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financial
The
ninurci I
INCLUDING
Bank & Quotation Section
Railway Earninas Section
br.tude
Railway & Industrial Section
Bankers' Convention Section
The Tixtanitit
Week ending December 27.
Clearings at
PUBLISHED WEEKLY.
1919.
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CHICAGO OFFICE-39 South La Salle Street,Telephone Majestic 7396.
LONDON OFFICE-Edwards di Smith,1 Drapers' Gardens, E. C.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids...
Dayton
Evansville
Springfield, Ill
Fort Wayne
Youngstown ---Akton
Lexington
Rockford
Canton
Bloomington
Quincy
Springfield, OhioDecatur
WILLIAM B. DANA COMPANY, Publishers,
Front. Pine and Depeyster Ste., New York.
South Bend
Mansfield
Danville
Published every Saturday morning by WILLIAM B. DANA COMPANY. Lansing
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and Lima
Secretary. Addresses of both, Office of the Company.
Jacksonville, Ill-Ann Arbor
Owensboro
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank Adrian
clearings of all the clearing houses of the United States for the week ending to-day
Tot.Mid.West.
have been $9,154,108,556, against $8,008,996,162 last week and $7,399,738,975
the corresponding week last year.
San Francisco_
Los Angeles
Per
Clearings-Returns by Telegraph.
Seattle
1919.
1920.
Cent.
Week ending January 3.
Spokane
New York
$4,387,455,948 $3,590,412,242 +22.2 Salt Lake City-Portland
Chicago
499,215,566
.,
393,830,386 +26.8 Tacoma
381,769,994
Philadelphia
329,565,022 +15.8 Oakland
Boston
323,212,813
304,481,269
+6.2 Sacramento
*216,514,880
Kansas City
116,811,228 +68.3 San
Diego
138,963,163
St. Louis
134,956,201
+3.0
San Francisco
125,170,647
95,148,404 +31.6 Pasadena
Fresno
113,067,712
Pittsburgh
99,577,048 +13.5 Stockton
Detroit
*70,000,000
42,647,248 +64.1 San Jose
Baltimore
82,563,939
65,581,088 +25.9 Yakima
New Orleans
70,905,531
55,114,492 +28.7 Reno
Eleven cities, 5 days
$6,408,849,202 $5,248,124,628 +22.1 Long Beach
Total Pacific
Other cities. 5 days
1,035,274,681
801.426,271 +29.2
Total all cities, 5 days_
All cities, 1 day
Total all cities for week
$7,444,123,883
1,709,084,673
$6,049,550,809
1,350,138,076
+23.1
+26.7
$9.154.108,556
$7.399.738.975
+23.8
* Partly estimated.
The full details for the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figure. for the week ending Dec. 27 show:
Week ending December 27.
Clearings at
1919.
1918.
$
$
New York
4,552,503,344 3,450,343,811
PhiladelPhis -- 416,559,517 373,382,047
145,377,379 122,860,586
Pittsburgh
74,472,229
74,503,970
13altim)re
32,814,061
19,431,100
Buffalo
3,466,612
Albany
4,006,242
13,227,442
11,591,863
Washington
0,434,740
9,215,800
Rochester
4,008,167
3,702,858
Scranton
3,434,845
4,500,000
Syracuse
2,619,148
2,054,932
Reading
3,631,099
3,124,451
Wlitnington
2,500,000
2,100,000
Wilkes-Barre-Wheeling
4,906,308
3,820,108
3,166,508
Trenton
2,456,545
York
1,558,043
1,1)60,587
Erie
1,377,863
2,050,037
1,450,000
1,400,000
Groonaburg
645,300
874,200
Binghamton
1,422,218
Cheater
1,320,603
715,000
Altoona
779,951)
1,519,043
Lancaster
2,000,000
047,604
Montclair
495,828
Total Middle-- 5,282,475,058 1,103,017,379
TotO Niy,v En
350,225,426
10,295,800
7,773,061
16,000,000
4,308,801
2,000,000
4,407,583
2,994,050
2,020,499
061,376
650,000
767,100
-- .... ....
NO. 2845
SATURDAY, JANUARY 3, 1920
VOL. 110.
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford
Lowell
Holyoke
Bangor
Electric Railway Sectioi
State and City Section
294,317,860
0,230,700
6,262,104
4,439,586
2,818,261
1,900,000
3,162,346
1,873,159
1,348,248
'1,137,021
565,818
' 581,814
... ... ....
Inc. or
Dec.
1917.
1916.
$
%
$
+31.6 2,816,950,900 3,073,177,744
+11.6 305,758,698 294,830,124
+18.3
70,099,678
69,523,921
+0.1
37,314,175
35,954,301
+65.9
18,264,089
15,186.357
+16.6
4,026,257
4,093,866
+14.1
10,500,000
8,833.190
+43.2
5,831,268
5,483,630
+10.7
3,578,192
3,546,917
-23.7
4,425,265
3,041,864
+27.5
1,914,759
2,206,777
7,205,800
-14.0
3,576,556
+19.0
1,711,172
1,808,698
+28.1
3,465,632
3,044,541
+28.9
2,439,209
2,415,153
+47.0
1,094,574
971,687
-8.4
1,569,785
1,421,716
+3.6
1,448,788
727,239
+35.3
771,600
685,600
-7.2
1,503,697
1,046,570
+9.1
650,000
625,000
+31.7
1,785,430
1,526,582
-47.7
1,046,930
1,227,894
+28.7 3,299,824,2713 3,542,467,045
+19.0 215,875,768
+76.4
9,396,000
+24.1
6,695,833
+12.6
4,114,455
+56.1
3,059,976
+5.3
2,000,000
+39.4
3,442,534
2,304,559
+59.9
1,548,264
+49.8
975,000
-15.5
652,247
+14.8
685,861
+31.8
. .... ...-.....
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Duluth
Lincoln
Topeka
Cedar Rapids _
Fargo
Helena
Colorado Springs.
Pueblo
Waterloo
Aberdeen
Billings
Fremont
Hastings
Tot.Oth.\Vest..
1918.
Inc. or
Dec. 1
1917.
I
1916.
$
$
$
%;
565,756,595 435,695,867 +29.8 409,698,689
30,847,684
57,941,911
50,667,151 +14.4
64,934,975
101,762,418
79,087,408 +28.7
60,568,626 +38.9
47,716,182
84,113,627
25,597,690
24,843,379 +3.0' 22,441,241
11,773,000
12,352,000 4-20.4
14,874,000
12,502,400
8,357,400
9.566,100 +30.7
8,110,944
10,347,000 +27.1
13,156,496
3,500,000
3,720,893 +17.3
4,363,761
4,240,396
3,029,526 +35.0
5,304,819
3,099,088
3,787,353 -4.4
3,821,367
3,046,778
3,571.418 +12.0
4,000,000
1,610,099
2,230,322 '1,651,104 4-35.1
1,520,647
1,324,877 +51.5
2,006,746
3,834,755
3,696,306 -8.9
3,368,535
5,077,000
5,006,000 +115.4
10,781,000
1,350,000
1,300,000 +3.8
1,350,000
1,861,495
2,029,747 +8.8
2,200,000
3,400,000
2,000,000 +40.0
2,800,000
833,906
1,057,453 +53.7
1,625,029
1,050,000
1,489,354
1,072,635 +37.0
1,039,218
1,072,485 *36.1
1,459,636
700,427
815,762 +70,5
1,390,503
873,708
941,067 +16.9
1,100,000
971,543
906,167 +54.5
1,400,000
425,000
450,000 +11.1
500.000
844,663
1,521,975
792,906 +91.9
775,872
946,677
825,000 +14.7
331,582
586,389 +59.5
935,691
220,775
436,520
224,959 +94.3
919,777
1,329,854 -23.5
1,016,909
90,000
130,000
72,965 +78.2
$
413,318,900
32,413,900
53,952,466.
45.847,667
18,679,716'
10,750,000
8,406,900
8,403,091
3,943,126
4,446,546
3,303,317
2,350,018
1,484,429
1,879,940
2,939,855
4,335,000
906,855
1,160,810
2,596,948
740,375
895,199
1,073,880
721,382
791,411
885,557
385,838
942,714
748,930
341,449
327,518
532,258
48,581
931,663,981
725,292,397 +28.5
645,496,810
629,334,580
137,931,041
54,034,000
32,980,349
11,513,827
18,893,373
30,013,886
4,568,125
7,960,628
5,594,099
2,100,110
'1,688,962
4,431,372
5,546,500
967,888
1,391,023
682,494
2,132,543
322,480,110
115,122,155 4-19.8
29,532,000 +83.0
33,326,223 -1.0
7,653,848 +50.4
14,829,775 +27.4
27,859,286 +7.7
4,050,561 +12.8
7,889,828 +0.9
3,665,436 +52.6
1,592,170 +31.9
775,167 +117.8
2,610,933 +71.7
1,497,941 +270.3
750,000 +29.0
1,106,530 +25.8
517,790 +31.9
865,844 +146.3
253,645,487 +27.1
76,744,190
22,956,000
21,149,679
6,752,159
13,886,004
17,018,515
4,207,572
4,549,283
3,141.383
2,186,362
806,998
2,120,650
1,916,025
895,000
797,880
450,000
712,081
179,689,781
64,949,220
23,836,651
13,183,385
4,587,633
13,532,994
10,000,000
1,931,594
3,988,047
2,208,058
1,650,000
886,882
1,803,870
1,368.920
682,378
425,340
253,000
508,250
148,792,222
+38.6 159,327,015
29,618,748
+11.0
+11.2
35,500,000
13,100,880
+25.0
16,173,848
+31.5
-5.8
11,784,837
6,406,061
+27.0
5,700,984
+36.2
6,726,260
+74.5
-47.2
6,079,000
3,571,419
+46.5
+11.4
3,759,438
+35.3
1,516,818
1,689,249
-3.9
+25.2
2,148,685
+46.8
677.373
+29.4
665.074
1,564,217
+23.2
1,063,179
+26.5
+14.8
1,092,462
511,131
+18.5
+48.1
435,912
+25.6 309,112,590
103,858,980
23,160,737
23,423,998
10,875,249
12,093,277
10,983,454
5,515,112
4,433,317
4,498,285
5,344,402
2,839,555
2,756,459
1,769,290
1,303,781
1,427,898
206,000,000 148,628,663
42,406,744
47,059,395
46,129,659
51,316,111
16,107,685
20,128,809
17,722,624
23,303,918
16,199,534
15,257,927
7,686,672
9,762.565
6,847,748
9,323,995
7,597,146
13.256,824
16,013,172
8,455,147
4,540,025
3,099,397
3,338,280
2,997,937
1,663,120
2,250,018
2,720,542
2,831,607
2,864,201
2,208,070
887,259
604,310
530,706
686,771
1,673,222
1,358,428
1,350,324
1,067,764
1,264,990
1,451,576
569,012
674,265
478,391
708,797
432,000,971 344,013,979
Nom°
513,925
1,661,984
636.043
368,990
550,000
330,550
219,445,288
146,509,897 135,848,417 +7.8 141,019,001 117,164.081
St. Louis
32,308,529
49,794,123
56,349.088 +98.9
New Orleans.--72,660,584
19,447.818
17,952,280
21,685,557 +28.2
Louisville
15,569,257
11.000,000
15,000,000
16,793,585 +100.2
Houston
33.628,113
5,008,407
5,500,000
5,891,802 +24.8
Galveston
7,350,000
20,587,522
30,479,372
49,507,082 +27.0
Richmond
62,861,594
22,386,339
44,701,360
54,151,248 +33.0
Atlanta
72,036,878
9,889,887
12,307,217
19,863,401 • +45.8
Memphis
28,952,045
9.692,284
15,657,072
11.611,887 +70.8
Fort Worth
19,814,627
5,345.645
6,355,081 +119.7
6,140,836
13,963,162
Savannah
7,257,292
12,586,217
15,411,453 +40.7
21,689,474
Nashville
5.048.953
5,951,467
8,510,708 +27.8
Norfolk
10,878,545
2,706,866
4,312,019
11,400,530 +45.5
16,584,105
Birmingham _..
1,727,428
3,694,967 +30.0
3,502,596
Augusta
4,802,147
2,843,158
5,083,696
5,334,274 +101.7
10,761,396
Little Rock
521,874
4,185.270
6,649,005 +52.8
10,160,138
Jacksonville
3,485,844
5,844,549 +11.2
4,571,627
6,500,000
Chattanooga
2,987,149
1,989,784
3,000,000 +40.0
4,200,000
Charleston
1,298,298
1,500,000
1,609,126 +22.2
1,966,453
Mobile
1,830,921
1,904,501
2,180,000 +22.9
3,679,490
186,231,682 Knoxville
4,536,108
8,537,831
7,015,278 +80.3
11,648,437
8,812,300 Oklahoma
1,143,238
2,500,000
+211.1
2,250,000
Macon
7,000,000
7,573,921
2,500,000
1,650,000
2,200,000 -9.1
2,000,000
4,708,243 Austin
272,958
382,358
379,760 -21.2
289,385
3,250,449 Vicksburg
452,699
505,423
441,972
+34.3
593,480
2,404,526 Jackson
4,398,134
6,465,862
7,511,838 +21.2
9,102,952
3,441,470 Tulsa
2,377,438
1,311,230
2,538,521 +58.7
4,028,209
1,103,421 Muskogee
19,487,687
18,998,598
20,500,000 +93.4
39,642,978
1,251,612 Dallas
3,009,717
2,700,000 +48.1
4,000,000
928,152 Shreveport
821,479
Total Southern 642,873,346 480,227,109 +33.9 431,690,417 308,301,853
684,409
8,008,996,162 6,233,842,868 +28.5 5,116,564,371 5,063,15 ,828
Total all
... ... -.
Outside N. Y.._ 3,456,493,818 2,774,499,057 +24.6 2,299,613,471 1,989,974.084
THE CHRONICLE
[vol.. 110.
ever, did the Reserve institutions extend additional
THE FINANCIAL SITUATION.
accommodation to borrowers on war paper, but they
It would seem that the time has arrived for pro- took on huge extra amounts of bills secured by
testing against the practice of the Federal Reserve mercantile paper and bills based upon acceptances.
banks in adding, week by week, to the volume of In other words, the discounts on mercantile paper
outstanding Federal Reserve notes. Very brave increased from $580,16,000 to $684,514,000 and
words keep conlial from Washington and from the the amount of acceptances bought in the open market
officials of the Federal Reserve Bank of New York increased from $566,266,000 to $585,212,000. Alas to the need of holding speculation within legiti- together the aggregate of the bill holdings in this
mate bounds and of restricting credit expansion, and single week was increased from $2,561,378,000 to
yet all the time further Reserve note issues are being $2,780,090,000. To take care of this additional
put out, the effect of which unquestionably is to borrowing, new Reserve notes were put out to the
promote at once credit inflation and price inflation, extent already indicated.
Thus borrowing is being encouraged instead of
with all the attendant train of evils. The New York
Federal Reserve Bank last week added $18,329,000 being repressed. Everybody perceives that there
to the total of its Federal Reserve notes in actual should be deflation instead of inflation and everycirculation, on top of $28,445,000 increase the pre- body is telling his neighbor that he ought to govern
vious week and following successive increases in himself accordingly, but nobody is thinking of putting
many preceding weeks, so that on Friday, Dec.26, the practice into effect himself. To be sure, the
it had an aggregate of $824,944,000 of Reserve notes Federal Reserve banks are gradually advancing their
out (not counting its issues of Federal Reserve Bank rates of discount, a further fractional increase on
notes) as against only $755,745,000 on Nov. 14, certain classes of paper having been made the present
making an increase for the six weeks of almost week by the New York Federal Reserve Bank so
that 4% is now being charged for discounts and
$70,000,000.
When the figures for the 12 Federal Reserve banks advances on all classes of paper and for all periods
are combined, still more striking results on the point of maturity excepting only agricultural paper running
in question are obtained. These 12 banks last week from 91 days to six months, on which 5% is being
added $68,752,000 to the total of their Reserve notes charged the same as heretofore. But in a period of
in circulation after $81,459,000 increase the previous such rank inflation as now exists much more heroic
week and increases of somewhat smaller amounts measures must be resorted to. There must be an
for many preceding weeks. There are now $3,057,- actual denial of accommodation and Tab-ove all, an --646,000 of Federal Reserve notes in actual circula- end must be put to further new note issues. This last
tion against $2,808,456,000 on Nov. 14, so that in woid—b-e—the most salutary change that could be
this period of six weeks almost a quarter of a billion made.
The time for timidity has passed. Bold and resodollars has been added to the volume of notes in
lute action is needed. Making minor increases in
circulation.
Can we look for any reduction in the cost of living, discount rates, while further inflation is being proany shrinkage in prices, or any curtailment of bor- moted through new note issues, seems like trifling
rowing so long as this process of injecting new note with a serious situation. If the Reserve authorities
issues into the channels of circulation continues would inaugurate real and effective control of a situaactively in progress? The Reserve authorities at tion which, if allowed to continue unchecked, must
Washington and in New York are giving good advice become full of menace, they have the matter entirelyon the importance of restricting credit uses and of in their own hands. Put a stop to further note
practicing saving so as to pay off loans based on war issues. Let the Reserve Board notify everyone of the
obligations, and yet they are doing nothing on their Federal Reserve banks that it will not countenance
part to promote a movement of that kind or to help any further addition to the volume of outstanding
Federal Reserve notes, and the problem will have
it along.
There would appear to be no sound reason why any been measurably advanced to a solution.
In connection with this week's advance in discount
further increase in bosrowing on war paper should
be permitted at this time. Nev-vertheless let a new rates Governor Strong of the New York Federal
batch of such paper be taken around to the Federal Reserve Bank has issued an explanatory statement
Reserve banks and Reserye officials apparently find from which we quote herewith the following extract
it difficult to refuse accommodation thereon. It has because it accurately defines the functions of the
happened frequently of late that borrowing on war Federal Reserve banks and shows a true conception
paper has been reduced when the Reserve banks of their relation to the country's banking system and
found themselves in straightened circumstances and the role they ought to perform in the same:
deemed it important to re-enforce their reserves;
"While the Federal Reserve Act, by lowering realmost immediately thereafter, however, it would
happen that the same class of paper would be pre- serves added permanently to the lending power of
the member banks, it was not intended that the
sented and new loans obtained. To provide the Federal Reserve banks
themselves should be used to
necessary funds to meet the enlarged call upon the promote permanent credit expansion or for the purfacilities of the institutions, an unlimited supply of pose of obtaining funds to reloan at a profit in the
Reserve notes is always on hand.
general credit market. They were intended to faciliTake last week's return of the Federal Reserve tate emergency or seasonal expansion, and except for
system for illustration. Advances and discounts on such unusual borrowing as war financing necessitates,'
war obligations were run up that week for the 12 the same principles which governed borrowing by
banks prior to the establishment of the Federal Rebanks combined from $1,414,950,000 to $1,510,- serve system should nowLobtain. Nor does the exis364,000—this, too, at a time when everyone was tence of the Federal Reserve system relieve bankers
urging that war paper should gradually disappear from their individual responsibility to prevent unfrom the portfolios of the banks. Not only, how- wise expansion of credit at a time like the present
JAN. 3 1920.]
THE CHRONICLE
when the pressure for credit is very great. On the
contrary, with the banks being gradually relieved of
the volume of Government securities, which, directly
or indirectly, they had to assume, the released credit
should be devoted, as far as practicable, to the reduction of indebtedness to the Federal Reserve Bank,
in order gradually to reduce the present credit expansion:'
3
compilation of Frederick W.Tattersall of Manchester.
In fact, in this branch of the cotton manufacturing
industry the situation during the year would seem
to have been even more favorable than in 1917 when
unprecedented prosperity was apparently experienced.
Of manufacturers it is not possible to speak with the
same degree of certainty as of spinners, since they
furnish no returns from which deductions can be
made; but it is a safe assumption that they have done
very well, although less so than those engaged in
converting the raw material into yarn. Mr. Tattersall's latest compilation covers 23 cotton spinning
establishments (equipped with 2,241,728 spindels,
which issue balance sheets,and these companies show
a total profit, after allowing for depreciation in plant
and interest on loans, of £340,000, or an average per
company of £14,783. This is some £380 better than
the average for 40 companies in 1918 and nearly
three times the average of 1917. The £340,000
profit referred to is an average of 35.95% on the
paid up share capital of £945,815 against 34.34%
in 1918 and 133/2% in 1917. Furthermore, on the
paid up and loan-capital combined,the return figures
out 25.84% against 21.90% and 8%%, respectively.
With such an outcome in 1919 following the exceedingly good showing of 1918 it is not surprising
that there should have been of late a rabid speculation in Lancashire mills. In addition to the statement noted above, Mr Tattersall has issued a statement covering 100 companies with equipment .of
9,182,418 spindles, or about one-seventh of the total
spindleage of the United Kingdom. These companies
have distributed £1,007,990, or 21.34%,•on a share
capital of £4,723,475, or somewhat better than in
1918 and comparing with 73/2% in 1917.
The closing words in the foregoing ought to be
indelibly impressed upon the minds of the entire
community. Mr. Strong urges that with the member
banks "being gradually relieved of the volume of
Government securities which, directly or indirectly,
they had to assume, the released credit should be
devoted, as far as practicable, to the reduction of
indebtedness to the Federal Reserve Bank, in order
gradually to reduce the present credit expansion."
Everyone capable of expressing an opinion on the
subject will admit that this is gospel truth.
With such an intimate and profound grasp of the
matter, what are the New York Federal Reserve
authorities doing to give effect to their own recommendations? Are we hypercritical when we suggest
that they are giving good advice without proceeding
to enforce it in the case of their own institution?
Are they adhering to their determination that war
credits be reduced and are they restricting accommodations on other classes of paper to any considerable extent?
The only answer to these questions is the answer
to be obtained from a study of the Bank's returns.
In some antecedent weeks war borrowing had been
considerably reduced, but last week the total of
discounted bills based on war paper ran up again
from $515,035,000 to $584,588,000. At the same
time discounts based on mercantile paper were increased from.$143,537,000 to $203,606,000 and the
volume of acceptances bought in the open market
raised from $179,382,000 to $191,313,000, with the
result that the total of all classes of bills was run up
from $837,954,000 to $979,506,000. This was an
increase for this single week of $141,552,000 and
brought the total of bills on hand up to the largest
figure, by a considerable margin, in the history of
the institution. We have already indicated how,
to do this, the volume of outstanding Federal Reserve issues was enlarged—at a time, too, when the
gold holdings further declined.
The result of these operations was to bring the
ratio of reserve to liabilities for the New York Federal
Reserve Bank down pretty close to 40%. This
week's return will doubtless afford evidence of
strenuous efforts to bring about a rectification of
the impairment. But are we not justified in urging
that a great point would be gained if the conduct
of the local institution might be made to square with
the wise and sane policy laid down in Governor
Strong's statement.
Certainly the time has arrived for translating words
into action. The first step in the right direction
would be to set face resolutely against further note
issues. And if action to that end in this Reserve
District should be followed by similar action in the
other Reserve districts, as has happened with the
advances in discount rates initiated here, the future
could be faced with a degree of assurance which is
(._
now altogether lacking.
Paris advices a week ago made it clear that even
the most optimistic in Peace Conference circles had
given up hope that "the final step in the ratification
of the Peace Treaty will be taken before January 1,"
although Premier Clemenceau had expressed the hope
rather confidently that it would be accomplished by
Christmas Eve. It became known both in Paris and
New York last Saturday that the Supreme Council
the day before had decided "to send an Allied naval
commission to Hamburg and Danzig to review the
Allied figures on the German dock facilities in those
ports." It was pointed out that this wouhl cause
further delay in the ratification of the Peace Treaty,
inasmuch as this work alone would take at least a
week. The statement was made in a Washington
dispatch early in the week that Viscount Grey, who
has been serving temporarily as British Ambassador
to the United States, and who will sail for home
to-day, was influenced to return both because of his
inability to take up with President Wilson certain
world-wide questions, and also by "developments in
England which have brought to the fore many questions in which Viscount Grey is vitally interested,
and in the settlement of which he desires to participate." In subsequent Washington advices the belief
was said to be entertained there that the Viscount
would return. Special mention was made of the fact
that he has not seen President Wilson. The likelihood of his return is contrary to previously expressed
opinions, both in Washington and in London. The
"National News" of London published a statement
about a week ago that "an Allied commission had
decided to dispose of the German warhips scuttled
has
in
1919
That cotton spinning in Great Britain
Scapa Flow, by blowing them up" and it was
at
by
recent
indicated
is
basis
profitable
been upon a very
4
THE CHRONICLE
[voL. 110.
added that "this will probably take place early in *play." The plan is said to call for
the renewal of
the New Year in the presence of a naval commission diplomatic relations with Germany
the next day,
representing all the Allies."
"when the French Charge d'Affaires will go to Berlin
Ambassador Wallace was said to have cabled the and French Consuls will resume their
posts."
State Department in Washington after the meeting
Paris advices Wednesday evening indicated fresh
of the Supreme Council Monday forenoon that cause of delay in the signing of the
protocol in the
"informal notice of the first meeting of the Council discovery that "the German technical
delegates do
of the League of Nations probably will be given a day not appear to have full power to act."
It was sugor two after the exchange of ratifications of the gested that "the signing of the protocol
on Jan. 6,
Treaty of Versailles." Cable advices Tuesday morn- therefore, may depend upon whether
the Germans
ing stated that "it is still an open question whether can secure that power immediate
ly, in order to
the formal call for the meeting shall be issued by complete the arrangements
which it is thought
President Wilson, as originally provided for, or by in Council circles ought to
precede the exchange
Premier Clemenceau, the President of the Peace of ratifications." It was reported
from London last
Conference." It was expected that both the time and evening that the Versailles Treaty will
be modified
place would be decided at Tuesday's session of the so as to permit Germany to have a maximum army
Supreme Council. At the same time it was noted of at least 200,000, instead of 100,000 as originally
that "the Council is still awaiting a reply from the stipulated. A dispatch was said to
have been reGerman Government regarding Scapa Flow repara- ceived from Berlin that "peace will be signed
in
tions." Doubt was entertained as to the feasibil:ty Paris Jan. 6 at 4 p. m." In official German
circles
of having the first meetiiig in Washington, as at in Berlin the opinion was said to have been
expressed
first planned, and it was added that "the impression that "an exchange of Charges d'Affaires cannot
take
here [Paris] is that the members of the Council will place until the United States has ratified the Peace
be asked to come to Paris." In a special cablegramn Treaty." It was gratifying to note the report in
to the New York ."Times" Tuesday morning it was Washington advices on Thursday that the Secreclaimed that "the reaction of the attitude of the tariat of the Peace Conference in London will invite
United States Senate toward the League of Nations Elihu Root, among other prominent statesmen and
is being felt in the manner feared by the larger jurists, "to give his assistance and advice in the
European Powers." According to this correspond- launching of the great international Supreme Court
ent "Switzerland and Norway have taken the position provided for under the League of Nations."
that if the United States does not come into the
League they will not do so either." Spain also let
In an editorial a few days ago the London "Times"
it be known that "she wishes reservations if America commented at considerable length on the desire
of
has them." It would appear that France is deter- the Allies to have the United States ratify the
Peace
mined to get from Germany not only everything Trreaty-.--In part the paper said: "The Allies want
stipulated in the Versailles Treaty, but something to America to ratify the treaty, for many reasons of
boot as well. According to a Paris cablegram "the the highest moment. They want her to ratify now;
French Ministry of Agriculture has asked the Repara- they want her ratification to have the American
tion Commission to demand of Germany 26,000 people behind it. They think that ratification as
dogs, which it is charged the Germans took away it stands would do most for the immediate pacificafrom occupied France." It was pointed out in a tion of a troubled world; for the economic welfare
dispatch that the Peace Treaty calls on Germany of mankind; for the adjustment by legal means of
"to hand over to France horses,cows,sheep and goats,' international differences; for the prevention of future
but this is the first intimation that Germany will wars; for the spread of civilization; for the security of
have to supply dogs as a part of her reparation."
society in all lands, and generally for the gradual
Speculation as to the probable date for making the progress toward fulfillment of the just and generous
Versailles Treaty effective appeared to be removed ideals for which America came and fought by the side
largely, if not altogether, by an announcement in of her sister democracies. We are confident that
Paris dispatches Wednesday morning that "Baron this is the view of the British people and we feel alvon Lersner, head of the German delegation, and most as certain that it is the view of the French."
Paul Dusasta, Secretary of the Peace Conference,
to-night [Tuesday] settled all points in connection
In a Paris cablegram under date of last Saturday
with the signature [to the protocol] except that re- a hopeful, confident and even somewhat rosy view
lating to naval material, which, it is expected, will of probable conditions in France in 1920 was porbe solved shortly." It was said also that the "ex- trayed. The claim was nia-a—that "France's rechange of ratifications of the Treaty of Versailles newed confidence is derived directly from the result
will take place January 6th at the Quai d'Orsay." of the recent elections," and it was also affirmed that
The statement was made, furthermore, that, upon. "these are regarded here as having definitely stabilthe promise of the Germans to sign the document, ized internal politics, ended all danger of revolution,
the Allies will hand a letter to them agreeing to re- agitation for some time to come, and brought about
duce their demands of 400,000 if the available tonnage a better attitude by capital and labor toward the
has been overestimated, or Germany is gravely immense effort of France." The following assermenaced economically." "In any case," it was tions were also made, some of which it would seem
added ,that, "after the signature, the Allies will get difficult to justify in the light of the advices received
242,000 tons of materials, and the balance based on in recent months: "Money is forthcoming for inthe report of experts who are now checking up vestment in anything that proves stability. There
Danzig, Hamburg and Bremen." The plans call is plenty of money for industrial and commerical
for the presence of Premier David Lloyd George, enterprises and long term loans. The 4,000,000,000
among others, at the ratification ceremony, which, franc loan to provide immediate reserves for init was stated, "will be carried out without any dis- demnifying victims of the invasion was oversub
JAN. 3 1920.]
THE CHRONICLE
5
Finance
s. In presenting the bill to the Chamber the
scribed before the opening of the subscription
figures
the
but
vein,
stic
Minister spoke in an optimi
Transactions on the Paris Bourse, which still are
a
quite
up
made
ted
presen
he
which
n of the budget
confined to cash deals, have exceeded on certai
parathe
in
yed
portra
that
from
e
pictur
en- different
days the records of pre-war days, when futures
ed
graph above. In urging the budget he declar
that
say
yers
Emplo
.
totals
tered largely into the
to
ry
contra
was
the that "the voting of monthly credits
the labor situation is improved. Instability of
e to
of good methods, and that it was indispensibl
exchange value of the franc is regarded as one
that
said
He
t."
budge
French return to the use of the single
000
the weakest points in French conditions. The
0,000,
220,00
d
totale
voted
tion while "the expenses
a
Government is now studying a complete renova
than
more
ed
averag
s
sement
g such francs, the disbur
of her financial policy with a view to makin
the
of
rs
membe
the
told
er
Minist
give tenth less." • The
provisions to meet her obligations as will
would
The Chamber that "the total receipts of 1919
d.
abroa
and
home
greater stability both at
them
med
infor
He
."•
francs
00
,000,0
11,000
large exceed
proposed plan is understood to provide for a
the
of
80%
also that France "mobilized 9,000,000, or
internal loan to take up all short term bonds and
the
of
52%
zed
mobilizable age, while England mobili
floating debt, and also for important increases in all
the
and
,
colors
the
men who could be called to
taxes to bring the revenues up to the annual budget
ces
advan
"the
that
added
United States 6%." He
estimated to require 20,000,000,000 to 25,000,the Bank of France totaled 25,000,000,000 francs."
of
the
in
sting
intere
000,000 francs." It would be
the
Outlining the receipts of the Government during
extreme to know to what extent the cablegram from
00
,000,0
war M.Klotz said: "Taxes brought in 31,000
which the foregoing statements were taken was inand
00
,000,0
francs, national defense bonds 49,000
spired by representatives of the French Government.
ng
foreign credits 33,000,000,000, all receipts totali
During the week several long cablegrams from
in
ht
broug
money
New
194,000,000,000 francs.
London have been printed in New York newspapers
ted to 22,225,000,000 francs." He hastened
amoun
in
ions
condit
claiming even a greater improvement in
vary
to add that "the after-the-war budget would
England than was claimed for France in the foregos."
figure
r
forme
the
uple
quadr
and
between triple
ing paragraph. Such a communication appeared
g
Amon
ng.
morni
day
"
yester
in the New York "Sun
er
Turning from the Budget somewhat the Minist
the more positive and surprising statements made
loan
a
for
ed
arrang
y
"recalled that France has alread
were the following:
s
in England in March" and added that 'negotiation
"The one • stupendous financial and economic are continuing with America for long term credits,"
achievement is that by the full use of her merchant but he claimed that "Allied financial markets are not
marine in the last six months Great Britain has transiently interested . in the French market."
formed herself from a debtor to a creditor nation. yet suffic
the Minister, GovernNot only has she ceased increasing her borrowing According to statements of
has not proven
abroad but she is supplying her own wants on a cash ment operation of railroads in France
Britain or in
e
of
part
Europ
Great
erable
in
basis and is financing a consid
profitable any more than it has
n
Britai
Great
t
said that it
agains
e
he
balanc
e,
Franc
trade
The
for
besides.
the United States. As
at the end of 1918 was $4,000,000,000, but by doub- "has resulted in a deficit of 2,500,000,000 francs."
ling her exports and increasing the invisible income
period covered by these figures was not stated,
from shipping and banking she has reduced this until The
it coincided with the calendar year
now there is practically no current balance against but presumably
that there had
her at all. This feat becomes all the more remark- 1919. He admitted, furthermore,
ion of the
able when it is noted that all the other belligerents been a loss of 50% from Government operat
d
States
Unite
the
except
in the war on both sides
postal services.
and Japan have retrograded."
to
The Paris bureau of the Associated Press is said
Certainly these statements differ widely from the
that
te
indica
statistics recently that
pleas that have been made for American financial have received
ge in France, due to the German
shorta
sugar
s
"the
nment
the
Gover
for
assistance on a large scale, both
be relieved for.three years." The
and the industries and business of both France and invasion, will not
made also that "of the country's 206
Great Britain. What is the real truth? That is statement was
, 145 virtually were razed during.
plants
what we here in America as citizens and the Govern- new raw sugar
most of the half-million acres of beetment are entitled to know, whether it be France, the war, and
ated by battles." The scarcity of
Great Britain, Italy or any other European country sugar land devast
e was emphasized further by the asserthat is asking for help. "A high British official" sugar in Franc
present time the absence of sugar
was quoted in an interview in yesterday's "Evening tion that "at the
in the inability of persons holding sugar
Sun" as saying that "it can be stated authoritatively has resulted
of that commodity for weeks at a
that Sir George Paish is here on no official mission, cards to get any
and that whatever private venture he may represent time."
does not represent the attitude of the British public
The task of getting Gabrielle d'Annunzio out of
or official circles." The official was also reported
much more difficult than was at
to have said that "Great Britain has not asked and Fiume has been
ed. As noted last week, he refused to
will not ask any further loansfrom the United States." first expect
accept the result of the plebiscite and in the meanseveral statements and proclamations.
On Monday Louis Klotz, Finance Minister, pre- time has issued
documents he contended that the
these
sented to the French Chamber of Deputies "the In one of
was unwilling to give a definite
nment
Gover
an
Lottery Loan Bill providing for 5% bonds redeem- "Itali
as to the retention of Italian troops on the
able during sixty years at 150, with drawings every guarantee
ice line." The Rome newspapers continued
six months." The measure had already been ap- armist
erable space to the Fiume situation
proved by the Cabinet. According to the terms of to give consid
of them claimed that "the residents of
the loan the new bonds will be exempt from taxation atid most
Adriatic city have become tired of Gabrielle
and war bonds may be offered in payment for them. the
6
THE CHRONICLE
[vol.. 110.
d'Annunzio and want its future definitely decided." hand, advices purporting
to come direct from IrIn dispatches to the London "Times" from its cor- kutsk, stated that
"the General Staff of the Allrespondents in Rome, it was claimed that, "as for Russian Government
announced .to-day that an
the people of Fiume, they are at present deep in the attempt by the Bolshevi
ki to occupy the Litvinovo
problem of liberating themselves from their liberator, station, on the Trans-Si
berian Railway, just west of
who has changed his mind about leaving and still Taiga, was repulsed by Siberian
and Polish troops,"
hangs on like an unwelcome guest." Still another and it was added that
"the Bolshevik' have been
dispatch from Fiume a few days later told of the defeated at many points,
losing machine guns and
continued defiance of the soldier-poet and of his prisoners." "The Siberian
s.," it was further claimed,
"unshaken obstinacy to remain in Fiume until his "are in possession
of the Litvinovo-Taiga region."
demands are met." Dr. Bela Sich, Secretary of the At about the same
time a cablegram was received
Fiume Council, was quoted in Rome on Sunday as from a special
correspondent of the New York
having asserted that "Gabrielle d'Annunzio has the "Times," who is with
General Denikin's forces in
backing of the population of Fiume, which is de- South Russia. He declared
that in the retreat from
termined not to let him leave the city." Dispatches Kharkov the losses had
been "small," and added that
from London last. evening contained reports that "there are not the faintest
symptoms of debacle and
d'Annunzio was forming a Cabinet and that King a determination to
win is as strong as ever." AcVictor Emanuel is planning to "visit the United cording to an Associat
ed Press cablegram from
States, Brazil and Uruguay and Argentina during Vladivostok dated Dec.
24, "Admiral Kolchak, comthe coming season."
manding the All-Russian Government forces opGeneral Robilant, addressing the Italian Senate posing the Bolsheviki
in Siberia, has retired because
recently, was reported to have alleged that "Italy's of ill-health and
has appointed General Semenoff to
handling of the Fiume situation, from the first, has succeed as Comman
der-in-Chief." This report apbeen a succession of blunders." "Anglo-American peared to be confirm
ed by a dispatch from Irkutsk,
commerce," he added, "needed Fiume as a port oi in which it was claimed
that a similar announcement
penetration into Central Europe, preferring to have had been made at that
centre. The opinion was said
it in the hands of a small country rather than under to prevail in Washing
ton that soon "General Denikin
the control of a Great Power." 'The General was would become supreme
commander on the Moscow
reported to have asserted also that "this plan was and South Russian
fronts."
backed by the Peace Conference!' Referring to
In a London cablegram to the New York "Tribune"
Turkey he said "that country is under the control on Wednesday morning
the correspondent of the
of the League of Nations—and all know that the paper at that centre claimed
to have learned that the
League of Nations is . .n Vie hands of the Anglo Allies had changed their
policy with respect to recogSaxons." The "Epoca," a prominent newspaper nizing the Lenine Govern
ment in Russia, and that
in Rome, published a statement about midweek in .the near future they
actually would give it official
that d'Annunzio "had ordered a new plebiscite to recognition and would
also lift the blockade against
determine the future status of that city.'•
that country. It was even claimed that this would
According to a London cablegram Wednesday be done"within a fortnight,
or three weeks at the out
morning "the arrival here, within a few days, of side." The decision,
it was asserted, was quite
Premier Nitti and Foreign Minister Scialoia, is largely the result of the
negotiations at Copenhagen
considered in well informed circles as presaging a in recent weeks between Max
Litvinoff, representing
settlement of the Fiume question without the con- the Soviet Government,
and James O'Grady, M. P.,
currence of President Wilson, and probably in oppo- representing Great Britain.
At the recent London
sition to his wishes." In addresses before the Italian conference between Premier
s Lloyd George and
Senate on Monday both these Italian statesmen Clemenceau, the correspondent
asserted that the
"gave assurances that nothing had been compromised Russian policy of the Allies
was reconsidered and
concerning the Adriatic settlement." They added that the decision already
noted 'vas reached. These.
that they would "go to London and Pans hopeful of a assertions are at variance
with, or at least are not
satisfactory solution of the question of Fiume, as substantiated by, any
recent statements of either
both Great Britain and France had agreed to some Premier, or other promine
nt representatives of the
changes in Italy's favor, in modification of the last British and French Governm
ents. Wednesday evenproposals of President Wilson." According to the ing Max Litvinoff was quoted
at Copenhagen as
Rome advices "neither of the speakers stated speci- sayirfg that "peace is coming more
quickly than is
fically what President Wilson's proposals were, or generally believed."
gave an idea of what the possible modifications might
In an interview published in the "Corriere d'Italia
."
be."
a prominent newspaper in Rome, Cardinal Karkowski, Archbishop of Warsaw, was quoted as saying
Considerable space has been given by the New that "Poland has her entire
army marshalled along
York newspapers this week to European cable ad- the Russian frontier to form
a barrier against the
vices relative .to the reported and rumored successes western spread of Bolshevism." He
was said to
and failures in the field of opposing military leaders have added, however, that "the Polish
troops are
in Russia. As for many months back, the reports too weak to withstand pressure from the
east, which
have been rather indefinite and the alleged official may last for 20 to 25 years."
statements somewhat conflicting. For instance, LonParis advices Wednesday morning stated that
don heard a week ago to-day, through a wireless according to information received there
it was bedispatch from Moscow, that the Bolsheviki had cap- lieved that "the forces fighting *Admira
l Kolchak in
tured Tomsk and a half dozen other towns. Accord- the region of Irkutsk are not Soviet
troops, but revoing to the message also "the road to Krasnoyarsk and lutionary Socialists and deserters from
the Kolchak
Irkutsk is now open and Admiral Kolchak's army in armies." It was added that "the
Japanese who have
this region has ended its existence." On the other had a battalion at Irkutsk are sending reinforc
ements
JAN. 3 1920.]
7
THE CHRONICLE
to prepare for the eventual advances of the Bolshe- a decline of £903,000. As this statement is for 11
viki, who are supposed to be a considerable distance days, comparisons with • the regular weekly figures
are of little worth.
west of Irkutsk."
For the first nine months of the fiscal year ending
London received a dispatch from Zurich Wednesday
afternoon stating that General Denikine's South March 31 1920 the revenue has been £696,252,000,
Russia anti-Bolshevik forces have been split in two an expansion over the corresponding figure published
sections by the attacking Red armies." According last year of £187,086,000. The expenditures during
to a cablegram from Vladivostok Thursday morning the same period are shown to have been £1,125,981,"800 Government troops at Irkutsk revolted on the 000, a decline of £924,613,000 from the totals of a
night of Dec. 23, took possession of the railroad sta- year ago. There has been a reduction in the floating
tion and established revolutionary headquarters." debt during the past nine months of £61,996,000.
The British War Office is said to have received re- The deficit has been met by long-term borrowing.
ports showing that "the position of General Denikine
No change has been noted in official discount rates
in South Russia is becoming more critical, his retreat
continuing along virtually the whole of his 600 mile at leading European centres from 5% in Paris, Berlin,
Vienna and Copenhagen; 532% in Switzerland, 6%
front."
• in London, Sweden, Norway and Petrograd, and
A long interview with Kei Hara, Japanese Prime 432% in'Holland. In London the private bank rate
Minister, with a correspondent of the Chicago for sixty and ninety-day bills is now quoted at 5%%,
"Tribune," was published a few days ago in the New against 5Y% last week. Money on call in London,
York "Sun." If the Premier was sincere in his with the opening of the New Year, was advanced to
statements, and if he was accurately quoted, there 5% as compared with 39'70 the week preceding.
would. seem to be little ground for anxiety with re- No reports, so far as can be learned, have been respect to the policy of Japan in dealing with Siberia, ceived by cable of open market discount rates at
Shantung, the United States or Mexico. Regarding other centres.
the first named country he is reported to have said:
The Bank of France reports a further gain in its
"Japan has absolutely no territorial ambitions in
Siberia. She will not take a single square foot of gold item this week, the increase-being 427,000 francs.
territory, and the minute the Red menace is settled This brings the Bank's aggregate gold holdings up
she will withdraw every soldier." In reference to to 5,578,950,300 francs, comparing with 5,486,091,published reports in recent years that Japan is ne- 972 francs last year and with 5,355,517,010 francs
gotiating for the acquisition of territory in Mexico, the year before;.of these amounts 1,978,278,416 francs
and in fact that she has actually been given large were held abroad in 1920 and 2,037,108,484 francs
areas,the Premier was quoted as follows:"Japan has in both 1919 and 1918. During the week bills disno thought of acquiring territory or special conces- counted gained 386,565,000 francs and advances
sions of any kind from Mexico." With respect to rose 42,222,000 francs. On the other hand, silver
the policy of his country in'dealing with the Shantung fell off 2,332,000 francs and geperal deposits were
question, the Minister is said to have made the fol- reduced 856,582,000 francs. Note circulation regislowing assertion: "The minute peace is signed Japan tered the large expansion of 386,004,000 francs,
will take up the matter of a full return of all territory bringing the total outstanding up to 37,660,543,576
in China. Japan absolutely pledges to give up all francs and contrasting with 31,055,036,845 francs
territory and to take out all her 'troops. She will last year and with 22,789,122,810 francs the year
retain only her purely commercial interests and con- before. On July 30 1914, just grior to the outbreak
cessions which belonged to Germany." A few days of war, the total outstanding was only 6,683,184,785
later, at the opening of the Diet, the Premier read francs. Comparisons of the various items in this
the speech of the Emperor, who was indisposed. week's return with the statement of last week and
The latter "expressed his pleasure that Japan's corresponding dates in 1918 and 1917 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
relations with the Allied and Associated Powers were
Status as o
Changes •
increasingly friendly." The advices stated that the
Jan. 3 1918.
Jan. 11920.
Jan. 2 1919.
for Week.
Francs.
(1okl
Holdings—
Francs.
Francs.
Francs.
Diet was adjourned until Jan. 20.
In France
Inc.
427,000 3,600,671,884 3,448,983,487 3,318,408,525
Abroad
No change
1,978,278,416
2,037,108,484 2,037,108,484
The British Treasury statement of national finan- Total
Inc.
427,000 5,578,950,300 5,486,091,972 5,355,517,010
318,163.872
246,827,857
265,702,071
Dec. 2,332,000
cing for the 11 days ending with Dec.31 show expend- Silver
Billsdiscounted__ _Inc. 386,565,000 1,654,804,034 1,361,922,425 1,408,247,684
itures of £37,388,000, with a total outflow, which Advances
Inc. 42,222,000 1,506,553,317 1,251,376,447 1,233,502,510
Note circulation_ _Inc. 386,004,000 37,660,543,576 31,055,036,845 22,789,122,810
includes repayments of Treasury bills, advances and Treasury
336,604,246
34,278,294
deposits(?)
other items, of £93,357,000. Receipts from all General deposits_ _Dee. 856,582,000 2,370,513,829 2,391,709,606 2,777,720,952
We also add the comparative figures for last week,
sources for this 11-day period amounted to £93,655,on account of the Christmas holidays the 1919 reas
000. Of this total, revenues contributed £25,969,000,
were not given out until Monday of this week.
sults
Victory
bonds
certificates
savings
£1,100,000 and
Mattis as of
Changes
£6,300,000. The new funding loan brought in
Dec. 25 1919. Dec. 26 1918. Dec. 27 1917.
for Week.
Francs.
Francs.
Francs.
£3,800,000. A total of £28,662,000 was received Gold Holdings—
Francs.
598,000 3,600,244,884 3,440,459,374 3,314,416,322
Inc.
In France
from advances and there came from sundries £722,- Abroad
1,978,278,416 2,037,108,484 2,037,108,484
No change
000. Sales of Treasury bills were £27,102,000. The Total
598,000 5,578,523,300 5,477,567,859 5,351,524,807
Inc.
amount repaid, however, totaled £42,876,000, so Silver
247,657,246
318,348,246
268,034,071
Dec. 4,125,455
911,962,359
Ino. 73,930,788 1,268,239,034 1,046,274,834
Bills discounted
that the volume of Treasury bills outstanding was Advances
Inc. 53,960,538 1,464,331,317 1,215,714,531 1,224,798,045
substantially reduced, and now stands' at £1,105,- Note circulation Dec. 103,891,830 37,274,539,576 30,249,612,230 22,336,798,710
111,68.3,670
251,859,293
76,496,481
Treasury deposits_Dec. 5,682,638
784,000, against the previous total of £1,121,620,000. General deposits..Dec. 55,155,283 3,227,095,829 2,366,197,097 2,913,740,854
Exchequer balances on hand aggregate £4,171,000,
The Bank of England statement for last week was
which is an increase of £298,000. Net temporary
advances outstanding are reported at £224,184,000, not issued until Dec. 29 and showed another loss in
THE CHRONICLE
gold of £107,281. Note circulation continued to
expand; hence the reserve was again reduced, this
time £1,956,000. A heavy increase in other deposits
was reported, and this brought about a sharp contraction in the proportion of reserve to liabilities
from 13.38% the preceding week to 11.51%, or
almost the lowest figure for the entire year. The
return for this week was received yesterday and showed
a further loss in gold holdings of £49,411, with the
proportion of reserve to liabilities down to 9.20%,
the lowest on record. Other pronounced changes
which resulted from the year-end settlements were
a decrease of £1,125,000 in public deposits, an expansion of £47,277,000 in other deposits, while Government securities increased £23,794,000. Loans
(other securities) were augmented £21,598,000. The
Bank's gold now stands at £91,342,155. A year ago
the total held 'was £79,976,436, and in 1918 £59,198,840. Circulation is £91,349,000, as against
£70,190,250 in 1919 and £49,591,020 the year preceding. Reserves total £18,442,000, in comparison
with £28,236,187 and £31,057,820 one and two years
ago, respectively. The aggregate total of loans is
£106,777,000, which compares with £106,472,930 in
1919 and in 1918 £106,480,723. Clearings through
the London banks for the week were £509,880,000,
against £772,690,000 a week ago and £294,760,000
last year. We append a tabular statement of comparisons for the latest week and also for the preceding
week.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1919.
1918.
1917.
1016.
Dec. 31.
Jan. 1.
Jan. 2.
Jan. 3.
Jan. 5.
Circulation
91,349,000 70,190,250 46,591,020
Public deposits
19,213,000 26,b06,290 32,074,902
Other deposits
180,637,000 214,894,016 158,411,326
Governm't securities 92,469,000 124,303,744 70,833,770
Other securities____106,777,000 106,472,930 106,480,723
Reserve notes & coin 18,442,000 28,236,187 31,057,820
Coin and bullion_ 91,342,155 79,976,437 59,198,840
Proportion of reserve
to liabilities
9.20%
11.70%
16.30%
Bank rate
5%
5% '
5%
BANK
OF
39,895,160
53,147.093
116,388,305
62,187,545
91,789,493
33,512,304
54,957,464
35,194,245
58,156,684
105,835,576
32,840,016
114,748,048
34,358,315
51,102,560
19.76%
6%
20.95%
5%
ENGLAND'S COMPARATIVE STATEMENT.
1919. •
1918.
1917.
1916.
1915.
Dec. 24.
Dec. 25.
Dec. 26
Dec. 27.
Dec. 29.
Circulation
92,148,000
Public deposits
20,337,000
Other deposits
133,360,000
Government secur's_ 68,675,000
Other securities
85,170,000
Reserve notes & coin 17,692,000
Coln and builion
91,391,566
Proportion of reserve
to liabilities
11.50%
Bank rate
6%
70,306,930
23,642,681
149,036,977
71,105,744
92,140.127
27,253.834
79,110,764
45,943,965
42,009,347
124,161,430
58,303,023
94,888,724
30,843,500
58,337,469
39,675,535
52,116,381
126,726,657
57,187,707
106,461,404
33,079,380
54,304,915
35,309,255
49,677,317
111,972,557
32,840,016
112,075,710
34,617,152
51,476,407
15.78%
5%
18.50%
•
5%
18.49%
8%
21.41%
5%
As a result of efforts put forth by the banks last
week to strengthen their reserve position, distinct
improvement was shown in the statement of New
York Clearing House banks and trust companies,
issued on Saturday, but the improvement was effected
at the expense of the Federal Reserve Bank through
increased borrowing at that institution. Deposits
were heavily reduced, and the deficit of over $12,320,830 recorded the previous week turned into an
excess of more than $8,000,000. While this, of
course, is a factor of no real significance, it nevertheless exerts a favorable influence. The loan item
expanded $7,975,000. In net demand deposits the
reduction amounted to $64,328,000 to $4,057,164,000
(Government deposits of $225,030,000 deducted),
while net time deposits were reduced $2,103,000.
Cash in own vaults (members of the Federal Reserve
Bank) increased $6,895,000 to $113,228,000. There
were also increases of $1,027,000 in reserves in own
vaults of State banks and trust companies to $12,952,000 and $614,000 in reserves and other deposi
woL. 110.
tories (State banks and trust companies) to $11,339,000. Aggregate reserves registered a gain of $12,084,000, which brought the total to $547,673,000.
A decline of $8,469,370 in reserve requirements was
shown; hence surplus was expanded $20,553,370,
which not. only cleared off the deficit, but left an
excess on hand of $8,232,540. The above figures for
surplus are on the basis of 13% legal reserves for
member banks of the Federal Reserve system, but
not including cash amounting to $113,228,000 held
in vault by these banks last Saturday. The banks
have been discounting very freely both on Government bonds and commercial bills. The bank statement will be found in more complete form on a
later page of the "Chronicle."
Call money at this centre was tight all the week and
there was no relaxation in rates until yesterday.
Renewals yesterday were made at 15% as on previous
days, but instead of advancing to 25% in the last
hour, as on previous days, the rate reacted rather
sharply, being quoted at first at 12% and shortly
thereafter at 10%, and dropping to 6%. Naturally
easier monetary conditions are expected during the
coming weeks, because of the return of large amounts
to the usual channels that have been diverted temporarily over the turn of the year for heavy Government
and corporate disbursements. There appears to be a
difference of opinion in local banking circles as to
the probable trend of the money market, even
during the next few weeks. Some authorities
were quoted yesterday as expecting continued
firmness. If mercantile business continues on the
same large scale, as has been predicted by some
of our prominent industrial leaders, it would seem
logical to look for a comparatively limited supply
of money for speculative purposes. A report issued
by the Federal Reserve Board at the end of the
year indicated some uncertainty in the minds of its
members as to the probable volume of business and
the trend of prices and wages during the new year.
The opinion has been expressed in important banking
circles here within the last few days that within a
reasonable time the money market would become
more nearly normal than it has for the last few weeks.
Those who hold this opinion are confident also with
respect to the future of business in this country,
although they are not makiqg definite predictions
about the immediate future of things. Time money
continues extremely high, and as a matter of fact
the quotations are practically nominal, as almost no
new money is being' offered. The fact that many
Stock Exchange firms have added several new members each, without withdrawals, and that a goodly
number of new firms have been organized, would
seem to indicate confidence in the future of business
for the financial district. Although there are many
disturbing factors in the general situation in this
country and in Europe, it is apparent that our great
financial leaders are taking not only a broad, but
hopeful and rather confident, view of things for the
new year.
As to money rates in detail, loans on call have covered a range during the week of 6@25%, as against
7@18% a week ago. Monday 25% was the high,
with 10% low and also for renewals. On Tuesday
and Wednesday the range was 15 @ 25%, while renewals were negotiated at 15% on both days.
Thursday was a holiday (New Year's Day). Friday
THE CHRONICLE
Spot Delivery
Ninety
Sixty
Thirty
Days.
Days.
Days.
Eligible bills of member banks
53%0:45
53%014 5 043%
Eligible bills of non-member banks.__ 5 @t534 53%@5
5%@43%
Ineligible bills
644154 64Q)5% 6%05%
Delivery
within
30 Days.
5% bid
5% bid
6% bid
As we note elsewhere in to-day's issue of our paper,
the Federal Reserve Bank of New York this week
increased from 432 to 43
4% the race on fifteen-day
advances secured by certificates of indebtedness,
and likewise similafly raised the rate on trade and
bankers' acceptances having a. maturity of not exceeding ninety days' maturity. The effect of this
is to establish a rate of 43
4% for advances on all
classes of paper, except for agricultural paper of
more than 90 days, but not more than 6 months
maturity, the rate for which remains at 5%. We are
advised that the Federal Reserve banks of Philadelphia and Richmond have taken similar action; the
Federal Reserve banks which made no changes
this week are Chicago, St. Louis and Dallas; the
Minneapolis Federal Reserve Bank this week,following the action of the New York Reserve Bank,
increased its 15 day rate from 4 to 43
4%; the
Atlanta Federal Reserve Bank announces, effective
Dec. 26, a rate of 432% in the case of bankers' acceptances endorsed, and 43
4% unendorsed. On Dec.
26 the San Francisco Federal Reserve Bank changed
its rates as follows: in the case of advances on commercial paper (the rate for which had previously been
4176% for fifteen days and 5% for maturities up to
4% for all maturities;
90 days), rate changed to 43
15 day advances secured by Liberty Bonds or Victory
notes rate raised from 432 to 43
4%; a rate of 43
4%
is also established by the San Francisco Reserve Bank
for paper of all maturites up to 90 days, based on
trade acceptances; it had previously been 432%
for 15 days and less and 5% for 16 to 90 days.
Up to the time of going to press last night we had no
advices from the Boston, Cleveland and Kansas City
Federal Reserve Banks as to whether any change in
rates was made the current week. In the following
we show the prevailing rates, so far as our knowledge
goes, for the various classes of paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
CLASSES
.
OF
DISCOUNTS AND LOANS.
Discounts—
Within 15 days, incl. member
banks' collateral notes____ 4%
16 to 60 days' maturity___ 4%
61 to 90 days' maturity__ 4%
Agricultural and live stock
paper,91 to 180 days incl.- 5
Secured by 434% U.S. certi
ficates of indebtedness—
Within 15 days, including
member banks' collateral
notes
434
3ecured by 434% U. S. Certificates of Indebtedness.
Lib. bonds & Vie. notes—
Within 15 days, including
member banks' collateral
'434
notes
16 to 90 days' maturity
434
Trade Acceptances15 days' maturity
431
4%
16 to 90 days' maturity
New YorZ.
the maximum was 15%, but the minimum fell to
6%, although 15% was still the ruling figure. The
above figures are for mixed collateral and all-industrials, without differentiation. Time money is in
very light supply and business was almost at a complete standstill, even for the shortest maturities,
though borrowers were bidding as high as 7% for
sixty day funds. Nominally, 7% is quoted for all
periods from sixty days to six months for mixed
collateral and at 73/2@8% for all-industrial money
the same as a week ago.
Mercantile paper has also been advanced and is
now quoted at 6% for sixty and ninety days' endorsed
bills receivable and six months' names of choice
character, against 5%@6% last week. Names not
so well known continue at 6%, which, of course,
represents the maximum legal rate. But trading,
even in the best names, was exceptionally dull.
Banks' and bankers' acceptances, as might be expected, were dealt in only to a very limited extent
owing to the stringency in the call loan market.
The undertone was firm, at the higher levels recently
established. Brokers now look for an easing in the
general monetary situation to follow the return to
the banks of funds recently paid out in the form of
interest and dividend disbursements. Demand loans
on bankers' acceptances have been advanced to
43
4%,against 43i% the previous rate. Quotations
in detail are as follows:
9
I3oston.
JAN- 3 1920.]
1
A.
i
.4 g
..i
i
C)
1
-,
I I
1 6
A
ei
1
•-•
1
tcI
•
1
it
1
A
1
3 4% 43% 4% 4% 434 434 4% 5
44
4% 434 4% 4% 4% 45% 4% 434 5
4% 4% 43% 4% 4% 43% 434 5 6
5
5
534 5
5
5
5
4%
43%
434
534 534 63% 534 534 1534 IS%
,
.
434 43% 434 43% 434 434 43.4 43% 43% 43% 44
.
43% 4346 44 4% AO 434b434b 4% 56 Sc 4344
434 434 44 434 434 434 431 431 5 5 434
431 431 434 4% 434 434 43% 434 5
434 4% 43% 4% 43% 434 434 43% 5
5
5
01
43.
1
J Rates for discounted bankers' acceptances, 434%.
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates on paper secured by War Finance Corporation bonds, 1% higher
than on commercial paper of corresponding maturities.
Note 3. Whenever application is made by member banks for renewal of 15 day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90 day
paper of the same class.
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.
b Rate on 15-day advances secured by 434% Certificates of Indebtedness,04%
c Rediscounts (16-90 days) secured by certificates of Indebtedness, 454%.
d Rediscounts (16-90 days) secured by certificates of indebtedness, 434%.
Celebration of the Christmas and New Year holidays here, and to a still greater extent abroad, interfered materially with the customary routine business,
and the sterling market experienced an unusually
quiet and uneventful weak, with the volume of transactions of relatively small proportions.. During the
initial dealings quotations .moved within narrow
limits, ruling alternatively above and below the close
of Friday last. On Tuesday, . however, weakness
developed, and there was a sharp break of 4c, in the
pound to 3.75 for demand bills, chiefly as a result of
larger offerings of commercial bills and a lessened
inquiry. The sudden stringency in the local money
market was also a factor, while the absence of buying
orders for covering purposes, which have had so
much to do with sustaining rates lately, tended to
confirm the belief of bankers that the recent strength
was largely due to end of the year covering of short
contracts, and that these have now been completed.
Announcement on Wednesday that the formal exchange of retifications of the Treaty of Versailles by
the Allies and Germany was probable on Jan. 6 was
well received, since it was regarded as likely to accelerate efforts at a compromise for securing ratification
of the Treaty by the American Senate. In any event,
it will constitute a long forward step in the restoration of international relations, to something approximating normal conditions, thereby affording a basis
for the establishment of banking credits wherever
needed. It has been freely conceded for some time
past in financial circles here that in the present state
of uncertainty regarding economic and political
affairs in Europe, foreign financing on a large scale
would be a hazardous enterprise, involving grave
risk. With the resumption of business on Friday
after the holiday, substantial improvement was
shown and the close was 33/
2c. in the pound above
the low point above recorded..
It is rumored in usually well informed quarters
that negotiations are again actively under way for a
loan to Belgium to be placed in this country. Nothing definite, however, is known as yet in the matter.
Negotiations for loans to other countries are also
10
THE CHRONICLE
[vol.. 110.
under discussion, the Czecho-Slovakian Government Some attention has been given the statement by
being, it is reported, particularly anxious to arrange Special Envoy of the Argentine Government, Carlos
a bond issue, the proceeds of which will be used to A. Tornquist, who has just arrived in Paris, that
take care of the impending maturities of a $6,300,000 both Executive and Government are entirely favorable to the arrangement of another credit of $200,000,acceptance credit now outstanding.
As regards the day to day rates, sterling exchange 000 to Great Britain and France, without collateral,
on Saturday of last week was easier and there was a in order "that,there may be no check in exportations
recession to 3 78%@3 793.( for demand,3 80@3 803/ from Argentina to Europe." Ocean traffic, he intifor cable transfers and 3 739@3 743 for sixty days; mated, between Europe and Argentina had never
trading was dull and prices nominal. On Monday before been so active,and that not only was it desired
the volume of business transacted was still light and to maintain this activity, but for sentimental and
quotations ruled within narrow limits, at a fraction- patriotic reasons, Argentina was particularly anxally lower level; demand ranged at 3 783/2@3 79, ius to render whatever assistance lay within her
cable transfers at 3 793/2@3 803/i and sixty days at power to Great Britain, France and Italy during the
3 733@3 74%. Weakness developed in Tuesday's present crisis.
The official London check rate in Paris closed at
dealings and a decline of 4 cents was registered to
cable
against 40.15 a week ago. In New York sight
for
40.98,
76(4)3
3 75@3 783( for demand, 3
793
the French centre finished at 10.75, against
bills
on
Pre-holiday
days.
60
for
75
69%@3
3
and
transfers
dulness characterized trading on Wednesday, and 10.61; cable transfers at 10.73, against 10.59; comdemand ranged at 3 75@3 76, cable transfers 3 76@ mercial sight at 10.78, against 10.64, and commercial
%. Thursday was sixty days at 10.86, against 10.72 last week. Belgian
3 77 and 60 days 3 69%@3 703
a holiday (New Years Day). On Friday the market francs closed at 10.69 for checks and 10.67 for cables.
was quiet but firm with quotations substantially Last week the close was 10.33 and 10.30. Final quohigher at 3 78@3 79 for demand, 3 79@3 80 for tations for reichsmarks were 2.05 for checks and 2.07
3 for 60 days. for cable remittances, which compares with 2.08 and
cable transfers and 3 729.@3 73%
2 2.10 a week ago. Austrian kronen finished at 00.64
Closing quotations were 3 733 for 60 days at 3 783/
for demand and 3 793/ for cable transfers. Commer- for checks and 00.66 for cable transfers, in comparison
%, with 00.59 and 00.61 in the week previous. Excial sight bills finished at 3 78%, 60 days at 3 703
90 days at 3 69%, documents for payment (60 days) change on Czecho-Slovakia closed at 1.95, against
3 70% and 7-day grain bills at 3 77%. Cotton and 1.95; on Bucharest at 3.60, against 3.50; on Poland
grain for payment closed at 3 783,. Gold engage- at 1.30, against 1.30, and on Finland at 3.20, against
ments included $350,000 gold coin withdrawn from 3.20. For lire the close was 13.21 for bankers' sight
the local Sub-Treasury for South America and a ship- bills and 13.19 for cable remittances. This comment of $900,000, also for South America,for account pares with 13.04 and 13.01 last week. Greek exof the First National Bank of Philadelphia. A con- change has not been changed from 6.55 for checks
signment of gold amounting to more than $2,000,000 and 6.50 for cable transfers.
Neutral exchange ruled dull and featureless. Moveis understood to have been arranged for,shipment to
actually
which were relatively unimportant,showed no
ments,
have
to
is
$450,000
understood
while
India,
gone forward. This makes $4,005,000. No imports definite trend in either direction, and the volume of
business transacted was exceptionally light. A powere reported.
tential factor in the dulness was, of course, the
Movements in the Continental exchanges some- almost universal observance of Christmas and New
what paralleled those just recorded in sterling. Here Year holidays at these centres. Swiss francs were a
also firmness prevailed in the initial transactions, shade easier, as also were guilders and Spanish
only to be followed by a pronounced slump in prices pesetas. The Scandinavian exchanges .moved iron Tuesday which carried francs to 10.95, 34 points regularly and finished fractionally down.
Bankers' sight on Amsterdam closed at 37 5-16,
off, while Belgian exchange sold down to as low as
5
3 , against 37%;
10.77, a loss of 44 points for the week. Italian lire against 3732, cable transfers at 37%
and
37
7-16,
against
5-16,
37
at
to
commercial sight
shared in the general weakness, with a decline
13.25, but German and Austrian exchange were commercial sixty days at 36 15-16, against 36 15-16
maintained at or about the levels prevailing in the on Friday of the preceding week. Swiss francs finlast week or two. Heavy offering of bills of all de- ished at 5.58 for bankers' sight bills and 5.56 for
scriptions, coupled with a falling off in the inquiry, cable transfers. A week ago the close was 5.54 and
was held responsible for the renewed weakness. 5.51. Copenhagen checks closed at 19.00 and cable
Trading throughout was dull and nominal, although remittances 19.15, against 18.85 and 19.00. Checks
just before the close there was a partial rally and on Sweden finished at 21.35 and cable transfers
21.50, against 21.50 and 21.60, while checks on Norsome of the losses were regained.
Among the more important news features of the way closed at 20.30 and cable transfers at 20.45,
week was the announcement that the French Chamber against 20.50 and 20.60 last week. Spanish pesetas
of Deputies has adopted the new loan bill by a vote finished this week at 19.30 for checks and 19.35 for
of 491 to 64, the new measure providing for an issue cable transfers. A week ago the close was 19.25
of bonds bearing 5% and redeemable during 60 and 19.35.
As to South American. quotations, dulness was
years; also that Italy has been granted an additional
in evidence and the rate for checks on Argentina
also
materials
raw
of
the
purchase
for
credit of $416,114
has
varied only five points, being now at 43.05,
States.
United
the
in
necessities
reconstruction
and
The total of credits to Italy to date now is $1,621,- against 43.00 for checks, and 43.20 for cable transfers,
338,986, while the total to all the European Allies against 43.15. For Brazil the check rate is still
is $9,647,834,649, which leaves only about $350,000,- 27.25 and cable transfers at 27.40, unchanged. Chil4@20,
000 that can be disposed of by the Treasury in loans to ean exchange continues to be quoted at 193
'
for
5.00@5.05
Peru
at
is
and
the Allies before the ten-billion-dollar limit reached.
THE CHRONICLE
JAN. 3 1920.]
Far Eastern rates are as follows: Hong Kong,
95@953', against 96@9614; Shanghai, 160@162,
against 167@1683/
2, Yokohoma, 5034@501A, against
50@513/2; Manila 49@49%, against 49M@503;
%, against 49@493/2, Bombay
Singapore 50@503
• 4631@46, against 45@453,and Calcutta 461.4@
2, against 45@453. A Pekin dispatch under
463/
date of Dec. 27 announces that the British Ministry
has recommended that the Government of China
will discontinue the use of silver and establish a
uniform dollar currency with subsidiary silver and
copper coins. It is proposed to open a mint at
Shanghai for the free coinage of dollars, and the
placing of other mints under efficient control for the
purpose of securing uniformity of standards. The
Chinese authorities, it is stated, are agreeable to the
proposal and consider the moment an auspicious one
for such an inauguration.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $8,922,000 net in cash as a result of the
currency movements for the week ending Jan. 2.
Their receipt from the interior have aggregated
$13,898,000, while the shipments have reached
$4,976,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which together occasioned a loss of $154,088,000,the combined
result of the flow of money into and out of the New
York banks for the week appears to have been a loss
of $145,166,000, as follows:
Week ending Jan. 2.
Banks' interior movement
Sub-Treasury and Federal Reserve
operations and gold exports and
Imports
Net Change in
Bank Holdings.
Out of
Banks.
Into
Banks.
S13,898,000:
$4,976,000 Gain $8,922,000
41,456,000/
195,544,000 Loss 154,088,000
$55,354,000 $200,520,000 Loss3145,166,000
Total
The following table indicates the amount of bullion
in the principal European banks:
Jan. 2 1919.
Jan. 11920.
Banks of—
Gold.
Silver.
Total.
Gold.
Silver.
Total.
.c
79,976,436
91,342,155 79,976,436
England _ 91,342,155
150.679,339
Franco a 144,009,705 10,060,000 154.,)86,875 137,959,339 12,720,
999,26 114,099,410
Germany
54.480,650 1,052,550 55,533,200 113,100,15
Russia
_ 129,650,000 12,375,000 142,025,000 129,650.10: 12,375,0 142,025,000
Aus-Hun.c 10,944,000 2,369,000 13,313.000 11,008,000 2,289,000 13,297,000
Spain _- 06,895,000 25,109,000 122,004,000 91,332,000 25,864,00 117,196,000
3,200,00 41,639,000
32,200,000 3,008.000 35,206,000 38,439,00
Italy
698,000 58,192,000
Netheri'ds. 53,110,000
509,000 53,619,000 57,494,0
600,000 15,980,000
Nat. Bel. h 10,656,000 1,046,000 11,702,000 15,380,0
2,318,000 18,173,000
Switzland, 20,650,000 2,845,000 23,495,000 15,855,00
15,742,000
15,647,000 15,742,00
Sweden _ 15,647.000
130,000 10,554,000
190,000 11,977,000 10,424,00
11,787,000
Denmark
6,726,000
8,143,000 6,726,
8,143,000
Norway
Total wwic 879,5>1,680 58,561,55' 738,093.230723,085,92.61,193,261 784,279,185
Prey. week 680,105,522 59,319,100 739,424,622 719,121,588 58.775,760.777,897,348
a Gold holdings of the Bank of France this year are exclusive of £79,131.137
hold abroad.
• No figures reported since. October 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journal" for Dec.7
1917.
h Figures for 1918 are those of August 6 1014.
ENGLAND AND IRELAND IN THE NEW YEAR.
The Great War has settled many national problems, and to those which it has not settled, it has
given at least a new and altered aspect. But one
grave problem of European politics was left at the
close of the war in exactly the position which it
occupied when the war began. It remains in the
same position a year after the ending of the war, and
that position has on all three occasions been in the
nature of a political crisis. At the end of 1919 not
a step had been actually taken for the solution of the
Irish question. In the first week of August 1914
the troops were firing on the Dublin rioters, and it
was momentarily uncertain whether an Irish revolt
might not be a complicating influence of the most
formidable sort in the struggle against Germany.
11
At the end of last month, the Irish revolutionists
were attempting to assassinate the English LordLieutenant of Ireland.
These plain facts were themselves sufficient to
prove the urgent necessity of dealing thoroughly and
effectively with this centuries-old dispute. The
British Ministry has so recognized them. Its hand
has been held by political disputes in Parliament, by
the necessary concentration of the legislative mind
on other urgent questions arising directly from the
war, and by the division of political opinion in Ireland itself. Now, however, almost at the close of the
old year, the British Premier has publicly announeed
the plan of solution which the Government intends
to pursue in the Irish question.
As proposed and outlined by Lloyd George in
Parliament on Dec. 23, the settlement of that question should be on the lines of Home Rule conducted
by independent parliaments; one for Northeastern
Ireland, another for Southwestern Ireland. As yet
the boundary between these two sections seems not
to have been conclusively determined. Of the suggestion of committing Ulster at the start to the authority of a single Irish Parliament, which would be
controlled by the constituencies of Ireland outside
of Ulster, the Premier declared that "it would be an
outrage to the principle of self-government to place
her under alien rule." Equally, the idea of Irish
secession would be treated by the, Imperial Government "as the United States Government treated the
secession of the Southern States in 1861."
Therefore the Premier proposes that two legislatures shall conduct the general government, but
that a single Irish Council, elected by these two legislatures, shall be responsible for services necessarily
common to the whole country. Whenever the two
parts of Ireland wish to unite in a single political
constituency with a single Legislature, they shall
have power to do so; but there is no compulsion.
To the Imperial Parliament at Westminster are to
be reserved control of foreign affairs, peace and war,
army and navy, treason, coinage, navigation, trade
outside of Ireland, and the higher judiciary. But
Ireland would retain the 42 Irish members in the
British Parliament, and, while the Irish Legislatures
would fully control such questions as education,land,
roads, agriculture, transportation, municipal affairs,
and local government, they would not control the
postal service unless and until a single Irish Legislature is agreed on.
A not unnatural comment on the program thus
unfolded would be that it follows at least the lines
of logic, as prescribed by the process of eliminating
what is politically impossible. All of the plans for
a settlement in Ireland have been deadlocked from
the moment of their first discussion, when the compulsory political union of Ulster and the rest of Ireland in a Home Rule Government has been proposed.
It will not have been forgotten how, just before
the beginning of the Great War—when such a project
seemed to be in immediate contemplation—the people of Ulster were actually arming themselves with
the deliberate purpose of forcibly resisting the authority of an independent government in Ireland,
dominated (as it would have been) by the other Irish
constituencies. The war has mostly broken down
this idea of armed resistance; but it has created another complicating fact in that Southern Ireland was
the hesitant and in a measure disloyal constituency
during the period of army recruiting and German
12
THE CHRONICLE
plots, whereas Northern Ireland was a mainstay to
the cause of the Allies.
It was morally and politically out of the question
to hand over the northern constituencies to political
'domination by the southern constituencies, under
such circumstances and against their protest. The
very fact that Ulster took the position of not wishing
independence, that it was loyally satisfied with existing English rule,'made it difficult to take any step
which would satisfy the rest of Ireland. But if the
powers of Home Rule are conferred on Ulster individually and independently of the other Irish
provinces, then this would at least be a step which
the Imperial Government could take without subjecting itself to the innuendo of inflicting oppression
or disgrace upon Ulster.
Some such measure of Home Rule was undeniably
necessary, if Ireland as a whole was ever to be pacified.
Comment of the English press on the ministry's
new proposal has generally followed these lines.
Lloyd-George himself had said in his speech that no
plan which Ireland would accept could possibly be
pleasing to England, and so their, discussion of his
project proves. Nevertheless, the newspapers as a
rule accept his general plan as the only possible
solution. It is true that the London "Morning
Post," representing extreme anti-Irish opinion in
England, calls Lloyd-George's plan "a bad settlement—bad for Ireland because it does not settle
the Irish question, and bad for England because it
weakens the United Kingdom." The "Irish Times,"
representing extreme anti-English opinion in Ireland,
similarly declares that "three-fourths of the Irish
people will reject the bill," for the reason that "national ideals cannot persist in a divided country."
But the real drift of opinion on such questions can
never be ascertained through assertions of extremists, and as a matter of fact the press of Great Britain
as a whole accepts the general outline of the plan—
reluctantly, it is true; with many reservations, and
with a sense of weariness, but still with an evident
feeling that the time has come to end an impossible
political situation.
To the outside world, the imperative and essential
facts about the Irish question are that it must be
settled soon, yet that every one is aware of the total
impracticability of settling it at all, unless on
some such general lines as those of Lloyd George's
last proposal. If either Ulster or Dublin chooses now
to reject that proposal in its general principles, it
will thereby be expressing unwillingness to submit
to any solution, short of continuance of the old and
hopeless political status or of Irish revolution.
FRANCE AND THE UNITED STATES.
In announcing the safe return to France of M.
Eugene Schneider, the President of the great Creusot
works and the head of the economic and financial
Commission recently sent to us, the cable gives a
short report of an interview with him in Paris. It
touches on various interesting conditions, but is too
brief to do more than show his abounding good-will
toward America and his strong optimism as to France,
despite the cloud which hangs over Europe and the
delay in our signing of the Peace Treaty.
Happily we have his fuller views in an address
delivered while he was here, in Atlantic City, which
we now have in full, in French; to which the new
Paris magazine, "France-Etats-Unis," devotes a
large part of its November issue. In France he will
[vol.. 110.
speak of conditions in America; here he tells us about
France, what we are glad to know. We shall translate from him as follows:
Of the 200 billion dollars which the war cost the
nations engaged in it, the share of France stands at
27 billions. If the entire cost is included a total of
71 billions is the official estimate presented to the
French Chamber of. Deputies. These figures are too
large to be grasped, but there is still to be estimated
in money value the crushing effect of the suspension
of the normal annual production of the leading indispensable raw materials. For four years and more
nations have produced only to destroy. A year after
the armistice France finds herself impoverished and
crushed under an enormous debt. The cost of provisions rises daily, and many break down in the
struggle for food.
The sudden ending of the war has produced grave
moral evils. Moral tension was at once relaxed, as
of a spring unwound. Men emerging from the hell
of war expected to find paradise. A wave of idleness
swept over labor. Men craved release, and looked
to the State to meet every need and supply it with
pleasure. There are no limits to the State's wealth
or its generosity. It could gather iii all and subsidize
all. Nothing short of social transformation would
satisfy the masses. Toil became distasteful, appetite, whether for consumption or for gain, was unrestrained, and discontent has deepened and spread.
Since Nov. 1918 no one can pretend that the convalescence of the world has advanced. On the
contrary these evils have increased.
The world knows all this, the present condition of
labor, of wages, of food, of exchange, of transport.
There are many pessimists; but the older nations
which through the centuries have known many
vicissitudes, carry in their loins mysterious energies.
These energies come forth in hours of crisis. Let no
man mistake. Our maladies are brief, our disturbance is arousing; we carry with us the conditions of
cure, and we shall be cured. Only if we did not
know our conditions,or knowing with hands down and
heart resigned refused to accept it, would distrust
of us be' justified.
What then is to be seen among us to-day? Enterprises, investigation, movement, disturbance, if you
will, on all sides. A sign of death? Not at all.
The sign of life. Everywhere critical conditions, of
the means of life, of finance, of transport, our principal maladies. Each carries in itself an element
of healing. If on the morrow of the armistice life
had been resumed slowly and at a pace adjusted to
our enfeebled state, there would have been no crisis.
Crisis is caused when life is driven precipitately into
channels that are too narrow, and hearts have beat
too fast and with too great impatience.
What then is the situation in France? If France
at first sight appears more enfeebled than the other
Allies, perhaps it is because she has for five years
served as the battleground of the world. For six
hundred years it has been repeatedly said, France
is ruined. Each time she has risen younger and more
vigorous than ever. Since she was settled by a
laborious race she has been far from exhausting her
material resources. The land of toilers and peasants, the return of her fields has never been more
than the half of what it might be. Under the pressure of need she has set herself to doubling her crops.
In the decade before the war,in metallurgy, France
made the greatest progress proportionately of all
JAN. 3 1920.]
THE CHRONICLE
13
the nations. Her production doubled. Deprived I change opinions, join their interests, unite the bonds
by the war of two-thirds of her blast furnaces and of business with those of souvenir and of sympathy,
her mines, she nevertheless met the requirements and genuinely draw near to one another.
Doing this, we shall all have the assurance of
of the armies in gulls and munitions. To-day, with
the return of Lorraine, she is in the way to become serving our own country while we serve the superior
a chief producer of iron and steel, rivaling Germany. interests of humanity. We shall be faithful to the
in
Lacking sufficient coal the utilization of her hy- spirit which sustained us and drew us together
the
France
in
repeat
we
of
this
Assured
the
war.
Before
es.
possibiliti
draulic resources opens immense
in
the war these furnished 700,000 horse power; to-day always true words of our great Minister Turgot
race."
human
it stands at 1,200,000 and will reach 1,500,000 next 1776; "America is the hope of the
year, with an investment of $290,000,000 in the
NOW ATTEND TO THE RAILWAYS.
installations. Her textile industries move more
the morning of Christmas Day, as a sort of
On
slowly because of our delay in supplying raw mae gift, appeared the President's proclamaseasonabl
terials.
announcing relinquishIf one looks beneath the surface he will see signs tion dated the day before,
and the express systhe
railways
of
of renewed confidence. The restoration of the ment of control
to their owners,
return
their
and
country,
devastated Provinces is already under way. Months tems of the
1. This is a
March
of
morning
the
on
12:01
at
are needed to make inventories, to estimate the
as to the
questim
further
for
room
removing
in
gain
.enormity of the destruction, to determine the more
the same
At
world.
the
to
notice
giving
in
and
date,
.imperative forms of relief and the best methods of
in which
Congress,
to
warning
distinct
it
gives
time,
distribution. Trains of materials move without
Bill of
Esch
the
and
Bill of the Senate
interruption toward the north. As in the war, when the Cummins
the
notice,
The
e.
in
conferenc
now
reserves began to arrive, they come in a steady the House are
must
and
ble,
unmistaka
are
call
the
stream. Facing disaster we say with Marshal Foch, challenge, and
be heeded.
"I attack."
It is a gain to make a New Year resolution, for
Turning toward the south at the time of the
must precede action, though the action
resolution
vintage one sees everywhere signs of abundance; or
upon the substantial character of him
depend
must
toward Brest, he will find the Breton fisherman
upon a change for the better. It is a
re-established; everywhere in traversing France one who resolves
this question of Governmental consees rich pastures, fields and farms with peasantry gain now to get
prolonged term of that) definitely
a
of
even
at work, who were not reached by the "wave of trol (or
the brotherhoods and Mr.
although
For
settled.
idleness." Even in the devastated regions the
Cummins Bill, and althe
e
disapprov
Gompers
tireless peasant bends to the soil; there also harvests
s serve notice that they
machinist
railway
the
though
will wave tomorrow.
law as it stands,
to
bill
become
the
permit"
not
"will
the
of
spite
In the realm of administration, in
(for selfish
employees
railway
the
strength of old habits, reform is the order of the day. and although
to conprefer
obvious)
perfectly
are
which
The application of modern methods to the govern- reasons
may
and
employer
the
as
nt
Governme
under
tinue
ment, opening out the nations' resources, reducing
its
pervert
to
or
return
the
to
obstruct
expected
be
legislative control, stabilizing the executive, demay
we
so,
do
can
ng
threateni
and
if
cajoling
terms,
centralizing control, securing autonomy in the prinit as settled that the properties are going back
cipal economic departments, setting at work a vast take
Government ownership and Government
scheme of public improvements, and of individual and that
are both done. Looking back upon the
initiative and activity [moving apparently in the control
of the blunder of seizure, we may exdirectly opposite way from what we are to-day ghastly results
t will remain for long time
experimen
the
that
pect
doing in America] these, from one side of the land
and if it does the
repeated,
be
to
not
as
settled
to the other, mark the course which the voice of the
the demonstration
find
y
that
ultimatel
may
country
new generations in France demands. To all these
es of Government to do business
conceptions, to all these projects which have long of the incapaciti
been worth its cost.
slept, the war has given the whip. France is learn- work has
we shall hear a little more of the Plumb
Perhaps
withtradition
respect
can
nation
ing that a modern
bile it is worth something to be able to
w
and
out falling into routine. She has determined to plan,
no such thing as that will even come up
that
believe
push forward her own transformation. This is the
either branch of Congress we ought
before
action
for
purpose declared in her late elections, this will be
by the loss of sharpness on the
warning
take
to
also
the task of her new parliament.
and moral sensitiveness, for
Turning to America, France says: The question edges of our economic
proposed rapine and dishonor should
is not, shall we recover? That is sure, and all who such a piece of
out of sight by public indignation,
shriveled
credit it will make no mistake. The only question have been
probably would have been.
times
normal
in
and
is, how much time will it take, and what difficulties
the thing long enough to
permitted
have
we
That
are to be surmounted. With you to aid the recovery
us that a degenerative
show
should
it
dismiss
quietly
it
may
will be quick and simple. Without you
going on.
prove longer and more difficult. If you stand as process has been
pledged to return the property
stands
country
The
to
strangers
remain
will
you
strangers to our task,
lly as good repair and
substantia
"in
our success. But you will not escape a share in our of each carrier
equipment" as when
complete
as
lly
ills, which will extend to you, despite you, and in substantia
illustration the
just
the
to
Returning
taken.
despite us. For the war has once more demongoing indusvast
this
before,
used
has
e"
"Chronicl
strated that the earth is round, it has encircled it;
of
rental to be
promise
a
on
seized,
was
plant
trial
its social and political storms reach all.
and the
party,
seizing
the
by
paid
and
d
determine
in
the
on
resurrecti
There will be no real peace, no
compenThe
off the premises.
world, unless forthwith and of themselves the owners were driven
been fully met. The plant
not
as
for_use_h
sation
excontact,
in
keep
nations
Allied
citizens of the
14
THE CHRONICLE
[voL. 110.
has been overstrained, misused, and run down. The said the 63,298 stockholders in the Pennsylvan
ia had
credit of the owners, already injured by Govern- grown to 106,911; in the Northern Pacific,
the
mental regulating, has been destroyed. Their bur- number had grown from 10,551 to 27,338; in the
New
dens have been greatly increased, and the efficiency Haven, from 16,258 to 25,026; in the Atchison, from
and morale of operation have been greatly impaired, 26,399 to 49,905, and in each case the
average
by flinging away a large part of gross receipts in holding had decreased about ratably or
even more.
increased wages to employees who become more in- And it has been often pointed out that corporate
satiable and more insubordinate and threatening with ownership of stocks or bonds means a real though
each increase and now make bold to intimate that indirect ownership by perhaps many thousands
of
they will not allow the properties to go back to the persons who may never touch or even see a
bond or
owners, except on such terms as they consider satis- a stock certificate. Beyond the mere
investment
factory. Mr. Howard Elliott said, only a few weeks view comes that of service, and it is no mere figure
ago. that "there is every indication that the year will of speech to say that the owners of the roads are all
end with a substantial deficit, perhaps 350 millions, the people. Their indispensableness
is not apprefor all railroad operations." He further pointed out ciated or their hourly service recognized
. We are
that a railroad is never completed and that our roads accustomed to them; the zones and countries
of the
will need for the next few years a billion a year in new globe bring supplies to our tables, and
we treat it
capital, for purposes other than running expenses.
all as a thing of course like the morning sunrise.
In the situation as it is to-day, the roads could not Suppose the roads stopped? Suppose
the sun
borrow in the private markets, any more than the omitted to rise? Suppose that instead
of having
nominal government of Russia could borrow. Speak- service rendered for us by somebody or
anybody or
ing for the situation as he finds it, Mr. Rea says in such indefiniteness as when we speak
of "they"
there must be increased rates. Neither that prospect we found ourselves obliged to render the service
to
nor the word is pleasant, and we must expect that ourselves or do without it?
increases in rates will repeat and add to themselves
We compla:n of the results pf labored and impaired
at successive steps until the cost of living may be transportation, but without understanding them
well
further affected; when that occurs, there may be a and certainly w.thout laying the fault at the proper
fresh howl from the employees who told Mr. Wilson, quarter. It is time we opened our eyes and
our
a few months back, that unless he soon wrought a minds; time we intervened to save and rehabilitat
e
miracle and put down the prices which they (by the railroads, for the sake of our own
preservation
their own tacit admission) had been aiding to put and progress. Our Congressmen are dull
and supine,
up,they should have to give those prices another because we are. It is time for a rally of
wise and
shove. But, when all is said, we are faced by a determined public opinion and for carrying an
unmiscondition, and what is to be done?
takable message from that to Washington.
First and foremost, and at any cost, the roads are
to be saved, protected, strengthened and further de- ANOTHER AND MORE COMPLETE INDUSveloped. We cannot sanely starve our stomachs or
TRIAL "TRIBUNAL" SCHEME.
our arms, or permit our economic arteries to stiffen
The President's second Industrial Conference,
out of service. The cost of food may be what it which has been in session during the month of
Dewill, one cannot prudently ration himself down into cember, but so quietly that it had become
almost
sickness. We, the people, have perpetrated this forgotten, has now made a long report, promising
to
terrible folly of mishandling and enervating the roads; come back on the 12th and review the subject
in the
we have done this by looking indifferently on (or light of any constructive criticisms which may
have
even half applauding or approving) while our poli- been made. After stating some truisms, as that
"huticians muddled and mauled in their usual manner. man fellowship in industry" can become
a living
We must accept the situation we have thus caused, fact "only if there is continuous and sincere
effort
and make the best of it. And the best (and really for mutual understanding and an unfailing*
recognithe only) way out is to set our teeth and bear—and tion that there is a community of interest
between
go through—whatever strict honor and clear Ameri- employer and employee," and after disclaimin
g any
can common sense require of us. The way out is the intent to do away with the ultimate right to
strike
straight way, not any wobbling or crooked way.
or discharge, or to maintain either the closed or the
For the first step, Congress must really take hold open shop, the plan follows, and is offered
as not
of the case, without dallying or dawdling, and without only "different from anything in operation,"
but as
allowing it to be further shunted by the wearisome designed to meet American conditions
.
matter which has consumed most of the last nine
A National Industrial Tribunal of nine is to be set
months. A deeper impression of the exigency and the up in Washington, appointed by the President
and
seriousness of the subject is needed in Congress, and confirmed by the Senate. Three shall represent
the
that impression should come from the people.
employers of the country, and "shall be appointed
What is the public interest in this matter? Re- on nomination by the Secretary of
Commerce;"
garded in the investment view, Mr. Elliott repeats three shall represent employees, and shall be
nomisome figures which are not new, such as that the nated by the Secretary of Labor; "three
shall be
capitalyepresenting this great transportation machine representatives of the public
interest," apparently
in the hands of the public at the .end of 1917 was to be selected by the President, as
there is no further
about 16,500 millions, the stock portion of it being specification, and not more than five of
the nine shall
9,045 millions, held by 647,689 persons, with an be of the same political party. The
country shall be
average of $13,966; that while accurate figures are divided into regional districts, twelve being suggested
not available it is probable that the number of actual as their number. In each one the President shall
bondholders equals the number of stockholders. appoint a regional chairman for a three-years' term,
"The book value of the machine in 1918 was about with eligibility for reappointment, and he "shall
be
$19,000,000,000." Comparing 1910 with 1918, he a representative of the public interest." There
are
JAN. 3 1920.]
THE CHRONICLE
15
some provisions for "panels of employers and em- For while strikes are vexing and injuring the country
ployees for each region." Any dispute arising in a and the world as never before and preposterous deplant or group of plants, if not settled by agreement mands and ugly threats retard industrial peace, on
of the parties concerned or otherwise, may be taken the other hand employers and employees are steadily
to a regional board; if such board is unable to reach coming together of themselves and by themselves.
a unanimous decision the case (unless referred to an They are recognizing their community and partnerumpire as otherwise provided in the plan) shall pass ship. They are bringing their differences to the
on appeal to the National Tribunal. An agreement table, and are composing them there or discovering
reached "shall have the force and effect of a trade that they were only misunderstandings. These are
agreement, which the parties to the dispute are bound especially matters that focalize and are understood
to carry out." The framers of the plan do not locally. The parties do not need, do not ask, do
appear to provide what shall be done next if agree- not want, any outsiders or any "tribunal" to act
ment cannot be reached or if the malcontents refuse for them; they are competent to manage their own
to accept the agreement which they are "bound to affairs, and no outsider is. Judge. Gary expresses
the sound opinion that the large majority of employees
carry out."
The sincerity of these conferrees, and their desire in the country "probably not less than 85%, arenot
to be helpful on a problem of vast importance and members of labor unions and are satisfied with their
difficulty, will not be questioned anywhere. Several working conditions." If they have dissatisfactions,
of them stand high in public regard and one or two he says, they can take these up with the employer,
have experience as employers. They ask "construc- and he is clearly correct in adding that labor unions
tive" criticism, and if that which the "Chronicle" "in the past, in proportion to their influence, have
cannot withhold seems to them destructive instead, decreased production, added to costs, and raised the
that is because they have followed the October meet- expense of living."
ing by starting with erroneous assumptions. PerThis wholesome process of getting together, which
haps the most fundamental defect in this and like every conference necessarily professes as its aim, is
schemes is that, ostensibly beginning to bring to- already proceeding, and needs only to be let alone.
gether the two partners in industry and correctly The natural and workable plan is to stop discussing
declaring that "human fellowship" therein is con- and seeking "plans." Of course industry will not
ditioned on recognizing a "cummunity of interest," immediately compose itself, but it will do so much
they proceed to recognize arid virtually affirm diver- faster and much more permanently if nostrums cease
sity and antagonisms of interest. There are to be to be mixed and thrust at it. Take off the meddling
representatives of three distinct parties, employers, hands, and keep them off.
employees and the public. Setting out to bring
THE "SETTLEMENT" OF THE CHICAGO
people together and keep them so, what can be more
PACKERS' CASE.
fatal than to begin by separating them? This not
On Dec. 18th the Chicago packers compromised
only attempts to divide the indivisible (for there is
no "public," since all are parts of one great body, the action against them, consenting to a decree
the whole population of the country, if not of the under which they agree to sell, under supervision of
world), but brushes the industrial partners away the Federal District Court, all their holdings in public
from each other, and then bids them agree if they stockyards and the railroads and terminals related
thereto, "preferably to live-stock producers and the
can, and appeal to a "tribunal" if they cannot.
For the destruction of the whole scheme is that public," to dispose of all their interests in public
it undertakes the naturally and immovably impossi- cold storage warehouses, except as necessary for
ble: the centralizing and governing of industry by a their own meat products; to "forever dissociate
"tribunal." Mr. Gompers consistently objects to themselves with the retail meat business;" to likethe plan, for he considers that a sufficient tribunal wise do this in respect to all "unrelated lines," inis already in operation, with himself as its head; cluding wholesale groceries and vegetables, fish,
he has been trying hard to work the part and has fruits, and a named variety of articles of food; to
probably not given up the attempt, but he is failing, forever abandon using their branch houses, route
and all attempts by Governmental authority or cars, and auto trucks "for any other than their own
recommendation have failed. As the "Chronicle" meat and dairy products;" and also "to perpetually
has remarked, no central body can represent and act submit to" remain in the court's jurisdiction under
for all industry, and in all lines, any more than it can an injunction forbidding them to monopolize or to
do their breathing for all the people. The novelty behave badly in any manner.
in this latest plan is its additional complexity and
All this sounds very sweeping, and it is naturally
cumbrousness; it is loaded with wheels (not all of hailed by Attorney-General Palmer as a great victhem mentioned in this article) and it therein departs tory, although it is announced that a batch of other
from the first ideal of machinery, simplicity and actions pending or to be brought will not be abandfewness of parts. Not only that, but it proposes oned. The proceeding is declared a boon to a sufferto leave undisturbed "existing machinery of concilia- ing public, and probably it is a part of whatever basis
tion, adjustment, and arbitration established under Mr. Palmer discovers for his agreeable prediction
the Federal Government, under the governments of of a speedy fall in the prices of necessaries. It is
the several States and Territories or subdivisions impossible not to note the fact that this arrangement
thereof, or under mutual agreements of employers is rather unprecedented and plainly undesirable in
and employees." It would further confound con- setting up a continuing quasi-partnership between a
fusion.
large corporation and Government, which is a relaWhat then? Is there nothing at all to be said tionship that must somehow or other be relegated
which is "constructive?" There is something. It to the past when seeming necessity forced many
seems amazing that any observing person can mis- questionable things; but without dwelling on this at
read, or fail to read at all, the signs of the times. present it is pertinent to inquire what the arrangement
16
THE CHRONICLE
amounts to and what promise it offers of advantage
to the public.
