Address
J.
C. A., Post Office Box
372, City Hall Station, New
cation
can
We
.
York
We
City.
USE
IT
:
Equipment
Office and Bank
For Sale, 10 cents per word, figure or initial,
Positions
Wanted and
with a minimum charge of $3.00; Investment Men,
Traders and Statisticians Wanted, etc., 15 cents per
word, figure or initial, with a minimum charge of $6.00
Keep
New York
City.
ASSISTANT STATISTICIAN — Young man
thoroughly familiar with railroad.
and public
Industrial
utility securities desires position aa
*ith Investment house.
Write C-11, care of Financial Chronicle.
90 Pine Street, New York City.
assistant statistician
house where ability will be appreciated.
Write in confidence to Box E-1 5. care of
Financial Chronicle. 90 Pine Street, New York
this
Department
occasion arises.
recommendations. Available Immediately. Address Box E-1 6. care of Financial Chronicle. 90
Pine Street. New York City.
BOND ANALYST. — Yoimg man
with extenaiTe
experience In large bond bouM.
gathering and compiling financial data and
information: thorough knowledge of stocka and
bonds from top to bottom; able correspondent:
with financial Institution.
desires position
Unqualified references. Address Box B 5. car*
of Financial Chronicle, 90 Pine Street. New
York City.
statistical
who has sold and can sell secvu-ities
of established value wishes engagement with
New Y'ork Investment House. Available immediately. Address Box E-1 7, care of Financial Chronicle, 90 Pine Street, New Y'ork City.
EXPERIENCED EXECUTIVE
possessing unusual ability for organizing and management,
desires to make a new business connection.
Address Box E-2, careof Financial Chronicle.
90 Pine Street. New Y'ork City.
STATISTICIAN — Experienced
would
like to
and
efficient
make connection with an Invwt-
Capable of organlilnn
department if necessary. Excellent
recommendations. Address Box A-17. care of
Financial Chronicle. 90 Pine Street, New
ment banking house
in
mind
for use
Y'ork City.
BOND MAN,
thoroughly experienced in short-
term note, and unlisted bonds, and having a
knowledge of out-of-town markets, is open for
new connection with Stock Exchange House.
Excellent references. Address 0-7, care of
Financial Chronicle, 90 Pine Street, New Y'ork
City.
RAILROAD BOND TRADER
with severa
years experience Is seeking position. Now
associated with prominent Stock Exchanne
House. Address Box B-4, care of Financial
Chronicle, 90 Pine Street, New York City.
GENTLEMAN,
Whether you are in need of a Salesman with a
clientele or a Trader that can initiate business or a
Statistician capable of organizing a Statistical Department, an ad inserted in this Department will bring
applicants from among the best to be had.
Rates
Street.
entire
BUSINESS OPPORTUNITIES
Replies
associated with howw
handling unlisted and inactive stocks and
bonds, detslres position where ability will be
appreciated. Thoroughly familiar with both
New York and Bost/on markets. Address
D-16. care of Financial Chronicle. 90 i'ine
BOND MAN
CUSTOMERS' MAN— Large Consolidated House
for
Mouse which would carr>' with it opportunity
bond tuislncss. Will put up very
hutwlantial amount of ca.sb.
Address with
assurance that confidence will be obs(!rve<l.
Box D-10. care of Financial Chronicle, 90 Pine
Street. .N'ew York (;ity.
EXECUTIVE SEEKS POSITION
EXPERIENCED BOND TRADER desires
ASSISTANT TO EXECUTIVE —Technically
Excellent
position with Investment House.
of Financial Chronicle.
City.
Address
work.
care
engagement.
experience, desires a change. Country bank
preferred.
Now employed. Post Office Box
284- Y, Jamaica, Long Island.
lad, 16 to 18 years of age,
as beginner In newspaper office to do clerical
CI,
wisheH to
BANK OFFICER SEEKS ENGAGEMENT
BOND TRADER, experienced, excellently rec"
BANK OFFICER— New York City and country ommended, desires position with investment
WANTED — Yoimg
statistical
for
Excellent references
furnished
Address Box E 14. care of Financial
Chronicle. 90 Pine Street, New York City.
HELP WANTED
writing,
o<lucate<l,
New York Investment
UNLISTED TRADER,
is open
engagement with Stock Exchange firm
for
New York
90 Pine Street,
Ccntlcman. refined and
obtain partnership in
City.
SALESMAN WANTED
successful.
in
UNLISTED SECURITIES TRADER
INVESTMENT MEN WANTED
BOND MAN
all
successful
Desires connection
with high-grade Inve.stment Hou.se. Address
C-12, care of Financial Chronicle, 90 Pine
Street, New York City.
open
Is
by old established
able to
writing state qualifiAddress
cations.
9, care of Financial
Chronicle. 90 Pine Street. New York City.
nill.
POSITIONS WANTED
BOND SALESMAN, experienced and
Must be
When
Box E
initiate business.
SALE.
walnut dexks. screen
very fine condition.
National Exchange Bank. Lockport. New York.
for Tellers' caees.
Exchange House.
City.
BANK EQUIPMENT FOR
Bronze and walnut
TRADER WANTED— Bond
and
New York
BOND MOUSE CONNK(TTION8 DRSIRED.-
to !o;irn the
City.
Stock
with Bond
House either as partner or otherwi.sc. Will
purchase Interest if satisfactory. Addrfss
D-10. care of Financial f^hronldo. 90 Pine
for
oponin? ma'-t have orKanlzlni? ability and
BOND TRADER WANTED
POStTIONS WANTED
WISH TO FORM (JONNECTION
when the
18 years banking experience in
responsible position abroad, well versed In
foreign exchange and foreign business and
speaking several languages, desires to make
connections with first-class financial firm ei*
Address E-1 2. care of Financial
institution.
Chronicle, 90 Pine Street, New York City.
RAILROAD
BOND TRADER,
now
with
prominent Stock Exchange firm, wishes to
position with New York Investmenl
bouse where a thorough knowledge of securitle*
and ability to Initiate business will be appreAddress Box D-15, care of PInancU'
ciated.
Chronicle, 90 Pine Street, New York City.
secure
STATISTICIAN
AND BOND EXPERT
with
varied experience desires to become associated
With New York investment bouse. Competent
to start or assume entire charge of statistical
department. Address Box D-11, care of Flnan•Ul Ohronicle. 90 Pine Street. New Yoric Oltr.
@FedFRASER