It is doubtless proclaimed by the sensational part
of the press as a surrender by the packers, and the
general public may not unnaturally so regard it;
but it is not necessarily either a confession or a surrender. Among the many thousands of cases settled
out of court in every business day of every year;
there are a number that accept a wrong in order to
escape what is deemed a greater wrong. In private
litigation, a defendant often settles the case out of
court by paying some money when he does not owe
a dollar, either legally or morally, to get rid of the
thing, he buys off the unjust demand, and in doing
so admits nothing whatever except that he thinks
it cheaper to compromise an unjust claim than to
fight it and exercises his right in taking that course.
A corporation has the same right to settle rather than
fight, and often uses that right; a big corporation
may do and does do the same, and is not condemned
thereby. Therefore we must dismiss forthwith the
deduction that these packers, so long and so sweepingly accused of being criminals beyond all other
men, have pleaded guilty and taken a lighter penalty.
They have not done anything of the sort. They
have merely exercised the universal right of acting
as they thought expedient under the circumstances.
They have yielded to a popular clamor, and of course
consider that the better course.
The packers themselves are reported to be
"pleased," presumably expecting that the racket
will now subside, and Mr. Clifford Thorne expresses
moderate satisfaction yet considers it "well for the
public to refrain from reaching conclusions until the
details are fully analyzed." But Mr. Francis J.
Heney, who must be supposed to have satisfied himself about those details and has been long connected
with the case in his capacity of special investigator
of these wicked men for the Trade Commission,
pessimistically scoffs at the outcome as a sham. In a
signed communication on Dec. 23 he says it will
"accomplish less than nothing" (certainly a strong
way of putting it) and declares that it "amounts to
complete surrender of the rights of the general public
and will help to increase and perpetuate the monopolistic powers of the five big packers and to continue
their oppressive profiteering against both producers
and consumers; it will accomplish the dissolution of
the five big packers in form only and will be even less
effective than the judicial dissolution of the Standard
Oil Company has proved to be." Mr. Heney may
be influenced by having decided that public ownership and operation of this business is the only real
remedy (for he says this) but it is unnecessary to
quote him further, although we may note in passing
that the terms of the arrangement as above cited
are considerably vague, "sell" being used in one
instance and "dispose of" in another, with no apparent certainty about the parties to whom the
properties in question may go.
However (and to get down to the practical part)
the "rights" of the general public, and certainly the
public desire, begin and pretty nearly end with
getting necessaries as cheaply as possible. Is there
any reasonable prospect that this deal will or can
further that consummation? During 1918 one of
the largest of the bad Big Five reported that on each
animal worked up he had left $1.02 for return on
the large investment in the business and for net
profit. The "Swift dollar" which was widely adver-
[VoL. 110.
tised a while ago, showed by the "pie" form of diagram that of the average dollar received 85 cents
went to the stock-raiser, 12.96 cents went for expenses
of all kinds, and 2.04 cents remained as profit. The
figures make this showing and they have not been
authoritatively disputed; so we must assume them
correct. The people must have meat, and have
been denouncing the packers, led by persons practiced in the art of unmeasured denunciation, because
it costs so much. The practical question is how it
shall be made cheaper. Does the average retailer
of meats take less than 3%? Is the little packer
liable (or will he be able) to do business on a lower
profit rate? As for getting lower prices through
Government ownership or operation or both, can
anybody speak of such a result without having a dry
grin on the side of his face that is turned away from
his auditors?
If a small scale of operation can beat the large
scale in cutting down overhead and all other expenses,
then something wholly new in business experience
is to be shown. If a small scale of operation is going
to be content with a lower profit ratio than the big
concern which depends upon the size of its transactions for its total return, then some unknown rules
of human nature and economics are waiting to be
demonstrated. The influence of humbug and clamor
is very considerable, and after a falsity has been
asserted long enough it gets some unquestioned currency as being truth; but.when we cut down to the
bone of this subject is it really anything more than
the old foolish notion that size is wickedness and
capitalists have become such by robbing the public,
not by serving it?
THE REPUBLICAN PARTY'S COMMITTEE ON
POLICY.
This innovation by Chairman Hays need not be
considered from a partisan standpoint, it is open to
adoption by all parties. We are inclined to commend
it, though we believe that in calmer times it would
be more effective. So much is to transpire in the
next six months in the way of legislation that public
sentiment will undergo rapid changes, and it will
be more than ordinarily difficult to sound the people
in advance as to what the next "administration"
should or should not do. Moreover, the plan is
open to the charge that a volatile people, keyed to
intense excitement, may not possess that sound
judgment we attribute to sage leaders in convention
assembled, and may not therefore become its own
best guide. But if we are to continue to rest our
government on the "consent of the governed" we
must trust the people. And resting our weal or woe
on the common sense and common righteousness of
the masses we shall make no mistake.
As we interpret the working out of the plan it will
serve to bring forth the fundamentals, the really
great underlying issues at stake. This is subject of
course to the reservation we have mentioned—that
of popular excitability over the apparent issues,
or those most talked about, because temporarily
before the eye. This, we may remark, is a natural
result of our being gourmands of the daily "news."
Over against this we place the independent and patriotic influence of the editorial pages of our great
newspapers. In proportion as they discuss the principles involved in events and tendencies of the times
will the people be enlightened on real "issues" and
toned and tempered in mind. And contrary to
JAN. 3 1920.]
THE CHRONICLE
17
an opinion sometimes expressed we believe thought- And they know that on a mud road it is sometimes
ful men and women constantly turn to editorials for as far to town as it is to "Tipperary." They are
analysis and review of news columns. If so it be- more concerned in low freights to the seaboard than
comes important that a committee charged with fore- they are in the "management" of the Berlin-tocasting proper platform principles watch closely the Bagdad railway. They have little faith in or use
editorial utterances of our great dailies in endeavor- for fulminations against the courts. And when they
ing to interpret the mind of the people.
vote they mean it.
There are so many factors at work in making up
We can imagine this committee will try to probe
"public opinion," and at the present time there are into the psychological (pardon the word) effect of a
so many passion-awaking facts to consider that this handful of men in a seaboard city preventing them
sounding of sentiment and thought must proceed from receiving their prized publications, which,
with great care and system. As we have indicated, whether in country or town, have become household
we believe the people may be trusted to brush aside companions; or by a larger aggregation the recent
many of the details and rush quickly to the formula- attempt in the dead of winter to freeze the people
tion of essential principles. Applying this to fine- over a territory where timber is scarce and good coal
spun theories in economics and finance we shall ex- in abundance lies at the grassroots. We imagine
pect to find the great body of the people sound, it will not be necessary to turn the conversation, in
not only reasoning on the larger things,but reasonable this investigation, to the Soviets in Russia. Yes,
about them. We shall expect them to appraise the we believe the committee, any committee, can learn
agitators at their worth. We shall expect them to facts of moment in formulating platforms intended
discover class selfishness whatever the guise it may to show means for safeguarding our institutions,
assume. And we shall expect them to hold fast to the our liberties, and our constitutional government.
institutions they have so successfully relied upon in But we have not space for further outline. What we
the past.
believe to be one of the first large facts any platform.
And just as it is apparent that the two chief parties building committee will learn is that outside congested
have changed positions upon certain of the old battle- industrial centres "the people" will not hesitate long
cries, rendering them impossible in the coming cam- over what constitutes class interest clamoring for
paign, so we shall expect this Republican advance advantage, and will not temporize long with any
committee, or any similar committee, to discover party trimming to catch the so-called "labor vote."
that the old party insistence on loyalty to party has And this is a big country.
lost much of its force. The convulsion of world-war
has shaken the citadels of civil life. And as men and
LOOKING FORWARD: THE NEW YEAR.
women voters look abroad over the needs of the hour
Let us not try to paint a future filled with unthey will not fail to weigh in the balance the "atti- certainty. Have we not, each one of us, had enough
tude" of parties as revealed in the last few years as of discussions that compass the earth and sweep the
these affect the very life of the land we love. Almost, centuries? It may be that, if we shall yet join a
we feel, this committee of a budget on principles and League of Nations, we will be only too willing to pass
policies, could sit now in a secret room, and write into itsfar-a-way keeping our personal part in ruling
some of the vital "planks" that will animate these the world. We do want rest. Yet we are advoters. A home-land, however far it may have monished that a "campaign year" is a poor time to
adventured the world in the pursuit of human help- secure it. We are conscious of a duty now to be
fulness will not come back from victory to surrender performed to ourselves and our country, and we
by ballot to irresponsible dreamers and selfish wage- shall not shirk that, come what may. Yet as we
seekers crying aloud in the market place.
contemplate the coining of a new year, we know,
We can imagine this committee going down into each of us, that it is to be our year, that it is a span
the great valley of the interior trying to find out of time in which we are to work and think, achieve
what the people there in town and country think. and aspire. Let us, then, perhaps for a relief to our
It is the heart of the nation and the home of individ- souls, consider the new year as a personal possesualism. It is not a fancy that in these wide wind- sion.
swept,rain-washed fertile valleys of productive plenty
Is it, in truth, "not all of life to live, nor all of
there is a solidarity of patriotism and peace. These death to die?" This gift of life, how precious it is,
men and women are the toilers who have time to if only we make it so. And we come to its essence
think. They no more fear destruction of our essen- and purpose when we consider it as the spiritual
tial institutions by Bolshevism and its tainted allies opportunity to enjoy. Government, war,
trade,
than they fear the extermination of a sheep-fold by industrial and international peace, are but
means
a wild hawk flying over or the ravaging of a herd to an end. Riches and poverty come empty-handed
by a flock of buzzards hovering above a carcass. to the door of the soul. We must work,
we must
And they will not split hairs or waste energy in mak- own and operate, in the domain of a material
world.
ing fine distinctions over so-called lost "human As we shall soon hear from the hustings,
economics
rights," over vaunted and rose-colored "human and economies, politics and government, trade
and
relations."
production, all the long list of the "current issues,"
If they be farmers they, are not immune to the are important and inescapable material
agencies at
fantasies of self-constituted leaders and organizers the base of life—but they cannot touch the
soul,
whose pet animadversion is the "middleman," but more than chains upon the body could fetter
this
they continue to "trade" on Saturdays and Mondays divine possession of the Greek slave.
We are indiin the thriving towns, and they burn no mills and viduals, and in this individualism whether
political
elevators by the railways at night. They have the or personal lives our freedom triumphant.
sober second thought to know "labor" is something
We may say, though only in passing, that in the
more than guiding a riding-plow just as it is some- refinement of this individualism there is peace and
thing more than tending a machine in a factory. progress in a physical world, but let us adopt
part
18
THE CHRONICLE
[VoL. 110.
of the Edward Everett Hale motto, and for the is one, not many. Before principalities, leagues and
moment, on the threshold of a new point in time, mandatories, he is alone with his God. It has been
"look in, not out." Are we willing to make work said the Universe is expression of the Infinite, so
and wealth a sacrament of service? Do we desire to the material world of economics, commerce, govern"love thy neighbor as thyself?" Are we willing to ment, and material enterprise, is the expression of
stand alone in the presence of the great Mastery and the soul of man. "Look in, not out"—to find what
Mystery and account for life's stewardship, though all if it be not personal capacity to make the best of life,
others shall "organize" to secure advantage, strength though the crowd giggles, and the weaklings unite,
and standing? Are we willing to mesaure success and the egotists idealize. Peace is not pressure
by direction and constancy of effort rather than upon some one else to conform to ideas and ways
accomplishment? Can all the forces of disorder pre- and wishes. Prosperity is not the product of wage
vent us from being kind one to another? Must we but work. Harmony is not conformity. If every
sacrifice our potential power in a small sphere to man would love his neighbor, love would encircle
make life to those around us sweet and wholesome, the earth. The year in which man knows himself
that we may become our "brother's keeper" on the is century-long.
For the rest—to turn the picture for a moment—
other side of the globe? Do we not serve God and
humanity when we make the most of ourselves in what is peace for but to work on in contentment and
confidence? What is production for but to increase
the right way now and here?
What is this joy of the fulness of life? Is it not our surplus beyond domestic needs? What is a
personal? Can it be transmitted to those who can- merchant marine for but to carry and bring the goods
not or will not receive it? Is it measured only by and grains we sell and buy? What is saving for but
income schedules and wage scales? Is there an to increase our capital, that we may loan at home
organization to-day that is willing to renounce any- and abroad on long time? What are our great banks
thing, and, though we say it respectfully, even a for but to become clearing houses of the world's
church that would lay down for the good of all its endeavor; what are our small banks for but to
own plan of salvation? Yet the spiritual reaches of become feeders?
Will the farmer learn to sell his crop and take a
the human soul are as free as they are infinite, and
the byways of life are filled with opportunities for foreign obligation that pays for it? Will the mehelpfulness. If a man shall gain by giving, is ten chanic learn that a reasonable wage is determined
dollars a day more than one? If sacrifice is noble by the price of manufactures sold abroad in exchange
can it be strengthened or enlarged by combinations for goods that pay the wage of a foreign worker and
and unions? Is the inspiration of books and nature that the more above an average he gets at home is
and contemplation to be bought alone with an equal- at the expense of the brother he so fondly loves
ized foreign exchange? Is the glorious heritage of a oversea? The principal countries have been fightNew Year to be measured by dollars or devotion, by ing, not working. There is due, when we do "settle
States or men, by rights conferred or rights possessed, down," abounding expansion of industry and trade
by masses in action or individuals in thought and the veriest optimist scarce dreams of now. And
repose?
common sense toiling and living may see its beginning
A sermon, or a song, you say? And it may be so. with us during the coming year.
But there is an old, old phrase of "contented with
little and canty with mair," that, if every man CONDITIONS IN JAPAN AND THE FAR EAST—
UNSATISFACTORY LABOR CONDITIONS.
would sing it, might pour a benediction on a world
individualism
than
is
in turmoil. There is more to
In the Far East generally, but particularly in
bound up in the constitution of a republic, just as Japan and to a less extent in Korea, the influences
there is more in man than there is in collectivism. which are interfering with the free development
Why then put weights upon his spiritual initiative of commerce and manufacture are connected with
by putting him in the chain-gang of the physical, the unrest and unsatisfactory condition of the laboring
why the lock-step in material enterprise, when the classes. The same thing is, of course, true of conditions in this country and in all of Western Europe.
way of the soul is free?
There was a time when our conception of education But in Japan dissatisfaction with the repression of
was intellectual development, now it would become the rights upon the struggle for which the feelings
vocational training. There was a time when the and actions of the laboring classes rest, is much more
teacher held himself a missionary, little lower than reasonable and reasonably founded in undeniable
the priest, now he organizes a union to seek high facts. In proof of this statement appeal may be
wages commensurate with the high cost of living. made to the following truths: (1). The cost of
There was a time when the craft of the hand was the living, even for those for whom rice is a luxury,has
measure of skill and helpful purpose in labor, now risen since the June before the war (1914) more
it is a refusal to be bound by the quality of work, than 250%. It has been rising even since the
shorter hours at the machine, and collective bar- armistice was declared. For those who consider
gaining for wages, outside the plant, by those who themselves entitled, as do the same classes with us,
smother individualism in unionism. There was a to the luxuries of meat and butter, the cost of living
time when pioneers hewed homes in the forest, now has increased by not less than 300%. But (2)
syndicalists would seize the factories in cities. Even the wages of the laborers in the various lines of
so does man become "his brother's keeper" in the manufacture and commerce have not been increased,
"federation of the world."
or the number of hours of hard work required for
"Look in,not out"—and lo,the advancing year opens the earning of the wages diminished, in anything
with radiant possibilities. Man teaches by example like a fair proportion. But although the dividends
as well as by precepts. And so may States. His declared by the employers have fallen off apprecihome is his castle. So the nation is his rock and ably since the demand for war supplies has ceased,
refuge. He is a brother, not a brotherhood. He and most of these companies, together with the
JAN. 3 1920.]
THE CHRONICLE
corporations which have been financing them, have
been forced to regard seriously methods of retrenchment, these same corporations are still paying dividends of such size as to show that the employeees
are receiving no fair share of their profits. And
(3) the- relation of "paternalism" between the Government and the laboring classes has been discovered
to be inadequate to meet the mental attitude of
the leaders or the more intelligent of these classes.
To quote from,a forceful article in the "Japan Magazine" for October: "What Japanese labor wants is
not coddling or charity, but a chance to earn an
honest living with reasonable hours of work."
The Tokyo Chamber of Commerce has recently
completed an exhaustive investigation into the
wage question and gives its results in the following statement of the average wage of seventeen
classes of wage earners: Foreign tailors (cutters)
2; sawyers, and other
$1.25; stone masons $1.123/
masons, $1; carpenters (with food) joiners and
fitters, each 90 cents; sack makers, tilers, roofers
and coolies, 80 cents; foreign tailors (seamsters)
2
75 cents; nursery men, 65 cents; compositors, 623/
(with
makers
matting
and
cents;
60
weavers,
cents;
food) 55 cents. Monthly wages, Japanese tailors
(with food) $15.75; men servants, $6.50; maid
servants (with food) $3.00.
On several occasions of late this spirit of unrest
has shown itself in local outbreaks of violence.
What was characterized as "the first act of sabotage" ever occuring in Japan followed the demand
for immediate increase of wages on the part of 16,780
workmen employed by the Kawasaki Shipyard. at
Kobe. The President of the Company summoned
the delegates of the workmen and in the course
of his address to them promised in the near future
an eight-hour day, an improvement in the sanitary
conditions of the workshop, and a "reasonable
increase in wages." But the men refused to accept
promises for the future in the place of immediate
granting of their demands; the motive power was
shut off, and the yard thrown into a state of complete idleness.
The authorities seem to be trying to substitute
a scheme for limiting the organization of laborers
to local unions whose function shall be confined to
harmonizing the relations between employers and
employees in the single factories; but the leaders
of the laborers are demanding from the Government liberty to form organizations that shall embrace
and legalize—or at least remove from the compulsion
of being without investigation of their claims or
their efforts for betterment, the charge of being
illegal—the existence of labor unions of a character
similar to those recognized in the Western nations
by the term. The result of this conflict between
the Government and the more advanced leaders
of labor cannot be predicted with certainty. For,
with the body of laborers, the important issue is
as yet not a political one. If they can have better
wages, cheaper rice, and perhaps a shorter, or at
at the best an eight-hour day, and a Sunday or other
weekly holiday rest, they care little how these easements of their living conditions are obtained. While
the Government which is still largely, and almoF)
of necessity,beaurocratic, and far from being based
on universal suffrage, is not politically subject,
as we are becoming, to the control of the votes of
the members of the labor unions. As far as yielding
appears likely soon to go, the reputed drawing of
19
a bill by the Home Office will recognize these three
principles: (1) Guilds of laborers already existing
in factories will be recognized officially and registered
as judicial corporations. (2) Some kind of an organ
to smooth friction between capitalists and laborers
will be established. (3) A Director-General will
be appointed and solve the problems arising between
capitalists and laborers. All this illustrates the
fundamental truth which prevails, and will prevail,
the world over, that only improvement in intelligence
and in devotion to moral principles—spiritual improvement—can settle satisfactorily, or contribute
much to even the temporary satisfactory adjustment,
of relations between different individuals, nations,
or classes of mankind.
The Labor Conference just held in Washington
was the cause of much bitter conflict in Japan over
the choice of the delegates; and it is as doubtful
there as it is elsewhere, how much real improvement
will result from its meeting or its resolutions. The
chief good there as everywhere, will probably come
from its contribution to a more intimate understanding of the different conditions represented by
the different delegates and of the personal opinions
of the delegates themselves. Getting acquanted
with one another is a real good for all kinds of class
controversy.
In recognition of the great social importance of
the growing unrest of the laboring classes, a society
bearing the name of "Capital-Labor Co-operative,"
(Kyocho Kai) has been formed, with responsible
business men like Baron Shibusawa ready to furnish
the funds necessary for its effective working as an
organ of reconciliation; but in the way of its efficient
working seems to stand the same ignorance and
suspicion of motives among the laborers which
interferes with the success of all similar enterprises
in this country.
The continuance of disturbed relations between
Japan and China is a second similarly social cause
of economic repression and distress in the Far East.
From the Japanese point of view, this spirit of
antagonism seems largely fostered, in part deliberately and in part unintentionally and through ignorance, by the commercial rivalry of foreign nations;
especially just at present, by the United States.
There seems little doubt that there is ground of
truth for this impression. According to the "Yorodzu," a Tokyo paper, of all the Western nations
"Amercians and Britons have the best knowledge
regarding China; but Americans lack the necessary
undertanding, and accordingly they hurry to acquire
econonic interests, and think that the only obstacle
in their way is Japan." "Before the war," the paper
goes on the say, "German trade in China was
greatly developed. This was because German goods
were far cheaper than British products. It will
be difficult to secure a market in China for such
high priced goods as those from the United States,
which must inevitably compete with Great Britain.
Not only is Japanese merchandise cheap, but despite
the present anti-Japanese agitation, there are special
relations, and Japanese goods are best suited to
the Chinese requirements. Moreover, Japan has
a great geographical advantage, and not a few of
the Japanese exports to China are peculiar to Japan."
In evidence of the superior advantages of Japan
for trade in China is the fact that, in spite of the
signs, partly dramatic and partly intensely emotional,
of bad feeling between the two countries, the Japan-
20
THE CHRONICLE
[voL. 110.
China trade is increasing and is becoming increas- government of Chosen and the need of a thorough
ingly favorable to Japan. The total value of exports moral reform.
during the ten months up to Octover 31 reached
The present Governor-General of Chosen has
345,694,000 yen, against 170,106,000 yen for the already inaugurated certain notable
measures of
same period last year; and the total value of imports reform, and has promised as soon
as possible to
during the same period rose to 238,197,000 yen inaugurate others, the speed and
completeness with
against 175,265,000 yen for the same period last which this can be done depending, of
course, on
year. This improvement in fact is not doubtful, the co-operation, or at least the cessation
from
however it may seem difficult to adjust it to the active matters of revolt, on the part of the
Koreans
rumor that, owing to the boycott against Japanese themselves.
goods in China, the Chinese shareholders in the
Even in Korea, as nearly everywhere else in the
Shanghai, Hong Kong, and Canton branches of World, the disposition of the German and
Austrian
the great Chinese Department Store have been properties held before the war has become
a matter
selling their shares at far below par; and that the calling for action on the part of the
Government.
Canton branch has even been compelled to close.
In Chemulpo Prefecture alone properties of the value
Another reason for -the disturbance of trade rela- of more than a billion yen are claimed
by a Mr.
tions in the Far East is the "juggling of their notes" Paul Schirb and fourteen other gentlemen;
in the
by some of the Chinese banks, especially the Bank Seoul Prefecture, properties amounting in
value to
of China and the Bank of Communications. Al- nearly a million and a half are held in the name
of a
though the notes of these banks have fallen on the certain Mrs. Kalinsky and eight others. These
market to fifty-two, they are still paying regular properties will be taken control of by the Governand handsome dividends. The only conclusion, nient; but the property of the St. Benedict
Mission
and that taken by the Government which has noti- will be treated as is the other mission property
and
fied these institutions that this dishonest management so secure exemption from control.
must be stopped at once, is that persons connected
Arrangements are in progress, and promise a
with the management are manipulating the price favorable conclusion, for a regular and large export
of the note issues to their own advantage. No one of Korean leather to Italy. Something over
a ton
who knows the condition of China has any confidence of leather has already been purchased as a sample,
that the orders from the national authorities will and negotiations for a favorable price are going on
be obeyed.
for future larger supplies.
Those who take the ethical, or, to the majority
The unrest of the laboring class has penetrated
of the business world, too sentimental point of Korea. In late October, 1500 workmen of the
view for remedying the flagrant evils of the present Oriental Tobacco Manufacturing Company struck
economic condition of the so-called civilized nations, work, making a demand for double the rate of
are calling on the good men of America to join the wages and for an eight instead of a ten-hour day.
good men of Japan in some common effort for "saving The company granted the first demand, but refused
China." It remains to be seen, but is incapable of the second; the workmen struck, and the main
certain prediction, whether intelligence and moral factory had to be closed down.
principle, rather than cunning and disregard of
Shipping interests in Japan are at the present
essential moral principles will win the victory in moment in a curiously mixed condition. Plans for
matters of commerce and trade during the decade new lines to America, to China, and to Germany
just before us.
are being carried through. Five or six new steamers
The disturbed state of feeling between the Govern- of a twenty knots per hour standard are to be
added
ment and the majority of the people in Korea, to those competing for passenger traffic with
America.
though of much less economic influence, cannot, This speed is half way between the speed of the
ships
especially in its less direct influences, be left out of now in use between Japan and America and
the
account in estimating the prospect of more settled better class of ships connecting the United
States
conditions in the Far East. The extent and the with Europe. At twenty knots the liners will
be
character of the revolt there, and in some parts of able to cover the distance between Yokohama
and
the country disgraceful measures taken for its sup- America in ten days instead of fourteen, as at present.
pression, have had the good result of rousing the An increase in the passenger tariff on the new
ships
Japanese Government to an ostensible, and we think is anticipated, and it is further understood that the
hopeful, effort for improvement in their method Government will subsidize them. A round-theof treating their new possession of Chosen. The world service is reported as contemplated by the
proposed reforms are all the more necessary on plans of the Nippon Yusen Kaisha, which shall
account of the proved inability, by hundreds of operate a sufficient number of new, staunch and
years of unhappy history, of the Koreans, to reform elegant ships in the Atlantic and Pacific, with train
themselves.
connections across America. With three new ships
The Imperial Rescript authorizing Korean reforms of a superior passenger type, it is thought that the
was issued in Tokyo August 20 last. As such, it company will be able to carry out this purpose.
could scarcely be expected to confess past mistakes
Though the charter market has become weakened,
and immoralities of government; but it contains transactions involving the selling and buying of
a confession that "in view of the termination of the ships have increased. On the other hand, serious
war in Europe and of rapid changes in the conditions obstacles to the immediate successful carrying out
of the world we consider it highly desirable that o _ all such plans are arising. Of these, the lack of
every effort should be made for the advancement cargoes for ocean-going vessels generally is seriously
of the national resources and the well-being of the threatening the rates; and there is increasing diffipeople." The better part of the nation of Japan, culty in finding seamen for all ocean-going vessels.
however, stood ready to confess the too largely The trained seamen are leaving marine service for
unethical character of the last decade of the Japanese labor on land, attracted by the better wages and
JAN. 3 1920.]
THE CHRONICLE
21
expectations. The fact is only too evident as regards wheat, the principal food cereal and of cotton
as well, both of which have failed to measure up to
early promise, due wholly to adverse weather conditions at critical times in the growing season. But
many other products of the soil were more or less
adversely affected by climatic conditions during the
growing season resulting as a rule in an appreciable
lowering of the prospects of yield. In truth, corn
and rice stand practically alone in turning out better
than the early estimates indicated.
In the case of wheat, determined and persistent
effort was made in 1918 before there was reason to
look for the termination of hostilities in Europe, to
bring about a very large increase in the area of the
winter grain, 47,500,000 acres having been suggested
as a goal possible of attainment under favorable
weather conditions at planting time. The weather
proved to be about all that could be desired and with
a high fixed price as a stimulating factor the figure
mentioned above was not only reached but exceeded
by nearly 3 million acres. Consequently, there
was seeded to winter wheat in the fall of 1918 no less
than 50,489,000 acres, or 19.3% more than the planting of 1917 and 37:5% in excess of the area from which
the crop was harvested in the summer of 1918. The
seed in that exceptionally large area started off under
very encouraging auspices and on Dec. 1 the condition of the crop was officially given as 98.5% of a
normal, or the best on record at that date. The
plant wintered unusually well, moreover, and condition April 1 was reported as 99.8 while on May 1
it had advanced to 100.5. Furthermore, the area
abandoned as a result of winter killing &c., was
stated as only 1.1%, an almost nominal figure and
very much below the average. At that time, therefore, the outlook was exceedingly bright, and a preliminary forecast of yield made the probable total
900 million bushels, or 215 million bushels in excess
of the record established in 1914.
It was not long, however, before that unusually
fine prospect began to suffer impairment. In May
the plant was adversely affected in some sections by
cold weather, in others by rain and there was complaint of red rust in the Southwest. Only a moderate
lowering of condition followed, but there was more
than average deterioration in June and July ascribable to high temperature and increase of diseases.
Consequently, from an original planting the largest
by 19.3%, or 8,100,000 acres, in the history of the
United States, a crop of only 731,636,000 bushels
has been secured, according to thc3 final official
estimate, though this is 166 million bushels more than
was harvested in 1918. As it happens, too, the grain
is much below average in quality, thus reducing its
food value and in reality making the crop a smaller
one than that of 1914.
The disappointment experienced with regard to
winter wheat extended also to the spring variety.
Owing to the late spring and excessive rainfall which
interfered with the seeding of much land intended for
the crop, there was not the expected increase in area.
In fact an addition to acreage of only 8-10 of 1%
was reported and the crop started off less favorably
OUR HARVESTS IN 1919.
than usual. Still the first forecast was for a yield
It is almost superfluous to say that the 1919 crops only 15 million bushels under the record product
more than
of the United States, as indicated by the final esti- of 1918. But in June there was much
drought,
of
result
a
as
mainly
mates of the Crop Reporting Board of the Depart- average deterioration,
high
and
same
cause
the
from
ment of Agricultme, made public on December 12, while during July
decondition
&c.,
scab,
blight
rust,
re,
have in considerable measure disappointed early temperatu
more comfortable life offered them there. The
new men who offer themselves are poorly trained.
On steamers of 12,000 tons dead weight and upwards, 18 deck hands, as compared with 14 on
British and 13on American ships, are found necessary;
and in the engine room, 33 as compared with 16
and 21 respectively. In view of these disturbing
facts, the Japanese are proposing to employ their
customary resort to meet similar difficulties—namely
the founding of institutional training schools.
The relative decrease in exports and increase in
imports shown by the statistics of foreign trade in
Japan during the first three quarters of the present
year have given the Government and the dealers no
little anxiety. The decrease in the demand for beans
and peas and for Japanese teas, especially those of
low grade, is most noteworthy. This grade of teas
has been accumulating in the United States for some
time past, and indeed, the gross value of the teas
exported has fallen below that of porcelain or lumber.
But this year the crop of high grade teas was very
poor, partly on account of damage from sea winds
and partly on account of careless picking of previous
years.
German goods are already coming to Japan in
notable quantity. The Japanese manufacturers of
chemical dyes, however, express no fear of being
driven out of business by this kind of importation.
There has been a great expansion of the banking
business in Japan since the beginning of the war,
and even during the last year. More new capital
has been invested in this than in any other line.
According to a report published by the Ministry at
the end of June the number of banks doing business
in the entire country was 2,089, and the combined
capital invested in them totaled 1,442,147,115 yen.
For the half year's business ending on June 30 1919
the Bank of Japan declared dividends of 6% on
all its shares, both old and new, 3% additional
on both kinds of shares, made liberal or even extravagant provisions for reserves, and carried forward a
profit of nearly one-half million yen. More than
two hundred new stock companies were floated during
the month of September. Rut of these the new
corporations absorbing most capital were still more
banking corporations. Next to these stood 118
new manufacturing companies.
The present survey, then, of economic and commercial conditions in the Far East serves to emphasize
the truth, everywhere apparent, that powerful and
wide-spreading social and moral factors must receive
attention, and something approaching more satisfaction, before the business of the world can resume
anything like a quiet confidence as to what of new
economic disturbance or disaster, to-morrow and
the day after, may bring forth. And in the Far
East the threatening shadow of Russian Bolshevism
advancing eastward adds no small weight to the
feelings of doubt and foreboding. But whatever
happens, if the world of men can learn and act upon
the truth that economics cannot be divorced from
its ethical foundations, whatever price the world
has to pay may be richly worth the lesson.
22
THE CHRONICLE
[voL. 110.
clined rapidly, with further moderate deterioration
While there was only a moderate contraction in
in August. As a consequence the condition at the the 1919 area of oats the yield is reported considerend of the last named month proved the lowest on ably under that of 1918 (1,248,310,000 bushels conrecord for the time of year and quality was reportQd trasting with 1,538,124,000 bushels) and there is a
low as in the case of winter wheat. The reduction still greater deficiency compared with 1917. The
in yield from the early promise reaches fully 133 mil- start was better than average but under adverse
lion bushels, the announced final estimate being weather lowering of condition was steady and large.
209,351,000 bushels. The wheat crop as a whole, In the individual States decreases in yield were almost
which in the early spring apeared to point to a yield universal, the only exceptions being Nebraska,
of approximately 1,250 million bushels, and which, Texas, Oklahoma and four of minor production.
if realized, would have established by over 200 million Quality of the crop was reported quite a little under
bushels a new high record, turns out by the final offi- average.
cial figures to be 940,987,000 bushels or but 19,549,Land devoted to barley was decreased a little over
000 bushels more than the crop of 1918 and 85 million 8% in the spring of 1919, but with condition at the
bushels below the established maximum of 1915. end of May above the average a production second
The greatest declines from early prospects in winter only to the 256'million bushel yield of 1918 was anwheat territory have been in Kansas, Nebraska, ticipated. The weather later, however, was not
Missouri, Indiana and Illinois, but the totals generally conducive to satisfactory development and in conserun ahead of those of 1918. In the spring wheat quence the final approximation is only 165,719,000
belt, decreases are the rule and in Minnesota, North bushels, the decrease from a year ago having been
Dakota and South Dakota the yields are much less most largely in Minnesota and the Dakotas. Here
than half those of the previous year.
again quality is not up to the average. Of rye, too,
With the crop so much smaller than the early the yield for the year, which in the early season
possibilities there has not been the loss to the Gov- apparently promised to be of record proportions by
ernment through the fixing of the price of wheat an appreciable margin, turns out to have been only
at a high price ($2.26 per bushel at Chicago) that 88,478,000 bushels according to the Department of
had been feared. On the contrary the records of the Agriculture, or 2% millions less than in 1918, with
United States Grain Corporation show a profit on quality considerably impaired as contrasted with the
its operations and in addition the contention is that average for the preceding ten years. Buckwheat,
official action has held down the price. But, whereas although less freely sown than in any year since 1915,
the guaranteeing to the farmer of a high price for his did very well, the production at 16,301,000 bushels
1919 product was instrumental in inducing a very falling only a little behind the previous year. Rice,
heavy planting of the winter cereal a year ago,the one of the most nutritive grains, notwithstanding a
fact that next May, or before any of the wheat put decrease in the very limited planted area, gives by
into the ground this fall can come upon the market, nearly 23/2 million bushels a new high record yield.
the guarantee will have expired has served to bring To indicate the aggregate production for the last four
about a rather considerable contraction of the 1919 years of the cereals referred to above, we append
winter seeding as is evident from the fact that the the following compilation:
CEREAL CROPS.
Agricultural Department report issued on Dec. 15
1919, makes the area given to winter wheat 38,770,000
Total
Department, Department, Department, Department,
Previous
Production.
1919.
1918.
Record.
1917.
1916.
acres or nearly 223'% less than the area from which
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
Corn
2,917,450,0002,502,665,0
the 1919 winter wheat crop was harvested.
003,065,233,000 2,566,927,001 ',065,233,000
Wheat
940,987,000 921,438,000 636,655,000 636,318,001 1,025,801,000
Oats
1,248,310,000 1,538,124,000 1,592,740,000,1251837,001 1,592,740,000
The corn production of 1919 is officially promul- Barley
165,719,000 256,225,000 211,759,000 182,309,00
228,851,000
Rye
88,478,000
62,933,0001 48,862,00(
91,041,000
62,933,000
gated at 2,917,450,000 bushels, which is 415 million Buckwheat
16,301,000
16,905,000
16.022,000
11,840,00
19,249,000
41,059,000
38,606,000
34,739,000! 40,702,001
40,702,000
bushels in excess of the 1918 crop, but moderately Rice
Tntnl
5.415B14.060
5.:1RA
(Ina
nnn
r,
a9n
nsi
nnn
4.7:1/4.705.(10011.035.450.0
00
under the record yield of 1917. Area in the spring
It will be observed that due to the large increase in
was moderately decreased, land having been taken
from this grain to put into wheat because of the Gov- the production of corn, the aggregate of the seven
ernment guarantee of a high fixed price for the latter crops is 53 million bushels better for 1919 than for
and none for corn. The corn plant started off satis- 1918. Contrasted with 1917, however, there is a
factorily and while there was deterioration in con- loss of 202 million bushels, but a gain of 680 million
dition as the growing season progressed the crop bushels over 1916 is to be noted. Compared with
was much less affected by adverse weather than the composite high production total the loss is 617
wheat. In fact, notwithstanding the decrease in area, million bushels.
With the prices for all grains ruling very high during
increase in yield over 1918 is reported from most of
the States. The harvest was expecially gratifying the year it is manifest that the financial returns to
in Texas, 205 million bushels being secured against producers have been very satisfactory. That assumponly 69 million the previous year. Important tion finds confirmation in the usual compilation of
gains also come from other States. The only losses the Department of Agriculture, purporting to show
of mentionable size are to be found in Illinois the year's result, the farm value per unit on Dec. 1
and some of the Southern States. Finally the serving as the basis of calculation. While not fully
quality of the grain is reported high in 1919, inclined to accept this method of arriving at value,
89.1% of a normal against 85.6% in 1918 and we append the figures for the five principal grain
75.2% in 1917. In 1917, as in 1915, there was crops as officially announced:
FARM VALUES ON DECEMBER 1.
unusual damage to corn by frost in leading proCrops.
1919.
1918.
1917.
1015. pa
1916.
ducing States, Government investigation at the
$
$
$
$
$
time indicating that over a territory covering 50% Corn -------3.034.234,0003,41
6,240.0003,920,228,0002,280,729,000 1,722,680,000
Wheat
2,028,522,0001,881.826,000 1,278,112,000 1,019,968,000 942,303,000
of the planted area only about 58% of the crop Oats
895,603,000 1,090,322,000 1,061,474,000 655,928,000 559,506,000
200,419,000 234,942,000 240,758,000 160,646,000 118,172,000
was fit to husk, against 71% in 1915 and 93% hi Barley
Rye
119,041,000 138,038,000 104,447,000
59,676,000
45,083,000
the usual year.
Total
7,177,819,0006,761,368,000 6,605,019,000 1,170.947,000 3,387,744,000
JAN. 3 1920.]
23
THE CHRONICLE
There are a number of other crops to which refer- and beans, sugar, beets, peanuts and several products
ence should be made in reviewing the year's harvests. of less importance), $14,092,940,000, against only
The white potato is one of these. A moderate $12,600,526,000 in 1918, about 11% billion dollars in
decrease in the planted area of this crop occurred in 1917 and 7 1-3 billions in 1916. The notable fact is
1919 and unfavorable weather conditions were an that from an area less than 1% in excess:ofti1918 the
adverse factor, so that the final outturn, at 357,- value of the crops mentioned on the basis ofipec. 1
901,000 bushels, was 54 million bushels less than in prices is over 11% more than in the previous year.
1918 and 81 millions under the record yield of 1917 Contrasted with pre-war times (1914) the addition
and below the average of recent years. Price was to area of these identical crops is under 20%, but the
higher than in the previous year. Sweet potatoes increased return has been fully 183%, a part of
again established a new high record in production, which, of course, has gone to cover the greater cost
but not by a sufficient margin to offset the loss in of production. The average farm values on Dec. 1,
as reported by the Department of Agriculture in each
the white variety.
of the last seven years for some leading crops, are
expectations,
to
failing
reach
The hay crop, while
nevertheless runs well ahead of 1918, the harvest appended:
AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS.
% million tons against 91 million tons.
reaching 1085
Tobacco suffered considerable impairment of the
1919. 1918. 1917. 1916. 1915. 1914. 1913.
early promise. As late as the first of July a record
Cents. Cents. Cents. Cents. Cents. Cents. Cents.
98.6 .79.9
91.9
Wheat
per bushel 215.6 204.2 200.8 160.3
63.4
86.5
yield by a margin of some 100 million pounds was Rye
83.4
134.5 151.6 166.0 122.1
.,
39.2
43.8
36.1
52.4
66.6
Oats
71.7
70.9
53.7
54.3
51.6
88.1
91.7 113.7
confidently looked for, but the final figures are Barley
120.9
"
69.1
64.4
88.9
57.5
Corn
134.9 136.5 127.9
75.5
76.4
78.7
.
"
Buckwheat
147.4 166.5 160.0 112.7
1,389,458,000 pounds, as against 1,438,071,000 Potatoes
68.7
48.7
61.7
161.4 119.3 123.0 146.1
120.0
126.0
174.0
249.0
296.6
340.1
established
having
438.9
last
Flaxseed
this
before,
pounds the year
85.8
92.4
90.6
88.7
Rice
267.0 191.8 189.6
72.6
73.0
62.1
84.8
133.3 135.2 110.8
Sweet potatoes
"
a high record.
12.2
6.8
11.3
19.6
27.7
27.6
per pound 35.7
Cotton
12.8
9.8
9.1
24.1
14.7
28.0
30.0
Cotton area was decreased by 8.7% in the spring, Tobacco
according to the Department of Agriculture, and the
The yield of some of the principal crops of the
crop got a rather indifferent start and developed country for a series of years is subjoined:
slowly. Deterioration from excessive rains, boll
CROPS OF WFIEAT, CORN, OATS,POTATOES AND COTTON SINCE 1898.
weevil and other insect damage was a feature of the
Potatoes
Oats
Cotton.*
Wheat.
Corn.
Year.
season, and on Sept. 25 condition was the lowest
Bushels.
Bales.
Bushels.
Bushels.
Bushels.
on record for that date. The delay of killing frost 1899(Census) 858,534,252 2,668,324,370 943,389,375 9,439,559 273,318,167
522,229,505 2,105,102,516 809,125,989 10,425,141 210.925.817
1900
until a later date than usual does not appear to have 1901s
748,460,218 1.522,519,891 736,808.724 10,701,453 187.598.087
670,063,008 2,523,648,312 987.842,712 10,753,326 284.632,737
had any appreciable effect in increasing the yield, 1902
637,821,835 2,244,178,925 784,094,199 10,123.686 247,127,330
1903
552,399,517 2,467,480,934 894,595,552 13,556,841 332,830,300
the crop being officially estimated on Dec. 11 as only 1904
692,979,489 2,707,993,540 953,216,197 11,319.860 260,741,294
1905
735.260.970 2,927,416,091 964,904,522 13,550,760 308,033,322
1906
634.007,000 2,592,320,000 754,443,000 11.581,329 297.942,000
11,030,000 bales of lint (linters excluded) or some 1907
064,602,000 2,668,651,000 807,156,000 13,828,846 278,985.000
1908
2,772,376,000 1,007,353,000 110,650,961 376,537,000
1,010,000 bales less than the short crop of 1918-19 1009(Census)..1J 737,189,000
389,194,965
683,349,697 2,552,189,630 1,007,129,447 1
1909
835,121,000
2,886,260,000 1,186,341,000 12,132,332 349,032,000
of
aggregate
19108
record
the
and 5 million bales below
621,338,000 2,531,488,000 922,298,000 16,043,316 292,737,000
1911
730,267,000 3,124,746,000 1,418,337,000 14,128,902 420,647,000
1914-15. The crop was in fact the fifth in a series 1912
749,320,000 2.4411,953.000 1.121,768,000 14.184.801 831.525.000
1013
891,017,000 2,672,8114,000 1.141,060.000 15.067.247 409.921.000
1914
short7yields.
1026801000 2.994,792,000 1,549,030,000 12,953.490 359.721,000
1915
636,318,000 2,566,927,000 1,251,837,000 12,975,569 286.953,000
As bearing upon the high cost of living it is of 1916
636,655,000 3,065,233,000 1,592,740,000 11,911,896 438,618,000
1917
921,438,000 2,502,665,000 1,538,124,000 11,602,634 411,860,000
interest to observe that in agricultural products as a 1918
940.987.000 2.917.480.000 1.248.110.000 dl 1.010.0011 157.901.000
tom
general
a
whole the trend continued upward. In
a These are the revised grain figures of the Agricultural Department issued after
the Census reported its results for 1899, showing much larger totals than those of
way this is indicated by the fact that the Depart- the
Department. 8 These are the revised grain figures Issued after the Census reportod Its results for 1909, showing smaller totals for wheat and corn than those of
ment of Agriculture made the price index of all crops the
Department. •These are our own figures of the commercial crop. 41 Estimate
the Department of Agriculture, and (loos not include linters, which would probon Nov. 1 1919 about 0.2% higher than a year of
ably add 900,000 bales to the total.
earlier, which in turn was 3.1% above 1917, and
97.5% over the average of the preceding five years
THE RIGHT OF PROFIT-SHARING.
[Communicated-See Foot Note.)
at the date mentioned. Concurrently the production
sharing are not the solution to settleprofit
of
Theories
than
the
previous
index was given as nominally lower
ment of industrial unrest-neither is organized labor, beaverage.
Specififive-year
the
year and 1.8% above
cause both plans class the individual collectively, leveling
cally, the farm price of wheat on Dec. 1 was $2.156 the individual workmen-neither plan represents the harper bushel, against $2.042 in 1918 and the five-year monious opinion of the individual employees, as a group.
The leaders of organized labor are not in sympathy with
average (1913-1917) of $1.196; corn, $1.349, against
sharing plans because a properly planned, practical
profit
$1.365, and 82.5 cents; oats, 71.7 cents, against
compels the employee to think and reason for himsystem
70.9 cents and 48.3 cents; potatoes, $1.614, against self; gives the employee confidence in his employer and inter$1.193 and 88.0 cents; hay, tame, per ton, $20.15, est in hiswo=nd increas71priidadOirnaturally follows.
Confidence, square dealing and justice to the employee
against $20.13 and $12.51; cotton, per pound, 35.7
cents, against 27.6 cents and 15.5 cents; tobacco, 39.0 must be obtained before any plan will produce returns.
.FOOT NOTE.-This article comes to us from the head of the Piece Work
cents, against 28.0 cents and 14.5 cents; rice, per Department
of a largo corporation and possesses special value on that
bushel, $2.67, against $1.918 and $1.12; sweet pota- account. It was written under date of Nov. 26 and was prompted by a
perusal of our article'The Right of Profit Sharing," appearing in the issue
toes, $1.333, against $1.352 and 82.1 cents, and flax- of
the "Chronicle" of Oct. 25. In transmitting his article, our correspondseed, $4.389, against $3.401 and $1.822. This com- ent"Isays:
read with interest 'The Right of Profit Sharing.'
parison could be extended to vegetables, fruit, nuts, "The thought I have is: Do we honestly understand labor? My persona
contact with thousands of piece workers and employees working on incentive
dm., with the same general outcome.
systems proves that labor is willing to help-do its share to reduce produca true, fair and practical incentive Is offered and
Though the crops of the United States as a whole tion costs providing
guaranteed that through his extra effort to increased effienency he will
were fractionally under those of 1918,they seemingly receive financial recognition equal to his effort.
"Unbalanced efficiency engineering and other industrial practices has
returned to the producer about 11.8% more than was automatically
caused lost confidence by the employee and we should
confidence, trust and
obtained in 1918, and consequently much more than rebuild our structure so that the employee will havehim.
that we are really interested in
believe
loyalty and
in any preceding year. The Agricultural Depart- "To obtain conf:5,ence; trust and loyalty requires humane engineering, a
mountain of a job; but with the present unrest of to-day we must tackle
ment makes the money yield from 359,124,000 acres the
job at once so that the employer's statements will carry the greater
to,
referred
specifically
already
weight and keep our men with us and for us."
(covering the crops
64
64
44
24
THE CHRONICLE
[VOL. 110.
Our standards of rating an employee at so much per hour drawn
to his attention by a'friend and is under the impresbased on local conditions, classing the masses at that rate, sion
that it is a portion of a sermon on "Work," delivered
can only cause industrial unrest.
by him in October. In this he and his friend are plainly
One labor adjustment board grants thousands of mechanics
mistaken, for while the article and the sermon are along the
with six weeks' experience the same rate of pay as the expert same
lines, and the thought is identical, there- is otherwise
with six years' experience. Can we expect both the novice
no trace of resemblance between the two. However, what
and expert to be satisfied? Our result in production and
Mr. Boyd had to say on the subject of Work is excellent
costs is apparent. These same conditions exist in practically
and deserves reproduction in our columns. We print below
every manufacturing community.
both his letter and the outline of his sermon as given in the
The best authorities advise us to reach the individual, pay
"Union Labor Journal," published in Erie, a clipping from
him—based absolutely on the individual profits he produces which
he has furnished:
—and not at so much per hour. Surely a mechanic with six
PARK PRESBYTERIAN CHURCH.
years' experience is worth more if he produces more, than the
Erie, Pa., Dec. 12 1919.
novice with six weeks' experience.
Editor "Commercial & Financial Chronicle," New York:
Dear Sir:—A banker friend in Des Moines wrote,me that in your number
Is labor entitled to a share in these profits?
of Nov. 29th you published an extract from the "Manufacturers' Record"
An installation of electrical equipment was required on containing
a portion of a sermon on Work which I delivered here in October.
110 units, the first costing 20,000 hours of labor; the 32d, I take the liberty of sending you the clipping from the "Union Labor
with this increased efficiency of labor and management, Journal" published in Erie, which published a portion of the sermon. The
"Record" used a part of the sermon from the "Union Labor Journal."
reached an average of 10,000 hours per unit. Labor refused My congregation
is made up of manufacturers and business leaders in all
lines, but in spite of that fact the union labor paper asked for the article.
to do better than this—on an hourly rate.
I have also given this same sermon in shops, and the men have approved
A system of paying the individual was designed, accepted
of the tone of it. thinking labor men realize that many of their leaders
by labor, guaranteed that 8,000 hours would be a standard, are going astray.
The clipping will give you in broader outline the basic'truth that I was
and all saving would be equally divided-50% to labor and
50% to the management. Twenty-five units have been striving to put before my people. Cordially yours,
HARRY BURTON BOYD.
completed with an average of 4,500 hours. Labor has autoA SERMON ON WORK.
matically eliminated the non-producers, increased its rate, is
(From.the "Union Labor Journal" of Erie. Pa.i
satisfied and refuses to listen to the walking.delegate. SuperHarry Burton Boyd, Pastor of the Park Presbyterian Church, began on
vision and overhead have likewise been reduced and labor Oct. 26th a series of sermons based on the book, "What Men Live By,"
by Dr. R. C. Cabot. The topics In their order will be "Work," "Play,"
turnover practically eliminated, notwithstanding the rate "Love,"
"Worship." We give below an extract from the 'sermon on
per hour on outside work is higher; and above all, labor has "Work." Mr. Boyd said in part:
"I have chosen to discuss to-day the most unpopular topic in the world—
the absolute confidence of its employer and returns it with
'Work.' It has always been true that the lowest strata in civilized society
Increased production and low production costs.
have spurned work. In their attitude toward work the 'idle poor' and the
The fairness of this plan resulted in a petition for profit 'idle rich' have found a common ground. The savage in the tropics has
sharing from another unit representing 3,000 union men, avoided labor because a bountiful nature has supplied his primitive wants,
the incentive to work has been lacking.
which was bitterly opposed by the labor leaders, who were and
"But contempt for work has invaded and infected every class or group
powerless because the employees have the confidence of the of civilized society. The many who content themselves with one verse
of Scripture as their Bible tell us that work is the result of a curse of God.
employer and the system.
And they quote Genesis 3.19,'In the sweat of thy face,shalt thou eat bread.'
If profit sharing gives the employee confidence in his I would call your
attention to the sixteenth verso of the second chapter of
employer, this single result of the system will warrant its Genesis, where we road, 'And God took the man and put him into the
trial, especially if 3,000 men are willing to go hand-in-hand Garden of Eden to dress it and to keep it.' Whether we accept the story
of Genesis
literal or not the author is proving that man in his first estate
with capital and willingly save $3,000,000 because extra and was given as
work not as a curse but as a blessing.
"To-day as the world slowly emerges from its orgy of destruction it calls
sincere effort will pay them according to their effort.
increased production to replace that which has been destroyed. The
Any method that increases the hourly rate without a for
call falls upon deaf ears.
workers are idle, and demand an increased
guarantee to increased production is fundamentally wrong. distribution. It is obviousThe
that without production there can be no disAny rate set that does not offer an incentive to the individual tribution. The attitude of the world toward work, must undergo a radical
or disaster looms ahead.
employee is likewise fundamentally wrong. The equaliza- change,
"Work must be sharply differentiated from drudgery. The addition of
tion of these two combinations will go a long way.to settle one element can do that. Work rises above
drudgery when we find Joy
labor conditions and increase profits to both labor:and capital. in Labor. To speak of Joy in Labor provokes, in most quarters, a sarcastic
But that is because we have thought of work only in terms of manual
Individually labor is worthy of his hire, and we must smile.
labor, and of workers as only those who stand in front
machines in
gauge his ability as an individual and not as-,a class—if he great factories, or do the unskilled labor about tho plants of
or upon public
thinks he is worth more our system must be of:such a charac- works. There has not been the recognition of the dose kinship between
the mental and the manual workers that is necessary for the understanding
ter that he may demonstrate his productive ability and the and
solution of the problems of labor. We always refer to the brain worker
employer must pay him accordingly.
having a 'position,' and the manual laborer has a 'job.' Both must recogWe must realize that labor is human and unless we meet nize the dignity of'the job.'
"The dignity and satisfaction of the job are both enhanced when we
conditions as they develop our present system of using three find
Joy in Labor. Joy is perhaps too florid a term to use in connection
men to do a one-man job will continue. Labor-and capital with work. Men who would hesitate to admit having a joy in their work
disagree, our cost of production increases with a greater would confess to a satisfaction in their job. This satisfaction is possible
when the work has all or most of the points of a good job. Dr. R. C. Cabot.
Increase of public dissatisfaction.
has broken the good job up into the following constituents: (1) A chance
Profit sharing, unionism and capitalism may be all wrong, to subdue. The work calls out our powers. (2) A balanced combination
but I believe that the system of sharing results, of increased of monotony and variety. (3) We want a boss. Some one who is responsible and
can call out our loyalty. (4) A chance to achieve, and
efficiency—equally with the employee who helps create it, to recognize ourwho
building. (5) A title and a place that is ours. (6) Connecas well as with management who designs it, offers a solution tion with an institution or organization. (7) Honorable and pleasant
of our present conditions more than any method yet offered. relations with our fellow workers. If we would take the trouble to analyze
our own job in the light of these elements most of us would find a now
From personal contact with thousands of workmen I find satisfaction. And as we find
satisfaction in our own job, the feeling of
the opinion of these workers is that they receive only a small dissatisfaction with work as a whole will fade away. Much of our unrest
has been fostered skillfully by those who have created a distaste for
share of their labor and we must set up immediately our to-day
work in the abstract.
system that will gain their absolute confidence in us, as
"The working world is seething with discussion over the adequacy of
the Rewards of Labor. There are three elements necessary to make up
well as the employees unlimited productive output.
adequate reward for work. They are: (a) pay in money; (b) appreciaSharing of results due to individual efficiency based on an
tion: (c) a chance to serve. By the second I do not mean to say that the
honest vtandards—with the guarantee that these standards worker is to express a servile appreciation for
the chance to work. The
are permanent, has proven that a high hourly rate may be appreciation should come from the employer, and if he cannot add that
to the money remuneration the worker Is inadequately paid. Yet it is a
maintained, production increased and employees remain fact
that to-day many groups of workers are determined that there shall
contented.
be only one element in the rewarding of labor, and that shall bo money.
I believe our labor problem may be solved—not from an When that attitude is insisted upon, the workers, whether they work with
brain or brawn, deliberately defraud themselves of part of their pay.
efficiency engineering standpoint—but by methods that deal And
it is not the least part. The chance to servo is a reward that may
humanely and instill confidence in the individual employee seem to be intangible, but It is real. Without service the world becomes a
and pay the individual, according to his productive:ability. place where animals snarl over bones for a meal. When I cast into the
scale my labor and insist that on the opposite side shall be cast a certain
amount of money, and then when they balance call the transaction closed.
C. S. B.
WORK—A BLESSING, NOT A CURSE.
In our issue of Nov. 29 we reprinted an article under the
above caption from the "Manufacturers' Record" of Baltimore. The Pastor of the Park Presbyterian Church of
Erie, Pa., the Rev. Harry Burton Boyd, has had this article
I have cheated myself. The employer who feels that with the signing of
the pay check that he has discharged all his obligation to his employee is
dishonest. There should be a mutual appreciation of the opportunity for
co-operative service. No group of workers ought to desire such a condition
to arise in their industry as to deprive them of the desire and expectation
of appreciation. Mere money cannot reward a real worker whether ho
labors with brain or muscle. Much of the unrest to-day over the question
of wages is due to the fact that employers and employees are thinking of
the:Rewards °of Labor in terms of money alone. And labor getting only
JAN. 3 1920.]
25
THE CHRONICLE
more money feels somehow that the rewards of their labor are inadequate BRITISH BANK OF ISSUE PROVISIONS REVOKED.
despite the increased pay, because they have supplanted appreciation and
A cablegram to the Department of Commerce at Washunderstanding with suspicion. More Money plus More Suspicion will
not reward any worker.
ington from Consul-General Robert P. Skinner, London,
"We must learn to use our constructive imaginations as we face our
work. We have trained ourselves to think destructively. Work is not a Dec. 27, said:
A proclamation dated Dec. 20 revokes from Jan. 1 Section 4 of currency
tyrant. It enters into eternity as a constituent element. Jesus Christ
was a worker and He understood the problems of the worker. Knowing and Bank Notes Act of 1914, and provides that from that date any notes
these problems He taught Love. To-day men teach Hate as they face the issued by a bank of issue in Scotland or Ireland shall cease to be legal
l
same problems. Ho preached bortherhood and understanding. To-day tender, "and any such bank shall be under same boligations with respect
our radicals laugh at brotherhood and understanding. He was constructive, to payment of its notes as It was before the said section came into operation.'
Nothing in the proclamation prevents any such bank from paying its
not destructive In His teaching.
"Yet in spite of the unrest and apparent desire to try Hatred as a solvent In currency notes issued under Act of 1914.
for labor problems this basic truth remains: that there can be no permanent
solution of the questions that are fundamental to the welfare of labor
REPORT OF AMERICAN DOLLAR SECURITIES
except they are solved according to the teaching of Jesus Christ. And that
kvoispoiosimilooftetw
COMMITTEE
Is not Churchianity but vital and virile Christianity. When we see eye to
eye with the Carpenter of Nazareth we shall see our job as a part of infinity,
Committee,
Securities
American
the
Dollar
The
of
report
and ourselves as co-workers with God. In that day employer and employee will stand on the same level, and Work will be exalted to its rightful formed in London; in Jan. 1916.to stabilize American explace in the economy of life."
change, and which ceased operations in March 1919, was
crAtrrent gitents and plocussious
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The Usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a discount basis of 6%,the figure to which the rate was advanced
some weeks ago from 53%. The bills in this week's offering are dated Dec. 29.
CONTINUED OFFERING OF FRENCH TREASURY
BILLS.
Another block of the French Treasury bills which are being
offered in the market up to an amount of 850,000,000, as
market conditions justify and on much the same scheme as
the British Treasury bills, was disposed of by J. P. Morgan
& Co. this week. The offering in any one week is limited to
$5,000,000. These French Treasury bills were again disposed of on a discount basis of 6%, the figure to which the
rate was advanced some time ago. The bills in this week's
offering are dated Jan. 2.
NEW CREDIT TO ITALY.
An additional credit of $416,114 was extended to Italy by
the United States Treasury on Dec. 30, bringing-the total
amount advanced to Italy up to $1,621,338,986 and making
the total to all the Allies $9,647,834,649.
RENEWAL OF BELGIAN EXPORT CREDIT.
The renewal for the second time of 840,000,000 of the
$50,000,000 commercial export credit established last June
by a syndicate of New York bankers for a consortium of
Belgian banks was announced this week. The renewal, it
is said, was arranged for at 54%;$20,000,000 of the credit
is reported to have already made its appearance on the market. The credit calls for 90-day bills, with three maturities;
the final renewal will be arranged in March and will mature
in Juno, according to the New York "Times" of Dec. 31,
which also says:
Belgian financial agents, it was reported, are still negotiating with
American bankers, looking to the flotation in this market of a large bond
issue. The amount desired, It is understood, 1.4 upwards of $100,000,000,
and If the credit is arranged it is expected part of the proceeds will be used
to liquidate the $50,000,000 acceptance credit.
This, as explained by a banker interested in Belgian finance, could be
done by having the Belgian Government, which would offer the bonds,
make advances to the banks and commercial interests which benefited
through the acceptance credit.
FOOD DRAFTS ON CENTRAL EUROPE WAREHOUSES
TO BE SOLD BY A. B. A.
A Duluth (Minn.) dispatch in the New York "Times"
yesterday (Jan. 2) said:
made public on Dec. 3. It shows a total of securities purchased, including Canadian and South American, of £216,644,396 and a total lent to the Treasury of £405,951,189,
making an aggregate of £622,595,585. Details of the report
are furnished in London dispatches as follows:
The report begins by referring to the measures taken by the Treasury
In 1915, it says, the rate continued
to stabilize the American exchange.
to fall until July, when the quotation was 4.77. In that month the Treasto
American dollar securities
England
of
purchase
Bank
ury instructed the
in London and transmit them to New York for sale, and these operations
were continued until the close of the year, by which time securities of the
nominal amount of £223.000.000had been purchased.
In January, 1916, the committee commenced operations by the issue of a
selected list of fifty-four American dollar securities,the respective quotation
being based on the current New York price specially sent by cable the previous night. On the first day securities to the value of as much as £450,000
were obtained and the figures were rapidly increased, as the scheme became
more widely known—in fact, the business was such that it was found desirable to have special contract notes printed which provided for the purchase money being paid in Exchequer bonds as well as in cash and for the
physical possession certificate required to exclude enemy securities. Additional lists of suitable bonds and shares were published from time to time
and by this means the Treasury had by March 17 1916, offered to purchase
at the officially quoted prices no less than 256 selected securities. The
value of securities so obtained by that date was £40,500,000.
The Treasury on March 24 decided that deposit on loan of securities
should be commenced. During the period from March 17 to May 16 the
amount paid for securities bought was £8,500,000, and the nominal amount
of securities deposited on loan $40,300,000. As these figures were below
the amounts required, and since some hesitation to comply with the Treasury wishes was evident, a resolution of the House of Commons on May 27
1916, provided for an additional income tax of 2s. in the pound on such,
securities as the Treasury, by means of special lists, declared its willingness
to purchase. The effect of the resolution was immediately evidenced by a
large increase in both the sales and deposits. The aggregate amounts of the
purchases and deposits to Dec. 1916, were £118,269,000 and £347,524,000.
respectively.
On Jan. 2 1919, the prohibition on the sale of securities abroad without
the permit of the American Dollar Securities Committee was removed, and
the functions of the committee were reduced to granting permits for the
import of securities sent abroad for registration. On the same date the
purchase of securities was discontinued, except as regards those subject
to requisition or already on deposit.
On Jan. 2 1919 the purchase operations were limited to the requisitioned
securities and the securities that had been deposited on loan, and the
purchase of the latter was discontinued on April 28 1919.
The dollar securities can be analyzed to a limited extent, thus:
Dollar bonds
Dollar shares
Purchased.
136,266.988
48,263,552
184,266,540
Deduct Canadian securities included 6,651,836
Loaned.
39,571,276
60,718,776
Total.
175,574.264
108,982.828
100,290,052 284,556,592
27,361,344
34,013,180
72,928,708 250,543,412
177,614,704
American securities
It will be seen that, of the American dollar securities, amounting to
/250,543,000, which came into the possession of the Treasury, £177,614,000.
or 71%, were purchased for resale in New York, and £72,928,000, or 29%.
are still held by this country. The number of personal ledger accounts was
265,500, made up of: Individual accounts of all kinds kept by the National
Debt Commissioners, $3.000; individual accounts of registered stocks kept
by the railway companies, 105,000; individual accounts of small accounts
kept by agents, 127,500.
The foregoing statements furnish an indication of the work resulting from
the operations of the committee as the position stood at March 31 1919.
Since that date the additional special income tax of 5s in the k was
discontinued as from April 6 1919,the purchsae by the Treasury of deposited
securities was discontinued on April 28, and the required three months'
notice having been given, the return of registered stocks to the amount of
£67,615,000 commenced on April 1.
Food drafts on warehouses in Central Europe soon will be sold by the
Regarding the report the London "Financial News" of
American Bankers' Association to Americans who wish to aid European
Dec. 4 said:
food sufferers, according to an announcement to-night by Julius H. Barnes,
Of the use made of the securities sold or deposited with the object of
Chairman of the United States Grain Corporation.
Mr. Barnes said that the drafts could be mailed to Europe and cashed for strengthening the American exchange, the American Dollar Securities Comdocument
food at warehouses at Warsaw, Prague, Vienna, Danzig and other points in mittee says nothing in its interesting report now published. The
the famine territory. The drafts will probably be of $10 denomination and is purely narrative, with the exception of one sentence to the effect that
maintain
York
to which
Now
the
exchange,
the
of
to
result
endeavors
"the
will be exchangeable for about 24 pounds of flour, 10 pounds of beans,
the operations of the committee contributed, was that a practically uniform
5 pounds of lard, 8 pounds of bacon and 6 cans of condensed milk.
Any profit resulting from those transactions will be used to feed under- rate of $4 76 7-16 to tho E was maintained until March 21 1919, when the
control was removed." The work of the committee was enormous, for the
nourished children, said Mr. Barnes.
purchases of securities through its agency totaled £170,044,000, in addition
As bearing on the above Berlin cablegrams Jan. 1 to the to
£46,600,000 bought by the Bank of England before the committee was
daily papers stated:
formed, and the deposited securities reached a value of £405,951,189. The
The Government has received news that an agreement has been readied aggregate of both was £622,595,585. The number of separate securities
on the conditions suggested by Herbert hoover whereby food will be handled was 2,027 and the number of personal ledger accounts opened was
supplied to Central Europe.
265,500. Of purely American securities, the total that came into the
It expects shipments of flour will arrive in Hamburg on Jan. 6, but says possession of the Treasury was £250,543,412, of which £177,614,704, or
until
details of Mr. Hoover's plan are com- 71%, were purchased outright for re-sale in New York, and £72,928,708,
they will not be distributed
or 29%. were lent and remain in this country. The record is equally creditpleted.
26
THE CHRONICLE
[vol.. no.
able to the committee and to those whom it expresses thanks:"The holders exchanges, and thus make permanent trade with the Old World possible.
of securities who have voluntarily placed their holdings at the disposal of Under its charter it isp ermitted to—and it is expected that it will—issue to
the Treasury, to the financial houses and institutions who acted as paying the American investing public its owned debentures, which will be secured
agents for the Treasury in connection with the deposit scheme, to the in part by the foreign securities that it may acquire.
banks and railway companies for their assistance in connection with the
It will be the policy of the Finance Corporation to look primarily for other
registered stocks, and to the staff of the National Debt Office for their securities than foreign Government bonds. It will perhaps Invest directly
cordial co-operation in the work."
in attractive foreign industries, and may import to this country common
stocks, as well as bonds. Importing securities will be equivalent to importing actual merchandise as a corrective to the foreign exchnge situation
GREAT BRITAIN REVOKES POWER OVER FOREIGN and as an offset against the goods shipped abroad from the United States.
The entrance of J. P. Morgan'& Co. into the merchandizing field is not a
SECURITIES.
wholly new thing. Morgan,Grenfell & Co.,the London branch of Morgan's,
Consul-General Skinner at London has cabled to Washing- is listed in England as a merchant. Morevoer, Junius S. Morgan, grandton that an Order-in-Council dated Dec. 9 revokes previous father of the present J. P. Morgan, established a reputation as a merchant
his association with George Peabody & Co. of London, which later
orders giving the Treasury power to take possession of during
became J. S. Morgan & Co.. and is now continued under the name of
foreign securities.
Morgan, Grenfell & Co.
DENIAL BY J. P. MORGAN & CO. OF CHARGES THAT
IT WAS CONCERNED IN GERMAN ATTEMPT TO
CONTROL BALTIC PROVINCES.
Charges that J. P. Morgan & Co. were "involved in the
German attempt to gain control of the Baltic provinces,"
contained in a copyright cablegram to the New York "Times"
from Paris Dec. 30, were denied in the following statement
which the firm issued on Dec. 31, following the publication
of the cablegram in the "Times" of that date:
DENIAL THAT VISCOUNT GREY. HAS PLEDGE OF
WILSON ADMINISTRATION FOR $13,000,000,000
LOAN.
A report that the mission to the United States of Viscount
Grey, Bri,ish Ambassador to the United States, who is now
in New York preparatory to his return to Europe to-day
(Jan. 3), was for the purpose of obtaining from the Wilson
Administration a pledge for the support of' an international
loan of $13,000,000,000 has been characterized as "a ridiculous and idiotic fake" by Secretary of the Treasury Carter
Glass, and denials have also came from other officials at
Washington. The report appeared in the New York
"American" of Jan. 1. After quoting Secretary Glass to
the above effect, the New York "Times" of Jan. 2, in
Washington advices had the following to say in part regarding the disclaime:s:
The story printed in one of the newspapers of Paris to the effect that our
house had some concern in the "German attempt to gain control of the
Baltic provinces" is absurd. Not infrequently we find impostors, in remote
parts of the world where they cannot readily be caught, representing themselves as members of our firm. This is apparently one of these not unusual
eases.
111 The dispatch from Paris says the text of a certain mysterious letter indicates that "he (the negotiator) was either a director of the Morgan branch
at Berlin or else a high personage of Wilhelmstrasse." This firm has never
had any branch office at Berlin or elsewhere in Germany, and no member
According to this story the real object of Viscount Grey's mission to the
of the firm has been in Berlin for ten years. The attitude of the firm United States was to obtain the pledge of the Washington Government
towards Germany on the one hand and towards the Allies on the other, for such a loan, and it was stated that he had succeeded in obtaining that
from the very beginning of hostilities on Aug. 11914, is too well known to pledge.
require any further statement.
Officials of the State as well as the Treasury Department denied that any
sh Dec. 31 1919.
such pledge or any promise for such a new loan to Great Britain had been
given to Viscount Grey or that the matter had oven been considered.
These officials characterized the story as too preposterous to be considered
ANNOUNCEMENT BY J. P. MORGAN & CO. OF -FOR- seriously.
MATION OF FOREIGN COMMERCE CORPORATION
Mr Glass said that Viscount Grey had not opened his lips to the Treasury
Department regarding financial matters, that Congress was tho only body
•
OF AMERICA.
in this country empowered to authorize foreign
and that it was idiotic
On Wednesday of this week (Dec. 31) J. P. Morgan & Co • for any one to assert that anybody connectedloans,
with this Government had
made known the formation of a new company—the Foreign given Viscount Grey, or any one else, any such "pledge" of financial help.
Frank L. Polk, Under Secretary of State, declared that the story was
Commerce Corporation of America—which is to engage in "absurd,"
and that the matter of a loan had not oven been discussed with
international trade. The announcement made by the firm officials of the State Department.
William R. G. Harding, Governor of the Federal Reserve Board, authorconcerning the new organization said:
Messrs. J. P. Morgan & Co. announce the formation of a company to ized the New York "Times" correspondent to quote him as follows:
"It is all news to the Federal Reserve Board The Board never heard of
engage in international trade. Its title is the Foreign Commerce Corporation of America and it is chartered under the laws of New York. It has a the proposition."
No financial transaction of such importance could have been discussed
nominal capital of 1,000 shares of no par value, all of which are owned by
the firm. The incorporators are J. P. Morgan, H. P. Davidson, T. W. without the Treasury Department or the Federal Reserve Board being
Lamont, E. R. Stettinius and also Grayson M. P. Murphy, who will consulted, and Secretary Glass's statement that Viscount Grey never
resign from the Guaranty Trust Company to accept the Presidency of the opened his lips to the Treasury about such a thing or that it had ever been
corporation. E. R. Stettinius will be Chairman of the Executive Com- brought to the attention of the Treasury, as well as Under Secretary
mittee, and the directors of the corporation will be members of the firm of Polk's assurance that the matter had not been taken up with the State
Department, and Governor Harding's statement that the Federal Reserve
J. P. Morgan & Co., and Grayson M.P. Murphy.
This announcement follows the formation, as reported a few weeks ago, Board never even heard of it, are deemed ample evidence that Viscount
of the Foerign Finance Corporation, of which both Mr. Morgan and Mr. Grey not only received no pledge, but that the making of such a promise
Davison are directors, the other directors being Arthur M. Anderson J. S. was not even presented for consideration.
It was pointed out further that as the President has never taken up the
Alexander, G. F. Baker, Jr., G. W. Davison, H. D. Gibson, Seward Prosser
Charles H. Sabin, J. A. Stillman, Albert H. Wiggin. Mr. Anderson has question with the responsible financial officials of the Government, and has
been elected President of this corporation and is now organizing its staff no right to act without the authority of Congress, and never oven saw
Viscount Grey during the latter's stay in Washington, it was impossible
The company's activities will be devoted primarily to foreign fields.
the President could have given such a promise to the Ambassador.
The creation of the Foreign Finance Corporation was re- that
President Wilson and tho executive branch of the Government have no
ported in our issue of Nov. 15 1919, page 1836. As to the power to lend more than $10,000,000,000 to the Allied Powers, and that
purposes of the two new enterprises, the New York "Tribune" up to date a little more than $9,000,000,000 had been loaned to them.
According to the story printed in New York, the alleged pledge by the
of Jan. 1 had the following to say in part:
Wilson Administration of support of a "gigantic international loan" of
Although the business of the new cororation [the Foreign Commerce
$13,000,000,000 contemplated that this loan would be handled through
Corporation of America) will be trade, and not finance, It will extend the Federal Reserve
Bank, and was meant to take up the outstanding loans
credit to its customers, it is said. Whether this will be long time or not to Great Britain, France,
Italy, Belgium and other allies with unpaid incould not be definitely ascertained, but the assumption is that it will,
terest to date. Its purpose was to "relieve Great Britain and her allies of
because the incorporators are determined to meet the new facts of interthe present tremendous pressure," and it was planned that the loan should
national commerce with novel methods and expedients. One of the reasons
run for fifty years.
for the undertaking is the feeling that the old formulas of trade fail to meet
Treasury officials dwelt upon how ridiculous it was to assert that anythe present situation, in which America's balance of trade with Europe is body could pledge this country to a new loan, in advance of action by
hopelessly against the Old World and Is no longer offset by the payment of Congress, much less promise any
loan for fifty years to be handled through
interest on debts held in Europe, by the extensive use of European-owned the Federal
Reserve Bank. In the first place, a high Treasury official
tonnage, by the spending of American tourists abroad, or by the other said the banking
laws strictly defined the eligibility of paper upon which
means by which exchange between the two continents were equalized sub- the banks
could make loans. The Federal Reserve System is not permitted
stantially in the ante-bellum days.
by law to make loans on British or other foreign bonds. American GovernAs a practical matter, it is anticipated that the new corporation will ment
bonds and notes being the only investment security recognized by the
promptly seek to step into the breach and forward the raw materials, ma- Reserve Board and banks.
Moreover, the law does not authorize Reserve
chinery and manufactured goods that are so sorely needed in Poland, banks to make loans for longer
than ninety days.
Czecho-Slovakia and the other distressed countries of Central Europe,
Any arrangement for a loan of $13,000,000,000 to the Allied Powers
which must have material things, but are for the moment without means of even if it were to include a
refunding and taking up of old credits granted
payment. The recent statement by Premier Clemenceau that Poland by this Government to the
Allies, would involve the granting of $3,000.would be aided promptly was by some associated with the formation of the 000,000 above what Congress has
already permitted to be loaned, and no
new Morgan trading company.
could
be
found
who
one
believed that Congress would agree to such a
But the corporation has wide powers and aspirations to become a vehicle proposition.
for the development of American trade with all parts of the world. It was
The fact was, it was said that responsible leaders in the executive and
indicated that it will try to put into practice those new maxims which leading administrative branches of the
Government were bending every effort
bankers have been preaching in the matter of building up a permanent toward cutting
down Federal expenditures in an effort to lighten the burforeign trade in recent months. In dealing with the countries of Middle den of
taxation at a time when the high cost of living was hold to be one
Europe, which are bordering on despair and, according to some observers,
of the most important issues before the Government.
Bolshevism, it is likely that the new corporation will encourage simple
Denial by Sir William Tyrrell.
barter—the exchange of goods for goods, eliminating temporarily all the
Intricacies of foreign exchange.
Sir William Tyrrell, Secretary to Viscount Grey, was quoted yesterday
The new concern will work hand in hand, it is understood, with the re- as saying that the $13,000,000,000 loan story had not the slightest basis
cently organized Foreign Finance Corporation, on which both Mr. Morgan of truth.
and Mr. Davison are directors. The Finance Corporation will aim to
"Lord Grey," said Sir William, "came here on an entirely different
do those things which will improve the demoralized condition of the foreign mission. Negotiating a loan was no part of it at all and the Ambassador
JAN. 3 1920.)
THE CHRONICLE
never discussed the question in any way, shape or manner with anybody
whatsoever, official or non-official."
Sir George Paish, it is understood, is here in an unofficial capacity. So
far as is known, he does not represent the British Government, and in
whatever conferences he may have had with American bankers, it is believed
that he will be acting solely as an interested individual.
In British circles yesterday the statement credited to him on his arrival
from England on Wednesday that dire calamity threatened Great Britain
and Continental Europe unless a loan of unprecedented proportions were
made to them by the United States, was severely criticised. Such assertions, it was said, were not calculated to facilitate the task of raising a
huge loan in this country if such a thing was contmplated.
Viscount Grey left Washington on Dec. 30 after completing th:ee months of service in Washington as British Ambassadoz to the United States. Press dispatches from Washington in referring to his return to England said:
On reaching London Viscount Grey will report to his Government on his
work in the United States.
Arriving in New York last Sept. 26 Viscount Grey announced that because of the partial failure of his sight it would be impossible for him to
undertake the duties of a permanent ambassador, and his mission, therefore,
would be "comparatively short."
A few days later he presented his credentials to Secretary Lansing at
the State Department, President Wilson's health being such at the time
that a call at the White House was deemed inadvisable. It had been thought
possible that the Ambassador might see the President before his departure.
but in view of Viscount Grey's continued insistence that no special steps
be taken to arrange such a visit no appointment was arranged.
SIR GEORGE PAISH URGES LONG TIME LOAN OF
LARGE PROPORTIONS.
Sir George Paish, former Editor o! the London "Statist"
and prominent among the financial leaders of Great Britain,
arrived in New York on Wednesday last, Dec. 31, on the
steamer Nieuw Amsterdam, the purpose op his visit, it is
stated, being to discuss the international financial situatioa
with bankers of this country with a view to obtaining further
loans; he also, it is said, hopes to effect an improvement in
the exchange rate between Great Britain and the United
States. Sir George, according to newspaper repaets, believes that a long-time loan of an amount greater than any
previous national loan ever negotiated is needed to carry on
the gigantic task of reconstructing and rehabilitating Europe.
He is quoted as saying:
The United States must lend England the money, because England is
buying here extensively and reselling practically to all Europe. The condition of Central Europe is something that most people do not understand
and the situation Is most serious. The economic situation in Austria will
be reflected throughout the entire world unless aid comes to that country
at once.
England is the financial clearing house for the whole of Europe, and for
that reason needs enormous loans which must be furnished by the United
States. If sufficient money is forthcoming England and Europe will be
all right, but if it Is not furnished, then bankruptcy and a scourge threaten
the countries over there.
"Besides the money needed for reconstruction purposes, Europe needs
money for sanitation purposes', for building hospitals, rebuilding old ones
and generally preparing the countries for the plague that may sweep over
It later.
"An unsanitary condition exists in the Balkan States which threatens
the lives of the peoples of all the countries in Eurpo. Because of this
condition a plague threatens, which if it once gets started, would ravish
all Europe like an all-consuming fire and might be expected to cause an
appalling death rate. Such an epidemic might be impossible to check.''
27
Indeed, fundamentally the new law is an industrial measure. The financing of impoverished foreign purchasers of American goods will open
the world markets which the United States must have to maintain its highpressure production, and on the production of finished goods depends the
demand for raw materials, while even the land and water transportation
systems of the country will be directly affected.
Europe must have credit and the American vendor must have cash to
keep American industry working, and the Export Finance Act Is designed
to provide this credit and transmute it into real money.
For some reason, or no reason, an impression prevails that the new law
will be attractive to only bankers; it may be expecially applicable to their
business, which is the management of financial transactions, but really
there is no reason why individuals and concerns in industrial or export
lines should not take equal advantage of it. On this line, my attention
has been called to an article suggesting that "it would be possible for big
industries of this country to extend to Europe a billion dollars of credit,
without disturbing local financial conditions in the slightest degree," and
It further names a dozen great corporations and interests which might combine to furnish such credit. And not one was a banking concern.
Under the Edge Act such a combination of business interests could finance
Europe for over a billion dollars' without strain on their resoucres and with
profit to themselves. Moreover, the measure might appear to appeal to
distinct industries, such as shoe manufacturers, cotton exporters, woolen
men, wheat men, producers of coal, cattle or candy. Organized under the
so-called Webb Act, any number of concerns in any one of these lines may
unite to sell their commodities abroad;then,forming a corporation under the
Edge Act, they may finance their own business, keeping it strictly in their
own hands and reaping additional profit thorugh their export finance corporation.
The procedure of transmutation is simple. From impoverished purchasers an export finance corporation accepts collateral satisfactory to the
Federal Reserve Board, and against this issues debentures for sale to investors, the money so raised going to the American producers or exporters.
Under the Federal Reserve Act banks may not rediscount paper of more
than 90 days' maturity; under the Edge Act paper is not rediscounted, but
is held as collateral for the debentures. And, I would like to repeat, the
moneys involved in all transactions are kept here in the United States and
not a penny goes abroad. Finally, through Government supervision exercised by the Federal Reserve Board,the safetyof all transactions Is assured
throughout as far as is humanly possible—the vendors are paid real cash,so
run no risk, and the stockholders of the corporations and the purchasers
of the debentures are safeguarded by the Federal Reserve Board.
And what this means to Europe in the work of reconstruction after five
years of barbarian destruction has been brought home to me of the late by
tremendous interest manifested in the Export Finance Act by the representatives of foreign Governcnts.
During the war, as is well known, the United States Government extended to Europe approximately nine or ten billion dollars, and to-day we
cannot get even the interest on it. Some persons want us to waive this
interest, but I am not one of that class. But I believe) we should help Europe
and not sidestep our responsibilities in peace any more than we did in line
of war, and especielly as now we can meet them without hardship, but
rather with real profit to our own people.
To keep lending a man money is poor business policy. Such easy—
money melts and does no good to the lender or the recipient and also it Is
axiomatic that "the best way to lose a friend is to lend him money." Instead of the worse than elemosynary procedure of lending Europe more money
let American business men and financiers help the foreigners reconstruct
their devastated factories and reclaim their devastated fields and mines by
converting their credit into cash; then, in time, to pay the interest on their
debt to us and gradually pay off the principal. Selfishly, the new act
is an -'American first" measure, but also we must remember that the hope
of the world turns with confidence to the constructive genius of the United
States and we must not disappoint it
ELLIOTT C. McDOUGAL URGES PREPARATION FOR
COMING LEAN YEARS.
A warning that "every wage earner should at once commence to save part of his earnings for the inevitable rainy
day" and that "every business man should leave a good
percentage of each year's profits in his business for the
Urging the prompt ratification of the Peace Treaty, Sir inevitable lean years not far away," is contained in a New
George said:
Year's message to the business houses and wage earners of
Whatever America wants will be acceptable to Europe. If America
feels that certain reservations to the treaty of Versailles are necessary Buffalo, issued by Elliott C. McDougal, President of the
that is Am erica s business and no Ally nation has any wish to dictate. Bank of Buffalo, at Buffalo, N. Y. Mr. McDougal opens
Nor have I discovered any hostility to reservation on the part of statesmen his message with the statement that
"although it is not
and financieres who count. No, Europe understands America quite well
enough to preceive that there is nothing hurtful to Europe in the present likely that, in the near future, prices for commodities will
treaty situation based on the demand for reservation.
fall to the lowest scale of pre-war prices, there would appear
According to the newspapers, Sir George is not here as a to be no reasonable doubt that they must fall," and continues
representative of the British Government, but, it is empha- in part:
No one can predict exactly when, but it probably is safe to predict that
sized, he is acting on his own private initiative.
the first fall will be only the beginning of a more or less gradual decline that
SENATOR EDGE IN EXPLANATION OF ACT CREATING
FOREIGN BANKING CORPORATION.
In explaining on Jan. 1 the purpose of the so-called Edge
act providing for the creation of banking corporations to
engage in foreign banking business, the author of the legistion, Senator Edge of New Jersey, stated that under the act
a combination of business,interests could finance Europe
for over a billion dollars, without strain on their resources
and with profit to themselves. The bill became a law with
its approval by President Wilson last week, as announced in
our issue of Saturday last, page 2401. Senator Edge in his
statement with regard to the measure said:
will continue for years, notwithstanding possible short temporary recoveries
and that for a time business will become unsettled and hesitating. Strange
as it may seem, business usually remains active, and profits good, so long
as prices keep rising, even though excessive. When prices reach their
maximum, and begin to fall, business slackens, and profits vanish. No
one can know for how long, or how far the decline in prices will continue.
Three of the principal causes of the unusually high prices of to-day are:
Reckless personal extravagance.
Excess profit.; taxes, which our citizens delude themselves into thinking
will be paid by co:porations and big business houses, but which are simply
passed on to and paid by the consumers.
The fact that, on the average, labor produces for one dollar only approximately fifty cents worth of work.
The average worker may think that because he is exacting twice as much
in wages for the amount of product that he exacted a few years ago, he
Is to that extent better off. Against that, everything that others produce
for him doubles in price. Clothing costs him more, food costs him more,
the rent he pays for a house, built by union labor, at a low rate of production, costs him more. Constantly rising prices, with low production,
r Now that tho so-called "Edge Export Finance Bill" has become a law, cannot continue. Collapse is sure to come, and cannot be far off.
4
through approval by the President, it may be well to call attention to two
If prices fall wages also must fall. We do not advocate lower wages.
features of the measure. First, it is not merely and solely a financial meas- Providing we could be free from strikes, one of the best things that could
ure, and, second, it is not compulsory. Sound business is based on sound happen to this country would be to have employers know positively that
finance, and the new law is designed to strengthen both the foundation and wages would neither fall nor rise, but would remain exactly at their present
the superstructure. It provides the authority and procedure for financing level for ten years to come. It is not so much high wages that employers
the American export trade, but it compels neither the Government nor object to, as the constant violation of wage agreements by unions, with
private enterprise to emarbk on the venture.
continual changes in wage schedules, which make It practically impossible
28
THE CHRONICLE
for any merchant, manufacturer or contractor, to plan ahead. Labor
unions must not forget that employers must plan months, and sometimes
years, ahead, and that unless they can know just what wages they will have
to pay for the times for which they plan, they naturally will be afraid to take
on much business which otherwise would keep their men busy. It is a lamentable fact that the labor unions themselves, or rather their unreasonable
and unreliable leaders, perhaps without knowing it, are doing their best
to drive down wages, by making it almost impossible for employers to continue to pay the present high wages, which they would be only too glad
to pay if they could make contracts with their employees for two or three
years ahead and be sure that the contracts would not be broken.
To every butcher, grocer, tailor, dressmaker, milliner or retail dealer of
any kind, we say: "Sell on credit just as little as possible. Don't let your
customers get behind with their bills. As the outlook is to-day you would
bef better off without their trade than with their trade and constantly increasing book accounts. With all your care it will be hard for you to keep
down your book accounts after the tide has turned. The time to act is
now, when people are able to pay. Because we do not know just when
trouble is coming we are unable to say to you: 'Begin to cut down your
credits next year,' or 'the year after.' We do say, 'Begin now.' If a
man cannot keep his bills paid up now he never can. Many of your customers to-day are spending money for things that are not necessary, and letting their bills run. By cutting off unnecessary purchases they can keep
their bills paid up to date, but if they keep up their present extravagant
habits, and continue to let their bills run, both you and they will suffer.
Whether you shut off their undue credit to-day, in anticipation of trouble
in the future, and really for their own good, or whether you shut it off only
when compelled to do so by necessity, they will not thank you; but in the
first case you will have the satisfaction of knowing that you have saved yourself serious losses, and also have benefited your customers, even if they do
not appreciate it. In the second case you will regret that you have not
only encouraged them in shiftless practices, but that you have done It
at a loss to yourself."
Do not delude yourselves, let no one delude you, into the belief that the
present era of high wages, with easy jobs; of high prices, with large and easy
profits, can continue. Every wage earner should at once commence to
save part of his earnings for the inevitable rainy day. Every business man
should leave a good percentage of each year's profits in his business, for
the inevitable lean years not far away.
ALFRED L. AIKE'N ON FINANCING OF EUROPE.
In an article prepared by Alfred L. Aiken, President of the
National Shawmut Bank of Boston, dealing with the possible
effect of the European situation on our welfare and suggesting
the parts to be assumed by bankers and. the general public
in solving the many problems involved, Mr. Aiken says:
Uwe allow the situation in Europe to become worse,the effect is certain
to be reflected here in the United States. Should Europe abandon hope in
our assistance there would follow an abrupt stoppage of our export. That
would necessarily mean a violent readjustment of our industrial organization
the shutting down of plants and general curtailment. This sudden contraction on our export trade might, of course, bring about some reduction
In prices, but unemployment consequent upon such contraction would
represent a very high price to be paid for a benefit of indeterminate value.
Mr. Aiken also said in part:
Aside from other reasons for extending our aid, there is the fact that
Europe owes us a debt of $10,000,000,000. We know that she cannot pay
that debt without some help from us. She can pay only out of her future
earnings, and the longer we keep her from employing her productive earning power, the longer will she remain unable to pay. Under existing conditions, Europe's debt will continue to increase and her credit continue to
shrink. This situation is reflected in the falling of exchanges and in higher
prices for goods which she may import, the high rate of exchange acting
as an export tax. The British Government, as a result of high prices and
the reduced value of the pound. is now paying 115 shillings for flour which
It is reselling to the millers at 60 shilling's in an effort to maintain an equitable price for bread. It is not to be wondered at that conditions existing
In a large part of Europe should be productive of a degree of unrest which
aggravates the difficulty of applying a remedy.
It is now quite clear that our American banking institutions alone will
be unable to finance the country's foreign business and at the same time
care for the increasing demands of domestic financing. The financing of
Europe alone is a task which calls for the most complete co-operation between banks, manufacturers and the general public, the later in its capacity,to absorb foreign securities. Encouragement may be drawn from the
fact that plans are now under way for extending credit to Europe which
the government, bankers, and manufacturers will each have a part. The
amendment to the War Finance Corporation Act, authorizing loans up to
a billion dollars to promote foreign commerce through the extension of
credits, wal need additional legislation to make it really effective. The
final enactment of the Edge bill will add to our equipment for financing
foreign business through the use of long time credits. It is the opinion of
many bankers that the extension of credits to Europe will be for more
beneficial than loans. A wider distribution will thus be possible both as
regards the borden here and the benefit abroad. This policy should result
n greater production of goods in European countries which, in the absence
of gold, they must depend upon to settle their trade balance.
The organization by important financial interests of eight internal bank
ing associations, organized primarily to finance foreign trade, represents
practical preparation on the part of American bankers. The foreign credit
clearing house formed several months ago Is another example of the comprehensive plans which are beieng carried out by our bankers. Investigation
In every country in Europe has shown that many firms which were in excellent position before the war have lost considerable of their former stability.
On the other hand, a large number of new firms have come into strong
financial positions. A general revision of credit information thus becomes
,s, necessity. Through the formation of the credit clearing house bankers
will be in a better position to assist manufacturers in extending credits
Abroad.
Apart from the creation of organizations for dealing with various phases
Qt foreign financing, the bankers of the country are rendering valuable
some of the dangers incident
service to exporters in helping them to avoid
practical are the measures being taken
to the exchange situation. Equally
larger banking institutions to promote
by the foreign departments of the
interest in foreign securities among the increasing number of our American
nvestors.
The absorption of foreign securities is one feature of the problem of
financing Europe which is directly up to the American public. The part
at most, to procuring the securities and
of the banker should be limited,
arranging for their being listed on our exchanges. The difficulty of edu-
[VOL. llo.
cating the American public to the value of these foreign offerings is of course
complicated at present by our own need for capital expenditure.
One factor in the problem, the most important of all perhaps, is entirely
within the control of the American people as a whole. There can be no
question that Europe must be helped through our industry and thrift.
At the present time the spirit of the American people is marked by a degree
of extravagance, which seriously complicates the problem of helping Europe.
If Europe were completely restored our extravagance would be a blessing
to her manufacturers and to her people generally. To-day, however, she
is far more interested in the promotion of a measure of thrift among the
people of the United States which will enable them to extend to her the benefit of their savings. During the war we proved our friendship for the people
of the Allied countries by making many sacrifices, even to a reduction in
the amount of food we consumed. Europe expects of us now, not that we
should eat less food, but that we should assist her by saving some of the
money wfirc-h we are siierafi ii-g1Textia7vIiiiiitly.— There can be no question
that Europe must be Wiped through our industry and thrift.
JAMES B. FORGAN ON NECESSITY OF SAVING
BANKS URGED TO PREPARE FOR LOSSES.
In his survey of the year 1919, James B.Forgan, Chairman
of the Board of Directors of the First National Bank of
Chicago and of the First Trust & Savings Bank, referring to
the present unsettled condition of affairs points out that "the
ultimate hope for a speedy return to more normal conditions
depends on the capability of our people to produce more and
save more and gradually absorb the outstanding war obligations." Mr. Forgan urges it as a part of prudence and good
banking for the banks "to provide liberally for losses which
though not discernible now are likely to occur in the process
of contraction and deflation which must sooner or later take
place." We quote in part from his statement as follows:
One of the unfortunate results of the comparative failure of crops and the
industrial unrest has been to prevent a reduction of the high cost of living.
The unsettled condition of affairs has bred a spirit of living merely for the
day and leaving the morrow to take care of itself, so that at a time when
saving and economy are a crying need, a large section of our population has
indulged in indiscriminate expenditure and speculation to an almost unprecedented extent. This has caused the Federal Reserve Board to issue
warnings at various times to member banks to restrict their loans to nonspeculative undertakings. A sudden rise in the discount rate of the Federal
Reserve banks and discriminatingly high rates imposed by the banks in
New York on speculative borrowing brought about a Stock Exchange panic
which compelled much liquidation there. Thanks to the Federal Reserve
system, however, the panic was confined to Stock Exchange speculators
and did not, as was too often the case prior to its organization, spread to
general business, which proceeded in the oven tenor of its way unaffected
by the disturbance in Wall Street. The raising of the Federal Reserve discount rates was for the purpose of restricting rediscounts and thereby
bringing about a deflation of both the credits granted and the circulation
issued by the Federal Reserve banks. It must be borne in mind, however,
that much of the inflation is due to the Government financing caused by
the war. Banks, members of the Federal system, during most of the year
had under rediscounts with the Federal Reserve banks, bills secured by
Government war obligations to the extent of one billion and a half or two
billion dollars, while all other bills usually did not exceed a quarter of a
billion dollars.
The ultimate hope for a speedy return to more normal conditions depends
on the capability of our people to produce more and save more, and thus
gradually absorb the outstanding war obligations. The Federal Reserve
Board can only assist such a movement; it cannot by its own power produce
a sudden and complete change. Our country is possessed of enormous
resources in all directions, and our people showed during the war that in
times of crisis they are able to make all sacrifices asked of them. It Is not
to be doubted that we shall pass safely through the present crisis. There is
no need of despairing and becoming impatient. The experience of the
Napoleonic Wars and of our own Civil War shows that it takes a long time
for nations to overcome the effects of great wars as regards finance, industry, and commerce. The war through which we have just passed has
been a so much greater cataclysm than any other that has preceded it that
we must not expect a complete return to normal for sever! years.
The demand for bank credit has been steady and strong all through the
year and discount rates have ruled high. Banks therefore have again had
an opportunity to make large profits. Contraction and deflation of credits
have not yet commenced and business failures with resulting losses to the
banks have been few and unimportant. It will be the part of prudence and
good banking for the banks having excess profits, after setting aside their
excess profits taxes, to provide liberally for losses which though not discernible now are likely to occur in the process of contraction and deflation
which must sooner or later take place.
H. H. MERRICK SEES MODIFICATION OF TAX PROGRAM NECESSARY FOR MAINTENANCE OF
COUNTRY'S PROSPERITY.
That with the year ended, and its books closed, the ledger
makes a far more favorable showing that the average business
man had anticipated, is the observation made at the close
of the year by Harry H. Merrick, President of the Great
Lakes Trust Co. of Chicago. Stating that "we have been
worrying about advancing costs, inflated inventories, and
the possibility of a sudden reaction," Mr. Merrick adds
that "at the tunlof the year we find that business as a whole
has made more money than it ever made before, its workers
are better paid, and that all of us have enjoyed more than
usual of the luxuries and necessities of life." Mr. Merrick
also said:
If Congress and the Administration concede and continually bear in mind
that the first duty of Americans is to America, that sound business judgment
must displace sentimentalism and gauzy theories in our dealings with world
problems, then our own country shall be able to liquidate her own debts, to
maintain a position of world leadership and to accept a fair share of the
burdens of her late allies. This assumes,for instance, that our own merch-
JAN. 3 1920d
THE CHRONICLE
ant marine shall be fostered and efficiently managed in the interests of our
own business, thus affording American merchants a fair chance in competition in world trade, that the dollars which we loan abroad shall not be so
placed as to become weapons to be used against us by our world competitors
in the industrial warfare for world markets and that common sense in the
direction of our domestic and foreign policies shall be the rule and nor
merely the exception.
A wholesome respect for Uncle Sam and a belief in the fact that charity
begins at home would suggest that efforts to restore the parity of foreign
exchange shall be made by our Government and our bankers as agents of
•our own country rather than as agents of the Bank of England, the British
Exchequer or even the Bank of France. This nation is at the high tide of a
great wave of prosperity, to a considerable extent extravagant and having
potentialities for great good or evil, dependent upon the use we shall make
of our opportunities.
The country produced, out of taxes, 32% of the thirty-five billion it
expended in financing its war activities. If the tax program be modified
sanely and scientifically this taxing power willingly furnished by the people
can speedily eliminate the national debt and maintain us in a position of
permanent prosperity and power. If It be maintained in a manner penalizing business, discouraging investment and initiative and encouraging hoarding and retrenchment, then the nation's opportunity is lost.
LiThe stewardship of the economic equities which this nation has saved
out of the war Is ono of the greatest responsibilities of the national government. We have to our credit $9,647,419,000 loaned abroad during the
war. This is a trust imposed upon the Government by the people, and
silly propaganda proposing that these debts be canceled and other halfbaked and ill-considered suggestions for their disposal should be scrapped
and cast aside. Every assistance consistent with the broad and proper
interests of the United States should be afforded by our country to the
weaker nations of Europe that they may resume production and return to a
normal basis of comfort, happiness and solvency, but the time for mere
sentiment and frothy theories in the administration of affairs has past.
This government finds itself with a huge investment in ships, factories,
supplies and materials that should be used to sustain and encourage the
proper business development of the country along constructive linesi rather
than along linos of false and destructive governmentYcompetition.
FIPDINGS OF COMMITTEE NAMED BY GOV. SMITH
OF NEW YOR K TO DEVISE MEASURES TO
.
PROTECT INVESTING PUBLIC.
‘Y
re Majority and minority reports enbodying the conclusions
roamhed by the committee, representing the banking inter.,a‘ ests, the legal profession and the investing public, named by
` y Gov. Smith of New York in September to investigate the
jubject of safeguarding the investing public in regard to
‘security offerings, have been made public during the past
/week. The reports were submitted to the Governor on
Dec. 24. The chief recommendation of the majority report
/ is that "the Banking Department should have jurisdiction
over commercial transactions, and that the Attorney-General should have similar jurisdiction." These departments
the Majority report adds, "should be fully empowered to
investigate such transactions and should be under the duty,
on complaint of any citizen, to investigate any transaction
of which complaint is made." The majority report was presented by John J. Pulleyn, President of the Emigrant Industrial Savings Bank of New York; Charles H. Sabin,
President of the Guaranty Trust Company of New York;
William II. Porter of J. P. Morgan & Co.; Willialn H.
Remick of Remick, IIodges & Co.; Alfred J. Johnson,
formerly City Chamberlain; John Godfrey Saxe; Mortimer
L. Schiff of Kuhn, Loeb Sc,Co., and Edwin C. Vogel of
Arthur Lipper & Co. The minority report was drafted by
A. Barton Hepburn, Chairman of the Board of the Chase
National Bank of New York; George V. McLaughlin,
Deputy Superintendent of Banks, Laurence McGuire,
President of the New York City Real Estate Board, and
James J. Hoey, Vice-President of the Continental Insurance
Company. The minority report recommends the adoption
of a statute that will contain two of the familiar features
of a blue sky law:
First.—A system of verified statistical detail, by requiring those offering
stocks and bonds to file with a designated public officer statistical details
as a condition precedent to the offer of the security to the public, and imposing on the persons verifying the statement both civil and criminal
liability to the public.
Second.—The licensing Of every person who deals in securities.
In signifying their disapproval of "blue sky" legislation
the majority declare that "New York State, as such financial center, cannot afford to adopt experimental legislation
of the character adopted in our Western States." While
all restrictive legislation necessarily and properly imposes
certain burdens," says the majority report, "it is indispensable in the interest of this financial community that the
State should preserve as much freedom as possible for business enterprises." Besides the recommendations of the
majority set out above it records itself as "strongly of the
opinion that our penal statutes should be fortified in every
possible way," and suggests the appointment by the Governor of a commission of lawyers on which the various District
Attorneys are represented, to fully examine and revise the
penal laws of the State "with a view to fully and effectively
punishing unscrupulous dealers and promoters and making
29
such provisions as to the keeping of records and documents
as to make fraud readily discoverable and the swindler speedily convicted." The following is taken from the majority
report:
FUNDAMENTAL CONSIDERATIONS.
In approaching these various complaints and proposed legislation to
remedy their causes, we are mindful of the principle which your Excellencyenunciated both in your inaugural message and in your letter appointing
us that "New York is to-day the financial center of the world" and that
"In framing laws and in administering government, it is therefore of prime
importance that legitimate business should be safeguarded, protected and
encouraged, to the end that we maintain our financial, commercial and
industrial supremacy."
New York State, as such financial center, cannot afford to adopt experimental legislation of the character adopted in our Western States.
Experience has demonstrated the unwisdom of placing drastic regulations upon enterprise as a whole merely in an endeavor to exclude a modicum of possible fraud. While all restrictive legislation necessarily and properly imposes certain burdens, it is indispensable, in the interest of this
financial community, that the State should preserve as much freedom as
possible for business enterprises.
In adopting any legislation which frankly will tend to restrict legitimated
business in the hope of preventing fraud, New York State must proceed
intelligently and should not adopt any legislation in which the restriction
upon business is out of proportion to the benefit which might thereby be
attained.
Secondly, your committee suggests that the question is not the narrow
question of whether the State should restrict a signet business,familiarly
known as that of "investment brokers" in order to afford a certain amount
of protection to those who are engaged in purchasing securities. The
question is much broader than that. It involves the question of how far
the Empire State should encourage or discourage capital, during this grave
period of reconstruction, in entering into the numerous legitimate ventures
which will help to bring the world back to times of prosperity for rich and
poor alike.
The war, and conditions which have arisen out of the war, have added
heavy burdens which have seriously discouraged the employment of capital
to development; and we, therefore, must meet the question: In how far is
New York State willing to add a further burden of new legislation?
Thirdly, your Committee deems it necessary to distinguish sharply
between the various classes of losses. A large proportion oflosses result
from ignorance, and another large proportion of losses result from the cupidity of people who engage in speculation seeking abnormal gains. The
only losses with which we are concerned at this moment are the losses which
are occasioned by fraud.
It is impossible by legislation to abolish ignorance or eliminate cupidity.
Moreover, experience has demonstrated that no matter what statutory
bars may be erected, men will continue to lose their money not only by unwise investments and extravaganespeculation, but that the ingenuity of the
crook can never be wholly circumvented by statute.
In this connection we may point to the experience which has been had
under the "Blue Sky" laws of the Western States, where we have been reliably informed that crooks obtain licenses and have employed these licenses
as a certificate of the State that they are agents of the State; that they are
honest and reliable; and that whatever they say must be true because the
State has certified that it is true.
RECOMMENDATIONS AS TO PROPOSED LEGISLATION
While this statement of fundamental principles, as to which there can
be no disagreement, we will proceed to discuss the various proposed forms
of legislation:
I. Registration or Licensing of Securities.
Your Committee is unanimous that legislation of this character is unwise
in that it does not protect the unwary investor against fraudulent securities'
and at the same time is unduly restrictive of igitimate enterprise. The
Committee is advised that it has proven ineffective in the States in which
the experiment has been tried.
II. Filing of Statistical Detail. with Civil and Criminal Responsibility Therefor.
The suggestion as to legislation requiring the filing of elaborate statistical
data as to all securities which are offered to the public in this State comes
partly from the "Blue Sky" laws of our Western States and partly from the
British Companies Act. It is urged as being "legitimate publicity"; but
this is a flagrant misnomer. No one contends or thinks of contending that
mere publicity as such is objectionable; but the difficulty arises the very
moment that it is attempted to work out the statistical details which are to
be required In other words, New York State, in drafting any law, is compelled to face the dilemma that either it Must precent the issuance of securities by demanding elaborate statistical data to an impractical degree,or
it must enact a law which does not prevent the issuance of securities, in
which case the law is virtually worthless.
While, theoretically, we all believe that a statute which merely enforces
"publicity" might have some beneficial effect, nevertheles.,, a careful study
of any law which has boon enacted, or any bill which has been proposed,
absolutely convinces us that provisions of this character place an unwarranted handicap on legitimate financial transactions to a degree that would
be intolerable.
It would act as a prohibition or deterrent to responsible, reputable dealers; it would not restrict the activities of those without scruple or regard for
their spoken or written word.
The individual who proposes to lend his money to assist a legitimate
security will hestitate or abandon the project, If he is confronted by the necessity of elaborate statistical data which he is called upon to verify and for
which he will be held civilly and ciminally responsible. The unscrupulous
individual, who proposes to issue a worthless security, will not hesitate at
the mere filing with a public official of any statement even though he knows
it to be untrue.
The honest and the careful dealer is placed in shackles, whereas the crook
and the careless man is virtually unhampered.
Moreover,a New York law will not,of itself, prevent the offering of either
legitimate or illegitimate securities to the citizens of this State through the
medium of the United States mall by dealers maintaining no offices in this
State.
The difficulty is two-fold: first, that legislation of this character is more
effective against the legitimate dealer than it is against the crook; and
second, that every attempt to assist legitimate business by striking out
restrictions, tends to make the law more ineffective against tcrook; and
conversely, that every added restriction against the crook, applies with
double and treble force, against the legitimate dealer.
30
THE CHRONICLE
III. Licensing of Dealers in Securities.
There are many thousands of dealers in securities in the State of New
York and it is, of course, ovbious that it would be a distinct hardship to
require each and every one of them to be licensed in order to conduct his
legitimate business. We are advised that our courts have repeatedly
declared that to justify the State in interposing its authority In behalf of
the public, by enacting a licensing statute, It must appear that the interes
of the public generally demands such interference, and that the remedy
is not worse than the disease.
The objection to a law of this character is that every citizen should be
free to enter into any legitimate business that he sees fit; and that, to require
a licensing system and to confer power upon some State official to grant or
to withhold a license, is an abrogation of individual rights and liberties,
Is un-American in principle, and has been frequently denounced by the
courts.
To make any such law effective, the power must be conferred upon some
State official to reject applications. This must be upon some "test" of
character and fitness. A very large proportion of those dealing in securities
between the issuing house and the public are bright young men,frequently
college graduates, just entering upon their business life. We are not prepared to recommend that these large numbers of our citizens should be
subject to the ipse dint of a State official, as to his liberty to enter the
business of a dealer in securities.
Moreover, upon all the information which we have received, the experience of the Western States, where "Blue Sky" licensing statutes have been
enacted, has demonstrated that the crook can obtain his license quite as
readily as the honest man; and that he frequently employes his licence as
the certificate of the State that his acts are honest and his statements are
true.
With the consideration of the three classes of legislation heretofore enumerated, we have disposed of the various forms of so-called "Blue Sky"
legislation. We now proceed to consider the forms of legislation which
are familiar to the citizens of New York and which have placed the statutes
of the Empire State upon a high plane among the laws of the world.
llo.
FEDERAL RESERVE BOARD ON ANXIETY REGARDING
ADVANCING PRICES, HIGH WAGES AND
REDUCED WORKING HOURS.
In reviewing business conditions during December the
Federal Reserve Board reports that "general anxiety concerning the continued advance in prices is exhibited, while
unfavorable foreign exchange rates are regarded as likely
to bring about a reduction in exports which may necessitate
somo readjustment of domestic industry." The Board in
its review of the month also says in part:
Labor disturbances during the month of December have, on the whole,
been less severe than in November, both the steel and coal strikes reaching
a practical conclusion, followed by resumption of work.
From sundry of the districts it is noted that the growth of business is
far more noticeable in terms of dollars than in units of production, while, as
just indicated, there aro some in which very high prices are already beginning
to produce a curtailment of buying power. This appears to be more largely
true in the country and outlaying districts than in the cities. The banking
situation is spoken of as reflecting the high prices of goods in the form of
larger demand for accommodation. Increase in the cost of living is referred
to as an unquestionable menace and in some districts it Is reported that
retailers themselves recognize this fact. The "work and save" program is
reported by some to be considered hackneyed or obsolete. High wages are
resulting chiefly in a reduction of labor time. According to one report,
much of our skilled labor works only sufficient days during the month to
keep going. The effect of excessive wages has been that of destroying
regular standards of living and the recognized basis of prices.
As already noted, a serious view is taken of the advance In prices. The
index number of the Bureau of Labor Statistics shows an advance from 223
during October to 230 during November, which is the highest level yet
reached. The increase is found in the index numbers for each of the princiIV. State Supervision and Investigation.
pal groups, consumers' goods showing an increase from 220 during October
First and foremost of these, it has been urged that the Banking Depart- to 226 during November, producers' goods from 211 to 216, and consumers'
goods
from 228 to 236.
commercial
jurisdiction
over
and
that
the
ment should have
transactions,
The month of December showssome abatement of labor unrest and disturAttorney General should have similar jurisdiction. These departments
should be fully empowered to investigate such transactions and should be bances which had greatly reduced production during the preceding month.
under the duty, on complaint of any citizen, to investigate any transaction The termination of the coal strike and the cessation of activity in the steel
of which complaint Is made. The legislature should also provide that the strike as well as the increase in the number of men employed in those inAttorney-General should have in his department one or more special depu- dustries has greatly reduced the figures representing unemployment. From
ties whose sole business should be to familiarize themselves with commer- many districts it is reported that the chief difficulty does not lie in systecial transactions of this character of all kinds and descriptions, and who matic strikes but in Indisposition to increase production or to keep steadily
would be in a position to investiaget all dealings in secui'ties. and, wherever at work. The reduced output as a result of very short hours or suspension
they should find that there was evidence of fraudulent practices, to imme- of work a given number of days each week, has proved to be a national probdiately bring the same to the attention of the proper prosecuting District lem. The disposition of labor to pursue such a policy is ascribed by many
Attorney and to furnish him with the full evidence obtained upon such to high wages and the desire to employ the increased purchasing power thus
obtained in the purchase of leisure rather than goods.
investigation.
We favor this remedy,and we urgently recommend it to Your Excellency.
We are convinced that if you consider this subject with the same fullness
that we have, you will be convinced, as we are, that this does not unduly
burden the legitimate security dealer but gives the community an adequate, RATE OF EXCHANGE OBSTACLE IN TRADE BETWEEN
U. S. AND GERMANY—THE TREATY AND TRADE.
full and complete remedy against the crooked security dealer.
If the Banking Department and the Attorney-General are given jurisIn reporting that in official circles in Washington the
diction over commercial frauds, they can pursue whom they will with their
investigation.and they can obtain more information in respect to the Issuance opinion prevails that the exchange of ratification of the Verand negotiation of securities than any one could be required to give under sailles Peace Treaty will have practically no immediate
any statute which has been enacted or contemplated.
with Germany,
Moreover, If this broad jurisdiction be conferred upon these two depart- effect upon the trade of the United States
ments, the deputies in charge are bound to become acquainted with the Washington press dispatches of Dec. 31 also said:
individuals In the State who are engaged in the negotiation of securities,
All restrictions on trade with Germany except as regards imports of dyes
and from time to time they can readily signal out the crook or the un- and coal tar products and exports of wheat were removed by the War Trade
scrupulous dealer.
Board July 14, and so far as the United States Government is concerned
We believe that If this practical, common sense remedy is adopted by anything, from matches to 6-inch guns, may be shipped to that country
the Legislature, it will be a matter of only a short period of time before the provided a purchaser can be found.
existence of commercial frauds in this State will have practically disapThe present rate of exchange is the obstacle in the way of trade, officials
peared.
said, and a rise in the value of marks through the stabilization of internal
V. Amendments to the Penal Law.
conditions In Germany and the production of goods for export is the only
We are advised that there are many amendments to the Penal Law method by which commerce can be restored to normal.
In an effort to improve the disastrous exchange rate Germany has imposed
which can be made to further protect the public against commercial frauds.
We have examined certain of these proposed statutes, but we are faced rigid import regulations, it was pointed out, but as executive decrees change
with the difficulty that of the twelve members of this Commission only the lists from time to time the market is left In a state of uncertainty. At
It4
three are members of the Bar. and that this Is obviously a matter which the present rate there are but few purchasers of American goods.
As regards exports, officials of the State Department and the Department
should be determined by a Commission of those expert in the criminal law.
sell
at
this
had
no
great
stocks
Germany
of
goods
to
of
Commerce
said
that
We are strongly of the opinion that our penal statutes should be fortified
time. Fear that quantities of potash would be dumped in America have not
in every possible way.
We also suggest that, If the Legislature will enact a statute conferring materialized, it was said, as only one shipment has been made.
The State Department has not forwarded any instructions to Ellis Loring
the jurisdiction which we have stated upon the Banking Department and
the Attorney-General and will make an appropriation which will enable Bresel, the special commissioner who will go to Berlin on the exchange of
them to Investigate commercial frauds in the State of New York, that they ratifications, and he was described as working under the direction of Amwill readily discover wherein our penal statutes are strong and wherein they bassador Wallace at Paris.
On the establishment of peace between the United States and Germany
are weak, and that such experts can readily suggest penal legislation which
will finally and completely stamp out stock frauds in the State of New York. Consuls would be sent to most of the twenty-one posts which existed before
We do not, however. advise that we wait for this practical experience; the war, it was said, but their presence could not be expected to increase the
and we take the liberty of suggesting to Your Excellency that you appoint exchange of goods between the two countries as long as the rate of exchange
a commission of lawyers, on which the various District Attorneys are was unfavorable. The Department of Commerce has several trade comrepresented, to fully examine and revise the penal laws of this State, with a missioners on the German border reporting on conditions and ready to
'view to fully and effectively punishing unscrupulous dealers and promoters cross the frontier when the Peace Treaty is signed.
and making such provisions as to the keeping of records and documents as
to make a fraud readily discoverable and the swindler speedily convicted.
FURTHER INCREASE IN DISCOUNT RATES OF
FEDERAL RESERVE BANK OF NEW YORK.
The Federal Reserve Bank of Now York has this week
made further increases in its discount rates, the effect of
which is to establish a rate of 49% for advances on all
classes of paper and for all maturities, except for agricultural
paper of from over 90 days to 6 months' maturity, the rate
for which, as heretofore, is 5%. Several weeks ago, as indicated in our issue of Dec. 13,the Bank raised the rate in the
ease of advances based on Liberty bonds and Victory notes
from 432 to 43
4%; this week it has raised from 41A to 49%
the rate on fifteen day advances secured by certificates of
indebtedness and has similarly increased tile rate on trade
Reference to the committees appointed by Gov. Smith and bankers' acceptances having a maturity of not more
was made in our issue of Sept. 27, page 1228,and Oct.4,page than ninety days. A statement bearing on the discount
policy of the Bank was issued as follows, Dec. 30, by Bon1325.
CONCLUSION.
We believe that we are recommending the only practical and ommonsense solution of the problem which you have submitted to us.
No formula of words, no mathematical computations dependent on
automatic operation can make an efficient trap to catch the crooked dealer.
What is needed is a flexible, virile fraud-hunting State machinery driven
not by statute but by human intelligence and human activity.
The promoter and vendor of spurious stocks does not operate along
conventional lines—nor can he be pursuaded to do so by any statute which
we might recommend, or the Legislature might enact. On the contrary,
during the interim periods of legialative action, he could be counted on to
abandon certain lines which might be marked as legally dangerous and adopt
new lines that would be safe until a future Legislature should discover and
pick up the trail of dishonesty.
Common sense dictates that the State shall not place its dependence on
legal traps composed of words, which, no matter how well chosen, are
notoriously easy of evasion.
THE CHRONICLE
JAN. 3 1920.]
jamin Strong, Governor of the Bank, with the adoption of
the new rates on Dec. 30:
Rates of Discount.
To AU Member Banks in the Second Federal Reserve District
Dear Sirs —You are advised that this bank has established the following
rates of discount effective immediately and until further notice and superseding all existing rates:
For advances not exceeding 15 days and rediscounts not exceeding
4X%
90 days
For rediscounts of agricultural paper having a maturity at time of
5%
months
6
than
more
not
but
days
90
than
rediscount of more
It seems appropriate at this time to make a briefstatement to the member
banks in regard to the discount policy of this bank.
During the period of active borrowing upon an increasing scale by the
Government of the United States, the demands for credit for war purposes
exceeded the amount of the savings fund of the nation available for investment in Government securities, so that the discount facilities of the Federal
Reserve Bank were, necessarily, employed to supplement the normal volume
of credit created by savings. It was necessary, therefore, during this
period for the Federal Reserve Bank of New York to give consideration in
Its discount policy to the interests not only of the Government and of
business, but also of those patriotic citizens who anticipated their future
savings in order to subscribe to war loans.
Now, happily, the income of the Government has overtaken its expenditures and in the month of September there was an actual decrease in the
Government debt of about $400,000,000; the loans which banks have made
to their customers on Goveriment securities are steadily being reduced,
and Secretary Glass. In announcing the current offering of 4X% Treasury
certificates of indebtedness, states that the success of the issue will assure
the consummation of the Treasury's plan for financing the unfunded portion
of the war debt.
In view of the foregoing, and of the wide distribution of certificates to
the public, it being estimated that not over one-half of the certificates outstanding are now held by the banks, the directors of the Federal Reserve
Bank of New York have eliminated the preferential rates heretofore maintained in favor of advances and rediscounts based on bonds, certificates of
Indebtedness and acceptances, and for the time being, at least, have establiahed a single rate for credit at the Federal Reserve Bank, thereby greatly
simplifying their future rate policy.
While the Federal Reserve Act, by lowering reserves, added permanently
to the lending power of the member banks it was not intended that the
Federal Reserve banks themselves should be used to promote permanent
credit expansion or for the purpose of obtaining funds to re-loan at a profit
In the general credit market. They were intended to facilitate emergency
war
or seasonal expansion, and except for such unusual borrowing as
financing necessitates, the same principles which governed borrowing by
still
banks prior to the establishment of the Federal Reserve system should
obtain. Nor does the existence of the Federal Reserve system relieve
bankers from their individual responsibility to prevent unwise expansion
of credit at a time like the present when the pressure for credit is very great.
On the contrary, with the banks gradually relieved of the volume of Government securities which,directly or indirectly, they had to assume, the released
credit should be devoted, as far as practicable, to the reduction of indebtedness to the Federal Reserve Bank, in order gradually to reduce the
present credit expansion.
Yours very truly.
BENJ. STRONG, Governor.
31
Federal Reserve Bank of Minneapolis.—In reply to your wire effective
to-day, our fifteen day rate same as New York, 43% %.
Federal Reserve Bank of Dallas.—No change in our discount rates since
Dec. 15 of which you have been advised.
COUNTERFEIT $100 FEDERAL RESERVE NOTE.
In calling attention to a new counterfeit $100 Federal
Reserve note, the Federal Reserve Bank of New York,
issued a circular on Dec. 30 saying:
The attention of banking institutions in the Second Federal Reserve
District is called to a new counterfeit $100 Federal Reserve note described
by the United States Secret Service in its Circular No. 439 as follows:
"On the Federal Reserve Bank of Atlanta. Ga., check letter "C;" plate
No. 1; W. G. McAdoo, Secretary of the Treasury; John Burke, Treasurer
of the United States; portrait of Franklin.
"This is a photographic counterfeit on two pieces of paper, between which
silk threads have been distributed. The paper is very brittle—tears
easily. Some blue coloring has been applied to the numbers and seal on
the face of the note, and green ink or water color on the back, but the
original photograph can easily be seen through these colors. The counterfeits all bear number F86203A.
"It is not a deceptive bill."
If any of the above counterfeit Federal Reserve notes are received by
any bank they may, after being properly branded, be returned to the bank
or other source from which they are received for inspection, but the nearest
United States Secret Service Agent should be notified of the transaction.
The Secret Service has headquarters in the Second Federal Reserve District
in the Custom House at New York City and in the Post Office buildings at
Utica and Buffalo.
FEDERAL RESERVE BANK APPROVES A SCHEDULE
DOING AWAY WITH PREFERENTIAL
DISCOUNT RATES.
It was announced in Washington dispatches Dec. 30 that
the Federal Reserve Board had telegraphed all Federal
reserve banks that it would approve the schedule rates doing
away with the preferential rates heretofore given to paper
secured by certificates of indebtedness, the differentials in
favor of paper secured by other Government obligations
having been abolished by action taken earlier in the month.
Press dispatches Dec. 31 stated:
This official announcement came after the circulation of reports that have
been current for some time past regarding a change in the rate schedule
of the Federal Reserve Bank, formal announcement being made of the
establishment of a single rate of 4%% for all advances not exceeding 15
days and for all rediscount rates not exceeding 90 days. The rate of 5%
for rediscounts of agricultural paper having a maturity at time of rediscount
of more than 90 days but not more than 6 months, is retained. ,
change is explained as resulting from the altered situation respecting the
Government's financial requirements and as a step toward simplification
of the discount policy of the bank.
CONFERENCE NEXT WEEK TO CONSIDER RELATIONSHIP OF INTEREST RATE ON DEPOSITS
AND DISCOUNT RATES OF RESERVE BANKS.
"In the hope that some way will be found of abrogating
the existing entangling connection between Federal Reserve
Advances.
Bank discount rates and interest rates on deposits without
Rats.
Old
3.
Nov.
Dec.11.
Dec.30.
endangering existing banking relationships" the Federal
For advances not exceeding 15 days to
member banks on their promissory
Reserve Board has called a conference of respresentatives
notes secured by—
clearing house associations to be held at Washington
of
inof
(a) United States certificates
on Tuesday next, Jan. 6. The letter announcing the condebtedness, Liberty bonds. Victory
notes and customers' notes secured
ference, addressed to the Chairman of the Federal Reserve
4%
x43j% 44% 4X%
by any of the foregoing
Banks, was sent out under date of Dec. 27 by W. P. G.
indebt(b) United States certificates of
4%
Harding, Governor of the Federal Reserve Board. The
edness bearing 4 X% interest_ _4 X% 4X% 4X%
4%
434% 4X% 11,i%
(c) Eligible commercial paper
refers to the agreement in 1918 of the Clearing House
letter
Rediscounts.
of New York regarding the rate on bank balances
banks
havFor notes, drafts and bills of exchange
payable on demand, and states that "the Board wishes to
ing maturity at time of rediscount of nor
4,1%
44% 44%
%
more than 90 days
be free to approve such discount rates as it may deem neces(Including rediscounts, for periods not
sary to bring about a proper control of credits, but is anxious
paper
exceeding 15 days, of eligible
having a maturity at time of rediscount
at the same time to avoid a disturbance of the whole banking
4%
of more than 15 days)
such as would most likely result from an advance
situation
For notes, drafts and bills of exchange
in the interest rate allowed on out-of-town balances by the
having a maturity of not in excess of 90
York Clearing House banks." The letter was regarded
days secured by Liberty bonds or Victory
43%New
%
434% 4X% 4X%
notes
forerunner of a further advance in the commercial
the
as
For trade acceptances and bankers' acceptrates of the Reserve banks, and a move in this direction was
ances having a maturity at time of re% 4-3%*
%
434%
discount of not more than 90 days
announced by the New York Federal Reserve Bank of New
For agricultural paper having a maturity
York as indicated in another item in to-day's issue of our
at time of rediscount of more than 90
5%
5%
5%
paper. The following is Gov. Harding's letter regarding the
5%
days but not more than 6 months
to be held next week, which was made public
conference
* The 4% rate was of maturity of not over 15 days.
29.
Dec.
on
indebtedness.
of
x Also advances secured by 4X% certificates
Dear Str:—Early in 1918, as you may remember, there was a disposition
We have been in telegraphic communication with the on the part of large banks all over the country to indulge in sharp competihave
tion for bank balances and to offer inducements in the way of increased
other Federal Reserve banks as to whether like changes
rates of interest. Some of the banks in Now York were bidding as high as
by
received
advices
the
and
week,
this
them
been made by
three per cent. for balances of other banks payable on demand, and the
us up to last night were as follows:
rates offered for time deposits were higher. This led to reprisals on the
Below we give the new rates, established Dec. 30, and a
comparison with those adopted on Dec. 11 and Nov. 3,
• respectively, and those previously in force:
preferPhiladelphia Federal Reserve Bank.—This bank has eliminated
43%% rate
ential rate on certificates of indebtedness and has established
date.
even
of
on all certificates from one to ninety days effective as
Federal Reserve Bank of Richmond.—This bank has raised rate on all
paper up to ninety days to 4
Atlanta Federal Reserve Bank.—The only change in our rates since
Dec. 17 is one which became effective Dec. 26: Bankers' acceptances
endorsed 43% %, unendorsed, 43% %.
Federal Reserve Bank of Chicago.—Replying your wire, no -adjustments
were made last week in our discount rates.
in
Federal Reserve la k of St. Louis.—This bank has made no changes
Its discount rates since Doc. 19.
X %.
part of interior banks, and the bidding for business by marking up interest
rates on deposits threatened to interfere seriously with the financial operations of the Government. Finally the Clearing House banks of New York
agreed to fix a rate of two and one-quarter per cent. on bank balances
payable on demand, with the proviso that the interest rate would be automatically advanced or reduced one-quarter of one per cent. with each advance or decline of one-half of one per cent. in the ninety-day rate at the
Federal Reserve Bank of New York. This rate is now four and threequarters per cent., and should it be advanced at any time to five per cent.,
the rate of interest paid by New York banks for out-of-town bank balances
would advance automatically to two and one-half per cent., and a five and
one-half per cent. rate at the New York reserve bank would advance the
32
THE CHRONICLE
interest rate on bank balances automatically to two and three-quarters
per cent., and so on.
The Board wishes to be free to approve such discount rates as it may deem
necessary to bring about a proper control of credits, but it is anxious at
the same time to avoid a disturbance of the whole banking situation such'
as would most likely result from an advance in the, interest rate allowed
on out-of-town balances by the New York Clearing House banks. The,
Board has sounded out the New York Clearing House Committee in order
to ascertain how it feels regarding a' modification of the present rule, and
is informed that the Committee is not disposed to act without some definite
knowledge as to the course which will be pursued by the banks in other important centers.
The Board has decided, therefore, to invite representative bankers from
all parts of the country to meet in Washington on Tuesday,Jan.6 1920, for
the purpose of discussing this matter in the hope that some way will be
found of abrogating the existing entangling alliance between Federal
reserve bank discount rates and interest rates on deposits without endangering existing banking relationships. You are requested to bring tills to the
attention of the clearing house authorities in your city as well as all branch
bank cities in your district and to invite each clearing house association to
have a representative hero on the date named.
OSCAR WELLS ELECTED A MEMBER OF ADVISORY
COUNCIL OF FEDERAL RESERVE BOARD.
Oscar Wells, President of the First National Bank of
Birmingham, Ala., was elected a member of the Advisory
Council of the Federal Reserve Board by the Governors of
the Sixth Federal Reserve District at Atlanta on Dec. 13.
The Federal Reserve Act provides for the appointment of
twelve members of the Advisory Board, one for each reserve
district. The Council acts in an advisory capacity to the
Federal Reserve Board, and is required to meet in Washington four times a year. Mr. Wells has been President of the
First National Bank for several years, having succeeded
W.P. G. Harding in that office when the latter resigned to
become a member of the Federal Reserve Board at Washington. Mr. Wells' duties as a member of the Advisory Council will not interfere with his duties as President of the bank.
ELECTION OF SUCCESSOR TO COL. THOMPSON AS
DIRECTOR OF N. Y. FEDERAL RESERVE BANK.
In notifying member banks on Dec. 27 that due notice
will be given regarding the election of a successor to William
B. Thompson as Class B director of the Federal Reserve
Bank of New York as soon as the date is fixed by the Reserve
Board, Pierre Jay, Chairman of the New York Federal
Reserve Bank, says:
FEDERAL RESERVE BANK OF NEW YORK.
Dec. 27 1919.
To All Member Banks in the Second Federal Reserve District:
Dear Sirs—On Dec. 17 William Boyce Thompson, whose term as Class B
Director of the Federal Reserve Bank of New York expires Dec. 311920,
wrote me that, having accepted appointment as Chairman of the Ways and
Means Committee of the Republican National Committee, he resigned as
a director of this bank. On Dec. 22 Mr. Thompson's letter was presented
to the directors of the bank and his resignation was accepted by them
with regret.
The Federal Reserve Act provides as follows:
"Vacancies that may occur in the several classes of directors of Federal
Reserve banks may be filled in the manner provided for the original selection of such directors, such appointees to hold office for the unexpired
terms of their predecessors.
Mr. Thompson was elected a director of the Federal Reserve Bank of
New York by Group 2 of the member banks in this district, which is now
composed of banks having more than $201,000 and less than $1,999.000
capital and surplus. Notice will be duly given to the members of this
group regarding the election to be held to choose a successor to Mr.
Thompson as soon as the date of such election has been fixed by the
Federal Reserve Board.
Yours very truly,
PIERRE JAY, Chairman.
Col. Thompson's resignation was referred to in our issue
of Dec. 20, page 2315.
SAMUEL R. EARL APPOINTED ASSISTANT CASHIER
OF FEDERAL RESERVE BANK OF PHILADELPHIA.
At a meeting of the directors of the Federal Reserve Bank
of Philadelphia, Philadelphia, Pa., on Dec. 18, Samuel R.
Earl was appointed Assistant Cashier. Mr. Earl has been
associated with the bank since organization in 1914.
POLICY OF RESERVE BOARD "FLOODING THE
COUNTRY WITH MONEY" THE MAIN CAUSE
OF HIGH PRICES, SAYS PROF. T. H. CARVER
In an address which featured the opening session of the
convention of the American Economic Association on Dec.
29, T. H. Carver, professor of economics at Harvard, expressed the view that the Federal Reserve Board policy of
"flooding the country with money" is largely responsible
for the high cost of living. The presence of too much money
has encouraged extravagant buying, he said.
Prof. Carver said "the country has gone on a 'bat' of extravagance." There is no mystery in the present high
[VOL. 110.
prices. The more purchasing there is the higher prices will
rise. The presence of an abundance of money in the country,
due to the efforts of the Federal Reserve Board which maintained that business needed more money, is largely responsible for the excessive purchasing, he said. Production has
not fallen off as much as consumption has increased. • The
American Economic Association opened a three-day convention at Chicago on Dec. 29.
OFFERING OF TREASURY CERTIFICATES AT 434%
IN ANTICIPATION OF TAXES. LOAN AND
TAX CERTIFICATES OUTSTANDING.
A new issue of Treasury .Cortificates of Indebtedness,
bearing interest at 43% as against 432% previously, was
offered by Secretary of the Treasury Glass on Dec. 29.
The new certificates (Series T D 1920) are issued in anticipation of taxes; they are dated and bear interest from Jan.
2 1920, and become due Dec. 15 1920. The certificates will
have two interest coupons attached payable June 15 and
Dec. 15 1920. They will be issued in bearer form in denominations of $500, $1,000, $5,000, $10,000 and $100,000.
Secretary Glass states that the success of this issue should
provide for the retirement of the balance of the loan certificates (of which there were outstanding on Dec. 24 $1,397,968,000, and about one-half of which have already been
provided for) and render the issue of any further certificates
in January unnecessary. The following is the statement
issued by Secretary Glass.
Washington, D.C.. Dec. 29 1919.
The Treasury is offering to-day an issue of 45i
, % tax certificates dated
Jan. 2 1920, and maturing Dec. 15 1920. The success of this issue should
consummation
of the Treasury's plan for financing the unfunded
assure the
portion of the war debt in such a way as to avoid the necessity for great
refunding operations, by spreading maturities and meeting them so far as
may be out of tax receipts.
The total amount of loan certificates, which on Nov. 24th had been reduced to $1.634,671,500, has been further reduced by purchase, exchange
and optional redemption by $236,703,500 net, and on Dec. 24th was as
follows:
Series A due Jan. 2 1920
$348,446,000
Series B dire Jan. 15 1920
451,844.600
Series 0 due Feb. 2 1920
493.153,500
Series D due Feb. 16 1920
104,524,000
Total
$1,397,968,000
Of the $1,397,968.000 loan certificates thus remaining about ono-half
have already been provided for, and the success of the Issue of tax certificates now offered shoutd provide for the retirement of the balance of the
loan certificates and render the issue of any further certificates in January
unnecessary, while leaving an important part of the tax payment due March
15 1920. available for current purchases.
The total amount of tax certificates outstanding Dec. 24 1919 was approximately as follows:
Series T 8, T 9 and T M 3 due March 15 1920
$550,366,000
Series T J due June 15 1920
728,130.000
Series T 10 due Sept. 15 1920
657,469,000
Total
$1.935,965.000
On account of the income and profits tax installment paid in this month
of December the operations of the month produced a net current surplus,
excluding transactions in the principal of the public debt, of $659,080.315.06 for the portion of the month ended Dec. 24 1919, on the basis of
Treasury daily statements.
Details of the present certificate offering are given as
follows in the circular of the Federal Reserve Bank of New
York announcing the offering.
Said certificates shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing authority..
except (a) estate or inheritance taxes, and (b) graduated additional income
taxes, commonly known as surtaxes, and excess profits and war-profits
taxes, now or hereafter imposed by the United States, upon the Income of
profits of individuals, partnerships, associations, or corporations. The
interest on an amount of bonds and certificates authorized by said act
approved Sept. 24 1917, and amendments thereto, the principal of which
does not exceed in the aggregate $5,000, owned by any individual, partnership, association or corporation, shall be exempt from the taxes provided
for in clause (b) above.
Certificates of this series will be accepted at par with an adjustment of
accrued interest, during such time and under such rules and regulations as
shall be prescribed or approved by the Secretary of the Treasury,in payment
of income and profits taxes payable at the maturity of the certificates.
The certificates of this series do not bear the circulation privilege.
The right is reserved to reject any subscription and to allot loss than the
amount of certificates applied for and to close the subscriptions at any time
without notice. Payment at par and accrued interest for certificates
allotted must be made on or before Jan. 2 1920, or on later allotment.
After allotment and upon payment Federal Reserve Banks may issue
interim receipts pending delivery of the definitive certificates. Any
qualified depositary will be permitted to make payment by credit for certificates allotted to it for itself and its customers up to any amount for which
it shall be qualified in excess of existing deposits, when so notified by the
Federal Reserve Bank of its district. Treasury certificates of indebtedness of any and all series now outstanding and not overdue, maturing on
or before Feb.2 1920, will be accepted at par with an adjustment of accrued
interest in payment for any certificates of the Series T D 1920 now offered
which shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotment in
full In the order of the receipt of applications up to amounts indicated by the
Secretary of the Treasury to the Federal Reserve Banks of the respective
districts.
JAN. 3 1920.1
THE CHRONICLE
REDEMPTION OF TREASURY LOAN CERTIFICATES
MATURING JANUARY 15 1920.
The Secretary of the Treasury on Dec. 30 authorized
the Federal Reserve Bank on and after Friday, Jan. 2 1920,
and until further notice to redeem in cash before Jan. 15
1920, at the holder's option at par and accrued interest to
the date of such optional redemption Treasury loan certifi.cates of indebtedness of Series B 1920, dated Aug. 15 1919
and maturing Jan. 15 1920.
1920 WAR SAVINGS STAMPS AND CERTIFICATES.
The Treasury Department has issued a statement relative
to the 1920 issue of war savings securities. The 1920 war
savings stamp will be carmine in color and the size will
approximate the larger stamp of 1918. Change is also
announced in the 1920 Treasury savings certificates as
compared with those for 1919, in that those for 1920 are
redeemable at the Treasury beginning with the second calendar month.after the month of purchase, without the ten days
demand required under the terms of the 1919 certificates.
The following is the Treasury Department's announcement
concerning the 1920 securities:
The Treasury Is distributing to-day circulars announcing the issue of the
1920 War Savings securities, which will be on sale by the first of the year
at post offices and other agencies, consisting principally of incorporated
banks and trust companies. In view especially of the gratifying increase
in recent months in the sale of the 1919 securities, following the post-war
reaction, it is anticipated that during the coming year the 1920 securities
will be purchased in largo volume and that the Government's movement
for thrift, saving and investment in Government securities will continue
to show good results. From the beginning of the movement in December
1917 up to Dec. 15 1919 the Treasury has received from the sale of the
War Savings securities a cash total of $1,128.480,731.
The 1920 securities consist of the 25-cent Thrift Stamp. which bears no
interest and is used to evidence payments on account of War Savings
Stamps and Certificates, the $5 War Savings Stamp and the registered
Treasury Savings Certificates in denominations of $100 and a $1,000
maturity value. The issue price of the War Savings Stamp is $4 12 in
January and increases one cent a month to $4 23 in December. The issue
price of the $100 certificate is $82 40 in January and increases at the rate
of twenty cents a month to $84 60 in December. The $1,000 certificate
will be sold for $824 in January and the price increases at the rate of $2 a
month to $846 in December.
The 1920 securities will be substantially the same in terms and conditions
as those of the 1919 issue, but some alterations have been made in the
forms. The 1920 War Savings Stamp, for example, will be catmine in
color, will bear the head of George Washington, and the size will approximate the larger stamp used in 1918. A change has also been made in the
terms of the 1920 Treasury Savings Certificates as compared with the 1919
issue in that the 1920 certificates are redeemable at the Treasury beginning
with the second calendar month after the month of purchase, without the
ten days demand required by the terms of the 1919 Treasury Savings Certificates. l'ost offices are not required, however, to make payment of
War Savings Certificates until ten days after receiving written demand
for payment.
As in 1919, War Savings Certificates of the 1920 series bearing their full
complement of twenty War Savings Stamps may be exchanged for registered Treasury Savings Certificates, series of 1920, of the $100 denomination, and owners of War Savings Certificates who desire the protection of
registration are urged to exchange their War Savings Certificate for a
Treasury Savings Certificate, rather than to seek registration of the War
Savings Certificate at a post office. In addition to its other advantages,
the Treasury Savings Certificate gives the benefit of central registration
at the Treasury and the provision for payment by the Treasury itself. The
latter provision will be of advantage and facilitate payment in case of
change of residence, since a registered War Savings Certificate can be redeemed only at the post office at which it was registered.
Two other circulars are being distributed which offer, beginning Jan. 2
1920, a 1918 issue of Treasury Savings Certificates in the $100 denomination, and continue after Dec. 31 1919 the issue of 1919 Treasury Savings
Certificates in the denominations of $100 and $1,000, in both cases not for
cash sale but only in exchange for 1918 and 1919 War Savings Certificates
respectively. It is anticipated that many holders of the 1918 and 1919
War Savings Certificates will find It advantageous to change their holdings
Into these Treasury Savings Certificates, whose terms and conditions are
substantially the same as those of the 1920 issue, except for their earlier
maturity dates.
In addition to the advantages mentioned above in the case of exchange
of 1920 War Savings Certificates for Treasury Savings Certificates, these
circulars offer other inducements in the opportunity for consolidating holdings and also for changing ownership in the manner provided In the circulars.
Holders of one or more War Savings Certificates of the 1918 or 1919 issue
which bear War Savings Stamps having a total maturity value of $100 or
some multiple of a hundred dollars—I. e., $200, $300, $400, &c.—may exchange the certificates for the same maturity value of Treasury Savings
Certificates of the corresponding issue. When two or more War Savings
Certificates are offered for exchange, each one need not bear its full complement of twenty War Savings Stamps, provided the total value of the stamps
aggregates $100 or some multiple of it. In the matter of ownership, the
regulations provide in effect that the Treasury Savings Certificates taken
in exchange may be made out in favor of new and different owners, if the
owners of the War Savings Certificates so request. The exchanges may
be made at first and second class post offices or other post offices specially
designated by the Postmaster-General, at Federal Reserve banks and at
the Division of Loans and Currency of the Treasury, but not at banks and
trust companies generally.
33
"America's workers," said Mr. Gompers, "stand ready in
the new year as in the past to do their full duty as American
citizens. . . . America's workers will do their full share
in working out all our country's problems." The immediate
problem of the world," he declared, "is to develop a production organization that will benefit directly those who are
the real producers and will also serve the needs of starving
nations." Mr. Gompers' new year's message in full was as
follows:
America's workers stand ready in the new year as in the past to do their
full duty as American citizens. We have always placed our obligations as
citizens above all else. As citizens we are true to the American ideal of
equal opportunity for all.
In the past we have found it necessary to fight for that ideal against
agencies that sought to establish special privilege. Those fights have not
been In defense of class advantages, but to assure to wage earners the rights
and opportunities that all should possess. Our struggles may have brought
discomfort to others, but they prevented a greater evil—deterioration
of the virility of a part of the nation.
The great struggle of labor in the past has been to assure to workers in
their industrial relations the rights of free citizens. We have fought to
give the ideal of America dominating influence in shops and factories. Our
militant struggle has won general recognition for our demands. But our
work is not all militant. We are in a position to contribute to the improvement of production processes and organization.
The immediate problem of the world is to develop a production organization that will benefit directly those who are the real producers and will also
serve the needs of starving nations. When assured of just dealings America's workers are able to co-operate in freeing production from the preventing
grasp of speculators and influences that manipulate industry to enrich a
few who gain unfair advantage, thus preventing production for the benefit
of all.
This is a big job, but it is essential for well grounded development in the
years to come. It is essential to that ideal which is America—equal opportunity for all. America's workers will do their full share in working out
all our country's problems.
Hail to the New Year 1920. May it bring freedom, glory and happiness
to all our people.
CANADIAN WHEAT BOARD ORDERS ADVANCE IN
PRICE OF WHEAT AND FLOUR.
•
Announcement was made Dec. 28 that the Canadian
Wheat Board had ordered the price of Manitoba wheat to
mills in Canada be rasied from $230 per bushel to $2 80
per bushel, in store at public terminal elevators at Fort
William or Port Arthur. The Board ordered at the same
time that the maximum wholesale price of Government
standard spring wheat flour be increased from $10.90 per
barrel to $13 15 per barrel basis f.o.b. cars Montreal. The
regulations became effective Dec. 28.
In connection with the Botird's announcement James
Stewart, its chairman, stated that in order that the consuming public might be enabled to buy of the supply of
cheaper flour in the United States, permits would be issued
for the importation of American products.
The regulation ordering increases in Canadian wheat was
as follows:
That until further notice the price of wheat to mills in Canada Is fixed
on the following basis, per bushel, viz:
$2 80 per bushel, including five cents per bushel carrying charges. basis
No. 1 Northern Manitobia and No. 1 Alberta Red Winter in store at public
terminal elevators, Fort William or Port Arthur.
$2 70 per bushel, including five cents per bushel carrying charges. basis
No. 1 Durum in store public elevators, Fort William or Port Arthur.
$2 33 per bushel, including five cents per bushel carrying charges, basis
No. 1 Spring, No. 1 White Winter and No. 1 Red Winter wheat in store
Montreal.
$2 31 per bushel, including five cents per bushel carrying charges, basis
No. 1 Mixed Ontario and Quebec wheat in store Montreal.
$2 27 per bushel, including five cents per bushel carrying charges, basis
No. 1 Goose wheat in store Montreal.
$2 24 per bushel, including five cents per bushel carrying charges, basis
No. 1 Commercial grade wheat in store Montreal.
$2 253 per bushel, including five cents per bushel carrying charges,
basis No. 1 British Columbia wheat in store Canadian Government elevator. Vancouver.
The spreads for lower grades than those specified above shall be the same
as the spreads in the orders of the board relating to cash payments to be
paid to the producer.
The regulation regarding the prices of flour (No. 77)
reads:
(1) That the standard offlour manufactured in Canada for sale in Canada
be the standard set by the Canadian Wheat Board, and designated as:
(a) Government Standard spring wheat flour.
(b) Government Standard winter wheat flour.
(2) That the maximum wholesale price of flour from midnight. Dec. 27
1919, inclusive, until further notice shall be:
(a) Government Standard spring wheat flour, $13 15 per barrel, bat .
98 pounds net, jute bags.
(b) Government Standard winter wheat flour, $10 10 per barrel, basis
98 pounds net, jute bags.
These prices are basis f.o.b. cars Montreal.
That, effective from midnight, Dec. 27 1919, inclusive, the above maximum wholesale prices have legality, and any sales or purchases made in
excess of them will be regarded and treated as violations of the regulations
of the Canadian Wheat Board.
SAMUEL GOMPERS ISSUES A NEW YEAR'S MESSAGE
A further regulation issued by the Canadian Wheat
PLEDGING WORKERS "TO DO THEIR FULL
DUTY AS AMERICAN CITIZENS."
Board, simultaneously with the above, said:
It is hereby ordered by the Canadian Wheat Board:
Samuel Gompers, President of the American Federation
(1) That, notwithstanding the provisions contained in Regulation No.
of Labor, and chief spokesman for organized labor in the 77 of the Board, issued under date of Dec. 27 1919, the maximum wholesale
United States, issued a New Year's message on Dec. 31. prices of "Government flour" and "feed flour," in Western Canada, from
34
THE CHRONICLE
[VOL. 110.
midnight, Dec. 27 1919, basis f.o.b. cars at the points designated herein,
Meals without wine cost 2 francs in the popular restaurants. They
until further notice, shall be:
comprise the hors d'oeuvre, one meat dish, one dessert, and a fifth of a
Price per Barrel, Bags 98 Pounds Net, Jute Bags.
pound of bread. Wine is served for 7 cents extra and coffee for three cents.
The restaurants are equipped to furnish from 1,000 to 1,500 meals each
Spring
Wheat
Feed daily. They make no pretense to style.
Government Standard—
Flour.
Flour.
Ontario, west of and including Fort William, Port Arthur
and Armstrong
$12 65
$6 50
Manitoba points
12 65
7 00 PRESIDENT WILSON SIGNS THE McNARY BILL
Hudson Bay Junction to The Pas
12 75
7 10
EXTENDING THE LIFE AND POWERS OF THE
Saskatchewan points
6 90
12 55
SUGAR EQUALIZATION BOARD.
Albert points: Edmonton, Canmore, East Crow's Nest
and points east
12 45
6 80
President Wilson on Dec. 31 signed the Sugar Control
Alberta points west of Canmore
12 45
6 80 Bill extending
the life and powers of the U.S. Sugar EqualizaAlberta points north and west of Edmonton on C. N. R.
tion Board, which passed both Holmes of Congress Dec. 20.
and G. T. R., points on A. G. W. and B. C. Ry.,
Central Canada fly
12 55
6 00 Had he failed to sign it, the Sugar Equalization Board would
Add Freight Arbitrages from Edmonton over Edmonton Basis—
have passed out of existence at midnight Dec. 31 under the
B. C. points west of Crow's Nest to Kootenay Landing,
existing law.
On Jan. 1 announcement was made at the
Kimberley, Marysville, Golden and Kootenay Central
points
12 65
700 White House that President Wilson had signed the bill the
'Revelstoke, Nelson and common points, including Trail
preceding day after a talk with Secretary Houston of the
and Rossland
12 75
7 10
Department of Agriculture, who had conferred earlier in
B. C. coast, Vancouver, boundary and Okanagan points
and Kettle Valley
12 85
7 20 Philadelphia with members of the Sugar Equalization Board.
Victoria
12 90
7 25
While the new law gives the President the same powers
Other Vancouver Island add Additional Freight Rate over Vancouver—
he exercised during the war, with the authority to purchase
G. T. P. points west of Edson and Jasper
12 95
7 30
Prince Rupert points, east of Yellowhead
7 40 or requisition any crops, including that of Cuba, Secretary
13 05
No allowance to be made to bakers or jobbers.
Tumulty in announcing the
President's action Jan. 1 stated
The view that the new price advances in wheat and flour that it was doubtful
whether the President would exercise
would mean an increase of two cents in the price of a small the power granted
by the new law for the purchase of Cuban
loaf of bread was expressed by Toronto bakers in one of the sugar. Mr. Tumulty's
statement read as follows:
leading papers of that city on Dec. 29.
ADVANCE IN CRUDE OIL PRICES.
With regard to an advance in the price of crude oil on
Dec. 31 Associated Press dispatches from Pittsburgh of that
date said:
Oil men were startled to-day when the principal oil-purchasing agency
announced another advance in the price of crude oil. Pennsylvania grade
being lifted 25 cents a barrel to $5. Other prices were raised 15 cents a
barrel as follows: Corning, $3 50; Cabell, $3 42; Somerset, $3 25; Ragand, $1 75.
These prices are the highest ever quoted in Pittsburgh for the grades affected, and spell the third advance within two months. No cause was assigned for the upward movement other than that reserve supplies are not
what high authorities in the oil trade believe they should be, and the steady
increase may spur development to a point where production will be sensibly
increased.
Already oil production has become so profitable that some old fields in
Western Pennsylvania are being drilled over, and many wells long since
abandoned as unworthy of attention are being cleaned out, connected up
with similar wells, and then carefully pumped.
The President has signed the Sugar Control Bill. This bill confers discretion on the President In the matter of purchasing sugar from Cuba. It
Is doubtful whether it will be practicable or wise for the President to exercise
the power conferred so far as the purchase and distribution of sugar are
concerned. Some of the Cuban sugar has already been purchased, and
there is no central control over sugar in Cuba as there was last year, and
it might therefore be impossible for the Government now to step in and
purchase the sugar without increasing the price to the consumer. The bill.
however, continues the licensing power also, and this power may be used to
assist in controlling profiteering among distributers. Much Cuban sugar
is coming in now, and the indications are that prices have reached their
peak.and that there will be a tendency for prices to fall in the next few weeks.
The Equalization Board recently sent a report to the
President, recommending that it be allowed to dissolve, and
there were intimations that the Board would resign, if the
McNary bill became a law (see further below). Press
dispatches say the understanding is that Secretary Houston's
conferences with members of the Equalization Board on
Dec. 31 smoothed out all differences and that the Board
will continue to serve under the new law.
Prof. Taussig, Chairman of the Tariff Commission and a
PRACTICE OF SELLING SUGAR ON CONTINGENT
member of the Equalization Board, had filed a recommendaBASIS IS UNFAIR COMPETITION SAYS
tion with the President, it was said, that the Board should
FEDERAL TRADE COMMISSION.
be permitted to go out of existence, and that the natural law
The Federal Trade Commission announced Dec. 30 that of supply and demand should be permitted
to prevail. He
it would make a test case of the practice of grocery dealers took the position, it was stated, that the
legislation passed
compelling purchasers of sugar to buy other goods in excess by Congress would prove ineffective
and that therefore conof their needs before they were given the opportunity of tinuation of the Board was not necessary.
buying sugar. The case is brought against the C. D. Kenny
The life of the Board is extended by the new measure to
Co. of Baltimore, dealers in sugar, coffee and tea, both 1921. After brief debate the Senate on Dec. 20
by a vote
wholesale and retail.
of 50 to 12, agreed to House amendments to the original
The specific practice which the Commission alleges is unfair McNary bill continuing the war-time powers of
the Governcompetition and which it charges the Kenny Co. has adopted ment over sale and distribution, and the
House then accepted
is "the policy of refusing to sell sugar unless customers will the Senate amendment providing that
the control of the
at the same time purchase from respondent the same number Equalization Board over the domestic crop
would cease
of pounds of coffee, thereby coercing a customer into pur- June 30 1920. In the bill, as first passed by
the House,
chasing a quantity of coffee in excess of his needs or de- the provision as to the domestic product would
have expired
mands." In consequence of the general shortage of sugar Sept. 30 1920 instead of June 30. In the debate
preceding
the practice among grocers of making the sale of that product the vote, Senator Gay of Louisiana made
the principal
contingent upon the purchase of other goods has become address in opposition. He declared
it was unfair to single
quite common.
out sugar for control in peace times under war powers and
argued that Government control would increase rather than
FRANCE TO MAINTAIN MONOPOLY IN IMPORTING decrease prices to American
consumers. Such legislation as
AND DISTRIBUTION OF FOREIGN GRAIN—
the McNary bill is simply playing into the hands of the
FREE TRADING IN HOME-GROWN WHEAT.
refiners and injuring American producers, he said. The
Paris cablegrams to the daily papers on Dec. 31 said:
Government being the only buyer of sugar, refiners will not
Joseph J. B. E. Noulens, Minister of Provisions, announced to the compete with each other.
"This bill could well be called an
Credit Committee of the Chamber of Deputies to-day that the Government would advance the price of wheat to millers from 43 to 75 francs a Act to benefit Cuban planters to the detriment of American
metric hundredweight and of flour to 91 francs, the Government ceasi g to producers," said the Senator, "and further as a special act
absorb the difference in price. This will raise the price of a two pound loaf to add to the coffers
of the Sugar Trust."
of bread in Paris from 55 to 90 centimes and in the provinces from 60
in its original shape the bill passed the House on Dec. 16.
centimes to 95 centimes.
M. Noulens said that the Government would re-establish free trading in After approving an amendment which would retain in force
wheat grown in France, probably on Feb. 1, but would retain the monopoly the provision
of the Food Control Law giving the President
in buying. importing and distributing foreign grains. The present absorption of the price difference was costing the Government 200,000,000 francs authority to control the prices and regulate the movement
monthly, he declared.
of sugar, the House Agricultural Committee, Dee, 16,
The Minister asserted that supplies were assured for January and special ordered
a favorable report on the bill. The bill passed the
bread prices would be set for large families of the poor and for mutilated
soldiers. The Government was negotiating for further supplies from House on the same day. It authorized the President to
Bulgaria, Rumania and southern Russia by February 1.
license the sugar industry and to requisition the supply.
Eight additional Government "popular restaurants," to serve meals withThe amendments by the House continued Sections 5 and 10
out wine at a low cost, will be opened in Paris by the middle of January,
it is announced. The first of these restaurants were opened two months of the Lever Food Control Law, as regards sugar, from
ago in industrial quarters.
Dec. 31 this year until the same date next year. Under
JAN. 3 19201
THE CHRONICLE
35
to the
these two sections the President would have absolute control too; that is what government is for. With reference
amendment, Senator McNary on Dec. 12 stated:
over the sale of sugar, if he desired to exercise it. The McKellar
simply abolishes the unfortunate zone systems that were experimented
bill abolishes the zone system of distribution and price
fixing established last summer by the Sugar Equalization
Board to protect the Louisiana cane sugar growers. This feature is intended to insure sugar to all consumers at the same
price.
Representat ye Haugen, Chairman of the House Agricultural Committee, explaining the bill Dec. 16, said that the
House had gone farther than the Senate by continuing Section 5 of the licensing provision of the Food and Fuel Control
Act, which the Senate bill sought to repeal. The House
amendments incorporated the recommendations made to
the committee by George A. Zabriskie, Chairman of the
Sugar Equalization Board. Senator McNary, Republican,
of Oregon, was sponsor of the measure, which it may be recalled, was introduced in the last (special) session of Congress,
terminated Nov. 19. The bill is S. 3284.
In reporting the action of the House on the bill Was hington advices of Dec. 16 to the N. Y."Tribune" said:
Chief opposition to the bill in the House came from members from Louisiana and some of the Democrats, who say the Republicans are playing politics in putting all of the responsibility on the President. A short hearing
was held before the Agricultural Committee reported the McNary bill.
Members of the committee decided the only way to get real results was to
extend the war powers of the President so that he could control the sale and
distribution of sugar. Representative Sydney Anderson, of Minnesota,
led the fight for making the bill drastic.
George A. Zabriskie, chairman of the Sugar Equalization Board, had
Insisted that if the board is to be continued It must have power to license
the industry. The committee had no objection to granting this power.
In both Senate and House there was a strong demand that the board be
forbidden to continue the zone system. Several of the members of the
House Agriculture Committee took the stand that if the present board objects to functioning without the zone plan it would be the President's duty
to appoint a now board.
When tho bill was considered by the Senate several Senators objected to a
continuation of the license system, and for this reason the measure was
limited to a continuation of the equalization board with authority to buy
sugar. Whether Senators Gronna, of North Dakota; Reed, of Missouri:
Borah, of Idaho; and Norris, of Nebraska, will raise any serious objection
to the House amendments remains to be seen, but Senator McNary is hopeful they will not.
Representative Haugen,of Iowa, presented some figures on the sugar supply to the House. He said the country is faced with a shortage of more than
700,000 tons in the next year. The total amount needed is 4,500,000 tons.
The domestic supply is 1,777,000 tons. There is still to be had in Cuba about
2,000,000 tons. If the household consumer is to get sugar, Mr. Haugen
said, the Government must take charge of the distribution. The McNary
bill, as amended gives full authority to ration the candy makers, hotels,
restaurants, &c.
"What will be the effect if this bill is passed?" Representative Snell, of
New York, asked Mr. Haugen.
"That is entirely up to the President," Mr. Haugen replied. "It grants
no new powers. It merely continues war-time powers given the President."
The present situation, Mr. Haugen told the House, was brought on by
the failure of the President to act last summer when he had an opportunity
to buy the Cuban crop at 6 cents a pound.
"Unless the President acts now•wo will not get any relief," Mr. Haugen
said. "There Is no excuse for him not exercising the powers we are giving
him and protecting the people."
When the McNary bill, as amended by the House, came
up in the Senate Dec. 17, the Democratic Senators from
Louisiana prevented final passage of the bill by threatening
to filibuster. They objected, they said to the licensing
provision inserted in the bill by the House of Representatives.
Tho Louisiana Senators again blocked the final passage
of the sugar bill in the Senate on Dec. 18.
Senator Harrison, of Mississippi, moved that the Senate
concur in amendments made to the McNary bill by the
House. Senator Ransdell, of Louisiana,immediately started
a filibuster. Under an agreement that had been reached by
leaders on both sides, there was to have been an hour and a
half of debate, and Senator Ransdell led a discussion that
occupied all of the time, thus preventing a vote. On Dec.
19 a compromise was reached by modifying the House
amendment. The following day the bill passed both Houses
as stated above, with the provision that control of the domestic crop should terminate June 30.
The amendment abolishing the zone system, which was
proposed by Senator McKellar, of Tennessee, was the bone
of contention during the debate on the measure in the Senate
Dec. 12. The amendment introduced by Senator McKellar,
and adopted Dec. 12, read as follows:
It
with by the Sugar Equalization Board and gives a fair and normal distribution all over the United States.
On Dec. 12 Senator Pomerene of Ohio declared that by reason of the failure of the Sugar Equalization Board to buy the
Cuban crop last August 4 cents a pound had been added to
the sugar bill of every American consumer. The Board
failed to act, according to Senator MeNary, because Professor Taussig, one of its members, strongly advised against
it. But at the time the recommendation was made Cuban
sugar was selling for 63 cents a pound, whereas early in
November it could not be bought for less than 10% cents,
the Senator said. Mr. McNary also said: "I have been
informed, although I cannot state the degree of accuracy
with which the statement was made, that sugar bought by
2 cents in Cuba."
speculators has brought as high as 13j/
"This" observed, Senator Pomerene, "is an evidence again
of the fact that adherence to the advice of a professional
economist is going to cost the people of the United States
an advance of 4 cents a pound for every pound of sugar that
will be consumed during the ensuing year; and as the per
capita consumption is about 92 pounds and the population
of this country now is about 110,000,000, we can estimate
how valuable this advice has been. It amounts to about
$404,800,000."
Senator McNary claimed the crop was bought last year
for 5.4 and 53e. a pound. On Dec. 10 Senator McNary
during discussion on his bill said that the Sugar Equalization
Board had in August and again in September laid the entire
situation before the President and urged immediate action
to prevent the shortage. The President failed to act,
Senator MeNary said.
George A. Zabriskie, chairman of the U. S. Sugar Equalization Board,sent a telegram on Dec.15 to Representative
Haugen, chairman of the House Agricultural Committee,
stating that the McNary bill would not be effective unless
it conferred upon the Board the power of licensing, embargo
and disposition of control. Opposition to the McNary bill,
as passed by the Senate, led to an informal agreement among
committeemen and House leaders on Dec. 15 to eliminate
from the measure the provision repealing the licensing
powers of the Government as conferred by the Food Control
Act. Mr. Zabriskie's telegram to Chairman Haugen was
as follows:
Replying to your wire of the 13th, the United States Sugar Equalization
Board Is unanimously of the opinion that without the power of licensing,
embargo and distribution control, its continuation could not serve any
useful purposes and these powers the McNary bill fails to provide. Furthermore, the time has gone by when a considerable portion of the 1920 Cuban
crop can be purchased at a reasonable price. The Equalization Board was a
war measure dealing only with last year's crop and this has now been distributed. It has no control over domestic sugar now available in fair
volume nor new Cuban sugar, which are now beginning to move.
Again responsibility for the existing sugar shortage in this
country was placed on President Wilson when Representative Haugen during the hearing on the MoNary bill before
the House Agricultural Committee said: "The President was
advised last August to buy the Cuban crop. He had the
law and the power. He ignored the law and his right to
buy. Responsibility for the present condition of sugar
shortage is on him."
The text of the bill, as signed by the President, is as follows:
AN ACT to provide for the national welfare by continuing the United States
Sugar Equalization Board untirDec. 311920, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled That the President is authorized to continue during the year ending Dec.31 1920 the United States Sugar Equalization Board (Incorporated), a corporation organized under the laws of the
State of Delaware, and to vote or use tho stock in such corporation held by
him for the benefit of the United States, or otherwise exercise his control
over the corporation and its directors, in such a manner as to authorize and
require them to adopt and carry out until Dec. 31 1920 plans and methods
of securing, if found necessary for the public good, an adequate supply
and an equitable distribution of sugar at a fair and reasonable price to the
people of the United States. Sections 5 and 10 of the Act entitled "An
Act to further provide for the national security and defense by encouraging
the production, conserving the supply, and controlling the distribution of
food products and fuel," approved Aug. 10 1917, as far as the same relates
to raw or refined sugar, sirups, or molasses, are hereby continued in full
Provided, That zone system of sale and distribution of sugar, heretofore
force and effect until Dec. 31 1920, notwithstanding the provisions of
established by the said United States Sugar Equalization Board, shall be Section 24 of said Act: Provided, That the provisions of this Act shall expire
abolished, and shall not be reestablished or maintained, and that sugars as to the domestic product June 30: And provided further, That the zone
shall be permitted to be sold and to circulate freely in every portion of the system of sale and distribution of sugars heretofore established by the
United States.
said United States Sugar Equalization Board shall be abolished and shall
Senator McKellar announced on Dec. 11 he had framed not be re-established or maintained, and that sugars shall be permitted to
be sold and to circulate freely in every portion of the United States. The
an amendment prohibiting reestablishment of the zoning termination
of this Act shall not affect any act done or any right or obligaMr.
McNary.
system, which was acceptable to Senator
tion accruing or accrued, or any suit or proceeding had or commenced in
MeKeller said in substance on that date: If the butter and any civil case before the said termination pursuant to this Act; but all
rights and liabilities under this Act arising before its termination shall
egg people and the meat people sell their commodities for continue
and may be enforced in the same manner as if the Act had not
to
for
50
from
and
one price in ono section of the country
terminated. Any offense committed and all penalties, forfeitures, or
100% more in other sections, then we should regulate them, liabilities incurred prior to such termination may be prosecuted or,punished
36
THE CHRONICLE
[VOL. 110.
n the same manner and with the same effect as if this Act bad not been
terminated.
•
this amount,44.000 tons belongs to the British Government,sent here to be
refined, from Cuba.
This sugar is no more available to us than if it were in the North Pole
The belief was expressed by Mr. Zabriskie on Nov. 29
The only way in which it affects us is that it makes possible the use of
that the sugar shortage would end in December.
American capital and labor in refining English sugars. This sugar was
The House Judiciary Committee on Dec. 12 reported bought by the British Royal Commission acting for France and Italy
as
(amended) a resolution sponsored by Representative Tink- well as for the United Kingdom,last year in Cuba and comes to this country
to be refined.
ham of Massachusetts, asking for information from the only
Taking away the amount of sugar to be sent to the Royal Commission
Attorney-General regarding his policy in fixing maximum and also about 5.000 tons which refiners are to ship
to various other counprices on Louisiana sugar. The Tinkham resolution was as tries on contracts which they entered into before July 1 of this year and
which they did not ship to date owing to the shortage hero, there remains
follows:
23,000 tons or 51,520,000 pounds available for the domestic trade for New
Resolved, That the Attorney-General is hereby directed to report to the York and vicinity.
House of Representatives forthwithThis amount does not include some 200,000 bags of beet sugar which is
1. Whether he made, assented to, or approved in any way of a price for coming east from the west, representing the purchase the Sugar Equalizaof
Louisiana sugar on the plantation of 17 cents per pound for yellow clarified tion Board, nor does 4t include the Brazilian
washed sugars and other small
and 18 cents per pound for plantation granulated.
lots of foreign grades which are arriving for the use of manufacturers.
2. Upon what authority of law he has fixed or agreed that the price of
It is reported that twenty-five centrals in Cuba are already at work on
Louisiana sugar on the plantation should be 17 cents per pound for yellow the new crop and about 3,000 tons were already
received at the shipping
clarified and 18 cents per pound for plantation granulated.
ports. This assures the arrivals here of new crop sugars before the end of
3. Whether it has been usual for the office of the Attorney General in the month.
advance of legal action to render an official opinion in relation to the United
In contrast to the above a report issued Dec. 21 by the
States criminal statutes and notify possible violtors of his interpretation of
them; and whether he notified Louisiana sugar producers that under laws Department of Commerce showed that sugar exports from
against profiteering they would not be prosecuted if they sold clarified sugar the U. S.
during the present year exceeded in quantity
at 17 cents per pound and plantation granulated at 18 cents per pound.
4. The facts upon which he fixed or agreed upon the maximum price of 339% the amount the same period last year. With reference
17 cents per pound for yellow clarified and 18 cents per pound for plantation to these commerce reports, Washington press advices of
granulated, and how these facts were obtained.
Dec. 21 said:
The Tinkham resolution passed the House Dec. 18 by a
vote of 292 to 7. Representatives Volstead (Minnesota),
Chairman of the Judiciary Committee, in presenting the
Tinkham resolution, said:
It has been represented to the committee and it is currently reported that
tho Attorney-General has assented to and approved an agreement with the
Louisiana sugar producers fixing a price of 17 cents a pound for yellow
clarified and 18 cents a pound for plantation granulated sugar; that this
agreement was made while sugar was usually sold upon the market at from
11 to 12 cents per pound and that sugar since then has risen rapidly in
price. In view of this, it seems important that Congress should know the
facts called for in this resolution.
In the face of a growing scarcity ofsugar, more than 1,250,000,000 pounds
of sugar, valued at nearly $97,000,000, was exported from the United States
during the first ten months of the present year. a Department of Commerce
report issued to-day shows.
Exports, which want largely to the United Kingdom and France exceeded In quantity by 339% the amount sent out of the country during the
same period last year.
While this sugar was being shipped out of the country American importers brought in more than 8,250,000,000 pounds, valued at $481.424.000. The imports increased only 27%, which, In comparison with the
much larger export increase, officials were of the opinion, undoubtedly
accounts at least in part for the difficulties the American housewife Is having
in obtaining sugar from her grocer.
Charges were made by Mr. Tinkham and others that the
Speculation, and not actual shortage has been the main
Attorney-General had fixed such prices for Louisiana sugar cause of high sugar prices in the opinion of sugar merchants
that since then the prices of all sugars had risen rapidly. A in Cuba, according to H. B. Leavitt, in special cable o.dvices
similar advance in the price of all other sugar adds $940,- of Dec. 11 from Havana to the Philadelphia "Press" (copy000,000 to the high cost of living bill of the nation, Mr. Tink- right by the Chicago Tribune Co.). Mr. Leavitt said:
The present high price of sugar, in the opinion of conservative sugar
ham declared, in urging the House to act. His charges were
interests of Havana, is not due to the law of supply and demand. but to
denied by members of the Louisiana delegation in Congress. the
wildest speculation in the product that Cuban sugar mill owners and
On Mr. Palmer's reply will depend what further action will brokers recall. Everyone seems to be speculating
in sugar futures.
The only ones who appear out of the market are the refiners and some
be taken by the House, it was said. An investigation of the
manufacturers, and they are not buying because they are afraid there will
entire sugar situation, it was stated, may follow.
be a great slump following the frenzied speculation. Then they would have
The arrival in New York, on Dec. 8, of 50,000,000 pounds on their hands large quantities of expensive sugar, which would represent
of Louisiana sugar sent by the refiners from .the surplus in immense losses.
Cuba soon
be producing about 200,000 tons of sugar weekly, which
the Middle Western States was announced by Henry E. should quicklywill
relieve any real shortage.
The report in the United States that much sugar is going to waste on the
Costello, head of the raw sugar division of the Sugar Equalwharves at various Cuban ports is without foundation in fact. If there is
ization Board. Mr. Costello was quoted as having said on any
great quantity of the old crop left in Cuba at all, It is being cleverly
that date that there would be steady arrivals of sugar at hidden in warehouses
to be camouflaged as sugar of the now crop and sold
at the high prices that are expected to obtain.
weekly intervals thereafter.
According
to
the
The first cargo of the new Cuban sugar crop, more than on hand in Cuba statistics of H. A. Himley, sugar statistician, there was
only a
of 78,933 tons on last Saturday, as against
8,000,000 pounds, which it had been hoped would relieve 140,950 tons on tho samestock
day last year.
Big buyers of sugar who have remained outside the market up to the
the shortage and break the prevailing high price, arrived in
present base their hopes of being able to buy at much lower levels on the
New York Harbor Dec. 22 on the steamship Munson from fact
that Cuba's crop this year bids fair to be at least
tons. This
Matanzas. It was announced the following day that the enormous quantity ofsugar from now on will be made4,500,000
rapidly.
Owing
to high prices now obtaining, there is greater activity in the Cuban
price of this sugar to consumers would be in the neighbormills than ever before at this time of the year, each mill striving to prohood of 20 cents a pound. The reason for this, according sugar
duce as quickly as possible in order to obtain the benefits of the present high
to an official of the Sugar Equalization Board was that prices. The evidence of this Is that to-day there are forty-three mills grind"the price paid to the Cuban growers for it was 133/i cents ing on the island, as against only fifteen mills on Dec. 11 last. year, and
other mills will start grinding as soon as they can got ready.
a pound, as compared with 53/i cents last year. Other
It is reported here, although impossible to verify, that England has bought
costs bring the price to retailers up to 18 cents, so that 20 immense quantities of Cuban sugar of the coining crop, but statistics show
that
in the year just terminated she Imported from Cuba less sugar than she
cents represents only a fair profit."
did of the 1017-1918 crop.
Arthur Williams, Federal Food Administrator for New
The present outlook for Cuban sugar could'nt be bettor. There is un York, in a statement Dec. 10, made known that while the questionably standing in the fields to-day sufficient cane to make 4,500,000
tons,
if all is harvested. Early rains, however, may greatly lessen the total
supply of sugar on the market had been increased, the public production,
as happened last year, when many mills were compelled to leave
would probably have to pay more for it. Explaining th s much cane standing uncut.
Labor shortage is also acute, and this may play
an important part in the ultimate figures, but, come what may, Cuba will
anomalous condition, Mr. Williams' statement said:
have this year the largest crop in its history.
I have received a number of complaints lately from persons who have
had to pay 20,22 and as high as 24 cents a pound for sugar. The purchasers
---------- •
seemed to think that this was in violation of Government regulations.
Some weeks ago In order to get more sugar onto the market, we modified STATE MILK COMMISSION TO REGULATE MILK
the rules to allow a dealer to sell sugar retail at a profit of 1 cent. That is
SUPPLY RECOMMENDED TO GOVERNOR SMITH—
If a dealer paid 23 cents a pound for sugar he was allowed to charge 24 cents.
NO CONSPIRACY AMONG DISTRIBUTORS.
The wholesaler was allowed a profit of a half-cent on the same basis.
A great deal of the sugar we get just now is from Java, where the price
Governor Smith's Fair Price Milk Committee, of which
to the refiner is higher than it is from Cuba. The refiner passes this in- Dr. Royal S.
Copeland, City Health Commissioner, is Chaircrease to the wholesaler who is in turn obliged to charge the retailer more
for it. The change in ruling was absolutely necessary if we wanted to get man, made public Dec. 29 a report to the Governor, in which
Java sugar onto the New York market.
it recommends that the Legislature declare the milk business
The Sugar Equalization Board on Dec.8 issued the fo low- a public utility, and that a State Milk'Commission of three
ing statement which it was said was intended to refute cur- members be created, removable at the pleasure of the Goverrent reports alleging that large exportations of sugar were nor, to regulate and control the milk supply from its source
being made from New York, whi e there was a domestic to consumer, and to fix the price the distributer shall pay
shortage of the product:
to the farmer and what the consumer shall pay the distribuThe stock of raw and refined sugar on hand in refineries in New York City ter.
on Dec. 1 were: Forty-four thousand tons, or 98,560,000 pounds. There is
"New York should have the lowest priced milk of any city
to arrive until the new crop of Cuban and Porto Rico sugars come to the
market in the latter part of this month, about 28,000 tons,or 62,720,000 in the United States," the report says, "because of the large
pounds,'Insaking a total supply of 72,000 tons or 161,280,000 pounds. Of
demand, the proximity of the production, and the ease of
JAN. 3 1920d
THE CHRONICLE
delivery, due to congested areas." In another place it
says there appears to be a price agreement by milk distributers.
Recommendations as to the powers and duties of the Commission are stated as follows:
1. The Milk Commission shall have power and control over the dairy and
milk industry of the State.
2. It shall aid in the promotion and development of the dairy resources
of the State, and the improvement of the conditions of dairying.
3. It shall investigate the methods and figures of the milk producer used
In fixing the price he shall receive for his milk.
4. It shall investigate the methods and figures used by any person, firm
or corporation engaged in the business of selling milk to the public in arriving at the price he shall charge for milk.
5. In the event that the Milk Commission,after a thorough investigation,
determining that the prices recommended or fixed by the producer or
distributor are not fair and reasonable, the Milk Commission shall determine and fix a reasonable price that the milk producer shall receive for his
product, and also a reasonable price that the dealer shall charge the consumer.
6. ft shall investigate and supervise the milk industry, from the cow to
the consumer, at shall have jurisdiction not only over the fluid milk but
also over the manufactured products of milk, with the exception that the
Commission shall not interfere with the power of the State Health Department or the local health officers to supervise the quality of milk and the
conditions under which it is produced and sold. All control and supervision
over milk and milk products now given to the Department of Farms and
Markets, in the Division of Agriculture and in the Division of Food and
Markets, or elsewhere, shall be transferred to this Milk Commission.
7. It shall require every producer of milk to register with the Commission
and to report to the Commission at stated periods, showing the disposition
of the milk and milk products sold, setting forth the name and address of
the station or stations to which he delivered it, the prices obtained therefor,
and a statement as to whether such milk was sold for fluid or manufacturing
purposes.
8. It shall require the operator of every milk-shipping station, condensery,
, butter factory, cheese factory or other plant engaged in the manufacture of milk products and every distributor of milk and milk products, to
register with the Commission and to report to the Commission at stated
periods, showing the amount of milk received, the price paid therefor, the
names of the producers and the eventual disposition of the milk, together
with such other information as the Milk Commission may deem necessary.
9. In order to speedily wood out wasteful duplications in routing, the
Commission shall require each distributor in cities of the first class to file
with it a map of the territory covered by each wagon in the distribution
of milk.
10. It shall have the power, in order that a sufficient quantity of fluid
milk may be supplied, to prohibit the sale of milk, in whole or in part, for
manufacturing purposes, and to divert it to the shipping stations to be sold
as fluid milk.
11. It shall inquire into all elements of cost entering into the production,
collection, transportation, handling,and distribution of milk. it shall have
authority to subpoena producers and dealers in milk and milk products,
their records, and any other persons from whom information may be
desired.
12. It shall co-operate with and aid producers, distributors and consumers
of milk in Improving and installing economic and efficient systems of production, collection, transportation, and distribution of milk.
13. It shall investigate and report to the Governor whenever remedial
legislation is considered necessary.
14. It shall have the power to divide cities of the first-class into zones or
distribution of milk and milk products within said zones or districts, especially as to the number of distributors who may be allowed or permitted to
operate within each zone or district.
15. It shall have the power to enforce its orders, directions, and regulations, a violation of which shall be a misdemeanor, punishable by a fine
of 16500 or a year in prison for each offense, or both.
16. It shall have the power to consolidate existing creameries, shipping
stations, receiving stations, and pasteurization plants in each county of the
State of New York, and to designate the number and location of the same.
17. It shall have power to adopt such necessary regulations to carry out
the purposes and objects of its creation, which regulations shall have the
force and effect of law.
Under the head of "Municipal Action," the committee
says:
It is recommended by the committee that the City of New York be authorized to purchase, pasteurize, and sell milk in the present emergency, as a
post-war measure, and that this intent be declared in the title of the bill
prepared to give it effect.
The recommendations, if carried out, will result in such a method of control as will insure, for the citizens of New York, an unfailing supply of milk
at a fair price.
The Fair Price Milk C9mmittee was appointed by the
Governor early in last August. It hold its last public hearing Dec. 12. Besides Dr. Copeland, the committee is
composed of the Commissioner of Public Markets of this
city, State Health Commissioner Hermann M. Biggs,
Preston P. Lynn, Mrs. William Randolph Hearst, Senator
Charles E. Russell, District Attorney Francis Martin of
The Bronx, Miss Sophie Irene Loeb and Lee Kohns. William
B. Crowell of the Corporation Counsel's office, was counsel
for the committee.
Some of the salient features of the committee's report
were sot out in the N. Y."Evening Post" Doc. 29, as follows:
As reason for classifying milk as a public utility the committee says: "In
certain age groups milk is almost as essential as air and water."
The committee also recommends that the city engage in the milk business
to the extent of not more than 50,000 quarts a day for the Baby Health
Stations, so that, in case of strike or other contingency, the supply of milk
for babies and the sick will be uninterrupted. An appropriation of $200,000
to equip a milk plant for this purpose is recommended.
Because many problems connected with the milk industry are interstate
In character, the committee suggests that the industry receive the serious
attention of Congress. The committee finds "that the present price charged
for milk is unfair and excessive."
"Now York should have the lowest priced milk of any city in the United
States," the report says, "because of the large demand, the proximity of
the production and the ease of delivery, duo to congested areas."
37
The report declares that the distributers are not operating at a loss but
are reaping a profit, and that in the case of the Sheffield Farms Co. it was
shown that in addition to paying dividends each year it is also adding
substantial amounts to its surplus.
The report further urges that the proposed State Milk Commission have
authority by which:
"It shall investigate and supervise the milk industry from the cow to the
consumer. It shall have jurisdiction not only over the fluid milk but also
over the manufactured products of milk, with the exception that the commission shall not interfere with the power of the State Health Department or the local health officers to supervise the quality of milk and the
conditions under which it is produced and sold. All control and supervision over milk and milk products now given to the Department of Farms and
Markets, in the Division of Agriculture and In the Division of Food and
Markets, or elsewhere, shall be transferred to this Milk Commission."
The report recommends that producers and dealers in milk and milk
products be forced to report to the State Milk Commission, be entirely
under its control and be subject to subpoena at any time to give information
to the commission.
The committee believes the price of milk could be reduced several cents
per quart by being sold in grocery and delicatessen stores instead of delivered
to the kitchen door.
Attention is given in the report to the.disposal of surplus at certain times
in the year and to manufactured products. The committee says this
problem could be solved under State control, as there could be diverted
from the manufacturers sufficient milk to provide for any unusual demand
for fluid milk, and when there is an unusual supply, coupled with low demand, the surplus milk could be diverted to the manufacturers.
Of the manufactured products, which include condensed milk,evaporated
milk, powdered milk, cheese, butter, confectionery and other products,
the report says:
"Nestle's Corporation admitted in testimony that 85 to 95% of its products are exported from the United States and that more milk is being
exported. It states that a third of this enormous business is drawn from
this State alone."
Referring to the Borden Co. the report says:
"Two hundred and forty million pounds of condensed milk were manufactured by this company in 1919; 60,000,000 pounds of this were exported.
This represents 2.129,000 cases of 48 cans to the case. The demand III
constantly increasing, to say nothing of new foreign markets that are being
created. All this milk, practically, was taken from the New York State
production and manufactured within the State."
The creation of a State Milk Commission with full powers
to regulate the milk supply of New York State and determine
fair prices for the producer of milk and the consumer, was
previously recommended to Governor Smith in the final report of George Gordon Battle, made public Dec. 14. Mr.
Battle was appointed on Aug. 25 to investigate the State
Department of Farms and Markets. The most important
of Mr. Battle's findings and recommendations were set forth
in the New York "Sun" of Dec. 15 as follows:
The removal Of Dr. Eugene H. Porter, Commissioner of the Division
of Foods and Markets.
Tho removal of Charles S. Wilson, Commissioner of the Division of
Agriculture.
The creation of a State Milk Commission, which will have full powers
to regulate the milk supply of the Etat°,and determine upon fair prices
for the producers and the consumers of milk.
The modification of all laws relating to food and food products.
That the legal work of both the Department of Agriculture and the
Department of Markets and Sto age be placed under the direct supervision
of the Attorney-General's office.
That the Dairymen's League, of which Dr. Porter is a member and a
county president, plans the accomplishment o an absolute monopoly of
control over all the milk produced in New York State, whether for manuf
facturing or fluid purposes.
Against neither Com irssioner Porter nor Commissioner Wilson does
Mr. Battle prefer any charges that can be designated properly as "sense
Mina'," but he accuses both of ineptitude in the administration of their
departmental affairs.
The report finds much fault with private cold storage warehouses and adds
that both Commissioner Porter and his counsel, Stewart L. Miller, assert
that the Division of Foods and Markets has no jurisdiction over such places.
"Dr. Porter's and Mr. Miller's interpretations of the law," says the report,"would put a premium upon unscrupulous practices by private storage
warehouse men and must in the long run prove the ruin of the smaller
independent dealers, who are compelled to use the public cold storage
warehouses and thus bring themselves within the restrictions of the law"
Dairymen's League.
The review of the milk situation is comprehensive and positive. The Council of Farms and Markets, the report has it, has "entirely failed to
accomplish anything in the matter of securing an ample supply of milk
in centres of population upon an economic basis of distribution and to aid
in the accomplishment of such purpose within the provision of the existing
law."
In this connection tho roper roads:
"To combine to obtain a fair price for one's product is one thing; to combine to plunge or threaten to plunge a million families int a milk famine
is quite another thing. I do not believe it can be seriously questioned that
a combination to make or carry out such a threat is unlawful and against
public policy, and that the distributers of milk should be compelled to
furnish, through a percentage, the machinery and funds to enable such
threat to be carried out by combination must be equally unlawful.
"But the distributor, who purchases milk from the producers who are
members of the Dairymen's League, and they now number more than 78,000
in the State of New York, who will not agree to collect and pay over this
percentage to the Dairymen's League, thus furnishing the league with the
sinews of war to conduct its strike campaigns, finds himself unable to purchase the necessary amount of milk to carry on his distributing process
and thus it has Como about that both the Borden and the Sheffield Farms
Co. and the majority if not practically all of the lessor distributers are now
under contract with the Dairymen's League.
"The league is now in the process of aggrandizing itself through an extra—
ordinary plan that is being fostered and encouraged by Dr. Porter, the
Department of Farms and Markets and the Council of Farms and Markets.
It the plan to form throughout the State hundreds of smaller leagues
under the guise of cooperative associations, all of them part and parcel
of the Dairymen's League organization.
"It is the plan for the Dairymen's League through this greater organize07i-jto Jaca uire,:control,)y _means of those cooperative _associations, of all
38
THE CHRONICLE
the milk shipping stations throughout the State and to actually bring about
a condition whereby the league will eliminate the New York City distributer
of milk from all operations in the State beyond the confines of the metropolitan district."
The milk commission proposed by Mr. Battle would have five paid coramissioners appointed by the Governor for five year terms and removable
on charges. The commission would have sole control over the enforcement
of all laws relating to milk from the cow to the consumer.
Mr. Battle's report suggests that the milk commission license or register,
or both, all producers of milk, all milk stations, manufacturers of dairy
products and all milk distributers. The commission would have power
to investigate the cost of production, transportation and distribution of
milk and to fix prices based upon a reasonable profit, which the shipper
rot milk should pay the producer and which the distributer could exact
rom the consumer. Ample power would be given the commission to divert
milk from manufacturing plants to keep the quantity of fluid milk up to
the needs of consumers.
Gov. Smith has not the power to remove Commissioners Porter and
Wilson. The law creating the Council of Farms and Markets has such
power, and Mr. Battle recommends that Gov. Smith ask the council to
cause the removals.
The State Council of Farms and Markets had on Oct. 17
sent a letter to Gov. Smith advising him that the council
had decided it could not take up his recommendation for
the dismissal of Dr. Eugene H. Porter, Commissioner of
Farms and Markets at ,000 a year, until George Gordon
Battle, special investigator of the department, completed
his inquiry and made a final report.
The Governor's request for the dismissal of Commissioner Porter followed the submission to him of a preliminary report by Commissioner Battle declaring that evidence
so far taken had shown Dr. Porter had been inefficient in
office and was incompetent to continue as Commissioner because he had shown great favoritism to farmers who are
members of the Dairymen's League.
An Extraordinary Grand Jury conducting an inquiry into
milk price situation in New York dismissed the charge of cospiracy against the milk distributors in making its presentment to Justice Weeks on Dec. 19. The presentment read
by Raymond J. Almirall, foreman of the Grand Jury, in part
was as follows:
The Extraordinary Grand Jury, in dismissing the charge of conspiracy
against the distributers of milk in New York City, begs to advise you that
in evidence whatsoever of any such conspiracy was presented by the District Attorney.
It further wishes to bring to your attention that the delay in making a
final disposition of this charge is due solely to the action of the District Attorney in not advising the Grand Jury that he had completed presentation
of the case, such information not having been given to the Grand Jury until
request was made in writing by the Grand Jury on Dec. 10 1919, for the
final disposition of the matter, to which request the District Attorney
replied on Dec. 12 1919 that he had "no other evidence in his possession in
the milk inquiry."
It may be useful to the public to have a brief description of the handling
of milk. The price of milk to be made the month following by the distributers of milk in the city to the association of farmers known as the
Dairymen's League, is fixed by that association about the 20th of the month
preceding, and is in accordance with a formula based on the market price
of butter and cheese for the preceding thirty da:ys. This formula, however,
is too complex to be readily understood.
In a matter directly establishing the price to the distributer and thus
necessarily affecting the cost to the consumer of milk, it is essential that the
methods and basis of calculation should be simple and straightforward.
Most, if not all, distributers of milk in the city are members of an incorporated body known as the Milk Conference Board, the executive committee
of which is the Milk Committee, which meets from time to time with the
committee of the Diarymen's League. Each of the distributers is allowed
a certain number of dairy farms, whose entire production of milk must be
accepted and paid for by him. He also pays directly for the inspections of
buildings, cattle and milk, as required by the State and city authorities, for
the cooling and pasteurizing of the milk and for converting into cheese or
butter the excess quantity of milk delivered, which excess quantity of milk
is considerable. Additional direct charges allocated to the distributers'
prices for milk and freight, handling and delivery, losses, breakage and replacements of bottles and cans, spoiled milk and indirect and overhead
charges of rent and business organization.
If is obvious that the inspections of buildings, cattle and milk, required
by the laws of the State and city, should be made by their permanent employees and paid for by the State and city, in order that uniformity of inspections and control may be guaranteed.
A committee appointed by Governor Smith on Aug. 6
to investigate the cost of living in New York and make a
report of its findings to him, filed its preliminary report at
Albany on Aug. 23. The committee, composed of ExGovernor Glynn and Dr. John H. Finley, State Commissioner of Education, dealt in its report at length with the
milk prices prevalent at that time. It pointed out that
prices for milk of the same quality in other large cities were
below those obtained here and it declared "that a milk system that costs the people of the City of New York comparatively $6,000,000 a year more than it costs the people of
Philadelphia, and $3,000,000 more than it costs.the people
of Chicago, and $1,000,000 more than it costs the people of
Boston, needs either explanation or reformation."
The committee recommended that the Governor urge
the Attorney-General of the United States "to all
possible speed" in prosecuting violations of the Interstate act in price fixing (since milk is brought not only from
New York State, but from Pennsylvania, New Jersey,
Vermont, Connecticut, Massachusetts and Canada and
[VOL. 110.
therefore through the channe's of interstate commerce).
The committee also advised that Governor Smith require
all District Attorneys in the State of New York to give careful attention to any violation of existing laws within their
respective districts. Finally it emphasized the need of
bringing about such open co-operation between dealer and
consumer as would insure a fair price. To this end the committee recommended the appointment first in New York City
and subsequently in other cities in the State of fair price committees, consisting of 9 members, six to be named by the
Mayor and the GOvernor, and the three others being the
City Commissioner of Health, the City Commissioner of
Markets and the State Commissioner of Health. The report
of the committee stated that should these recommendations
prove ineffective the committee proposed that there be created
a State Milk Commission to regulate milk distribution in
cities of the first and second class, and that all milk distributors in such cities be required to secure licenses from the
proposed commission, which would have the power to refuse
licenses where proof cannot be furnished that the proposed
business is of public interest.
The report of the State Food Cost Investigating Committee
referred to above said that committee would not have time
to look into the conduct of the State Farms and Markets
Council, and in consequence a separate inquiry into this
department under supervision of Mr. Battle was ordered
by the Governor.
As noted in these columns Aug. 16, page 637, Governor
Smith announced on Aug. 13 that he had ordered District
Attorney Swann to proceed with a Grand Jury hearing on
the milk price situation and the milk business generally as
conducted in this State.
The inquiry was begun on Aug. 25 when Alfred J. Talley
and Albert B. Unger, Assistant District Attorneys,appeare d
before the Extraordinary Grand Jury and presented testimony in the case. At the first hearings Charles A. Weinant,
formerly president of the Borden Farm Products Co., Inc.,
was on the stand. The hearings on the following day,
Aug. 26, were reported in the New York "Sun" of Aug. 27
as follows:
Charles A. Welant,former President of the Borden's Farm Products Company, and Harry A. Cronk, Vice-President of this company and a member
of the conference committee of the Milk Conference Board, were witnesses
before the Grand Jury in the investigation of the charges made by District
Attorney Swann that a combination of milk dealers has been formed to
boost the price of milk. Both men were questioned by Mr. Swann in his
private office before they went before the Grand Jury, and it is believed
they gave to the District Attorney the same information they gave to the
Grand Jury.
"The three milk companies which control the bottled milk distribution
in New York County," said Mr. Swann after he had questioned Mr. Welant
and Mr. Cronk, "are the Borden's Farm Products Company, Inc.; the
Sheffield Farms Company, Inc.; and the Clover Farm Company. You can
buy all the dipped milk you want to-day at the corner grocery for 12 cents
a quart. For the same milk delivered in a bottle any one of these three
companies charges 16 cents a quart."
Mr. Swann said that Mr. Woiant had told him that a quart milk bottle
costs 55 cents, and lasts about eleven or twelve trips to the door of the
consumer. Mr. Welant denied that there was an "inner ring" interested in
the manufacture of milk bottles, and also scouted the idea that the milk
companies encourage the breakage and non-return of bottles so that more
would be purchased.
Both Mr. Weiant and Mr. Cronk were asked about the methods of the
Milk Conference Board, which, it is alleged, fixed prices each month
through concerted action of its members. Mr. Weiant said that no minutes
of the board's meetings were kept, and that It was organized and incorporated after the abandonment of the New York Milk Exchange, all of whose
members were indicted for fixing prices of milk.
"What would happen if I went into the milk business and undersold the
present distributors?" asked Mr. Swann.
"You probably would not be permitted to remain on the Milk Conference Board," said Mr. Weiant,"If you undertook to do anything like that."
Mr. Weiant said the Borden's Farm Products Company was incorporated
by the Borden Condensed Milk Company for the purpose of dealing in fluid
milk, and that practically all of the stock was owned by the latter company,
with the exception of the shares necessary to qualify the directors. His
own holdings and those of other officials, Mr. Welant said, were only a
few hundred dollars worth of stock. The Milbank family controls the
Borden company. He also declared that the Borden's Farm Products
Company had never declared a dividend of any sort since its incorporation.
In this connection Mr. Swann said that he intended later to take up the
question of whether the profits of the company had been absorbed by the
parent company through salary accounts, depreciation on accounts, charges
for bottles and milk cans and through the purchase of supplies.
On Sept. 4 Governor Smith sent to all Mayors of first and
second class cities a letter urging them to form milk price
committees to be composed of six members—three appointed
by himself and three by each of the several Mayors—which
would be assured the co-operation of the State authorities.
In the letter, the Governor said this request was made by
him at the suggestion of the State Food Cost Investigating
Committee in their preliminary report. He also stated
that "if, in addition to a fair price milk committee, you deem
the appointment of fair price committees on other commodities desirable . . . I will do all in my power to put you
in communication with the proper authorities." On Aug. 27
JAN1311920.1
THE CHRONICLE
both Governor Smith and the Mayor had selected fair price
committees on milk for this city, the former's consisting of
Francis Martin, District Attorney of the Bronx; Sophie
Irene Loeb, of the Child Welfare Committee of New York,
and Lee Kohns, associated with Nathan Straus in the distribution here of milk to the poor. The Mayor's committee
was composed,of Mrs. William Randolph Hearst, Preston
P. Lynn and Senator Charles E. Russell.
On Aug. 22, Attorney-General Palmer informed Governor
Smith that he had ordered a complete investigation of the
New York milk situation. He sent the following reply to
a telegram from Governor Smith of Aug. 14:
In answer to your telegram of Aug. 14, I beg to state that I have this
day requested United States District Attorney Caffey to assign Special
Assistant United States District Attorney Henry A. Gullar to make a
complete investigation of all the facts of the New York milk situation, with
a view to such action as the facts may warrant. I invite the co-operation
of yourself and your committee with Mr. Guilar, as well as the co-operation
of any of the citizens of your State who may be able to assist him with
Information or otherwise.
39
This is not a charitable undertaking on the part of the Clover Farms,
nor is it contended by the company that it is done at a loss. It is admitted
that there will be a profit of a fraction of a cent a quart to the company
at this price.
If the sales indicate that there is any real demand for
bottled milk on the cash-and-carry basis for 3 cents a quart
less than is charged for milk delivered at the homes, the plan
will be extended to the sixty Baby Health Stations conducted
by the Health Department throughout the city, Dr. Copeland said.
Addressing the eighth annual convention of the International Association of Dairy and Milk Inspectors on Dec. 4,
Dr. James 0. Jordan, of Boston, President of the Association, said that agitation for lower milk prices was bound to
prove fruitless while labor continued to agitate for and
receive higher wages. The Asiociation opened its annual
convention on Dec. 4 in this city.
Mr. Jordan's remarks thereat were quoted in the New
York "Sun" of Dec. 5 as follows:
'Unskilled labor, handling the milk supply of the larger cities in the
United States, is being paid more than the trained bacteriologists, upon
whose researches depend the public health and who know no union hours.'
"The clamor against apparently high prices of milk," said Jordan, "is
often based on unfair hypothesis and disregards elements entering into the
production and distribution of milk about which the public knows little
There is no desire on my part to decry any honest effort of labor to improve
ts conditions, although much of the effort of late has been in the nature
of a public holdup, but there will be no great reduction in the price of milk
until labor consents to take lower wages."
FURTHER ADVANCE IN MILK PRICES.
The Sheffield Farme Co., Inc., one of the largest milk
distributors in New York and the vicinity, announced on
Nov. 29, effective Dec. 1 an advance in the price of Grade B
bottled milk to 18 cents per quart. This grade is commonly
sold for household use. The price for November was 17%
The milk wagon drivers, who up to Oct. 31 received $33
cents, this being an increase over the preceding month of
1M cents a quart. With regard to the increase referred to a week, had demanded $50. They had refused a comproD. S. Loton, President of the Sheffield Farms Co., issued mise offer of the employers; but after the appeal made by
Governor Smith they agreed to accept the employers' offer,
on Nov. 29 the following statement:
salary of $35 a week, 2% on collections and
Beginning Dec. 1 1919 we are announcing an advance in the price of which included
Grade B bottled milk to 18 cents per quart. This has been made necessary one day off a week instead of one day off a month as had
by an advance to farmers, effective the same date. Farmers will receive previously been allowed to the men. The New York "Times"
three-fourths of a cent per quart more than they received during November.
The price to farmers for December is based on the average daily quotations of Nov. 2 said:
for butter and cheese published by the New York Produce Exchange from
Oct. 21 to Nov. 20, inclusive.
During November our charge of 17M cents per quart was one-half cent
per quart less than some of our competitors charged, and the additional
three-fourths of a cent that we have to pay to farmers has made the above
davanco necessary.
We believe that butter and cheese have reached their maximum prices
for this winter, and if the market conditions follow former years butter and
cheese will soon start downward, and milk will also.
The earlier advance (that in November of 1% cents)
made by the Sheffield Farms Co. followed mainly as a result
of various wage increases which were granted to all classes
of employees, following the threat of a strike by 8,000 union
milk wagon drivers. The strike was averted by the action
of Governor Smith in making a personal appeal to the men
at a mass meeting where it was said a vote for an immediate
walkout was about to be taken.
On Nov. 4, two days after the settlement of the wage
controversy, the Sheffield Farms Co. announced an increase
of 1% cents in the retail price of Grade B milk, effective
Nov. 5. The prices of buttermilk, cream, condensed and
sour milk were also advanced. The increases were made
applicable to New York, Brooklyn, Jersey City, Union Hill
anCvicinities. Following the action of the Sheffield Co.the
Clover Farms Co.Inc., another large distributor, announced
similar increases and on Nov. 6 the Borden Farm Products
Co., Inc., announced that effective Nov. 7 the price of its
Grade B milk would be raised from 16 to 18 cents a quart •
On Nov. 6, Dr. Royal S. Copeland, Health Commissioner
and Chairman of the Governor's Fair Price Committee,
requested the attendance of officers of the Sheffield Farms
Co. at a hearing the following day, to explain on what
basis the advanced prices had been made. Subsequent ly
hearings were also hold by the committee with members of
ithe other milk distributing firms present, but no reduction
n milk prices resulted therefrom. At a meeting in this city
on Nov. 23, called by the Community Councils to discuss
the milk situation Governor Smith stated that he woulI
recommend to the next Legislature the passage of a law giving the State control of production and distrubution of milk
and the regulation of prices.
Dr. Copeland on Dec. 17 announced that, beginning
Dec. 19, Grade B milk in bottles would be sold at 15 cents
a quart at nine of the Baby Health Stations of the Health
Department. Health Commissioner Copeland said that this
work had been undertaken by the Clover Farms Co., Inc.
Commenting on the plan for selling the milk at 3 cents less
per quart then was charged for delivering the same grade
of milk, to regular customers, Dr .Copeland was quoted as
saying:
This demonstrates the contention I have made all along that a great
milk company Is willing to sell milk at 3 cents a quart less than the market
price. The stations will furnish all the milk the people want. Grade B
milk is now selling at 18 cents a quart delivered to the homes.
The agreement which the men had with the employers expired at midnight Oct. 31. Under this agreement they received $33 a week, 1% of all
sales and collections, and one day off in every month. Their demands for
this year are for $50 a week,2% on all sales and collections, a six-day week,
and a closed shop. As a counter proposal the New York Milk Conference
Board made what was termed a final offer on Friday of $35 a
week, 2% on all sales and collections, and a six-day working week. They
also offered a proportionate increase for all employees engaged in various
other capacities, which represented about a $3 weekly increase for each of
these persons.
In justification of the increase as announced by the Sheffield Farms Company following the wage advances, I.
Elkin Nathans, Secretary of the New York Milk Conference
Board, Inc. (the employers' association), gave out a statement on Nov. 5 "showing the weekly payroll of one of the
largest companies, both on the basis of the old wages and the
new, with the increased number of employees necessary for
The figures showed these coma six-day operation."
parative totals:
Old Contract. New Contet.
Amount.
Amount.
drivers
*40,57200 *46,92000
retail
1,104
390 00
350 00
10 wholesale drivers
5,616 00
144 inspectors
3,036 00
66 route foremen
9,988 00
227 route riders
877 50
27 chauffeurs
1,237 50
33 chauffeurs
1,380 00
40 truck drivers, 3 and 4 horses
1,68000
48 truck drivers, 3 and 4 horses
1,064 00
38 truck drivers, 2 horses
1,395 00
45 truck drivers, 2 horses
400 00
16 helpers on trucks
53200
19 helpers on trucks
32000
270 00
10 stable foremen
4,17200
3,427 00
149 stablemen
868 00
713 00
31 harness cleaners and wagon washers
54 foremen in pasteurizing, bottling, &c., de1,728 00
1,458 00
partments of city plants
10,200 00 12,361 00
425 general inside help, same departments
22400
189 00
7 platform foremen
6,090 00
5,075 00
203 platform men and porters
7,686 00
6,222 00
183 branch store managers
1,25000
1,00000
50 assistants in stores
Total
Increased cost
$78,813 50 $99,877 50
378.813 50
321,064 00
Mr. Nathan's statement with reference to the above said:
Dividing the increased cost of $21,064 per week by 2,287,859 quarts of
milk sold on these routes, it will be seen the increased cost per quart, account
of adjustments to organized labor alone, is 9.207 mills per quart. Add to
this 4.73 mills, which is the increase paid to the farmer per quart in November over October, and the result is $.013937 increased cost per quart to
organized labor and the producers only.
With the increases which will necessarily have to be granted unorganized
labor, including the clerical forces, who have been promised consideration as
soon as the organized labor contract is disposed of, it will be seen that the
increase of 1% cents will be entirely consumed in the increased cost, and the
fictitious figures named in the Hearst papers of profit resulting to the distributers in this advance are entirely without foundation. My personal
feeling is the Sheffield Farms Company in announcing an increased price of
only 1% cents per quart has not fully covered its increased cost.
In an advertisement appearing in the daily papers of
Nov. 5 the Sheffield Farms Co. announced that as a result
of the new wage and working agreement,.which provided
that the delivery men and truckmen sould work six instead
of seven days a week, the company would require 200 addi-
40
THE CHRONICLE
tional employees in such capacities. The price list of the
Sheffield Farms Co. for November (which with the exception of the price of Grade B milk remains the same for December) was as follows:
Grade B milk
Grade B milk
Sealect Grade A milk
&elect Grade A milk
Sheffield certified milk
Brookside certified
Buttermilk
Condensed milk
X cream
XX cream
Sour
Bottle.
lnic per qt.
10c per pt.
20c
per qt.
12c per pt.
per qt.
28c
30c
per qt.
per qt.
12c
18c per % pt.
28c per M pt.
pt.
36c per
18c per 3 pt.
FEDERAL TRADE COMMISSION TO INQUIRE INTO
QUESTION OF PRICE GUARANTEES.
Prompted by the complaints which have come before it,
the Federal Trade Commission has made known its intention
to make a thorough inquiry into the question of guarantee
against price decline. Victor Murdock, Chairman of the
Commission, under date of Dec. 26, in announcing the decision of the Commission says:
•
As a basis for the necessary expenditures attending upon such an inquiry,
such formal complaints have been issued presenting various phases of the
subject. To the end that every party at interest may be fully represented,
the Commission Is inviting, generally, producers, manufacturers, merchants
(wholesale and retail) and consumers, to declare their interest so that the
Commission may know what parties should be represented.
The Commission is asking you, therefore, to communicate as speedily
and as widely as possible with your membership advising them of the invitation and to notify the Commission of the nature of their interest in the
subject, if any.
As soon as this list of the parties at interest in the matter can be compiled,
it is the purpose of the Commission to invite each or any of them to submit
his observations in writing. This follows the custom of the Commission in
numerous other similar cases.
A reasonable time limit for the filing of written statements will be given,
after which they will be assembled and as far as possible classified and
each correspondent will be furnished with a copy of the whole document.
As soon thereafter as is possible, it is the purpose of the Commission to
call a general hearing at Washington at which parties at interest may be
„present in person, by representative or by counsel, and an orderly method
for hearing the matter will be laid out.
As in everything where the public interest is involved, the utmost expe•dition consistent with care and full opportunity for the presentation of all
aides, is to be desired.
CATTLE GROWERS CONTEND SETTLEMENT OF
ANTI-TRUST SUIT AGAINST PACKERS WILL
BRING NO RELIEF.
Announcement was made on Dec. 28 by John Miller, of
Fort Stockton, Texas, and President of the Pan Handle
Cattle Association that members of 12 Western Cattle
Growers' Associations had appealed to President Wilson
through former Secretary of the Treasury McAdoo to take
some action to prevent the carrying out of the arrangements
recently made by Attorney General Palmer to compromise
the Government's anti-trust suits against the five big meat
packing companies. The cattle raisers contend that the
agreement announced by Mr. Palmer, whereby the packers
would abandon all businesses not related to the meat packing
industry would bring them no relief from the main source
of difficulty, which they allege exists at the present time,
namely control of the stockyard markets by the packers.
They have asked the President to take the anti-trust suits out
.of the hands of the Attorney General and that new suits be
brought with Francis J. Heney of San Francisco, former
attorney for the Federal Trade Commission, as a special
prosecutor.
With reference to the cattle growers' action as announced
by Mr. Miller, Washington dispatches of Dec. 28 to the
Associated Press said:
According to Miller, the matter was laid before the President last week.
"We adopted the unusual course of getting the matter before President
Wilson," Mr. Miller said,"because we though it unwise to put our evidence
at the disposal of the Attorney General, in view of his attitude as demonstrated by the settlement with the packers."
Mr. Miller said that in addition to several Texas Cattle Associations,
.similar organizations in Colorado, Oklahoma and adjoining States had
joined in the presentation. Conference with McAdoo upon the subject
were held by the growers' representatives in New York last week, and then
the matter was brought to Washington.
SECOND INDUSTRIAL CONFERENCE FORMULATES
PLAN FOR DEALING WITH LABOR DSPUTES
THROUGH NATIONAL TRIBUNAL.
President Wilson's Second National Industrial Conference
which opened its sessions at Washington Dec. 1 'issued on
Dec. 28 a preliminary report of its deliberations,embodying
plans for the establishment of machinery to prevent and settle
-labor disputes. "The conference," it is stated, "does not
deem it useful at this time to enter upon a discussion of the
causes of industrial unrest," but "it believes rather that its
most important immediate contribution is theisuggestion
[voL. 110.
of practical measures which will serve to avert or postpone
industrial conflicts." To this end the report proposes the
establishment of a national industrial tribunal, consisting
of nine members appointed by the President and confirmed
by the Senate representing equally employers, employees
and the public,and acting as a board of appeal from regional
boards of inquiry and adjustment, which would seek to settle
disputes before production is stopped. Public utility and
Government industries are not included.
The conference plan would not deny the right to strike
or attempt to set up a closed or open shop. The country
would be, divided into twelve industrial regions, conforming to the Federal reserve districts, at the head of which
would be a regional chairman appointed by the President.
The Second Industrial Conference takes a firm stand against
the affiliation of policemen, firemen or public safety Government employees with any organization which authorizes
the use of the strike. It declares that use of the strike
weapon in "essential public utilities," such as the railways,
"is intolerable," holding that "as the capital invested isemployed in public use, so is the labor engaged in public
service; and the withdrawal of either with the result of suspending service makes the people the real victim."
The plan for the creation of new machinery for dealing
with industrial disputes is advanced for consideration,
study and constructive criticism by interested individuals and
organizations throughout the country, the report states,
and the conference will reassemble in Washington on Jan.
12 for the purpose of considering "any constructive criticism
that may be submitted to it. This conference was called
by President Wilson after the failure of the original National
Industrial Conference which met under the Chairmanship
of Secretary of the Interior Lane. last October, at Washington terminated its activities following the withdrawal
therefrom of the labor delegation. Samuel Gompers, Bernard M. Baruch, Judge Elbert H. Gary, Dr. Charles W.
Eliot, and John D. Rockefeller, Jr., wore among the prominent figures in the original industrial conference. The
new conference is a smaller and more compact body.
The preliminary report of the Second Industrial Conference, made public Dec. 28, was signed by William B. Wilson
Secretary of the Department of Labor, as Chairman of the
new conference; Herbert Hoover, former Federal Food
Administrator, as Vice Chairman; Martin 11. Glynn, Thomas
W. Gregory, former Attorney-General; Richard Hooker,
Stanley King,Samuel W.McCall,former Governor of Massachusetts; Henry M. Robinson, Julius Rosenwald, Oscar S.
Straus, Henry C. Stuart, former Governor of Virginia; F. W
Taussig, William 0. Thompson, Henry J. Waters, George
W. Wickersham, former Attorney-General, and Owen D.
Young. .
The report in full follows:
Introduction.—The Industrial Conference convened by the President
in Washington on Dec. 1, issue this statement in the desire that certain
tentative proposals be given considerate study by interested Individuals
and organizations throughout the country. It will reassemble on Jan. 12
and will then carefully consider any constructive criticisms that may be
submitted to it.
The Conference does not deem it useful at this time to enter upon a
discussion of the causes of industrial unrest. It believes rather that its
most important immediate contribution is the suggestion el practical
measures which will serve to avert or post pone industrial conflicts.
Human Relations Must Be Adjusted to Our Economic Interdependence.
In confining itself to the proposal of machinery for the adjustment of
disputes, the Conference is far from wanting to exaggerate the importance
of the mechanical as contrasted with the human elements in the situation. Our modern industrial organization, if it Is not to become a
failure, must yield to the individual a larger satisfaction with life. It
makes possible a greater production of material things. But we have
grown so accustomed to its complexity that we are in danger of forgetting that men are to-day more dependent on each other than
ever before. The spirit of human fellowship and responsibility was
easier to maintain when two or three worked side by side and saw the completed product pass from their hands. Yet their co-operation was actually
less necessary because each by himself was more nearly capable, if circumstances demanded, to meet the needs of life. To-day we have a comple;
inter-weaving of vital interests. But we have as yet failed to adjust our
human relations to the facts of our economic inter-dependence. The
process toward adjustment, though slow, nevertheless goes on. The right
relationship between employer and employee in large industries can only
be promoted by the deliberate organization of that relationship. Not only
must the theory that labor is a commodity be abandoned, but the concept
of leadership must be substituted for that of mastership. Now machinery
of democratic representation may be erected to suit the conditions of present
industry and restore a measure of personal contact and a sense of responsibility between employer and employee. The more recent development
of such machinery with the co-operation of organized labor is a hopeful
sign. But back of any machinery must be the power which moves It.
Human fellowship in industry may be either an empty phrase or a living
fact. There is no magic formula. It can be a fact only if there is continuous and sincere effort for mutual understanding and an unfailing recognition that there is a community of interest between employer and employee.
"Tribunals for the Adjustment of Disputes."
Pending the growth of better relationships between employers and
employees, the practical approach to the problem is to devise a method of
JAN. 3 1920.]
THE CHRONICLE
preventing or retarding conflicts by providing machinery for the adjustment of differences. The conference believes that it is possible to set up
a more effective series of tribunals for the adjustment of disputes than to
present exists. To be successful such tribunals must be so organized as
to operate promptly as well as:impartially.
Public "Is Becoming Uneasy About the Power of Great Labor Organizations."
There must be full participation by employers and employees. There
must be representation of the public to safeguard the public interest. The
machinery should not be used to promote unfairly the interests of organizations, either of labor or of capital. The plain fact is that the public has
long been uneasy about the power of great employers; it is becoming uneasy
about the power of great labor organizations. The community must be
assured agsinst domination by either. On the other hand, there must be
equal assurance that such machinery will not be used to discriminate against
organizations or employees or of employers. Both should be protected.
The right of association on either side should not be affected or denied as
a result of the erection of such tribunals.
The plan which follows does not propose to do away with the ultimate
right to strike, to discharge, or to maintain the closed or the open shop.
It is designed to bring about a frank meeting of the interested parties and
cool and calm consideration of the questions involved, in association with
other persons familiar with the industry.
The plan is national in scope and operation, yet it is decentralized. It
Is different from anything in operation elsewhere. It is based upon American experience and is designed to meet American conditions. To facilitate
discussion, the plan submitted, while entirely tentative, is expressed in
positive form and made definite as to most details.
41
side that may have selected a representative and agreed to submit the
dispute to the board. If neither side shall select a representative within the
time fixed by the chairman the board of inquiry shall consist of the chairman
and the four panel members only.
Upon the selection of a representative, within the specified time, the side
concerned shall be entitled to the specified number of peremptory challenges
as provided above. The representative shall have the right to sit on the
board of inquiry, and to take full part as a member of such board in the
proceedings thereof.
The board of inquiry as so constituted shall proceed to investigate the
dispute and make and publish a report, or majority and miniority reports, of
the conclusions reached, within five days after the close of its hearings and
within not more than thirty days from the date of issue of the original
request by the chairman to the two sides to the dispute, unless extended on
unanimous request of the board or the National Industrial Tribunal. It
shall transmit copies of the report or reports to the secretaries of commerce
and of labor, respectively, and to the National Industrial Tribunal, where
they shall be matters of public record.
3. Transformation of the Regional Board of Inquiry into Regional Boards
of Adjustment.—At any time during the progress of the inquiry at which
both sides shall have selected representatives and agreed to submit the
dispute for adjustment, the board of inquiry shall become a board of adjustment by the admission to membership oh the board of such representatives. The side or sides which appoint representatives after the date
fixed in the original request of the chairman shall, because of its delay,
suffer a reduction in the number of peremptory challenges to which it
otherwise would have been entitled.
The board of adjustment so constituted shall proceed to the determination of the dispute as though it had been organized within the period
originally fixed by the chairman.
Plan Proposed: "National Tribunal and Regional Boards."
1. Plan for Boards of Inquiry and Adjustment.-1. National TriUmpire if Regional Board Fails of Agreement.
bunal and Regional Boards.—There shall be established a National Indus9. Umpire.—When a regional board of adjustment is unable to reach
trial Tribunal and regional boards of inquiry and adjustment.
unanimous determination it may by unanimous vote select an umpire
2. National Industrial Tribunal.—The National Industrial Tribunal shall a
refer the dispute to him, with the provision that his determination
have its headquarters in Washington and shall be composed of nine mem- and
shall be final and shall have the same force and effect as a unanimous
bers chosen by the President and confirmed by the Senate. Three shall
determination of such regional board.
represent the employers of the country and shall be appointed upon nomi10. Combination of Regions.—Whenever the questions involved in a
nation of the Secretary of commerce. Three shall represent employees and
dispute extend beyond the boundaries of a single region the regions to
shall be appointed upon nomination of the Secretary of Labor. Three shall
which the dispute extends shall, for the purpose of such dispute, be combined
be representative of the public interest. Not more than five of the members
by order of the National Industrial Tribunal, which shall designate the
shall be of the same political party.
of one of the regions concerned to act as chairman in connection
chairman
The tribunal shall be, in general, a board of appeal. Its determinations
with the dispute in question.
on disputes coming to it upon an appeal shall be by unanimous vote. In
Two employer members and two employee members shall be chosen
ease it Is unable to reach a determination, it shall make and publish mafrom the combined panels of the regions involved in the dispute under
jority and minority reports which shall be matters of public record.
rules and regulations to be established by the National Industrial Tribunal.
The members representing the two sides to the dispute shall be chosen
Twelve Industrial Regions.
3. Industrial Regions.—The United States shall be divided into a speci- as in the case of a dispute in a single region.
A Regional Board of Inquiry or of Adjustment constituted for a dispute
fied number of industrial regions. The Conference suggests twelve regions
with boundaries similar to those established under the Federal Reserve extending beyond the boundaries of a single region shall have the same
system, with such modifications as the industrial situation may make de- rights and powers conferred upon a Regional Board for a single region.
11. Effect of Decision.—Whenever an agreement is reached by the parties
sirable.
of ad4. Regional Chairmen and Vice-Chairmen.—In each region the President to a dispute or a determination is announced by a regional board
the
shall appoint a regional chairman. He shall be representative of the public justment, or by an umpire, or by the National Industrial Tribunal,
trade
Interest, shall be appointed for a term of three years and be eligible for re- agreement or determination shall have the full force and effect of a
agreement, which the parties to the dispute are bound to carry out. iTaii
appointment.
Whenever in any industrial region, because of the multiplicity of disputes
Regional Boards and National Tribunal would have Legal Powers.
the
where
or
situation
prompt action by the regional board is impossible,
12. General Provisions.—In connection with their task of inquiry and
discretion
its
in
may
Industrial
Tribunal
National
the
desirable,
it
makes
adjustment the regional boards and the National Tribunal shall have the
choose one or more vice-chairmen and provide for the establishment under right to subpoena witnesses, to examine them under oath, to require the
their chairmanship of additional regional boards.
production of books and papers pertinent to the inquiry, and their assist5. Panel of Employers and Employees for Regional Boards.—Panels ance in all proper ways to enable the boards to ascertain the facts in referof employers and employees, for each region shall be prepared by the Secre- ence to the causes of the dispute and the basis of a fair adjustment. Protary of Commerce and the Secretary of Labor, respectively, after conference vision shall be made by law for the protection of witnesses and to prevent
with the employers and employees, respectively, of the regions. The panels the misuse of any information so obtained.
shall be approved by the President.
All members of the tribunal and boards heretofore described, including
At least twenty days before their submission to the President provis- the chairman and vice-chairman, shall be entitled to vote.
ional lists for the panels in each region shall be published in such region.
The President shall have the power of removal of the members of the
The panels of employers shall be classified by industries; the panels of tribunal and boards.
employees shall be classified by industries and sub-classified by crafts. The
In the presentation of evidence to the tribunals and the boards each side
names of employers and employees selected shall be at first entered on their shall have the right to present its position through representatives of its
respective'Ands in an order determined by lot.
own choosing.
The selection from the panels for service upon the regional boards shall
The Secretary of Commerce and the Secretary of Labor in making nombe made in rotation by the regional chairman. After service the name of nations for the National Industrial Tribunal and in preparing and revising
the one so chosen shall be transferred to the foot of the panel.
the regional panels of employers and.employees shall from time to time
Boards of Adjustment.
develop suitable systems to insure their selections being truly representative.
plant
a
in
arises
dispute
a
13. Regional Board of Adjustment.—Whenever
The National Industrial Tribunal, the regional boards of adjustment and
or group of plants which is not settled by agreement of the parties or by existing machinery the chairman may on motion, unless disapproved by the the umpires shall in each of their determinations specify the minimum
National Industrial Tribunal, and shall at the request of the Secretary of period during which such determinations shall be effective and binding. In
Commerce or the Secretary of Labor or the National Industrial Tribunal,re- case of emergency a regional adjustment board or the National Industrial
quest each side concerned in such dispute to submit it for adjustment to a Tribunal may, after hearing both sides, alter its determination by abridging
regional board of adjustment. To this end each side shall,if willing to make or extending the period specified.
13. Special Provisions.—The terms of office of members of the Nations
such submiss;on, select within not less than two nor more than seven days,
at the discretion of the chairman, a representative. Such selection shall Industrial Tribunal shall be six years; at the outset three members, includbe made in accordance with the rules and regulations to be laid down by ing one from each group, shall be appointed for a term of two years, three
the National Industrial Tribunal for the purpose of insuring free and prompt members for a term of four years, and three members for a term of six years;
thereafter three members, one from each group, shall retire at the end of
choice of the representatives.
When both sides shall have selected their representatives the chairman each period of two years. Members shall be eligible for reappointment.
The regional panels provided for in Section 5 shall be revised annually
shall take from the top of the panels for the industry concerned, or in the
case of employees for craft or crafts concerned, names of employers and em- by the secretaries of Commerce and of Labor, respectively, in conference
shall
the employers and employees, respectively, or each region.
with
sides,
two
the
by
ployees, respecively. The representatives selected
be entitled to a specified number of peremptory challenges of the names to
iNew Plan Not to Effect Existing Machinery.
taken from their respective panels. When two unchallenged names of
14. Relation of Boards of Existing Machinery for Conciliation and
employers and employees shall have been selected in this manner they,
with the chairman and the representative selected by the two sides, shall Adjustment.—The establishment of the National Industrial Tribunal and
the Regional boards described shall not affect existing machinery of conconsitute a regional board of adjustment.
The appointment of representatives of both E Ides shall constitute an ciliation, adjustment and arbitration established under the Federal Government, under the governments of the several States and Territories or subconstitute
shall
agreement to submit the Issue for adjustment, and further
an agreement by both sides that they will continuo, or re-establish and divisions thereof, or under mutual agreements of employers and employees.
Any industrial agreement made between employers and employees may,
continue, the status that existed at tho time the dispute arose.
The board of adjustment so constituted shall proceed at once to hear the by consent of the parties, be filed with the National Industrial Tribunal.
filing shall constitute agreement by the parties that in the event of a
Such
determination
Such
two aides for the purpose of reaching a determination.
must be by unanimous vote. In case the board is unable to reach a deter- dispute they will maintain the status existing at the time the dispute
mination the question shall, unless referred to an umpire, as provided in originated until a final determination, and that any dispute not adjusted
by means of the machinery provided through the agreement shall pass on
Section 9, pass upon appeal to the National Tribunal.
appeal to the National Industrial Tribunal for determination as in the case
Regional Boards of Inquiry.
of a dispute submitted on appeal from a regional board.
III. Objects of Plan.—The main object of the above plan are to secure
7. Regional Boards of Inquiry.—If either side to the dispute falls, within
chairman
the
representative,
national co-ordination and to stimulate the formation of bodies for local
its
select
the period fixed by the chairman, to
shall proceed to organize a regional board of inquiry. Such regienal board adjustment. The requirement of unanimity of agreement has by experience
of inquiry shall consist of the regional chairWan, two employers selected in in the United States proved. remarkably successful and should assure such
the manner specified from the employer's panel,and two employees selected confidence that neither side can rightfully refuse to submit to adjustment.
In like manner from the employees' panel and of the representative of either A precedent condition of such submission is that the interruption of produc-
r
THE CHRONICLE
42
tion shall be delayed. The frank meeting of the parties in controversy
together with other men skilled in questions at issue always gives promise
of settlement. On the other hand, refusal to submit to the board not only
Inaugurates a legal inquiry but also prejudices the obstinate party or parties
In public opinion. Moreover, the fact that membership on the Board of
Inquiry is available to either party to the conflict singly would tend further
to weaken the position of the other. When both parties join. the board
at once becomes a board of adjustment, and conflict ceases by agreement
until a determination is reached.
"The Continuous Operation of Public Utilities is Vital to Public Welfare."
IV. Statement as to Public Utility Industries.—The plan here proposed
presents greater difficulties in application to certain public utilities than to
competitive industry. The continuous operation of public utilities is vital
to public welfare. As the capital invested is employed in public use, so is
the labor engaged in public service, and the withdrawal of either, with tin
result of suspending service, Wakes the people the real victim. While
continuous operation of all utilities is conducive to the general convenience
of the people, that of some of them is essential to their very existence
Of the latter class the railways are a conspicuous example and bear the
same relation to the body politic as do the arteries to the human body.
Suspension produces practical social and economic anarchy and may impose hardship even to the point of starvation upon large sections of the
community. The interruption in such essential public utilities is intolerable.
The Conference believes that a plan of tribunals or boards of adjustment and inquiry should be applied to public utilities, but In the adaptation
of the plan two problems present themselves. First, Governmental regulation of public utilities Is now usually confined to rates and services. The
Conference considers that there must be some merging of responsibility;
for regulation of rates and services and the settlement of wages and conditions of labor. Such co-ordination would give greater security to the
public, to employee and to employer. Second, is the problem whether
some method can be arrived at that will avert all danger of interruption to
service. These matters require further consideration before concrete proposals are put forward.
Strikes by Government Employees Indefensible.
V. Statement as to Government Employees.—The Government is established in the interests of all the people. It can be conducted effectively
only by those who give to its service an undivided allegiance. The terms
and conditions of employment in the Government service are prescribed by
law. Therefore no interference by any group of Government employees, or
others, with the continuous operation of Government functions through
concerted cessation of work or threats thereof can be permitted.
The right of Government employees to associate for mutual protection,•
the advancement of their interests, or the presentation of grievances cannot be denied, but no such employees who are connected with the administration of justice or the maintenance of public safety or public order should
be permitted to join or retain membership in any organization which
authorizes the use of the strike or which is affiliated with any organization
which authorizes the strike.
The conference is not now expressing an opinion upon the propriety of
the affiliation of other classes of Government employees with organizations
which authorize the use of the strike.
The principles above stated are not to be construed as inconsistent with
the right of employees individually to leave the public service. It is,further
an essential part of the application of these principles tht tribunals shall
be established for prompt hearing-of requests and prompt remedy of grievances. The legislation of the nation, the States and the municipalities
should be improved in such a way as to prevent delay in hearings and to
enable speedy action when there are grievances.
VI. Further Work of the Conference.—On reconvening the conference
will continue its consideration of tribunals for the furtherance of industrial
peace in general industry in the light of whatever criticisms and suggestions
the publication of its tentative plan may call forth. It will receive reports
of investigations that are being made for it. On the basis of such reports
and of further study of these and the other subjects within its field the
conference hopes that it may be able to contribute something more toward
the better industrial relations described in the words addressed to it by the
President when he called it into being—relations in which "the workman
will feel himself induced to put forth his best efforts, the employer will
have an encouraging profit and the public will not suffer at the hands of
either class." To this end it invites the co-operation of all citizens who
have at heart the realization of this ideal of a better industrial civilization.
THE PRESIDENT'S INDUSTRIAL CONFERENCE.
SAMUEL GOMPERS NOT IMPRESSED WITH NEW
NEW INDUSTRIAL CONFERENCE PLAN.
The plans formulated by President Wilson's Second National Industrial Conference to prevent and settle labor
disputes met with little favor among the leaders of organized
labor. After reading the preliminary report of the Conference, Samuel Gompers,President of the American Federation
of Labor, declared that except for the opening declaration,
he found in it "nothing new and little of interest." Mr.
Gompers said "the failure of the Conference to recognize
definitely the organizations of workers—trade unions—as
the basis for representation is a fatd1 omission," while Frank
Morrison, Secretary of the Federation, noting the absence
of reference by the Conference to collective bargaining, or
the necessity for organizations of workers, said any one who
would avert or postpone industrial conflicts could not ignore
these principles. Mr. Gompers declared the Commission
should reconsider the question of definite recognition of
trade unions, "in order to make possible the confidence
and co-operation of wage earners, which can be expressed
only through organizations of their own making."
Officials of the American Federation of Labor were practically a unit in criticism of the Conference plan, it was stated.
There was a general note of scepticism as to the practicability
and the acceptibility of the plan for settlement of all dispute3
by tribunals selected along the jury system plan.
[vol.. no.
W.H.Johnston, President of the International Association
of Machinists, is represented as having expressed the cynical
view that the public representatives of the respective tribunals would dominate them, implying a belief that the interest
of the public should not be held above that Of organized
labor. J. B. Malloy, President of the Maintenance of Way
Employees, one of the largest railway unions, declared the
plan impractical.
Samuel Gompers's statement on Dec. 29, quoted above, in
full follows:
I have read the tentative report of the Industrial Commission, and
except for its opening declaration find nothing new and little of interest.
In the opening statement the report sets forth "the right relationship
between employer and employee in large industries can be promoted by
the deliberate organization of that relationship." But the report fails to
give definite tecognition to the application of this truth. Both employers
and employees must be organized in order to become responsible parties
to any system of mediation or arbitration—otherwise the arbitration tribunal must deal with individuals Instead of organized groups. The principle of representation depends upon organization.
The failure of the conference to recognize definitely the organizations
of workers—trade unions—as the basis for representation is a fatal omission.
Certainly the conference should reconsider this point in order to make
possible the confidence and co-operation of wage earners which can be expressed only through organizations of their own making.
Any plan to establish or maintain anything like fair relations between
workers and employers must avoid compulsory features. The mass of
America's workers are American citizens, and in that sovereign citizenship
they are free men. Any proposal for compulsory labor is repugnant
to American sovereignty and citizenship.
In order to promote constructive and permanent changes that will
eliminate causes of much industrial unrest, the conference should consider governmental agencies to provide the necessary information and
assistance in securing continuous betterment of working conditions. That
problem must ultimately be worked out by employers and employees, but
the Government should advise and assist.
It should always be borne in mind that our social fabric is based on mutuality and voluntary institutions.
It is something not yet fully understood how perfectly safe freedom is.
The statement issued by Frank Morrison on the same date
read as follows:
The preliminary statement by the President's industrial conference was
Issued, it is stated, to secure criticism.
A paternal spirit, expediency and the absence of declarations and policies in line with the spirit of the times are, to my mind, features of this
statement.
There is no reference to collective bargaining or the necessity for organizations of workers, although both of those principles are accepted by every
forward looking man and woman in the country. Any one who would
"avert or postpone industrial conflicts," to use the language of the commission, cannot, In my judgment, ignore these principles. The commission's
plan does not permit workers to have a direct voice in the establishment of
adjustment boards. The Secretary of Labor will "confer" with these workers, and then he may make any recommendation he sees fit to the President.
This practice contains no element of democracy.
The declaration against Government employees joining the American
Federation of Labor would indicate that the comimssion has been affected
by the temporary wave of anti-unionism. While it only specifically declares against Government employees joining the American Federation of
Labor who are connected with the "admnistration of justice or the main
tenance of public safety," its inclusion of those who are engaged in the administration of "public order" could be interpreted to include every Gov4
ernment employee.
The statement offers no hope to lovers of industrial peace who see the
necessity of abolishing autocracy in industry and giving employees a direct
voice in their working conditions.
It is no solution to empower the President and a Cabinet official to select
representatives of the workeis to adjust disputes. The workers must have
this power themselves.
VIEWS OF JOHN SPARGO, CONGRESSMAN VOLSTEAD
AND OTHERS ON NEW CONFERENCE PLAN.
"That the scheme outlined by the Industrial Conference
in its preliminary report is essentially sound" and "that the
great mass of the people of this country will be ready to
give such a plan fair trial" was the belief expressed by John
Spargo,in commenting on the plan for settlement of industrial disputes recently formulated by President Wilson's
second National Industrial Conference. The plan is published elsewhere in these columns to-day. Mr. Spargo, an
Independent Socialist, was a member of the public group
at the President's first Industrial Conference, which it
will be recalled, adjourned late in October, following the
withdrawal of the delegation representing organized labor.
Mr. Spargo's views were set forth in the N. Y. "Evening
Post" Dec. 30, at the request of the editor of that paper.
"Too elaborate and political" was the opinion expressed
by John R. Commons,economist, whose views also appeared
in the "Evening Post" of Dec. 30, and who believes the Government already is well enough supplied with machinery
to deal with the effects of strikes, but needs something to
deal with causes.
Mr. Spargo's statement on the subject follows:
Bennington, Vt., Dec. 30.
To the Editor of The "Evening Post":
Sir —I have not as yet read the full text of the report of the Industrial
Conference, but only the detailed plan for setting up a national industrial
tribunal with regional boards of adjustment and inquiry. Regarding this
proposal I am frankly optimistic. I believe that the groat mass of the people of this country will be ready to give such a plan fair trial. The plan pro-
JAN. 3 1920.]
THE CHRONICLE
to the public group
posed approximates very closely the suggestions I made
then submitted
of the first Industrial Conference and which I have since
to members of the present conference and others.
have acted wisely
It is quite clear to my mind that the present conferees
to act as a court of
in recommending the creation of a national tribunal
to guard against
is
necessary
it
appeal in industrial disputes. Of course,
upon the machinery that
the mistake of supposing that everything depends
will necessarily depend upois sot up. On the contrary, a very great deal
The human equation
the selection of members of this important tribunal.
is by far the most important one.
the conferees imposes a
It is interesting to see that the plan proposed by
g to any one political party.
limitation upon the number of members belongin
members of the national industrial
The scheme provides that only the nine
the same political party. I
tribunal not more than five shall belong to
of the tribunal by a single political
confess I do not see why the domination
for. It ought not to have been
party should thus be implicitly provided
head. One would suppose
necessary to make any suggestions upon this
such a body free from partisan
that the imperative necessity of keeping
have been self-evident. I
politics and partisan political influence would
two-party system which obtains
suppose that the conferees assumed that the
all the members of such a board
in this country in actual practice means that
of the two parties, and that
would, of necessity, belong to one of the other
solution. While I agree
a division of five to four was the only practical
making this important
with the purpose of the conferees in providing against
disposed to doubt the wisdom
body an instrument of a political party. I am
of the method adopted.
absolutely necessary
The division of tho country into regional districts is
ion and arbitration. I
for the success of any plan of industrial conciliat
ce in its preConferen
l
believe that the scheme outlined by the Industria
emphasize the fact
liminary report is essentially sound. Here again I would
of the personnel of these
that success will depend more upon the selection
machinery itself. The
boards of adjustment and inquiry than upon the
inquiry may be transformed
method proposed whereby a regional board of
to be a very useful proviInto a regional board of adjustment seems to me
adjustment of controversies
sion and calculated to facilitate satisfactory
without undue delay.
of the report and especially
I shall be very anxious to read the full text
servants, such as police
those parts of it which deal with the right of public
and to strike. Personand firemen, for example, to join labor organizations
practice to prevent either
ally. I do not believe that it is possible in actual
do I believe that it
organization or strikes by such public employees. Nor
as a part of the contract
the right to organize and to strike, but would insist
strike sufficiently extensive
of employment upon a notice of intention to
nt.
to permit investigation and efforts at adjustme
JOHN SPARGO.
43
"You certainly represent the view of the people of the
United States," rejoined Senator Frelinghuysen.
Cyrus Guernsey, Jr., assistant to Dr. Garfield, and John
A. Alport, chief engineer, both of whom came back to
Washington to serve with Dr.Garfield when the Fuel Administration was revived, resigned shortly after the Fuel Administrator.
On Dec. 14 Senator Frelinghuysen received from Attorneythe
General Palmer, who had acted for the President in
t
reques
a
rs,
operato
and
miners
the
n
betwee
ersy
controv
wage
tee
commit
subSenate
the
before
to be allowed to appear
and reply to Dr. Garfield. The latter's testimony on Dec.
13 was reported in Washington advices of that date to the
N. Y. "Sun," which said:
Fuel AdminisDr. Harry A. Garfield retired from the office of Federal
's Cabinet saw fit
trator because his advice was ignored and the President
rights of the
the
pleas that
to override over his protest his most earnest
of either the coal operators
public should not be subordinated to the rights
a special session of
or the coal miners. He made this clear to-day before
Inter-State Commerce
the Frelinghuysen sub-committee of the Senate
Committee.
and his examinaDr. Garfield appeared before the Senators late to-day
to avoid pertion continued well into the evening. He was most anxious
the examining legislators
sonalities and every assistance was given him by
with the
clash
recent
his
with
to protect names and textual matter dealing
made it perfectly
less firm faction of Mr. Wilson's official family, but he
ts and most earnest warnclear that in the face of his most cogent argumen
which would place the
ings the Cabinet had deliberately taken the step
hands of a commission
in
the
public
fixing of coal prices to the consuming
the insurmountable disadvanof three in which the public would be under
.
tage of having to confront a two to one majority
his programme of settlement
According to Dr. Garfield, when he laid
operators on Nov. 26 he
the
and
before the representatives of the miners
and assumed that the general
previously had consulted With the Cabinet
creation of an advisory
scheme of advancing wages 14% and suggesting the
of the wage scales and coal
commission to determine upon readjustments
He was disilluCabinet.
entire
's
prices had the support of the President
framed his scheme
sioned when,after he had prepared his recommendations,
he was summoned
of settlement and departed for Williamstown, Mass.,
back to Washington on Dec. 4.
asked Chairman
?"
position
your
d
"Were you told that they supporte
of the Administration.
uysen. "You had appeared as an official
Frelingh
plan:
the
of
m
criticis
's
Common
stood with reference to your
This is Professor
Did you have any word as to how the Cabinet
Chicago. Dec. 30 1919.
recommendations?"
Post"
scheme I had outlined and
"Evening
the
The
d
of
presente
Editor
To the
"Nothing more than that I had
are too elaborate and
I had prepared at a
Sir —The proposed national and regional boards
principles of proposed understanding which
five
the
nt
concompete
select
cannot
Senate
was agreement as to every
political. The President, Cabinet and
, Cabinet session, and I understood that there
mediator
former
Neil,
R.
Charles
like
involved basing
man
t
which
second,
ciliators. One competen
set down except the
whole machinery proposed. principle which I had
could do more effective conciliating than the
advances, upon which point the Secretary of Labor
rate
wage
proposed
the
plan.
Dr. Garfield.
But such men could not be obtained under this
will do justice for workers held different views," replied
y Wilson had urged
The underlying assumption is that the public
Dr. Garfield then proceeded to explain that Secretar
y leads only
machiner
elaborate
This
striking.
from
d
if they are prohibite
of 31.61%. based on the rate of advance in
advance
scale
a
of
adoption
the
ng
underlyi
The
strikes.
to compulsory arbitration and the prohibition of
es who had received the minimum advance
that will compel the the wage rates of those operativ
miners, who even in 1913 were
assumption is a mistake. Better to leave strikes
as since 1913. This group was the pick
ns
conditio
such
with
content
remain
them
let
to
public to listen than
of joint with wages in general in the indusmills or chronic unem- enjoying a rate of wage well out
steel
in
the
week
y
seven-da
and
day
of increase based on the wage
our
rate
a twelve-h
a percentage
ion will now come volun- try. To have applied
average of increases up
ployment in the coal mines. The Steel Corporat
in this group would have shot the general
changes
machelaborate
this
under
so
do
not
of living of but 79.8%.
tarily to the eight-hour day. It would
107% to meet a known advance in the cost
accepted his views or
Cabinet
inery.
Questioned as to whether he knew that the
must be dealt with
The plan deals with effects, not causes. Causes
Wilson, Dr. Garfield admitted that he was well aware
y
Secretar
of
those
y
already
machiner
of
months and years before the strike. We have plenty
was against him on the question of the degree
army. Nothing more that the Cabinet majority
consulted. He said that the Presito deal with effects, namely courts, injunctions, the
a proposal of wage increase. He was not further
up
draw
should
ce
's
conferen
President
The
of fact knew nothing about it, and that
point
elaborate is needed.
in
d,
consulte
not
was
dent
l
industra
might sot up
removing the causes of strikes. The Government
had been taken on the supposition that he was
to bring to capitalists, his own action all through
prices and to consider wage
consultation service without Governmental powers
the officer provided under the law to fix coal
and
ent
managem
e
in
labor
experienc
best
production.
employers and employees the
scales in so far as they affected prices and
it did not repudiate your
.
industrial relations
"In this the Cabinet acquiesced—at least
JOHN R. COMMONS.
ed Senator Myers (Mont.).
question
"
actions?
Representative Volstead, of Minnesota, Chairman of the
"It did not repudiate them," replied Dr. Garfield.
in the preparation of his
Dr. Garfield explained to the sub-committee that
House Judiciary Committee, is also reported as being skeptiincreases in the wage rate he had had the asof
program
and
ns
tabulatio
quoted
in the Federal Trade Comcal of the feasibility of the plan. Mr.Volstead was
sistance, he understood, of a force of forty men
number of 4,000 or 4,500
on Dec. 29 as having expressed his views as follows:
mission, who had analyzed cost sheets to the
ive field. They showed
If the arbitration plan is not compulsory it is doubtful if it would accom- furnished by the operators of the central competit
rate of wages on a 200lowest
regulain
the
go
that in the six groups of mine employees the
plish much. The question of how far the Government can
Court in day year was approximately $950 for ordinarly labor. It had shown very
tion of industries in view of the decision of the United Supreme
doubtful if clearly that no group might be termed a submerged group and that all
the child labor case would enter into the situation. It seems
the steel companies. were earning a living.
legislation could be made tl apply to such industries as
wages of a day laborer
be affected
to
"I believe that there was no occasion to add to the
The courts might go so far as to allow the coal mining industry
It could, of capable of earning $950 per annum 31.61% additional."
because of the necessity of supplying the public with coal.
asked Senator Myers.
"What was the highest wages in the field?"
course, apply to the railroads.
Dr. Garfield, "but the
"The highest wage was not analyzed," replied
day."
a
average rate of wage in all groups was $6
d by you embodying
"Did the operators accept the compromise suggeste
INVESTIGATION OF COAL STRIKE SETTLEMENT the
wage increase was to be
14% raise with the understanding that all of the
SE
"PRIN
asked ChairBECAU
NED
public?"
the
—DR. GARFIELD RESIG
absorbed by the operators and not be placed on
man Frelinghuysen.
CIPLE WAS SURRENDERED."
"They accepted the principle," replied Dr. Garfield.
a 14% wage raise and an
The sub-committee of the Inter-State Commerce Com"Then after the submission of your plan for
the future adjustment of wages and prices
mittee, which under the chairmanship of Senator Freling advisory commission to deal with
" asked Senator Townsend
were you consulted by the Cabinet further?
huysen has been investigating the coal situation for the past (Mich.).
settlethe
into
several months began on Dec. 17 an inquiry
"I was not." said the Fuel Administrator.
situation," remarked
"Now, we want the facts concerning this curious
ment of the bituminous miners strike. On that date it
delicacy of your
Frolinghuysen, "and although we recognize the
Senator
days
who
two
d,
Garfiel
A.
Harry
Dr.
of
ny
. I think we ought to
received testimo
own position and the embarrassment it might occasion
,
because
before had resigned as Federal Fuel Administrator,
know."
uysen, but Dr. Garfield
Senator Townsend agreed with Mr. Frelingh
as he told the committee, he believed "a principle was sursummoning
he did not think the documents,including the telegram
pleaded
the
his
to
ng
view,
accordi
that
ent;"
of public record.
rendered in this settlem
him back to Washington, ought to be matters
since
that
Dec. 5,
coal
e
terms on which President Wilson brought an end to the
Dr. Garfield made it clear, however, to the committe
Cabinet session and that he neither was consulted
a
to
attended
tration
Fuel
not
the
had
he
of
Adminis
rights
r
of
transfe
meant
strike
of the President, so
nor advised in regard to the dispatch of the proposals
a commission of three men, which was so framed that it called, upon which the settlement finally was effected. He also made it
t was in the nature
guarantees no protection to the public.
evident that a communication sent by him to the Presiden
"If the President were well," said Dr. Garfield in his
testimony, "and I could put this before him. I am confident
he would sustain me. My relations with the President
have not been disturbed. I believe I:represent his view."
of a protest.
the public ultimately have to
"Under the present arrangements will not
uysen.
pay the added 14% for coal?" asked Senator Frelingh
the price as soon as the
"Unless production increases and brings down
Garfield.
Dr.
answered
Lever act ceases to function it will,"
44
THE CHRONICLE
The Senate sub-committee had before it on Dec. 16
Robert Van Arsdale Norris, a mining engineer who during
the war and for some time recently, it was stated, had been
compiling figures relating to the price of coal for Mr. Garfield.
Mr. Norris was asked by the Committee members to
tell them from what figures the Fuel Administrator had
based the offer of a 14% increase in miners' wages, to keep
pace with the cost of living. In explaining this point to the
Committee Mr. Norris disclosed that Mr. Garfield's 14%
recommendation and Secretary of Labor Wilson's 31% had
been arrived at from a study of the same sets of figures.
His testimony was summarized in Washington advices
of Dec. 16 to the New York "Times" as follows:
[VOL. llo.
Grand Jury investigation, Mr. Palmer said, was still going on
involving
the whole question.
Mr. Palmer explained that the injunction was intended to
separate the
strikers from their leaders and the union funds.
"Was there anything said to the defendant officers of
the union which
would make them understand that no further prosecution
would be commenced against them?" Senator Townsend inquired.
"Not one word," Mr. Palmer said.
At the request of Senator Townsend, Mr.Palmer described
the conditions
leading up to court action. He told of efforts of Secretary Wilson
to mediate between the miners and operators.
"After a deadlock ensued in Washington," he continued, "Dr.
Garfield
was brought in and he told both operators and miners that the
price of
coal would not be increased one cent to pay wage increases,
basing his
finding on calculations which he made that a wage increase of 14% could
be given the men and paid by the operators without
increasing the present
price of coal.
"This proposal the miners rejected and all parties returned home. I then
Mr. Norris said he had been instructed by Mr. Garfield to collect all avail- settled down to go through the fight to the end, resolved to see the injuncable figures showing the relation of the wages of miners in the bituminous tion order obeyed as best I could, in the hope that production of coal would
coal industry to the cost of living in recent years. Accordingly, the witness be gradually resumed."
Mr. Palmer then told of the conference he had with John L. Lewis
said, he got the figures from the Department of Labor, from the National
and
William Green, president and secretary of the miners' union, on Dec.
Research Council, and from other sources.
6,
"Did Mr. Garfield fix the recommendation he made for a wage increase which was arranged by John J. Keegan, of the Department of Labor. At
that time, the Attorney General said, citations charging criminal
on your figure?" asked Senator Townsend, Michigan.
contempt
had been issued against Lewis, Green and othr officials of the union.
"Yes, I think he did," said Mr. Norris.
Mr. Palmer said that when Lewis and Green arrived from Indianapolis,
Tables submitted by Secretary Wilson, he said, showed that the cost of
living had advanced 79.8% over the 1914 figures, but that this was later he told them the "Government's position would be maintained and that
corrected by Royal Meeker of the Bureau of Labor Statistics, Department no change in it Would be permitted."
"Was Dr. Garfield's plan considered?" interrupted Senator
of Labor, to 78%. Mr. Wilson had included in his computation, the witTownsend.
"At the conference with these gentlemen," Mr. Palmer said, "I
ness said, the increased cost of fuel, light and housing, but this was elimiinformed
nated because it was believed that these items had not been materially them that if the men went back to work the President's assurance of a
increased in the bituminous coal fields. Elimination of these increases fair settlement would be carried out. They pleaded for a 31% advance in
reduced the average increase over 1914 to 68.5%, Mr. Norris said. He wages, but I said that was not my part of the job. I told thorn the Govpointed out that the range of increase under the two tabluations as being ernment could not surrender to the United Mine Workers, and was bound
to win in the end. The President, the Department of Justice and
from 68.5% to 79.8% •
the
The next task, Mr. Norris said, was to compute the amount of increase Federal Court had agreed.
"They left me at 7 p. m. without saying what they were going to do,
needed in wages to bring them up to the increased cost of living. Taking
into account increases granted miners between 1914 and Nov. 11917, Mr. but came back later with Mr. Ttnnulty, Secretary to the President. I then
Norris said, it appeared from figures prepared by Mr. Meeker that a wage read to them the President's statement of Dec. 6, and they announced
raise of 13.8% was needed. The wage increase figure, Mr. Norris said, that they were ready to acquiesce in it."
Mr. Palmer said that between the two meetings he talked with Fuel
was based on a comparison which showed that wage increases to miners had
averaged 57.6%, according to Mr. Meeker's figures, and 57.7%, according Administrator Garfield.
"He was'in accord with your attempt to get a settlement?" Senator
to figures prepared by the coal operators themselves.
Eliminating the increases in fuel, light and housing costs, Mr. Norris Townsend asked.
"Don't call it a settlement, Senator," Mr. Palmer replied. "I made no
testified his computations show that a 6% wage increase would have kept
the miners abreast with the increased living costs, but that there was some compromise, no concessions, with the men, except one, which was that the
difficulty at this point in making the rate applicable to all classes of miners, President's statement of Dec. 6 be withheld until they could give it to their
as the wage increases referred to had been with respect to "inside workers" union associates at Indianapolis first. I yielded to their request on that
and did not cover other classes of mine employees. To insure justice to all point.
"There was no material difference between Dr. Garfield's plan, which
classes, the higher figute was used, he said.
called for a return of the men to work and a creation of a consultative body
The following day (Dec.. 17) the Committee had before to Investigate
and report as to the facts on which a new wage agreement
it J. W. Dawson, said to be an expert on coal production and might be arrived at, and the President's plan."
Senator Wolcott, Democrat, Delaware, questioned this conclusion. "I
costs. He expressed the belief that the present wages paid
knew what the President meant by his statement," Mr. Palmer retorted.
miners were sufficient, and that "any increases granted "The
agreement with the miners was drawn accordingly."
them must eventually come from the public pocket." Mr.
"Did you discuss with Lewis and Green how the commission was to get
this
power
of fixing wages and prices?" asked Senator Frolinghuysen,
testimony
was
further quoted in Washington
Dawson's
Republican, New Jersey, Chairman of the committee.
press advices of Dec. 17 as follows:
"Do you understand that the agreement you have made with the miners
"Coal operators are not making big profits this year," he said,"and in my Involved the
possibility of granting retroactive pay to the minors, back to
opin:on they cannot entrely absorb the 14% increase which the Govern- November 1 ?" Senator Townsend
asked the Attorney-General when the
ment has already allowed.'
hearing was resumed after the Senate session.
• Senator Frelinghuysen asked the witness to suggest a method of avoiding
"I think they can go back as long as they please," Mr. Palmer replied.
nation-wide strikes such as that just ended.
"They have full power."
"President Wilson and Attorney-General Palmer took the best method
"Did Lewis and Green talk to you about that phase of the matter?"
when they started out to make the miners' union obey the Lever law, and
"They talked seine about that," Mr. Palmer said. "Of course I told
call off the strike," Dawson replied.
them all that would go up to the commission. I suppose they fixed the
"But later they reversed their position," Senator Frelinghuysen inter- date for making effective their wage scale."
jected.
"That was one difference between your proposal and Dr. Garfield's?"
"Unfortunately, yes," responded Dawson.
Senator Townsend asked.
The United Mine Workers' Union collects annually $11,000,000 in dues,
"I don't think Dr. Garfield went into that," said Mr. Palmer. "His
Dawson told the Committee, and ought to be held responsible for contracts. position was that there should be no Increase in the price of coal."
..you can't have collective bargaining unless both men and employers
Mr. Palmer said in reply to questions that he had telegraphed the PresiCan be made to live up to contracts," he added.
dent from Indianapolis nothing but the text of the memorandum of the
agreement.
"Is everything included in that memorandum?" Senator Townsend
"THE GOVERNMENT STARTED OUT TO PREVENT THE asked,
"which Lewis and Green expect to benefit the miners in this settleHAS
IT
WON
STRIKE AND
ITS FIGHT,"
ment?"
Of course I don't know what they expect," Mr. Palmer said, "but
ATTORNEY-GENERAL DECLARES.
everything is there that the Government has agreed to."
Appearing before the Senate Inter-State Commerce subSenator Townsend read the circular sent out by the union officials at
committee investigating the settlement of the bituminous Indianapolis, which referred to Dr. Garfield,m stand as "closing the door"
to hope for any increase above the 14%, while the now Government plan
coal miners' strike on Dec. 19, Attorney-General Palmer left
"a bright prospect for increase."
declared the termination of the strike was not a settlement
"Is that your conception of the effect of the Garfield plan?" Senator
"in actuality" but a victory for the Government, which had Townsend asked.
Mr. Palmer repeated his statement that there was no "substantial
no other purpose than getting the men back to work to difference"
between Dr. Garfield's proposal and that of the President. He
mine coal. Mr. Palmer's testimony was reported in As— added that the circular of the minors was written in "the language of hope."
Senator Frelinghuysen read a transcript of Dr. Garfield's testimony
sociated Press, Washington advices, of Dec. 19 as follows:
"The Government has won its right," Mr. Palmer said. "There was no bofore the committee, in which the former Fuel Administrator said the plan
adopted
differed fundamentally from the one he proposed.
the
union
and
actuality;
the men
officers have complied with
settlement, in
"I've never been able to see any difference," Mr. Palmer said, "except
our demands and returned to work."
Mr. Palmer said Department of Justice action in the coal strike began that Dr. Garfield calls his commission a consultative body and our agreement
with the preparation of injunction proceedings against officials of the calls it a commission."
''By what authority could your commission fix wages?" Senator Townsend
Miners Union under the Lever Law.
"We sought to prevent the strike," ho said, "by enjoining the union asked.
"Only by agreement, operators and miners agreeing to follow the comofficers from carrying out the strike they had already ordered."
"You have never changed your mind that the strike was a breach of law?" mission's findings in a now wage agreement," Mr. Palmer said.
,
"This
commission has no power to make a wage contract which you can
inquired.
Michigan,
Republican,
of
Townsend.
Senator
"1 never have." Mr. Palmer returned. "The injunction was issued enforce?" Senator Townsend asked.
Mr. Palmer acquiesced.
and is still in effect."
Senator Townsend road newspaper reports of statements mado by AlexHe added that the miners now were obeying the order of the Court.
ander
Howat, President of the Kansas district union, to the effect that
Senator
it?"
asked.
Towsend
obey
always
"Did they
"The letter of the Court order was obeyed from the first," was the reply promises had been made by the Government to Lewis and Green under
"but in so far as getting men actually back to work, it was not so successful which the miners would get more than a 31% increase.
"I want to know if you ever offered any inducement to the union officials
as we had expected."
"You considered that the order was violated, did you not?" Senator for a settlement of the strike which is not named in the memorandum of
agreement," he said.
Townsend continued.
"Absolutely none," Mr. Palmer returned.
"I did. And we instituted further proceedings because we had evidence
"Nothing was said as to the mon who were going on the commission
that the order was not being obeyed in good faith by some of the union
created under it?" Senator Townsend persisted.
officials."
JAN. 3 19201
THE CHRONICLE
"Nothing, except they were to be the biggest and broadest men we could
get," Mr. Palmer replied. He added that he had no idea who would be
named on the commission.
Mr. Palmer told of the conference with Lewis and Green and his subsequent meeting with Secretary Glass, Dr. Garfield and Director-General
Hines at his own home, where the President's statement was discussed.
He again declared the statement was not drawn up primarily to present
to the miners.
Senator Townsend read a copy of a letter to Palmer from Dr. Garfield,
written the day after this conference, expressing fear that Lewis and Green
were going away, "thinking they can accomplish indirectly what they have
failed to do directly."
Following Mr. Palmer's testimony representatives of the
bituminous mine operators appeared before the Senate subcommittee on the same day. They said they had expected
an advisory body along the lines of Dr. Garfield's recommendations instead of a tribunal empowered to fix wages and
prices, and that conversations with Attorney-General
Palmer had led them to think nothing else. Alfred M. Ogle,
Chairman of the Executive Committee of the Bituminous
Coal Operators' Association, and Rush Butler, counsel for
the operators, both gave testimony to this effect. Mr. Ogle
said that during a conference Mr. Palmer had asked if the
operators would be willing to give the miners any further
increase than the 14% advised by Dr. Garfield. "We
replied," said Mr. Ogle, "that we considered the proposal A
cowardly, dastardly surrender of the rights of the public
and the Government. We considered it a compromise of
principles far more important than any question of the
wages of miners or our own profits as operators of coal
mines. We thought it a question of maintenance of law
and order in the United States."
His testimony was further reported by the Associated
Press as follows:
Alfred M. Ogle took the stand a moment after the Attorney-Genera
concluded and told the Committee that Mr. Palmer endeavored on Friday
Doc. 5 to induce the coal operators to compromise with the miners on a
basis of more than the 14% wage increase suggested in behalf of the Government by Dr. Harry A. Garfield, former Fuel Administrator.
Continuing, Mr. Ogle surprised the committee with the assertion that Mr.
Palmer had told the operators Federal Judge Anderson at Indianapolis,
who issued an injunction against the strike leaders on the Government's
application, might "act in a characteristic fashion and put a lot of union
leaders in jail, thus precipitating a terrible industrial situation."
"We replied," said Ogle, "that we considered the proposal a cowardly,
dastardly surrender of the rights of the public and the Government. We
considered it a compromise of principles far more important than any
question of the wages of miners or our own profits as operators of coal
mines. We thought it a question of maintenance of law and order in the
United States."
Ogle's testimony, given after Attorney General Palmer, who was before
the committee almost the entire day,had left the room,came as the climax
to a series of revelations concerning the Government's movements in the
strike. The operators' chairman refused to divulge details when first put
on the stand, but finally told his story after getting permission to consult
his attorney, Rush Butler, who was also called as a witness.
"On Friday, Dec. 5, after Dr. Garfield's proposal had been rejected
by the miners and the injunction proceedings were being pushed at Indianapolis," Mr. Ogle said,"members of the coal operators' executive committee
and myself were called in for a talk with the Attorney General in his office.
"He said that we must have some figure for the wage advance above the
14% suggested by Dr. Garfield, which we would be willing to offer the miners
in order to settle the situation. The government was not engaged in compromising its stand, but had some difficulties.
"The injunction proceedings were coming to a head at Indianapolis on
Tuesday, he told us, and they were afraid that Judge Anderson would act
in a characteristic fashion and put some of these men in jail for violating the
Injunction under the Lever act. There might be a general uprising, he
said, which ought to be avoided. He said that the Fuel Administrator was
only a temporary official and that his proposal of a 14% increase could be
sot aside. He asked us how far we would go in a further advance of wages."
"What answer did you make?" Senator Frelinghuysen inquired.
"We told him that the question of miners' wages and prices of coal had
now become relatively insignificant," Mr.Ogle responded. "It seemed tons
a question of law and order, an issue that could be yielded. We said that
a settlement now by granting an increase would be a dastardly, cowardly
surrender of principles."
"You believed this an effort to compromise?" Senator Frelinghuysen
pursued.
"We did," Mr. Ogle returned, "and we rejected the idea."
"Have you agreed to the Government's proposition now?" Senator
Townsend asked.
"We have not," Ogle responded. "The proposal has never been submitted to us. We have called the Attorney General's attention to several
vital changes made in Dr. Garfield's original suggestion.
Operators had been left "very much confused," he said further, as to
what the Government had done. No commission, he asserted, could cover
the wage and price problems arising in the soft coal industry of the United
States in months "and come to any Just conclusion."
45
after a session of over twelve hours, an agreement was
reached by the Senate to take a final vote on the bill at
3:30 p, m. on Dec. 20. The one thing which operated to
postpone final action on the bill beyond Dec. 19 was a proposal by Senator La Follette to continue Government control of the railroads for two years, and his announced intention of speaking thereon. Except for this all amendments
had been disposed of on 1911. Senator La Follette had
previously contended for a five-year period of Government
control, but finally signified his willingness to limit the
period to two years.
On Dec. 19 the Senate reversed previous action, by rejecting by a vote of 52 to 11 an.amendment by Senator Jones,
designed to prevent alleged discrimination by Canadian
railroads against American carriers by cutting rates on freight
between points in the United States but carried through
Canada. The amendment would have prohibited American
roads from making freight connections with such roads.
The proposal of Senator McCormick to prohibit strikes for
sixty days after decisions of the Adjustment Board (defeated
on Dec. 18 by a tie vote 31 to 31) was again offered on the
19th but rejected by a vote of 33 to 30. With this rejection
of the McCormick amendment, Senator Stanley moved to
strike out the anti-strike clause, this was defeated 39 to 24.
A like proposal of Senator Stanley had been voted down on
the 18th. An amendment of Senator Thomas, making
railroad tickets valid until used by the purchaser was adopted
by the Senate on the 19th. In order to expedite action on
the bill, Senator Cummins late on Dec. 19, secured unanimous consent to substitute the Senate bill for the House bill
saying in explanation of his request:
Mr. President, in order that the Senate may know precisely the meaning
of what I ask, I desire to suggest that at this point I intend to request
unanimous consent to take up house bill No. 10453.
Following that I shall ask unanimous consent, or make a motion, as the
case may be, that in lieu of the amendment proposed to be inserted in said
bill—the same being the portion printed in italics—there shall be substituted the Senate bill, which we have been considering, and as amended
up to this time.
In connection with that I desire to ask unanimous consent that when the
said house bill reaches the Senate those Senators who have reserved amend
ments made to the Senate bill in the Committee of the whole for separate
votes in the Senate shall have the same rights as respect those amendments
incorporated in the House bill, or the same as they would have posessed
had the Senate bill continued on its passage. With that explanation
Mr. President, I ask unanimous consent to proceed to the consideration of
House bill No. 10453, Calendar No. 280.
On Dec. 20 the amendment of Senator La Follette proposing the retention of Government control of the railroads
for two years, was lost by a vote of 65 to 11. Following the
disposal of this amendment the bill was passed by the Senate, by a vote, as indicated above, of 46 to 30. The anti'.
strikeand other important provisions were retained without
change in the bill as accepted by the Senate on the 20th.
Of the 46 votes whereby the bill was carried through,33 were
cast by Republican Senators and 13 by Democratic members;
the 30 votes in opposition were made up of 22 Democrats
and 8 Republicans. When the House was informed that
the Senate had passed the Cummins bill, Representative
Esch, Chairman of the House Inter-State Commerce Committee, said that the labor sections of the two bills were
so "radically different that it seemed absolutely certain that
the conferees would have later to ask the House for instructions." This, it is stated, made unnecessary a vote of the
House to bind its conferees to the plan of voluntary mediation
of labor disputes proposed by the House bill. Both bills
propose private ownership and operation of the railroads
under strict Government supervision, but differ essentially in
other respects. The Senate bill would transfer the roads at
midnight of the last day of the month in which the legislation
is enacted; the House bill returns them similarly if enactment
should come before the 15th of the month, otherwise at the
end of thirty days.
The joint conference committee on the railroad legislation
is made up of Senators Cummins, Poindexter, Kellogg,
Pomerene and Robinson, and Representatives Esch,
low, Hamilton, Sims and Barkley. On Dec. 26 the New
CUMMINS RAILROAD BILL PASSED BY SENATE— York "Commercial" in Washington advices said:
CONFERENCE ON PROPOSED LEGISLATION.
The imposition of a Federal blacklist against railroad employees who go
on the railroad bill as a subThe conferees of the House and Senate are now engaged in on strike has been proposed to the conferenceadopted
in the Cummins bill
the drastic anti-strike provisions
for
stitute
Cummins
the
in
proposals
difforing
the
adjusting
the work of
measure.
It will be impossible to get the House to agree to the Cummins
to
the
of
railroads
has been
and Tisch bills providing for the retitrn
the conferees are convinced, and for this reason the substitute
confereess
House
and
by the Senate
private control. The bills were referred to conference proposed and is now being consideredthat
when employees of the road disThe new provision Is to the effect
following the adoption of the OMBMink; bill by the Senate on obey
board and go on strike, they shall
adjustment
wage
the
of
decision
the
Doc. 20 by a vote of 46 to 30. The Esch bill had passed the be barred from employment on the part of the entire railroad system of the
period of four months. The prohibition agains
House on Nov. 17. In the "Chronicle" of Dec. 20, page United States for the carried
in the Cummins bill is omitted from the net
on strike which Is
going
bill
Cummins
the
on
months'
2321, we covered the deliberations
proposal, but the restriction against re-employment for the four
in the Senate from Dee. 2, when it began debate on the period is intended as a punishment for those who refuse to accept the wagp
*Sio.lgmbr rigg,
L44 41:44.
bill, up to Dec. 19. On the latter date, before adjourning, adjustment.
46
THE CHRONICLE
Another provision made in the compromise proposal is that there shall
be formed a wage adjustment board which is to be composed entirely of
persons who are neither employers nor employees. This board is to have
power to examine into all disputes over wages and hours and to make it
awards accordingly.
The new plan is the work of Senator Lenroot, of Wisconsin, who has
conferred with Senate and House committees on the general subject of antistrike legislation.
•
The conferees, who had already met in conference on the
bill for two days, prior to the Christmas holidays, resumed
their work thereon on Monday last, Dec. 29. On the same
day, as noted in another item in to-day's issue of our paper,
representatives of the four railroad Brotherhoods and heads
of afflicted trades met at Washington and adopted a declaration of principles opposing legislation which would make
strikes of railroad workers unlawful. As to the course of
action by the conferees on the proposed legislation the New
York "Commercial" had the following to say on Dec. 30.
The anti-strike provisions in the railroad bill and all other section
relating to labor will be considered by the Senate and House conferees
after every other point of difference has been ironed out, members of the
Conference announced to-day [Dec. 291.
Chairman Esch, of the House Committee, has promised the Senate
conferees that he will submit the anti-strike provisions adopted by the
Senate to the House for a vote before taking any position in the conference
against them. A provision somewhat similar to those In the Cummins
bill was voted down by the House, when the Esch bill was under consideration, but Mr. Esch believes that before he and his fellow conferees on the
part of the House take a definite position against the Cummins plan, they
should ask the House for instructions.
The conferees to-day resumed their work which was interrupted by the
Christmas season. They spent practically the entire session on the provisions relating to the issuance of railway securities under private operation.
Chairman Cummins said the conferees reached an agreement on these
sections, the differences between the Senate and House provisions having
been very slight.
On Dec. 30 car service sections of the bill were considered,
the conferees, it is said, agreeing on Government supervision of car distribution to shippers and undertaking to iron
out only administrative differences. On that day Senator
Cummins was said to have announced that the three principal points of difference between the conferees—the labor,
rate making and regional consolidation provisions— would
not be reached before the coming week. During consideration of the financial provision on Dec. 31 Swager Sherley,
Director of Finance of the Railroad Administration, was
called in to explain the operations of the respective bills as
to the finding of the obligations between the Government and
the railroads. As to the further deliberations of the conferees on the 31st, the press dispatches from Washington
said:
The conferees have completed the car service section, except that relating
to distribution of coal cars and also the provisions relating to joint use of
terminals and other facilities by carriers. The Senate amendment extending Federal regulation over equipment to refrigerator cars was adopted in
modified form by the conferees.
No substantial change, it was said, was made in the provisions giving
the Government regulatory powers to order joint use of terminals and
other facilities.
No decision on the financial provisions was reached by the conferees
to-day [Dec. 311 before adjourning until Friday. Although the conferees
discussed a provision for fixing of minimum rail and water rates by the
Inter-State Commerce Commission,the question was left open. The House
bill would give the Commission authority to fix minimum as well as maximum rates for a haul partly by water, while the Senate bill gives the Commission no minimum rate-fixing authority.
The conferees accepted the Senate provision giving authority to require
railroads to make physical connections at docks or wharves of water carriers
if conducing to the public interest.
[VOL. 110.
Interstate Commerce Committee reported out the Cummins
measure and that the result was not officially published at
that time because the Association did not want to appear
in the attitude of attempting to threaten Congress. The
Cummins bill was passed by the Senate Dec. 20. Leaders
of organized labor have persistently opposed the anti-strike
provision of the measure, and have urged Senator Cummins,
its author, and other members of Congress to eliminate
this provision.
With reference to the announcement of the intention of
the union railway machinists to strike in the event that Congress passes the Cummins bill, Washington press dispatches
of Dec. 26 said:
President Johnston explained that the strike vote stipulated that union
railway machinists would quit work if the Cummins bill were passed by both
branches of Congress, not by one.
"When the roads were taken over by the Government, the employees were
free," Mr. Johnston said, "and we propose that if they are turned back to
private ownership, the employees shall be equally free. There is no necessity for such drastic legislation as is provided for in the Cummins bill.
There never has been a general railroad strike and there never will be, in
my opinion."
So far as labor officials are advised they will not be given another hearing by Senate or House committees, but they will keep up the fight against
the anti-strike section, it was said, and appeal finally to President Wilson to
veto the bill if it should be enacted with that clause intact.
President Johnston said that no other trades that would be affected by
the anti-strike section of the bill have taken a vote so far as he had been
advised.
The machinists' membership is around half a million, but not more than
125,000 of this number are employed on railroads.
NEW YORK FARMERS' ASSOCIATION DECLARES FOR
RETURN OF RAILROADS TO PRIVATE OWNERSHIP—IMPUGNS SAMUEL GOMPERS.
The New York State Federation of County Farm Bureau
Associations, meeting at Syracuse Dec. 19, adopted a resolution urging prompt return to their owners of the railways of
the United States "under such conditions as will insure
reasonable returns on the value of the properties and reasonable rates for transportation throughout the country."
The Federation also adopted a resolution on Dec. 19
calling upon Samuel Gompers, President of the American
Federation of Labor (which latterly has sought to form an
economic and legislative alliance with the nation's farming
interests) "to make public a statement making clear that
he is not authorized to speak in the name of the New York
State Federation of Farm Bureau Associations."
The farmer, the resolution said, realizes his position in
regard to labor and capital, "and will work for American
institutions upon sound economic and patriotic principles."
DEMANDS OF RAILROAD UNIONS NOW BEFORE THE
UNITED STATES RAILROAD ADMINISTRATION.
There have been before the U. S. Railroad Administration
for the past several months demands for wage increases from
the railroad brotherhoods and shopmen's unions affiliated
with the American Federation of Labor. Wage and working
agreements were recently signed by some of the labor organizations and the Railroad Administration, resulting in a
settlement of the demands of the particular unions involved.
There are still before Director-General Hines, according to
The "Journal of Commerce" of Dec. 31 in advices from its Washington advices of Dec. 28 to the New York "Tribune,'
Washington Bureau said:
demands of the following organizations:
The conferees on the two railroad bills passed by the House and Senate
Federated shop craft unions affiliated with the American Federation of
will adopt one amendment which may have a very important effect on the Labor, and including the International Brotherhood of Blacksmiths and
of
the
bill that will result from the conference. The time when Helpers, the machinists, boilermakers, electrical workers, railway carmen
final passage
the roads are to be turned back to the owners will be fixed for midnight of and amalgamated sheet metal workers. Their demands were submitted in
Feb. 29, the day before the date fixed by President Wilson in his proclama- January for an increase from 68 to 85 cents an hour in minimum rates for
tion announcing that he will return the properties.
machinists, blacksmiths, sheet metal workers, carmen and boilermakers,
One object in this action will be to forestall any possible change in the with a minimum of 60 cents an hour for helpers, 10 cents an hour increase
purpose of the President. The conferees have in mind the peculiar situation for apprentices. This was to be retroactive to Jan. 1 1919.
in which Congress is placed in connection with the railroad bill. They
Demands were made also for changes in rules and working conditions.
assume that the decision to make the return of the roads on March 1 was The Board of Railroad Wages and Working Conditions recommended last
made not by the President, but by the Attorney-General, and if in any summer an increase from 68 cents an hour to 80 cents an hour for marespect the bill as finally agreed on in conference is not satisfactory to what chinists, &c., with proportional increases for other classes, but the recomis called in the parlance of political Washington the "bedside cabinet," there mendation was not acted upon by the Director-General.
may be a veto. If the bill should be vetoed the date of the return would
Brotherhood of Railroad Trainmen: Demand made July 1 for a minimum
need to be postponed, and this the supporters of the Cummins bill especially rate of $150 a month for twenty-six days for brakemen, flagmen and bagdo not desire to have take place
gagemen,and of $200 a month for conductors, with mileage scales ranging in
passenger service from 3.85 to 4.55 cents for flagmen, &c., to 5.13 cents for
conductors. In freight service the demands are for from 5.88 cents to 6.91
cents
a mile for flagmen and brakemen to 7.35 to 8.04 cents a mile for
UNION RAILWAY MACHINISTS WILL STRIKE IF
conductors.
CONGRESS PASSES THE CUMMINS ANTISpecial rules and rates for yard service were included, as was the demand
for time and one-half for overtime, which recently was adjusted sepaSTRIKE BILL—VOTE WAS TAKEN
rately
by Director-General Hines. Hearings have been held by the RailLAST MONTH.
road Wage Board, but no determination announced.
According to an announcement made Dec. 26 by William
Brotherhood of Railway and Steamship Clerks, freight handlers, express
H. Johnston, President of the International Association of and station employees: They ask an increase of 20 cents an hour with a
forty-four-hour week, retroactive to Jan. 1 1919.
Machinists, 98% of the 125,000 union railway machinists
Order of Railway Conductors: No demand filed, but President L. E
will strike, with other trades, if Congress passes the Cummins Sheppard told the Board of Wages that if the trainmen's demands were
bill, providing for return of the railroads to private owner- granted conductors should receive consideration based on brakemen's
ration, being 66 2-3% of conductors' rate, and that conductors should get
ship, and prohibiting strikes of railroad employees. Mr. $9
a day in passenger service, $8 10 in through freight service and $8 88 in
Johnston said the strike vote was taken before the Senate local freight service.
JAN. 3 1920.1
THE CHRONICLE
47
29. Q.-Are earnings of wife or minor to be included as income in the return
Brotherhood of Locomotive Firemen and Enginemen: Firemen and helpers in passenger service, $6 50 a day of five hours or lees, 100 miles or less of husband or parent?
A.-Yes, unless minor or wife makes a separate return.
(Mallet locomotives $7 20); through freight service on locomotives weighing
30. Q.-Is the amount paid for painting a two-family house,one flat of
less than 200,000 pounds,$6 50 a day of eight hours or less, 100 miles or less,
is occupied by the owner, a deductible item?
which
freight
on locomotives weighing more than 200,000, $6 80; local or way
A.-One-half of the amount is deductible as a businesslexpense; the
service, mixed trains, mine runs, &c., minimum of 50 cents for 100 miles or
•
less in addition to through freight rates; helper, pusher, transfer, work, other 50% is a personal expense.
31. Q.-Is a paving tax deductible?
wreck, construction, snow-plow, circus, milk and 'unclassified service,
increase
to
tending
thelvalue
-of
assessment
the
local
a
is
It
-No.
A.
locoMallet
through freight rates; yard service, $6 50 (Mallet $6 80), on
motives in all except yard service, $7 20 a day; inside hostlers, $6 80 property.
my
residence
deductible?
32. Q.-Are the premiums paid for life insurance on
a day; outside hostlors, $7 20; hostler's helpers, $6 50, eight hours
A.-No. This is a personal expense.
or loss, all coal-burning locomotives to be equipped with power grate
church
a
deductible?
in
rent
pew
for
paid
amount
the
-Is
Q.
33.
locomocoal-burning
All
shakers and automatic fire-door openers.
A.-No. This is a personal expense.
tives in road service weighing more than 200,000 pounds to be equipped with
34. Q.-Is the fee paid for an automobile license on a pleasure car deductible?
mechanical stokers and two firemen to be employed on each engine until so
A.-Yes. This is a tax paid to the State.
equipped. All locomotives weighing less than 200,000 pounds to be equipped
35. Q.-/ am a minister. Must I report fee for marriages, baptisms,&c.,
with coal passers. Firemen to be relieved of cleaning locomotives, removas income?
ing tools or supplies, loading coal, filling lubricators, &c.
A.-Yes.
Switchmen's Union of North America: Demand presented to Board of
36. Q.-I am pqying my divorced wife alimony. May I deduct this amount
Itallroad Wages and Working Conditions in July for the following rates
from
my income?
east of the Rocky Mountains: Night foremen,$8 a day; night helpers,$7 50;
A.-No. This is a personal expense.
day foremen,$7 50; day helpers, $7; also differentials for mountain district.
37. Q.-When and where can I obtain a blank to file my return?
United Brotherhood of Maintenance of Way Employees and Railway
A.-After Jan. 1 at district offices of the State Income Tax Bureau at
Shop Laborers: New schedule, presented Aug. 11, includes rates for bridge
White Plains, • Kingston,
and building, track, shop and signal employees, ranging from $200 to $270 New York City, Brooklyn, Bronx, Jamaica,
or
a month for foremen, and including 90 cents an hour for pile driver, derrick, Buffalo, Utica. Syracuse, Elmira, Rochester and Binghamton, from the
hoisting and steam crane engineers; 67 to 85 cents for painters, plasterers, State Conptroller at Albany or at any bank or trust company.
a
am
State
/
single man
York
on
11919.
Dec.
New
into
38. Q.-I moved
carpenters, masons, bricklayers, &c.; 90 cents for powder men;67 cents for
stationary firemen; 65 cents for tracicmen and track walkers; 67 cents for with no dependents, and will receive $1,800 during the calendar year 1919.
track apprentice and assistant section foremen, and 60 cents for crossing Will I have to make a return and pay a tax?
A.-Yes, for the calendar year 1919. You are also allowed a personal
flagmen, rt..treactive to Jan. 11919.
exemption of $1,000.
39. Q.-My watch, worth $75, was stolen. May I deduct this amount
from my income?
.
COMMITTEE OF A. B. A. VOTES IN FAVOR OF RETURN
A.-Yes, losses sustained by fire, theft or other casualty are deductible
by insurance.
for
OF RAILROADS TO OWNERS.
unless compensated
40. Q.-I have a maid to whom I pay $12 a week and board. May I deduct
With regard to the conclusions reached by its railroad this
from my income?
'
committee on the subject of railroad control, the American
A.-No,this is a personal expense.
Bankers' Association makes the following announcement:
At meeting of special railroad committee of American Bankers' Association held in Chicago Dec. 30, after long conference, it was resolved that:
First, we favor return of railroads to private ownership as soon as practicable;
Second, the voluntary but not compulsory consolidation of railroad
properties;
Third, permissive federal incorporation;
Fourth, exclusive regulation and control of the issue of stocks or bonds
by railroads and water common carriers and of the purposes to which the
proceeds of the sale of such securities may be applied;
Fifth, a Government guarantee to all railroads for six months after the
end of Federal control of net operating income equal to the standard return
for the same period during Federal control;
Sixth, an extension of the carriers indebtedness to the Government for
capital expenses to run serially for a period of from ten to twenty years;
Seventh, that the regulation of all rates that affect interstate commerce
of maximum and minimum rates and joint rates and of the division of joint
rates by the interstate commerce commission shall be under a statutory rule
providing that the railway carriers as a sholo shall be allowed to earn an
aggregate minimum annual net railway operating income equal as nearly
as may be to six per cent on the agregate value of their property as a
whole and that provision be made for the ascertainment of a reasonable
value of railroad property for this purpose.
There were present at the meeting: W. W. Head, Omaha,Neb.; Max
Nahm, Bowling Green, Ky.; J. W.Staley, Detroit, Mich.; Thornton Cook,
Kansas City, Mo.; F. H. Rawson, Chicago, Ill; J. H.Puelicher, Milwaukee,
Wis.; J. G. Lonsdale, St. Louis, Mo.; Fred Collins, Memphis, Tenn.;
Richard S. Hawes, President, St. Louis, Mo.; and Thomas B. Paton,
General Counsel, Now York, N. Y.
STATE COMPTROLLER ON WORKINGS OF NEW YORK
STATE INCOME TAX LAW.
The first of the series of questions and answers on the workings of the New York State income tax law, issued by State
Comptroller Eugene M. Travis and published in our issue
of Dec. 20, have been followed by some further installments;
the second series, made public Dec. 20, follows:
21. Q.-/ am a railroad employee and have income of $000 aside from my
salary as such employee. Do I have to make a return or pay a tax?
A.-No. You would only make a return in case of $1,000 net income.
Your salary as a railroad employee is exempt as long as the railroads are
under Federal control.
22. Q.-/ lost $1,000 in 1910 on a farm which I operated for recreation and
pleasure. May I deducct that sum?
A.-No You may only deduct losses sustained in a business entered
into for gain or profit.
23. Q.-A purchaser of accounts receivable paid $50 for a $100 account,
which could not be collected, and in 1919 was ascertained to be worthless and
was charged off in that year. How much may he deduct?
A.-$50.
24. Q.-I am the head of a family and make $1,500 a year. Should I file
a return?
A.-Yes,if you are a single man you must make a return if your income
is $1,000 or over for the taxable year. You would, however, by reason
of the exemption, not be required to pay any tax.
25. Q.-My wife and two children were killed in an accident in February,
1919. To what personal exemption am I entitled?
A.-$2,400. The State law allows that exemption, which is greatest at
any time during the year.
26. Q.-Under the terms of a lease, I am obliged to pay a certain cash rental
on property used for business purposes and all taxes assessed against the property and to keep the same insured. May I claim as a business expense the
aggregate.amount of the rental, taxes, and insurance premiums?
A.-Yes. Insurance premiums and taxes paid by a tenant are to be
considered as additional rent when paid for business purposes.
27. Q.-My pleasure car depreciated $250 on account of wear and tear.
May I deduct that sum?
A.-No Personal expenses are not deductible.'
28. Q.-A man uses an auto to call on his customers and the auto depreciates
$200. May he deduct this $200?
A.-Yes, assuming that this is a reasonable depreciation deduction.
We also append additional questions since made public:
41. Q.-Will failure to file my return within the time prescribed render me
liable to any penalty?
A.-Yes. Severe penalties are imposed by the statute for failure to file
a return or for making a false return.
42. Q.-/ am a clerk in a hardware store receiving $40 a week salary. Because of my faithful service, the firm gave me a bonus of $250 at Christmas.
Is this income?
A.-Yes, if it was given in recognition of services.
43. Q.-Should certificates of residence in the State of New York (form
101) be filed with the Controller?
A.-No. They are filed with the employer and retained by him for
inspection by the Controller.
44. Q.-I own stock in a corporation which has declared a dividend, but
I have not received it. Must I report this didivend as income?
A.-No,unless it is made payable by the corporation within your taxable
year.
45. Q.-Part of the income in a corporation in which I have invested money
is derived from interest upon Liberty bonds. May I deduct from dividends
any part received from such interest?
A.-No.
46. Q.-Our partnership has made a net profit of $850 for the year. Shall
we make a return?
A.-Yes, partnerships must make returns regardless of the amount of
their net or gross income.
47. Q.-/ am unmarried and have no dependents. I receive a salary of
$950 a year. Shall I make a return?
A.-No,if that is your only income.
48. Q.-I have stock in a corporation which has levied a 10% assessment.
Is this a business deduction?
A.-No, it simply increases the cost of your stock.
49. Q.-My employer agrees to pay me a stipulated salary and also room
and board. Is the room and board to be considered in computing my gross
income?
A.-Yes. A fair value is to be placed upon such maintenance and its
value added to your stipulated salary.
50. Q.-I received a per diem allowance for expenses in addition to my
regular salary. Is this income?
A.-Yes. The entire amount received should be reported as income, but
your business expenses may be deducted.
51. Q.-What is the basis for determining gain or loss on a sale of property
acquired after Jan. 1 1919?
A.-Add to the cost all amounts paid out for permanent improvements
and then substract this total from the selling price.
52. Q.-/ otcn property which I traded for other property during 1919.
How am I to figure the gain or loss?
A.-The same as though the property were sold for cash, by treating
the property received in exchange as the equivalent in cash for its fair
market value.
53. Q.-A farmer was offered $2,000 for a standing crop of Wheat. IVhile
considering the offer the crop was destroyed by frost. Is he entitled to a deduction of $2,000?
A.-No. Anticipated profits are not deductible.
54. Q.-A farmer engaged in breeding horses lost five worth 31,000, which
were raised on the farm. Is he entitled to a deduction of $1,000?
A.-No. They cost him nothing except the expense of raising them,
which was included in his farm expenses.
55. Q.-A fanner engaged in buying and selling horses, bought two horses
for $500. These horses died as a result of an accident. May he deduct the
$500?
A.-Yes.
56. Q.-A man operated a feAi and also conducted a general country store.
The farm showed a loss of $500 for the year. May he deduct the loss on the
farm from the profits of the store in computing his net income?
A.-Yes.
57. Q.-The depreciation on my dwelling amounted to $100 in 1919. May
I deduet this from my gross income?
U.-No. You may deduct only depreciation on business property.
58. Q.-May I deduct a reasonable amount for depreciation of machinery
in my factory.
A.-Yes; depreciation taking place within .the taxable year may be
charged off and deducted.
59. Q.-I am a grocer and have a large stock. May I deduct depreciation
on goods which have spoiled?
A.-No. Any loss on stock in trade would be reflected in the inventory.
60. Q.-A slaughter house was built a short distance from my business
48
THE CHRONICLE
property, thereby causing the value of the property in the neighborhood to
depreciate. Is the reduction in value of my property from this cause a proper
allowance for depreciation?
A.-No. Decrease in value not realized through sale or other disposition
ki never deductible.
61. Q.-I am employed by the New York Central Railroad. In figuring
gross income should I include my wages?
A.-No. You are a Government employee as long as the rail roads are
under Federal control and you would not be required to make a fly return
unless you have other taxable income of $1,000 if a single man and $2.000
If a married man.
62. Q.-I have an employee who filed a certificate of residence on Form 101.
Afterwards he moved out of the State. His salary while in New York State
was $1;200. Before he left the State I withheld $12 from his compensation.
Was that right?
A.-No. Under a recent ruling deducting and withholding is not required in any case where certificate of residence on Form 101 has been filed
at some time during the calendar year with his employer, regardless of
the change In his residence thereafter.
63. Q.-Ifound a pocketbook containing $200,for which there is no claimant.
Should I report this as income?
A.-No.
64. Q.-/ am a printer and had a press worth $200 on January 1 1919,
which became obsolete and has a salvage value of $25. May I deduct $175?
A.-Yes.
65. Q.-I bought a stamping machine for $500. Its useful life as estimated by the trade is ten years, with a scrap value at the end of that time of $100.
How much can I deduct annually for depreciation?
A.-Forty dollars.
machinery
66. Q.-I did not charge off any depreciation allowance on my
for previous years. May I deduct the total depreciation for the time.I have
taxable
my
owned the machinery or only the depreciation taking place during
year?
A.-Depreciation for taxable year only.
received
67. Q.-I am married. During 1919 I received $900 and also
I file a
a check for $400 in payment of a loan made five years ago. Should
return?
but
A.-No. Money received in payment of a loan is not income,
for the
a return of capital. Your net income therefore would be but $900
year.
for dam68. Q.-An accident insurance company paid me $300 insurance
ages to my auto, caused by a collision. Is this income?
A.-No.
69. Q.-I subscribed as a charter member to a country club and paid 31.200.
some
Being unable to gct sufficient members the organization, after incurring
was
expenses, disbanded. Seven hundred and forty dollars of my $1,200
returned to me in 1919. Is this income?
A.-No.
70. Q.-As a farmer can I deduct depreciation on farm buildings?
A.-Yes, on a buildings other than your dwelling.
71. Q.-Is income earned in 1918 and paid in 1919 taxable?
A.-No.
Am I
72. Q.-I am paying for the care of my child in an orphan asylum.
allowed a personal exemption of $200 for this child?
A.-Yes.
73. Q.-I changed my accounting period from the calendar year to a fiscal
year ending on June 30 1919. What return should I make?
A.-From January 1 to June 30 1919.
returns must I
74. Q.-My fiscal year ends September 30 1919. What
make and what tax must I pay?
computed
A.-Return should be made for the full fiscal year and the tax
according
on that basis. The tax for the entire year should then be prorated
this case
in
to the number of months in the calendar year 1919, which
would be none-twelfths.
75. Q.-May I deduct taxes paid on my residence?
A.-Yes, other than those of local improvements.
76. Q.-May I deduct an insurance premium paid on my home?
A.-No.
77. Q.-I own my home and expended $300 this year for painting it and
my gross inmaking some minor repairs. Is this amount deductible from
come?
A.-No. It is not a business expense.
for
78. Q.-On acco nt of the closing of the wine cellars I have no market
my grapes. Can I deduct the value as a loss?
sold.
not
crop
a
A.-No. There can be no deduction for
of
79 Q.-Fire set by sparks from a locomotive burned about 1,000 feet
fence on my land. Is this a deductible loss?
A.-Yes, if not covered by insurance.
80. Q.-Last February I fell on an icy sidewalk and was seriously injured.
The city settled with me for $500. Must I report this as income?
A.-No. Any amount received on account of injuries either through
settlement or as the result of a suit need not be included in gross income.
bills from the
81. Q.-J. H. M.-(a) When will taxpayers receive their
State? (b) In case of default in payment by a person not ofoning real estate,
will his salary be garnisheed for the amount of the tax? .
A.-(a) No tax bills will be delivered to taxpayers by the State. Blanks
and instructions can be secured at the New York office (Equitable Building,
salary or
120 Broadway). after January 1. If your income is solely from
other personal service compensation, interest and dividends, or from partand
form
resident,
a
if
200
nerships, estates or trusts, you should use form
ask for form
200- if a non-resident. If you have other sources of income,
tax Is not
201 if a resident, or form 201-A if a non-resident. (b) If the
paid within sixty days after it becomes due (March 15 1920, or extended
and issue
due
tax
the
date), the law authorizes the Controller to compute
and
a warrant to the sheriff of the county, commanding him to levy upon
sell the real and personal property of the person owning the same to satisfy
the
the amount of the tax and penalties. This warrant when flied with
county clerk becomes a lien upon the title to and interest in real property
or not
or chattels real of the person against whom it is issued. Whether
garnishee proceedings would be conducted would be a matter for deteradviser.
mination by the Attorney General, who is the Controller's legal
enjoy the
82. Q.-(a) Do New York business men residing in New Jersey
(b) In
same exemptions as are given to residents of New York City and State?
his tax,
case of a refusal of a non-resident doing business in New York to pay
what proceedings will the State use to collect the bill?
under
A.-(a) No personal exemptions are permitted to non-residents
the New York Personal Income Tax law. (b) In the event that a nonresident doing business in this State refuses to pay his New York State
Income tax, the matter will be referred by this bureau to the Attorney
General, the State's legal adviser.
83. Q.-1 call myself a resident of Kansas, but have not lived there for three
and
years. If I maintain my residence there. will I have to pay both a Federal
a New York State income tax?
592
[VOL. 110.
A.-If you have a fixed and settled abode in this State to Which you
return from temporary absences, and from which you have no present intentions of removing, you are a resident of New York State for the purposes
of this law. This residence need not be of long duration, but may only be
for a period necessary to accomplish some business or other purpose. Intent
usually determines the question of residence, and the Controller may require a statement of the circumstances of your personal situation before
determining whether or not you are a resident. If a non-resident you will
pay tax upon income from property owned or business, trade, profession
or occupation carried on in the State of New York, and would not be entitled to a personal exemption. If a resident you would pay a tax on your
income from all sources within and without the State and would be permitted
a personal exemption.
84. Q.-(a) Are clerks in the United States Government employ exempt,
many of them not being residents of New York State? (b) Is an officer of the
United States Army who happens to be stationed in this State exempt?
A.-(a) Persons whose entire income is from salaries or wages or other
compensation from the United States Government are not required to
file returns under this law. (b) This would also apply to an officer of the
United States Army located in New York,if his salary from the Government
was his only source of income.
85. Q.-Is a single man having a mother to support required to pay the same
amount of income tax as a single man who has no dependents?
A.-No. If you are supporting and maintaining your mother in the
same household you would be entitled to $2,000 exemption as the head of a
family and $200 additional exemption for her as a dependent incapable of
self-support because of physical condition.
86. Q.-I am single and have to support a home. Am I to pay income tax?
I have a crippled sister dependent. My salary is $1,500.
A.-As a single man you would be required to make a return because
your income equals $1.000 a year. Because you maintain a home for your
crippled sister you would not be required to pay any tax because you would
be permitted an exemption of $2,000 as the head of a household, and $200
additional for your invalid sister.
87. Q.-When and where do I file my income statement? How much will
I have to pay on an annual income of $1,372.80? I am single.
A.-Returns should be filed between January 1 and March 15 1920, at
any district office of the State Income Tax Bureau or with the State Controller at Albany. As a single man you would be entitled to an exemption
of $1.000, provided you are a resident of this State. If your income is
$1.372.80, your tax would be $3.72.
89. Q.-Will an unmarried man who earns and keeps the home with his
sister have to pay tax an all over $1,000 income or is he allowed $2,000 exemption?
A.-As the head of a family you would be entitled to $2,000 exemption
and $200 additional for your sister, assuming that she is, dependent upon
you for support. If, however, your income is $1,000 or more you would
have to file a return and claim exemption.
90. Q.-(a) Must I pay a State tax on my army pay? (b) Must I pay a
State tax on the income received by me from securities which I own, during the
period when I was not living in the State, or even in the United States?
A.-No. Any pay received by you in the Government military service
is exempt from taxation. (b) If you are a resident the income which you
receive from securities, assuming it was $1,000 in case you are single and
$2,000 in case you are married, would require you to file a return.
91. Q.-In to-day's issue of the "Evening Post" in the New York Income
Tax question and answer column, Question 38 reads as follows "I moved into
New York State on Dec. 11919. I am single and have no dependents and will
receive $1,800 during the calendar year 1919. Will I have to make a return
and pay the tax?"
A.-Yes, for the calendar year 1919. You are also allowed a personal
exemption of $1,000.
"Q.-Why is a person a resident for part of a year taxed on his income for
the whole year?
"A.-Your attention is respectfully called to Subdivision 7 of Section
350 of the Personal Income Tax Law, which defines a resident, for the
purpose of determining liability to the tax imposed of any taxable year, to
be 'any person who shall at any time on or after Jan. 1 and not later than
March 15 of the next succeeding year; be or become a resident of the State.'
The Legislature, after due consideration, inserted this language in the act
and it is, therefore, incumbent upon the State Controller to administer
this law in accordance with the specific terms of this section."
92. Q.-Does the "salary, wages or other compensation from the United
States as an official thereof" include the salary of persons in the military or
naval forces of the United States?
A.-Yes, because this section must be construed in conjunction with
Section 350. Subdivision 3, and Section 359, Subdivision f. The latter
section excludes from gross income the salary or wages of persons in the
military or naval forces of the United States, and the former defines these
organizations as Including the Marine Corps, the Coast Guard, the Army
Nurse Corps, Female, and the Navy Nurse Corps, Female.
93. Q.-I live in New Jersey, maintaining an office in New York City
as a sales agent, for a mill located outside of New York State. My business
comes from New York, New Jersey, Ohio, New England, export, both direct
from foreign buyer, also exporting houses in New York City. As I am not
paid by any New York firm, am I liable and if so haw could I prorate business
coming from outside of New York State if only on a salary basis?
'A.-The law imposes a tax on the income of non-residents derived from
property owned or any business, trade, profession or occupation carried
on in this State. You state that you are on a salaried basis and it appears
that your entire time is spent and services rendered within the State of New
York. Therefore, your entire income as such sales agent is deemed from
sources within the State, the tax being on net income, you would be entitled
to deduct your expenses in connection with maintaining an office in New
York City,
INCOME TAX LAW-DEDUCTION OF ALL LOSSES IN
STOCK MARKETS PERMITTED-TAX RATE
FOR 1919 4%.
William H. Edwards, Collector of Internal Revenue of
the Second District of New York, made public the following
statement on Dec. 30, in response to requests for information
on losses sustained in the stock market and how they applied
to this year's income:
Paragraph 5 of Section 5 of the Act of Sept. 8 1916, as amended by the
Act of Oct. 3 1917, provided that losses incurred in transactions entered
Into for profit, but not connected with the taxpayers' business or trade,
were allowable to the extent of, but not exceeding, gains from similar transactions.
As an example, lot us say that in the early part of the year a man made
a gain of $30,000 by operating in the stock market. Later in the year he
JAN. 3 19201
THE CHRONICLE
incurred a loss of say 335,000. All that he was permitted to deduct under
the old law, after taking his $30,000 profit, was $30,000. His deduction
could not exceed his previous gain.
The Act of 1918 permits the deduction of all losses. There is no limit.
Of course a bona fide transaction will have to be shown. Again citing an
example, let us say, that in 1919 a taxpayer in the early part of the year
made a gain of $30,000 and late in the year he sustained a loss of $150,000,
he is permitted under the Act of 1918 to deduct the loss of $150,000.
Tomorrow Is the last day of the year and taxpayers should get busy with
their incomes right away while the figures are fresh in their minds. We
expect to have the new blanks in a few days. The normal tax rate for 1918,
provided in the Revenue Act was 6% on the first $4,000 of income above
the usual exemptions and 12% on the remaining net income. In the
collection of the taxes for the year 1919 the rate fixed by law is 4% on the
first $4,000 above the exemption and 8% on the remaining net income.
While the returns are not required to be filed until Mar. 15 those who
figure their incomes to-day will be in a better position to arrive at their just
income. Business houses and big financial institutions generally have been
figuring their taxes all year and have their taxes carefully prepared at the
closing of the year. The small taxpayer generally does not start the
preparation of his return until a few days before Mar. 15 when he is not so
well equipped to make a proper return as he is if he puts his figures aside
to-day or tomorrow or right after the first of the year.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No sales of bank or trust company stocks were made this
week at the Stock Exchange or at auction.
The admission of three new partners into the firms of
J. P. Morgan & Co. of New York, Drexel & Co. of Philadelphia, Morgan, Grenfell & Co. of London and Morgan,
Harjes & Co. of Paris was announced on Dec. 31. The
new members are Junius Spencer Morgan Jr. (son of J. P.
Morgan), Elliott Cowdin Bacon (son of a former partner, the
late Robert Bacon) and George Whitney (nephew of a
former partner, Edward F. Whitney). Young Mr..Morgan,
who is twenty-seven years of age, has been connected with
the firm since 1915. During the war he served as a Lieutenant in the navy. Mr. Bacon, who is thirty-one years of age,
entered the employ of the firm in 1914 and saw active service
in the war as Captain of the 304th Field Artillery of the
77th Division. Mr. Whitney is thirty-four years of age; he
entered tho service of the Morgan firm in 1915. He was in
an officers' training camp when the armistice was signed and
accompanied Thomas W. Lamont when we went abroad
on a special financial mission in 1917. He also accompanied
Mr. Lamont as an aid when the latter went to Europe early
last year as financial adviser to the Peace Commission and
he served as an alternate on a number of sub-commissions.
All three of the new Morgan partners are graduates of
Harvard.
49
The Irving National Bank and the Irving Trust Co., of
this city, were hosts at an old-fashioned "housewarming" and
reception from 3:30 to 6 o'clock, in their quarters in the
Woolworth Building last Tuesday afternoon. Invitations
had been sent to all depositors and stockholders of the two
institutions and the guests were received by Lewis E.Pierson,
Chairman of the Board; Rollin P. Grant, Vice-Chairman, and
H. E. Ward, President of the Irving National; Alexander H.
Gilbert, Chairman, John H. Love, Vice-Chairman, and
Frederic G. Lee, President of the Irving Trust, and by the
other officers of both organizations. Since the last annual
reception, the Irving National Bank has found it necessary
to take over the fourth floor of the Woolworth Building,
which has been rebuilt and redecorated to accommodate the
Foreign Department, the Business Extension, Securities,
Advertising, Auditing and other expanding departments.
The growth in the bank's international activities, especially,
has made necessary important enlargements in the overseas
service departments. The formal opening of new offices to
the public gave the "housewarming" touch to the affair.
The aim of .these annual receptions is to maintain, despite
the great expansion of recent years, the personal relations
which have existed between the Irving institutions and their
customers, and to emphasize that the modern spirit in
banking means more than the mere gathering of money and
taking care of it. A buffet lunch was served to the Irving
guests. One of the interesting features of the reception was
the display of the advertising exhibit, which won the Traylor
silver cup at the Associated Advertising convention at
New Orleans.
Speyer & Co., 24 and 26 Pine Street, this city, announce
that Louis J. Grumbach, Leon H. Kronthal and De Witt
Millhauser, who have been connected with the firm for
many years and who have heretofore held power of attorney,
became members of the firm on Jan. 1.
William T. Sheehan has been appointed an Assistant
Manager of the Foreign Department of the National Bank of
Commerce in New York. Mr. Sheehan came to the bank in
1910 as a messenger and after advancing through several
grades was made Chief Clerk of the Foreign Department in
1917. Later in that year he resigned to enter the army,
returning to the bank upon his discharge about a year ago.
••
The Mercantile Bank of the Americas announces the
Frederick B. Meeker has retired from Brown Brothers & opening of a branch at Maracaibo of its Venezuelan affiliaCo., after association with this firm for over half a century. tion, the Banco Mercantil Americano de Caracas.
4
For the past 20 years he had been head of the Commercial
Credit Department. The span of his business career wasfrom
The Asia Banking Corporation on Dec. 30 elected three
the reconstruction period following the Civil War to the similar new directors, as follows: Alfred L. Aiken, President
period after the Great War. In this time he had witnessed National Shawmut Bank, Boston; Ralph Dawson, Viceand taken an active part in the remarkable trade and financial President Guaranty Trust Co. of New York, and J. Arthur
development of the United States with which Brown Brothers House, President Guardian Savings & Trust Co., Cleveland.
& Co. were so closely identified. Mr. Meeker had a wide
acquaintance among the leading importers.and exporters of
In order' to provide more quickly and efficiently for its
this country and was recognized for his sound business judg- constantly increasing volume of foreign exchange business,
ment and conservatism and for his intimate knowledge of the Guaranty Trust Co. of this citY has found.it necessary
domestic and foreign credit conditions. The organization of to open an additional branch office to be established at 266
Brown Brothers & Co. numbered about 35 when Mr. Meeker Grand St. The entire first floor and basement of the
joined it in 1866. It now is nearly 300.
building will be occupied by. the company. The property,
which was recently purchased by the Greater New York
has
city
this
of
&
Trust
Co.,
Mortgage
States
The United
Payers Association, was formerly occupied by the
Tax
just issued a booklet entitled "Questions and Answers," de- Mutual Alliance Trust Co. The new office, while prepared
scribing the first mortgages and participation certificates to handle a general banking business, will be designed to
which it offers to investors.
care especially for the foreign exchange requirements of the
.present clients of the company residing in this section who
Trust
the
of
Equitable
the
capital
The proposal to increase
Co. of this city from $6,000,000 to $12,000,000 was ratified send a large volume of money to friends and relatives in
by the stockholders on Dec. 24. The plans to enlarge the various countries of Europe.
*—
capital were referred to in our issue of Dec. 13. Stockholders
William J. Ahern was appointed Trust Officer of the First
of record Dec. 24 were given the right to subscribe to the
now stock at par ($100), subscriptions being payable by National Bank of Brooklyn, N. Y., at a recent meeting of the
Dec. 31. At a meeting of the executive committee of the board. Mr. Ahern has been connected with the bank since
directors of the company on Dec.24, Samuel Armstrong was 1908, and at the time of his appointment was Chief Clerk.
appointed Vice-President; J. P. Burns Jr., G. W. Fiske and
An application has been filed with the Comptroller of the
Thomas Armstrong were made Assistant Treasurers, and
Currency for a charter for the Pelham National Bank, of
George M. Stoll was made Assistant Credit Manager.
Pelham, N. Y., with a caiptal of $50,000.
George L. Cross has been appointed Manager of the MuniThe National Chautauqua County Bank of Jamestown,
cipal Department of The National City Company of this
city. Prior to his connection with this company, Mr. Cross N. Y., has increased its capital from $250,000 to $500,000.
was head of the State & City Department of the Financial
The Merchants National Bank of Newark, N. J., has inChronicle" and associate editor of the State & City Suppleits capital from $500,000 to $1,000,000.
creased
ment of the "Chronicle."
r
50
THE CHRONICLE
Advices from Albany state that on Dec. 19. the directors
of the Union Trust Co. of that city unanimously voted to
consolidate the institution with the National Commercial
Bank of Albany. The object of the consolidation, we understand, is to provide the National Commercial Bank with a
well established Lust department. Under the merger plan,
the National Commercial Bank will increase its capital from
$1,000,000 to $1,250,000 and thud provide the additional
shares to give in exchange for the stock of the trust company.
The capital of the Union Trust Co. is $250,000 with surplus
and undivided profits of approximately $581,000. We
understand the business of the trust company will be carried
on as usual, the only difference being that it will be konwn
as the trust department of the Commercial National Bank.
It will retain its old quarters until room is found for it in
the National Commercial Bank building. The Union Trust
Co. was organized in 1902. Grange Sard is Chairman of
the Board and Thomas I. Van Antwerp is President of the
institution. As a preliminary to the taking over of the trust
company's business it will be necessary for it to be examined
by the Banking Department examiners and to become a
national bank for at least thirty days; hence it will probably
be in the neighborhood of a couple of months before the merger proceedings are finally consummated.
The proposed conversion of the Union Trust Company
of Albany, N. Y. into the Union National Bank and Trust
Company, preparatory to the proposed consolidation is
announced in the weekly Bulletin of the Comptroller of the
Currency, issued on Dec. 27. The converted institution
will have a capital of $250,000, the amount at which the
Union Trust Company is capitalized.
The opening of the Atlas Trust Co. of Springfield, Mass.,
to the organization of which we referred in our issues of
Aug. 9 and Aug. 30, is scheduled for Jan. 5. The institution, which has been formed with a capital of $300,000 an I
surplus of $60,000, will conduct commercial, savings and
trust departments. The company will make its headquarters at 455 Main St., opposite Court Square. The
officers are Edwin T. McKnight, President; George A
Bacon, Edward 0. Clark and Dr. Edward J. Mahoney
Vice-Presidents; John S. Macmillan, Treasurer; J. F.:
Hayes and Arthur L. Bowen, Assistant Treasurers.
• The directors of the City Bank & Trust Co. of Hartford,
Conn., at a recent meeting recommended the increasing of
the capital stock of the institution from $500,000 to $600,000
and surplus from $200,000 to $250,000. The new stock will
be offered to present stockholders at $150 per share in the
ratio of one share of new for every five shares of their present
holdings. At the same meeting the directors declared a
semi-annual dividend of 4%, as against 3%, and 1% extra
for the previous half year, thus placing the stock on a regular
8% per annum basis. The dividend is payable to shareholders of record as of Dec. 22. The home of the City Bank
& Trust Co. at the corner of Asylum and Trumbull streets,
is to be enlarged to meet the growing needs of the institution.
A meeting of the stockholders of the Ninth National Bank
of Philadelphia, Pa., is to be held on Jan. 27 for the purpose
of voting upon a proposal to increase the capital from $400,000 to $500,000 and also, if authorized, to vote upon the
proposition to sell the additional stock, the par value of which
is $100, to stockholders of record Jan. 31 at $200 per share.
The new stock will become effective March 1 1920.
John Bromley of the North American Lace Co. has been
elected a director of the bank.
Edward Stotesbury Lewis has resigned as Assistant Cashier
of the Philadelphia National Bank of Philadelphia, Pa., to
become Assistant to the President of the N. & G. Taylor
Company, Inc.
As a consequence of the company's growing business, the
Philadelphia Trust Company of Philadelphia, Penn., on
Dec. 22 1919 removed its up-town office from 1415 Chestnut
Street to quarters on the ground floor of the Liberty Building,
northeast corner of Broad & Chestnut Streets. The company's main office is located at 415 Chestnut Street.
The stockholders of the Olney Bank of Olney (Philadelphia), have voted to convert the bank into a Trust Company and to increase the present capital from $50,000 to
$125,000. The name of the new institution is to be the
[VOL. 110.
Olney Bank and Trust Company. The now stock, par
$50 per share is to be issued at $70 per share to present
stockholders and payments are to be made as follows: Jan.
10 1920, $20; Feb. 10 1920, $20; Mar. 10 1920; $30.
A decree authorizing Commissioner of Banking, John S.
Fisher, to sell the assets of the defunct North Penn Bank of
Philadelphia for $1,000,000 to a newly organized bank to
be known as the Phoenix Trust Co. was handed down on
Dec. 12 in the Court of Common Pleas No. 3 in that city.
The provisions of the decree as set forth in the Philadelphia
"Ledger" of Dec. 13 are as follows:
The decree provides the decree of sale does not include the liability of
the directors of the North Penn Dank arising from any legal or equitable
action now pending or hereafter to be brought on account of negligence or
malfeasance In office, but such suits or claims shall remain under the joint
control of the Phoenix Trust Co. and the commissioner of banking. Any
moneys realized therefrom shall be divided on a basis of 75% to the commissioner for the benefit of creditors and the remaining 25% to the trust
company.
Pending the final dispositions of any and all criminal prosecutions arising
out of the North Penn failure the decree provides that the books and records
of the bank shall remain under the custody and control of the commissioner
of banking, but that the proper officers of the trust company shall have
proper access in the regular course of business.
The North Penn Bank closed its doors on July 18 and was
referred to in these columns in our issues of July 26, Aug. 2
and Oct. 11.
A charter has been issued by the Comptroller of the Currency for the Broad Street National Bank of Red Bank, N.J.,
with a capital of $100,000. Reference to the application for
a charter was made in our issue of Aug. 30 last.
Plans for the merger of the business of the Reading National Bank and the Commercial Trust Co., both of Reading,
Pa., have been completed and the consolidation is now in
effect. The institution growing out of the merger has
resources of about $8,000,000. It continues under the name
of the Reading National Bank, with a capital of $500,000
and surplus of $1,100,000. The officers are: Charles W.
Hendel, President; Henry K. Harrison, Vice-President and
Cashier, and B. F. Whitman, Assistant Cashier.
A new institution, namely, the Morrisville Trust Co. of
Morrisville, Bucks Co., Pa., has been formed and will
begin business with a capital of $125,000. The stook (par
$50) is being subscribed for at $51 per share, thus creating
a surplus of $2,500. The President of the new institution is
George W. Balderson; Thomas B. Stockham is 1st VicePresident, and Henry T. Moon is 2d Vice-President; Carl B.
Watson is Secretary and Edmund H. Lovett, Treasurer.
The institution will begin business on or before April 11920.
At a meeting of the directors of the Fidelity Securities Corporation of Baltimore on Dec. 18, C. T. Williams, manager
of investments of the Fidelity Trust Co., was elected VicePresident. The board also created two other vice-presidencies and elected thereto T. Owen Dorsey, Treasurer, and
Auville Eager, manager of investments, respectively, of the
Securities Corporation. Messrs. Dorsey • and Eager will
continue in charge of their present departments. The
appointments became effective Jan. 1. The new offices were
created with a view to enabling the corporation better to
handle its expanding business and to relieve President B. A.
Brennan of some business details. Mr. Williams, who has
made his home in Baltimore for the last twelve years, has
made a special study of investment conditions. During the
war he went to Russia twice as a representative of the Red
Cross. Mr. Dorsey has been identified with banking interests in Baltimore since 1900, his first connection having been
with the Merchants' National Bank., For 10 years he was
associated with J. S. Wilson Jr., & Co., investment bankers,
and resigned as Manager of their bond department in July
1917 to become manager of investments of the Fidelity
Securities Corporation. In Juno 1918 he became Secretary
and Treasurer of the corporation. Mr. Eager had formerly
been with the Mercantile Trust & Deposit Co. of Baltimore.
In March 1919 he resigned to become manager of investments of the Fidelity Securities Corporation. During the
war Mr. Eager served in the Naval Air Forces.
It is understood that negotiations have been concluded
whereby the Rocky River Savings & Banking Company of
Rocky River, Ohio, is to be merged with the Guardian Savings & Trust Co. of Cleveland. The Rocky River Savings
& Banking Co. was organized in 1900; it has a capital of
JAN. 31020.]
THE CHRONICLE
51
A charter has been issued for the Security National Bank
$50,000, surplus of the same amount, and deposits in the
$100,000. The new bank is a
neighborhood of between $1,800,000 and $2,000,000. It is of Fargo, N. D., capital
State Bank of Fargo. L. S.
Equity
the
of
conversion
will
and
the
Guardian
of
office
River
to become the Rocky
Hagen, Cashier. •
N.
M.
and
President
is
Platou
the
year
be the latter's first branch. Early the present
business of the Cleveland National Bank was consolidated
Articles of incorporation for the Natural Bridge Bank of
with the Guardian Savings & Trust Co.
St. Louis were filed on Dec. 1. The new bank will be located
at the southwest corner of Newstead and Natural Bridge
W. H. Woodin, President American Car & Foundry Co., avenues and will have a capital of $100,000 and a surplus
and Wm. G. Mather, President Cleveland-Clifts Iron Co., of $10,000—the stock (par $100), being sold at. $110 per
Cleveland, Ohio, have been elected directors of American share. The institution is expected to begin business Mar.l.
Exchange Securities Corporation. Thomas L. Robinson, The following will be the officers: Otto G. Koenig, President;
Vice-President American Exchange National Bank,.has been Emil Sieloff, First Vice-President; Geo. Hohman, Second
elected a Vice-President of the corporation.
Vice-President; and Geo. Ehlhardt, Secretary.
•—•
Allard Smith, for five years General Manager of the
A telegram from Vice-President F. W. Ellsworth of the
Cleveland Telephone Co., has been elected a Vice-President Hibernia Bank & Trust Co. of New Orleans advises us that
of the Citizens Savings & Trust Co. of Cleveland. He the deposits of the institution Dec. 31 reached 55 millions,
became active in the bank Jan. 1, but remains on the direc- a gain of 25 millions over the corresponding date of the
torate of the telephone company. Before going to Cleve- previous year.
land Mr. Smith was for four years Construction Engineer
•
for the Bell interests in the district embracing Ohio, Michiannounces the issuance
Currency
the
of
Comptroller
The
gan, Indiana, Illinois and Wisconsin. He has been identiBank of Phoenix,
National
Commercial
the
for
charter
a
of
fied with the. Bell since his graduation from the University
of $150,000. N. A. Lytle is President
capital
a
with
Ariz.,
Industrial
the
of
head
was
of Wisconsin in 1898. Mr. Smith
and H. B. Cassidy, Cashier.
Division of the Cleveland Liberty Loan organization, and
Loan
Victory
campaign.
the
during
irman
served as Vice-Cha
An application for a charter for the Globe National Bank
of Denver, capital $200,000, has been made to the CompJacob G. Schmidlapp, the well-known banker, capitalist troller of the Currency. The proposed institution is to sucand philanthropist of Cincinnati, died suddenly of heart ceed the Commerce State & Savings Bank.
disease in New York on Dec. 18 while on a visit to his son,
Carl Schmidlapp, Vice-President of the Chase National Bank
According to the weekly bulletin of the Comptroller of
Of New York. Mr. Schmidlapp, who was seventy'years of the Currency, made public December 20, the Merchants'
age, was born in Piqua, Ohio, and received his early educa- National Bank of Topeka, Kans., has increased its capital
tion in the public schools of that place. His financial career from $100,000 to $200,000.
began as Cashier for a firm in Memphis. Later he opened a
cigar store, which he conducted for six years, and became
The Quarter Savings Bank of Wheeling, W. Va., plans
interested in distilling enterprises. In 1874 Mr. Schmidlapp to increase the capital from $100,000 consisting of 1,000
moved to Cincinnati, making that city his permanent home. shares of a par value of $100 to $250,000, consisting of 2,500
For many years he was President of the Union Savings Bank shares at the par value of $100 each. It also plans to change
& Trust Co. of Cincinnati, which he organized, only severing its name to the Quarter Savings & Trust Co. The details
his connection with the institution recently when it was will be determined upon at the annual meeting of the stookmerged with the Fifth-Third National Bank. In addition holders on Jan. 13.
to his banking activities Mr. Schmidlapp was interested in
many large business enterprises in Cincinnati and elsewhere.
The capital of the Savings Bank of Norfolk, Va., will be
His philanthropies, most of which were confined to Cincinfrom $50,000 to $200,000. The new stook will
increased
nati, covered a broad field and gained for him a national
$150 per share. The stockholders voted in favor
at
sold
be
director
a
was
reputation. For some time Mr. Schmidlapp
on Dec. 1.
increase
the
of
of the Carnegie Peace Fund and Treasurer of the American
DisInternational
of
Settlement
Judicial
the
for
Society
The Old Dominion Trust Company of Richmond has &sputes.
quired the good will and assets of the British and American
Company Limited, of London, with outstanding
The Continental and Commercial banks of Chicago have Mortgage
of £1,500,000. The Richmond "News Leader"
mortgages
issued a brochure on 'American Trade Marks Abroad,"
19 in reporting the acquisition said in part:
Nov.
of
handling
of
methods
the
on
s
information
furn
eh
wh
in
shed
trade marks in foreign trade.
The Comptroller of the Currency announces the issuance
of a charter for the National Bank of Pontiac, at Pontiac,
Mich., capital $200,000. Reference to the application was
made in these columns Sept. 27.
The American offices of the company are at present in New York and
Dallas. Tex., both of which will be retained, but the principal business will
be removed to Richmond as soon as practicable. Most of the buhiness of
the English company has been in the Southern States, with some mortgagee
in the Province of Alberta, Canada. As the money invested by the British
interests was sent to America before the war, when exchange rates on the
British pound were nominal, a profit of something like 16% is made On
selling out In American money at this time.
The sale has been under negotiation for more than a month,and the transfer dates from Nov. 1, while the actual transfer of securities takes place
as of Dec. 1. All loans and renewals made since Nov. 1 have been made
with the sanction of officials of the Old Dominion Trust Company.
President W. M. Habliston said that morning that nearly 70,000 signatures would be required to transfer about 4,500 mortgages.
The British and American Mortgage Company, a British corporation,
has been doing a mortgage business in this country for over forty-two years.
Since 1879 it has paid regular dividends to its shareholders,the net profits
last year having been over $200,000.
Several of these may remain with the company and the Old Dominion
Company will take over such of the staff of executives in New York and
Dallis as it may select to supplement its Richmond force.
The consolidation will give the Old Dominion the largest mortgage business of any institution in the South and one of the largest in this country.
The British and American Company has about 125 representatives and correspondents in the Southern field. Legal details and inspection of records
and properties have been completed by E. D. Schumaker, manager of the
bod and mortgage department, and R. E. Henley. counsel for the Old
Dominion Trust Company, who have been engaged in this work in New
York for several weeks. The securities and assets are being turned over
to the Richmond concern as rapidly as they can be checked up and complete
delivery will be effected by the end of this month. Messrs. Clark, Dodge &
Co., New York brokers, are jointly interested with the Old Dominion
Trust Company in the mortgage loans acquired under contract but the business and good will become the sole property of the Old Dominion Trust
Company.
The Union Trust Co. of Detroit is issuing in pamphlet
form an address on "Corporate Mortgages" delivered by
Charles R. Dunn, Vice-Presdient of the company, before the
Southwestern Michigan Bankers' Club at Battle Creek,
Mich., on Jan. 23 1919. The company's action in making
the information contained therein available in booklet form
is prompted by the present day interest in the subject, inasmuch as many banks are now permitted to act as corporate
trustees. We understand that copies of the pamphlet may
be had upon request.
•
At the annual meeting of the stockholders of the National
Bank of Commerce of Detroit, Mich., on Jan. 13, action
will be taken on the question of increasing the capital from
81,000,000 to $1,500,000.
•
announces
Minn.,
Duluth,
The First National Bank of
the opening on Dec. 15 of a bond department under the
management of Elmer J. Kennedy,formerly with the MinneThe Hollywood National Bank of Hollywood, Cal., has
sota Loan & Trust Co. The now department is prepared to
been placed in voluntary liquidation, having been absorbed
deal in Government, municipal and corporation bonds.
by thelSecurity Trust & Savings Bank of Los Angeles.
52
THE CHRONICLE
[VOL. 110.
THE ENGLISH GOLD AND SILVER MARKETS.
FOREIGN TRADE OF NEW YORK-MONTHLY
We reprint the following from the weekly circular of STATEMENT.-In addition to the other tables given in
Samuel Montagu & Co. of London, written under date of this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
Dec. 11 1919:
GOLD.
New York Custom House:
The Bank of England gold reserve against its note issue is £90.298,825,
just £3,500 less than the total in last week's return. A considerable-amount
Merehandise Movement at New York.
of gold has been dealt in this week, of which the greater portion was taken
Month.
for India. The Continent was a good buyer and a portion was taken for
Imports.
Exports.
the Straits Settlements. It is announced that two shipments of $100,000
1919.
1918.
1919.
1918.
have been made from New York to Mexico and South America respectively,
and that $10,300,000 had been engaged for the latter quarter, and $136,000 for Paris. The following were the imports and exports of gold coin January -- 85,880,208 88,164,970264,544,534 248,203,724
February _ 110,759,849 94,303,999311,376,177 168,713,182
and bullion during November:
March_ ___ 130,844,316 98,360,412312,904,175251,325,068
Imports.
Exports.
April
145.065,157 121,564,991 331,394,915291,719,439
France
£392,356
May
178,233,477 149,434,134280,404,527219,019,748
Switzerland
188,665 June
152.314,929 112,622,329429,160,599205,313,999
West Africa
£138,885
2,283 July
179,457,378 96,101,747237,532,410237,731,667
Rhodesia
276.619
August
163.182,188 122,452,147 264,759,378 209,108,295
Transvaal
3,496,059
September 251,529.881 115,731,618287,365,986 197,725,054
America
1,198
October __ 214,756,732 105,821,691)324.627,015 182,657,180
British India
3,778.981 November 231,808,185 98,787,677 237,666,749 231,464,051
Straits Settlements
234.826
Sundry Countries
43,213
Customs Receipts
at New York.
1919.
1918.
8,026,38
7,488,551
9,856,34
8;177,780
10,600,101 9,870,168
12,881,21 10,525,971
12,318,06 12,162,781
13,964,223 10,665.910
15,281,130 9,215,233
15,444,278 8,589,023
16.740,934 8,438,132
16,702,158 7,350,250
21,023,969 7,390,251
Total.-- 1843832300 1203345723 3261736445 2442981416 152,928,814 99,874,000
£3,912,761 £4,640,324
'It will be observed that practically all the arrivals came from gold fields
in the British Empire, and the whole found its new home in territory under
the British Crown. The large shipments to India represents purchases
by the Indian Government, which is able to'pay better prices than the
banks because it can sell gold in the bazaars at a premium. The West
African gold output for October 1919 amounted to £91,352 as compared
with £61,461 for October 1918 and £100,401 for September 1919.
SILVER.
The market has maintained a steady tone during the week with upward
tendency. The price has ruled well below the New York parity. Today's price of 76g is a new record. The important announcement has
been made that the U. S. Treasury has arranged to sell silver dollars in
China through the medium of the American Banks in that country against
exports to the United States. It is understood that a minimum price will
be fixed in Shanghai (calculated on the basis of 129 cents-the melting
value of the dollar-plus cost of transmission) and that, when the China
demand falls below the figure thus arrived at, sales will be discontinued.
About fifty-five million silver dollars are said to be available.
INDIAN CURRENCY RETURNS.
(/n Lacs of Rupees)
Nov. 15. Nov. 22. Nov. 30.
Notes in circulation
18,004
17,939
17,967
Silver coin and bullion in India
4,883
4.792
4,744
Silver coin and bullion out of India
Gold coin and bullion in India
2,258
2,igg
2B1
-,
Gold coin and bullion out of India
910
1,009
918
Securities (Indian Government)
1.703
1.703
1.703
Securities (British Government)
8,250
8,256
8,250
The coinage during the week ending 30th ult. amounted to 39 lace of
rupees. The stock in Shanghai on the 29th ultimo consisted of about
17.650,000 ounces in sycee, $9,700,000, and 3,200 bars, as compared with
about 18.300,000 ounces in sycee, $9.000,000, and 4,100 bars on the 22nd
November. The Shanghai exchange is quoted at 7s. 4d. the tael. Quotations for bar silver per oz. std.
Dec. 5
74d.
72Yd. Dec. 11
75gd.
74%d.
Dec. 6
74d.
724d. Average
74.858d. 73.375d.
Dec. 8
75d.
74gd. Bank rate
6%
Dec. 9
75d.
73%d. Bar gold per oz.fine
109s. 7d.
Dec. 10
753(d.
73%d.
The prices to
-day for cash and forward delivery are respectively lnd.
and 1%d. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Dec. 27. Dec. 29. Dec. 30. Dec. 31. Jan. 1. Jan.2.
Sat.
Mon. Tues.
Wed.
Thurs. Fri.
763.
76
Holiday 75%
783(
Holiday 50%
51
Holiday 51 g
51
British, 5 per cents
Holiday 91g
Holiday 9134
0134
9134
British, 434 per cents
Holiday 8334
Holiday 833j
8334
833
French Rentes (In Paris), fr 59.80
59.45
59.95
59.55
Holiday 59.20
French War Loan(inParis),fr 88.25
88.30
88.30
Holiday 88.35
Week ending Jan. 2Silver, per ea
Consols, 23,4 per cents
d.
The price of silver in New York on the same 4:tay has been:
Silver In N.Y., per °a...chi-132g
131
131
131
Holiday 13034
goinmercial audgniscellaneonsgrj..ews
1010
STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
Imports and exports of gold and silver for the 11 months:
Gold Movement at New York.
Month.
Imports.
1919.
1918.
Silver-New York.
Exports.
1919.
1918.
January _February _
March.....
Aprir
May
June
July
August __.
September
October .._
November
649,358
529,787
668,246
699,827
506,758
414,262
393,587
1,310.313
287,011
2,683,735
1,230,283
1,070,270 2,517,289
993,993 2,346,31
628,514 2,311,250
518,140 1,187,332
660.277 1,422,830
534,406 58,876,463
627,829 23,609,186
688.892 3,921,003
559.988 5,279,491
456,282 3,080,163
513,690 12,110,147
Total.--
9,373,167
7,270,281 116,661,46
657,940
3,170,387
301,073
223,177
1,302,42
203,500
3,903,713
268,600
737,990
381,20
221,832
Imports.
Exports.
1919.
1919.
7,038
2,566,942
2,360,639
2,115,201
2,650,017
828,69
1,974,66
1,680,89
1,777,094
2,039,16
261,91
6,299,043
5,574,910
3,979,692
8,405,101
6,272,817
1,115,157
1,193,471
1,901,535
2,881,673
549,939
1,738,094
11,371,832 18,263.170 39,911.432
New York City Banks and Trust Companies
All prices now dollars per share.
Y Bid
Ask
Banks
Bid
Ask
Trust Co's
Bid
Ask
vmerica•_- 630
_ imp & Trad- 580 600
New York
mer Exch... 290 30-0 :Irving (trust
Bankers Trust 395 403
ktiantlo
215
certificates) 393 398 Central UnIon 1 455 483
Battery Park- 210 220
---- Liberty
1455 465 Columbia._ 355 805
Bowery."
425
Lincoln
285 200 Commercial_ 150 160
,3roadway Can 145 155 Manhattan'. 245 255 Empire
295 808
Bronx Borol_ 105 125 Mech & Met_ 460 470 Equitable Tr t280
285
Bronx Nat-_- 150 160 Merchants
215 255 Farm L & Tr- 445 450
Bryant Park* 145 155 Mutual*
425
Fidelity
230
Butch & Drov 40
45 New Neths_ 200 210 Fulton
255 286
Cent Mere
175 190 New York Co 140 149 Guaranty Tr_ 400 410
Chase
xy 440 460 New York_
485 480 Hudson
135 146
Chat & Phen 320 330 Pacific •
135
Irving Truitt- !See Irvine
Chelsea
130 140 Park
745 770
1Nat ank
Chemical
585 595 Prod Exch•_.. 350
400 Law Tit dc Tr 138 144
Citizens
255 265 Public
3:10
- Lincoln Trust 175
416 425 Seaboard .._ 640
Mercantile Tr 235
Coal ec Iron_ 250
Second
400 iiE Metropolitan.
Sir
Colonial•
350
State*
220 240 Mutual(West210
23d Ward'.... 125
135
chester).... 105 125
Commerce
240 2-45 Union Exch. 185 190 N Y Life Ins
."omm'l Ex*. 425
_ United States* 200
de Trust... 720 750
CommonWash II'te•
400 500 N Y Trust.. 605 820
wealth•_- 210 220Weetch
.
Ave_ 170
Title Cu & Tr 410 420
Continental•- 120
Yorkville•-_ _ 340
Mtg & Tr 415 425
:Corn Each'
470
480
United States 860 900
• Joarnop'tans_ 95 100
Brooklyn
Westchester.. 130 140
:.tuba (Bk of)_ 170 177 Coney Island. 140 155
cast River
150
First
200 215
Brooklyn
,
:urope
110 130 Green point_ _ 150 165 Brooklyn Tr. 500 520
fifth Avenue* 900
Hillside*
110 120 Franklin
255 265
..11th
155 170 Homestead*
80
Hamilton.... 262 272
:first
980 1000 Mechanics's_ 87
95 Kings County 650 700
larlield _
240
Montauk
85
95 Manufacturers 200 210
lothani
200 220 Nassau
205 215 People's
305 315
/reenwich•
330
,National City 115
130
Janover
835 845 North Side'
195 205
.1arriman._
360 400 People's
145
160
Industrial. _. 195
• Banks marked with a (') are State banks. t Sale at auction or at Stock Exchange this week. t Includes oae-half share Irving Trust Co. i New stook.
x Ex-dIvidend. y Ex-rights
New York City Realty and Surety Companies
All prices now dollars per share.
' Bid
1111ance R'Ity 80
Imer Surety_ 78
lend & M G. 225
nty Investing 70
Preferred__ 80
Ask
__
82
235
75
00
Bid
Lawyers Mtge 122
Mtge Bond__ 92
Nat Surety__ 210
N Y Title &
Mortgage... 138
Ask
126
97
220
144
Bid
Realty Assoc
(Brooklyn)_ 115
US Casualty_ 185
U S Title Guar 80
West & Bronx
Title & M (1 150
Ask
120
200
-.
170
-Stock of Money Dec.1'19- -Money in Circulationin U. S. alleld in Treas. Dec. 11919. Dec. 11918.
National Banks.-The following information regarding
$
$
Gold coin (incl. bullion In
national banks is from the office of the Comptroller of the
Treasury)
2,833,221,135 386,383,890 6979,881.024 937,008,088
Gold certificates
415,692,081 705,286,174 Currency, Treasury Department:
Standard silver dollars
308,145,759 66,384,518
82,416,283
82,757,592
APPLICATIONS FOR CHARTER.
Silver certificates
157,642,692 204,416,344
Subsidiary silver
Capita'.
246,540,741
4,589,321 241,951,420 234,415,729 For organization of National banks:
Gunnison
The
City National Bank of Gunnison, Utah
Treasury notes of 1890__
$50,000
1,702,266
1,809,257
Correspondent, Wm. Metcalf, Gunnison.
United States notes
346,681,016 19,192,220 327,483,796 337,786,458
The First National Bank of Culver City, California
Federal Reserve notes____e3,063,390,865 39,346,741 2,839,814,899 2,607,441,609
25,000
Correspondent,
Walter
Edwards,
Culver
Federal Reserve bank notes 263,022,800 57,552,256 205,470,544
City.
95,492,362
The Pelham National Bank, Pelham, New York
National bank notes
50,000
722,142,160 44,327,374 677,814,786 697,214,250
Correspondent, L. Ogden Thompson,
Pelham.
The Greenville County National Bank, Greenville, S. C
Total
7,783,144,476 617,776,320 5,929,874,791 5,993,627,863
Correspondent, J. I. Westervelt, Greenville.
a This statement of money held in the Treasury as assets of the Government
Liberty National Bank of Logan,
does not include deposits of public money in Federal Reserve banks and in national' The
Correspondent, Thomas B. Farr, Smithfield,
Utah'
Utah.
banks and special depositaries to the credit of the Treasurer of the United States For conversion
of State Banks:
amounting to $466,839,462 63.
Farmers & Merchants National Bank of Lompoc, Calif
b Includes $453,898,738 10 Federal Reserve Gold Settlement Fund deposited
Conversion of the Farmers and Merchants Savings Bank.
with Treasurer of the United States.
Correspondent, W. C. Bissinger, Lompoc.
c Includes own Federal Reserve notes held by Federal Reserve banks.
The Union National Bank & Trust Co. of Albany, N Y
d Revised figures.
Conversion of the Union Trust Co. of Albany.
Note.-On Dec. 1 1919 Federal Reserve banks and Federal Reserve agents held
Correspondent, The Union Trust Co. of Albany.
against Federal Reserve notes $818,015,860 gold coin and bullion, $233,248,280
The National Bank of Falrmont, N D
gold certificates and $184,229,225 Federal Reserve notes, a total of $1,235,493,365,
Conversion of the Bank of Fairmount.
against 11,259,565,485 Dec. 1 1918.
Correspondent, The Bank of Fairmount.
500,000
100,000
25,000
250,000
25,000
53
THE CHRONICLE
JAN. 3 1920.]
Boston:
Capital.
By Messrs. Wise, Hobbs & Arnold,
$ per *h.
$ per sh. Shares. Stocks.
Stocks.
N. Y. National Irving Bank, N. Y. City. N. Y., with branches_3,000,000 Shares.Bates
Motors Co..
Northway
5
d1034
Mfg. Co
50
Conversion of the Irving Trust Co.
8
110 each
117
3 Merrimac Mfg. Co
Correspondent, Irving Trust Co.. N. Y. City.
2 Boston Real Estate Trust,
25,000
22234
9 Farr Alpaca Co
The First National Bank of Strasburg. Colo
650
$1,000 each
145
6 Maas. Cotton Mills
Conversion of the Strasburg State Bank, Strasburg.
479 The Ind't Breweries Co.:-$50 lot
165
5 Lancaster Mills
Correspondent, G. E. Totten, Strasburg.
200 American Road Mach'y Co- „L b
180X
25,000
33 American Mfg. Co
The First National Bank of Big Lake, Minn
50 Benedict Stone Corp., pref..
100 Submarine Signal Co.,$25ea. 10
Conversion of the Sherburne County State Bank of Big Lake. (with 150 shares common
Co.,
Chemical
Bank.
State
Merrimac
County
6
Sherburne
Correspondent, The
$1,000 lot
as bonus)
92
$4,075,000
$50 each, ex-div
Total
.
100 Sierra Pacific Elec., corn- 134
Eng. Equit. Insur_ _ 10
New
15
97
CHARTERS ISSUED.
11 Douglas Shoe, pref
8 Houghton Co. Trac., pref.. 10
7 Sullivan Machinery, ex.div-157'
Original organizations:
100 Bost. Nat. League B13. Ass°. 5
$25,000.
20
250 Standlah Building Trust
Co.,
The First National Bank of Yorktown, Va
Equip.
Products
Metal
174
Bonds.
President, Goo. L. Smith; Cashier, Oscar H. Cranz.
$61 1ot
' 1,014 preferred
100,000
Bank of Red Bank, N. J
300,000 rubles Imperial Russian
The Broad Street National Cashier'
Co.,
Exploitation
Field
011
100
U
Conover.
Cashier Edwin R.
Govt.53i% War Loan, 1915_55 Per M.
President
$3 lot
100 preferred
25,000
Bank of Good blunder, Minn
$10,000 Huriburt Motor Co. 6% • 4
The First gational '
21,000 Monitor Belmont Mining,
notes, 1927 (Interim cert.)-..$5O0 lot
President, H. H. Buck; Cashier, E. H. Essig.
lot
$30
$1
each
25,000
The Parma National Bank, Parma, Idaho
4 U. S. Mach. Gun, 20 pref-$3 lot $2,000 Seattle Electric Co. 5s, 1930 9134
President, H. J. Sloan; Cashier, Frank Dahlstrom.
$12,000 Russian Govt. 045, 1921- 21
64 Old Colony Gas Co., pref.
25,000
1
$2,000 Russian Govt. 6345, 1919__ 22
The First National Bank of Garden City, S. D
certf. dep
President, J. A. McGillivray; Cashier, M. J. McGillivray.
150,000
Barnes & Lofland, Philadelphia:
By
Messrs.
The Commercial National Bank of Phoenix, Ariz
$ per *h.
5 per sh. Shares. Stocks.
President, N. A. Lytle; Cashier, H. B. Cassidy.
Shares. Stocks.
90.
2,000 Tecopa Consol. Mines
4 Provident Life & Trust_ _..430
Conversion of State banks:
25,000
Per cent.
C
N
Bonds.
The First National Bank of Murfreesboro,
12 Rittenhouse Trust, $50 each 6034
,
Conversion of the Citizens Bank of Murfreesboro.
8 Phila. Bourse,com.,$50 ea.634-65( 22,000 No. Penney. RR. ges. 3.3s.
1953
114
President, L. J. Lawrence; Cashier, J. A. Campbell.
17 Union Passenger Ry
100,000
$10,200 Chicago Ry., ad'. Inc. 48,
The Security National Bank of Fargo, N. D
161 Am. Pipe & Construction,
4
1927
1334-534
•
Conversion of the Equity State Bank of Fargo.
$50 each
President, L. S. Platou; Cashier, M. N. Hagen.
1,970 Portland Ry.& Lt., emu- 434 110,000 Nat. Conduit & C., Inc., 30 •
$475.000
let 6s, 1927
Total
182 Commonwealth Power, Ry,
42-45 86,000 Gulf Fla. & Ala. RR. 1st 58.
& Light, pref
CHARTERS EXTENDED.
1961, July 1917 coup. on. Cer37 Commonwealth Power, Ry.
The Myerstown National Bank, Myerstown, Pa. Charter extended until
tificate deposit
$1,000 lot
034
common
&
Light,
close of business Dec. 20 193g.
Gulf Fla. & Ala. RR. 6%
$1,500
1st
RR.,
100 West. Maryland
partic. root
$200 lot
CHARTERS RE-EXTENDED.
2734
Preferred
7%
The Merchants N ational Bank of Hillsborough, Ohio. Charter re-extended
428 East St. L.& Sub. Co.,corn. 2 $4,000 Independent Brewing of N.
6s
City
1st
Y.
$40 lot
until close of business Dec. 2o 1939..
314 Tenn. Ry., Lt.& Pow.,com.1%-2
1,765 Tenn. Ry., Lt. & Pow., pi_ 5 $37,000 Seaboard Steel & Manga- ,,....-.4
INCREASES OF CAPITAL.
nese coll. tr. Os, 1920
$60 lot
Amount.
37 Chic. C.& C. Ry., com_S3734 llt
P. R. & L.
61 Chic. C.& C. Ry., pref..$340 lot $1,638 Commonwealth
The First National Bank of Riverdale, Calif. Capital increased
div. scrip
$903 lot
$25,000
1,000 Ft. Wayne & Nor. Ind.
from $25,000 to $50,000
lst 6s, .. I
Coosa
Port.
Cement
$46,000
4
Indep..
Capital
J.
of
N.
cert.
'Frac., pref.,
The Merchants National Bank of Newark,
1944, Oct. 1918 coupons on.$13,200 lot
500,000
1,000 Ft. Wayne & Nor. Ind.
creased from $500,000 to $1,000,000
i
'Frac., coin., cert. of dep. % 111.000 City of Ponce Gas 1st 6s,
The National Chautauqua County Bank of Jamestown, N. Y.
1600 lot
1953
250,000
25 Atl. Sh. Line Ry., corn...155 lot
Capital increased from $250,000 to $500.000
$2,000 Second Ave. Trao. of Pitts.
.340
increased
Capital
common.
Stetson,
Y.
B.
N.
John
Adams,
5
a
Bank
National
Farmers
The
50
1st 58, 1934
50,000
7 Smith, Kline& IiTench, corn. 97
from $50,000 to $100,000
$9,600 United Ry.coll. tr. 48, 1949_ 50
10 Springfield Body of N Y.,
The Farmers National Bank of Grapevine, Tex. Capital in&
ref.
Fuel
dc
Gas
Houston
$2,000
40,000
lot
$6
Preferred
$100,000
to
creased from $60,000
50
30 American Pub. Utilities__ _$70 lot imp. 5s, 1932
The First National Bank of Brookneal, Va. Capital increased
25,000
70 $25,000 Atlantic Shore Line Ry.
50 Pine Ridge Coal
from $25,000 to $60,000
1941
4s,
234
ref.
lot
52
Co.,
oommon
Island
25 Rock
$890,000
234 $10,000 United Nat. Utilities 6%
Total
500 American Cities, pref
60
1920
notes,
lot
&Devel.$40
Lumber
Internat.
CAPITAL.
42
OF
REDUCTIONS
$50 lot $5,000 Doylestown Gas let ref. 55,
163 Ores & Metals Co
The Freedom National Bank, Freedom, Pa. Capital reduced
40
1942
$75,000
25 Alpha Chem. Wks., pref...1$35
from 11175,000 to $100030
lot $5,000 Bucks Co. Pub. Service let
com...J
Wks.,
Chem.
Alpha
25
40
1937
5e,
VOLUNTARY LIQUIDATIONS.
5 Harwood Electric, pref.__ 60
Capital.
So. Bend & No. Ind.
Consolidation with other national banks:
2,000 Lanzius Aircraft, $10 ea.$100 lot $11,000 Chic.1937
32
$100,000 30,000 Nevada Wonder Mg.,$1 ea..12o.
Ry. 1st 5s,
The Citizens National Bank of Plainview, Tex
Absorbed
Plainview.
Underwood.
$14,000 Porto Rico Gas 1st 6s,'53_10-25
Liquidating Agent, R. A.
85 __ast Bangor Cons. Slate_ - _11
& W. V. Trao.
by the First National Bank of Plainview.
15 Securities Co. of N.A.(1)el J$1 lot $6,000 Ft. Wayne
31
let cons. 5s, 1934
$1 lot
Other liquidations:
100 Automailo Brush
50,000
The National Bank of Poteau, Okla
$1 lot $48,000 rubles Russian Govt. inter.
100 General Sterling
$1.315
1926
5345,
nal
Liquidating Agent, W. A. Campbell, Poteau. Succeeded by
Corp.,
Elea.
&
Gas
70 United
$176,844 rubles deposited in various
6-7
the Control State Bank of Poteau.
1st preferred
$770
50,000
banks in Petrograd
The Hollywood National Bank, Hollywood, Calif
18 United Gas & Eleo. Corp.,
100,000 marks on dep. in Cologne.$2,025
Liquidating Agents, Q. G. Greenwood and Ralph C. Long,
1
• 2d preferred
50,000 do do do Frankfort.$1,090
Los Angeles. Absorbed by the Security Trust & Sayingr
8 United Gas & Elec. Corp.,
Bank of Los Angeles.
$2 lot 50,000 do do do Stuttgart.$1,010
common
$200,000
Total
7134
Canadian Bank Clearings.-The clearings for the week
Auction Sales.-Among other securities, the following, ending Dec. 25 at Canadian cities, in comparison with the
not usually dealt in at the Stock Exchange, were recently sold same week in 1918, show an increase in the aggregate of
at auction in Now York, Boston and Philadelphia:
15.5%.
By Messrs. Adrian H. Muller & Sons, New York:
Stocks.
Shares.
130 Amer. Uniform, Inc., pref__15250
1,300 Amer. Uniform, Inc., corn...j lot
189 Seaboard A. L. Ry. 4%
$1,000
prof. v. t. o
250 Scab. A.L.Ry.,com. v. t.0 1700
200 Incorporated Land,pref__ $25
lot
200 Incorporated Land, (tom_
242 Indep. Chem.,Inc., 1st pref.
$40 per sh.
700 Quaker nm Gold Mines,
pref.,Series A
50c. per sh.
533 Seaboard Rys., unincorp'd.$225
50,000 Cash Entry Mining
$10
15,000 Oattnan Combination Min__ $5
5,250 Rochester Merger Mines___110
1,000 Cone Mining & Milling_ _110
10,000 (Rect. for) SecretPassMAM$100
42;4 Cotton Gathering Crop, met $5
37,500 Manzineta-Madera Gold M.$425
2,100 Gale Mfg. of Albion, Mich-$25
1,000 Consol. SS. Lines of Maine)
91834 Momentum Autom. Brake,'
)$51
of Maine
lot
1,500 West. Steel Corp. of Wash_
50 Atlas Transfer, of Maine )
$16
Estates of Long Beach
3
1E00
414 General Steel, pref
414 General Steel, com
f lot
1,500 Internationa Comm!. Corp-315
1,000 Alaska Un.Gold M.,$5 each$05
5,000 Amer. Gold Fields, Ltd.,
$75
Porcupine, Ontario
455 A m.Mason Safety Thr.,Ine1500
1,100 Senorito Copper Corp., pref.$150
250 10th dr 23d Sta. Ferry,com.$115
I
03'I
Stocks.
Shares.
$120
6,667 011 & Gas Utilities
$70
3,333 National Utilities
225 Internat. Imp. & Export-5100
500 Maxim Munitions Corp-.
93U Durham Coal & Iron
$80
600 Carlisle Mining
lot
60 Old Hundred Mining
8 Storm King Stone
10 Delmonico's
206 Fifty Broad Street
390 N. Y.& North Shore Trao_ _120
200 KnIck.-Wyom.011, com_ _)$40
200 Knick.-Wyom. 011, pref_
50 Heiser Property, pref
$15
30 Heiser Property, coin
Note of Heiser Property Co
lot
$500
Bonds.
$4,000 Cin. Inds. dr West. Ry. 1st
& ref. 4s, 1953. July 1914 court.
($8.02 paid on account of each)
attached. $401 per bond paid ac$18
count prin dpal
$130.000 Buck Ridge Coal Mining
6% notes
11,300
$500 Georgia Coast & Pied. RR.6%
$16
notes, 1924
$10,000 Second Ave. RR. 1st cons.
5s, certifs. deposit
$50
$2,500 Arizona So'west Cop. 138,'24 $50
$17.000 N. Y.& North Shore 'Frac.
1st 55, April 1919 coupons on---2100
$3,000 Gary Connecting Ry.5s,certifs. deposit
$11
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
8 Day State Nat.Bank, Lawr_ _181
29 Massachusetts Cotton Milla_14534
5 Merrimack Mfg. Co., pref_.. 814
18 U.S. Worsted Co., 1st Prel-- 93
500 Seaboard Air Line Ry.. pref__ 15
1
20 Central Vermont Ry
100 Graton & Knight Co.,pf..99M-99%
10 Metal Shingle & Ski. Co., pt. 55
121 clearing House Parcel Delivery Co., pref
24
10 Boston Wharf Co
863i
1,000 Universal Tool Steel Co.,Ltd.
$550 lot
7734
150 Worcester Gas Light Co
10134
10 Hood Rubber Co., Pre!
1
50 Exolon Co
50
50 Exolon Co., pref
3 Cambridge Gas Light Co- 1453
226
10 National Union Bank
3 New Boston Music Hall
36 Metals Prod. & Equip. Co.,
186 pref.: 491 QuiglY Furl).
$5 lot
& lily. Co., 100 pref
2
1 Purity les
Percent.
Bonds.
$5,000 Imp. Russian Govt. MI.
3919, receipts
23 flat
3,000 rubles Imp. Russian Govt.
534s. 1926
$23 per $1,000
$2,000 City of Winnipeg (Can.) 58.
1926
91
31,000 Boston Elev. Ry. Co. Bs,'4269
$2,000 Michigan RR.let 6s, 1924-- 90
$6,000 Crimora Manganese Corp.
20 flat
1st 68, 1929
$10,000 Sou. Call/. Edison 7s, 1927. 99
95M
$6,000 Anaconda Min.6s, 1929
$5,000 Great West.Pow.58, 1948- 8434
$2,000 Texas Pow.& Lt. 5s. 1937- 81
$4,000 Cudahy Packing 7s, 1923- _ _10034
$2,000 Nebraska Pow. 1st 68, 1940- 80
$1,000 Louisville Gas dr Elea. 1st &
9934
ref. 7s, 1923
$2,000 Okla. Gas& El. 1st 5s, 1929_ 84
101
$2,000 Lever Bros. 7s, 1926
$2,000 Great Western Pow. Co. of
90%
Calif. let & ref. 68, 1949
$2,000 Northwestern Elec.68, 1935. 92
Week ending Dec. 25.
Clearings at1919.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Tntill On nada
1918.
inc. Ur
Dec.
$
$
136,311,509 113,944,235
90,069,772 70,083,374
46,217,028 58,128,149
13,253,099 10,653,963
10,155,433 8,048,541
5,330,950 5,024,759
4,400,000 3,615,722
5,788,653 4,117,836
2,491,754 1,977,093
2,961,971 2,318,042
8,081,550 6,260,993
2,669,352 1,779,220
5,500,000 3,541,222
4,214,022 3,651,202
624,608
717,465
870,180
656,674
2,000,000 1,900,000
1,665,947 1,824,766
870,752
1,100,265
763,800
968,579
477,887
478,973
436.320
466,745
846,495
802,786
645,579
961,156
697,000
1,110,224
2,945,583 1,024,351
327.242
449,418
nisi
71g
1917.
1916.
$
$
%
+19.6 68,158,793 73,085,107
+28.5 51,634,390 54,503,860
-20.5 44,622,147 38,459,841
+24.4 8,248,519 6,230,692
+26.2 6,209,262 5,160,489
+6.1 3,851,199 3,623,108
+21.7 2,989,840 2,528,712
+40.6 4,501,397 4,315,146
+26.0 1,701,264 1,736.274
+27.7 2,149,568 1,866,167
+29.1 7,066,364 4,615,512
+50.0 1,865,355 1,957,008
+55.8 3,600,889 2,463,818
+15.4 3,415,739 2,848,086
613,425
660,729
+14.9
767,278
795,866
-24.8
+5.3 1,811,414 1,742,257
-8.7 1,424,882 1,094,996
886,167
776,958
+26.4
545,460
923,919
+26.8
265,829
387,250
+0.2
471,228
567,256
+7.0
472,018
923,049
-5.2
633,517
610,617
+49.0
440,027
585,663
+59.4
+187.6
+37.3
QM 304.456.337 +15.5 219.482.329 211.326.022
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name and Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam)of rec. Jan. 22
Alabama Great Southern, preferred.... $1.75 Feb. 20 Hod era of
rec. Dec 29a
134 Jan. 10 Holders
Albany & Susquehanna (extra)
reo. Dec. 310
of
Holders
2
Feb.
231
Atchison Topeka & Santa Fe, preferred_
Jan. 10 Holdeni,of reo. Dec. 12a
Atlantic Coast Line RR., common
Mar. 1 Holders of reo. Jan 17a
Baltimore & Ohio, preferred
134 Feb. 2 Holders of rec. Dec. 31a
Canada Southern
Dec.
31 Holders of tea. Dec. 31a
23.§
common
Ry.,
Georgia
Central of
Deo. 31 Holders of rec. Dec. 310
3
Preferred
20 Holders of rec. Dec. 300
Clev. Cin. Chic. &St.Louls, pref. (quar.) 134 Jan.
Feb. 2 Holders of roc. Dec. 310
Cuba railroad, preferred
Holders of rec. Jan. 5
Delaware Lackawanna & Western (guar.). $2.50 Jan. 20 Holders
of roe. Dec. 200
Jan. 5
2
Detroit Hillsdale & S. W
of rec. Jan. 8a
Holders
15
Jan.
Detroit River Tunnel
rec. oJan. ea
of
Holders
134 Feb. 2
Great Northern Ry. (guar.)
THE CHRONICLE
54
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Compa”y.
[Vol,. 110.
1Vhe,,
Per
Cent. PayabV.
Books Closed.
Days I, elusive.
Miscellaneous (Continued).
•
Detroit Edison (guar.)
Jan. 15 Holders of rec. Dec. 31 a
2
Dictograph Products Corp., pref.(guar.) 2
Jan. 15 Holders of reo. Dec. 310
Dome Mines
250. Jan. 15 Holders of reo. Dec. 310
Dominion Linens, Ltd., pref
33i Jan. 15
Dee. 31
Dominion Textile, Ltd., pref. (guar.)._
134 Jan. 15 Holders of rec. Dee. 31
du Pont (E. I.) de Nem. & Co.Debenture stock (guar.)
1% Jan. 6 Holders of rec. Jan. 10a
4
du Pont (E.I)deNem.Powd.,com. (qu.)_
134 Feb. 2 Holders of rec. Jan. 20a
Preferred (guar.)
1;4 Feb. 2 Holders of rec. Jan. 20a
Eastern Steel, common (guar.)
123i Jan. 15 Holders of rec. Jan. 2
75e. Jan. 15 Holders of rec. Jan. r 1
Elder Corporation, corn. (go.)(No. 1)
Electrical Securities, corn. (quar.)
1Y4 Feb. 2 Holders of rec. Jan. 23a
Everett, Heaney & Co., Inc. (guar.)._ 50c. Jan. 10 Holders of rec. Dec. 31
Federal Oil, corn. (guar.)(No. 1)
2
Feb. 15 Holders of roe. Jan. 15
Common (extra)
3
Feb. 15 Holders of rec. Jan. 15
Firestone Tire & Rubber•
Six per cent pref. (guar.)
I% Jan. 15 Holders of res. Jan. la
Seven per cent prof (guar.)
134 Feb. 15 Holders of rec. Feb. 5a
Fisher Body Corp., corn.(No. 1)
$2.50 Feb. 2 Holders of rec. Jan. 15a
Preferred (guar.)
l'i Feb. 2 Holders of rec. Jan. 13a
General Electric (guar.)
2
Jan. 15 Holders of reo. Dec. 6a
Extra (payable in stock)
e2
Jan. 15 Holders of rec. Dec. 60
General Fireproofing, common (guar.)
1( Jan. 1 Dee, 23 to Jan. 1
Street & Electric Railway.
Preferred (guar.)
1( Jan. 1 Dee. 21 to Jan. 1
.'in. Newport & Coy. L. & Tr., corn. (qu.) u.5 Jan. 15 Jan. 1 to Jan. 14
General Motors, common (quar.)
3
Feb. 2 Holders of reo. Dec. 31a
Preferred (guar.)
134 Jan. 15 Jan. 1 to Jan. 14
Preferred (guar.)
134 Feb. 2 Holders of rec. Dee. 31a
2
Jan. 15 Holders of rec. Dec. 31a
;onsolidated Traction of New Jersey
Debenture stock (guar.)
I% Feb. 2 Holders of rec. Dec. 31a
)uquesne Light Co. pref. (guar.)
134 Feb. 1 Holders of rec. Jan. 1
Godchaux Sugars, pref.(guar.)
*Ili Jan. 20 *Holders of reo. Dec. 29
donongahela Valley True., pref.(guar.) 3734 Jan. 7 Holders of rec. Dee. 31a Goodrich (B. Fl Co.. corn. (quar.)
1
Feb. 10 Holders of roe. Feb. 5a
'acific Gas & Electric, corn. (quar.)
15.i Jan. 18 Holders of rec. Dec. 31
Gorton-Pew Fisheries, common (guar.)
Jan. 2 Holders of rec. Dec. 230
1
Holders
of rec. Dec. 31a
'hula. & Western Hy.. pref. (quar.)
2
6234c. Jan. 15
Preferred (guar.)
Jon. 2 Holders of rec. Dee. 230
tepublic Railway & Light, pref. (quar.) 134 Jan. la Holders of rec. Dec. 31
Great Lakes Transit, corn.(guar.)
$1.25 Jan. I Holders of rec. Dec. 260
Tatted Gas & Elec. Co., preferred
234 Jan la Holders of rec. Dec. 31a
Preferred (guar.,
134 , Jan. 1 Holders of reo. Dec. 260
Vashington Water Power,Spokane (go.; I Is Jan. la Holders of rec. Dee. 24
134 Jan. 20 Holders of reo. Jan. 100
Harbison-Walker Refract., pref. (qu.)
Vest Penn Power Co., pref. (quar.)
lai Feb. I Holders of rec. Jan. 21
Hartford Automotive Parts, Pref. (guar.)
S
Jan. 1 Holders of rec. Dee. 200
Vest Penn Trac.& Water Pow., pf.(qu.) 134 Feb. 16 Holders of rec. Jan. 19
134 Jan. 15 Holders of rec. Dec. 31
Hilicrest Collieries, coin. (guar.)
rork Railways, preferred
62340. Jan. 31 Holders of rec. Jan. 21a
Preferred (attar.)
134 Jan. 15 Holders of rec. Dec. 31
134 Feb. 2 Holders of rec. Jan. 15
Holly Sugar Corp., pref. (guar.)
Banks.
Howe Sound Co.(quar.)
50. Jan, 15 Holders of rec. Dec. 31
*
7entral Mercantile
44
Des. 31 Holders of rec. Dee. 26
•154 Jan. 15 *Holders of rec. Jan. 3
Illinois Erick (guar.)
5
Jan 10 Holders of rec. Dec. 18a
1fercantile Bank of the Americas
Extra
*I% Jan. 15 *Holders of rec. Jan. 3
Indian Packing Corporation (quar.)
250. Jan. 14 Holders of rec. Dec. 31
Fire Insurance.
Indian Pipe Line (guar.)
$2
Feb. 14 Holders of reo. Jan. 24
7 Holders of rec. Dec. 27a
'iontinental Insurance
$2.50 Jan
$2
Extra
Feb. 14 Holders of roe. Jan. 24
la
Jan
. 7 Holders of re
,
. Dec. 27
i'idelity-Phenix Fire Insurance
Indiana Coke (lb Gas. 1st pref. (guar..
13i Jan. 1 Doe. 21 to Jan. 1
Second preferred (guar.)
134 Jan. I Dee. 21 to Jan. I
Miscellaneous.
Inspiration Consolidated Copper (guar.) $1.50 Jan. 26 Holders of rec. Jan. 9
Lbltibl Power & Paper,Ltd.corn.(guar.) 04 Jan. 15 Holders of reo. Jan. 20 Internat. Agric. Corp., pref. (guar.)._
134 Jan. 15 Holders of rec. Doe. 31a
$1
Jan. 15 Holders of rec. Dec. 31a International Harvester, corn. (guar.)._
Ur Reduction (guar.)
I% Jan. 15 Holders of rec. Dec. 24a
4
Jan. 15 Holders of reo. Dec. 31a Internat. Mercantile Marine, pref
Llabama Company, common
3
Feb. 2 Holders of reo. Jan. 15a
First and second preferred (quar.)
13 Jan. is Holders of rec. Dee. 31a
Preferred (acct. accumulated diva)._ h5
Feb. 2 Holders of me. Jan. 15a
(Mance Really (guar.)
134 Jan 16 Holden, of rec. Jan. 10
International Paper. Pref. (guar.)
1% Jan. 15 Holders of rec. Jan. 9
tilled 011 Corp. (guar.)
2e. Jan. 15 Holders of rec. Dee. 26
International Products, pref. (No. 1)-334 Jan. 10 Holders of rec. Jan. 3a
Oils-Chalmers, preferred (guar.)
154 Jan, 15 Holders of reo. Dee. 31a Kaufmann Dent. Stores, corn.(No. 1).- *31
Feb. 2
Pref.(account accumulated dividends) h15,
1 Jan. la Holders of reo. Doe. 310 Kayser (Julius) & Co •
Lmer. Agricultural Chem., corn. (guar.) 2
Jan. 15 Holders of rec. Dec. 22a
First and second preferred (guar.)._
134
Feb.
2 Holders of rec. Jan. 20a
I% Jan. 15 Holders of rec. Dee. 220 La Belle Iron Works, corn. (guar.)
Preferred (guar.)
1% Jan. 2 Holders of rec. Doe. 19a
1merican Chicle, common (guar.)
1
Feb. 2 Holders of rec. Jan. 17
2
Preferred (guar.)
2 Holders of reo. Dec. 190
Jan.
4
mar.15 Holders of rec. Jan. 31a Laurentide Power (guar.)
Lmertcan Druggist Syndicate
1
Jan. 15 Holders of rec. Dee. 31a
kmer. Gas & Elec., pref. (guar.)
13.6 Feb. 2 Holders of rec. Jan. 16
Libby, McNeill & Libby
500. Jan. 5 Dec. 13 to Jan. 8
Holders of roe.. Jan. 9
kmerican Ice, common (guar.)
kl
Jan. 24 Holde
Locomobile Co., pref. (guar.)
134 Jan. 2 Holders of reo. Dee. 31
Preferred (guar.)
1% Jan 24 Holders of rec. Jan. 9
Loves, Inc
*50o. Feb. 1 *Holders of rec. Jan. 17
kmerican Laundry Machinery, pf. (qu.) 134 Jan, 18 Jan. 4 to Jan. 15
MacAndrews & Forbes, corn. (quar.)__ *234 Jan. 15 *Holders of rec. Dee. 31
750
. Jan 15 Holders of rec. Dee. 31a
4mer.
.Rolling Mill, corn. (guar.)
Common (extra)
*4
Jan. 15 *Holders of rec. Dee. 31
Jan.Holder
s of rec. Dec.31a
Common (payable in common stock).- _ 15
10
Preferred (guar.)
*I% Jan. 15 'Molders of reo. Dee. 31
Preferred (guar.)
134 Jan. 15 Holders of rec. Dee. 31a Manufacturers Light & Heat (quar.)
$1
15 Holders of reo. Dec. 31a
Jan.
Debenture stock (guar.)
134 Jan la Holders of rec. Dec. 31a
Special
6,1
Jan. 15 Holders of rec. Dec. 31a
kmer. Seeding Mach., corn. (quar.)
134 Jan. 15 Holders of rec. Doe. 310 Maple Leaf Milling, corn. (guar.)
18 Holders of rec. Jan. 3
Jan.
6
I%
Jan.
15
Holders of reo. Dec. 31a
Preferred (guar.)
Preferred (guar.)
134 Jan. 18 Holders of rec. Jan. 3
amer. Shipbuilding, corn. (guar.)
la( Feb. 2 Holders of reo. Jan. 15a
Marland Refining Co. (guar.)
4'234 Jan.
*Holders of rec. Doe. 31
Common, (extra)
234 Feb. 2 Holders of rec. Jan. 15a Massachusetts Gas Cos., corn. (guar.).- 134 Feb. 15
2 Holders of rec. Jan. 15
Preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 15a Massachusetts Lighting, pref. (guar.)._
Jan. 15 Holders of reo. Dec. 26
kmer. Steel Foundries, corn. (guar.).- 780. Jan. 15 Holders of rec. Jan. 2a McKesson (lb Robbins, Inc., pref. (guar. . $1.50
134 Jan. 2 Holders offreo. Dec. 20
kmerican Telco. ek Teieg. (guar.)
2
Jan. 15 Holders of rec. Dec. 20a Mexican Petroleum, common (guar.).- 234 Jan. 10 Holders of reo. Dec. 13a
kmerican Typefounders, corn. (guar.)._
1
Jan. 15 Holders of rec. Jan. 10a Mexican Telegraph (guar.)
234 Jan. 12 Holders of reo. Doe. 310
Preferred (quar.)
134 Jan. 15 Holders of rec. Jan. 10a
Mich. Limestone & Chem., pf. (guar.)._
134 Jan. 15 Holders of rec. Dec. 31
american Woolen, corn. & pref. (guar.) 134 Jan. 15 Dee. 17 to Dee. 29
Montgomery NVard dr Co., new pref.__ 510. Jan. 12 Holders of reo. Dec 310
Later. Zinc, Lead & Smelt., pf. (qu.)
31.50 Feb. 2 Holders of rec. Jan. 23a Montreal Telegraph (guar.)
Jan. 15 Jan. 1 to Jan. 15
2
Imoskeag Mfg., common (guar.)
*31.25 Fob. 2 *Holders of roe. Jan. 2
Mt. Vernon-Woodberry Mills, preferred *334 Jan. 15 *Holders of roc. Dec. 31
Preferred
42.25 Feb 2 *Holders of reo. Jan. 2
.,
National Biscuit, corn. (guar.)
134 Jan. 15 Holders of reo. Dec. 30a
knanconda Copper Mining (guar.).- 61
Feb. 24 Holders of rec. Jan. 17a National Cloak & Suit, corn. (guar.)... 134 Jan. 15 Holders of rec. Jan. 8a
kngio-Amer. Oil, Ltd. (interim.)
(a) Jan. 15 Holders of coup. No. 18
National Fuel Gas (guar.)
*234 Jan. 15 *Holders of reo. Dee. 31
krizona Silver Mines(monthly)
3e. Jan. 15 Holders of rec. Jan. 1
National Licorice, common
*234 Jan. 7 *Holders of reo. Jan. 7
ksbestos Corp. of Canada, corn. (guar.) 134 Jan. 15 Holders of rec. Jan. 2a
Common (extra)
*2
Jan. 7 *Holders of rec. Jan. 7
Common (bonus)
2
Jan. 15 Holders of reo. Jan. 20 Nat. Paper ek Type, corn.,& pref.(quar ) 2
Jan. 15 Holders of tee. Dec. 31a
Preferred (guar.)
15.1 Jan. 15 Holders of rec. Jan. 2a New York Dock, common
234 Feb. 16 Holders of rec. Feb. 5a
Preferred (bonus)
2
Jan. 15 Holders of reo. Jan
Preferred
2a
234 Jan. 15 Holders of rec. Jan. 5
Associated 011 (guar.)
134 Jan. 15 Holders of rec. Doe. 26a New York Mutual Gas Light
4
Jan. 10 Holders of reo. Dee. 26a
Atlantic Gulf & W. I. SS. Lines, corn
Feb. 2 Holders of reo. Dec. 30a
5
New York Transit (guar.)
4
Jan. 15 Holders of reo. Dee. 20
Banks Oil. Inc. (monthly)
2
Jan. 15 Holders of rec. Dec. 29
Extra
4
Jan.
15 Holders of reo. Dec. 20
Barnhart Bros. & SpindlerNiagara Falls Power, pref. (quar.).... 134 Jan. 15 Holders of reo. Doe. 31
First and second preferred (guar.)._
134 Feb. 1 Holders of rec. Jan. 26a Niplasing Mines, Ltd. (guar.)
25e. Jan. 20 Jan. 1 to Jan. 18
Barnsdall Corporation (guar.)
3734o Jan. 15 Holders of rec. Dee. 31a
Extra
25e. Jan. 20 Jan. 1 to Jan. 18
Barrett & Co., preferred (guar.)
134 Jan. 15 Holders of rec. Dec 300 North Amer. 011 & Refining (stock dtv.) *10
Jan. 10 Holders of res. Doe. 27
Beatrice Creamery, common (guar.)
4
Jan. 2 Holders of rec. Dec. 20a Nova Scotia Steel & Coal, corn. (quar.)_
lg Jan. 15 Holders of rec. Doe. 240
Preferred (guar.)
la( Jan. 2 Holders of rec. Dec. 20a
Preferred (quar.)
2
Jan.
15 Holders of rec. Doe. 240
Bell Telephone of Canada (guar.)
1
Jan. 15 Holders of rec. Doe. 31a Ohio Fuel Supply (guar.)
6236c Jan. 15 Holders of roe. Dee. 310
Bell Telephone of Penna. (guar.)-----Extra (payable in Liberty Loan bonds) m50c. Jan. 15 Holders of reo. Dec. 31a
1
X
Jan.
5a
Holders
Jan.
rec.
15
of
Bush Terminal, common
- '0234 Jan. 15 *Holders
Oklahoma Natural Gas (guar.)
*6234o Jan. 20 *Holders of res. Dec. 26
rec. Jan. 7
Common (payable in common stock) *1234 Jan. 15 *Holders of
Oklahoma Producing & Refining (guar.) 1234 Jan. 6 Holders of reo. Doe. 26
of rec. Jan. 7
Preferred
Otis Elevator, common (guar.)
*3
Jan. 15 *Holders of rec. Jan. 7
134 Jan. 15 Holders of reo. Dee. 31
Bush Terminal Bldg.., pref. (qatarr.)
134. Jan. 1 Holders of rec. Dec. 31a
Preferred (guar.)
134 Jan. 16 Holders of reo. Dee. 31
Canada Cement, Ltd., ordinary (guar.)
134 Jan. 15 Jan. 1 to Jan. 15
4 Jan. 16 Holders of rec. Dec. 31a Pacific Telep. & Teleg., pref. (quar.)
Canadian Car dr Foundry, pref. (guar.). 1,
134 Jan. 10 Holders of rec. Doe. 26a Packard Motor Car (guar.)
*234 Feb. 1 *Holders of rec. Jan. 8
Canadian Cottons, Ltd., corn. (quar.)__
Pan-Amer. petrol. ,s,'tramp., corn.(qu.) $1.50 Jan. 10 Ilolders of reo. Dee. 13a
lai Jan. 4 Holders of rec. Dee. 26
Preferred (guar.)
Common B (No. 1)
134 Jan. 4 Holders of rec. Dee. 26
$1.50 Jan. 10 Holders of rec. Dee, 130
Carbon Steel, common (guar.)
2
Jan. 15 Holders of rec. Jan 10a Parish & Bingham Corp. (guar.)
750. Jan. 20 Holders of rec. Dee. 31a
First preferred
04
Extra
mar. 30 Holders of rec. Mar.26a
250. Jan. 20 Holders of rec. Dec. 310
Second preferred
6
July 30 Holders of rec. July 26a Penmans Ltd., common (guar.)
•
154 Feb. 16 Holders of reo. Feb. 5
U Cass (J. I.) Plow Works
' Preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 21
First and second preferred (guar.)
Pennsylvania Salt Mfg. (guar.)
134 Jan. 2 Holders of reo. Dee. 10
$1.25 Jan. 15 Holders of rec. Dee. 31a
Central coal ,it coke,common (guar.).- I%
Jan. 24 Holders of rec. Jan. 9a
310 Pittsburgh Coal of Pa., corn. (guar.)._
134
Deb.
Jan.
reo.
Holders
15
of
Preferred (guar.)
134
Preferred (guar.)
154 Jan. 24 Holders of roc. Jan. 9a
310
Central Ill. pub. service, pref. (guar.). 134 Jan. 15 Holders of rec. Dee. 31
Pitts. Plate Glass, common
Jan. 15 Holders of rec. Dec.
Mar. 1 Holders of rec. Feb. 12a
5
Central Leather, common (guar.)
134 Feb. 2 Holders of rec. Jan. ea
Preferred (annual)
Mar. 1 Holders of rect. Feb. 12a
(extra)._- 12
Common (extra)
2
Feb. 2 Holders of rec. Jan. 9a Pittsb. 'terminal W'llse. & Transf. (ex.) *750. Jan. 10
Central dc S. A. Teieg. (guar.)
134 Jan. 14 Holders of rec. Doe. 31a Prairie Pipe Line (guar.)
Jan. 31 *Holders of rec. Dec. 31
*3
Chicago Pneumatic Tool (guar.)
*2
Procter & Gamble,8% pref. (quar.)
Jan. 15 Holders of rec. Dec. 24
Jan. 26 *Holders of rec. Jan. la
2
Cities Service corn. & pref. (monthly).n234c. Feb. 1 Holders of reo. Dec. 310
% Feb. 1 Holders of rec. Jan. 15a Producers & Refiners, COM. (quar.)._
Common (payable in common stock) 1134 Feb.
$1.25 Jan. 15 Holders of rec. Jan. • 2a
1 Holders of rec. Jan. 15a Punta Alegre Sugar (quar.)
Colorado Power, preferred (quar.)
Quaker Oats, common (guar.)
3
Jan. 15 Holders of rec. Dee. 310
134 Jan. 15 Holders of rec. Dee. 31
Commonwealth Finance Corp.,pf.(qu.)Preferred (guar.)
Jan. 15 Holders of rec. Dee. 31
154 Feb. 28 Holders of rec. Feb. 2a
Computing-Tabulating-Recording (qu.) 134
1
Jan. 15 Holders of reo. Jan. 5
Jan. 10 Holders of rec. Dee. 240 Realty Associates
3
Consolidated Textile Corp. (No. 1)
75e. Jan. 22 Holders of rec. Jan. 15s
Extra
Jan. 15 Holders of rec. Jan. 5
2
Continental Candy (quar.) (No. 1)
250. Jan. 20 Holders of rec. Dec. 290 Republic Iron & Steel, common (quar.)_
14 Feb. 2 Holders of rec. Jan. 15
Corn Products Refining, corn.(No. 1)
1
Jan. 22
Jan. 20 Holders of rec. Jan, So Royal Dutch Co
*15
Common (extra)
34 Jan. 20 Holders of rec. Jan. 54 Santa Ceeillia Sugar Corp., corn. (guar.) 'olg Feb. 2 *Holders of rec. Jan. 24a
Preferred (guar.)
134 Jan. 15 Holders of rec. Jan. so
Preferred (guar.
*134 Feb. 2 *Holders of rec. Jan. 24
Cosden & Co., common (guar.)
Savage Arms Corporation, corn. (extra)_ 5
1230. Feb. 1 Holders of reo. Dee. 31
Jan. 15 Holders of rec. Nov.30
Corn. (payable in corn. stock)
Securities Company
/12340 Feb. 1
254 Jan. 15 Holders of rec. Dec. 31a
Cramp(Wm.)& Sons S. dr E. Bldg.(qu.) 154 Jan. 15 Holders of rec. Dec. 31
Ref.,
dt
Shaffer
Oil
pref.
•134
Jan.
Jan.
(quay.)
26 *Holders of roe. Dec. 31
I
15
Jan.
to
Creamery Package mfg., corn. (guar.) 134 Jan.
Shattuck-Arizona Copper Co. (guar.) _ 250. Jan. 20 Holders of reo. Dee. 31a
10 Jan. 1
ta Jan. 21
Common (extra)
Shawinigan Water & Power (quar.)____
Jan. 10 Jan. I
5
134 Jan. 10 Holders of roo. Dec. 26
to Jan. 21
Preferred (guar.)
154 Jan, 10 Jan. 1
Smith (Howard) Paper Mills, Ltd., corn. 134 Jan. 15 Holders of reo. Dee. 31a
to Jan. 21
Crucible Steel, common (quar.)
Preferred (guar.)
Jan. 31 Holders of rec. Jan. 15a
3
134 Jan. 15 Holders of rec. Doe. 31
Cuba Company, preferred
334 Feb. 2 Holders of rec. Dec. 3Ia Spring Valley Water (guar.)
134 Dec. 31 Dee. 17 to Dee, 31
Cudahy Packing,common (guar.)
134 Jan. 5 Holders of rec. Dec. 24
Stafford Company, preferred
Feb. 1 Jan. 10 to Jan. 29
134
Delaware Lack. & West. Coal (guar.)
$2..0 Jan. 15 Holders of rec. Dec. 31a Standard Underground Cable (guar.)
Jan. 10 Jan. 4 to Jan. 15
3
Detroit Iron & Steel, corn. (quar.)
25c. Jan. 15 Jan. 6
Extra
Jan.
3
15
Jan.
to
10 Jan. 4 to Jan. 15
Preferred (guar.)
1734c Jan. 15 Jan. 6 to Jan. 15
Special
3
Jan. 10 Jan. 4 to Jan. 15
Railroads (Steam)-Concluded.
ollet & Chicago (guar.)
Kansas City Southern, pref. (quar.)
Lehigh Valley,-common (guar.)
Preferred (guar.)
elahoning Coal RR., common
elichigan Central
"line 11111 & Schuylkill Haven
.Tew York Central RR. (guar.)
,Torfolk & Western, Ad). pref. (quar.)
Iorthern Central
;orthern Pacific (guar.)
forthern Securities
'ennsylvania Company
'hliadelphia re 'I renton
attsb. On. Chic. & St. Louis
'Itts. Ft. Wayne & Chic. pref. (quar.)_
Preferred (extra)
ittsburgh & Lake Erie
'uget Sound Tr., Li. & Pow., pref.(guar.)
Leading Company, common (quar.)_
Second preferred (guar.)
Dried° Columbus dt Ohio River
1% Jam, 8 Holders of rec. Dec.:20a
Jan. 15 Holders of rec. Deo43la
1
873c. Jan 3 Holders of me Dec413a
$1.25 Jan. 3 Holders of rec. Dec. 13a
$5
Feb. 2 Holders of rec. Jan. 8a
2
Jan. 29 Holders of rec. Dee. 31a
$1.25 Jan 15 Dec. 20 to Jan. 14
134 Feb. 2 Jan. 3 to Jan. 28
Feb. 19 *Holders of rec. Jan. 31
*I
$2
Jan. 15 Holders of rec. Dec. 31a
lai Feb. 1 Holders of rec. Dee. 31a
4
Jan. 10 Dec. 27 to Jan. 11
Dec. 31 Holders of rec. Dec. 240
3
23, Jan 10 .Tan. 1 to Jan. 11
2
Jan 26 Holders of rec. Jan. 15
I x Jan. 6 Holders of rec. Dec. 100
53( Jan. 6 Holders of rec. Dec. 10a
*$2.50 Feb. 2 *Holders of rec. Jan. 21
750. Jan. 18 *Holders of rec. Jan. 3
Feb. 12 Holders of rec. Jan. 220
$1
50c. Jan. 8 Holders of rec. Dec. 23a
6
Dec. 31 Holders of rec. Dec. 29
THE CHRONICLE
JAN. 3 1020.1
When
Per
Cent. Payable.
Name of Company.
Rooks CrAserf.
Days Inclustre.
Miscellane,us (Corcluded)Steel Co. of Canada, ordinary (quar.)
flI Feb. 2 Holders of rec. Jan. 0
Feb. 2 Holders of rec. Jan. 10
Ordinary (special)
Feb. 2 Holders of rec. Jan. 10
Preferred (quar.)
Stern Bros., pref. (quar.)
13‘ Mar. 1 Holders of rec. Feb. 20
Jan. 15 *Holders of rec. Jan. la
*15
Stetson (John B.) Co., common
Jan. 15 *Holders of rec. Jan. 1
Preferred
*4
134 Jan. 15 Jan. 1 to Jan. 150
Sullivan Machinery (guar.)
Jan. 15 Jan. 1 to Jan. 15
Extra
Feb. 2 Holders of rec. Jan. 151
Superior Steel Corp., common (quar.)...
Common (extra)
34 Feb. 2 Holders of rec. Jan. 151
Feb. 16 Holders of rec. Feb. 27
2
First and second preferred (quar.)_.
Feb. 14 Holders of ren. Feb. 5
2
Symington (T. H.) Co., pref. (quar.)
Jan. 20 Jan. 1 to Jan. 9
Times Square Auto Supply,Inc., pf.(qu.) 1
Transue etr Williams Stl. Forg.,com.(qu.) $1.25 Jan. 10 Holders of rec. Dec. 31a
Jan. 15 Jan. 6 to
Truscon Steel (quar.)
4
Jan. 15
1
Jan. 15 Holders of rec. Dec. 31
Tuckett Tob. corn. (quar.)
Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Union Natural Gas (quar.)
Jan. 15 Holders of rec. Dec. 31a
$1
Jan. 20 Holders of rec. Jan. 8a
United Alloy Steel Corp.(guar.)
Feb. 2 Holders of rec. Jan. 15
United Drug, lit pref. (guar.)
United Fruit (quar.)
231 Jan. 15 Holders of rec. Dee. 20a
United Gas Impt. (guar.)
Jan. 15 Holders of rec. Dec. 31
$1
United Paperboard, preferred (quar.)
134 Jan. 16 Holders of rec. Jan. 1
United Retail Stores Corp. (No.
$3
Feb. 2 Holders of rec. Jan. 15a
United Shoe Mach., Corn. (quar.)._ 50c. Jan. 5 Holders of rec. Dec. 18
Preferred (quar.)
3734e. Jan. 5 Holders of rec. Dec. 16
United Verde Extension Mining (quar.) 60c. Feb. 1 Holders of rec. Jan. 5a
U. S. Can, common
500. Jan. 15 Holders of rec. Dec. 31
Common (extra)
250. Jan. 15 Holders of rec. Dec. 31
Preferred (quar.)
15( Jan. 15 Holders of rec. Dee. 31
U. S. Food Products Corp. (quar.)._
3-4 Jan. 19 Holders of rec. Jan. 2a
Extra
134 Jan. 19 Holders of rec. Jan. 2a
U. S. Industrial Alcohol, pref. (guar.)
131 Jan. 15 Holders of rec. Dec. 31a
U. S. Printing & Lith., let pref. (quar.)
15‘ Jan. 1 Holders of rec. Dec. 20a
First pref. (account accum. dies.)
h1,i Feb. 1 Holders of rec. Jan. 20a
U. S. Radiator, preferred
Jan. 25 *Holders of rec. Jan. 15
LI.S. Smelt., Ref., & Mining, corn.(qu.) $1.50 Jan. 15 Holders of rec. Jan. 2a
Preferred (quar.)
8734c. Jan. 15 Holders of rec. Jan. 21
11. S. Worsted, first preferred (quar.)
Jan. 15 Jan. 8 to Jan. 16
Victor Talking Machine, corn. (quar.)
Jan. 15 Jan. 1 to Jan. 5
5
Preferred (quar.)
131 Jan, 15 Jan. 1 to Jan. 5
Virginia Carolina Chemical, corn. (qu.) 1
Feb. 2 Holders of rec. Jan. 15a
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 31a
2
Virginia Iron, Coal & Coke
Jan. 25 Holders of rec. Dec. ha
3
Vulcan Detinning, pref. (guar.)
131 Jan. 20 Holders of rec. Jan. 10a
Prof. (account accumulated divs.)_ _ hl
Jan. 20 Holders of rec. Jan. 10a
Warner(Chas.) Co.of Delaware,cm.(qu.) 1
Jan. 15 Holders of rec. Dee. 31a
First and second preferred (quar.)
15( Jan. 22 Holders of rec. Dec. 31a
Washington Oil
$2
Jan. 30 Jan. 1 to Jan. 29
Westchester Title dr Mortgage
4
Jan. 7 Holders of rec. Dec. 31
Western Power Corp., prof. (guar.)_ _
is' Jan. 15 Holders of rec. Doe. 31a
Western Union Telegraph (quar.)
131 Jan, 15 Holders of rec. Dec. 20a
Westinghouse Air Drake (guar.)
$1.75 Jan. 31 Holders of rec. Dec. 31a
Westinghouse Elec. dr Mfg.,corn.(guar.) $1
Jan. 31 Holders of rec. Jan. 2a
Preferred (quar.)
$1
Jan. 15 Holders of rec. Jan. 2a
White Eagle Oil(4 Ref.(guar.)
50c. Jan. 10 Holders of rec. De. 31
Wilson & CO., corn. (quar.)
Feb. 2 Holders of rec. Jan. 21a
•1
Wire Wheel Corporation (monthly)_
Jan. 10 *Holders of rec. Jan. 2
*From unotfidial sources. tDeclared subject to the approval of Director-General
of Railroads. :The Now York Stock Exchange has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
aTransfer boAs not closed for t.,is dividend. b Less British income tax. d Correction e Payanle in Kock. f Payable in common stock. g Payable in sorip.
S On account of accumulated dividends. f Payable in Liberty Loan bonds. k Declared 4%, payable in quarterly installments of 1% each on Jan. 24, Apr. 24, July
24 and Oct. 25 to holders of record of Jan. 9, April 9, July 9 and Oct. 11. respectively.
Red Cross dividend. m Payable in U.S. Liberty Loan 43i% bonds. n Declared
5% (par value $10), payable in quarterly installments. s Divid^nd is 3 shillings
per share, equivalent in U.8 currency,on the basis af $3 73 1-3 to the pound sterling
to 56 cents per share.
DM 10o. on account of war income taxes. z Payable
March 1 1920. 2 At rate of 8% per annum from date of issue. Oc.. 6 1919.
u Erroneously reported last week as J. I. Case Threshing Machine Co.
v Declared 8% payable 4% as above and 4% Sept. 30 to holders of rec. Sept. 25,
Boston Clearing House Banks.-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Dec.27.
1919.
Changes from
previous week.
Dec. 20
1919.
Dec. 13.
1919.
3
$
$
•
$
Circulation
3,701.000 Dec.
111,000 3,812,000 3,784.000
Loans,(lise'ts & investments_ 586,057,000 Dee. 4,656,000 590,712,000 581,015,000
Individual deposits, incl. U.S. 425,297,000 Dec. 19,991,000 445,288,000 454,136,000
Due to minks.
115,542,000 Dec. 2,936,000 118,478,000 113,752,000
Time deposits _
17,290,000 Inc.
127,030 17,163,000 16,757,000
United States deposits*
198,000 24,089,000 13,311,000
24,287.000 Inc.
Exchanges for Clear. House.- 22,888,000 Dec. 2,314,000 25,202,000 24,844,000
Duo from other banks
66,162,000 Dec.
751,000 66,913,000 64,215,000
Cash in bank & in F. R. Bank 72,723,000 Inc.
477,000 72,246,000 73,560,000
Reserve excess in bank and
FOliArili RARArVA Hank
27.025.nnn Inc. 2.459.000 24.566.000 2R _174 nnn
* Formerly included under the head of'Individual Deposits."
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending.Dec. 27 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Fedora),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."
wag ending Dec. 27 1919.
Two ciphers (00) omitted. Members°,
F.R.Systern
Capital
Surplus and profits
Loans, disc'to et investrn'te
Exchanges for Clear. House
Due from banks
Bank deposits
Incite idual dePoaks
Time deposits
Total depostes
U.S.deposits(notincluded)
Reeve with Fed. Res. Bank
Res've with legal deposit's..
Cash in vault*
Total reserve & gash held-Reserve required
Elapse re. Ar ,..h In vault_
$30,675,0
84,427,0
748,004,0
30,186,0
120,220,0
144,230,0
500,978,0
0,080,0
651,288,0
Trust
Cos.
$3,000,0
8,145,0
30,532,0
659,0
15,0
287,0
19,850,0
20,137,0
51,032,0
15,491,0
68,523,0
49,062,0
17.1(11.0
2,515,0
902,0
3,417,0
2,919,0
498.0
Dec.20.
1919.
Dec 13
1919.
$33,675,0
92,572,0
776,645,0
27,764,0
129,680,0
141,981,0
529,236,0
6,002,0
677,219,0
30,521,0
52,404,0
2,628,0
16,367,0
71,399,0
52,546,0
18.853.0
$33,675,0
92,674,0
770,934,0
28,309,0
122,888,0
143,178,0
541,128,0
5,994,0
690,300,0
13,040,0
50,814,0
2.467,0
15,878,0
69.159,0
54,495,C
14.664.0
Total.
$33,675,0
92,572,0
778,536,0
30,845,0
126,235,0
144,517,0
520,828,0
0,080,0
671,425,0
28,408,0
51,032,0
2,515,0
16,393,0
69,040,0
51,981,0
17.959.0
•Cash in vault is not counted as reserve for Federal Reserve bank members.
55
Statement of New York City Clearing House Banks
and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Dec.27. 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:
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers MOO' omitted.)
Net
Loans,
Nil'
Reserve
CLEARING
HOUSE
Time Bail
Capitol.Proffts. Discount, case
Net
with
De- Circe
InvestMEMBERS
Legal Demand
in
(.000 omitted.) Nat'l, Nov 17 monis, Vault. Dewitt- Deposits, posits. tails.
dbe.
Week ending State, Nov. 12
torte..
Dec.27 1919. Tr.Cos,Nov .12
.
--....Members of
Average. Average Average Average. Average Ass.
Fed.Res.Bank
$
$
$
$
$
$
$
$
Bk of NY, NBA 2,000 6,206
54,787
810 4,687
35,821 3,649 792
72,119 2,194 9,106
Manhattan Co_ 2,501 8,260
102
68,506
--33,742
Merchants' Nat 3,000 3,454
701 3,368
25,279 1,305 1,792
Mech dr Metals_ 6,000 12,672 167,752 10,791 21;376
158,209 4,298 1,000
Bank of America 1,500 7,304
34,439 1,054 3,638
27,076
National City__ 25,000 54,576 543,377 15,272 66,152 *568,974 39,865 1,425
Chemical Nat.._ 3,000 9,947 100,598 1,754 8,957
67,241 2,598 438
21,197
Atlantic Nat.__ 1,000 1,056
459 27329
143
519
16,051
138
5,899
Nat Butch dr Dr
300
123
660
4,819
293
Amer Exch Nat 5,000 6,325 129,286 1,926 14,030
95,742 5,019 4,823
NatBkof Comm 25,000 28,677 382,477 3,538 35,826
273,225 5,761
23,028 2,511 3,497
Pacific Bank _ _ _
500 1,153
23,969
50
_Chat!: & Phenix 7,000 6,925 117,563 6,156 14,057
102,485 11,103 4,444
Hanover Nat _ 3,000 19,122 140,139 3,632 18,860
100
133,982
45,545 1,075 5,303
Citizens' Nat __ 2,550 3,556
156 982
36,253
35,351 2,169 5,115
37,225
Metropolitan __ 2,000 2,683
53
153,370 5,803
Corn Exchange.. 4,200 8,925 148,761 7,898 20,399
863 3,607
39,723
1,500 8,552
27,528
Imp dr Trad Na
205
51
157,361 3,976 4,869
National Park__ 5,000 21,227 207,041 1,605 20,659
10,788
408 1,893
689
11,250
East River Nat_ 1,000
553
49
24,949 1,047 2,876
19,439
834
Second National 1,000 4,280
196,440 5,270 8,034
First National.._ 10,000 33,815 306,429 • 1.237 25,542
115,094 3,563 2,287
Irving Nat Bk.... 6,000 8,077 137,543 4,355 16,502
912 1,704
432
13,388
12,952
198
587
N Y CountyNat 1,000
155 1,100
8,708
740
7,129
Continental _ _._ 1,000
..;
297,050 24,294 1,100
Chase Nat Bank 10,000 21,432 373,997 6,515 38,559
21,087 1,308 2,904
500 2,401
19,208
Fifth Avenue __
968
200
375 1,282
8,441
Commercial Ex_
8,824
-,
481 1,285
740
400
9,220
Commonwealth.
9,244
1,000 2,079
16,280 1,116 2,025
210
15,543
Lincoln Nat
413 2,014
14,773
_- 1,000 1,469
59 393
14,180
Garfield Nat.....
362 1,398
13,190
503
4519 247
11,190
Fifth National. 1,000
55,291 1,366 7,378
69
500
49,750
Seaboard Nat__ 1,000 4,313
653 9,429
69,457 4,278 1,855
Liberty Nat...... 5,000 7,080 102,291
931 1,524
24,658
13,508
466 409
Coal dr Iron Nat 1.500 1,556
678 2,599
20,258
19,200
417
396
Union Exch..... 1,000 1,494
762 3,876
29,127 6,659 --Brooklyn Trust. 1.500 2,656 46,524
244,224 14,960 --Bankers Trust. 15,000 18,510 303,188 1,115 33,789
61,307 1.239 6,772
48,958 9,066 -U S Mtge dr Tr_ 2,000 4,867
Guaranty Trust 25,000 29,965 581,591 3,626 60,638 *451,652 44,889 -441 1,432
13,287
10,643
348 -Fidelity Trust__ 1,000 1,365
5,000 7,267
88,198 1,538 10,042
78,978 6,032
Columbia Trus
32,491 1,298 3,112
30,492 1.746 __Peoples Trust.._ 1,200 1.635
86,015
637 8,080
58,129 1,790 _New York Trust 3,000 11,206
883 2,687
31,683
1Q.171 1,894
Franklin Trust.. 1,000 1,326
831
733 3,373
22,083
23,118
984
Lincoln Trust__ 1,000
2,000 4,487
47,435
649 4,063
31,813 1,301
Metropolitan T
680 1,305
18,493
12,401
95
VI
Namau N,Bklyn 1,000 1,280
1,680
57,344 2,915 8,561
63,096 1,21
Irving Trust Co. 3,000
5,000 11,711 129,534 4,221 14,787 *140,29
9,14
Farm Loan &
1,000
896
21,864
_652 2,309
16
20,232
Columbia Bank
----,
210,350402,5275,005,152 108,232536,466c3,932,079 226,06337,083
Average .
Totals, actual c. ndition Dee. 275,012,553 113,228523,382c3,924,233224,561 37,021
Totals, actual cr. ndition Dec. 205,002,690 106,333511,711 3,087,267 227,20737,191
Totals, actual co ndition Dec. 134,959,283 103,650553,158 3,991,281 223,14036,892
Totals, actual condition Dec. 64,923,028 103,906572,010 3,946,364222,08736,887
State Banks. Not Membersof FederalReserve Ba net
500 1.737
18,607 2,574 1,140
Greenwich Bank
340
713
839
250
6,258
Bowery Bank_
25,442 3,224 1,482
N Y Prod Exch. 1,000 1,351
State Bank__ 2,000 1,415 83,558 3,869 2,725
3,750
Average
5,344
113,86510,380
19,411
..
5,663
26,985
58
34,407 26,534
5,68f
86,466 26,592 --
Totals, actual co ndition Dec.27 113,456 10,887 6,149
Totals. actual co ndition Dec. 20 114,215 9,942 6,302
Totals, actual .. ndition Dec. 13 114,033 9,922 5,977
Totals, actual c. ndition Dec. 6 112,872 9,889 6,268
=
Trust Companies. Not MembersofFed oral Reserve Bank
5,000 13,020
45,728 1,074 3,194
Title Guar & Tr
4,000 5,711
26,702
883 1,766
Lawyers T dr T
Average
9,000 18,731
Totals, actual co ndition
Totals, actual co ndition
Totals, actual co ndition
Totals, actual co ndition
Dec. 27
Dee. 20
Dec. 13
Dee. 6
72,430
1,957
71,475
72,595
69,892
69,403
2,065
1,983
2,074
2,127
4,960
87,123
87,172
86,412
85,398
26,821
26,278
25,758
25,213
---------
28,270
17,830
1,081 -.223
46,100
1,284
_e --
5,100
45,808 1,284 -5,651
47,053 1,284 -5,150
46,287 1,289 -_-_
4,761
44,736 1,279 --......
Gr'd aggr, avge223,100426,603 , 1,4 7 120,569 547,113d4,064,645253,93937,083
Comparison, pre v. week
+19,938 +3,631-33135 -104,999 +2,998 -59
Or's aggr, act'l cond'n Dec. 27 5,197,484 126,180534,721 e4,057,164252,66637,021
+7,975 +7,022+11,057 -64,328-2,103 -170
Comparison, prey, week
Gr'd
Gr'd
Gr'd
Gr'd
agar, salcond'n
agar. salcond'n
aggr, sailcond'n
aggr. aet'l cond'n
Dec. 205,189,509 118,258523,664
Dec. 135,143,208 115,646564,285
Dee. 65,105,303 116,922583,039
Nov.295,187,479 112,195615,065
4,121,492254.76937,191
4,213,980250,18736,892
4,076,498248,576 36,887
4,180,621 265,45836,491
• Includes deposits in foreign branches not included in total footings, as follows
National City Bank,$123,646,000: Guaranty Trust Co.,$79,591,000; Farmers' Loan
& Trust Co.,$29,674,000. 13allancea carried in banks in foreign countries as reserve
for such deposits were: National City Bank, $31,052,000; Guaranty Trust Co
$10,425,000: Farmers' Loan & Trust Co.,$6,117,000. c Deposits in foreign branches
not included. d U. S. deposits deducted, $245,520. e U. S. deposits deducted,
E225,030,000. Bills payable, rediscounts, acceptances and other liabilities, $10,004,338.
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Reserve
In
Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve,
Members Federal
536,466,000 536,466,000 517,052,160 18,513,840
Reserve Banks...
10,380,000
5,687,000 16.067,000 15,563,880
State banks*
503,120
4,960,000 6,917,000 6,915,000
Trust companies*--- 1,957,000
2,000
Total
Total
Total
Total
Dec. 27
Dec. 20.._
Dec. 13_
Dee. 6_ _
12,337,000
11,921,000
12,029,000
12,212.000
547,113,000 559,450,000 540,431,040
580,248,000 592,169,000 553,992,540
554,692,000 566,721,000 542,518,980
5145.733,000 597.045,000 549,166,440
19,018,960
38,178,480
24,202,020
48,778,560
[VOL. 110.
THE CHRONICLE
56
Actual Flgures.
Reserve
Cash
in
Reserve •
in Vault. Depositaries
Total
Reserve.
Surplus
Re.86701.
Reserve
Required.
. $
Members Federal
523,382,000 523,382,000 516,887,120
Reserve Banks_
10,887,000 8,149,000 17,036,000 15,682.140
State banks.
Trust companies.--- 2,065,000 5,190,000 7,255,000 6,871,200
6,494,880
1,353,860
383,800
Total Dec. 20_ _- 12,952,000 534,721,000 547,673,000 539;440,460 8,232,540
Total Dec. 13____ 11,925,000 523,684,000 535,589,000 547,909,830 12,320,830
Tot tl Dec. 6---- 11,909,000 564,285,000 576,281,000 548,057,940 28,223,080
Total Nov. 29..___ 12,016,000 583,039.000 595,0.55,000 541.771,970 53,283.030
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and true oornpaides, but In the case of members of the Federal Reserve banks included also amiamt of reserve required on net time deposits, which was as follows:
Deo. 27, $6,781,890; Dec.20,$6,706,800; De. 13, $6,711,060; Dec.6,$6,747,000.o
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank includes alei amount of reserve required on net time deposits, which was as follows:
Dec. 27,56.736 830: Doe. 20,56,816,210: Dec. 13,56,894,200: Dec 6,66.662,000
presents a statement covering all the institutions of this
class in 'the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements
of State banking institutions as amended May 22 1917 were
published in the "Chronicle" May 19 1917 (V. 101, p. 1975).
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Trust Companies.
State Banks.
Week ended Dec. 27.
Dec. 27.
1919.
Differences from
previous week.
Dec. 27.
1919.
Differences from
previous week.
S'
$
$
S
105,550,000
Capital as of June 30_ ' 25,0000000
175,548,400
45,708,300
Surplus as of June 30_
Loans & investments_ 681,656,100 Dec. . 228,300 2,161,966,200 Inc. 13,924,800
581,000
10,955,500 Deo.
219,100
•
8,889,900 Dec.
Specie
169,200
24,997,200 Inc..
34,792,500 Inc. 1,548,300
Currency & bk. notes
i
I
F.
the
with
Deposits
65,066,100 Des. 6,0520000 220,641,900 Dec. 0,199,800
R. Bank of N. Y
843,783,800 Dec. 15,546,400 2,232,572,200 Dec. 12,216,300
Deposits
Reserve on deposits_ _ 125,080,000 Dec. 4,681,000 305,316,600 Dec. 8,248,500
0.4%
18.5% Inc.
0.5%
20.2% Dec.
P. C .reserve to dep
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust
Non-Member Banks and Trust Companies.-Followcompanies in New /ork City not in the Clearing House, as ing is the report made to the Clearing House by clearing
follows:
non-member institutions which are not included in the
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
"Clearing House Return" on the following page:
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Differences from
(Figures Furnished by State Banking Department)
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
previous week.
Dec. 27.
HOUSE.
$811,024,800 Inc. $4,986,400
Loans and investments
(Stated in thomands of dollars-that P. three ciphers 1000 omitted.)
7,764,200 Dec.805,300
Specie
97,300
18,923,700 Deo,
Currency and bank notes
Net Loans,
942,300
76,871,300 Dec.
Deposits with Federal Reserve Bank of New York
Net
Net
Reserve
Capital]Profits. DisCLEARING
880,340,900 Inc. 2,293,200
Total deposits
with Demand Time Bank
counts, Cash
NON-MEMBERS
dereserve
from
due
Deposits, eliminating amounts
De- Circe.
DeLegal
Investin
Nat.bks.Nov.17
positaries, and froth other banks and trust comWeek ending Statebks.Nov12 ments, Vault. Deposi- posits. posits. talon.
panies in N. Y.City, exchanges and U.S. deposits 809,752,400 Inc. 1,763,000
tories.
&e.
12
.cos.Nov.
Tr
1919.
Dec.
27
622,000
Inc.
148,608,700
Reserve on deposits
Percentage of reserve, 20.9%•
Average Average Average Average Average Average
Members of
RESERVE.
'5
- -Trust Companies- Fed'I Res. Bank.
Stale Banks
133
193
289 1,762 12,963
1,684 18,180
S78,095,200 14.56% Battery Park Nat_ 1,50
$25,464,000 14.65%
Cash in vaults
408
401 1,648 11,489
630 12,303
20
32,539,700 6.06% Mutual Bank
7.19%
12,509,800
Deposits in banks and trust cos
214
8,180
,
1,21
232
9,857
663
60
_
New Netherland_
807
7.145
33 1,310
1,03s 8.501
50
$37,973,800 21.84% $110,634,900 20.62% W R Grace & Co's
Total
7,117 5,755
352 1,104
723 12,741
200
Yorkville Bank.__
400
8,654
1,119
599
8,982
400 1,387
First N B,Jer City.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
West RattedOct. 11
Oct 18
Oct 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
* This
Reserve
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vault.
Reserve in
Depositaries.
$
$
S'
$
6,222,640,800 4,953,388,900 136,302,200 889,598,400
6,225,384,700 4,995,626,900 135,260,200 699,093.800
6,157.850,600 5,011,330,800 136,751,700 898,812.800
6,152,354.000 5,997,701,800 136,421,700 687,726,600
6,196,334,100 5,058,029,200 134,385,200 719,908,100
8,108,291,800 5,032,829,900 141,456.700 708,102,100
6,033,287.000 4,998,912.400 139,286,400 696,738,000
5,965,254,400 4,957,903,600 139,471,300 698,932,400
5,985,254,400 4,957.903.600 142.616.300 698,288.400
5,911,523,100 4,893,718,700 148,126,200 673,870.700
5,977,547,400 4,977,633.400 144,328,500 700,844.200
6.002.477.800 4.874.397.000 152.867.900 856.641.800
Item includes gold, silver, legal tenders, national bank notes and Federal
notes.
Total
State Banks
Not Members of the
Federal Reserve Bank
Bank of Wash Eta.
Colonial Bank_ _ _ _
International Bank
North Side, Bklyn
Total
Trust Companies
Not Members of the
FederalReserveBank
Hamilton Tr,Bkin
Mech Tr,Bayonne.
3,400
6,108 70,544
1,006
8,303
55,548
7,317
100
600
500
200
440 3,071
1,217 13,819
289 7,556
287 5,900
387
1,398
912
579
172
1,134
528
345
2,877
14,663
7,569
5,824
405
616
1,400
2,214 30,340
3,276
2,177
30,733
1,021
8,765
7,959
406
214
329
304
0,584
3,375
1,090
4,490
710
633
9,959
5,580
500
200
1,048
465
700
1,513 16,724
5,500
Grans aggregate
Comparison previous week
9,838117,614
+1,324
Total
593
5,892 11,113 a96,240 13,918593,000
+2
+103 -271 -033 +316
Gr'd aggr, Dee.•20 5,500 9,836 116,290 5,789 11,384 96,87:1 13,602
Gr'd aggr, Dec. 13 5.500 9,836 116,272 6,046 10,673 94,593 13,841
Gr'd aggr, Dec. 6 5,500 9,836 113,930 5,791 10,644 92,053 13,901
Gr'd aggr. Nov. 29 5,500 9,717 113.711 5.451 10,810 91,345 14.342
* U. S. deposits deducted, $1,458.
Bills poyaole, rediscounts, acceptances and other liabilities, $7,722,000.
Excess reservc, $282 750 decrease.
591
590
589
588
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust comBoston Clearing House Banks and Philadelphia
panies in New York City not in the Clearing House," furnished
page.
by the State Banking Department, the Department also Banks.-For tables usually given here see previous
Federal Reserve
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the
of the differen items
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions
In the statement were given in the •statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
LOCATED IN CENTRAL RESERVE AND OTHER
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKSDEC 19 1919,
SELECTED CITIES AS AT CLOSE OF BUSINESS
and war paper to the banks' total loans and
securities
war
The ratio of
millions in net demand deposits, due to payment
Reduction
for all reporting banks, but deto
the Dec.
installment of income and excess profits taxes, and an increase investments increased from for the Now York City banks.
%
20.6
to
from
clined
millions
millions in Government deposits, also an addition of
flanks show a decline of
Reserve
Federal
the
Reserve balances with
to total loans and investments (less rediscounts), are indicated by the Fedmillions.
millions for the week, while cash in vault increased by about 10
eral Reserve Board's weekly statement of condition on Dec.
the week before. The bank,
than
lagrer
millions
were
deposits
Time
member banks in leading cities.
accommodation
aggregate
their
millions in
millions and of Victory notes- report a liquidation of
bonds declined
Holdings
millions less
Reserve Banks, bills payable totaling
millions, while Treasury certificates on hand, as the result of the new with the Federal
rediscounts with the Fedmillions, of which only about 6 than the week before, while customers paperof the previous week's total.
went up
Issues placed on Dec.
millions in excess
was
millions represents the increase for the New York City banks. The amount eral Reserve Banks
banks' own notes discounted with the F. R. banks aggregating
of war paper held (exclusive of rediscounts) was about millions larger than Of themillions,
all but
millions was secured by U. S. War obligations,
millions reported by
the week before, notwithstanding a decrease of
while of the total,customers' paper rediscounted with the Reserve banks
the New York banks.
it31d by
h,
The gross totalof war txpl.)ran
secured.
was'thus
than
less
of
the
21.1
week
for
Loans secured by stocks and bonds show an increase
with F. B.
. d by
krurwriettiscunt
na
ap
cobm
b,er
ns
millions for the New York City iientInfligheom
millions for all reporting banks and
millionsen:howiwteelY.before. 8 was
millions
banks alone, while all other loans and investments were
larger than the week before.
1. Data for all reporting hanks in each district. Three ciphers (000) omitted.
of 351.9
15
of
155.2
19 of 796
of 209.2
of U. S.
9.7
15,
2
17.5%
35.5
9.7
3.1
51.6
5.2
17.4
21.1
122.4
130.9
9.5
4.7
846.1
40%
30.1
93.3
342 8
Fran. Total.
Boston. New York Phitadel. Cleveland. Richned. Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San
705
61
43
82
35
35
107
47
82
90
56
112
46
Number of reporting banks
$7,120 $14,217 $19,573 $34,605 $269,188
U. S. bonds to secure circulation_ 513,536 848,887 $11,097 $41,841 $26,271 514,015 528,873 517,153
826,297
58.241
20,717
24,570
10,604
14,650
54,561
28,140
36,919
62,737
29,670
14,410 271,078
Other U. S., Inel. Liberty bonds
241,910
14,611
4,050
7,221
2,996
5,515
45.133
8,286
12,608
25,926
12,325
95,472
7,767
U. S. Victory notes
844,309
52,076
36,585
24,565
17,773
23,080
41.935 112,307
29,602
66,880
58,059
48,0 6 332,503
U.S. certificates of indebtedness...
$80,925 $180,432 $1.981,704
$83,749 $747,940 $111,151 $197,384 8105,400 892,376 $232,871 680,407 $38,493 $70,573
Total U. S. securities
Loans and investments, exclusive of
bills rediscounted with F. It.
and other banks:
31,232 1,022,633
7,423
20,368
14,782
31,292
93,478
24,566
37,004
91,107
43,790 522,164 104,527
Loans sec. by U.S. war obligat'n_
31,107 126,848 3,270,511
73,808
31,454
54,474 467,834 158,949
Loans sec. by stocks and bonds_ 197,266 1,462,037 201,504 351,281 114,151
0,339,958
742,501
211,695
460,232
253,984
305,726
All other loans and investments_ 871,809 3,342,708 486,197' 794,059 339,859 353,591 1,368,797
71.830 1,316,937
25,524
21,001
43,723
40,503
35,777 183,027
37,378
86,901
64,043
77,189 629,951
Reserve balances with F. R. Bank_
403,554
27,440
10,798
9,137
15,110
13,054
71,078
14,646
18,456
37,760
20,549
28,431 136,195
Cash in vault
156,149 235,769 590,230 11,195,085
767,447 5,066.722 638,432 816,544 360,777 302,283 1,364,973 354,045 241,705
Net demand deposits
35,551 351,757 2,293,384
85,812
59,884
110,727
555,033
119,729
98,900
330,219
22,172
397,768
128,032
Time deposits
31,442
647,898
34,890
15,229
9,902
27,102
67,912
41,199
53,701
24,663
15,829
42,433 283,506
Government deposits
Bills payable with F. R. Bank:
28,751
841,388
9,770
•
13,343
31,549
25,827
89,767
45,078
50,189
89,923
73,757
339,853
43,781
Sec. by U. S. war obligations
4,735
335
77
3,588
100
460
175
All other
Bills rediscounted with F. R. Bank:
P06,274
2,482
124
3,800
2,423
6,977
6,678
3,105
9,271
10,746
78,698
54,188 127,784
Sec. by U. S. war obligations....
4811.037
23.118
4.550
32304
30 6)14
1A ARA
50 017
26570
taxes
RA nAa
9,1 9RA
590
Three ciphers (000) omitted.
AlInthpr
42061
131
JAN. 3 1920.1
THE CHRONICLE
57
2. Data for Banks in Federal Reserve Bank and Branch Cities and All Other Reporting Banks.
New York.
All F.R.Bank Cities. F. R. Branch Cities.
Chicago.
AU Other
Reporting Banks.
Total.
Three ciphers (000) omitted.
Dec. 19. Dec. 12. Dec. 19. Dec. 12. Dec. 19. Dec. 12. Dec. 19. Dec. 12. Dec. 19. Dec. 12.
71
$39,190
245,387
90,903
305,172
50
$1,439
21,159
20,490
51,572
50
276
276
$1,438 $102,037 $102,036
18,256 365,407 385,715
21,213 138,382 143,814
52,539 562,946 516,396
178
$65,949
133,354
54.829
172,906
178
342
342
$66,611 $101,202 $101,203
134,738 127,536 128,275
56,093
50,699
51,177
164,024 108.457 112,302
Total U. S.securities
675,815 680,652
Loans and Investments, excl. of
bills rediscounted with F. Ti.
and other banks:
Loans sec. by U. S. war oblig_ 493,081 498,321
Loans sec. by stocks and bonds_ 1.322,228 1,292,134
All other loans and investments 2,982,667 2,922,888
Reserve balances with F. R. bank 592,79.3 .637,966
Cash in vault
122,080 118,772
4,624,791 4,659,045
Net demand deposits
Time deposits
313,749 310,148
Government deposits
271,499 107,797
Bills payable with F. R. Bank:
Secured by U. S. war obligat'ns 298,806 415,069
All other
Bills rediscounted with F. It. I3'k:
Secured by U. S. war obligat'ns 122,446 138,605
All other
122,882 124,155
Ratio of U. S. war securities and
war paper to total loans and
invpAtmAntA nem rant
90 ft
911
94.660
93,446 1,166,772 1,127,961
427,038
421,466
Number of reporting banks
U. S. bonds to secure circulation_
Other U.S. bonds, incl. Lib. bdsU. S. Victory notes
U.S. certificates of Indebtedness_
71
$39,190
241,147
84,287
311,191
66,258
371,480
788,779
129,821
43,480
935,975
253,695
45,798
387,894
June 20.
Dec. 19.
Dec. 12.
796
$269,188
626,297
241,910
844,309
771
796
$269,850 $268,540
628,728
638,781
251,624
388,738
792.722 1,040,664
393,497 1,981,704 1,942,924 2,336,723
66,672 791,123 791,435 120,267 118,445 111,243 110,694
373,488 2,434,656 2,414,757 417,820 420,838 418,035 413,467
782,600 5,917,006 5,842,846 1,698,932 1,690,131 1,724,020 1,713,720
132,118 968,170 1,036,069 178,863 186,452 169,904 179,908
93,795
42,917 240,351 233,583
66,301
93,674
69,408
955,428 7,876,894 8,032,007 1,575,445 1,606,613 1,742,746 1,765,669
251,940 1,136,409 1,125,621 606,099 607,512 550,876 550,540
42,340
65,606
37,786
81,094
21,155 501,198 215,836
1,022,633
3,270,511
9,339,958
1.316,937
403,554
11,195,085
2,293,384
647,898
1,020,574
3,249,062
9,246,697
1,402,429
393,558
11,404,289
2,283,673
295,962
1,411,950
1 10738113
1
1,268,989
358,588
10,321,405
1,736,134
823,236
45,962
43,041
544,691
648,441
750
193,436
4,015
208,129
4,085
103,241
720
115,144
505
841,368
4,735
971,714 11,062,494
5,340 1
2,467
75,874
3,447
75,131
265,105
365,977
282,462
335,138
21,112
68,315
20,033
75,184
20,057
51,745
19,709
51,277
306,274
486,037
300,522
322,204
461,599 f
19_1
12.1
18.0
17.0
18.1
17.0
15.1
15.1
17.5
1
17.4
240
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Dec. 26:
being over 21 % of the total bills held by the Reserve banks, thmpared with
During the calendar year 1919 activities of the Federal Reserve banks
continued in undiminished scope and volume. Cessation of actual hostilities did not end the war work of the banks, and loan operations for the
Government in close harmony with the Treasury, involving the flotation
of the last popular war loan and the plaicng of the several issues of loan and
tax certificates, continued to be one of the leading, if not the leading function of the Reserve banks. This task involved collection, concentration
and disbursement on Government account of 15,659 million dollars, of
which 4,491.5 millions represents the total of the Victory Loan allotted;
6,754.4 millions-the combined amounts of eight se:ies of Certificates
issued during the year in anticipation of the Victory Loan and of four series
of the so-called loan certificates; and 4,413.6 millions-the total of eleven
series of certificates issued in anticipation of income and excess profits
taxes due in 1919 and 1920.
The success of those issues was due in part to the accommodation accorded
tOmember banks through the discount at preferential rates of so-called
war paper, I. e., member banks' own notes and customers' paper secured
by United States war bonds and Certificates. Reported holdings of war
paper which totaled slightly over 1,400 millions at the close of 1918 and
reached a maximum of 1,863.5 on May 16, about the time of the consummation of the Victory Loan, when war paper constituted 91.4 % of the total
discounts held by the Federal Reserve banks, gradually declined to 1.385.9
millions, or 84.1% of the total discounts held by these banks on Sept. 19.
Between that date and the middle of November these totals followed an
upward course. Since then, as the result of rate revision, the amount of
war paper has gone down to 1,510.4 millions, or 68.8% of the total discounts
held on Dec. 26. Of this total, 732.4 millions, or 48.5%, were secured by
Liberty bonds, 337.7 millions, or 22.3%-by Victory notes and 440.3
millions, or 29.2% by Treasury certificates. Other discounts which aggregated 302.5 millions at the close of 1918, continued at a comparatively low
level during the greater part of the year. It was only at about the close of
September that the discounts of ordinary commercial paper began to show
material increases. On Dec. 26 holdings of this class of paper aggregated
684.5 millions, and constituted 31.2% of the Reserve banks' total holdings
of discounted bills, as against less than 18% the year before. Acceptances
on:,hand, which totaled 303.7 millions on Dec. 27 1918, moved within
moderate limits during the first part of the present year; about the end of
June the total for the first time in the year was in excess of 300 millions.
During the last two months of the year, however, the accumulation of
acceptances in the portfolios of the Reserve banks proceeded at a rapid
pace, the total held on the last Friday of the present year, 582.2 millions,
15% the year before.
During the year the Banks' holdings of U. S. bonds show a reduction
from 28.9 to 26.8 millions, the present holdings comprising largely circulation bonds and 3% conversion bonds and, only to a very small extent.
Liberty bonds. An increase since Jan. 3 of 148.4 millions in Treasury
certificate holdings represents largely additional investments of the Banks
in 1-year 2% certificates to secure F. R. bank note circulation. Total
earning assets increased during the year from 2,318.2 to 3,080.5 millions,
or nearly 33%.
During the earlier part of the year While the gold embargo was still in
force, and between August and November, the banks' gold reserved were
increased through net imports of gold and through the acquisition of German gold and its transfer to London. These gains were practically offset,
however, by the amount of gold withdrawn for foreign shipments, largely
to Spain, Argentina And the Far East, with the result that gold reserves
at the close of the present year, 2,078.4 millions, are 11.9 millions less than
a year ago. Total cash reserves show a similar decline from 2,146.2 to
2,135.5 millions.
As against moderate changes in the banks' reserve holdings, their net
deposit, because of the increase in membership and in consequence of the
general credit expansion, show an increase during the year from 1,552.9
to 1,704.5 millions. Federal Reserve note circulation on the last Friday
in 1918 totaled 2,685.2 millions. During the early part of the present year
there was considerable contraction of the note circulation, followed by
moderate expansion up to the close of September, when it reached a total
of 2,655.3 millions. Since then the volume of circulating notes has increased by over 400 millions, or at an average weekly rate of over 30 millions
In addition there has been an increase during the year of 143.9 millions of
Federal Reserve bank notes in circulation, issued largely to take the place
of silver dollars melted and silver certificates withdrawn from circulation
under the Pittman Act.
Some indication of the growth of the system is afforded by the comparative figures of paid-in capital, which show an increase during the year from
80.7 to about 87.3 millions, or 6.6 millions, corresponding to an increase
in the aggregate capital and surplus of member banks of 221.9 millions,
as the result of accession of new members and increase in the capitalizatioa
of existing member banks. The largest relative gains in paid-in capital
are shown for the San Francisco, Chicago and Kansas City banks, while
the largest increases in the number of banks admitted to membership
during the year are reported for the San Francisco, Chicago and Cleveland
districts.
The figures for the system as a whole are given in the following table,and in addition we present the resultsforseven preceding
weeks, together with those of corresponding week 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
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC 26 1919.
Dec. 28 1019. Dec. 19 1919. Dec. 12 1919. Dec. 5 1919. Nov. 28 1919. Nov. 211919. Nov. 14 1919. Nov. 7 11419. Dec. 27 1918.
RESOURCES.
Gold coin and certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
$
229,445,000
352,785,000
134,320,000
$
241,325,000
399,935,000
137,717,000
$
243,148.000
404.066,000
140,910,000
$
234,622.000
428.812,000
132,935.000
$
235,348,000
440.286,000
135.696.000
$
248,012,000
444,547,000
142.105.000
S
248,601,000
440,078.000
146,176.000
e
$
244.838.000 8337,365,000
429,429.000 374,758,000
5,829,000
127,165.000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
716,550,000 778,977.000 788,124.000 796.369.000 811,330,000 834,754,000 834,855.1100 801,430,000 717,952,000
1,240,032,000 1.201,654,000 1,188.343.000 1.172.191.000 1.148.724,000 1.166.086,000 1394.319.000 1.207,275.000 1,288,309,000
84,013,000
121,850,000 115,182,000 119.821.000 118.71)4.000 133,587,000 118.475,000 104,086,000 110.869,000
Total gold reserves
Legal tender notes. silver, Ac
2,078,432,000 2.095,813.000 2.096.288.000 2.087.264.000 2.093.641.000 2,119,315.000 2,133.260.000 2,119.565,000 2,090,274,000
55,945,000
67.804,000
66.848.000
57,104,000
67,657.000
66,831.000
66.020.000
59.098,000
64,117.000
Total reserves.
Bills discounted:
Secured by Govt. war obligations
All other
Bills bought In open market
2,135,538,000 2,154,911,000 2.160.405.000 2,154.095.000 2.159,666.000 2,186,972.000 2.200.106.000 2,187.369,000 2,146,219,000
Total bilk'on band
U. S. Government bonds
U. S. Victory Notes
U. S. certificates of indebtedness
All other earning assets
2,780,090,000 2,561.378,000 2,680,967,000 2,622.327,000 2,709,804,000 2,604.680.000 2.595.271.000 2,623.075,000 2,006,611,000
28,869,000
26,846,000
26.846.000
26,834,000
26,848,000
26,847,000
213,846,000
26.848.000
26.847.000
79,000
84,004)
57,000
57.000
54.000
54,000
54.090
64,000
273,507,000 303,558.000 273.219.000 283.853.000 288.032,000 285,341,000 278,538.018) 273399.000 *282,617;000
13,000
3,080,495,000 2,891.836.000 2,981,087.000 2.933,082.000 3,024,741,000 2.916,925,000 2,900.734,000 2,923,204,000 2,318,170,000
12.266.000
12,222,000
12.278,000
12,898,000
12.878.000
13,002,000
12,986,000
12.985.000
1,510,364,000 1,414,950,000 1.588317.000 1.603.313.000 1.736,033,000 1,673.890.000 1.700,618,000 1.771.028.000 1,400,371,000
684,514,000 580,162.000 550.999.000 504.795,000 478.176.000 450,747.000 439.000,000 418,461.000 302,567,000
585,212,000 566,266.000 541.551,000 514.219.000 495.595.000 480.043,000 455.653.000 433.686.000 303,673,000
Total earning assets
Bank premises
Gold in transit or in custody In foreign
countries
Unoollooten items and other deduction
1,075,100,0(8)1,140,224.000
from groat) deposits
13,237,000
13.333.000
6% mime fund eget. F. R. bank Dotes
8,062,000
All other resources
11.314.000
19,242,0(8)
983.527.000
12,961.000
8.276.000
920.299.000 1,013,426,000 1,000,288,000 1,023.574,000
13.009.000
13,038,000
12,696,000
12,671,000
10.071,000
8.328.000
6,659,000
8.040.000
017,936,000
13,408,000
8,225,000
759,608,000
5,988,000
22,005,000
Total resources
6,325,432,000 5.224,604,000 6,159,241,000 6,041,396,000 6,230,041,000 6,137,541.000 6,159.760,000 6,081,606.000 5,251,990,000
LIABILITIES.
80,681,000
86,267.000
86,769.000
86.973,000
85,885.000
87,339,000
87,002,000
87,001.000
Capital Pal0 11187.049.000
1,134,000
81,087,000
81.087,090
81.087.000
81.087,000
81,087,000
81,087,000
81,087,000
81,087,000
Surplus
63,367,000
63,687,000
77.912.000
39,798,000
98,157,000 102,805.000
89,503.000
Government deposits
72,357,000
64.459,000
1.786,874,000 1.733,013,000 1.817.406,000 1.830,037.000 1,844,434,000 1.837.540,000 1.863.379.000 1,906,887,000 1,587,318,000
Due to members, reserve account
822,680,000 848,807.000 759,554,000 717,852.000 861,436,000 811,204,000 842e)47.000 739.384.000 554,823,000
Deferred availability items
97,750.000 106,992,000
98,494,000
95.539,000
94.133.000
98.798.000
97,659,000 10.5,069,000 103.488.000
Other depoeits. Incl. for. Govt. creditsTotal gross deposits
2,779,570,000 2.751,148.000 2,769.951,000 2.681,820,000 2.902.825,000 2.847,088,000 2.881.832,000 2,807.888.000 2,312,500,000
3,057,646,000 2,988,894,000 2.907.435.000 2.881.359,000 2,852,277,000 2.817.173.000 2,808,456.000 2.806.759,000 2,685,244,000
V. R. notes in actual circulation
I. R. bank notes in airoulation--net nab 261,039,000 259.975,000 258,444.000 257,480,000 256.793.000 257,680.000 257,281.000 257.572,000 117,122,000
55,309,000
42.233.000
44.335.000
50.05.8.000
47,628,000
52.677,000
56,451.000
55.322.000
ill other liabilities
58,751,000
ft 295 A.
141 nnn A 195 AAA non A 1/SO 241 1111A a nal SOS nen 5.250.041.000 ft 127 541 non ft 159 790.000 5.0
,
t1.1506.000 5.251.990.000
Focal liabilities
• Includes One-Year Treasury Notes.
[VOL. 110.
THE CHRONICLE
58
Dec. 26 1919. Dec. 19 1919. Dec. 12 1919. Dec. 5 1919. Nov. 28 1919. Nov. 21 1919. Nov. 14 1919. Nov. 7 1919. Dee. 27 1918
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to F. R. notes in
circulation after setting aside 35%
against net deposit liabilities
43 6%
45.6%
44.7%
35.0%
44.2%
45.4%
45.7%
45.3%
44.8%
46.8%
46.0%
46.4%
45.5%
46.9%
47.1%
46.8%
50.3%
53.2%
54.7%
55.2%
54.6%
52.9%
r
50.6%
•
53.7%
52.8%
52.5%
59.7%
3
$
3
$
3
3
8
$
$
Distribution by Maturities—
76,671,000 11254392000
82,562,000
89,003,000
94.230,000 • 102,331,000
78,472,000
1-15 days bills bought in open market.._ 123,727,000 123,248.000
1,484,790,000 1,328,059,000 1,490,897,000 1,476,085,000 1,582,690,000 1,518,169,000 1,588.739,000 1,723.833,000
1-15 days bills discounted
21,760.000
27,613,000
21,066,000 176,436,000
30,235,000
29,075,000
48,578,000
22,158,000
15,745,000
1-15 days U.S.certif. of indebtedness
1-15 days municipal warrants
99,432,000 340,022,000
91,471,000
85,690,000
87,971,000
100,060,000 106,219,000 128,987,000 116,662,000
16-30 days bills bought in open market
244,890,000 134,643,000 116,113,000 125,065,000 135,642.000 122,628,000 149,456,000 119,955,000 5
16-30 days bills discounted
10,998,000
13,012.000
12,499,000
13,242,000
15,681,000
1,263,000
9,221,000
2,072,000
4,865,000
16-30 days U.S.certif. of Indebtedness
16-30 days municipal warrants
176,945,00(11
201,297,000
186,021,000
180,666,000
185,802,000
271,754,000
187,068,000
209,278,000 188,830,000
31-60 days bills bought in open markec
292,715,000 362,091,000 322,128.000 298,600,000 . 293,789,000 273,145,000 184,578,000 144,585,000
31-60 days bills discounted
22,507,000
8,454,000
18,299,000
22,343,600
627,000
14,158,000
6,551,000
6,221,000
3,940,000
31-60 days U.S.certif. of indebtedness_
'
10,000
31-60 days municipal warrants
80,461,000 1113,506,000
81,085,000
152,147,000 147,969,000 147,024,000 129,193,000 117,339,000 111,821,000
81-90 days bills bought in open market
186,561,00(1
1
189,634,000
183,448,000
192,744,000
220,029,000
191.451,000
152,125,000
151.465.000
81-90 days bills discounted
6,289,000
17.324,000
9,054,000
6,715,000
5,517,000
1,027,000
8.630,000
61-90 days U.S. certif. of indebtedness.._
0.020.000
10.715,000
3,000
81-90 days municipal warrants
2,226,000
77,000
26,937,000
Over 90 days bills bought in open market
18,724,000
18.640,000
17,951,000
16,816,000
14,555,01)0
18,827,000
18,854,000
20,358,010
Over 90 days Dills discounted
238,242,000 237,658,000 226,659,000 226.793,000 213,303,000 214,693,000 215,221,000 213,111,000 103,324,000
Over YO days certif. of indebtedness.Over 90 days municipal warrants
-Federal Reserve Notes—
3,292,098,000 3,220,560,000 3,148,740,000 3,108,377,000 3,059,652,000 3,031,492,000 3,036,690,000 3,000,887,00(1 2,855,604,000
Outstanding
234,452,000 231.666,000 '241,305,000 227,018,000 207,375,000 214,319.000 228,234,000 194,108.000 170,360,000
Held by banks
5
1
5
1
5
In actual circulation
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller
Returned to the Comptroller
3,057,646,000 2,988,894,000 2,907.435,000 2,881,359,000 2,852,277,000 2.817,173,000 2,808,456,000 2,806,759,000 2,685,244,000
6,060,280,000 6,000,260,000 5,929,780,000 5,869,780,000 5,810,500,000 5,774,280,000 5,746,280,000 5,665.380,000 3,865,020,000
2,483,069,000 2,454,972,000 2,431,667,000 2,404,841,00(1 2,379,085,000 2,350.935,000 2,314.968,000 2,281,864,000 724,491,000
—
Amount chargeable to Fed. Res. agent 3,577,211,000 3,545,288,000 3,498,113,000 3,464,939,000 3,431,415,000 3,423,345,000 3,431,312,000 3,383,516,000 3,140,529,000
In hands of Federal Reserve Agent
285,113,000 324,728,000 349,373.000 356,562,000 371.763,000 391,853,000 394,622,000 382,649,000 284,925,000
,-3,292,098,000 3,220,560,000 3,148,740,000 3,108,377,000 3,059,652,000 3,031.492,000 3,036,690,000 3,000,867,000 2,855,604,000
Issued to Federal Reserve banks
How Secured—
233,148,000 244,648,000 244,848,000 239,638,000 236,248,000 238,248,000 238,248,000 238,248,000 246,327,000
By gold coin and certificates
By lawful money
.
2,052,066,000 2,018,906,000 1,960,397,000 1,936,186,000 1,910,928,000 1,865,406.000 1,842,371,000 1,793,592,000 1,567,295,000
By eligible paper
99,461,000
98,158,000
98,821,000 105,267,000
93,368,000
90,489,000
81,951,000
892,309,000 110,000,000
Gold redemption fund
103,575,000 847.006,000 853,006,000 824.385,000 813,015,000 831,017,000 850,804,000 875,650,000 960,031,000
With Federal Reserve Board
3,292,098,000 3,220,560,000 3,148,740.000 3,108,377,000 3,059,652,000 3,031,492,000 3,036,690,000 3,000,887,000 2,855,244,000
Total.
17.11trill1.
11.....d..1 ... m•. 1:,. A ........
--
0r'711 r.0. nnn
r
9•AnA.054000 2.015.846.000 2,536.088,000 2,818,530,000 2,519,680.000 2,509.380.000 2.530.781.00(1 1.956.357.000
FEDFRAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 26 1919
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Total.
—
—
$
$
$
$
$
$
3
$
S
$
$
$
24,060,0
2,738,0 8,261,0
168,0 6,617,0 10,306,0 229,445,0
147,197,0 1,182,0 10,220,0 2,402,0 8,3.50,0
41,560,0 28,344,0 33,066,0 25,152,0 25,734,0 68,856,0 13,374,0 1,338,0 27,192,0 14,772,0 36,286,0 352,785,0
49,296,0 10,746,0 11,014,0 6,582,0 4,835,0 15,984,0 6,313,0 3,627,0 6,347,0 3,492,0 6,179,0 134,320,0
Boston. New York.
Two ciphers (00) omitted.
Phila.
RESOURCES.
$
Gold coin and certificates
7,844,0
Gold Settlement Fund, F. R. B'd 36,211,0
Gold with Foreign Agencies
9,805,0
—
Total gold held by bankS
53,860,0
Gold with Federal Reserve agents 73,782,0
Gold redemption fund
25,223,0
238,053,0 40,272,0 55.200,0 34,136,0 38,919,0 108,900,0 22,425,0 13,226,0 33,807,0 24,881,0 52,871,0 716,550,0
307,385,0 82,491,0 125,048,0 41,036,0 04,734,0 245,883,0 65,920,0 35,570,0 39,858,0 27,878,0 130,447,0 1,240,032,0
25,000,0 15,578,0 1,005,0 6,371,0 7,053,0 17,572,0 5,922,0 2,377,0 4,023,0 3,422,0 8,304,0 121,850,0
Total gold reserves
Legal tender notes, silver,
_
152,865,0
3,238,0
570,438,0 138,341,0 181,253,0 81,533,0 110,706,0 372,355,0 94,267,0 51,173,0 77,688,0 56,181,0 191,622,0 2,078,432,0
188,0
970,0 1,829,0 2,240,0
343,0 1,166,0
533,0
72,0
539,0
383,0
57,104,0
45,602,0
Total reserves
Bills discounted: Secured by Government war obligations (a)All other
Bills bought in open market (b).
156,103,0
138,206,0
56,630,0
16,506,0
616,040,0 138.880,0 181.786,0 81,731,0
584,588,0 178,648,0 120,536,0 87,901,0
203,606,0 20.402,0 47,041,0 20,760,0
191,312,0 4,698,0 56,923,0 16,031,0
Total bills on hand.._ ___ ---- 211,342,0
U. S. Government bonds
539,0
U. S. Government Victory bonds
U. S. certificates of indebtedness 21,661,0
111.676,0 374,184,0 96,507,0 51,245,0 78,031,0 57,347,0 192,006,0 2,135,536,0
61,379,0 146.840,0 44,142,0 22,465,0 36,897,0 42,634,0 46,128,0 1,510,364,0
28,843,0 328,429,0 34,093,0 47,592,0 50,536,0 11,427,0 26,065,0 684,513,0
16,231,0 108,352,0 36,936,0 14,401,0 19,981,0 7,734,0 96,107,0 585,212,0
106,453,0 383,621,0 115,171,0 84,458,0 107,414,0 111,795,0 108,300,0 2,780,000,0
979.506,0 212.838,0 224.500,0 121,692,0
375,0 4,376,0 1,153,0
833,0 1,235,0
116,0 8,867,0 3,066,0 2,632,0
26,834,0
1,257,0 1,385,0
4,0
64,0
10,0
50,0
15,666,0
39,754,0 17,216,0 8,480,0 15,239,0 9,090,0 11,438,0 273,507,0
12,260,0
24,817,0
67,347,0 30.520.0
Total earning assets
233,542,0 1,048.160,0 244,752,0 250,1e0,0 138,187,0 122,498,0 427,851,0 133,540,0 93,054,0 131,530,0 74,851,0 182,370,0 3,080,495,0
519,0
515,0 2,936,0
Bank premises
895,0
691,0
462,0
399,0
400,0
13,002,0
500,0
3,994,0
600,0
1,091,0
Uncollected items and other deductions from gross deposits
81,682,0 235,089,0 86,294,0 91,234,0 90,283,0 50,072,0 139,834,0 70,669,0 29,285,0 90,664,0 62,236,0 47,758,0 1,075,100,0
6% redemption fund against
443,0
560,0
665,0
798,0 2,116,0
Federal Reserve oank notes
958,0
2,929,0 1,475,0 1,146,0
647,0
428,0
13,237,0
1,072,0
344,0 1,506,0
261,0
All other resources
141,0 1,785,0
481,0
424,0
316,0
8,062,0
157,0
280,0
1,306,0 1,061.0
Total resources
473,770,0 1,907,518,0 472,962,0 525,565,0 312,669,0 285,700,0 948,706.0 302,370,0 174,769,0 302,126,0 195,651,0 423,623,0 6,325,432,0
LIABILITIES.
Capital paid in
87,339,0
22,388,0 7,884,0 9,482,0 4,392,0 3,424,0 12,347,0 4,063,0 3,074,0 4,012,0 3,417,0 5,748,0
7,108,0
Surplus
81,087.0
5,206,0
32,922.0 5,311,0 5,860,0 3,800,0 2,805,0 9,710,0 2,589,0 2,320,0 3,957,0 2,029,0 4,578,0
Government deposits
12,641,0 2,966,0 6,746,0 8,319,0 5,105,0 1,646,0 3,872,0 2,721,0 0,959,0 5,377,0 7,667,0
72,357,0
8,338,0
Due to members, reserve account 110,335,0 706,254,0 95,505,0 127,627,0 61,081,0 61,081,0 253,864,0 67,092,0 51,532,0 77,723,0 58,323,0 116,357,0 1,786,874,0
Deferred availability item
63,293,0 188,383,0 80,832,0 70,420,0 68,361,0 36,129,0 103,130,0 55,155,0 15,459,0 78,441,0 37,607,0 25,467,0 822,680,0
All other deposits
42,685,0 6,832,0 6,147,0 3,610,0 2,681,0 10,036,0 3,588,0 2,216,0 3,645,0 2,066,0 5,865,0
97,650,0
8,288,0
Total gross deposits
190,254,0
F. R. notes in actual circulation_ 246,455,0
F. R. bank notes in circulation
—net liability
20,744,0
All other liabilities
4,003,0
919,963,0 186,135,0 210,940,0 141,274,0 104,996,0 368,670,0 120,707,0 71,928,0 166,768,0 103,473,0 155,356,0 2,779,570,0
824,944,0 240,273,0 272,884,0 148,693,0 156,599,0 510,018,0 148,452,0 87,475,0 105,100,0 74,886,0 241,867,0 3,057,040,0
54,624,0 29,028,0 22,197,0 12,005,0 15,663,0 41,109,0 15,610,0
22,677,0 4,331,0 4,202,0 2,359,0 2,213,0 6,845,0 1,949,0
8,157,0 19,546,0 10,415,0 11,895,0
1,815,0 2,743,0 1,434,0 4,179,0
261,030)
58,751,0
Total liaollities
473,770,0 1.907,518,0 472,962,0 525,565,0 312,669,0 285,700,0 948,706,0 302,370,0 174,709,0 302,126,0 195,654,0 423,623,0 6,325,432,0
Memoranda—Contingent liaoilitY as ender ser on:
Discounted paper rediscounted
with (quer F. R. banks
40,615,0
27,615,0
13,000,0
.4.4
Bankers' acceptances sold to
69,899,0
other F. R. banks
69,899,0
(a) In:mules bills discounted for
other F. It. banks, via
40,615,0
25,945,0
14,670,0
(b) Includes bankers' acceptances bought fr ora other F. R.
banks:
69,899,0
With their endorsement
5,065,0 10,081,0
5,080,0 5,065,0 25,307,0 19,301,0
58.201.0
12 295 0
90 111 A
0 791 A
0805.0 1.11:3.0 5.181.0
Without their endorsement..
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS DEC. 26 1919.
Two ciphers (00) omitted.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Total.
Federal Reserve notes:
$
$
3
$
li
3
$
$
$
3
$
$
$
ERN:dyed from Comptro1ler_ 475,980,0 1,975,560,0 510,780.0 474,740,0 302,900,0 295,000,0 826,400,0 299,600,0 152,080,0 202,160,0 138,780,0 406,300,0 (1,060,280,0
Returned to Comptroller
191,631,0 939,897,0 240,002,0 173,785,0 128,730.0 91,746,0 287,342,0 112,085,0 55,601,0 80,465,0 48,433,0 127,349,0 2,483,069,0
Chargeable to F. R. Agent
In hands of F. R. Agent
284,349,0 1,035,663,0 270,778,0 300,955,0 174,170,0 203,254,0 539,058,0 187,515,0 90,476,0 115,695,0 90,347,0 278,951,0 3,577,211,0
30,680,0 106,000,0 21,340,0 16,620,0 18,938,0 40,445,0 5,320,0 20,000,0 7,560,0 4,690,0 12,370,0 1,150,0 285,113,0
Issued to F. R.bank, less amt.
returned to F. R. Agent for
redemption:
253,669,0
Collat'l security for outst'g notes:
Gold coin and ctfs. on hand
______
Gold redemption fund
.14,782,0
Gold Bet'm't Fund, F. R. It'd_ 59,000,0
Eligible paper, min'm required 179,887,0
929,663,0 249,438,0 284,335,0 155,232,0 162,809,0 533,738,0 167,515,0 88,918,0 111,005,0 77,977,0 277,801,0 3,292,098,0
ul
____ 244,148,0
8,831,0
183,740,0
32,025,0
4,000,0 13,052,0
2,500,0
13,635,0 16,101,0 13,023,0 1,036,0 4.234,0 8,738,0 2,990,0 2,718,0 2,498,0 4,563,0 19,247,0 103,575,0
110,000,0 66,390,0 80,000,0 40.000,0 58,000,0 237,145,0 58,930.0 19,800,0 37,360,0 14,484,0 111,200,0 892,309,0
622,278,0 166,947,0 159,287,0 114,196,0 98,075,0 287,855,0 101,595,0 53,346,0 71,147,0 50,099,0 147.353,0 2,052,066,0
929,663.0 249,438,0 284,335,0 155,232,0 162,809,0 533,738,0 167,515,0 88,916,0 111,005,0 77,077,0 277,801,0 3,292,098,0
253,669,0
Total
&mount of eligible paper deity
ered to F. R. Agent
211,342,0
253,669,0
F. R. notes outstanding
F. R. notes held by bank
7,214,0
977,365,0 176,867,0 222,792,0 120,967,0 106,172,0 583,370,0 115,098,0 69,456,0 107,359,0 61,705,0 159,315,0 2,711,898,0
929,663,0 249,438,0 284,335.0 155,232,0 162,809,0 533,738,0 167,515,0 88,916,0 111,005,0 77,977,0 277,801,0 '3,202,098,0
104,719,0 9,165,0 11,451,0 6,539,0 6,210,0 23,720,0 19,063,0 1,441,0 5,905,0 3.091,0 35,934.0 234,452,0
FP
294. 011 0 950 975 A 979 AAA
7:5
nntsua In .AtItel MremlotInn
9,111 AKk A
0 152 ROI
A lAR R000 R111 0120 11151 41%9
n
27 475
n in& 1000
74
ssn n 241 867 0 1 057 MR
n
Sales at
New York Stock
Exchange.
(Alanittrs' 03antit.
Wall Street, Friday Night, Jan. 2 1920.
Railroad and Miscellaneous Stocks.-Heedless of a,
day-to-day 25%rate for call loans and a drop in sterling exchange in this market to $3 75, the stock market has been
relatively strong throughout 'the week. Some liquidation
on Monday and Tuesday led to the lowest quotations on
the last-named day, but its course was soon run and a reverse
movement set in which was augmented on Wednesday and
continued with more or less irregularity to-day.
Sentiment in the Street is optimistic, based largely on
expectation of a much easier money market early in the
new year-also on the practical certainty that the current
heavy movement of general merchandise will continue and
that the demand for iron and steel products will increase.
As noted above, to-day's market has been irregular. Call
,et above 15% and sterling advanced
loan rates did not g,
3 points to $3 79. One of the important features of the day
was the strength displayed in the bond market-and especially the advance in Governments. Railway shares have
moved within a narrow range and net changes are about
equally divided between higher and lower. The industrial
list has, as usual, covered a much wider range and a large
proportion of this group closes with a net gain of from
3 to 10 points.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
'
r:"I!
gratit'
g t rit1 2
1
1a3 t2NtelOVIVEttOtEol4Ettr03 0E 880"V
4.71E4e14,4.
CI
PPO ZZZgPV;PC ZQZ=ZPZ
XXX
XX
X
XXX
XX
XX
X
XXX
MX
XXXXX
X
XXX
4.MONMt.h.0.00.M.MW.MC...0000MM.000,,COV.MOM.ON.ON.0001
0....W.
PaCWM=MM .4^.
b.0
.00000,3MOIN.MONMV,PCMCQ.C,DNVQ00,0
.N..
Range for Year 1919.
Range for Week.
Sales
STOCKS.
for
Week ending Jan. 2.
Lowest. I Highest.
Highest.
Lowest.
Week.
•
Par. Shares 8 per share. t per share. $ per share.
900 534 Dee 27 7 Jan 2 .31.‘ Dec
Am Bosch Magn rights__
Jan
100 170 Dec 29 170 Dec 29 160
Am Brake S&P prof 100
American Express_ _100 1,601 92 Dec 29 99 Dec 31 7634 Sept
Dec
1 i 1 8234 Dec 27 8234 Dec 27 80
Amer Snuff pref (new)100
Dec
150 53 Dec 27 53 Dec 27 50
Am Teleg & Cable-_ _100
Apr
4(n) 10 Dec 29 1234 Dec 27 1
100
Ann Arbor
A 1' Smut' Corp_ no par 101,501 6934 Dec 20 7434 Jan 2 6534 Dec
Dec
, 1 • 100 Dec 31 10134 Jan 2 100
Baldwin Livorno pref 100
Oct
2 o i 9134 Dec 27 0134 Dec 27 91
Barnet Leather pref_100
Dec
Buff Koch &TRU:dr_ _100 1,606 50 Dec 30 50 Deo 30 50
July
300 110 Dec 29 110 Dec 29 107
100
Burns Bros pref
Dec
195 42 Dec 30 42 Dec 30 42
Canada Southern_ _100
Apr
Cant Foundry pref 100201 3734 Jan 2 3734 Jan 2 27
Sept
300 175 Dec 29 176 Dec 29 170
Central Itlt of N J._100
Jan
20011434 Jan 2 115 Dec 29 107
Cent & So Am Teleg_100
200 734 Dec 30 734 Jan 2 734 Jan
Chicago &Alton._ _ _100
Dec
300 5 Dec 27 5 Dec 27 3
Chic & E Ills tr certfs___
Preferred trust certfs_ _ 1,200 434 Dec 30 534 Dec 29 334 Dee
De
300 88 Dec 31 91 Dec 30 88
Chic St P M&O pref_100
34 Dec 27
X Dec
h Jan 2
11,500
Cons Textile rights
56
2
2
Jan
Jan
48
100
56
100
Ma
Crex Carpet
Feb
100 100 Jan 2100 Jan 2 80
Detroit United R y_ _100
100 431 Jan 2 434 Jan 2 234 Dec
Duluth SS & AU_ _ _100
200 6 Dec 31 8 Dec 29 534 Apr
100
Preferred
Durham Hosiery cl 13_50 400 62 Dec 29 63 Dec 31 6134 Dec
100 300 10034 Jan 2 10134 Dec 31 10034 Dec
Preferred
100 188 Dec 30 188 Dec 30 13634 Feb
General Chemical_ _100
100
311 100 Dec 30 100 Dec 36 9834 Dec
Preferred
Dec
450 9334 Dec 30 94 Jan 2 90
Gen Cigar deben pref 100
Gray & Davis Inc.....25 1,900 4634 Dec 30 4834 Dec 31 4634 Dec
Oct
100 90 Dec 31 90 Dec 31 90
Internat Nickel pref_100
10, 108 Jan 2108 Jan 2 95
Au
Internat Paper prof- _100
Feb
2011 70 Dec 30 70 Dec 31 53
International Salt_ _ _100
Apr
300 115 Dec 31 115 Dee 31 105
Kayser (Julius) & Co_ 1 i i
Jan
100 9834 Jan 2 9854 Jan 2 39
Kelsey Wheel pref- _100
Loft Incorporated_no par 12,700 2531 Dec 3 2734 Dec 31 2534 Dee
Dec
700 130 Dec 3 136 Dec 27 130
Manati Sugar
1 1
Mar
Muthieson Alkali Wks 50 410 35 Dec 30 3531 Dec 30 25
De
Maxwell Motors Ws de. 5,500 28 Dec 30 3354 Deo 27 28
De
1st preferred Ws dep_ 1,400 59 Dec 30 6134 Dec 29 59
200 2834 Dec 31 30 Dec 31 283.4 D
2d preferred ctfs dep..
500 5034 Dec 31 5034 Dec 31 5034 D •
M St P & S$ M leasi_100
D•
100 9954 Dec 3 9934 Dec 31 99
Mullins Body pref_ _1 i
No
200 112 Dec 3 112 Dec 30 111
Nosily Chatt dr St L-100
500 6634 Dec 31 6634 Dec 29 6634 Dec
Norfolk & West pref..100
Pan-Am Pet&T cl II_ _50 12,700 9854 Dec 3.10234 Jan 2 9234 Dec
Jan
100 180 Dec 3,180 Dec 30 117
100
Preferred
D ..
Parish & Bingham no par 1,900 44 Dec 31 46 Dec 29 42
100 92 Dec 29 92 Dec 29 9034 Jan
Pittsburgh Steel pref-100
Dec 31 963.4 Jun
Dec 31 101
Remington 1st prof 100100 101
200 98 Jan 2 100 Dec 31 9534 Aug
20 preferred
100
Dec
Replogle Steel.. _no par 2,100 46 Dec 31 50 Dec 31 46
234 Dec 31 1
Dec
Republic I & S rights_ _.36,300 134 Dec 3
D ..
Shell Transport & T..222,400 7634 Dec 27 8134 Dec 31 74
Dec
12,100 56 Dec 30 61 Jan 2 56
Texas Co rights
Vanadium Corp_no par 17,600 5435 Jan 2 58 Dec 27 5434 De
Jan
100 90 Dec 29 90 Dec 29 40
Vulcan Detlifg pref_100
Feb
300 65 Dec 31 65 Dec 31 61
West'houseE&M IMMO
22,700 13.4 Dec 27 3 Dee 29 134 Dec
White Motor rights
State and Railroad Bonds.-No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has, as noted
elsewhere in this column, been unusually strong and active.
In the matter of activity the local tractions far exceed all
others and Inter.-Met., New York Rys. and B. R. T's
have substantially declined. On the other hand, Interboro
R. T's advanced on the prospect that Jan. 1 interest would
be paid. Of a list of 20 notably active bonds lkhave advanced, mostly railway issues, a considerable number of
which are up from 1 to 2 points or more. Conspicuous
among the latter are Atchison, Bait. & Ohio, Ches. & Ohio,
New 'York Central, Reading, St. Louis S. F. and,Mo.
Pac. issues.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Jan. 2 1920.
Saturday
Monday
Tuesday
Wednesday
Thursday
Fridas,
Total
Stocks.
Shares.
Par Value.
Railroad,
Bonds.
Stage, Man.
& Foreign
Bonds.
Untied
States
Bonds.
33,266,000 $1,501,000 $11,299,000
7,625,000 2,522,000 23,928,000
7,500,000 1,020,000 33.933,000
6,037.000 1,372,500 17,994,150
HOLIDAY
1.169,530 102.378,250
3.813.000 1.261.000 12,382.000
746,600
1,228,000
1,436,430
1.407,889
363,932,500
103,395,000
119,990,000
118,046,000
5,988.449 3507,741.7E0 $28,241.000 $7,676.300 399,536,150
59
THE CHRONICLE
JAN. 3 1920.]
Jan. 1 to Jan. 2.
Week ending Jan. 2.
1920.
1919.
1920.
1919.
3,952,012
5,938,449
Stocks-No. shares$507,741,750 $359,576,035
Par value
$12,000
Bank shares, par
Bonds.
393,531,000 $97,285,000
Government bonds_
6.135,500
7,676,500
State, mun.,&c., bonds
RR.and misc. bonds_ 23,211,000 12,257,500
1,169,530
3102,3 i 8,250
1,239,993
$117,027,825
$12,000
$12,342,000
1,261,000
3,813,000
$13,995,000
4,169,500
4,304,500
E135.453.500 3115.678.000
S17.4-6.000
$22,469,000
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week ending
Jan. 2 1920.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares
Bond Soles
Shares
Bond Sales
28,786 $109,400
48,781 • 171,250
173,600
67,275
163,300
67,808
•
47,000
31,400
12,809 $280,000
574,150
31,353
692,450
51,728
387,500
20,154
HOLI DAY
26,000
4,913
$664,550
120,957 31,960,100
244,050
ul
Baltimore
711
Philadelphia
Shares
3,356
8,624
6,624
7,934
Bond Sales
365,800
84,500
202,000
189,000
_3,999
68,000
30,537
3609,300
United States Bonds.-Market active and higher.
1
Daily Record of Liberty Loan Prices. I__lliec. 27Dec. 29Dec. 30Dec. 31 Jan.
High 99.44
First Liberty Loan
334s, 15-30 year, 1932-47 SLow. 99.10
99.44
Clo
227
Total sales in $1,000 units
91.70
( Hig
Second Liberty Loan
4s, 10-25 year cony, 1942 (Low- 91.58
(Cl'.91.70
60
Total sales in $1,000 units
93.00
(Big
Second Liberty Loan
4s, convertible, 1932-47 (Low_ 92.90
(Close 93.00
57
Total sales in $1,000 units
( Righ 94.12
Third Liberty Loan
(Low. 93.90
43js of 1928
(Close 93.94
Total sales in $1,000 units_ - 3.056
(Rig
93.38
Third Liberty Loan
434s of 1st L L oonv.'32-'47( Low_ 93.20
(Close 93.20
141
Total sales in 31,000 units
( High 91.70
Third Liberty Loan
4348 of 2d L L conv,'27-'42(Low_ 91.52
(Close 91.52
3,356
Total sales in $1,000 units
; Higb 91.70
Fourth Liberty Loan
(Low_ 91.56
434s of 1933-38
(Close
91.68
ft
5,720
Total sales in $1,000 units
Fourth Liberty Loan
_-_----434s.lst LL 2d conv,'32-47( Low_
(Close
___
Total sales in $1,000 units
(High 99.70
Victory Liberty Loan
4345 cony gold notes,'22-23( Low- 99.10
(Cl'99.60
Total sales in $1,000 units
1,421
( Mg
Victory Liberty Loan
99.60
33480300v gold notes,'22-23 (Low_ 99.46
(Close 99.50
Total sales in 31,000 units
346
99.60
99.24
99.52
496
91.94
91.50
91.60
873
93.36
93.20
93.20
86
94.40
94.06
94.36
5,254
93.48
.24
,
9
93.36
240
91.70
91.50
91.64
6,186
91.84
91.56
91.68
10,546
110011..0000
101.00
4
99.48
99.22
99.28
2,762
99.40
99.22
99.36
867
99.86, 100.50
99.541 99.76
99.76 100.14
276
595
91.90 91.94
91.66 91.50
91.66 91,90
450
423
93.20 93,52
93.20 93.00
93.20 93.52
54
8
94.86 94.94
94.46 94.50
94.74 94.78
6,114 4,195
93.76 93.50
93.40 93.42
93.40 93.50
124
362
91.94 92.20
91.60 91.60
91.80 92.20
6,248 4,694
91.98 92.56
91.62 91.74
91.84 92.20
12,628 • 6,695
__-_ 101.00
---- 101.00
-- 101.00
. __
1
99-.84 99.10
98.98 98.80
99.02 98.94
2,304 1,773
99.32 99.08
99.00 98.80
99.00 99.02
830
4,447
Jan. 2.
100.20
100.00
100.20
535
92.40
91.80
92.20
263
93.20
93.20
93.20
41
95.00
94.76
94.80
1.663
93.96
93.40
93.96
170
92.78
92.30
92.70
2,471
93.00
92.30
92.80
4,356
99.40
98.90
99.40
2,434
99.40
99.00
99.40
639
Foreign Exchange.-The market for sterling exchange
ruled dull and featureless.
To-day's (Friday's) actual rates for sterling exchange were 37234@
3 7334 for sixty days, 3 78@3 79 for cheques and 3 7903 80 for cables.
Commercial on banks sight 3 775403 7834, sixty days 3 703./03 7234,
ninety days 3 6934(413 7034, and documents for 'payment (sixty days)
3 7034(413 723i. Cotton for payment 3 773403 78U, and grain for
payment 3 77X03 7834.
To-day's (Friday's) actual rates for Paris bankers' francs were 10.860
10.91 for long and 10.78(4)10.83 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
36 13-16@)36 15-16 for long and 37 3-16(4)37 5-16 for short.
Exchange at Paris on London, 40.98 fr.: week's range, 40.53 fr. high and
41.35 fr. low.
The range for foreign exchange for the week follows:
Cables.
Cheques.
Sterling ActualSixty Days.
3 8034
3 7434
High for the week
3 7934
3 76
Low for the week
3 75
3 6934
Paris Bankers' Francs10.55
10.69
High for the week
10.58
10.92
Low for the week
11.06
10.95
Germany Bankers' Marks2.12
High for the week
2.10
Low for the week
2.03
2.01
Amsterdam Bankers' Guilders37 11-16
High for the week
37 9-16
373.4
Low for the week
3734
3734
36 13-16
Domestic Exchange.-Chicago, par. St. Louis, 15025c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $85 00 per
$1,000 premium. Cincinnati, par.
Outside Market.-Irregularity in price movements and
light trading were the chief characteristics of the "curb"
market in the beginning of the week, but the close showed a
decidedly stronger tone and a better demand. The oil
stocks received most attention throughout the week. Simms
Petroleum was conspicuous, losing over four points at first
tO 67; it recovered later to 7332. Internat. Petroleum, after
4,sold up to 77 and closed
early weakness, from 723/9 to 683
to-day at 763/9. Gilliland Oil corn. weakened from 494 to
483/t, and recovered to 533.4. White Oil lost over two points
to 463%, then rose to 49%, closing to-day at 48%. Carib
2 to 4832
Syndicate was active and moved down from 523/
but recovered to 53, the final figure to-day being 52. Houston Oil corn. lost over nine points to 148 and ends the week
at 150. Merritt Oil receded from 193/9 to 183%, then advanced to 21%. Salt Creek Producers, from 40 advanced
to 503/9. In industrials General Asphalt corn., after a decline from 113 to 107, jumped to 122, the close to-day being
at 1213/9. Indian Packing dropped from 203/9 to 183
% and
finished to-day at 193/9. Loew's, Inc., weakened from 31%
to 293/9 but advanced to 31% on the announcement of the
dividend. The close to-day was at 31. Tobacco Products
Exports declined from 31 to 293g, advanced to 32 and closed
to-day at 31. Bonds were quiet and steady,Inter. R. T. 7s
were conspicuous for an advance of six points to 78 and a
final reaction to 76.
60
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
Pot record of sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Dec. 27.
Monday 1
Dec. 29.
Tuesday
Dec. 30.
Wednesday
Dec. 31.
Thursday
Jan. 1.
$ per share $ per share 1$ per share $ per share $ Per chore
83
82 83/
83
1
4 8212 837
1
4 8134 82/
79
7953 7913 80 l• 7938 80
27758 7758
10734 834
738 8
8
742 77
. 8
1
4 8914 88/
1
4 9012
87/
1
4 89% 8712 887s, 87/
328' 3078 311
/
4 3078 32
32
/
1
4 3312 31
47/
1
4 4734 45
47841 Ad
46
45/
1
4 46/
1
4
10
1013 1118 1013 12
111
/
4 10/
1
4 11
5
613
5% 614
5/
1
4 7
612 714
13184 132 .4 130, 13158; 13018 131
13013 13213
5514 5614 5434 561 54% 5512 54
5512
81, 814
884 834
8
834
8
814
2334 2334 23
2312 2258 2313 2244 2312
87
3734 35/
1
4 3714 3558 3613 3513 3778
1
4 511
5314 54/
/
4 5313 5058 5238 511
. 5312
86/
1
4 8715 8514 8612 8518 8534 86
8672
117 119
118 118
•118 120
116 116
2714 27/
1
4 26/
/
4 27
1
4 2634 261
2618 2753
7218 7212 70/
1
4 691, 7053
6913 70/
1
4 71
601y 6113 5912 6038 5934 60
5914 60
5813
"si-57
5812
---- 58
--iii2
50/
1
4 51
.50
53
4163
68 .66
e6
66
68
8 2113 2238 2118 2112 22
-2238 2132212
52
-- ---- .50
.
40
48
" -5114 9338 "911a i9212 6214 9315
-ii"
•187 196
190 190
711:1 -;
1
534 634
1
4 1314 12/
1313 14/
1
4 1318' 1313 12/
1
4 131/4
13
1238 13
1314 1212 13
1234 13
20
2012 19
1
4 197s
2014 1R12 1938 19/
14
14/
1
4 14
/
4 14
14/
1
4 1334 141
14
78
7938 76/
1
4 7814 76
7858 77/
1
4 781/4
3858 39
3778 3813 38
381
/
4 39
381/4
.612 8
.613 8
1
4
•712 8/
31
31
-30- IC .3014 35 .3014 35
87
86
8614 8714 8,11
1
4 87
/
4 8612 85/
312 3/
3/
1
4 3/
1
4
3/
1
4 3/
1
4
1
4
358 4
1158 121
/
4 101
1
4 1118 1234
/
4 1234 1118 12/
_ .413 513
---- ---- 15
16
-15- -1-5-3; -l'i- -11/
1
4 1538 1512
44/
1
4 45
45
4514 4514 45
461
/
4 4612
914 914
912 '7,2 1212
9
22
*1514 22
•1434 21
-131, -1-5 - .13
4114 42
40/
1
4 42
1
4 43
42/
4034 42
10913 110
10958 11038 10914 11012 .100 114
47
43
4213 45
48
4314 47
4814
1413 15
14
1434 1218 1314 1214 13
7314 7314 7213 7213 7214 7212 7214 7213
10
1014
914 958
1
4 914
914 9/
1
4
8/
•1312 1412 12
121
/
4 1212 1234
14
12
2578 27
26
/
4 2538 25
25
2638 241
4213
41
4114 42
41
4038 4113 40
412 41
/
4
414 413
4/
1
4 4/
1
4
412 412
4534 46
46
4814 47 47
-13ii3 ..f6"
69/
1
4 70
1
4 69
68
68/
1
4 67/
27/
1
4 2713 2715 29
26
27
2734 2734
.62
70
62 .___ 61
6012 62
.43
49 .43
48
49
48 .43
*43
2858 27
27
1
4 2658 26
26
2718 25/
/
4 1744
17
1734
113/
1
4 17/
1
4 1658 1714 161
____
11/
1
4 1113
1114 1113 ___
97
96414 9778 -02 -iii3-4 9513 9634 96
7934 8014 79/
79
80/
1
4 78,2 8012
1
4 80
-1
4018 40/
1
4 40 4038 307.8 4018 4018 401/4
CI
3134 3278 3014 33
3038 3178 3114 3214
CQ
6958 6958
C4
5318 531
/
4 -8518 -5-i1-2 ---- ---- ---- ---59
.
55
-86F8 -ii.- -85i3 li4
58
58
'4
41
2914 2932 2714 2914 2738 2814 28
2878
7512 75/
77
7618 7634 77
1
4 1575
76
7614 7714
/
4 7618 7658
7434 751
5
1
4 38
_
33
3312 .33/
3313 3L5s ---- ----38
4.34/
1
4 35
34
35 - 3418 3478 .34
1
4 1838
181
/
4 1834 17/
1718 1813 17/
1
4 18
24
2238
25
25/
1
4 2313 2312 2312 24
13
14 .1212 1412
13
--- ---- 13
23
1
4 2312 23
23/
2314 24
--68 --/6/
1
4 718
6/
1
4 7/
1
4
634 7
14
15
1512 14
14/
1
4 1314 1312 14
10338 10412 10134 10334 10118 10238 10218 103
2138 2212
2238 23/
1
4 2114 2258 2118 22
56
55/
1
4 56
/
4 5558 5812 55
5514 561
4038 4134
41
1
4212 43/
4 40
1
4 4038 42/
11
11
/
4 12
1118 12/
1
4' 111
1112 1214
.11
12
11
10/
1
4 111
/
4 11
1018 101/4
24
24
2034 22
24
23
23 .20
32
32
32
30
3034 2934 30 .30
1
4 12178 12334 12118 12213 12214 124
12238 123/
67
6712 67 6714 6658 6714 .6612 6712
.
111
/
4 12
1012 11/
1
4 1014 1112 111
/
4 1152
1
4 2518 2612 2618 27
25/
1
4 2618 251 25/
8
812
712 7/
1
4
712 8111
832 812
2358
2158 2314 22
22/
1
4 25
2414 25
1534 16
15
1558 ---- -1112 1112 10/
1
4 1158 1034 1114 "164 lc"
1662 1713
18
16
18
16
18
18
2418 2534 24/3 2534 2412 25
2412 2538
59
60
60
56/
1
4 5834 5814 59 .57
12/
1
4 1218 1238 1178 1214 1238 13
12
18/
1
4 1734 1812 1814 1814
18
26
28
25
;ii" l
25
32
i- .28
33
4213
.7013
81,8
1/
1
4
2
48/
1
4
.94
91
.
97
--
31
3134 31
42/
1
4 4234 4334
7113 7112
71
85
84
84
11
/
4
158 158
2
214
2
4713 5158
48
90
z89
93
9014 8914 9138
97
97
98
47
____ .45
.
4434 47
95
-iiiis -6i- 94
94
.00
94 .90
12113 12414 123 12558
53
54
5414 5538
99 100
9934 10014
13812 14112
13814 139
11614 11614
51
66(4 50
"ii4" --
1
4 3213 3313 311
33/
42/
1
4 4234 43/
1
4 42
71
7112 71
71
81 4
82/
1
4 8218 84
153
1/
1
4 134
11
/
4
2
_
2
_
4934 -4713 -479 - 4613
94
93
93
95
90/
1
4 88
9112 90
.9534
98
7. ___
--__ '
7,-li- -41-
4
-5573 13-394
.90
1221
/
4 12412
5458 55
10112 10112
140 14112
11512 115/
1
4
4913 50
1
*9
44
1384 9,8
9412
.90
12214 125
1
4
5313 54/
9934 102
139 14112
11613 11612
48
491
/
4
"" -121;
; "iii2 'fib; -----------IT -115
2813
1
4 27
27/
1
4 2812 26
27
2818 27/
11712 118/
1
4 11813 11934
118 121
121 122
47
46
4614 451 46
4612 46
46
681
/
4 6812 6812
87% 677s 68
1
_
; 11158 11434 11218 115 .11514 11678
1144 1-1-57
1
4 7484 7634 7834 77
7714 7714 7434 75/
06
9434 95 .94
97
.94
.9513 96
1
4 101 1023.4
98 100/
1
4 10312 0914 102
101/
10434 10434 .10434 105
105 105
104 104
3934 40 1 4114 4258
43
42
45
.44
26
2678 26% 27,2
2714 27/
1
4 261/4 28
83
8058 8034 8034 .81
80
81
.
79
•ma and asked prime: no sales on this day. :Ex-rights.
Friday
Jan. 2.
Sates
for
the
Week
$ per share
83
8414
7813 7812
7/
1
4 713
90/
1
4 903s
3212 3314
47
4714
121
/
4 1258
1
4 7/
1
4
7/
13238 133
55
56
814 812
.22/
1
4 24
3714 3813
5278 5334
58634 8714
x116 117
271
/
4 28
7034 • 70/
1
4
.6014 6113
581
/
4 5812
.45
51
.63
68
2213 2212
Shares
34,200
7,600
7,800
6,100
49,500
6,500
32,430
34,800
10,400
13,400
2,700
2,700
36,300
47,000
16,000
1,400
13,200
2,300
3,700
1,300
500
100
1,500
------
554
.187
.6
1314
1278
1912
4.14
7914
3914
.612
0553
196
9
1314
13
1934
1412
81
39/
1
4
8
-1,i66
600
1,800
14,350
33,800
11,600
2,900
46,900
13,700
*8
30
8;2
3/
1
4
1158
---1513
46/
1
4
8
34
9
418
13
-1534
4713
1-3
1.111
14
1i
lr8 14
47
546
1
4
1213 12/
--834 -Ili
16418
15234 2
.
2
4158
---45
z69
.2814
.60
.43
27
17
4238
300
10,950
22,100
17,500
-1,566
1,300
500
300
31,700
2,600
7,900
5,200
900
7,000
2,600
20,700
9,600
3,400
1,800
29,000
1,300
300
id 6934
2912
62
48
2753 25,700
17
4,300
400
10,900
-81- -i
al 37,500
4034 4112 89,900
30/
1
4 3112 25,600
---- ---1.4
4
10
00
8
;Li" ii29
29
7,600
1,100
78
.77
7614 7652 31,500
.33/
1
4 36
1,500
4i3
,.2654
1131r444 1_2
3
5838.88
6, 32
u
,08
00
s
1758 1812 10,400
25
25
200
1,100
14
14
24
2412 1,000
7/
1
4 714 4,300
3,000
67,200
4034 4212 24,600
1214 1212 6,800
3,200
1,500
;56" II- 1,200
12318 12414 29,100
.6612 68
3,700
1134 12
3,800
2813 2612 3,500
838 8,600
8
2314 2312 17,600
- 1,600
"ii1-4, 1153 9,200
18
18
2,000
2418 2412 7,500
59
5914 1,900
1234 1318 12,900
.1814 1934 1,100
29
29
1,200
32
4334
7118
8313
134
218
5014
91
9158
.95
----
32
44
711
/
4
8414
2
21
/
4
5334
91
9312
98
----
1,200
4,700
600
10,000
9,300
41,900
55,300
1,100
4,800
100
------
- -,200
-ii- 'Ws -0
94
.90
12313 12834 3,900
5514 5738 35,500
101 101
7,200
139 142
16,200
400
115 115
50
5334 7,400
- 9,200
11,600
9,600
.3,200
800
68,450
4,000
200
1E16734 iiiiii 44,800
500
10478 10478
2,400
4112 44
2758 2812 520,00
500
82
82
"ii" T2T4
291
/
4 30/
1
4
11913 12134
4614 4614
68
68
11514 11958
7578 77
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range foa Year 1919
On basis of 100-shars tots
Lowest
Highest
Railroads
liver share
Par $ per share
Atch Topeka & Santa Fe__100 8013 Deo12 104 IMay27
Do prof
100 767.8 Dec19 89 Jan 4
Atlanta Birm & Atlantio 100
1
4 July24
6 Mar31 15/
Atlantic Coast Line R11_100 87/
1
4 Deo29 107 May29
Baltimore & Ohio
100 2834 Deo15 5514 May27
Do pref
100 3813 Dec16 5913 May27
Brooklyn Rapid Transit_ _100 10 Dec27 3318 July23
5 Dec27 28/
Certificates of deposit
1
4 July23
Canadian Pacific
100 1261
/
4 Decll 17078 July10
Chesapeake & Ohio
100 5112 DeciO 68/
1
4 May17
Chicago Great Western---100
714 Jan13 12 July17
Do prof
100 21 Deo12 30/
1
4 May19
Chicago Milw & St Paul-100 341
/
4 Dec12 5234 July17
Do prof
100 487s Deo12 76 July17
Chicago & Northwestern _100 85 Nov28 105 May28
Do prof
100 116 Dec 5 133 Jan 17
Chic Rook Isl & Pao
100 2215 Jan21 3214 July17
7% preferred
100 68 Dee19 84 June 6
100 5514 Aug21 73 July17
6% preferred
Chic St P Minn & Omaha_ 100 57 Dec31 82 Jan 7
Cloy Chi Chic & St Louis_ _100 32 Feb17 54/
1
4June 6
100 63 Septll 74 July12
Do prat
Colorado & Southern
100 19 Dee13 3134 May 5
100 48 Dec 4 5813 July24
Do 18t prof
Do 26 prof
100 45 Feb 4 5113 May29
Delaware & Hudson
100 9112 Dec 1 116 May29
Delaware Lack & Western. 50 17212 Mar18 117 May 7
312 Apr 7 1512 July14
Denver & Rio Grande
100
61s Feb 3 24 July14
100
Do prof
1
4 Dec30 2014 May19
Erie
100 12/
100 1813 Dec30 33 July16
Do 1st Prot
Do 26 pref
100 1334 Doc16 2334 July17
100 7518 Deo12 10058 May27
Great Northern prof
Iron Ore properties-No par 3134 Jan 2 5234 July10
1
4 July25
7 Sept20 12/
Gulf Mob & Nor tr otfs
100
100 30 Dec15 4012 July18
Preferred
1
4 Dec30 104 May16
100 85/
Illinois Central
91
/
4 June 2
3/
1
4 Mar24
lnterboro Cons Corp_No Par
100 10 De023 3114 June12
Do pre!
9/
1
4 July21
213 Feb13
Iowa Central
100
Kansas City Southern... _100 13 Nov28 2514 May19
Do
100 40 Dee13 57 May21
pref
7 Feb28 14 July21
100
Lake Erie & Western
Preferred
100 13 Deole 25 May19
50 4012 Dec30 6038June 2
Lehigh Valley
Louisville & Nashville_100 1047s Aug19 12234 May17
1
4 Deo23 88 Jan25
100 37/
Manhattan By guar
918 Jan21 2413 July17
Minneap de St L (neto)
100
100 70 Doo16 9814 May29
Minn St P & S BM
4/
1
4 Feb10 1658 July22
Missouri Kansas & Texas-400
100
818 Jan13 2518 July18
Do prof
1
4 July 9
Missouri Pacific trust Otts: 100 2218 Nov29 38/
Do prof trust etfs
100 3718 Deo15 683.' June 7
414 Deo29 14 Mar10
Nat Rys of Mex 2d prof......100
New Orl Tex & Mex v 1 o-100 2834 Apr10 50 Sept24
100 6634 Deo12 8334June 8
New York Central
N Y Chicago & St Louis..1002334 Sept24 3314 July10
100 6012 Doc29 70 Apr 2
Firat preferred
100 40 Nov12 5313 July 7
Second preferred
N Y N II & Hartford.„ 100 2518 Deo12 4078 July17
N Y Ontario & Western_ __100 1612 Nov28 2414 July18
..100
9 Deo17 20 May29
Norfolk Southern
1
4 May19
100 95 Dec 1 112/
Norfolk & Western
1
4 May27
100 77 Deo12 99/
Northern Pacific
50 39/
1
4 Deo10 4812 May19
Pennsylvania
100 1218 Jan21 33/
1
4 Dec26
Pero Mar uette v t 0
Do prior prof v t o
100 58 Mar27 70 Dec26
1
4 Dec27
100 39 Apr 7 53/
Do prat v t 0
Pitts Cin Chia & St Louts-100 44 Apr29 72 Septib
Pittsburgh & West Va_. 100 24 Deo16 4434June 9
Do pref
100 75 Dee20 8412 June 7
1
4 Doo12 9358 June 6
50 73/
Reading
50 33 Dec12 3813Feb 4
'
Do let prof
5 3334 Dec23 3913 May16
Do 2d pref
St Louis-San Fran tr otts_100 1054 Jan21 2734 July17
Preferred A trust cifs_100 20 Dec 1 37 May 2
St Louis Southwestern..... 100 1073 Deo18 23118June 9
1
4June10
Do pref
100 23 Dec31 37/
658 Dec27 12 July23
Seaboard Air Line
100
Do pref
100 12 Dec19 2334 July17
/
4 Nov29 115 June 2
Southern Pacific Co
100 911
100 2014 Doc 12 33 May19
Southern Railway
100 527s Deo12 7218 May27
Do prat
100 2718 Jan21 7018 July 2
Texas & Pacific
Third Avenue
100 11 Deo17 2553 July23
Tol St L & W trust receipts8 May 1 1318 July29,
Preferred certificates dep-. 10 Mar 4 2518 July25
Twin City Rapid Transit. 100 2934 Dec30 60 June 3
100 11918 Aug 8 13813 May29
Union Pacific
Do pref
100 63 Decll 7434 Mar 6
714 Jan 9 1578 July I
United Railways Invest.. 100
Do pref
100 15 Jan13 3434 July I
714 1)ec15 1338 July23
100
Wabash
100 2014 Deo16 38 May19
Do prof A
100 14 Dec13 2518 July 9
Do pref B
1
4 July17
911
/
4 Apr21 14/
Western Maryland (new)-100
Do 2d prof
100 16 Deo16 3018 July 9
100 17 Feb 3 26 July14
Western Paelflo
Do prof
100 5218 Fob20 6113Jan 9
734 Mar 5 1814 Sept24
Wheeling & Lake Erie Ry-100
100 17 Jan30 • 28/
1
4 Sept23
Do pref
100 25 Dec30 411
/
4 May16
Wisconsin Central
Industrial & Miscellaneous
100 29/
1
4 Apr28 64 May23
Adams Express
Jan21 54 July 7
100 21
Advance Rumeiy
/
4 Jan20 70 June 9
100 5611
Do prat
Ajax Rubber Inc
50 66 Jan13 113 July14
414Jan 15
118 Dec19
10
Alaska Gold Mines
3/
1
4 July14
/
4t 10
134 Jan 2
Alaska Juneau Gold Min1
100 30 Jan21 515s Oct 8
Allis-Chalmers Mfg
100 8178 Jan23 97 Sept18
Do prof
Amer Agricultural Chem _100 87 Sept 2 11334 May 1
Do prof
100 592 Doc22 103 Mar15
American Bank Note
50 33 Jan25 55 JulY15
Oct18
50 42 Jan 2 49
Preferred
100 62 Jan 3 10134 Oct21
American Beet Sugar
Do prof
100 8434 Jan13 95 May29
/
4 Nov 8
Amer Bosch Magneto...No par 8413May 7 1431
1
4 Sept30
100 42/
1
4 Fob 11 88/
American Can
100 598 Doc16 10758 Juno18
Do prof
American Car & Foundry_100 8418 Feb10 14838 Nov 5
100 113 Janis 119 Julyll
Do prat
100 3958 Jan 2 6712 July14
American Cotton Oil
Do prof
100 88 Jan 7 93 Apr 3
Amer Druggiets Syndicate-10 1014 NovIll 1414 Mar 7
1
4 July31
/
4 Jan 4 43/
American [lids & Leather_100 131
1
4 00122
100 7114 Jan 2 142/
Do prof
1
4June 6
/
4 Aug21 76/
100 371
American Ice
Do prof
100 5434 Jan20 70'.'June 6
1
4 Feb 8 13214 Oct31
Amer International Corp-100 52/
100 4418 Mar 1 89 Nov 7
American Linseed
100 85 Mar 1 9853 Apr 16
Do prof.
1
4 Oct 7
100 58 Jan21 117/
American Locomotive
100 100 Jan14 10934 July 2
Do prof
Amer Malt & Grain-.Vo par 3934 Dec30 83 Aug 3
/
4 Oot.22
Am Ship & Comm Corp..no par 26 Dec30 471
Am Smelt 86011r ore? aer A.100 7938 00016 9418June12
1 Less than 100 shares, a lilx-cilv. and right.. s Bx-divtdend
•Full paid
PER SHARE •
Range or Previous
Year 1918
Lowest
H4gh44
Per share $ per share
81 Mar 9934 Nov
80 Jan 9211 Nov
1
4June
5 Dec 10/
8938 Apr 109 Nov
4813 Dec 82 Nov
53 Apr 641
/
4 Nov
25/
1
4 Dec 4814 Jan
135 Mar
4934 Jan
6 Apr
181
/
4 Apr
3714 Apr
6614 Apr
8913 Mar
125 July
18 Apr
5634 Jan
46
Jan
69 Sept
26 Feb
6814 May
18 Apr
47 Apr
40 Apr
10018 Apr
160 Apr
214 Jan
5 Apr
14 Apr
23% Jan
1812 Jan
86
Jan
251
/
4 Jan
8 Mar
27 Mar
92 Jan
434 Dec
1714 Dec
2/
1
4 Jan
1518 Apr
45 Jan
7/
1
4 Oct
18 Apr
535s Dec
110 Jan
80 Dec
7/
1
4 Apr
8018, Jan
4/
1
4 Jan
618 Jan
20 gJan
41
Jan
4/
1
4 May
17 Apr
6718 Jan
1352 Oct
55 July
40 Oct
27 Apr
1814 Jan
14 Nov
102 Jan
8118 Jan
4314 June
912 May
5215 Apr
30 Apr
2575 June
2258 Jan
61
Jan
701s Jan
85 Jan
35 Mar
938 Apr
21
Apr
19
Oct
28
Oct
7 Apr
15/
1
4 Apr
8018 Jan
2038 Apr
57 Jan
14 May
1214 Dec
4 June
811 Mar
32 Dec
10934 Jan
69 Jan
434 Jan
1012 Apr
7 Apr
30/
1
4 Dec
1918 Dec
10 Deo
20 Jan
13 Jan
Jan
46
8 Apr
17/
1
4 Apr
29/
1
4 Dec
Oct
6232 Nov
11 Nov
32 Nov
5414 Sept
861
/
4 Nov
107 Nov
137 Jan
1
4 Nov
32/
88 Nov
75 Nov
82 Dec
40 Nov
70 Nov
2712 Nov
55 Nov
48 Dec
11954 Nov
185 Sept
7 Nov
1352 Jan
2388 Nov
3612 Nov
2714 Nov
10612 Nov
3412 Nov
10 May
3518 DOO
10512 Nov
91t J1313
474 Jan
5% Nov
2414 Nov
1
4 Nov
59/
1172 Nov
Oct
25
65% Nov
12434 Nov
100% Dee
15% Nov
97% Nov
684 NOV
1312 Nov
3152 Nov
62 Nov
1032 Nov
36% Dec
34% Nov
34 Nov
65 Nov
48 Nov
4575 May
24% Nov
2114 Doe
11214 Nov
105 Nov
5018 Nov
1878 Nov
64 Nov
50 Nov
5512 Nov
4052 Nov
82 Nov
9614 Oct
39 May
40 July
1714 Dec
33% Nov
25 Nov
4012 Jan
12 Nov
2514 Nov
110 Nov
3472 Nov
7514 Nov
2912 D"
2134 Jan
714 Aug
18 Aug
6514 Jan
137% Oct
7654 Nov
12 JIM
20 May
1134 July
4412 Jan
2611 JUDO
i784 Feb
32 June
2434 Nov
66 June
1234 Nov
26 Nov
3954 Oct
42 Dec 80 Jan
11
Jan 2634 Nov
2578 Jan 6272 Nov
49 Jan 7214 Dee
114 Apr
532 Nov
Di Apr
312 June
1734 Jan 37 May
7214 Jan 80's May
Oat
78 Jan 106
8918 Jan 101 !Aug
1
4 May
3113 Mar 35/
4134 June 42414118
48 Nov 84 Feb
282 Sept 911
/
4 May
34's Jan 76-4 May
8914 Jan 99 Dec
6814 Jan 93 Dec
106
Jan 115 Dec
25
Jan 4454 Oot
78 May 88 Dec
......_ __Sept
Ills Jan
1
4 Aug
50 Jan 94/
Oct
1113 Jan 49
Oct
3834 Jan 61
5111 Sept 6018 Oct
1
4 Dø
27 Jan 47/
6914 Jan 92 Dee
631$ Jb,11 7134 May
1
4 Dec
Jan 102/
z95
-fir May "ai"
61
New York Stock Record-Continued-Page 2
For record of. sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PR10ES-PER SHARE NOT PER CENT.
Saturday
Dec. 27.
Monday
Dec. 29.
Tuesday
Dec. 30.
Wednesday
Dec. 31.
Thursday
Jan. 1.
$ per share $ per share $ per share $ per share
6912 68% 6978
0918 70% 68
9718 9718
9514 9412 95
94
10638 10512
106 10834 10638 108
4478 4514 44% 45% 4538 46
93
92
9134 9212 *92
92
137 13812 137 13914 138 14112
118 118 *118 119 •118 11812
9572 9614 9812
95% 9712 95
9212
9212 90% 90% *90
.90
95% 95% 9634
9534 9634 95
*250 290 *260 280
95? 957
9612 9712 9612 9712
155 16912
13834 156
13114 13634 13514 143
104 104 *103 10414 104% 104% 10334 10334
57
5518 5534 5412 5514 56
57
.55
1612 1612 1812
1714 1714 1614 1714 16
57
55
56
5432 5512 *52
55
*52
6218 63%
6072 6234 60% 63
6014 01
814 534
512 618
6014 6114
60% 61
"80" Er 6013 62
721y 7212 7212 7212
*7112 73
75
75
75
75
78
*74
11512 11512 11634 11(c3-4
119 11914 *11512 119
16778 170
175 1751 172 17412 x167 169
71
7112
73
73
*71
73
*70
*71
19
19
19
19
1918 1934 20
19
35
*30
*30
*2912 35
36
113 11412 11014 11312 109% 11232 1117 11478
12314 12438 123% 12712 129 13338
12378 124
_
*._ _ 11334
138 138 *138 112
--1-1-2 -148 -14
2734 2832 2778 2838 2734 2814 2778 3214
92% 9212 93
93
8914 9212 9112 944
9814 9714 9518 9614 9414 9618 9514 9834
05
95
9514 9614
113 ffi" 111% 11212 "1 12-F23
.
81234 1238 1234 1212 12% 1212 13
87
87
87 • 87
52
-81- -617-8 501
4 5112 4812 5034 51
/
106 106
105- 1-66"
_
75
7
7
6% 7
8
15 118% 11712 11812
11834 120
11912 122
812
834
812 878
834 0
831
4
83
2418 2414 2434 2434 24% 2432
26
26
26% 2712
2512 26
25
26
2534 26
1934 20%
19% 2012 1914 20
201 1
20
8414 8512 84
84% 837 85
8514 86
43%
44
42% 43% 43
43% 4414 42
*7234 76
77
*73
73
*7334 76
73
*6312 6418 0412 6412 66
66
6712
67
_
977 08*
-1/(11-2 9684 Wig 9812 1-0178
10912 109%
109 109
*108 109 *108 111
58% 5914 5914 6014
5814 6934 5818 60
58
58
*60
61
63
*59
60
*56
134 137
131 13212 131% 13314 13034 132
10412 10714
1834 1912 -1114 -113-4 1813 1918 1878 19%
37% 3812 3734 3812 37% 38% 38% 3834
103 103
9912 105
105 108 *100 107
40
4018 4034
40% 39% 40
3934 40
4212
4112 42
4112 41
4012 4112 40
64
62% 63% 6212 6234 6214 6212 63
6134 6212 60
61% 5812 8014 5912 61
01
*87
01
*9112 9314 9112 9112 *88
*5212 55
*5212 55
*5212 55
*5212 55
62
62
62
62
•6112 63
62% 63
80
*7812 7912
*79
80
*79
*78% 80
81
81%
8214 78% 82
7914 82
• 81
1814 1873
1834 19
• 1834 1834 18% 19
3114 3034 31
3012 31
3114 3112 31
8712 88%
8734 8932 8634 88
90
00
$ per share
6734 69
9512 9534
108 108
45%
45
91
91
13734 13818
*117 118
9712 98%
9212
*90
987
96
Friday
Jan. 2.
Sates
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
;Hi* -1212
Lowest
Highest
PER SHARE
Range for Previous
Year 1918
Lowest
Highest
$ per share $ per Mare
$ per share
$ per share
73 May 9414 Oot
6113.Doc 1 8934 July16
94 Dec29 1093* July17 103 Sept 11014 Nov
Oct 107 Dee
85
10112 Dee17 140 Sept18
--3314 May10 47 July 7
91 Dee27 9612 Aug14 ---- -98 Jan firMay
11114 Jan21 1483* Oet29
11312 Jan 6 119 May24 10814 Mar 11412 Dec
6034 Jan 145 May
73 Aug21 12012 June12
Jan 103 June
81
905* Dec30 100 May12
90% Aug 10914 Feb
95 Dec30 1083* Mar10
19178 Feb 4 31412 Oct24 14012 Jan 19834 Dee
92i Sept 10012 Dec
Jan 6
935* Dec23 106
44% Jan 6072 May
4514 Janie 16912 Dec31
92 Jan 9634 Dec
943 Feb 8 11034 June 5
2014 Apr 39% Aug
273* Jan 2. 69 Oct 2
11 Dec 2138 July
Jan31 29 July14
11
3834 Dec 534 July
40 Jan21 65 July24
59 Dec 17414 Oct
545* Nov29 777 July16
12 Dec
4 Nov
1
2/
938 Nov17
1. Jan 2
12 May 18% Dec
1714 Jan 6 6512 Dec11
51 May 63 Dec
61 Mar19 82 Aug14
4 Jan 3618 Jan
/
361
5818 Feb 8 8014 May13
Oct
54 'Apr 71
68 Jan 2 142 Nov 7
9734 Jan 12014 Feb
92 Feb 8 19258 Oct31
Jan 67% Nov
58
64 Jan29 7612 May 8
-_
1418 Nov19 2034 Dec 8
29
Oct25 3512 Dec 3
5618 Jan 10134 May
6478 Jan29 15614 Oct.22
Jan 110 Dec
85
103 Jan 2 145 July 7
9912 June 10712 Dec
110 Feb10 119 May29
_
218 May13
114 Jan20
26 Sept22 45 Oct16
5512 Jan20 10734 July15 11 Dec 66"May
5954 Nov 94 May
Oct23
5538 Jan21 112
84 Dec 94 Sept
90 Dec20 108 July21
9612 Jan 106% Apr
1013* Jan22 116 Sept30
Jan 2812 Sept
21
11 Dec 1 25 July24
8512 Deo18 102 Aug 1
2 Nov
41 Deo18 92 May29 "'hi" Aug ii162 June 74 Nov
71 Feb 5 11212 July16
Jan 98 Apr
95
97 Aug18 101 May14
618 Jan 1612 June
4 Dec 1 1518 Augll
1
6/
115 Dec30 166 Apr23 108 Feb 6112 Oot
512 Dec 12% July
4 Feb20 17 Oct 6
1
5/
16
7' May 1812 Nov
Jan27 3934 July30
6112 Jan 3312 May
4 Febl 1 3712 Julyll
1
16/
1914 Dec30 5414 May27
164"jin "60" Nov
Ws, Jan 2 8712 Dec28
12 Jan 2472 Nov
203* Jan 2 567s Oct20
Jan 7012 Dec
36
6418 Jan 2 8658 Sept17
61 Dec 71 May
565 Mar15 8634 July24
Jan 92% Dec
73
9112 Jan14 101 Aug19
5434 Dec 73% Feb
5618 Feb 8 11612 July24
10412 Jan 7 114 July16 10112 Dec 108 Nov
2914 Mar 39 Nov
Jan22 6712 July1 1
31
Oct 4012 Nov
30
3014 Apr12 6512 Nov 7
90 Nov12 14114 Nov 5
June
88 June
68 Apr16 11312 Nov 3
1412 Apr 2434 Oct
163* Dec 1 2914 July14
31% Dec 47 May
4 Feb 6 5078 July16
/
321
Jan 65/
4 Nov
1
45
6038 Feb27 108 Dec29
3712 Nov28 4358 Nov 7
3434 Jan 54 May
3434 Feb10 56 July14
2834 Mar 4412 Dec
3914 Feb 1 69 Octll
_
501 Oct18 7514 Oct27
4 Dec29 9512 0028
1
91/
Jan 397
30
3734 Jan 4 6334 July14
54 Aug18 75 June27
x78 Aug15 8638 Julyll
8234 July 1053* Nov
7834 Dec29 10638 July15
7h Sept 13 June
4 Apr23 23 Oct14
1
5/
30.2 Dec16 3712 Nov14
653k Oct -SW - Yeti
4 Feb10 10334 June 7
1
65/
99 July 107 Dec
100/
4 Oet18 110 June17
1
1034 Sept20 1538 Oct20
58 Jan 3 8412 Nov 7 "ii" Feb "66" Dec
2978 Jan 5012 Nov
46 Jan21 99 Oot22
102 Jan23 10978 July25 x9012 Jan 104 Dee
Oct23
52 Jan 7478 May
5218 Feb 7 261
86 Jan 91% June
Jan 2 105 July 3
91
4 Apr 34 Nov
1
27/
2038 Jan27 55 Dec 8
7714 Dec 83 Feb
4 Dec 9
1
4 Mar 1 87/
1
69/
Jan
150 Jan 8 410 Oct31 136 Aug 152
90 June 96 Feb
9334 Feb17 103 July28
6 June 15 Nov
1614 May12
103* Jan31
Jan 3114 Nov
22
2332 Dec 2 43 July16
37 Mar 43% Nov
39 Dec 6 49 July23
247 Dec30 43 June27
88 Dee15 101 June26
---- -- 80 June30 150 Dec 2
_
10178 Aug21 10718 Dec 2 ---Ceti°
73 Sept19 94
83 Deo12 123 July17
1" Dec "fi" Oct
9 Dec10 2312 July15
27 Jan 4413 Oct
25 Dee15 4814 July14
Jan 43 June
Oct 8
26
3814 Jan 8 173
4 Nov13 55 Oct 9
1
39/
317 Dec29 6438 July14
15 Dec 1 3834 Julyll "253"4 Oct 39 Feb
Jan 58 June
34
47 Jan 3 957 July23
Oct20 12734 Jan 15812 Oct
14412 Feb 2 176
11813 Jan21 406% Nov 5 10634 Jan 164 Aug
75% Oct 88 Feb
82 Jan 6 95 June 3
_
8212 Feb17 9434 Apr14
Oct
38 Jan
5612 Jan10 933* Oct29
9558 Dec 104 Dec
4 Apr16
1
102 Aug 7 109/
Oct
Jan 86
74
4712 Deo16 80 Jan 3
3812 Jan 5814 Nov
3212 Dec 2 4712 July14
5834 Dec 11112 Apr
4912 Feb 8 8918 Oct20
37 Mar 55 Dec
4 Dec26
1
5414 Jan 8 100/
34 Jan 4914 July
40 Feb
7138 July14
4 Dec 5812 Oct
/
411
4 Feb 6 6878 July16
1
42/
10 Jan 19 June
1012 Jan 2 3734 July14
38 Jan 65 June
48 Jan 4 917 July14
Oct 121 Nov
4 Jan21 1493* July 7 104
/
1101
Oct 114% Dec
111 Dec16 120 June23 107
21
Oct
Jan 33
2114 Jan31 6734 Julyll
8338 Jan 12512 Nov
9234 Feb10 12812 May28
27 Jan 35 Nov
2058 Dec15 337 June26
2412 Jan 4512 May
3014 Jan 3 82 Nov 5
Jan 0512 Jan
58
62 Jan13 80 July22
34 Dec12 65 Nov 7
Nov
15 Dec13 48 Mar15 -if" Dec
4 Dee23 91 Mar 6 • 88 Apr 9714 Jan
1
38/
2434 Decal) 44 July16
68 Jan21 164 Nov 3 -if Apr 72 Dec
10112 Dec12 11014 Oct21
Jan24 11434 Oct28
243* July "Ei" Oct
34
29 Mar 4114 Nov
2788 Nov29 43 July15
383* Dec29 12613 July14
;
.
2174a
6512 Dec 9136218 Jan21 10734 Nov 1
82 July 90 May
33 Dec30 83 Jan21
12 Apr 24 Dee
Jan22 40 Oet21
21
195 Dee 1 25014 Aug 8 16414 Aug 210 Dec
107 Jan27 115 July16 10012 June 110 Nov
1712 Jan 45% Dec
4018 Feb17 81 July14
04 Feb 5 1.90 Jun.20 53 Feb aa flee
stock.
x Ex-divillend
80% pakl. s Full paid. s Old
$ per share Shares Indus. & ?Macon.(Con) Par
6912 7012 33,100 Amer Smelting & Refining-100
100
2,500 Do pref
98
*97
100
1,200 American Snuff
*107% 110
4434 4514 11,900 Am Steel Found tam otfs_3314
o.1pciaor
.
600 Fret temp ctfs
9112 93
.
g
4 66,900 American Sugar RefininN
1
139 140/
100
100 Do pref
*118 119
97
9834 15,300 Amer Sumatra Tobacco.._100
100
100 Do preferred
*9112 9212
9614 9738 30,900 Amer Telephone & Teleg 100
100
American Tobacco
*250 280
100
600 Do pref (new)
*96
9712
100
15914 16512 144,100 Amer Woolen of Mass
100
400 Do pref
5614 163-8 13,100 Amer Writing Paper pref 100
1714 18% 9,700 Amer Zinc Lead & Smelt___25
25
800 Do pref
*52
57
60,900 Anaconda Copper MInIng_50
62% 65
10
1,700 Assets Realization
613s if5-3q 11,300 Associated Dry Goods____100
100
391 •Do 1st preferred
74
*72
100
76
394 Do 2d preferred
*75
100
500 Associated 011
11634 11634
16712 17112 7,000 Atl Gulf & W I EIS Line-100
160
400 Do pref
73
*70
50
*1812 1934 1,200 Autosaies Corporation
50
6% pref temp certifs
*3012 34 '
11214 11812 162,700 Baldwin Locomotive Wks.100
100
132 13434 13,900 Barrett Co (The)
100
Do preferred
*110 11334
20
I% 1% 1,400 Batopilas Mining
3018 3178 32,100 Bethlehem Motors_ _No par
2,000 Bethlehem Steel Corp__.-100
9614 Vi1-2 69,200 Do Class 13 common..100
100
400 Do preferred
11234 1-1-23-4 1,300 Do cum cony 8% pref100
No par
13
1314 9,300 Booth Fisheries
100
200 Brooklyn Edison, Inc
*8712 92
..100
5212 5334 4,600 Brooklyn Union Gas
100
800 Brown Shoe, Inc
105 10558
100
100 Do preferred
2,400 Brunswick Term & Ry See_100
8
8
100
5,000 Burns Bros
11834 119
8% 918 11,400 Butte Copper & Zinc v t 0..5
100
1,600 Butterick
.2412 27
2614 2712 10,900 Butte dc Superior Mining..10
15,700 Caddo Central 011 & Ref..100
20% 22
8334 8434 6,800 California Packing....No par
100
4314 44% 9,500 California Petroleum
100
400 Do pref
75
75
1,400 Calumet & Arizona Mining.10
68
68
Case (J I) Thresh M pf ctf_100
100
10038 10312 45,450 Central Leather
100
400 Do pref
*109 110
59
6012 21,700 Cerro de Pasco Cop__.No par
57
5712
500 Certain-Teed Products-NO par
15,400 Chandler Motor Car___No par
133 135
600 Chicago Pneumatic Tool. 100
10412 10412
25
1912 2034 27,150 Chile Copper
5
20,100 Chino Copper
3834 40
2,400 Chien, Peabody & Cp----100
106 106
No par
4018 4034 7,000 Coca Cola
42% 8,600 Colorado Fuel & Iron--_-100
42
100
6372 6412 4,900 Columbia Gas & Elec
60 . 6372 32,000 Columbia Graphophone No par
100
100 Do pref
1E100 Computing-Tab-Recording 100
62
62
900 Consolidated Cigar--No par
100
100 Do preferred
80
80
8712 24,950 Consolidated Gas (N Y)...100
;83
7,900 Cons Inter-State Call Mg-10
1834 20
3.000 Consolidated Textile-No par.
30% 31
100
91
9134 3,100 Continental Can, Inc
100
Do preferred
1313 -8,56 Continental Candy Corp No par
13
Continental Insurance • 25
95
85
.
854 86% 27,500 Corn Products Refining. 100
100
Do preferred
•108 110
216 2231 36,700 Crucible Steel of America_100
100
500 Do preferred
No par
517 527* 34,700 Cuba Cane Sugar
100
4,900 Do preferred
8318 84
700 Cuban-American Sugar...100
*390 420
100 Deere & Co, preferred....100
10012 10012
10
2,600 Dome Mines, Ltd
.1234 13
50
6,000 Elk Horn Coal Corp
4 28
1
26/
50
Do preferred
*3818 45
29
700 Emerson-Brantingham_ -100
29
100
1,200 Do preferred
92
*85
50
141 14234 8,500 Endicott-Johnson
100
1,000 Do preferred
10334 104
25
200 Fairbanks Co (The)
8312 83%
20,600 Famous Players Lasky No par
8834 92
100
Smelting
&
Mining
Federal
500
15
12
"
100
2614 264 1,700 Do preferred
No par
2,700 Fisher Body Corp
*125 135
25
Rubber
Fisk
69,300
4334 46
No par
34% 3534 32,710 Freeport Texas Co
16,800 Gaston W dr W.Ine......No par
1712 18
100
74% 6,800 General Cigar, Inc
73
100
3,100 General Electric
17112 172
100
30,900 General Motors Corp
336 340
. 100
0012 1,300 Do preferred
*88
6,800 Do Debenture stock- 100
8334 84
100
8014 SIN 22.700 Goodrich Co (B F)
• 100
500 Do preferred
102 102
100
3,600 Granby Cons M El & P
5112 53
38
3,700 Greene Cananea Copper..100
38
804 11,500 Gulf States Steel tr otfs_100
78
100
100 10012 2,200 Hartman Corporation
6.000 Haskel & Barker Car__.No par
6034 01
29,700 Inspiration Cons Copper...20
5912 61
1,600 Internat Agricul Corp.-100
10
19
100
82
800 Do preferred
*81
132 13312 7,700 Inter Harvester (new)___ -100
400 Do Preferred, new....J00
*11212 11334
100
49
5034 28,800 lot Mercantile Marine
100
10918 11014 22,600 Do preferred
2418 2458 53,500 International Nickel,(The).25
100
8012 86% 72,400 International Paper
100
300 Do stamped pref
79% 79%
3978 4234 10.800 Iron Products Corp-No par
100
3,700 Jewel Tea, Inc
16% 17
100
5,250 Do preferred
42
43
100
2,600 Jones Bros Tea, Inc
29
*26
25
144 14534 ,8,200 Kelly-Springfield Tire
100
preferred
8%
Temporary
600
102 102
100
.600 Kelsey Wheel, Inc
80
80
6,610 Kennecott Copper____No par
32
30
43/
4 4634 60,900 Keystone Tire & Rubber...10
1
100
8634 8834 22,200 Lackawanna Steel
1,000 Laclede Gas (St Louis)....100
38
.35
4,900 Lee Rubber & Tire__ __No par
3612 37
1,600 Liggett & Myers Tobacco _ _ 100
.202 207
100
400 Do preferred
108 108
300 Loose-Wiles Biscuit tr afs_100
68
.
70
On 2(1 nrpferrart__ __ 100
.106 112
1213 1234 -HT% 13
*80 100
99
*80
8434 8414 8534
-84is -136i4 84
10912 10912
109 109
*108 109
216 222
21012 215
211 217
97
99% 9978 97
5073 5134 50% 5178 5078 5218 -52- 111-2
82% 83
84
83
835r 83
83
84
*300 420 *375 415
400 40412 *404 415
*9934 10012 *0934 10034 *100 10012 .100 101
13
1g 13 13 1358 11313 1312
13
26
28
2512 25
25
2512 2512 2
*2818 45
*38% 45
*3818 45
*384 45
2778 28
*27
30
2478 2734 2734 2734
91
90
88
90
89
90
89
89
13912 142
13812 14112 141 145%
138 140
10312 10334
106
10338 10312 10314 1034
8412 8412
*7912 ___. *8012
*7912
8512 -g"7"
87
- - 8612 8812
8714 8412 87
10
10
10
10
10
10
1018 11
26% 2634
26
27
27
2712 2012 27
13134 13234
12818 133
12158 130
124 124
41% 4238 4114 4212 42% 4414
41
42
3512
3434 35
3512 34
3178 3414 32
17
17
1778 1678 1712 1678 18
18
7212 7212 7312
7312 7312 72% 7478 71
170 17132
16912 16912 16912 16912 168 170
33234 33712 z338 342
33634 34214 332% 340
18934 00
89% 90
*88
90
90
*88
84%
87
86
85% 86% /84
87
87
8012 8218 8038 8214 7913 8112 79% 8158
103 103
102 102
103 103
53
'5114 52
52
-8612 -612
4 52
1
48/
3612
3518 3612 36
3434 3512 35% 36
7414 80%
73
73
70
4 7334 70
1
72/
0034 99% 9912 0912 99
9918 99% 9934
6112
60
61
6138 60
5918 60
60
5934 604
60
59
5714 6012 5814 60
1834 1834 •1812 1912
1812 1878 1834 19
81
z81
8012 814 8112 8112 *81% 82
13012 13112 129 130
13112 13214
13012 131
112 11238 113 113
*112 113 *112 113
4818 50
4812 4912 47% 4834 4714 48
10938 109% 108 10912 10738 10872 10818 109%
2412
2318 2434 2312 2414 24
24
25
76
7612 8014
74% 7612 75
7612 78
*78
7914
79
79
r2 Wig -5/ -3"/1-2 3714 37% 3718 40
1634
1514 1514 16
16
1712 16
17
4238
42
401 4112 41
4112 41% 41
27
2614 26% 26
2634 25% 2612 *26
13812 141
142 14414 141 14412 14214 14412
102 102 •100 103
10178 102
102 102
78
77
76
7612 73% 7514 *72
77
29%
2834 29% 2878 2912 2834 2914 29
3978 4034 38% 3934 3812 4234 43% 4534
88%
8614 87
87% 8914 8618 8714 85
3312 3312
35
33
3512 3512
2 37 17-7-2 3534 37
1
-3-7
206 206
202 205
20214 203
202 202
109% 10912 10914 11014 *109 112 *109 112
.65 68
70
68
68
*68
*106 115
- - *106 116 *106 115
•Big and asked WOW:no sales on thia day. $ Less than 100 shares. 4 Ex-rights a Igx-div. and rights.
For fluctuations In rights see second page preceding.
1212 "1"2-5-8
*80
8534 864
108% 10812
217 21934
PER SHARE
Range for Year 1919
On basis of 100-share lots
aiii;
b•4
62
New York Stock Record-Concluded- Page 3
For record nr sales during the week nf sr miss 4•44 di, in,
• /Oh
satuidav
Dec. 27 '
D LOW SALE PRICES-PER SHARE, NOT PER CENT.
Monday
Dec. 29
i
Tuesday
Dec. 30
Wednesday
Dec. 31
Thursday
Jan. 1
Sales
or
the
Week
Friday
Jan. 2
•ftirii nage preceding
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1919
On basis of 100-share lots
Lowest
Highest
per share
per share S per share 3 per 'hate $ per share 3 Per share Shares IndustrIal&Misc.(Con.) Par $ Per share
$ per share
100 14734 Apr15 245 July21
183 18334 3,100 Lorillard (P)
179 18114
.181 189
17514 177
17834 181
.
Do preferred
11012 114
100 107 Jan28 115 July29
*11012 111
*11012 114 .11012 114
.66
600 Mackay Companies;
100 63 Dec30 7978 May27
70
64
*62
16" 63 66 66 66
*64
Do pref_
100 z63 June e 66 Julyll
6412
100
6412
.64
6414 64
64
*64
6412 .64
1,100 Manhattan Shirt
25 28 Aug 5 3812 July17
33
_
3212 3273 3212 3212 33
'25 IC 2,550 martin Parry Corp___nc par 23 Dec12 3l78 Nov 7
2412 24
2414
2451 2514 24
100 2644 Jan22 61 July28
3112 3212 10,600 Maxwell Motor. Inc
3312 34
32
3234 2818 3212 -3058 3218
*61
83
5,600
Do 1st pref
6111 6114 60
6112 59
100 5038 Jan22 8412 July28
6034 6034 6314
30
30
1,000
Do 26 prof_
100 1914 Jan 2 4612June 3
30
301.2
3012 3012 30
30
2818 30
127 131
10,900 May Department Stores__100 60 Jan 4 13184 00111
122 123
12212 12712 125 12734 12512 12812
*104 110
Do preferred
Jan 2 110 May 2
100 104
*106 110 *106 110 *106 110 *106 110
Oct22
213 221
51.700 Mexican Petroleum
100 16234 Jan23 264
21334 217
21734 223
21014 218
209 215
100
Do pref
10314 10314
100 99 Dec I 7 11844 Sept30
.98 100
25
25
7,850 Miami Copper
5 21 Nov29 3244 July17
23
2384 2278 2334
-2-4-1-2 2414 2434
6378 66
10 32 Oct 9 7114 Nov18
26.300 Middle States 011 Corp
6312
6212 6358 6234 6334 6238 6312 62
5018 5112 39,800 Midvale Wee!& Ordnance-50 404 Feb 7 6214 July14
503s 5114 4914 51
4918 4978 4934 51
6414 6514 1,800 Montana Power
100 54 Nov28 83 July29
• 5812 5912 5912 6018 5912 6034 6312 6334
Oct20
no par 40 Nov13 53
47
48
900 Mullins Body
48
48
4712 48
4812 4812 4712 48
so 2912 Jan 2 4312 July12
37
37
2.100 National Acme
3638 3734 3612 3678 3612 3658 3712 3758
04 6518 6612 6512 6812 67
6631 6,
7012
6912 7278 19.700 Nat a nliine & Chem vtc.no par 45 Sept2I 75 Nov 7
8918 801: 1.500
Do preferred v f a_._ _100 87 Nov13 out Oat 7
8912
8912 .88
8834 8914 *37
Oct 7
tig20 139
100 107
1I7 117
1,201 National Biscuit
.r11934 11934 120 12312
112 Dec22 :121 Mar14
ill fig Do preferred _____-_100
_
200
114 114
..
70
Jan22 92 July28
*78
SO
80
300 National Cloak A Suit.„100
7914 7914 *78
78
80 .7712 80
.
102 105
Do preferred
100 103 Dee 1 10814 May26
.102 105 .102 105 .102 105
812 Dec30 2434 July15
10
1012 7,700 Nat Conduit 4 Cable..No par
834 978
812 912
934 978
912 10
100 454 Feb 8 8818 June 7
85
86
8712 8612 8712 8512 8612 8534 86
8912 9,600 Nat Enam'g & Stamp'g
.100 .102
Do pref..100 93
Jan15 104 May27
.
100 102 .100 102 .100 101 .100 102
941/ 02123
Janl 1
100 64
81
82
81
8212 8014 8012 7912 80
8334 6,500 National Lead
8238
Do pref .
_
MO 102 Sept 8 112 July18
301
*108 110
10934 10934 *1094 110
147
, 154 147g 1558 1458 15
12,60' Nevada Consol Copper_ _ .5 1314 Nav24 2174 July17
1478 15
11412 11612 4,301 New York Air Brake... 100 9114 Feb 3 14584 Oct22
111 1144
11212 11234 11012 111
10912 112
100 1912 Feb 7 7044 July30
4712 48
46
47
47
4'7
1,400 New York Dock
4'7
45
45
4712
*58
Do preferred
63
700
100 4414 Mari3 75 July29
6078 6078
6012 6012 6012 6012
Jan 11 87 July28
56
5434 5434 1,600 North American Co.. . 100 47
55
56
5
5
5412 55
55
iti
Jan30 97 June 2
7238 75
.71
74
4,300 Nova Scotia Steel & Coal 100
7234 73
7058 71
70
72
48
4614 4712 4614 471, 4612 4738 471 1 4778
5014 49,900 Ohio Cities ;1st. (The). _ _25 .353. Feb14 6178 July10
Jan18 55 July25
5112 5112
100 Ohio Fuel Sunply . . . ..25 43
*5012 51125012
*
51 12 *4878 5?
8
Feb 3 1312 May10
36,000 Oklahoma Prod A Refining..8
918 978
978 10
914 912
912 934
914 933
512 Mar18 1114 Nov 5
100
3,700 Ontario Sliver Mining
.878 91.1
858 858
878 9
878 9
ii&- Iii- 3,600 Otis Elevator
no par 128 Nov12 149 Nov 3
•135 140 .136 140 .135 140 213812 13812
no pa' 344 Dec16 3914 Nov14
*3512 3578 3578 3678 3534 3658 3612 3812
3714 38
11,600 Otis Steel
Oct17
6312 65
25 46 Mar 3 74
6412 6531 66
2.500 Owens Bottle
67
65
66
6334 6334
80 Oct 18
75
75
78
78
600 Pacific Development_ . . 7034 1)ecll
76
76
*7612 7812 7814 731 1
5912 6018 5958 6014 5812 5912 5812 5812
800 Pacitie Gas dr Electric _ 100 584 Dec30 7514 July24
4218 Julyll
5 2912 Feb
;54" "3734 1,200 Pacific Mall SS
*3534 3678 3678 3714 37
3712 3734 38
Dec26
lan21 41
38
3712 3712
300 Pacific Teleph & relek.. _ _ too 22
38
_
Jan21 14014 0c122
50 67
10414 10811 45.100 Pan-Am Pet & Trans _ .
10478 10558 103- 1-0518 10234 1-031-2 10334 10514
,par 2712 Apr39 58 July18
3212 3414 32
33
33
0.500 Penn-Seaboard St'l v t e V,
3234 3034 3212 3178 3258
33
34
3538 371 1 18,971 People's 0 L it C (Chic) 100 32 Dee3) 57 May26
33
3378 32
3314 3234 3458
Jan 3 43 Apr 28
38
3812 3714 38
3858 3912 12,700 Philadelphia Co (Mob)... _50 30
3734 3838 384 3934
7712 7878 77
7934 8212 114,800 Pierce-Arrow M Car..- 'In pat 3841 Jan22 99 ()Nall
8014 7714 783s 7734 8018
Oct20
100 10112 Jan 3 111
Do pre(
10634 10634
107 107
200
Jan 2 2814 May 9
- 1958 -1158
25 10
- 1918 1934 -is/ -114 19
-1914 -1-01-2 16,500 Pierce 011 Corporation
1958
101 102
93
pref
100 93 Dec31 10512 Oct28
93
95
Do
96
95
98
7,918
6214
62
63
-62- -6-i16234 6314 3,000 Pittsburgh Coal of Pa
100 45 Feb 3 7414 July29
4 6114 6212 62
*8712 94
*90
95
100 8512 Mar17 98 May28
*90
95
90
91
300
Do pref
.90
95
27
10 1218 Feb 5 314 0008
26
2738 27
2612 2634 4,600 Pond Creek Coal
2738 26
27
27
Oct20
10114 103
Febll 109
101 10238 7,500 Pressed Steel Car
101 10212 100 10114 10012 10238
100 259
•101 102
100 100 Mar 3 106 July16
*100 105
101 '10112 10018 1004 10112 10112
Do pref
500
0 60 Dec18 9134 Jan 7
Public Ser.? Corp of 14 J 1110
1131-4 115
8,741 Pullman Company
100 110 Nov28 13212 July17
11312 1t45, 11212 1-1-312 11314 11418
11412 116
Apr 4 9314 Dec 8
93
50 51
93
293
9434 23,200 Punta Alegre Sugar
9234 9412 9214 9478 9512 9712
100 6812 Feb10 10712 Nov 5
9938 9934 98
9978 9734 9812 98
.9878 9978 4,200 Railway Steel Spring
9812
•10412 10912 .1044 10912+10412 10912 *10412 10912
*10412 10912
Do pref___ .__ ...100 104 Feb 4 112 June 3
2014 2078 21
.. 10 19 Mar 4 274 July17
2134 22
2138 2114 2158 2138 2178
16,300 Ray Consolidated Copper.
91
91
9018 9112 4,200 Renalngton Typewriter v to 100 68 Aug18 10511 Oet24
8834 8934
8714 90
8534 88
11818 12118 11434 11878 11334 11714 11714 12514
11912 12312 214,200 Republic Iron A MI0.01 .-100 7112 Jan18 145 Nov 1
Jan13 1064 July28
.100 100
400
Do pret_ ..
.
*106 107
106 106
106 106
-1-P1;
8 14-8
5434 5534 3.300 Republic Motor Truck _No par 444 Sept 8 744 Nov 1
7- -a- -6W" 5218 5314 53
54
84 Aug27 121 July17
9858 10038 9812 10014 9938 10038 10034 10238
101511 103
51,100 Royal Dutch Co(N V *hares)
-------10 1212 Dec12 17 July14
1312 1312 1358 1334 1358 1378 1334 1412
1412 15
5,200 St Joseph Lead..
7218 7278 7118 72
100 534 Jan24 944 cict,17
7112 7112 2,000 Savage Arms Corp
7178
71
7114 71
614 Mar21 29 Aug 13
1438 1458 1378 1412 1334 14
14
1512 1618 15,900 Saxon Motor Car Corp...100
16
*224 230 .227 230
231 232
1,000 Sears, Roebuck & Co....100 1684 Feb13 23014 Dec30
22934 23014 .225 231
1234 1234 12
1112 1212 2,500 Shattuck Ariz Copper,_. _ _10 10 Feb10 194 July25
21112 1112
13
1134 12
4338 44
444 4644 179,740 Sinclair Cons Oil ..:orp No par 4118 Dec12 6414 Nov 3
4234 4358 4258 4338 4278 4418
74
6,500 Sloss-Sheffield Steel & Iron 100 4612 Feb10 89 Nov 3
754 72
74
76
7512
73
72
7218 73
.90
100 85 Marll 974 July 8
90
90
100
Do preferred
93 .90
93
93 .90
93 .88
Jan27 117 Sept 6
*112 116
Bo Porto Rico Sugar pref..100 107
.110 116
*112 116 .112 116
Jan14 160 0(318
13944 13934
100 124
100 Standard Milling
•132 142
100 8512 Jan 2 9418 June12
*85
94
50
Do preferred ___
186 -8-6- ::::
89
.85
100 Stewart Warner Speedom_100 863s Janll 181 Nov 7
160 f66737 7558 745 77 "7314 7434 7612 81
-7914 -861-2 21,800 Strornberg-Carburet .No par 3634 Jan 10 1094 Oat()
Oct28
10934 11218 237,100 Studebaker Corp (The) _ 100 4514 Jan22 151
10434 10712 105 108
106 1077a 108 11014
.100 92 Jan22 10412 Nov (1
900
Do pref
.10012 101
Oct14
14418
4214
par
Feb14
Arn_No
Car
of
117
3,400
StutsMotor
11434 115
120
114 1-11- 11212 flit; 113- if68
_ _100 32 Jan21 544 June 3
48
4834 49
4818 4914
4914 2,000 Superior Steel Corp'n
4814 4911 4712 48
174 May 5
934 Dec 1
1034 1078 18.000 Tenn Copp & C tr etre No par
978 104
973 10
934 10
934 10
Oct30
Jan 2 345
22512 226
222 22812
22414 231
21,400 Texas Company (The)1..100 184
220 226
220 222
Tidewater 011
100 207 Jan 3 275 Nov 1
.
210 240 .210 240 .210 250 .210 250
*210 250
9334 9514 914 9312 9038 9214 9212 9312
93
9438 16.900 Tobacco Produots Corp. 100 7258 Jan29 115 June30
10212 10212 10214 10212 10214 10214 10212 10212
102 102
Do pref
1,200
.100 9712 Dec 2 120 June30
3712 38
3514 3778 84,800 Transcontinental 011_ No Por 3434 Dec30 6214 Nov10
3618 3738 3434 3614 3538 363.1
65
66
66
2,700 Transue & William, St_ No par 3714 Janll 744 Oct20
6614 6518 66
26414 6558
190 190
100 Underwood Typewriter_ ..100 115 Jan 8 19713 Dec 4
*90
-5578 13-78 -5578 94 '90 95 "oi" 1195
500 Union Bag it Paper Corp.100 75 Jan 3 100 July10
34513 Dec15 454 Oct 14
36
36
3612 36
37
27,450 Union 011_
3612 3558 3612 3818 3612
3738 Janl
5212
"
-V
5112 5178 5114 5134 5012 52
584 July28
52
52
4,200 ,United Alloy Steel
.pa
n*52
_100 9012 Jan 6 17518 July29
•141 143
141 141
400 United Drug
142 142
14118 14118 141 141
*5112 5212
Do 1st preferred...-.- _ _50 50 July18 5818 May 9
*5112 5212 .5112 5212 .5112 5212 52
5238
400
Do 26 preferred._ .___100 91
Jan28 165 July29
_
Oct30
100 157 Feb10 215
20114 20
- -4 ion" 2011. itio" 202 19812 201
20014 20014 2,000 United Fruit
8018 Aug21 1194 Octl 1
92
9318 9512 79,300 United Retail Stores --No par
9234 9058 9218 90
9212 9212 9438
22
2234 21
2314 2314 4,200 US Cast I Pipe & Fdy_ _100 14
Jan15 3834 Aug 7
2234 2034 2278 23
23
5312 55
100 4212 Jan16 7444 July 7
*52
Do pref
5312 5214 5212 5214 5212 5212 531,
1,200
100 1034 Feb 5 3214 May24
30
30
*30
.30
30
30
30
30
3114
300 U S Express
3012
z75
7612 12,100 II S Food Products Corp 100 68 Apr 14 go, Oct 1
7712 78
7612 7758 7614 7714 77
791.1
109 111
11214 11448 39,400 tl S Industrial Alcohol -100 x9718 Dec 1 167 May27
109 11112 10914 11178 11112 11434
Do prof
100 9614 Jan 2 111 May23
*102 105 .102 105 .102 105
"44i2 4718 .1,566 U 13 Realty it Improvement 100 1714 Jan 3 5078 June 6
4238 423/3 4238 4238 4012 4112
12558 130
13512 13814 154,900 United States Rubber -..100 73 Jan21 13914 Nov 6
12814 1314 128 13458 13414 13814
Oct 3 136 Nov16
do sub receipts full paid_ ._ 118
Do 1st pref
100 109 .Ian20 11912 July10
114 114
iii- iii" .1,400
114 115
11312 11378 114 114
ao 4314 Jan21 7814 Nov25
7478 7514 75
74
7434 6,800 U S Smelting Ref it M
7614 7412 7512 75
7538
Do pref
50 45 Jan18 50 Mar 2
46713 4678 4712 4712 4712 4712 4678 4712
4658 4658 1,000
10618 10814 278,700 United States Steel CorP-100 8814 Feb10 11512 July14
10614 107
10478 10658 10458 10578 10512 10738
Do pref
100 1114 Deci2 1174 July17
11334 114
14,060
113 11318 113 11338 11234 11378 11334 114
10 6518 Feb 7 971g July18
7358 7434 75
7548 7914 37,800 Utah Copper
7612 7458 7612 75
77
834 Dec16 21114June11
12
1258 *104 13
11
1278 3,500 Utah Securities v t c... -100
1012 1112 .1012 11
Feb10 9212 July14
66
88
68
7078 10,400 Virginia-Carolina Chem-100 51
6612 6734 6612 6678 6634 671 1
Do pref.
100 110 Jan 7 iv. Oct 7
*107 112
•1094 114
---•109 112 .107 110
1,700 Virginia Iron C & C----.-100 54 Mar31 288 Dec31
-7834 783-4
27812 88
547 55
100 5114 Nov12 79 May23
5214 5312 53
,-P51.8 If- 1,400 Wells, Fargo Fxprese
5312 5234 533i
'8712 874 8718 8718 8673 87
88
88
87
87
700 Western Union Telegraph-100 82 Sept22 9212 May26
119 11934 11818 119 *117 119 2117 117
*115 118
700 Westinghouse Air Brake..._SO 944 Jan15 126 July 7
x54
5412 14,000 Westinghouse Elect & Mfg-50 4012 Jan21 5978 June 9
5378 5412 5358 5412 5378 5412 54
5512
Jan 3 86
Oct20
50 45
37,500 White Motor!'
5778 60
62
64
6212 66
6014 6214 6012 62
2778 29
25 234 Jan22 4014 June 2
2734 2878 2734 2858 2814 32
3048 3144 106,700 Willys-Overland (The)
Do pref (new)
100 8734 Jan 7 9814 May 9
92
3,100
*881, 90
91
92
*90
88
8814 8814 92
3,000 Wilson&Co.lno, v t e--No par 6538 Jan20 1044 July 2
7934 80
7812 79
7934 80
8012 Si
774 79
Do preferred
100 9514 Nov11 1044 Junela
.90
99 .90
99
98
*95
99 .90
98
*95
.
100 120 Feb 7 13618 May19
124 125
800 Woolworth (F W)
12714 12714 12712 12812
*125 130
11214 Dec20 11712 July25
.
1124 115
Do pref
115 115 .113 116
*113 116100
100
Oct 7
88
8812 86
8714 -911-4
92
9434 24,000 Worthington P & M v t e-100 50 Feb13 117
873
, 8458 86
Jan 9 984 Oct15
Do pref A
100
100 88
94
*9212 95
*94
96
94
Oct 8
76
Jan 3 81
Do mei B
100 66
76
76
200
7312 7312
.72
-iis- ye.;
_;
• Ma ancl asked Dr10011: no sales on Ms day. 1 Less than 100 shared.
:Ex-rights
a Ex-dly and rights. s Ex-dis
PER SHARE
Range for Prestos,
Year 1918
Lowest
HOP es.
3 per share $ per .ba.•
1444 Aug 200 Mel
98
Jan 110 Nn,
70 Dec 7812 Fs!
57 Jan 65 May
_
-.
224 Jan -4
;
.F2 WO.
50 Dee I,98 Non
19 May 32118 No.
19 May 3238 No.
47
Jan 6312 Dit,
Oe.
79
Jan 194
87
Jan 107 Dot
2214 Dee 331, Jtit
• Dec
64 June
.2634 Jan
61 Mat
814 No
90 'Aug
10614 Sept
55 Sent
100
Jan
13 Nov
374 Jan
88 Nov
4314 Jan
9934 Mar
1618 IDee
9818 Dec
• 1812 Jan
42 Jan
3712 'Aug
5218 Dec
3518 Mar
40, Oct
11012 De
114 Ma
(174 De
104 Do
2138 Jul)
544 Mat
994 Fit
6034 Dee
10512 Ma)
2178 Ma)
139 Mat
27 Ma)
4512 Di'
5712 No.
70 Au!
Oel
48
464 Jun.
41.4 -.Ili;
. .
Dec
13 JIM
. .
-..•
7014 Aui
_
2312 Jan
1814 Dec
6314 Oct
40 Wee
27
Or
724 Oct
44
._
33 Ms
391 -jrin 61
21
Apr 3514
34
Jan 5154
8934 Jan 104
15 Sept
1933
42
7944
15
554
93
85
1004
454
95
1914
No'
:
1 01
Nov
Dar
0e
Jan S534 Fet
Jan 8574 Den
Nov 20 Jun;
73 Ant
Nov
Apr 100 Au)
Oct 1094 Mal
Jan 13214 No.
Jan -fil2 Der
Jan 10512 Der
Dee 2614 Ma/
:7258 Jan -9(i. Ma,
9248 Jan 1024 Sep'
•• •
•Dec
34 Aug
13334 June
z13 Dec
801, Ma)
18 No.
764 Dee
1814 Fit
39
Jan 'HI; Mit;
81
Feb 934 Jul)
102 Jan 110 No.
84
Jan 120 Der
Jar
80 June 59
-1317
.
8 Apr
8012 July
37
Oct
3414 Mar
1234 Dee
13612 Jan
178 Jan
4811 Mar
28714 Mar
727 Nov
100 Nog
55 Dee
4532 Ma7
21 J111)
203 001
20014 Dee
824 Der
10478 Der
3684 Oct 42 Ma?
100 Apr 112 Dec
05
Jan 80 Ma)
367k Oct -4413 Ma;
09 June 9078 Der
46
Jan 5012 Nov
77 June 8514 Dec
11614 Jan 10612 Der
-i1718 Apr
41 Mar
1412 Apr
94
8
51
19 May
4734 Feb
1612 Mat
-Vei; 187 Map
Oat 99 Mai
Oel
Mar 26
Jan 8012 Dee
;fib - -lin
3212 Apr
4248 Apr
9612 Mar
108 Mar
7114 Dec
11 Sept
3314 Jan
98
Jan
50
Jan
6314 Sept
7714 Aug
95 Dec
3812 Jan
8634 Jan
1512 Jan
75 Jan
4514 Jan
9012 Sept
110 Mar
Oct
111
Jan
34
85$2 Feb
59 Jan
iici
Dee
5034 003
4714 Dee
116129,Q
1134 Dec
Oct
93
pm Nov
6014 Nov
113"it Dec
734 Jul)
8314 Jar,
953. Apr
95 Dee
474 May
49 Nov
30 Non
5914 Nov
7714 Dee
9912 Dec
1084 Oct
115 SW
69 Aug
Apr
91
7012 July
1 For fluctuations in rights gee p. 59
63
New York Stock Exctiange-Bond Record. Friday, Weekly ancl Yearly
bonds.
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"--ezcept for interest and defaulted
BONDS
X. Y. STOCK EXCHANGE
Week ending Jan. 2
H
Price
Friday
Jan. 2
1Veek's
Range or
Last Sale
la
o
3
3,
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 2
Range
Year
1919
High No. Low High
Ask Low
Bid
U. S. Government.
First Liberty Loan
33.is let 15-30 year_1932-'47 J D 100.20 Sale 99.10 103.20 2129 98.20 101.00
Second Libel ty Loan
1st L L cony_ __1932-'47 J D 93.20 Sale 92.90 93.52 246 92.50 96.00
45
1927-'42 MN 92.20 Sale 91.50 92.40 2069 91.00 95.10
2nd L L
45
Third Liberty Loan
1932-'47 J D 93.96 Sale 93.20 93.96 1037 92.80 96.60
43jS 1st L L conv
414e 2nd L L conv 1927-'42 MN 92.70 Sale 91.50 92.74 22955 91.12 95.36
1928 MS 94.80 Sale 93.90 95.00 20282 93.26 96.60
43is 3rd L L
Fourth Liberty Loan
____ 101.00 101.00
5 95.42 102.06
434s 1st LL2ndconv 1932-'47 J D 101.00 Sale 91.56 93.00 39945 91.0, 95.72
1933-'38 AO 92.80
434e 4thLL
Victory Liberty Loan
43is cony g notes_1922-'23 J D 99.40 Sale 98.80 99.84 10694 98.80 100.08
3s cony g notee_1922-'23 ID 99.40 Sale'98.80 99.60 7129 98.80 100.48
9778 9978
9934 Sept'19
d1930 Q J
85 consol registered
1004 Aug '19
98 10014
61930 Q J
35 ()ousel coupon
106
OA
'19
2
10614
104%
15E1156
V
Q
1925
de registered
103 1063s
1925 Q F 10512 10634 1054 Dec 19
de coupon
9814 Mar'19
984 9814
k1936 Q F
Pan Canal 10-313 yr 2s
99 July'18
Pan Canal 10-30-yr 213 reg_1938 Q N
874 91
8818 8912 90 Dec '19
1961 Q M
Panama Canal 35 g
8814 91
1961 Q M 8818 ____ 8814 Oct '19
Re4letered
100
Feb
'15
F
Q
1914-34
Philippine Island 45
Foreign Government.
Anglo-French 5-yr be Eater loan_ A 0 9614
73
Argentine Internal be of 1909_ __
92%
Bordeaux (City of) 15-yr 6s_1934
j 51
Chinese (Hukuang ity) 5s of 1911
91
Cuba-External debt 55 of 1904_
A 851s
Ester dt be of 1914 ser A__1949
76
A
1949
External loan 434s
1921 A 0 97%
Dominion of Canada g be
1926 A 0 92
do
do
__ _1931 A 0 91
do
do
81
A
Japanese Clovt-£ loan 4;46_1925
1925
2 784
Second series 4
7614
do do "German stamp".
1931
O 6934
Sterling loan 4s
Lyons oily of) 15-yr (Se__ _ _1934
Marseilles (City of) 15-yr 681934
Mexico-Exter loan £ 55 of 1899
1954
Gold debt 4e 01 1904
1921 A 0 9234
Paris (City of) 5-year els
GO
Tokyo City 55 loan of 1912
U K of Gt Brit & Ireland96
1921 M N
5-year 534% notes
20-rear gold bond 5)46_1937 FA 8834
1929 FO 9518
10-year cony 53.s
95
3-year cony 51-03___.___p1922• A
SThese arc prices on the basis of S5to£
State and City Securities.
X Y Olty-4 54s Corp stock. 1950 M 13
4)4s Corporate stock____1964 M S
434s Corporate stock __ISM A 0
• s Corporate stock July 1967
1965 J
Y,s Corporate stock
4s Corporate stock_1063 M S
1059 M N
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
4% Corporate stock
M N
reg_1956
stock
4%Corporate
1957 M N
New Ois
1957 M N
434 % Corporate stock
1954 M N
3)-5% Corporate stock
1961 M
Y State-4e
J
Canal Improvement 45_1961 J
1962 J J
Canal Improvement 4s
J
1960 J
Canal Improvement 4s
J
Canal Improvement 4548_1064 J
J
Canal Improvement 43413_1065 J
Highway Improv't 4,4s_1963 M S
Highway Improv t 446....1965 M S
J
Virginia funded debt 2-38_1991 J
(113 deferred Brown Bros etfe___ -Railroad.
11995 Q
Ann Arbor let g 46
Atchison Topeka & Santa Fe1095 A 0
Gen g 4s
1995 A 0
Registered
11995 Nov
Adjustment gold de
11995 Nov
Registered
/1995 M N
Stamped
1955 J D
Cony gold 45
1960 J D
Cony 4s issue of 1910
East Okla Div let g 413_1928 M 8
Rooky Mtn Div 1st 45...A965 J J
J
Trans Con Short L let 46_1958 J
Cal-Aria let & ref 446"A"1962 M 13
S
M
_1942
_
ba_
g
1st
Ph
&
Pres
Fe
el
Atl Coast L 1st gold 46_11952 M
1964 J D
Gen unified “is
Ala Mid let gu gold 56_1928 M N
Brune de W let pu gold 4(3_1938 J J
Charles & Say 1st gold 75_1936 J J
01952 M N
L & N coil gold 4s
Ray F & W let gold be____1934 A 0
1934 A 0
1st gold 56
1926 J J
Bait & Ohio prior 3543
11926 Q J
Registered
A 0
11948
46
gold
1st 50-year
/1948 Q J
Registered
1933
10-yr cony 4345
Refund & gen 513 Series A_1905 5- -15
J
1929 J
Temporary 10-yr 66
J
litte Juno let gold Os......1922 J
P Juno & M Div let g 310 1925 M N
PLE&W Va Sys ref 4111941 M N
J
Southw Div 1st gold 3148_1925 J
Cent Ohio R let c g 445..1930 M S
Ci Lor & W eon lst g 56 1933 A 0
1936 J D
Ohio River RR let it 5s
1937 A 0
General gold Is
Pitts Clev & Tol 1st SOs,.1922 A 0
J
To!& Cin div 1st ref 46 A _1959 J
1937 M S
Buffalo It & P gen g be
1967 M N
Como!4346_
1998 A 0
All & West 1st 545 gu
J
Clear & Mah 1st gu g 5s 1943 J
6e
gold
1921 F A
1st
Pitts
&
Roth
1922 J D
. Consol 1st g 66
Canada Sou cons gu A 6e1962 A 0
Car Clinch & Ohio lot 30-yr be'38 J D
Central of Gla let gold 56_011345 F A
1945 M N
Conseil gold So
10-yr temp femur 66 June 1929
i5
Chatt Div pur money g 4s 1961
J
Mao & Nor Div let g 156 1946 J
19472
Mid Ga & All Div 156
1946 J J
Mobile Dly 1st g be
OentItIt & B of Ga coll g 543_1937 M N
19872 J
N J gen gold 15e
11987 Q J
Registered
J
Am Dock & Imp gu be _1921 J
J
Leh & Hue, Riv gen gu 58_1920 J
WY i Long Or von e 4. 1041 M
9612 4633
9512
18
73
7212
8
9238
9238
65
49
51
2
9138
91%
837s Dec '19
76
76
974
9712 31
92
9314 21
30
92
90%
8012
824 30
31
80
78
7738 18
764
9
70
Via
1
92%
92%
2
92%
92%
447 43 Nov'19
4478 40 Dec '19
194
93
Sale 9134
6018 21
Sale 57
9312 9772
93
72
923s 9212
451,8 724
9038 100
8378 9334
85
75
9634 9918
98%
92
90% 9811
7612 92%
93
78
89
76
64
804
9238 9238
92% 9212
7912
43
61
40
9134 10014
83
55
354
1174
695
481
9434 99(2
86 10134
94% 9612
9518 984
Sale
Sale
Sale
Sale
91%
86
Sale
Sale
Sale
Sale
Sale
8078
Sale
Sale
Sale
Sale
Sale
Dols
9434
86
94%
954
96
8834
9514
9512
93
93
9414 Dec '19
97 Nov'19
994 Dec '19
99
99
98 Dec '19
8912
9038
91
91
91 Dec '19
921s Nov'19
- ---- 9812 1)ec '19
99
---- ---- 99
8234 Nov'19
---- 82
9812 Aug '19
_ 100 Nov'19
2
-551
981s Aug '19
99 Sept'19
15ia-4 108 1095 Nov'19
1024 Dee '18
10734 10914 108 Sept'19
101 1004 June'18
787s Dec '18
-50- -g3-4 59 Nov'19
93
Sale
96
93
93
9778
98% 1004
99
Sale
9812 102
90% Sale
Sale
91
5112 5134 Dec '19
2 9314 98
98
95
9914
96
9858 10312
13 9914 10278
98 1027s
6 891. 9334
8934 934
9012 9338
90% 93%
981g 1027g
9834 1027s
8112 8314
9812
98
9611 100
9814 9912
9634 99
10634 10914
10638
-59
_
7434
5014 58
8234 351 7512 8512
Sale 7934
7618 82
78
77 Sept'19
71's 31 68
8034
Sale 69
731s June 18 163 -5/12 -711171
2
-7011. -71 - 69
6878 122 6518 7612
671 t
16 08 10214
89
89 2 8934 8812
88
9218
88
9112 90,s Nov'18
6912 76
66,8 71,2 6914 Dec '19
7312 81
75,8
74,8 7612 75,8
81
81 Dec '19
85
81 _
95
95
95 June'19
55
80 7518 8512
81
7978 Sale 7912
_,„.7678 351 7638 88
76%
7634 78
9613 984
981s June'19
9214 96
80 Oel '19
80
80
78
114 1297s Aug '15
37 68
72
781,
72
Salo 70
105 Aug '19
105 10714
105 July'lb
-8314 76 81
894
8314 Sale 824
87
87
.83
831s 87 Feb '19
70
453 5978 824
694 Salo 6134
9234 Mar'17
-63- g;17, 53
63 1161 5314 80
674 596 5512 8212
6714 Sale 60
904 52 8212 9612
Sale 89
90
112 Jan '12 ---2 82
75
87's
-iE- Sale 75
101 513s 78
58
58
Sale 5514
774 41 70
8614
Sale 7418
77
87% 8934
87% ____ 8738 Dee '19
954 957s
.9014 _- 9578 July'19
9512 96
9534 Dec '19
9178 94
914
88 Aug '19 --- 88
79
90
9918 Mar'18
96
-9 48
4912
68
494 -Sale 48
1 9234 99
9234
9234
9234 95
5 79
79
8814
79
8314 79
3 70
70
845s
7314 ---- 70
1031s Feb '16
---99% 1004 100 Dec '19
idd 16E 10014 102
100 10014 10014 Aug '19
2 8112 954
87
87
Sale 87
82
75
75 Nov'19
70
75
9734 1004
9734 Aug '19
9618 98
2 8412 944
8712
8712 Sale 874
12 92
9914
9312
924 9312 93
7412 754
744 May'19
- 76
_ _ _ _ 90 May'18
88 ____ 9755 Juno'17
_ 9124 Jan '19
W14 -1;1-4
8311
81
90
8034 8413 81 Dec '19
12 100 105
101
991s 10012 101
9918 101 100 Dec '19 --__ 100 102
98 100
9814 0834 9812 Deo '19
9614 _
100 Apr '18
_ 1061. Jan '13
801, _
,
--
82
.69
71
Week's
Range or
Last Sale
Range
Year
1919
High No. Low Hip)
Bid
Ask Low
50 Dec '19
65
50
ant Vermont 1st gu g 4s_e1920 J F _--- 64
J
79
1 7812 9318
7912
8178 7911
:nesa & 0 fund & impt 5,3_1929 J
91
27 914 994
1939• N 934 Sale 92%
1st consol gold be
8814 914 19412 Jan '17
1939• N
Registered
77
76
1992 M
Sale 7312
139 -idGeneral gold 4345
1992 MS
8634 Mar'17
Registered
212 -fd- -EE177
4
765s Sale 75
20-year convertible 4%s...,1930 FA
Sale 79
736 7612 91%
81
30-year cony secured 69_1946 A0 81
8234 75 Oct '19 ---- 75
1944 J D 71
7812
Big Sandy 1st 4s
78
81
82% May'19 - - - 8234 82%
Coal River Ry let gu 46._1945 J
J
784 Dee '19 ---- 784 71318
78
1940 J
Craig Valley 1st g be
J
69
644 69
1946 J
69 June'19 --- 69
Potts Creek Br let 40
J
80
7018 7712 71 Dec '19
1989 J
71
R & A Div 1st con g 4s
J
___ 68
1989 J
7078 704
704 Oct '19
2d consol gold 45
8814 Sept'16
__-Greenbrier Ry let gu g 40_1940 MN -701
MS
70 ____ 113 Feb '15
____
Warm Springs V 1st g 56....1941
1949 A0 4614 Sale 46
4634 18 454 5313
Chic & Alton RR ref g 3e
J
31
1950 J
Sale 3012
31
94 2934 40
Railway let lien 334s
Chicago Burlington & QuincyFA
9614 9912
9514 Sept'19
Denver Div 40
J
7
964
Sale
--ai
11994292 J
e 74
76
150 7133 764
Illinois Div 33.4s
J
4 84
8334
833
1949 J
84
11 8012 857s
834
Illinois Div 4s
Joint bonds. See Great North.
6 904 93114
9214
91
9234 9155
Nebraska Extension 45_ _1927• N
9078 Oct '19
1927 MN
9073 80%
Registered
ML)
7814
Sale
834
794
76
1958
8012
75
General 4s
J
215 2612 23 Dec '19
36
23
Chic & E Ill ref & imp 4s g_ _1955 J
-2113
2155 24 .21l3
10 2014 36%
S Mtg & Tr Co ctfe of dep...
A0
101
98 July'19
98 104
1st consol gold Its
MN 67
7112 Nov'19
7112 80
General consol 1st 56
(1
9 6318 80
US MN;& Tr Co Ws of 1e39937_‘
8
2 A
78
3
6
9
- - 69
117
9
r:
muag6
78
75
Guar Tr Co etre of dap.....
---- 9734 Feb '13
Porch money 1st coal 55..1942 FA
J
Chic & Ind C Ry 1st be._ -1936 J
5
;le 53
.
109 -Ei- -6'5155
4
Chicago Great West 1st 4s.._1959 M S -5E7 -9
J ---- 9712 984 Nov'19
9812 1034
Chic Ind & Loulev-Ref 66_1947 J
80
8512 8534 Nov'19
8534
5514
Refunding gold 58
8412 Apr •17
661s 71
1947
J
1j
Refunding 4s Series C
-W0-2 63
Ind & Louley 1st gu 49_1956 2
J
3% )
76
-763 6
IMeacY.
81
19 -_
'1.
76
Chic Ind & Sou 50-yr
7614 86
86 Oct '19
8312 86
Chic L 9 & East let 434s.,.,_..1969 2
71
Sale
J
714 84 64
764
Ch M & StP gen g 46 ser A_e1989 J
962% Feb '113I____
Registered
Sale 60
6 -if- 04
-1 66
J j
61 I
-e1989 Q
Glen'i gold 3345 Ser 23_ '
7712 83 7114 845s
77
Sale 7512
General 43,4s Series0-_e1989 J
02014 A 0 59
7414
9,1121 209 54
660
0
::80334
666
ee 5
Saule
s
Gen & ref Ser A 4)is
66,81 e
02014 F A
9 6112 8171
28
34
6
Gen ref Cony Ser B 5e
817s
02
Convertible 4)45
9
57
85
: Seal: 0
701
60
72 I 85, 69
Permanent 4s
787s
6112 62 56
25-year debenture 4s
96
1 jJ1 111
2
354
_ 96% 9812
9112
19
974 Nov'19
Chic & L Sup Div g be____1
2
100
93
93
Chic & Mo Riv Div 6E3_1926 J
J
1921J
994
96
Chic & P W 1st g be
9 60
74
o M & Puget Sd 1st gu 46_1949 J 2 96 - 61 604 61 513
-12
J
_ 10
92
1920 J
9914 100
912 s
Dec
'19
et:19
Dubuque Div 1st s f 65
_ 1561
9912 102
Fargo & Sou assum g 6s 1924 2 J
9/
718 8
90
2 8
:
71'
999
8814 89
'3134 May'19
Milw & Nor 1st ext 4346_1934 J D 7
2
7914 89
i 1)
9 j
121
78 Dec '19
82
78
Cons extended 43.4s....,.1034
954 96
9578 984
Wis & Minn Div g be
_
99
8
100
4D
37
Oc
:
ete9
8
9
,
517
5 99
9972
Wie Valley Div 1st Os__ _1920 J
;6
.
_1880-'28 F A
4 oo
93
88
Chic & N'west Ex 4s
A *89 ---- 92 Oct '19 ---- 92
mL N
7F
86
92
,
1886-11
92
Regletered
6818 Sale 68
663 6378 71
General gold 314s
F
N
.6314
m
Q
_
8179
704 Apr'
8
1987
704
D1
Registered
69
379
79
Sale 7734
17 75
82%
General 45
7812 7734 Dec '19
1987 M N
784
76
Stamped 4s
9714
9712 9614
1987 M N
42 9512 101
97
General bs stamped
1879-1929 A 0 10155 102 106 Oct '19
101% 106
Sinking fund 6s
1094 Apr '16
1879-19'29 A 0
Registered
9618 Dec '19
97 104
1879-1929 A 0So
90's 971
Sinking fund So
1879-1929 A 0 O92s-_
96 Nov'18
1921 A 0 ---- 9714 974 Nov'19
9618 98
Debenture 5s
D
98 Mar'19
_ 97
98
Registered
6 90
903g
/1T1-1
2 -(3f17; 903
964
Sinking fund deb be
8112 ____ 97 Nov'18
Registered
S 80,2 __
Mal NN
33 M
337
'4
1199
1014 0e, '16
Des Plaines Val 1st gu 430
Frem Elk & Mo V 1st 6s 1933 A 0 ____ 110 1054 Nov'19
15E - 109
88 Jan '17
Man GI B & N W ist 3 As 19412 J
Milw & S L lst gu 3)is- _1941 2
3
15612 Nov'19
1563-2 01•
Mil L S & West let g 65,_ .1921 M S -1"
91 -_-_-_-_ 96 Nov'19
1929 F A '
96 199
Ext. & imps f gold 5s
Ashland Div let g 68_1925 M S 98 10114 100 Sept'19
100 104
J 100 10038 1017s Aug '19
10178 04
Mich Div 1st gold 613_1924 J
734 7814
MII Spar & N W lot gu 45_1947 M S 7458 7511 74 Dec '19
9354 Oct '19
9112 98
St L Peo & N W let go 5s 1948 J
854 91
Chicago Rock lei & Pao712 90 69
76
Rai1tcay general gold 41,...,1988 2 J
..s7;lz, 7032 May'19
1988 J
76% 76%
Registered
1934 A 0 -j7.14 -gale
-,151 6414 7813
Refunding gold 4s
20-year debenture be
7012 704
Ei 75'8 Sale 6
M j
22
934
2 Ma6
:
11
67749
6r;3
72
71389 io 60
R I Ark & Louie let 4)4s-19
1934 A 0 908 93
90 Sept'19
96
90
Burl C 11 & N 1st g 5s
ORIF&NW let go 58 1921 A 0 9218 ____ 9714 Feb '19
9714 9714
97 May'18
Cho Okla & GI gen g 613_41919 3 J
80
89 Oct '19
89
89
Consol gold be
89
O 65
A N
2M
23
65
68
4 65
65
794
Keok & Des Moines let be 195
A
F
6312 Dec '19
St Paul & K C Sh L let 4340'41
8312 60
71
63
1930 J D 105 106 105 Dec '19
Chic St P M & 0 Cone 68
104 108
,3
J 13
8837,1: Nov'19
v:11 9
Cons 66 reduced to 334s..,.19301930 FA
8254 85
80
Dec
Debenture 15s
8712 97
J
118 Nov'16
North Wisconsin 1st 6s._ _1930 J
935
9S
Superior Short L 1st be g_c1930 M
11
Y 9
-- 67ts Jun
-0
M ne
58 -5./1-31
& So East let be...1960 J D --_- -8
Chic T
9912 101 10238 Dec '19
10214 10414
Chic & West Ind gen g 66_41932 Q M
2 .J1 .21 594 60
57
93
19
5734
59
75 5614 65
Consol 50-year 4s ms___ _1
---- 8612 90 m8,2•17
Cm H & D 2d gold 4
C Find & Ft W 1st leu 4e g 1923 M N
J
21788 DD
8
10
eee :11119
1673:
r377
8
1
99
M
13
-7,87
2e4 9
,131-id- 80
Day de Mich 1st eons 43,4s 1931 J
108 60
724
Cloy Cin Ch & St L gen 4s...1993 J D
765
J
1931 J
75
20-year deb 414s
844
82 Nov'19
83
1993 .1 D .77
87
General be Series 13
82
71
J
1939 J
Cairo Div let gold 4s
694 8134
J
6414 Ms Oct '19
Cin W & M Div lst g de 1991 J
6618 70
1990 M N
6678 Dec '19
65% 67
St L Div let colt tr g 4s
6678 7614
1940 M S 70 _-_- 744 Jan '19
Spr & Col Div 1st g 4s
744 744
J
71
84 Nov•16
1940 J
W W Val Dly 1st 48
100 101 Oct '19
CIHtL&Cconsol8s..,,....1920M N
-553-4 15E11936 Q F _7_8_55 _8_4_ 84 Oct '19
1st gold 4s
8214 84
8214 Sept'19
11936 Q F
Registered
8214 8214
934 marig
Cin S & CI cons 1st g Ss .1928 J J 8814 95
937s
93
CCC&Igenconsges__1934 J J 10178 --__ 10214 Oct '19
10214 107
Ind B & W 1st prof(Is__ 1940 A 0 76
7634 7634
77 7634 Nov'19
0
0 Ind & W let pref be__ _41938 13 J
Sale -girs
Peoria & East 1st cons 46_1940 A 0
12 -Ed -5672
19
0
5214
18 Dec '19
Income 46
31
12
A9r
99 AO
85
1961
Cleve Short L 1st
434s
83 Dec '19
88
89
83
A
F
14 82
Colorado & Sou lot g
891A
7478 Sale 7312
7s 13 72
4'
86
7
Refund & Ext 43.4s
814
M N
35 JD
921
19
Ft W & Den C 1st g 66_1
2 97
97
9934
Conn & Pas Rive 1st g 46_1943 A 0
J ---- 80 -E6-4 seR15
Cuba RR let 50-year 55 g
1952 J
8524
85
Del Lack & Western70
Morris & Ess 1st 5113 3,0_2000 J D 70
704 70
35 70
73
9934 Dec '19
19212 J 10014
let 66
N Y Lack &
9934 1007s
1923 F A
941s Nov'19
Construction be_
9318 95
9418 101
9312
1923 M N
_ 9312 934
Term & Improvt 4s
9212 95
10218 Feb '08
Warren let ref gu g 3)46 2000 F A
• No prim Friday. latest 11113 week, a Due Jan, 4 Due April. 5 Due May, 5 Dtu, Juno,
Price
Friday
Jan. 2
.-
827
_97 277_8 ,
Due July. 1 Duo Aug. q Duo Oct. p Duo Nov. 0 Duo Dec. 3 Option sale
New York bond Record-Continued-Page 2
64
Price
Friday
Jan, 2.
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 2
Week's
Range or
Last Sale
111
Range
Year
1910
Ask Lots
Bid
High No. Low High
Delaware & HudsonJ
9634 97
1:631 Dee'19 ---- 90
let lien equip g 43.a
1922 J
97
Sale 81
SI
6 78
81
let & ref 4s
1943• N
8514
86
82
8253 30 7812 9534
20-year cony 5e
1935 AO 82
72
Doc'19 ---- 7013 7813
75
Alb & Susq cony 3328-A948 AO 70
Renes & Saratoga 1st 7e 1921• N --__ 104 10234 Apr '19
10234 10234
Denver dc Rio Grande31 62
68
let eons g 45
7514
1936 J J 673t Sale 6713
2 65
J 697 Sale 6013
6978
7012
Consol gold 4348
1936
.7214 71
70 Dec '19
Improvement gold 5e
80
1928 J
70
38 43% 6012
4412 Sale 4413
47
let & refunding 5e
1955 FA
8734 Noy'16
Rio Or Juno let gu g Es- _1939 J O
3913 6114 Apr '11
J
Rio Or Sou let gold 48-1940 J
3
47
1 July'17
Guaranteed
1940 ▪ J
28 62% 731.2
52
-ale 6153
67
J 67 -8
Rio Or West let gold 48 1939 J
47% 23 47
Mtge & con trust 45 A_ -1949 AO 501
60
82 Dec '16
78
Del dr Mack-let lien g 48-1995 3D 55
- - Gold 4s
7512 July'16
1995 3D
2 72
7913 80
77
Del itly Tun Ter Tun 4 M_ _1961• N
8013
8414
95 ---- 9634 June'18
Dul Missabe & Nor gen 58_1941 J J
89,4 Nov'19
Dul & Iron Range let 5e
1937 A0
-5
.34 95
10512 Mar'08
Registered
1937 A0
83
74
83 June'19
Dul Sou Shore & AtI g 58
8158
33
1937 J J
Elgin Joliet & East let g 5a 1941 MN 92 ---- 8918 Sept'19
8913 96
Erlo 1st consol gold 7e
9514 10073
1920 MS 0534 9818 9514 Dec '19
76
83
78% Oct '18
N Y & Erie let ext g 48-1947 MN
2d eat gold 5e
3 9613 June 18
1919 MS _5f3; _ i5i5903 Oct '19
3rd ext gold 4348
-5f53 92
1923 MS
97 ---- 9713 Dec '19
4th ext gold 55
1920 A
0712 0712
16
.
6- 9434 Noy'15
I)
6th ext gold 48
1928
9813 Aug'19
NYLE&Wletgfd713-1920 M
9312 9812
89 51
5234 Sale 51
53
Erie let eons g 48 prior... 19913J
7012
84 Dec 16
Registered
1990 J
-191
42
-gt:10
39
42
let consol gen lien g 413_1998 J
5712
39
*____ 55
Registered
73 June'16 •1998 J
7913 Sale 7912
7912
Penn coil trust gold 4s 1951 F A
7753 83
67
3519
50-year cony 48 Ser A 1953 A 0 3518 Sale 3334
3334 52
3718 80 3312 52
do Series B
1953 A 0 3713 Sale 3312
3713 3514
Gen cony 49 Series D.....195:1 A 0 37
3712 165 3514 55
1 81
8012 8413 81
Chic( & Erie let gold 5a_ _1982 M
81
9513
10673 Jan '17
Cloy dc Mahon Vail g de 1938 .1
.3 91% Oct '19
877
;-603Erie & Jersey let a f 68-1955
-5172101
92
97
95 Dec '19
Genesee River let elf 6s_ _A957 J
94 101
108 10812 Sept'19
Long Dock consol g(le__ A935 A 0
107 109
93 100 103 Jan '18
Coal & RR let cur gu (3e 1922 M
- 9014 ---- 10212 July'17
Dock & 'mot let ext 5s
1943 J
-- 8014 --- 85 Jan '18
N Y & Green L fru g 5a
1946
63
643
; 65 Nov'19
N Y Swim & W 1st rof 5a 1937 J
-6414 -fit;
213 gold 4340
7 F A ___ 55 100.3 Dee '06
30
194
_ 50
60 June'18
General gold 56
A
97 Dee '18
Terminal let gold 5s
1943 55
Mid of N J let ext 5e
1940 A 0 72 ---- 72 Nov'19
72
72
_ 53
Wilk & East let gu g 581942 .1
5173
5173
5173 72
2312 Jan '17
I& Ind 1st cons gu g 051-1926.1
____ 9612 95.4 Aug'19
Eyanev & T H let cons 6a192I
-5E- -98 let general gold 5a
68 Dec '19
1942 A 0
68
7014
Mt Vemon let gold 613_1923 A 0
01.•,” 103
Nov'll
95 June'12
Sull Co Branch let g 58_1930 A 0
13 76
Sale 7712
79
Florida E Coast let 434._1959 J
80
85
92 Aug '10
Fort St II D Co let g .ria 1941 J
5613 --_- 56 Deo '19
Ft Worth & Rio Or let g 48_1928 J
-Eli- -8
.
51;
Galv bus & Hen let 5e
1933 A 0 65 -_-- 76 Dec '19
76
7838
Sale 9134
95
Great Nor C B & Q coil 4e_ _1921 J
9513 474 9312 97%
9412 Nov'19
Registered
A1921 Q
91
9678
51 8014 89
S318 87
83
let de ref 43e Series A__1961 J
84
79 ---- 96 June'16 -Registered
1981 .1 -1
8414 --_- 8614 Oct '19 -- 8614 8813
St Paul M tt Man 4s
1933 J
1053 ___- 10514 Dee '19 ---- 104 10812
let consol g 68
1933 J
__ - 118 Apr '17
Regletel'ed
1933 J
21 9014 9513
9112 Sale 9113
Reduced to gold 4349_1933 J
92
10213 May'16
Registered
1933 J
83 ____ 83
Mont ext let gold 48_1937 J
8(3
14 -17:1
8337
80 Sept'19
Registered
1937 3
80
80
_ 86
77 Nov'19
Pacific ext guar 4s £
1940 J
SI
77
E Minn Nor Div let g 4s 1948 A 0 -75
80
7414 Oct '19
74% 7414
Minn Union let g (3e
99 Aug'19
99
799
1561;
Mont C let gu g (3a
10434 Nov'19
19)11
103 10833
Registered
13614 May'06 --J
1937
let guar gold 5a
J -E14 96
0534 Oct '19
1937 J
-9358 941
Will & S F let gold 513_1938 I 13
9814 98 Dee '19 ------ 0653 98
Green Bay & W deb ate "A"......_ Feb
5213 Dec '19
521-2 57
66
51
733 812 8
Debentureette "B"
Feb
633 15%
Gulf & 8 I let ref & t g 59_01952 J
73
73 Oat '8119
J _-_
2 -2
-6
-5
- 73
8212
5
Hooking Val let eons g 4348 1999 J J 721-4 Sale 71
721 3
1-1 68% 83
Registered
7313 June'18
J
1990
Col dic 11 V let ext g
AO 70 ---- 7313 Oct '18 -Col & Tol let eat 48
1955 F A 69 - - 7614 Apr '10
7814 7614
82 Nov'19
Houston Belt & Term let 56_1937 J
80
82
83
33 Nov'19
-83
Illinois Central let gold 4a 1951 J
83
88
Registered
92 Sept'17
1951 J
let gold 334e
73
---96
5
1
72
3
19
Dee '19 ---- 72
76
Registered
84 Nov'15 ---7314 73l
Extended 1st gold 3346_1951 A 0 73 ____ 7314 Nov'19
Registered
0
lat gold 38 sterling
1951 M
80 Juia5
A 8
Registered
1951 M
Collateral trust gold 4s
.31. Sale 7:313
1952 A 0 7
7313
7113 79
Registered
195'2 A 0 ---.. -- 957 Sept'12
1st refunding 48
7613 Sale 7512
1955 M
7634 77 75
8114
Purchased lines 3348
6413 0713 89 Dec '19
1952 J
6738 75
L N 0 & Texas gold 40_1953 M
7134 Sale 7112
7133 3:1 5714 7753
Registered
_1953 M
66 Aug'19
66
7113
15-year secured 5128
93I. Sale 92
4 .1
3
05
30
19
9314 36 8912 9714
Cairo Bridge gold 4e
7812 Dec 19
7858
7813 79
Litchneld Div let gold 36_1951 J
60 - - 80 Dec '19
60
61
Louie
'
, Div & Term g 33.4e 1953 J
65 ---- 65 Dee '19
65
7313
Registered
____ -- 83 Aug '12
1953 J
Middle Div reg 15e
1921 F
9513
102 June'16
Omaha Div let gold 3.3
1951 F A
5814 Sept'18
84
St Louie Div & Term g 38_1951 J
62 Oct '18
Gold 334e
-651
; 6712 8738 Dee '19
1951 J
-if3-8 -08Registered
1951 J
SO June'16
SPrIngt Div let g 33.4e
1951 J
73% 8053 Nov'16
Western Lines let R 48
1951 F A
7214 --_- 7913 May'19
7933 7912
Registered.
1951 F A
92 Nov.10
Bellev & Car let es
1923 .1
90 100 11713 May'10
Carb & Shaw let gold 4s...1932 M
70 -- _ _ 73 Mar'19
73
7:3
Chic St L & N 0 gold 58_1051 J
9312 94 Nov'19
93
91
9934
Registered
1951 3D
0513 Feb '19
9518 95%
Gold 3348
1951 J D 01
6513 July'18
Registered
1951 3D
Joint let ref 5e Series A_1963 J O 831s 8713 83
12 81
83
95
Memph Div let g 4a_ 1951 JO 6414 72
7334 Dec '19
71
77
Registered
1951 JO
05 Noy'17
St Louis Sou let au g 48_ _1931 MS 741 78
7712 Aug'19
7712 7934
Ind Ill & Iowa let g 48
J
1950 J
753 777 7514 Dee '19
7513 82
let & Great Nor let g 6e_ _1919 MN
93
95
93 Nov'19
93
96
James Frank & Clear let 48_1959 3D 74
7813 8014 Aug'19
8014 82
Kansas City Sou 1st gold 38.1950 A J
29 5013 64%
5633 57
54
55
Registered
1950 AO
78 Oct '09
Ref & Impt 5a
Apr 1950 J
7414 69 7113 33
738 Sale 72
Kansas City Term let 48___1960 J 3 76
Sale 7313
51 70
76
81
Lake Erie &Vest let g 5a__1937 J
80
8312 8313 Nov'19
8313 90
213 gold 5e
1941 J
J
e01
8053 Feb '17
North Ohio let guar g 58 1945 AO ____ 65
65
65 Aug '19
85,
9
„I
Leh Val N Y let gu g 44181940
8412 871s 83 Doe '19
80
92
Registered
1940
8814 78 Sept'19
78
78
Lehigh Val (Pa) cone g 4/1_2003 MN --_- 681270
5 69
70
8013
,
1
General ore,
.44s
2003
8153 14 77% 90
8012 Shle 301,
gj
_-_-
____
ii
g
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 2.
Price
Friday
Jan. 2
Week's
Range 01
Lass Sale
,
Range
Year
1919
Ask Low
Bid
High No. Low High
Leh V Term Ry rat guy be__1041 A0 9614 99
9714 Dee '19 ---- 9714 10214
Registered_
--__ 113 Mar'17
1941 AC
__
Leh Val RR 10-yr coil 68_n1928
10012 10212 100 Dec '19
0973 1027
9518
101 Dec '19 .--- 9714 101
Leh Val Coal Co let gu g 5a.1933
Registered
105 Oct '13
1933
let Int reduced to 4e
19:13 j J
Leh & NY let guar g 4a_
1945 MS 68,8 8714 -id. Jury-'17,
Registered
1945 MS
Long Odd let cons gold 58..01931 Q
-_-_-_-_ -6212 -5513
8
8912 -E7
let consol gold 45
Aug'19 -- _ 86
7933
88
01931 Q
86
General gold
19383 D 7012 7212 723 Dee '19 - - 7213 80
Ferry gold 43.4s.
9513 92 Oct '19
1922 M S 90
8618 92
Gold 40
85
9914 Out '06
19323 D 69
-_
Unified gold 4e
6514 Dec '19
6-118 67
19499 13
6514 7514
713
Debenture gold Is
71
81 June'19
84
19:14 J D
6
78
678 7
20-year p m deb 58
70
6878 Dec '19 ___
1937 M N 68
Guar refunding gold 48___1949 M
63
607s 60 Dec '19 ....I 6513 77
Registered
95 Jan '11
1949 MS
Aug'19
94
92
NYB&MBletcong5s_1935 A
7:7_ 92
NY&RB let gold 58
86
92
1927 M
Nor Sh B let con g go 5e_o1932 Q
9018 2una'19
9012 91
Louisiana & Ark let g 5*... .1927
8
90
2
88
1% ;
D
O :1198
S
_1927
Louisville & Nashy gen 88_1930 3D
9
8.9
83
142 10
88
812
9934 Nov'19
Gold 5e
978
99 Dec '19 --- 97 10(12
1937 MN
8 113 Sale 8213
Unified gold 48
8412 56 8014 802
J
1910 J
Registered
8113 Sept'19 _- 8112 8112
J
1940 J
92
Collateral trust gold 5e.__1931 MN
97
92 Doe '19 ---- 92 100
8713 9814 92 Nor19
L Cin & Lox gold 434e
92
1931 NI N
943.g
N 0 & M let gold (Se
10.1 103 Deo '19 --- 103 10512
1930 J
9113 100 100 Jan '19 ---- 100 100
2d gold 8e
_1930 J J
51
74
8
5
9
11
Paducah dc Mum Dv 48_1946 FA
12 5113
79 Jan '19
7912 7912
St Louie Div 1st gold ea_ _1921 MS 9814 99
99 Dec '19- 99 101 1a
2d gold 3e
51
'980 MS
76 Sale 76
Atl Knox & Cln Div 4e_ _ _1935• N
5
7 7
5114 7
50
7
76
9512 ____ 9513 Nov'19
All Knox & Nor 1st g 58_19 In J
9512 9558.
Hender Bdge Isle f gt38 1931 MS 10053 10112 10113 Oct '19 .. - 10112 10112
Sale 75
Kentucky Central gold 4.1_1987 33 75
75
10 73
8073
Lox & East let 50-yr fie gu 19(15 A0 86
88
88
83
20 9458 9511
821
8212
L&N&M&Mlartg 43481945 MS 3214
5 8213 8712
63
L dr N-South H Joint 48_ _1952 33 62
3 6018 73
63
63
Ofi Feb '05
Registered
51952
N Fla & S let gu g
93
9413 Sept'19
•
✓ A 88
9412 95
NAG Brige gen gu g 43.28_1945 J
9773 MaY•15
J 83% 83
- 9814
1 II4 j615,
9814 99% (3814
Petunia & All 1st gu g Os....1921 P A
94
9614 9614 Nov'19 -- 9614 100
8 & N Ala cons gu g 5e- _1936 P A
Gen cons gu 50-year 58_19(13 A0 82
86
8514 Nov'19 -- 8514 03
62
L & Jeff BdR0 Co gu g 4s___1945 M
70
70 Oct '19 ---- 70
70
Manila RR-Sou lines 4s ..19313 SIN
Mex Internat let cons g 48..1977 M
---- 77 Mar'10
Stamped guaranteed
1977 MS --__ - - 75 Notel0
70
_ 9111 June'17
Midland Term-let a f g 5a-1925 J O
_ 101 JulY'19 -- 102 101"
Minn St Louis let 7e
1927 3D 99 _
9712 Apt '19 -- 0713 9914
Pacific Ext let gold 88
1921 AO
_
let consol gold 5e
7413 Dec '19 -- -- 74
80
1934 MN
let & refunding gold 4e_ 1949 MS 3814 43
6 3524 49
40
40
35
Ref & ext 50-yr 5e Ser A 1962 Q F 30
44 .Sept'19 - 44
49
Des NI & Ft I) let gu 4e 1935 ▪ j --__ 45
45 Nov'19.- 45
45
3 89
Iowa Central let gold 58...193s • D 6414 70
69
69
80
3713 12 35
Refunding gold 4s
1951 MS 3713 Salo 37
4813
8113 25 80
M StPASS NI con g 48 int gu.1938 J
J 8113 Sall) 81
89
9314
03141 18 3)314 97%
9:313 95
1st eons 5a
1938
let Chic Term a t 48
_ 88 Nov'19
88
1941 MN 88
88
MSSM&A let g 48 Int gu_'26 33 8713 8812 8(1l
8612
5 86% 9412
Mississippi Central let 58..-1949
95 Deo '10
Missouri Kansas & Texas5931 46 53
5934 Sale 59
let gold cle
190(1 3D
69
33
3312 31
10 29
31
2d gold 4e
38
g1990 b' A
let eat gold Ea
2218 Dec '19
1914 N1 N --__ 32
2014 30
37
let & refundlog 4e
40
37
36
2004 MS
37
4812
40
Trust Co cents of dep ______
35 Dee '19 --„1 35
4612
25
21)
Gen sinking fund 43.4e.. 1936 J15 2312 31
2413
2:03
St Louie Div let ref g 4e 2001 A 0
30
'25
27 July'li)
27
39
_
5% secured notes "ext" '16
Dail & Waco let gu g 58_1940 MN
6913 Apr 17
_
Kan City & Pao let it 48..199(1 P A
48
5214 5214 Deo '19
.5211 53
36
Mo K & E let gu g 5e
40 N0V'19
50
1042 A 0
40
00 Oct '19
M K & Okla let guar 5a 1942 MN
7113
(19
M K & T of T let gu g fie 1942 M S
Mls Aug'19
505a 53
____ 74
Sher Sh & So let gu g 5e_1942 J
51 Deo '10 -_
39
Texas & Okla let gu g 58_1913
3834 Deo '19
S
Missouri Pacific (reorg CO773._.. 79
5 7578 87%
LA & refunding 5e Ser A 1965 FA
79
59801122
let & refunding 58 Ser Ba 1923 P A
9012
9178
90
90%
9
88
7:
: 118)178 8
9(3
7114
4D
m
eo
c:1
19
9
let & refunding 5e Ser C 1926 P A
84% 92
5813 184 51
Sale 5713
General 4e
6313
1975 M S
Mlosouri Pao let cone g 68_1920 MN
9714 1 00
85% 58 Oct '18
40-year gold loan 4a
_
1945 5513
10
80
2 1
A,epbr 13
7
3d 7e extended at 4%....1933 MN
_
Boonv St L & 9 let 5e gu.1951 P A
8114 68 June'19
Cent Br U P let g 4e
03
68
1948 J
8013
82
8018 Deo '19 --- 80
Pao Rot Mo let ext 48_1938 P A
82
2d extended gold 58...A988 J
97
J II 87
89 May'19
89
89
12 89
StLtrNI&Sgeneong5c 1931 AO 9253 95
9713
Gen con stamp gu g 56..1931 AO
922
July
9'14
102
Unified & ref gold 48 _1929 J
J
_73
8213
Registered
J
8
7(
514 O• ct '17
17 73
1929 J
Riv &0 Div 1st g 48_ _1933• N -i1
8.3
3-1
:
1 6913
78-1;-J
71 13 20 Er -7713
Verdi V I & W let g 5e
1926 MS
92
92
Mob & Ohio new gold 6s
78 1E3-4 10
912
)14 jl
Dec10
'1
19
9
1927 J O
10014 10511
let ext gold 6e
9533 --9653 Nov'19
51927 Q
96
9813
General gold 45
S --1938
; 6013 Noy'10 -- (1013 68
597
Montgomery Div 1st g 53_1947 FA
761-2 82
78 Deo '19 ---- 78
91
St Louis Div 5a
82
Apr'19
1927 J o --- 82
8673 87
St LA Cairo guar g 4a
7:1
743 7512 Noy'll)-- 7333 8112
J
1931 J
Na.ehv Chatt & St L let 58_1928 AO 9613 9714 9614 Nov'19
9(314 100
Jasper Branch let g 68_1923 J
10114 11014 Mar'17
Nat Rye of Hex pr lien 4348_1957 J
_ 25 Deo '19
25
59
J
Guaranteed general 45
35 Aug '16
.
1977 AO 238 40
'Nat of Mos prior lien 4348_1926 J
J
let cousol 48
9
26
1 7e•1
._ _1951 A0 ____ 70
A
%
;
1 :3
1 18
Now Orleans 'Corm let 4e-__1953 J
12 -627 70J 6234 Salo 624
63
N 0 Tex & Mexico let (1e___1925 J D 95
96
95
5 94
9712
95
Non-cues income 5e A___1935 AG
5213
5212 54
10 50
6212
6011
New York Central RR9214 Sale 9014
Cony deb 138
1935 MN
8 10012
9214 471 897
18 68,8 7814
71
Cone°, 48 Series A
Sale 7012
1998 FA
71
Ref & Imp 430"A"
86
2013 A0 788 Salo 7814
7918 57 74
New York Cent & Hud Rlyj 685 Salo 68
1997
Mortgage 3148
0834
0(312 73
- 6613 Dee '19
Registered
6612
1997
8012 71
Debenture gold 4e
1934• N
7873 86
N
88
79
Registered
958 N• ov
1934
8
'
2182
8:1e 603
Lake Shore coil g 33.4s
271
;
3 Sale
6
80
1998 FA
01
-E0-1; 68
FA
Registered
7038 60 Nov'19
1998
67
59
603-3 6112 6033 Dee '19
Mich Cent con gold 33.48. _1998 FA
70
60
Registered
1998 FA
75 Mar'17
Battle Cr & Stilt let gil 3e_1989 .1
45 _ Beech Creek let gu g 48_1936 J
gi
82
J
81
Aug'19
Registered
1930 3 J
9554 Nov'16
213 guar gold 158
193(3
104 May'l0
.1
Registered
1938
Beech Cr Ext let El 33.4e-51951 AO 6153 -i-fCart & Ad let gu g 4e
1981 J O
Gout, A OSWO 1st go g 56..1942 3D 91 -__
Mob & Mal let gu g 49_1991 MS 7513 ---- 7513
7515
N J June R guar let 4e
1986 FA
681 t
Feb '16
60 __-- 80 May.17
N Y & Harlem g 3148
2000• N
N Y & Northern 1st g 58_1923 A0
9612 Nov'19
No price Friday; latest bid and baked this week. a Due Jan, 8 Due Feb. o Due June. 11 Due July.
t.e.
4;4:
[VOL. 110.
7T5 i
rcT
is Due Sept. o Due Oct.
a Option sale.
JAN. 3 1920.]
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 2.
65
New York Bond Record—Continued—Page 3
Price
Friday
Jan. 2.
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 2
Range
Year
1919
Week's
Range or
Last Sale
t
Price
Friday
Jan, 2.
Week's
Range or
Last Sale
g!
g
94
I
Range
Year
1919
High NO. Low High
Ask Low
Bid
P.O. C.& St. L (Co/3.)—
High No. Low High
Ask Low
Bid
91 Sept'18
87
N Y Cent A 11 It RR (Cue)—
7 JO 82
53
Series F guar 48 gold— _195
80
7814Apr '19 ---- 78
8812 91
9058 Aug '19
MN ___ 92
NY & Pu let eons gu g 46_1993 A
19
guar
48
GI
Series
113
May'15
72
3:
10:
91
8713 8913 89 Dec '19 --- 80
Pine Creek rug guar 6e_ __ 1932
Series I cons gu 431s__ _1963 le A
994
9712 98,4 9918 July'19 ---- 99
_ 10034 101 June'19 _....-, 101 102
W &0 con let ext 58_51922 A
LA P lot cons g 5(3_1932 AG
St
C
7718
67
Oct
'19
77
_
_
73
98 100 June'17
tid
Rutland lat con g 431e___1941
E
U
1921
g
6s
let
Un
Pekin
&
6158
Peoria
80
'19
---Aug
60
fi
87 Mar'18
Og & L Chem lot gli 46 g _1948 .1
1 M N
1199965266
1
2d gold 431e
67
67 Feb '19 ---- 87
109 8259 -66'87
Sale 8514
87
Rut-Canada let gu a 4s...1049
Pere Marquette let Ser A 585_
101 Noy'18
3 6534 7212
711s
Sale 7014
7118
It Lawr & Adir let g 5e_ _1996
46
13
Series
lot
85 103 Nov'16
54
45
1991 A
45
Nov'19
_
8
33
435
2d gold 88
-Philippine Ry let 30-yr of 4e 1937
9318 9538 914 Dec '19 ---- 9418 96
99 Jan '18
9718 98
Utica & Blk Itiv gu g 4s 1022
1940 A
50 as
5e
g
E
7058
L
lat
&
74
Sh
Pitts
4
691
7312
69%
1997
'17
Dee
9714
J
J
951e
Lake Shore gold 330
1943
let consol gold 58
7012 70%
7012 Nov'19
71
68
8013
1997
8114 153 78
Sale 7934
81
J
J
Reitietered
90
Reading Co gen gold 48
8614 181 84
8614 Sale 8312
8112
1928
78
78 Aug '19
J
Debenture gold 4e
1997 J
89
60 82
Si
Registered
83% Sale 83
12 78
85
1931
8
805
81
79
7912
AO
25-year gold 4e
3.114
8414
Jersey Central coil g 4/3.-1951
8112 Nor19
1931
J
J
---Registered
1951
Atlantic City guar 4e g
85 _
-girt 08
01 De-13.;-15
J ---Ka A &0 It lot gu 156_ —1938
10112 Dec '15
St Joe & Grand lel let g 48 1947
9318
Mahon 0'1 RR let 513...._1934
)60
09
Louis & San Fran (reorg C1
_
103
St
May'17
A
354 53
64
5e___a1928
59
Sale 5734
59
J
Pitts & L Erie 2d g
1950 J
_
A 48
lien
Ser
Prior
'09
13018
_
_
Jan
_
_
15258
7013 152 6614 79
7012 Sale 6812
J
J
Pitts MeK & Y let gu 66...1932
Prior lien Ser 5s
12314 Mar'12
7118
180
1934
63
55
60
82
(333
Sale
guaranteed
AO
2d
_
Cum adjust Ser A 68___-51955
9912 Aug '17
91 18
104
1931
Sale 41
4513 148 3938 56
45
Michigan Central be
5196(1 Oct
_
Income Series A (3s
9813 Noy'lS
106
1931
101
Nov•19
_
_
101
_
_
102
J
Registered
ti
St Louie & San Fran gen 68-1931
82 Nov'lli
7618 82
984
1940
91
91
91
91
91
J
1931 J
_ _
General gold 58
87 Feb '14
__ 82
19411
78 May 16
J
Registered
St LA 5 F RR cons g 45-1996 J
90 June'Os
8 __
'761
7
;
May'
90
A0
J LAS lot gold 3316_1951 NI
1947
;
Southw Div let g 58
-F63
75
73
7113 Dec '19
.03-19 -991k 1
1952
100
4
9938 Sale 9938
N
let gold 334e
K C Ft S & M cons g 68-1928
7313 85
7834
7834
6578 26 60% 7512
645s
20-year debenture 46_1929
2 7813 84
K 0 Ft S & M fly ref g 413_1936 AC 65% Sale
7913
70
8
5 -8
91
:
0 71 7913
--7
Oct '19
884 9012
9013
9013
.4
873
AC
NY Chi & St L lat g 46 I937 A
K C & M H & 13 let gu 511-1929
_ 8.5 Nov'17
34 60
74
62
1937 A
Sale 60%
62
Registered
71 017 76'e
St L S W lot g 4s bond etfs_19139 84 N
69
Sale 6613
69
5714 83
1931
___ 6238 63 Sept'19
Debenture 4e
J
8113
26 g 4,income bond (3116-P1989 J
7438 48 70
73
7414
7312
43
51
8
.1
503
4934
2361
493
guar
413
Sale
654
let
Shore
13
West
1932 J
Consol gold 413
6912 7834
7114 70 Dee '19
71
5 5612 6412
57
2361
5612
5758 61
Registered
J
let terminal & unifying 58_1952 J
9913 9912
9912 Feb '19
9718
_ 9813 Jan '14
N Y C Lines en tr 5s__1019-22
2
7 JO
940
196
Gray's Pt Ter let gu g 5s-1
9412
9.113
43
88
58
56
5612
Sale
925
5614
trust
431e__1919-1
Equip
1943 J J
40
A & A Paso lst gu g 4s
873
773
8659
)74
(7
112 8
11 59% 72
;1° 7618
782
6031
5978
N Y Connect let an 4318 A..1953
AO 5918 61
Seaboard Air Line g 48
15 58
74
60333
6014
Sale
6014
NYNH& Hartford—
AO
1950
51
Gold 48 stamped
50 Nov'19 ---- 50
__ 53
3534 172 3313 534
1947
3512 Sale 3:312
Non-cony deben 48
59 PA
949
19
01
51
49 Nov'19 -- 49
Adjustment 5s
---- 51
3912 125 34
60
1947
38
Sale
3912
Non-cony deben 331s
A
0
52
Refunding 4s
45
4778 50 Aug '19 ---- 50
80
634 10 64
6312 Sale 6312
Non-cony &ben 346.__1054 A
5678
Atl Birm 30-yr 1st g 4s....e1933 M
45
40 Dec '19
47
45
78
70
1955
_ _ 76 Apr '19
Non-cony debcn 48
J 62
11 46
5912
Caro Cent lot con g 46__ _1940 J
4618
4612 4618
46
4
,
8
100
997
1956
Nov'19
8
102
_
997
Non-cony deben 49
J
52
47
47 Dee '19
Fla Cent & Pen let ext 68_1923
487s
--'15
1956
Dec
101
104
Cony debenture 384e
76 85
let land grant ext g 5s 1930 J J
88
70
Sale 6534
-70
87i 921,
1948
874 Oct '19
85
80
J
Cony debenture Os
1943
--_15s
gold
50
Como!
Oct '17
9114 93
1930
93 July'19
Cons Ry non-cony 4s
J
_
()a & Ala fly let con 5e01945
9112 Jan '12 __-8814 94
884 Doe '19
92
J
Non-cony deben 413_1954
Ga Can & No let gu g 5e-1929 J
60 July'18 _. _
9518
9514 9614
1955
May'19
9514
Non-cony deben 4e
J
J
let
56_1926
Seaboard & Roan
1955 A
Non-cony deben 49
504
49
Southern Pacific Co—
49 Oct '19
33 67% 7978
72
7134 Sale 7012
Non-cony deben 4e___ _1956 J
Pao eoll)__11940 J
(Cent
-48
70
68
Gold
0313
_
_
90 Feb '14
S
Harlem 11-Pt Chee let 48_1954
D
Jm D
4i
9
9949
0 932
/
Regletered
812 Dec
79
N°v179
7214 6
66
8159 211 771 877k
Sale 80
81
NY Air Line let 46_1955 E
20-year cony 48
58 -Eirs
59 Oct '09
---- 57
10518 571 9834 115
10312 Sale 1024
Cent New Eng let gu 4s....1961 J
5s
—cony
-year
20
32 7214 83 .
1930
78
764
Sale
S
7634
Hartford St Ry let 4e_
A
t
E
F
9
,
4
94
1,
Cent Pee let ref an g 4s-1
2 miZji3 80 ___ 1661
874 Sept'18 ---75
Housatonic It cons g 5/3_1937 zyt
Registered
60 ____ 87 July'14
4
81 -E31954 ra
'19
Dec
8
814
8258
815
Naugatuck RR let 46
3
gold
346_11929
Mort guar
83 Aug '13
8012
7014 Dec '19 ---- 7014 80
Y Prov & Boston 4(3_1942 A
Through St L let gu 48_1954 A 0 7114 74 100
54
3514 Sale 33
354 87 33
Oct '18 ---101
NYW'ehem&13 let sec I 449'46
M
J
31
9
931
1
581
&Plet
OH&SAM
--_1939 A
9634 Jan '18
Boston Terminal let 4e
.1 ___ 99
2d eaten 58 guar
80
---1945
as Nov '18 -9213 102
New England eons 5e
1
Gila V 0& N let gu g 5(3_1924 M
60 ___70 8C5t717
1945
8514 8412 Dec '19 -8412 9258
81
Copse] 46
7
M
1933
3
5s
g
let
T
W
&
E
40
Hous
38
34
31% Sale
317s
Oct '16 -100
____
8314
Providence Recur deb 4s 1957
1933 NI
let guar 58 red
60 ____ 9973 Dec '13
9834
2
9118 9234 92 Dec '19 -Proy & Springfield let 56_1922
J
lot
_1937
gu_
58
g
8834
let
&
C
'14
H
'1'
Feb
____
6738
-9178 Doe '19 — -- 9118 9453
9178 92
Providence Term let 4e__ _1956
Oen gold 4s int guar_ _1921 A 0
(1413 ___ 7412 Dec '19 -- 7412 7412
94
Mar'19
94
94
____
W & Con East let 44s1943
90
70
5913 55 58
Waco & N W div let gee '30 M
594 60
58
- $754 8734
8734 Dee '19
95
NYO&W ref let g 48____01992
194)3
9212 June'12
A&NWIstgug533
99 10014 Oct '17
Registered $5,000 only..01992
J
1921
6s
01let
Weet
-8* 4 -4iLouisiana
6018 6014 Nov'19
9334 9938 9958 Aug '19 --_ 998 -66-E;
1955
General 48
34 4912 8913
Morgan's La & T let 68_1920 J
52
52
Sale 4912
9512 Nov'19 -- 9518 9512
Norfolk Sou let & ref A 58..1961
193(1 A 0 947k 97
89
81
No of Cal guar g Se
81 Nov'19
8 9258 9918
1941
9118
8 *9414 9118
935
Mori & Sou let gold 56
.1
3
g
101% 10912
Ore & Cal lot guar 58_1927
1054 Dec '19
8 July.19 -- 97513 97531
975
--Nonf & West gen gold de__ _1031
9434
So Pee of Cal—Ong 51i_..1937 M
1034 --- 122 Nov'16
924 93
9012 957 924 June'19
Improvement & ext g 68 1934
3
1937
g
4e
gu
10
let
0110813
Coast
Pac
Aug
'19
So
10612
1932 A
71
8034
New River let gold 6s
7513s
1950 A 0 7212 Salo 8
82 7663 8612
80
San Fran Term! let 4a
7918 Sale 7878
85
85
83
July'19
N & W Ity let cone g 4e.._1996 A
J
_
1943
56
con
N
gold
0
&
81
Tex
79
Oct
79
'19
A
172
1996
7438 83,2
79
Registered
-1.;IO 7712
7813
48
1955
13
ref
let
82
RR
Pao
7414
So
7714
7518 Sale 754
8734 165 84
9678
Diy'l let lien & gen g 46_1044
_ _ _ Sale 8613
8714
.
1994
8412
Southern—let cons g 5s
7418 ____ 74 Dec '19 -- 74
1932
8514 85,4
10-25-year eons, 46
92
854 Sept'19
1094 J .1
R01212tered
11714 May'19
1932 NI
61 -515 5912 09
5958
10-20-year cony 48
Sale
61
A
0
1956
A
gen
4sSer
&
Develop
9634
814.10113
.
-6
Dee '19
9611 ____
2 55
5713
1938 ryt
8834
10-25-year cony 431e
5713 ,Sale 56
1938 M
10112 73 1024 11014
Mob & Ohio coil tr g 4s
10413 Sale 103
1929
904 9114
9018 July'19
10-year cony (3s____
8413 89
5 7814 SO
Mem Div let g 431(3-58„..1996
7814
794 784
79
1941
-8
673
19
7412
Dee
Pocah 0 A 0joint 4e
6912
74
.1
6759
1951
46
97
97
St Louis div let g
9714 ____ 97 Aug '19
9278 July'19 -- 92% 93
91
& T let guar gold 56_1922
141 74
81
Ala Gt Sou let cons A 15s 1943 J 0 80
76
78 ____ 75
2 8233 884
8234
Belo V & N E let an g 4e1989
8058 8234 8234
J
44331944
A
let
L
A
Char!
Atl
&
13 86113 9714
8814 9058 87
Northern Pacific prior lien rail1944 3
let 30-year Si Ser B
8012 368! 7512 8(3
794 Sale 79
74
2
8119
'
70
70 Oct8
69
way & land grant g 48.._1997 Q
1948 J
7612 82
Atl & Deny let g 48
7614 Nov'19
1997 Q
8113 Mar'16
Regiotered
36
61%
52%
55
48
50
26
564
5034
68a2()17
'19
-(TiOct
(38
__
63
General lien gold 36
0
9 'IA
948
194
55
574
Ati & Yael let g guar 46_1
55 Nov'19
a2047
9218 Dee '19 ---- 924 97
Itegletered
9134 93
3 79
90
80
ET Va & Ga Div g 5s1930
815s
8018 82
2017 3
8978 13 8934 97
1 76
9012 8934
Ref & imp 43-16 aer A
90
1958 M
76
Cons let gold Se
9514
92 July'19 ---- 92
Mt Paul-Duluth Div g 48-1990
94
80
13
1938 M
10018 10112
IC Tenn reorg lien g 5s
fea()Y4
9
19
70% 11.)
5
)1178 10
1) 1(
7013
10
52
(it P & N P gen gold 6s_ 1923
52 Jan '19 ....-- 52
1946 A 0 4714 51
3s
9913
let
3
Ga
Midland
10018
1003
9912
Dee
'19
994
Dee '19 -- 10(1 101
100
Registered eertificatee_1923
100
10018
97
984
Ga Pao RY let g 68
90 ____ 97 Feb '19
at Paul & Duluth let 56_1931 E
97
9959 100 Dec '19 -- 9734 100
J
2j
925
192
7618 7613
764 Oct '19
Knox', & Ohio let g (is...1
6.815 85
1968 J
let consol gold 4e
914 Oct 'IS ---8512 97
Mob & Bir prior lien g 58_1945 J
374 Deo 'le
88
60
1948
65
Wash Cent let gold 4e
65 Aug '19 ---- 65
66
1915 J
Mortgage gold 46
10718 ____ 10612 Nov'19
i6F210759
Nor Pao Term Co let g 68_1933 J
9258 Nov'19 -- 9258 9534
797
stmpd_1927 A 0 9212 102
0812
deb
Dan
5m
72
60
&
Rich
sale
7114
7214
1961
71
69
Oregon-Waah let & ref 4s
June'19
69
---61
m
M
8
9
4
91
9
1
1
g
5s
let
Meek
&
8412 Sept'19 ---- 8413 88
Rich
82
75
Pacific) Coaat Co let a 5(1_1946 J
9912 Apr '19,---- 99 100
1st g 5s
So Car &
-- 93 1004 Feb '17
Paducah & Ills let o f 4413_1055 J
13 9512 -___ 1024 June'll!.......,
1715
M
D
Ser
4-56_1921
8
3
.
NMI
95
Virginia
8
953
7
;
Apr
'19
"gf- -664
Pennsylvania RR let g 46_1923 M
91 Nov'19
9158 100
Scrim E 56
991 Apr '19
99% 9973
1919 M
_Consol gold 58
98
1o413
91011.f
1921 IM"
Series F 5s
994 Feb '19 ---- 9914 9934
1919 Q
97
Registered
96
M
1936
58
General
8314
8634 874 -1310•19
1943 It1
0011201 gold 46
8159
Sept'18
86
8218
J
Va & So'w'n let gu 5s 2003
814 Sale 8:35s
8114
1948 M
6313 15 "ii
71
Congo! gold 48
58
61
58
7
50-year 58_1958 A
cone
let
89
92
Sale
92
F
7
1960
Como! 4346
93 Mar'17
8518 95
A
1924
5889
327:
W 0 A W let ey go 4s
;2 898896897:
8413 (22-3(5-13 7
8412 Sale 81
8
:
75l
1985 J
'19
---7512
_
75
General 4 As
Apr
7512
486 8884 97,s
Spokane Internet let g 58_1955 3
94
9314 Sale 9013
1968 J
9112
General 56
8118 Dee '19 -- 75
8213 Dec '19 Term An of St L lst g 41.4e.1939 A 0 8114 84
8213 8712
1942 M
9812
93 Oct '19 ---- 93
Mica Val gen guar g 46
90
8514
A
F
1894-1944
let
5s
gold
cons
8412 Sept'18
8318
2
let gu 49 g 1938 F
77
7014
DR RR &
69
7014
Sale
7014
1953 3
-g2-1; 871,
Gen refund e f g 4s
8218 ____ 8218 Dee '19
92
Mina Bait & W let g 413_1943 M
92 June'19 -- 92
St L M Bridge Ter gu g 50_1930 AO 8358 91
102 Jan '93
35
93
8213
tiodus Bay A Roil let g 58_1924 J
847
8313
86
8113
0
2000
7:200
_
56_
Texas & Pao let gold
Sunbury & Lewis let g 413_1936 J
5213 __ 41 Sept'18
Mar
2nd gold income 55
- -U N J RR & Can gen 4s 1944 M
7518 -- _ _ 86 May'18
J
1931 J
La Div B L let g 58
Pennsylvania Co—
10612 Nov'04
PA
5331930
gu
let
9813
97
W hiln WA N W
9718 9731 97 14ec '19
1921 J
2''
8334 -6
Guar let gold 4316
8712 8334 Dec '19
84
5e .1935 J
Cent
let
gu
8
Otto
98
955
&
8
Tol
Oct
955
'19
974
J
1921
87
Registered
83
8434 Nov'19
AO 8013 87
1935
5s
g
let
7112
Div
Western
Feb
'17
87
73
'19
Oct
70
Guar 3316 coil trust reg A_I937 M
70
80
09
ID
78
78
General gold Se
78 Jan '19
7113 75
7013 7612
Guar 331e coil tried Her 11_1941 F
73 Oct '19
7712 7712
1990 AO 6434 73
Kan & M let gu g 48
7713 Oot '19
____ 75
1942 J
Guar 331/1 trust Ws 0
8712 92
8712 9613 8712 Dec '19
J
1927 J
77
2d 20-year 56
77
- 73% 77 Nov'19
1944 J
36
Guar 31.4e trust etre D
36
'19
Feb
38
J
J
1917
Tol PA W let gold 49
8214 8634
814 8313 8214 Nov'19
Guar 15-25-year gold 4s_ _1931 A
744 Dec '19 ---- 744 7612
__
74
J
J
pr
lien
g
W
3319_1925
LA
87
St
8
Tol
807
Nov'19
0
807
82
7914
4314 28 4214 56
40-year guar 4s otfe Ser E_1952 M
3
421
4214
41
AO
1950
4e
814 8238
Dcoto
50-year gold
112 o
8238 __ 85
1942 M
Cin Lab & Nor gu 4s g
317g 1853 Mar'18
1917 PA
Coll trust 48 g Ser A
8812
85
8314 87
1935 M
g 446
CI& Mar 1st
18 Aug '18
19
9112
Trust co Otto of deposit
9834 May'18
3 63
69
Cl & P gen gii 4316 ear A_1942 J
69
7114 63
66
.1Tor Ham & Buff let g 48_51948
9112 ---- 104 Dee '15
1942 A
Series 13
8053 85%
13 7712 8518 8053 Nov'19
5s__1928
g
let
cone
Del
&
'12
Ulster
Feb
964
A
1942
Int reduced to 3346
Sept'17
58
85
-A0
4s
g
let
refunding
'12
904 Oct
1948 M
Series03316
11
85
82'S 897a
J
8412 Sale 8:334
194
2J
57
Union Pacific let 4s
8.814 Feb '17
1950 F
Series D 348
J --- 84% 854 Oct '18 -J
7918 7918
Registered
_ 7918 Oct '19
7013 _
72 82 -gira
Erie & Pitts an g 346 B 1940 J
8858
86
Sale
8
885
J
J
793g
2
9
1
7
4
4a
20-year cony
7914 May'19
7934
7013 _
1940 .1
7412 8312
Series 0
8018 Sale 79
g2008 M
let & refunding 4,
87
87
87 June'19
83
79
1 10114 106
Or HA lea let gu g 446_1941 J
19
4 6
101112
J 10213 Sale 100
10-year perm secured 68_1928 J
8312 8534
8558 ___ 8534 Nov'19
1943 M
10
Ohio Connect let gu 4s
764 86
79
7814
Sale
3D
7834
g
Ore RR. & Na', con 4s.._1946
--_- -_ 93 May'10
9733
6 9678 10112
Pitts Y & Ash let cons 58_1927 M
10018
Sale 10018
Ore Short Line let g 86_1922 FA 100
8813 9434 Apr '17
88
9 02
W V & 0 gu 4316 A 1931 J
924
987a
9213
9413
93
J
J
1946
M
g
oonsol
let
874
8763
1933 J
894 9118 8718 Nov'19
Series B 4316
8114 86 7753 88
1929 JD 8414 Sale 83
Guar refund 46
8818 Sept'17
1942 M
80
Series04s
98
2 93
9258
J 9258 Sale 9258
1926
56
Nor
gold
&
9412
Utah
914
Nov'19
9118
91
A
89
1940
P 00 & St L gu 4 As A
89 Feb '18 .--33 8314 80
let extended 46
91
91 Nov'19
9234
8814 91
1942 A
Series B guar
'19
7859
Doe
4
803*
803
PA
33
955
19
Vendalla cons g 49 Ser A— —1
8834 ___ 99 June'17
1942 M
Series 0 guar
8134 8011 Junee18
1957 M
Consols 4s Series B
90
9012 Oct '19
1945 M
Series D 46 guar
J
May'19
35
1934
P
let
en
44e
&
Vera Cruz
90
90
90 Oct '19
87
82
&HUG te 33.4e guar gold -1949 E
Due Aug. 0 Due Oct p Due Nov. Due Dec. 8 Option sale.
• No prim Friday; latest bid and asked, a Duolola, I Dui Feb. Dui Jane. a Due July 1
•.
.81
--
_
764
50
66
BONDS
N Y STOCK EXCHANGE
Week ending Jan. 2
44
New York Bond Record—Concluded--Page 4
Price
Week's
BONDS
' Range
Price
Friday
o
Range or
Year
N Y STOCK EXCHANGE
E Friday
Jan. 2
Last Sale
1019
Week ending Jan. 2
Jan, 2
[Vo . 110.
Week's
Range or
Last Sate
Range
Year
1919
Bid
Ask
High No, Low High
Virginian 1st 55 series A____1962 M N 8412 Sale Low
Bid
Ask Low
High No. Low High
8312
8412 28 8214 9412
Miscellaneous
Wabash 1st gold 55
1939 M N 9014 91
00
91
30 8712 98
Adams Ex coil tr g 4s
1948 IN S 5812 Salo 56
2d gold 5s
5812
1939 F A 8218 83
8218
823
10
Alaska
s
89
79
Gold
M deb 6s A
1925 IN 5 1512 Sale 1212
Debenture series B
19
3 5
12
512 8
35
2
1512
1939 J J
90 Aug'18
Cony deb 6s series B
1926 M S 13
1st lien equip a fd g 5s
16
14
14
3 12
1921 m
35
9818 ---- 9712 July'19
9712
Am
9712
SS
of
W
Va
1st
bs
1920 M• N 97% - —
let lien 50-yr g term 4s
1954 .1 J
_— 7034 7034 Nov'19
7034 70% Armour & Co 1st real est 40'39 J D 8312 Sale 8112
Det & Ch Ext 1st g 5s
8414 :2'1 "if" "884
1941 J J -8814..-. 8814 Feb'19
8814 8814 Booth Fisheries deb s 1 6s
1926 A 0
Des Moines Div 1st g 4s 1939
_ 9518 90 Feb'18
J ---- 751 80 Aug'12
Braden Cop M coil trs I 6e..1931,F A 90% 92
—Om Div lat g 330
9014
4 803* 97
9014
1941 A 0
65 87 Feb'19
Bush Terminal 1st 4s
67
67
1952 A 0 7514 797s 79 Dec '10
Tol & Ch Div g 4s
77
83
1941 M S
_ 6613 7413 Oct'19
72
Consol 5s
7412
1955.3 J 78
Sale 78
Wash Terml 1st gu 3As
78
5
75
85%
1945 F A 711s 75
July'19
7218
Buildings
72% 7512
5s guar tax ex..1960 A 0 803s 817g 80 Dec '19 ___ 7558 83
1st 40-yr guar 4s
1945 F A 7412 - - - 82 Aug'18
- Chic C & Conn Rys s f 5s_1927 A 0 4012
West Maryland 1st g 4s
- 58 Mar'18
1952 A 0 50 Sale 48
5014 102 4714 63
Cbic Un Stat'n 1st gu 4 Ms A 1963) J 815s Sale
West N Y & Pa 1st g 5s
8138
8212 36 7812 89
1937.3 J
92
93 Nov'19
Chile Copper 10-yr cony 7s_1923 1W N 10712 108 107
92 100
Gen gold 4s
108
67 10112 128
1943 A 0 63
65
63
2 63
63
Recta (part paid cony Os ser A A 0
63
Income Ss
— - 8034 Oct'19 --- 8212 95
p1943 Nov
Oct'17
36
Coll
—
tr
& cony 6s ser A
-Western Pac let ser A 5s _1946 M S 8212 Sale
1932
A
Sale
84
0
255
81
75
86
94
803s
8212 70 7912 8612 Computing-Tab-Rec a I 6s 1941 J J 81
Wheeling & L E 1st g 5s____1926 A 0
88
82 Vec '19 :::: 9
86
2
9
89
8132
4
91% 94
92 Dec 19
Granby Cons MS&P con 6e A '28 111 N 06
02
96
Wheel Div 1st gold 5s____1928 J J ---9712 06 Dec 19
95
100
Feb'17
Stamped
Exten & Impt gold 5s___1930 F A 81% ____
1928 M N 90
9712 96 Dec '19 --- 95
98
90% Mar'17
- -- - - Great Falls Pow 1st s I 5s
1940
Refunding 430 series A__1966 M S 50
M
N
90
91% 93 Dec '10
Sale 50
50
Int Mercan Marine a f 63_1941 A 0 9434 Sale
49% 64
RR 1st consol 4s
9334
--- 9212 10534
95 -251
1949 M S 54
63
5314
5313 40 52 65% Montana Power let 5s A
Winston-Salem 5 B 1st 4s_1960 J
1943 J J 85
Sale 8412
37 9
83
8518
4
96
5%
6618 76% 87% Nov'19
Morris & Co let et 4 W3
67% 76
Ms Cent 50-yr let gen 45_ _1949 J J
1939
J
J 8014 83
8014 Dec '19 __ 8014 8811
J 6618 767s 66
67
17
Mtge
Bonds
633
4 80
(N Y 4s ser 2 1966 A 0
Sup & Dul div dr term 1st 45'361 M N 6812 718
Apr'14
83
67 Dec '19
10-20-year 5ss eries 3
67
77
1932 J J
94 June'16
- - -N Y Doc_ 50-yr 1st g 4s
1951 F A 65
Street
66
65
:
:
1005
1
1
109
/2;
6
43 I
1;
-203 1114
66 I
Niagara Fails Power let 5s 1932 J J 9154
Brooklyn RapidRailwa
Tran g 581945
Nov'19
9314
964
y_
1 A 0 33
34% 3134
32%
6 30
Ref & gen (is
76
let refund cony gold 4s
a1932
A
0
10112
10113
Oct'19
2002 J .1 26
30
26
263
8
Niag
11
25
Loc.
53
de
0
Pow
3-yr 7% secured notes_h1921 J J 44 Sale
let 58_1954 M N 86
905g
911, 94
42%
133 39
46
Nor States Power 25-yr Sc A 1941 A 0 8232 8334 9314 Nov'19
86
Certificates of deposit
8214
212
4314 Sale 39
90
79
8212 21 8
214 8
4.314 117 37
Ontario Power N F let 55_1943 F A 83
79
Certificates of deposit stmp'd _ _
85
911,
87 Dec '19
841,
4012 Sale 39
166
42
33
7812
Ontario
Transmission 55_ _1945 1W N 75
Bk City 1st cons 5s__1916-1941 J
7912
Nov'19
79
67
65
70
Oct'19 -- 70
Pan-A rnPet&Tr ist cony 68'19-27 J J 135 --- - 15512 May'19
70
Bk Q Co & S con gu g 58_1941 1W N ---- 70
80 May'18
Pub Sem' Corp N J gen 58..1959 A 0 5813 Sale
-Bklyn Q Co & S let
5613
10
5 5
5812 7
80
947%8 10
1%
J J
4014 Tennessee Cop 1st cony 68...1025 M 14! 94% 94% 94,
Bklyn Un El 1st g 4-5s_1950 F A 6012 65_ - 4012 Dec '19 -- 40
9438'
s
2 91
96
5912
603s 99 5912 7914 Wash Water Power 1st 58_1939 J J
Stamped guar 4-511
- . 907s July'19 ---- 90
1956 F A 6012 6414 59%
95
597g
8
Wilson
697
dt
8
Co
7918
let 25-yr a f 68_1941 A 0 9734 Sale 9738
Kings County E 1st g 48_1949 F A 40
9734
60
49
1 49
49
10-yr cony a f Os
68
Stamped guar 4s
1928.3 D 95
Sale 9418
06
70 9418 10414
1949 F A ____ 57
62
Jan'19 _- 62 62
Neiman Elec guar gold 48_1951 J J 26
Sale 2412
26
22
Manufac
2212
turing
55
Chicago Rya let 58
& Industrial!
1927 F A 64
65
63
6358
22
Am Agrlc Chem let c 5s
63
81
Conn Ry & L lat & ref g 4 As 1951 J J __-- 70
1928 A 0 98
Sale 08
2 9634 101
98
70% Sept'19 -- 7013 88
Cony deben 55
Stamped guar 430
1924 F A
Dec '19
98 11212
1951
80
J 60
77 July'19 _75 77
Am Cot 011 debenture 58_1931 M N 9588
77
Det United 1st cons g 430_1932 .1
8
'
8
12
9811
81
r
84
10
8
84
8012
J J 68
Sale
67
08
2 67
Ft Smith Lt & Tr 1st g 5E1_1936 M S
8112 Am lilde & L 1st f g 6s
1919 M 8
1214 Aug'19
9934 10012
s6
-Jan'14
86
Am
Sm
&
it
let
-Hod & Manhat be ser A
30-yr 58 ser A '47 A 0 851 Sale
126 84
93
1957 F A 5918 Sale 57
6918
99
Am Tobacco 40-year g 6s_ 1944 A 0 119 __ 11012 Aug'19
52 65
Adjust income 55
119 11912
1957 16
Sale 15
1614 243 1138 1914
Gold 4s
NY &Jersey 1st bs
1951 F A 79
87 Sept'19
7212 80
1932 F A 70
90
90
9012 Am Writ Paper 5
Interboro-Metrop coil 440.1956,A 0 1634 Sale 90 May'19
Sale
J
J
8312
8312
11)
8312 9012
84
I
1712
15
1598 1314 4334
let a f 5s etfs of deposit....
Certificates of Deposit.......
86
9014
1534 Sale, 154
Baldw Loco Wore let 5s 1940 M
1718 850 13
4114
Interboro Rap Tran let 58_1966 J
i56"
100
9(P384 ij
100 10112
N
)ucleY:1
19
9
55
Sale, 5134
58 3271 431s 7512 Cent Foundry let s f 6a
Manhat Ry (N Y cons g 45_1990 A 0 69
1931 F A
8712
83
Dee
'19
8
847
78
Sale 5;12
59
68 5112 7214 Cent Leather 211-year g 55_1925 A 0 9634 Sale 957g
Stamped tax-exempt
0678
9412 9812
1990 A
5918 6012 5712
5718 16 55
7413 Consol Tobacco g 4s
Manila Elec Ry & Lt s 1 5a_1953 M 0
1951 F A 75
7712 7312 Dec'18
S
75
Oct'19 -- 75
Corn Prod Refg s I g 5s
77
Metropoi it an Street Ry—
2
0:1.2.1 1082
1931 M N 110
0
80 1 12 11004
Nov'19
12
3
0
5
la-Chili
let 25-year a f 58
Bway dr 7th Av lst g 58_19431 J D 467s 53
1934 IN N
m,loot,
Deo '19
4612 22 4518 72
4612
Distill Sec Cor cony 1st g 55_1927 A 0
Col & 9th Av 1st gu g 5s...1993 M S 46
Dee'
19
8515
9218
53% 58 Sept'19 -- 58
E I du Pont Powder 4 WI_ _193(1
63
Lex Av & P F ist gu g 5s_1993 M S __— 48%
D -94 100
9212 94
9334 Sept'19
5712 Sept'19
General Baking let 25-yr 66.1930 J D 89 ,
5713 74
Met W SRI (Chic 1st g 48_1938 F A
- 8813 July'19
88
88%
54
Dec'19
Can
Electric
Mliw Elec Ry & Lt cons g5s 1926 F A
deb g 3.4e..1942 F A
71 14 7212 7212
77
70
- 96 Dee '191-- 90
Debenture 5s
96
Refunding & exten 44-0_1931 .1 J 7518 8118
1952 M S 9312 Sale 9313
93% 101
9312
8113 Dec'18
Ingersoll-Rand let 5a
Montreal Tram 1st & ref 59_1941 J J ___ 75
1035
-- 96 Nov'18
J
78
Dec
'19,-Int
78
Agric
New On Ry & Lt gen 430 1935 J J ____ 68
79
Corp 1st 20-yr 5s 1932 M N 8112 8312 8078 Dec '10,
-8514
61 July'19 ---- 61
Int Paper cony s f g 5s
61
N Y Municfp Ry lets f 5s A_1968 .1 J
1935 1 J 9814 --__ 98 Sept'19
98
98
___ 50
57 July'19 -let & ref s 1 cony ser A
55
63
N Y Rya lat R E & ref 4s_ _1942 J J -28
1947
-. - _ - 92
87 Aug'19
90
8514
Sale 27
81
283
Liggett
4
26
& Myers Tobac 75_1944 -49
A0 11012 Sale 109
Certificates of deposit
104 13378
11012
28
3012 2534
130
151 2534 45
55
30-year ad)ine 58
86
1951
,
e7
F
A
85
85
al942 A 0
95
612 Sale 4%
612 374
412 1612 Lorillard Co (P 7s
Certificates of deposit
1944 A 0 1084 Sale 10712
107% 11312
RS
6
1/4855
2:4:
712 434
55
578 197
434 1612
N Y State Rya let cons 4%8_1962 M N 50 $Sale
1951F A 88
Sale
94
85
88
4012
50
76 4834 62
Nat Enam & Stampg 1st 58.1929 .1 D 9634 9718 85
Portland Ry 1st de ref 5s____1930 M
9634
95
98
0631
N ---- 68
75 Dec '19.- 75
7514 Nat Starch 20-year deb 5a_1930 J
Portld Ry Lt & P lst ref 5s_1942 F A
J
lAug'18
66
55 Dec '19 -- 55 65% National Tube let 5s
Portland Gen Elec let Se 1935 J J __ 94
1942 M N 99231'; -a-le
- 94
35 "ii92
9012 Feb'17 -N Y Air Bra_e let cony 6E1_1938 M N 99
St Jos fly L H & P 1st g 5s_1937 M N
961, 103
00381 9978 Dee '19
78
95 July'17 -- - - Pierce 011 5-year cony 60_41920 J D
St Paul City Cab eons g 58..1937 .1 J 80
10018 10012 Nov'19 ---- 100 145
82 10212 Mar'12
10-year cony deb 68......h1924 J J 10412 10434
Third Ave 1st ref 45
10432 Dee '191 -- 884 11214
1960 J J 4834 Sale 48
51
5038
Sinclair
48
011
&
Refining
6
Ad)income Ss
3-4
—
a1960 A 0 28% Sale 27%
28% 104 25
lat e f 7s 1920 warrants attach 1 F A
4212
Third Ave Ry 1st g be
12312 Aug'19,
984 15212
1937 J J 83
Sale 83
11 83
83
do without warrants attach F A
'Fri-City Ry & Lt 1st s f 5s 1923 A 0 91
9312
9978 July'19
95 100
Sale 91
5
91
Standard
91%
Milling
97
Undergr of London 4448
let 58_1930 M N 92
9212 92 Dec '19
91
95
1933 J J 65
9618 73 May'19
The Texas Co cony deb 68...1931
73
73
Income 6s
10012 10412
J 10218 10278 10112 Dec '19
1948 -55 60 Dec '19 -- 60
Union Bag & Paper let ba_ _1930 J .1
78
United Rya Inv 5s Pittaiss
---- 88
8612 Nov to
8112 8914
_ 1926 M -14 ---- 75
7513
Nov'19
-Stamped
70
78
United Rya St L 1st g 4s
8712 Dec'18
1930 J .1
1934 J J -Union 011 Co of Cal let be_ _1931 J J -943-4 -6E143% 55
St Louis Transit gu Se..1924 A 0 - - - - 53% 51 14 Nov'19
672771
Oct'19
— 937k 95 2
8 9
2
75
sale
55
50 June'17
US Realty & I cony deb g 58 1924 J J 77
United Rile San Fret 4s
29 60
7812
1927 A 0 251s 2912 '28 Dec '10 ---- 22 -387
U
S
Rubber 5-year sec 7s_ _ _1922 J D 10314 Sale 103
8
Union Tr(N Y ctfs dep
9 10212 1047s
10314
2532 263g 25
12 22
26
let & ref bs series A
3612
Equit Tr(N Y Inter etre
329 83
90
1947 1 J 8'02 Sale 87 ,
8934
2538 2534 2618
261s
15,
U
S
22
Smelt
3834
Ref
& M cony 68_1926 F A 10518 106 106 Dec '19,
Va Ry & Pow lst & ref 5a___1934 J J ---- 73
87% 107%
70 Dec '19 ---- 70
Va-Caro Chem 1st 15-yr 5+3_1923 3 D 91
79
9412 9358
5 9314 98%
935
Cony deb its
Gas and Electric Light
Sale 0978 101
e1924 A 0 101
5 9612 104
I
West
Electric let 15a Dee,.,__1922 J
Atlanta 0 L Co let g 5e._. 19471
9634 97 9634
12 9614 9914
9678
9514 -- 103 ,Sept'15
_
Bklyn Un Gas 1st cons g 58_1945 IN
797; 85
60
Oct'19
85
Coal, iron & Steel
Cincin Gas & Elec Ist&ref be 1956 A
8478 931 93 July'19 ---- 43 95
Beth
Steel let ext s f 5s____1926 1 J 0558 Sale 9512
93
Columbia G & E let Se
9 95% 98
96%
1927.3
85
85 Nov'19 -- 82
let & pm&i
net 5sgla,8r
9212
Columbus Gas let gold bs 1932 J J -.-. 89
r A9
J 88 Sale 86
42
2, IV; N
58_ 1,
21 8134 92
88
85
87 June'19 -- 87 87
20 yr
Consol Gas cony deb 65___ _1920 Q
8678 Sale 8411
8678 113 80
8912
9934 Sale 9912
9934
96
Buff & Susq Iron 5 1 58_1932
9812 1053
Cons Gas EL&P of Bait 5-yr 58'21 M
D 87 --- 9312 July'19
9312 9012
- 97 9814 Sept'19 -- 9618 99 4
Debenture 5s
Detroit City Gas gold Ss.....1923 .1 J
921s ---- 9172 Nov'19
90
9173
9614
Dec
'10
---Cahaba
9618
C
M
9834
Co let gu 68_4
Detroit Edison 1st coil tr 58.1933 .1
S M D
23
_1192
- — 101
926
Deo'14
95
1 94
95
9612 Colo F & I Co gen s f bs___1943 F A 84
1st & ref bs ser A
87
0312 92
86 Dec '19
h1940 M
---- 89
8912 Dec '19 ---- 8812 94
Col Indus 1st & coil 5s 0'1_1934 F A 74
Eq GLNY 1st cons g 5s___1932 M
Sale 74
"1E. 7312 81
74
____ 94
Feb'18
94
Cons
Coal
of Md lat&ref 58_1950 J D 7934 8112 8332 Nov'19
Gas & Elec Berg Co c g 5s...1949 J
-- 8212 90
100
Feb'13
Elk Horn Coal cony its
Havana Elec consol g Se...._.1952 F A 81
1925 J D
95
Feb'19
98
9814
87
84 Dec '19 --- 84 "ii
Illinois Steel deb 4.4s
Hudson Co Gas let g 55____1949 M
195
40
A N
O 84
2m
5 8212 8612
Sale 8234
84
- - _ 91 Sept'19 -.- 90
Indiana Steel let 5s
Ran City (Mo Gas lat g 59_1922 A 0 9112
92% 94
173 91
91
9414 9212 Dec '19 -- 9212 91
04
9812
Jeff dr Clear C & I 21) 5a____1926 J D 96
9212
Kings Co El L & P g 5s
....
1937 A 0 83 - -- 8412 Dec '19
Lackawanna Steel let g 5s-1195
8413 94
Purchase money its
20
A O
s 94
3m
Sale 0334
5 -0:33-4 -6894
1997 A 0
9978 9912 Nov'19
95 105
let cons Sc series A
Convertible deb its
95% Sale 9512
96 88
8034 19
14
_
01
9914 98
1925 M
96
A pr'19 — 90
Midvale Steel & 0cony a f 5s1936 M S 8414 Sale 813
98
Ed El III Bkn let con g 4'3_1939
8414 218
4
ig34
- 80
75
Dec
'19
--Pleasant
75
84
Val
Coal let s 1 58.1928 J J _ _Lac Gas Lot St L Ref & ext be '34 A
81% 83
81
Dec
'19
Pocah Con Collier lets f 58.1957 J J 80
80 97
Milwaukee Gas L let 4s
84 -841;/ic;';'-Ia
83's 88'a
1927 M
87 8712 87
5 87 89
87
Repub I & S 10-30-yr See 1_1940 A 0 951s 953s 93
Newark Con Gas g ba
3 92
9614
94
___. 86 10412 Apr'17 -1948 J
.- - St L Roc. Mt & P 5s atmpd _1958 J J 69
NYGELII&Pg 53
70
73
70
Dec
'19
8034
1948J
Sale 817
82
82
51 ..07s 94
Tenn Coal I & RR gen 55_1951 J
Purchase money g 48
0212 Sale 90
25 8
93
97 1004
0212
1949 F A 6234 Sale 6214
62.14 29 5978 7414 U 8 Steel Corp— f couPEd Elec Ill let cons g bs_ _1995 J
-.41963 M N 9714 Sale 9414
9712 526 9414 10112
6234 64
9212 Nov'19 -- 9212 105
a 110-60-year baireg
NY&Q El L&P let con g 56_1930 F A 81
- -d1963 M N 9113 - - 97 Dec '19
89
9612 Aug'17
---- -- Utah Fuel 1st s be
Pacific 0 & El Co—Cal0 & E—I
1931 M N
8634 Nov'19
8634 8634
- 83
Victor
Fuel
let f
Corp unifying & ref 5s
50
70 Mar'19
8
7752
8
70
0
1
1937 M
9014 Sale 901s
9014 36 88 9618 Va Iron Coal & Co 55
Pacific G & E gen de ref 5s....1942.1
_e let g 53 19
80 85% 81 Dec '19
94
5
9
3
3
M
8
.1
8012 8112 8012
8034 18 8012 88
Pac Pow & Lt let & ref 20-yr
I
Telegrap
h & Telephone
Si International Series. 1930 F A --- 8834 82
Apr'19
82 98
Am Telep & Tel coil tr 4s.....1929 J J 7812 Sale 7612
Pat & Passaic G & El 5a
7812 156 7612 86
1949 M
— _ 100 July'17
Convertible 4s
___ 75
Peop Gas & C let cons e 8e- 1943
80 May'19
80
77
0 88
90
97
A
Aug'19
"ii"
roc
20-yr convertible 4 Ss_ — 1933
Refunding gold bg
M S -81% 8275 8178
6 IVI
12 7934 91
82
1947 M
59
59% 62 Dec '19
62
30-yr temp coil tr 55
7712
Ch G-L & Coke let gu g ba 1937.3 .1 75
A 8012 Sale 7914
1946 J D
94
8034 372 70
85
81
Nov'19
787
7-year
s
88
convertib
99% Sale 9812
le its
Con 0 Coot Ch Ist gu g 5s 1936 J
9912 103 9754 113438
100
Apr'17
Cent Dist Tel 1st 30-yr 58._ 19
Ind Nat Gas & Oil 30-yr 5s1936 M
F D 90
94
23
5J
9614 Oct'19
98
98
9812
89 Mar'17
Commercial Cable 1st g 48-2397 Q
Mu Fuel Gas let gu g 5s_1947 M
73 Nov'17
May'19
75
75
Registere
75
Philadelphia o cony g 5s-1922 M
d
2397
6818 Jan'18
87% Sale 8718
8732
11
853s 94
Cumb T & T lat & gen 50_1937
Stand Gas & El cony e f 6e. 1928 J
Sale 85
14 8618 94
86
J 85
88
92 91 Dec '19
877s 9612 Keystone Telephone let ba__1935,1
Syracuse Lighting 1st g 513_1951 .1
J J — - 88
98
Apr'16
8414
9713 May'17
Mich State Teleph let 511_1924 F A 8812 85
Syracuse Light & Power 55 1954 J
86
13
"tiff; -iit;
86
73
Dec '19
73
7412 N V & N 3 Telephone bs g._1920 1W N 9818 100
Trenton G de El let g
9818 98%
981* Dec '19
M S
-- - 9838 Oct'17
NY Telep lat & gen a f 4 yis_1930 M N 80% Sale 70%
Union Elec Lt & P 1st g 60_1032 M
-lb; 78% 914
80%
7212 8814 8814 Oct'19
-81;14 92 30-yr deben a I 6s_ __Feb 19491-954, Sale 93
Refunding & extension 5a_ 1933 M
93
65
10112
9514
- 82 July'19
82
82
Pacific Tel & Tel list ba
United Fuel Gas 1st a f 66_1936 J
Sale 83%
86
43 83% 95%
86
-- 97 9734 Nov'19
94
98
South Bell Tel & T islet 5619
Utah Power & Lt let 5s
84% 84
41,j -i
J 84
03
1 84
9312
84
1944 F A 82% 83118 82
8212
4
8112 90
West Union coil tr our 58_1938 J J 80% 84
Utica Elec L & P let g ba-1950 J
94 ,
1 81
81
81
9514 101 June'17
- -Fund & real eat g 414s
Utica Gas & Else ref 5s
20 80 921
81%
1967.3
1050 M N 8112 8178 8014
-.- ifi7
;
87
Nov'19
87
Mut Un Tel gu ext 58.-1941 1W N
95
Westchester Ltd gold 5a__ _ _1950 J
10112 Sept'17
____ 90 88 Oct'19
85
92
Northwest Tel gu 4 yis g_ _1934
- - 94 NoY'16
'No pries Priday:lateee bld and asked. eDue Jan. Due
8
April. *Due May. 0 Due June,
4 Due July k Due AUg.•Due Oct. p Due Nov. I Due Dec. 9 Option MM.
--
72121
-.
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Dec. 27.
12112 122
6512 66
87
*86
-5r7i2
s__
•135
•____
*5
'60
2658
•78
78
•16
•84
44
*51
1
Monday
Dec. 29.
Tuesday
Dec. 30.
Wednesday
Dec. 31.
120
64
*83
12134 121 12212 12212 124
67
6512 13412 6612 66
85
86
87
86
87
-5(-34
WI
37
42 0..._
135
135
.10
.10
514
5%
5
6
+132
____ *85
-- - -------
/i42
*40
142
135
.10
.30
518
6
+132
*85
- - --
62
60
2718 28
88
76-r
76
1712
*84
85
44% 4314
52
53
60
'W6
27
78
85
44
83
Ids; 351 37
42
42
135 *135 142
.10 *.15
514 *5
*5
6
___ *85
---- ----
16.- 60
2512 2812 2752
78
78 "774
15
1514 1514
597
_ _ _ *84
*84
4312 4378 44
5212 5212 53
534 6
6
578 6
6
114
114
1
11
4
/
4 114
/
11
6
6
612
*6
4 7
/
*51
96
9612 9534 9612 95
9618
142 142
142 143
140 142
*81
82
*8014 82
*8114 _-- _
18
•17
1634 17
16
17
*2614 ____ *26
._
*26 ..
814
8
734 8
-81;
258 258
258 234
213 212
6
6
6
6
638
6
•1212 13
13
13
1278 13
+5
512 *5
512 *5
512
24
*23
2312 2312 *221
4 23
/
80
*75
80
*75
*7512 80
145 14534 142 145
143 147
4 36
3678 3678 3614 361
/
3612
82 1 82
81
8112 82
8234
•2014 30
29
2914 29
+29
4714 48
4714 4734 4714 4712
312 312
358 358 *314 334
*27
28
27 1 *24
*25
27
41
4114 4012 4034 40
4034
534 8
6 1
6
618
6
2914 2914 2912 3012 2934 301
4
/
10
11
10
11 1 11
10
*06 .. _ __
-- 9512 9534 96
73
4 7412 73
1
73/
72
74
62
60
6212 6114 6112
62
134 13614
136 136 *132 138
4 51
/
4 491
1
52
5212 52/
53
.54712 48/
4
1
*4712 48/
4 +47
1
48
84
8412 83/
4 85 1 8312 85
1
17412 175
174 174
175 175
4512
4514 46
4514 4512 *45
98
98
*9312 .1)5 i
.. *1512
*1512 .,...
1 ;iEi
.4
54 5414 5334 _,.3-34 5334 5334
19 19 1712 18 1 17 17/
4
1
4734 4818 4718 4712
4734 48
13338 13414 13314 13414 13314 13334
7114 7014 71 1 7014 71
.•70
4734 48
4 48
1
47/
4734 48
*2578 26
2578 26
2573 26
1578
1534 1534 1512 1573 15
1958 20
2018 1934 20
20
3312 3314 3312
33
34
*33
*2312 24
2418 2414 2414
24
70
*135
70
70
70
*65
*6412 65
6434 6434 *--- 69
72
76
*71
•71
71
71
2
*1
2
*1
72
6914 70
72
•.70 .75 *.30 .35
3412 3512 35
3534
15
1514 15
1614
7
7
*634 712
•.30 .50
.40 .40
390 400
395 405
34% 3514
3414 36
15
15
15
15
4534 46
48
47
*234 314 *234 3
1318 133s 1334 14
1331 1412 13% 1434
312 378
312 312
512
5
5% 6
334 334
312 312
.70 .75
.90 .90
4514 46
4412 45
80
82
•80
80
35
35
3434 35
4 414
/
41
*414 412
•112 131 *112 2
334 414
358 3$1
312 3%
312 312
*234 31 4 *212 31
4
/
-514 512
538
5
1118 1112 1034 1138
712
4 712 *714
1
*7/
65
65
65
65
414
4
338 312
22
21
2012 21
714 712
738 712
2312 2312
22
8012 8014 8014
*78
1318
1318 13
13
1714 1818 1712 1814
1
.70 .70 *.70
4 2
/
*11
*112 2
36
35
35
36
62
52
•50
61
6
61 --161
50
50
50
50
15% 16
1512 16
178 2
178
1%
2
*I
4
/
112 11
.15 .15
.15 .20
8
5
518 514
438 412
414 412
212
2
234
*2
1
*.95
.95 .97
234 278
278 219{8
014
9
8% 9
2,
12
234 278
2%
*278 32
278 2%
112 112
134
134
2012 2012 191
4 20
/
1
•.60
1
..60
• did and asked prices
67
BOSTON STOCK EXCHANGE-Stock Record
JAN. 3 1920.]
---
16.2712
Vi"
1514
Friday
Jan. 2.
"4312 16.9912 9912
16
5412
1818
47
13334
70
4312
25%
1578
2112
33%
24
79
7,1
71
Salesfor
the
Week.
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1919
Lowest.
Highest
Range for Previous
Year 1918.
Lowest.
Highest.
Railroads
100
1,050 Boston & Albany
100
2,595 Boston Elevated
100
231 Do pre
100
Boston & Lowell
100
477 Boston dr Maine
100
Do pref
100
65 Boston & Providence
200 Boston Subarban Eleo_no par
no par
2,825 Do prat
55 Bost & Woos Eleo pre no par
Chic Juno Ry & U S V.-100
100
11 Do pret
Concord dr Mont class 4- 100
100
Connecticut River
100
Fitchburg prat
Georgia Ry & Elea stamp('.100
100
Do pref
100
190 Maine Central
3.806 N V N II & Hartford_ ..100
Northern New Hampshire_100
100
185 Old Colony
100
1,110 Rutland prof
Vermont & Massachusetts 100
50
2,651 West End Street
50
283 Do prof
118 Deo16
62 Dec 2
85 Dec31
Oct15
78
28 Jan30
40 0010
130 Sept22
10e Dec29
312 Nov24
218 Nov24
132 Oct 1
84 Feb13
61 Apr30
100 Sept 6
47 Nov 7
993 Mar15
70 Mar15
5978 Dec30
2514 Dec12
88 Dec19
z71 Dec15
15 Dec18
82 0030
3812 SeDt24
47 Sent24
145 Apr 3
4 Apr 5
1
80/
97 Jan28
95 Jan 3
3812 July29
50 Jan27
168 Jan 8
700 Nov 5
JanI4
11
30 Feb 7
135 Jan 4
90 June10
77 Jan 6
115 Apr 9
58 Jan 2
110 June24
78/
4 July29
1
83 Jan 8
4034 July29
9913 Aug 8
105 Jan 3
23 May27
100 Jan18
50 Apr 3
58 June13
Miscellaneous
10
618 614 2,019 Am 011 Engineering
4 2,575 Amer Pneumatic Service_ 25
/
11
114
50
*512 612 2.180 Do pref
100
15,595 Amer Telep & Teleg
9412 97
317 Amoskeag Manufacturing....
2143 143
Dopref
Last Sale 8014 Dec'19
2,015 Anglo-Am Comm!Corp_no par
Art Metal Construe Inc.- 10
Last Sale 2613 Dec'19
10
Refg_
814 812 1,57S'Bigheart Prod & Trustees__
Mex Pet
Boston
2,900
272 3
776 Century Steel of Amer Inc. 10
845 Cuban Portland Cement- 10
10
51
13;
2,990 East Boston Land
25
2212 2212
195 Eastern SS Lines Inc
100
Last Sale 77 Dec'19
Do prof
100
150 15212 2,463 Edison Electric Illum
3558 3612 1.906 Elder Corporation .....no par
25
4
/
4 811
/
841
755 Fairbanks Company
50
32 Gorton-Pew Fisheries.
2914 291 4
25
48
4914 1,424 Gray & Davis 1.1c
366 Internal Portland Cement_ 10
334 334
50
25
25
150 Do prof
no par
4312 44
2,360 Internat Products
534 5% 1 295 Island 011 & Trans Corp-- 10
3012 3012 2,979'Libby. McNeill & Libby_ _10
10
1012 1012
297 Loew's Theatres
100 10012
210 MeElwaln (W H) 1st pref..100
73
7412 1,950 Massachusetts Gas Cos_100
100
6012 6112
892 Do pref
13614 13614
132 Mergenthaler Linotype...100
5112 52
1,415 Mexican Investment Inc_ 10
Last Sale 50 Dec'19
Mullins Body Corp__ no par
86
1,115 New England Telephone--100
87
174 174
Mills
Pacific
88
490 Parish & Bingham Corp.no par
4414 4512
100
14 Plant (Thom 01 prof
10
"18- 16'20 Reece Button-Hole
5412 5112 1,050 Root 8z Van Dervoort Class A
5
1734 18
.- Simms Magneto
48
4,927 Stewart Mfg Corporation__ _ _
48
100
1,066 Swift & Co
13212 133
65 Torrington25
477 10-- 5,879 United Shoe Maoh Corp-. 211
25
470 Do prof
25% 2534
15% 1658 6,615 Ventura Consol Oil Fields_ 5
10
2078 2158 11,450 Waldorf System Inc
100
3312 3312
322 Waltham Watch
320 Walworth Manufacturing_ 20
2312 24
100
35 Warren Bros
100
30 Do 1st prof
100
prof
26
20 Do
5 Dec22
55e Jan 2
212 Apr 8
95 Dec30
79 Feb15
7812 Jan 9
16 Dec30
4 Jan21
1
17/
7 Dec 5
211* 1)ec30
6 Dec 3
10 Mar26
4 Jan 4
1
4/
6 Jan22
39 AprIl
Oct24
138
2312 Oct 9
5212 Jan21
28 AprIl
h37 Septll
312 Nov22
18 Jan 4
19 Mar20
534 Dec17
2853 Nov13
858 Feb10
,90 Jan17
6714 NovI9
60 Dec13
130 Feb10
4712 Nov29
321 Sept30
83 Sept26
145 Feb24
34 Aug21
93 Jan 6
14 Jan 3
35 July 1
4 Dec24
1
15/
3218 Jan23
115 Jan30
5212 Jan13
44 Jan13
2518 Oet28
78 Jan21
16 May19
28 Aug26
17 Mar24
15 Feb14
37 Jan 2
38 Jan23
714 Nov 8
2 Aug14
40 :fuii
2I Mar
4 Sept 1533 Mar
914 Aug14
908e Aug 10913 Oot
10812 May27
6012 Jan 92 Nov
152 Nov21
76 Jan 82 June
8415 Dec 1
2115 Nov 5
11 Feb
-Dee
4 Dec17
1
26/
1312 May19
- 47 Nov10
1512 Mar17 164 May 147 Wei
1112 Nov 1712 May
1834 May 6
514 May
4 Jan
678June19
24 Dec17
8 Nov 13 Mar
39 Oct 58 Mar
79 Dec17
172 Jan 2 134 June 186 Nov
3834 Nov 7
9312 Nov 6
4June 6414 Nov
1
27/
38 May17
27 Aug 35 Aug
5412 Nov10
.-ols
413 Oct .71
4 May 6
1
9/
30 Oct24
12 Apr 23 Nov
4 Oct22
1
58/
93 Feb20 --3-1; Aug
it;"Fe;
35 Oct 20
11
Jan15
734 June 10 May
99 Mar26
88 Sept 93 Nov
86 Jan 9 x7714 Jan 9114 Nov
62 June 71 Nov
Jan13
71
149 June18 107 June 147 Nov
72 July17
-- --- -54 Oct20
82/
4 July 10012 -Oct
1
96 Mar18
199 Nov 1 130 Feb 160 Nov
_5514 Oct24
91 Aug 100 Feb
4 Dec31
1
99/
Jan 137s Mar
16 May15
11
4 Oct20 1
59/
2714 Nov10
Nov
5914 Oct24 "2" "Zici
150 May 5 102 Aug 14814 Aug
45 Jan 56 Dee
7412 Nov 7
3812 July 4812 May
55 May 6
2434 Aug 2613 May
Jan25
31
9 Nov
5 Jan
7038 Nov 3
2112 July10
_
43 Oet23
17 Nov 25 Sept
25 July24
9 Feb 1212 Feb
83 July14
35 Dec 42 AIR
7212May 2
80 JulyI6 .....
122 123
6612 6712
87
8712
Last Sale 80 Dec'19
3712 3712
Last Sale 42 Dec'19
*135 142
--514 1(4
Last Sale 132 Dec'19
86
86
Last Sale 67 Nov'19
Last Sale 102 Dec'19
Last Sale 4912 Dec'19
Last Sale 10334 Oct'19
Last Sale 7212 Nov'19
27 -2-7-3;
Last Sale 86 Dec'19
79
79
Last Sale 8,-1
--4g
53
614
6
114 114
512 512
9512 913%
14112 143
*82
84
17
17
•26
734
258 278
614
8
•1212 14
512 534
23
23
79
*75
14812 151
3512 3612
84
8412
2912
*29
4712 4834
*314 334
*24
27
41
4434
534 6
30
30
934 934
96
96
73
7434
61
4
/
611
135 136
50
50
*4712 49
8312 84
+1534
5312
1712
4614
133
70
47
25%
1512
1934
33%
24
*71
Thursday
Jan. 1.
c-19
-De-'
45
4512
54
55
Mining
4 July25
1
2/
114
114
100 Adventure Consolidated- 25 .50 Apr22
•.95
.95 .05 •.95
25 6212 Mar22 91 July29
74
74
455 Atuneek
74
74
72
72
4 July30
/
11
25 10c Apr30
.30 .30
+.35 .75
120 Aigomah Mining
.36 .36
25 3212 Dec13 52 July28
35
38
35
1,000 Ailoues
35
3512 35
5 1034 Feb28 18 July30
1434 15
1434 15
1,040 Arizona Commercial
15
15
4 May12
/
10
6 Nov24 101
714
7
712
+7
*714 7/
4 2,320 Bingham Mines
1
.35 .35
.40 .40 1,013 Butte-Balaklava Copper- 10 20o Jan30 90c May14
.35 .40
25 350 Mar14 480 July17
405 405
410 415
385 405
198 Calumet & Heals
1 1214 May 5 3658 Dec31
3658
341
3534 3614 9,870 Carson Hill Gold
4 3514 35
/
25 12 Mar21 20 July28
1414 1414
*1412 15
135 Centennial
15
15
25 39 Mar 5 62 July28
47
4634 4712 4658 4734
4734 2,425 Copper Range Co
2 Marti
20
334 May14
3
3
*234 3
200 Daly-West
10
434 Feb13 1412 Oct20
4 1334 1312 14
1
13/
"1314 14 3,185 Davis-Daly Copper
4 1434 1412 1434
/
141
'15 15% 4,032 East Butte Copper Min 10 8 Feb28 21 Aug 9
25
138May 9
634 July26
334 334
312 378
1.193 Franklin
334 4
•514 6
25
4 May 1
4 July28
1
9/
514 514
1,650 Hancock Consolidated
4 534
/
51
25 20.3 Feb20
734 May21
358 4
Helvetia
1,375
334
312
334 334
25 50c Mar 8
2 July26
.70 .70 ..1 .50 .75
320 Indiana Mining
1 42 Apr16 5534 July28
4334 4412 4334 43%
45 15
686 Island Creek Coal
82
1 78 Apr12 8812 July30
*80
78
78
1511 Do prof
80
80
25 24 Jan 2 41 July29
34
35
35
35
450 Isle Royale Copper
371 1
37
6118 May 9
312 Oct16
5
*414 412
4% 418
380 Kerr Lake
414 414
25 990 Mar 4
214 *154 2
2
253 July31
500 Keweenaw Copper
*134 21 1
73 July28
3 Jan25
25
418 418
334 412
4% 4% 2,024 Lake Copper Co
2 Apr16
4 July28
1
25
5/
358
*3
250 ha Salle Copper
334 *318 358
*3
438 Oct31
218 Apr23
5
*212 312 .218 312
10 Mason Valley Mine
212 . 212
25
4 Feb 7 10 July28
5
5
434 5
514 5% 1,175 Mass Consol
25
2 Jan13 1314 June 2
11
1034 12
12%
1114 1134 14,151 Mayflower-Old Colony
25
212 Feb24 10 July26
712 712
300 Michigan
712 712
VA 712
4 Feb 7 83 July28
1
(3478 65
84
6434 6514
260 Mohawk..25 49/
6512
25
612 July28
1 Mar 8
4
418
4
1,28.51New Aradian Copper
4
412 5
5 1484 Mar 5 2914 July31
2112 22
2214 2212
2212 2212 1,285 New Cornelia Copper
714 714
612 May 2 1213 July31
5
1,290 New Idria Quicksilver
*752 8
714 734
100
87 Febll 28 Oct 4
*20
24.
240 New River Company
100 5734 Mar 1 87 Nov10
3611 Do pref
13E14 -8-612 80 8012
4 May12
1
814 Jan15 13/
5
13
1318 x1258 1234
;ii" -1/5; 472 Nipissing Mines
15
9 Feb20 2053 July23
171
4 18
/
17% 18
1734 1812 6,938 North Butte
25 250 Apr22
1
153 July30
+.70
.50 .80
25 North Lake
1
*.70
25 75c Mar15
414 July29
*112 2
•112 2
300 01Ibway Mining
1% 134
4 July28
1
25 30/
4 Mar 5 52/
1
3512 3512 36
715 Old Dominion Co
3612
3614 37
25 45 Mar17 73 July28
5234 53
72 Osceola
54
52
55
*51
25 52 Mar22 83 July28
6012 6118 61
300 Quincy
4
/
611
*6112 _
25 40 Mar 4 75 July29
505 St Mary's Mineral Land
51
52
51
+50
53
53
1514 1512 15
1534
1534 1834 4,595 Seneca Copper Corp. no par 13 Jan22 2612 July29
414 July30
112 Mar15
10
178
1%
1%
158 1% 3,145 Shannon
312June 6
25 40c Jan13
171.4
118
750 South Lake
*112 2
112 112
8c Janll 50o Aug14
5
.20 .25
.20 .25
*.20 .30 2,420 South Utah M & 5
4 Mar 8 1114 June 5
25
518
5
514
5
5% 518 2,165 Superior
1 Mar28 54 Nov24
414 412
4% 434
412 4% 3.487 Superior & Boston Copper 10
514June 2
25
114 Dec16
134 1%
1% 214
1% 2% 1 600;Trinity
5 710 Dec16 2% Sept17
118 3,530,Tuolumne Copper
1
.95 .98
.95 .95
38 June 2
134 May 9
*258 278
5
2% 234 1,795 Utah-Apex Mining
234 3
712 Jan18 1234 July29
1
9
9
1,397,Utah Consolidated
814 9
812 912
5 July30
114 Jan28
1
234 3%
9,625 Utah Metal & Tunnel
2714 3
234 3
45 July28
25
114 Mar13
•234 314
2% 2%
100 Victoria
*234 3
3 July28
25 50o Jan 9
1% 158 1,610 Winona
1% 134
1% 1%
25 15 Mar 5I 31 July31
20
545 Wolverine
2012
2012
1912 1912 20
25 400 Mar13 1% May27
Last Sale .51 Dec'19
Wyandotte
.60 • 1
•.60 .1 '
o Ex-atook dividend 4 Ex-dividend and rights. 0 Assessment paid, h ME-rights. s Ex-dividend. •Half-paid.
12212 Apr
37 Jan
9112 Dec
80 Jan
19 Jan
27 Feb
150 Apr
50 Dec
1014 Mar
25 July
138 July
4 Apr
1
82/
73 Nov
104 Feb
53 Jan
106 Sept
70 Oct
4June
1
77/
27 Feb
84 Oct
x8812 June
20 Jan
80 Aug
37 Feb
47 Jan
146 Nov
80 Nov
98 Nov
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
4 Nov
1
30/
147 Apr
8513 Dee
80 Feb
125 Nov
65 Jan
11814 Jan
81 Feb
88 Nov
48 May
95 Nov
4 De0
1
112/
25 Jan
90 Oct
50 July
62 AV
134 Jan
houne
69 Dec 86 Nov
15o July 45o May
4012 Dec 54 Feb
1814 Aug
Jan
11
1084 May
9 Nov
200 Oct 480 Nov
425 Dec 470 Dee
-163:13a;
"fit: Feb
40 Dec
113 Apr
434 Dec
4 Mar
1
8/
3 June
484 Dec
15e Mar
40 July
447k Dee
794 Oct
1912 Jan
5 Jan
800 Sept
33 Dec
2 Jan
284 Dec
334 Sept
65c Mar
40c June
4 Dec
1
50/
114 Aug
4 Nov
/
511
3 Sept
673 Mar
12 Nov
6 Feb
1018 Jan
30e Sept
Jan
1
70 May
84 Feb
29 July
4 Oot
1
6/
1% May
834May
4 Mar
1
3/
8 Feb
7 Jan
413 Nov
414 Oot
6613 May
4 July
1
2/
-.984 Dec
1714 VIZ
12 lAug
6311 Dec
8% Jan
1012 Dec
25c Feb
13 June
32 Dec
4June
1
46/
59 Dec
33 Dec
7 Jan
24 Dec
12 Sept
10c Dec
4 Feb
114 Aug
4 Sept
1
2/
73c Dec
114 May
7 Dec
1 Dec
158 Deo
12 Nov
18 Dec
40e May
Jan
20
Jan
80
97g Apr
173g May
95e Mar
1% Dec
4 Jan
1
45/
Jan
65
78 May
Jan
57
1534 Dee
553 Jan
Jan
2
200 Jan
87 Nov
434 Sept
412 Feb
1% Aug
41 Nov
Jan
12
31,(4 Apr
3 Jan
2 Jail
Jan
36
1% Mar
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Stocks--(Concluded) Par. Price. Low. High. Shares.
Stocks-
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Amer Vitrified Prod
Am Wind Glass Mach_ _100 126
Preferred
100
Arkansas Natural Gas, new
40
Preferred
100
Barnsdall Corporation_ _25 4614
Carbo•Hydrogen Com - _ _5
34
Preferred
5
434
Harb •Walk Refrac,com.100
Carnegie Lead & Zinc__ 5 104
Gold Bar Mines
1
Guffey Gillespie Oil (nopar) 37
Preferred
146
Indep Brewing, com
_50
Preferred
50 10
Kay County Gas
24
Lone Star Gas
100 150
Mfrs Light & Heat
50 5994
Marland Petroleum
5
834
Nat Fireproofing, corn-_50
Preferred
50
Ohio Fuel 011
1 3136
Ohio Fuel SuPPlY
25 514
Oklahoma Natural Gas 25 43
Pittsb Brewing, com.-50
634
Preferred
50
PRO.) Coal, corn
100
Pittsb Jerome Copp Co-1 240
Phtsc & Mt Shasta Cop-1 51c
Pittsb 011 & Ors
100 14
Pittsb Plate Glass. com 100
Riverside East 011, com_5
4
San Toy Miring
1
70
Union Natural Gas--_100
U S Glass
100
US Steel Corp, com-__ 100
West'house Air Brake_50
West'house Eiec & Mfg_50
W Penn Tr & W P,corn.100
736
Bonds7:4144.14 Viral:n:4ns am
10.40
Range for Year 1919.
Low.
15
850 144 Dec
1536
125 128
155 79
Jan
94
94
10 774 Jan
34
4036 17,640 34
Dec
108 112
655 75 May
46
47
950 32 June
334 5
1,970
236 Aug
700
33( Dec
334 434
122 122
10 112
June
452
6
854 1036
Sept
3c
3c
2.000
30 Dec
3,923 3034 Dec
3534 37
146 146
100 146
Dec
4
4
1,175
136 Jan
10
10
450
54 Jan
234 236 4,530
236 Dec
150 150
75 14936 Dec
59
6136
432 4836 Jan
634 636 3,395
6
Nov
84 834
815
5
Jan
14
154 1,065 10
Jan
31
32
435 16
Jan
mu 52
315 424 Feb
414 43
3,885 2836 Jan
634 634
300
2
Jan
1414 154
315
7
Jan
6136 6194
100 45
Feb
16, 290 39,350
8cs
Jan
50e 510
3,700 21e
Jan
1334 14
335
8
Jan
162 162
10 118
Jan
4
4
20
34 Fe.
6c
60 22,000
flo
Feb
12534 1274
40 11436 Dee
62 . 63
40 30
Feb
1064 10636
50 b834 Feb
116 11934
170 93
Jan
5434 5434
15 4034 Jan
7
734 1,412
8
Dec
7a LZ
IA tZ
54
non
A9
_Tan
High.
20
Nov
157
July
10334 Oct
4136 Dec
146
Dec
5034 Oct
Dec
5
5
Dec
122
Dec
134 Oct
90 Sept
3774 Dec
146
Dec
7 May
16
May
234 Dec
300 May
66
Nov
84 Oct
II% May
24
May
35
Nov
5436 July
5034 Nov
1036 July
20 June
73 lJuly
670 Aug
700 Sept
184 June
160
Dec
634 Oct
13e May
135
May
63
Oct
11434 July
1244 June
68
Oct
14
May
.
7L4 :fitly
Chicago Stock Exchange.-Record
of transactions at
• Chicago Stock Exchange Dec. 27 1919 to Jan. 2 1920, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Rang e for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
A D & C preferred
American Bosch
Amer Steel Fdry pref
American Radiator_ _ _ _100
Amer Shipbidg pref_ _ _ _100
Armour & Co preferred___
Beaverboard
(9
Booth Fisheries corn new(*)
Preferred
100
Bucyrus common
Bunte common
10
Butler Bros
Briscoe
Case (J I)
(9
2d preferred
Chic C & C Ry ptsh com(*)
Preferred
(s)
Chicago Elevated Ry corn
Preferred
(8)
Chic Pneumatic Tool._100
Rights
Chic Rya part ctf "2"
Chic Rye part ctf "3"
Chic Rys part ctf "4"
Chicago Title & Trust_ _ 100
Commonwealth Edison 100
Cont Motors common--10
Cudahy Pack Co com_ _100
Cohn (A dr D)
(8)
Preferred
Decker & Co
(8)
Deere & Co pref
100
Diamond Match
100
Godchaux
Great Northern pref
Great Lakes D & D
Hartman Corporation_100
Hart,Schaff&Marx corn 100
Holland Amer Sugar___10
Hupp Motor
10
Illinois Brick
100
Illinois Central
Inspiration
Kennecott Copper
Libby (W 1)
10
Lindsay Light
10
Preferred
.___10
924
358
10736
134
1236
302
7434
2334
9835
734
334
234
1074
14
104
4534
9634
10034
97
18
15
3036
ni
97
97
12434 12436
924 9236
350 358
80
80
109 1104
51
52
124 134
73
72
34
34
124 1234
295 309
66
75
2136 2434
984 9836
91
1
634 734
134 .14
2
334
1024 105
2
3
4
5
34
34
h
%
218 220
106 1074
134 1434
102 104
4534 46
95
95
45
45
100 1004
12134 125
58
59
7634 764
85
99
99 10034
93
97
1734 18
1436 1536
83
85
87
87
5934 5936
29
29
2934 3036
634 734
9
934
20
200
200
125
30
7,335
85
275
30
100
175
662
2,775
3,445
50
3,457
8,543
772
1,095
185
861
860
320
250
215
4,190
6,270
620
77
22
110
77
526
425
300
1,395
1,345
440
180
4,627
385
40
100
50
9,450
1,095
65
Range for Year 1919.
Low.
High.
95
Dec
1244 Dec
9236 Dec
275
Apr
80
Dec
9834 Aug
47
Nov
1134 Dec
72
Dec
1934 Apr
94 June
250
Oct
55
Oct
20
Oct
9834 Oct
94 Jan
5
Dec
1
Nov
2
Dec
6036 Feb
2 , Dec
4
Dec
34 Dec
4 Dec
178 Feb
106
Dec
84 Apr
10034 Feb
384 Oct
95
Dec
3834 Oct
78
Apr
101
June
5534 Dec
784 Dec
82
Oct
82
Oct
68
Feb
124 Aug
1036 Sept
7736 Dec
87
Dec
59 LI Del
2836 Dec
1936 Jan
6
Dec
734 Nov
9736 Dee
12436 Dec
9236 Dec
345
Nov
92
May
11236 Dec
52
Dec
25
July
834 June
35
Dec
15
July
309
Dec
74
Dec
2736 Oct
9836 Oct
2
Aug
1836 Aug
3
Aug
174 Aug
115
Nov
Dec
4
IOU Aug
3
July
4
Dec
220
Dec
118
July
1434 Dec
123
May
484 Oct
98 , Nov
4836 Oct
105
July
125
Dec
60
Dec
7734 Deo
99
Dec
10036 Dec
10034 Nov
2194 Oct
1754 Deo
103
Sept
87
Dec
5934 Dec
29
Dec
364 Oct
17
Aug
1034 Apr
85%
29%
5534
116
459(
1234
54%
104
104
89
July
July
Nov
Dec
Dec
Apr
Dec
July
July
Oct
88
Feb
DDecee
1 Dec
10,9
1004 Dec
b
5854
Aug
81
Jan
63
May
60
Jan
734 j
j
uan
ne
94
30
Dec
Jan34
7534
5
87
886
DecDjOac
m
n
t
34
Jan
y
I983
024 July
*No Par Value.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Dec. 27, 1919 to Jan. 2,
1920, both inclusive, compiled from official sales lists:
Stocks-
Frraay
zatea
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Range for Year 1019.
American Gas
100 40
Amer Railways, pref._ _100
American Stores_ __no par 40
Baldwin Locomotive_ _100
Preferred
100
Buff dr Sum Corp pf vto 100 50
Cambria Iron
50
Catawissa, let pref
50
Consol Trac of N J
_100
Flee Storage Battery_100 13834
Ft Wayne & No Ind Trac__
General Asphalt
100 12234
Preferred
100 183
Hunt dr Broad Top, prof__ ._ _ _-_
Insurance Co of N A__ _ _10 35
J 0 Brill Co
100
Lake Superior Corp_ _100 21
Lehigh Navigation
50 63
Lehigh Valley
50
Midvale Steel de Ord_ __ _50 -_---Minehill & S II
50 50
Northern Central
50 6934
Pennsylv Salt Mfg
50 75
Pennsylvania
50
Philadelphia Co (Pitts)-50 -----Preferred (5%)
50
Pref (cumulative 6%)_50 3334
Phila Electric of Pa
25 2436
Phlia Rap Tran v t r_ _50 2794
Philadelphia Traction _ _ _ 50 -----Railways Co General._ _10
234
Reading
50
2d preferred
50
Reading Traction
Tono-Belmont Devel___.1 2 9-16
Tonopah Mining
234
1
Union Traction
50
United Gas Impt
50 5434
U S Steel Corporation_ _100 -_-Warwick Iron & Steel- _10
West Jersey & Sea Shore_50 ----Westmoreland Coal
50
York Railways
50
831
Preferred
50
BondsU S Lib Loan 3348..1932-47 --- _ -1st Lib Loan 4s_ 1932-47
2d Lib L'n 448_1027-42
3d Lib Loan 4348_ _ _1928
4th Lib L'n 4368_1933 38
Victory 434s____ 1922-23 ---Am Gas & El 5s,sinall.2007
Baldwin Locorn let 58_1940
Consol Trao NJ 1st 58.1932
Elec & Poop tr ars 48_1945 62
Hunt& Brawl Top cons 58
Indiana!) Street Ry 48-_-_
Inter-State Rys coll 48.1943
do
small
1943
Keystone Teiep 1st 58_1935 824
Lake Superior Corp 56.1924 63
Lehigh Vail coil 68--- _ 1928 -___-General conaol 4s _ _ _2003 7031
Leh Val Coal 1st 5s.. 1933
Lehigh Valley Ry 448____
Market St Elev 1st 48_1955 80
Natl Properties 4-68 _1946
Penn RR gen 448- _1965
General 58
1068
High.
Low.
C`011/101
4!.(s
lonn
98
50
641
57
58
400
39
40
618
111
111
800
10134 102
20
50
50
100
39
39
2
38
4
38
4134 4134
70
1,855
136 130
3
3
400
108 12234 2,450
172 183
372
894 834
600
35
36
206
55
55
10
20
21
3,620
6034 6331 2,967
4034 4334 4,817
4934 5034
320
50
50
4
6834 6934
107
75
74
751
40
4034 17,535
175
3734 39
25
25
250
3234 3334 1,309
2434 25
3,476
3,010
2674 28
915
59
80
16
234 234
75
77
1,420
344 3434
50
234 2334
100
2' 2 9-16 8,375
214 254 9,900
34% 3,126
33
5034 5534 27,270
1,490
105 10734
5
834 834
100
38
38
25
73
72
220
8
84
31
55
31
99.58 00.58 15,000
93.20 93.20 1,000
91.48 91.90 320,500
94.18 94.60 142,000
91.40 91.94 326,050
09.06 99.54 7,950
82
200
82
5,000
90
99
6,000
67
71
5031 62 286,000
1,000
50
50
5954 5954 15,000
304 3034 8,000
30
1,000
30
81
83
3,000
63
63
6,000
100 10034 5,000
694 7034 40,000
9736 90
23,000,
8034 8034 12.000
79
80
11,000
30
30
10,000
8094 8134 74,000
• 0034 9134 41,000
8034 9034 34.000
,E,';',%2,4nR22,124%?,agg3%?.EgREL=gagtRrgagli22
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Dec. 27 to Jan. 2, both inclusive, compiled from official sales lists:
June
74
6934 Jan
434 Nov
13634 Sept
110
Nov
53
Jan
4134 Feb
43
Apr
59
Feb
153
Oct
Dec
3
101
Oct
241
Oct
10
Feb
36
Nov
6434 July
2534 July
73
Jan
6036 June
6136 July
5734 Sept
75
Jan
8434 Feb
4854 MaY
4236 July
30
May
374 Apr
2034 May
2934 June
71
Jan
5 May
9354 June
3934 May
2334 Dec
3 15-10 May
4 May
41
May
7434 Jan
1154 July
9
Apr
46
Jan
75
Jan
936 June
324 May
Z2?,%3V42VARVARR88283Ver
Mar
18,000 56
Jan
74% 77
1,705 1734 Jan
254 29
19%
990
Sept
45
47
July
637 105
11434 116
3734 4131 38,775 3734 Dec
4
100
Jan
5
5
100 54% Dec
54% 54%
250 75
Nov
703( 80
80
Feb
60 95
99
99
255 74% Sept
804 8034 82
1,000 81% Dec
82
82
10934 1004 10934 2,000 100% Nov
108% 109% 4,000 102% Oct
109% 10934 5,000 101% Nov
10936 10934 1094 2,000 100% Mar
Nov
6834 67% 6836 32,000 65
3634 3834 70,000 3034 Dec
67,000
6394
Dec
65
64
43
4334 2,000 37% Dec
Dec
36 261,000 32
32
36
21,000 043( Dec
944 98
Dec
8754 31,000 87
8734 87
17,000 30
Dec
30
30
Dec
10,000 46
46
45
Dec
6534 18,000 65
65
Dec
12,000 59
50
59
Dec
73% 21,000 72
72
1,001) 5734 Dec
574 574
93% 93% 93% 5,000 9234 Sept
Mar
0734 9734 1,000 96
24
Dec
40
May
48
Dec
55% July
Aug
25
5534 July
9534 May
May
105
300
July
105
May
354 'Oct
74
Nov
Nov
58
5094 Dec
232
Nov
270
Dec
46
Nov
314 Nov
43
Nov
59
Oct
43
Nov
14914 May
6534 Oct
5034 Dec
5134 Dec
I
01
Dec
Dec
Dec
Apr
Sept
Dec
Nov
Nov
Sept
Dec
Dec
Sept
Dec
Dec
Feb
May
Dec
Dec
Dec
Apr
Nov
Jan
Jan
Dec
Aug
77
28
46
115
41
Xx XXX
non
SZA
50%
X
afl IlAll
4154
13236
5934
X
01
232
270
=X XXX
on
1,000
95
29
W
....4 WWW
NW..4 WWWWWW.X.4=0”?...0,-...W
...14 WhAWW4,5=N2.Aal
0.4WWWWOW..WW.A.A.WWW^.-.0%000.00
-.0=.4=WJWOWI-.-.WW00.
0WW
onl,
100
High.
100.64 Oct
95.90 Mar
94.80June
96.50 Jan
95.90 Jan
96.58 Sept
06.50 Jan
100.04JUne
Dec
18
8734 Sept
94 May
Dec
130
Mar
94
8734 Mar
9334 Feb
7036 Dec
Mar
52
9836 May
984 June
8836 Dec
10034 May
:.13
1 non
100
Low.
98.04 Feb
91.64 Jan
90.84 Dec
92.84 Dec
91.04 Dec
93.14 Dec
91.04 Dec
98.54 Dec
Dec
18
77
Dec
Feb
79
9934 Nov
Dec
89
Apr
83
81
Dec
66
Dec
4614 Dec
92
Jan
9236 Oct
8836 Dec
100
Jan
X
4-47...-•....- fr.-. ._ en., G..
99.04 99.44 $54,950
92.74 92.84 5,000
91.24 91.44 40,400
93.04 93.04 6,300
91.34 91.00 57,800
93.54 94.90 51,050
91.34 92.56 141,000
98.84 99.40 28,500
18
1,000
18
794 26,000
77
79
82
33,000
129 130
5,500
30,000
9034 91
8334 8334 6.000
60,000
81
82
66
22,400
66
46% 46% 7,000
92
3,000
92
9336 9336
1,000
8836 8834 10,000
41
4794
18%
35
High. "
Low.
100 21%
24
24
153 20
20
20
445 40
419(
40
41
4936 3,250 33
1734 1834 13,070 169(
32
354 3,891 32
35 80
80
80
30 83
88
88
10 240
255 255
985 94
94
95
1,710 27%
28% 29
25 44
833( 539(
400 52
54
55
100 4694
46% 46%
364 1684
230 232
125 1123(
260 270
720 4354
43% 4334
1,288 2634
27
2734
516 403(
404 41%
385 45
474 48
40
4194 11,810 3534
4,056 11534
13234 134
584 5934 7,105 414
120 45%
4534 4534
50
5131 1,000 34
XXX
Bonds-
U El Lib Loan 3348_1932-47
let Lib Loan 48_ _1932-47
2d Lib Loan 48_1927-42
1st Lib L'n 4368_1932-47
2d Lib L'n 4365_1927-42
3d Lib Loan 4%a_ _ _1928
4th Lib L'n 4365_1933-38
Victory 43(s_ _ _ _1922-23
Alaska Gold series A 6s_
Am Tel & Tel coil 48_ _1929 77
Atl G dr W I SS L 58_1959 80
Carson Hill Gold 78_1923 130
Mass Gas 4348
1929
434s
1931
N E Telephone 58_ _ _1932 82
N Y N H & H cony 6s_
Convertible 34s_ _ _1956
Pond Creek Coal 6s_ _ _1923 92
Swift & Co 1st 5s
1944
Swiss 5365
1929
United Fruit 44s___1923
Range for year 1919.
Miami Copper
Mid West Util com____100
Preferred
100
Mitchell Motor Co
(*)
National Leather
20
Peoples Gas Lt & Coke.100
Pub Serv of No Ill com _100
Preferred
100
Quaker Oats Co
100
Preferred
100
Reo Motor
10
Republic Truck
(*)
Root & Van Dervoort (*)
Ohio Cities Gas__
Sears Roebuck common100
Shaw(W W, common--(*)
Sinclair 011
Standard Gas& Elec-__50
Preferred
50
Stewart Mfg
(9
Stewart Warner Sp w 1 100
Swift dr Co
100
Swift International
15
Temtor Prod (C&F)"A"(*)
Thompson common
25
Union Carbide & Carbon Co
United Paper Rd com__100
Wahl Co
Ward. Montg, & Co pref_
Receipts w
Western Stone
Westinghouse
Wilson & Co common_.1)
Preferred
100
Wrigley Jr common
BondsArmour & Co 434s____1939
Debenture 6s
1920
Debenture 65
1922
Debenture Os
1923
Debenture Os
1924
Chicago City Ry 5e._ _1927
Chic C & Conn Rys 5s 1927
Chisago Rys 58
1927
Chic Rys 6s series "A"_ _
Chic Rys 48 series "B".. _ _
Chicago Telephone 58_1923
Cornmonw Edison 58_1943
Kan City Li•,•& Power 5s...
Metr W Side El let 48_1938
Ogden Gas 5s
1940
PeoGIL&Crefg 58_1947
Chic Gas L dr C 1st 58'37
Consum Gas let 56_1036
Swift & Co 1st g 5s- _1944
Wilson & Co let 6s.. 1941
X
bonds at Boston
Stock Exchange Dec. 27,1919 to Jan.2, 1920,both inclusive:
..
Boston Bond Record.- Transactions in
Range for Year 1919.
W...11W.4000.001WWW0,
¢0tWC,WWCDCWO=
tO=OGO,WOW..CDOWWW..4WWW.
,W...W
Outside Stock Exchanges
prutay
JUL.
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High.
[VOL. 110.
XX X XXXX
68
100.26 Nov
05.50 Apt
95.30 Jan
06.38 Jan
95.70 May
100.04 June
8834 Jan
July
101
Jan
89
71 ,Jan
Nov
56
5951 Deo
404 Feb
4034 Feb
92
July
74
Aug
10234 Jan
8014 Jan
1004 Mar
0034 May
80
Mar
40 May
8934 Jan
08
Jan
9634 Feb
Bonds' (Concluded)-
s'rcaay
Last Week's Range Sales
of Prices.
Sale.
for
'Price. Low. High. Week.
Peoples Pass tr ctfs 48_1943
Philo 13alt & W let 0_1943
Philo Electric 1st 88_1066
1966
do
small
Pub Ben,Corp of NJ 6s'59
Reading general 4s_ _1997
J-C collateral 4s........1951
Second Ave Pitts Is._1034
Spanish-Amer Iron Os_ 1927
Unit Rye gol I tr etf 4s 1949
United Rya Invest 5n-1926
West N Y& Pa gen 46.1943
9134
8131
69
1,000
69
84% 843( 5,000
8634 9134 96,000
91
1,400
86
97,000
5831 58
793( 813( 101,000
79% 79% 11.000
25,000
52
62
3,000
100 100
49
1,000
49
52,000
70% 73
1,000
6234 62%
Range for Year 1919.
High.
Low.
69
83
86
86
5434
78
78%
52
9931
49
6234
6 1
Dec 78 June
Dec
Dec 85
July
Dec 98
Dec 9734 Jan
Sept
Dec 73
Dec 8631 Nov
Dec 82% May
Dec
Dec 52
Aug
Nov 100
Jan
Dec 57
Jan 7834 July
Mar
Sept 69
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stook Exchange, Dec. 27 1919 to Jan. 2 1920,
both inclusive, compiled from official sales lists:
C I IALUV
Stock.-
UT/1.4•3
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Alabama Co
100
88
88
Second preferred-- _100
72
72
Arundel Corp preferred
89
89
Atlan Coast L(Conn)__100
86
86
Atlantle Petrileum
3%
3%
10
3
Augusta-Aiken common- ......
1
1
Baltimore Brick
134 131
Baltimore Tube
100
60
86
Celestine 011 v t
3.20
3.20 4.00
Cent Teresa Sug pre:
10
734 1034
Chalmers 011
a
50
55
Commercial Credit pref_25
25
25
Consol Gaa E L & Pow.100 10131 9934 10131
Consolidation Coal._..100 8014 78
8034
Coeden & Co
5 10
10
sn
Preferred
434
5
4% 434
Davhion Chemical _ -no par .....-- 35
3554
Elkhorn Coal Corp
25
50
25
Preferred
39
39
50
Gulf Mob & Northern
734 7ft
Pre erred
31
31
Houston 011 pref tr etfs.100 ------91
9114
Met & Miners Trans..100 _ _-- 62
65
Mer & Miner Trans V T 100
59
58
Monon Vail Tree pref....25 ...... 16% 1614
MtV-Woodb Mills v t r_100
60
60
Preferred v t r
100 ------97
98
Northern Central
50 (3'7
67
69
Penney! Wat & Power.
_..-- 78
79
United Ry & Eleo
15
12
50
Wash Balt & Annap____50 21)
20
19
Wayland 0115c Gas
5
334 4
25
10
2
15
1,0,
1
100
90
1,485
1,770
1,505
200
85
819
878
9,081
475
497
150
65
37
82
125
61
170
68
115
70
305
195
5,595
3,210
1,100
Range for year 1919.
Low.
High.
Feb 96
Aug
69
Feb 76 June
60
Dec
Dec 89
89
8234 Dec 97 June
Jan
2
4% July
Dec
1
Dec
1
Dec
4
134 Dec
Dec 90 May
56
1.00 Mar
4.90 July
734 Dec 1214 Oct
Dec
Dec 55
50
Feb
Dec 26
25
9934 Dec 11134 May
Dec 92 June
78
634 Feb 1234 May
May
5
Jan
4
July
35
Dec 50
July
2434 Dec 43
July
39 June 50
834 Dec
734 Dee
Dec 3934 truly
31
101
May
Jan
7214
51
Dec 65
Dee
Dec 7214 May
51
Apr
July 30
18
Dec
16
Jan 80
Feb 100
71
Aug
Dee 80
67
Feb
7614 Dec 8834 May
1014 Dec 2014 Jan
19
Dec 2914 June
Nov
334 Feb
5
BondsAlabama ConsC&I58-193
--- 89
89 $22,000 81
Atlan Coast L 1111 cony 4s---_ _ _ -- 67
6734 19,500 67
Balt Elec stamped 5s. _ 1047
8814 8814 3,000 8834
Clucks& W Car Ist54-1946 ---10,000 88
---88
88
Chicago City Ity 55-1927 ---- 67% 6714 3.000 6714
Chicago fly 1st 58.-1927 0431 6334 6414 50,000 6334
City & Suburb let 58_1922
-- 9534 95% 1,000 95%
Consol Gas eon 434s...1954.
---_ _ _ --8234 8234 10,000 8214
Como'GasE L&P 4348;35.__ _-- 77
7734 23,000 77
5% notes
95% 13,000 95
96
95
7% notes
00 10034 3,000 100
Congo! Coal ref 54.-1950 ------ -81
2,000 81
81
Convertible 65
9834 7,000 98
1923 98
98
Cosden & Co ser A 68 1932 96
42,000 8434
9534 96
Series 13 Os
22,000 8534
1932 96
95
98
Elkhorn Coal Corp 66_1925 ____-- 95% 96
7,000 95%
Fair de Clarks Tree 5s.1938 .....-- 8834 8834
1,000 88
Georgia & Ala cons 5s_1945 ------ 87
10,000 87
87
Ga Car & Nor let 5s-1929 __-- 8934 91
22.000 89
Georgia & Florida 53_19 it ___-- 10
10,000 10
10
Incomes
1
3,500
1
1
-0-13-S Brew fund 6s-1934 ..--- 30% 3034 2,000 20
Herr Corpn es13,000
1
5
5
Houst 011 div otts_1023-25 ---- 110 110
2,000 9834
Seaboard Air L adj 58_1949 _---- 3434 3534 8,000 3434
Scab dc Roa.i 5s..192P ----04
1,000 92
94
United fly & Elm 48-1949 67
77,000 6.4
67
68
Income 48
1940 48
46
4834 154,000 44
Funding 5s
1930 .....-- 59
8334 20,000 59
6% notes
8531 8834 28,000 85
Wash Bait Ann 5s. _1941 78
4.000 76
76
76
Feb
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Dec
Nov
Nov
Dec
Dec
Mar
Jan
Dec
Nov
Dec
Dec
Dec
Dec
May
Nov
Jan
Dec
Dec
Dec
Dec
Dec
Dec
Dec
9014 Sept
8234 June
94
Mar
9334 Feb
6714 Dec
7914 Jan
100
Jan
Jan
89
8534 'Jan
9934 June
10151 July
92
Jan
10034 July
10514 Sept
105% Sept
9934 June
9534 Jan
9531 Jan
9614 Jan
10
Dec
Dec
1
Dec
31
July
8
117
May
35% Din
97 May
7834 Jar
5531 Mai
76 Mar
Jar
96
8334 Jai
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Dec. 27
to Jan. 2, both inclusive. It covers the week ending Friday
afternoon. On the "Curb" there are no restrictions whatever. Any security may be dealt in and any one can meet
there and make prices and have them included in the lists
of those who make it a business to furnish daily records of
the transactions.
1Veek ending Jan. 2.
Stocks-
MICS
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
I
134
Acme Coal.,
134
Aetna ExplosIves.r(no par)
734
834
Air Reduction___(no par) 49
48
Allied Packers_r_(no par) 2934 27
Aluminum Mfrs_ r.(no par) 36
35
95
Amalg Leather, pref.._100
1334
Arnalg Tire Stores _ r-.-(t) 14
Am La France Fire Eng rio 1234
1234
Amer Sehey Razer r.. 25 1734 17
88
Austin Nichols & Co., pref. 93
Benford Auto Products-1*.5
134
Brims) Motor Corp,enir(t)
71
8
Brit-Amer Chem Corp_11,
Hrit-Amer Tob ordinary..C1
2634
Ordinary bearer
il 2834 2554
33
13ucyrus Company.r....100
Carbo-Hydrogen Co,oom.5
331
434
5
Preferred
Car LH; & Power.r
231
25
234
9
Cent Teresa Sug com.r 10
9
7034
Cities Service prof
100
4134
Cities fiery hankers she (+1
3034
Clinton-Wright Wire.r..(t)
Colonial Tire & Rub.r..(t)
934
934
2334
Columbian EmeraidElynnew 24
29
Conley Tin Fell w 1 ..(t) 29
Defoe Eustice Co, Ino.(t) 11
1034
Davies(Win)Co. Ino.r.(I)
4934
Farrell (Wm)& SO n,Ine(t) 53
52
General Asphalt corn.r.100 12134 107
Preferred - r
170
100
den Motor,'com w 1 (no par) 3534 34
n.sitt...,. ns,....... - ‘,.... es-, al
02
69
THE CHRONICLE
JAN. 3 10201
114
sg
5034
31
36
96
14
1334
1734
93
134
74
8
2034
2834
35
3%
431
3
9.
713.4
42%
3234
10
25
2934
11
4934
53
122
170
38
21
Range for Year 1919.
Low.
8,100
11,100
1,000
4,600
2,400
500
1,900
2,200
31,300
800
100
800
500
100
8,180
goo
300
700
3,600
500
300
7,500
700
600
2,500
800
2,100
100
1,700
11,300
100
14,100
13,4
634
48
27
3434
95
1334
1134
1634
88
I%
83
734
2034
20
1234
234
334
2
831
7034
35
30
9
1534
29
1034
48
49
89
8334
80
1 A AAA
22
High.
Oct
334
Jan
1234
Dec 65
Dec 6734
Dec 38
Dec 99
Dec 1734
Nov
1331
Oct 2034
Dec 91
Dec
434
Oct 74
Sept 1134
Aug 2734
July 28
Mar 35
Sept
434
Sept
434
Feb
534
Nov
1231
Dec 8034
Feb 504
Aug 42
Nov 45
Nov 2334
Dee 32
Dee 1434
Dec 50
Dee 6634
Jan 182
Jan 240
Nov 4134
Ti.'
RA
July
July
May
July
Dec
Dec
Nov
Dec
Sept
Dec
Sept
Dec
July
MAY
May
Oct
Oct
Oct
July
Oct
Feb
Sept
Oct
July
Dec
Dec
Oct
Dec
Oct
Oct
Oct
Nov
Mriv
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Stocks (Concluded) Pa • Price. Low. High. Shares.
1
Grape Ola common
1
Preferred
HavanaTobacco pref_r-100
Hendee Mfg com_r__100
Fieyden Chemical r(no par)
554
Hocking Valley Prod _r_100
Hupp Motor Car Corp.10 1534
Hydraulic Steel. com_r-(t) 39
100 101
Preferred.r
Imp Tob of B &
Indian Peeking Corp r (t) 1934
Intercontinental Rubb-100 17
Internet Products-r-- (t)
Kay County Geer
1
231
Libby, McNeil & Lib_r_10
Lima Locom, com_r_100
Locomobile Co new wi_r_(t) 25
Loew's Incorp____(no par) 31
MarconiWirel.Tel.of Amer5
634
Mercer Motors_ r_ _(no par)
Monte Ward-dr Co Corn-(t) 4034
Morris (Philip) & Co-r...10
Nat Ice & C,oal-r
100
Nat Leather_r
10
Nat Mot Car dc Ve,hic-r-(t)
N Y Shipbuilding _(no par) 49
Nor Am Pulp & Paper-(t)
8
Nunnaliy Co com_r--(t) 22
Ohio Body & Blower-r.(t) 3531
Overland Tire
10 2734
Patchogue-Plym MilLs_(t) 4014
Peerless Tr & Mot Corp-50
Perfection T & 11 new
l0
494
Phillips-Jones Corp, pf r100
Pyrene Mfg_r
10
Radio Co w l_r
2
Preferred w 1.r
4
Rots(Robert)&Co(no par) ......
Republic Rubber r (no par)
434
Root & Van Dervoort r 100
St L Rocky Mt de Pao Co__
Spicer Mfg,com_r
100.jai;
Stand Gas & El com_r_ 50
Stanwood Rubber. com.(t)
Stewart-Warner Speed -(t)
Submarine Boat v t c__(t) 15
Sweet Co. of Amer-.r--10
Swift International r_ 15
Trenton Corn & Fr, PfA(t) 46
Tobacco Products Exp.(t)
Todd Shipyards Corp- (t)
Triangle Film Corp, v 10.5
Un Carbide & Carbon.-(t) 25
UntdPlotureProdCorP-r(t)
United Profit Sharing...25e
2%
Un Retail St's Candy_r_(t) 18
U S Distributing com-50 51
US High SpeelSteel&Toolt 273-4
334
US Light & Heat,com-r10
10
Preferred _r
334
10
U S Steamship
3%
VanRaalte Co,Inc, pfd
V Vivadou. Ine.r. _(no par) 2134
Waltham Watch,corn-r100
Warren Bros.r
100
Wayne Coal
5
534
White Rock Water
Will & Boumer Co
30
Willys Corp,com_r(no par) 26
100 100
1st pref_r
100 83
2d prof..r
Rights.
Simms Petroleum
Vanadium Steel
Former Standard 011
Subsidiaries
Anglo-American 011_r__ £1
Galena-Signal 011 corn.r 100
__ -100
Illinois Pipe Line_r.
Ohio 011.r
_ ..100
Prairie Oil& das.r.
Prairie Pipe Line_r____100
Standard 011 (Calif)_ r-100
Standard Oil(Ind) r-100
Standard 011 of N J..r....100
Standard 011 of N Y.r..100
100
Union Tank Car_ r
100
Vacuum 011.r
234
3034
382
268
338
738
435
134
1%
10
46
6
14
14%
39
101
12%
1831
13%
42
234
29%
81%
24%
291.4
5%
34%
37%
8%
45
17
15
46
4%
2134
34%
26
40
44
134
1%
10%
48
8
14
15%
39%
101
12%
2034
17
46
234
30
81%
25
3154
6%
39%
40%
8%
45
17%
1534
49
634
2234
38
2734
4034
45
43.4 5
65
70
1234 18
1% 2)4
3
5
26
27
434 4%
53% 54%
17
1734
100 10234
26% 28%
18% 19
40% 41
1331 1534
034 931
59
69
45% 47
2934 3034
1983.4 19834
34
%
74
75
15
18%
2% 23(
17
18%
50
51
27% 2734
2% 334
334 3%
3% 314
87
88
20
21%
35
33
72
71
454 53.4
8% 834
28
30
26
28
100 100
.80
83
Low.
34 Oct
1,300
Oct
I
1,500
1;4 Deo
800
Nov
1,100 42
Dec
5
19,300
Apr
9
100
434 Jan
9,800
Nov
1,900 38
Dec
200 99
Dec
100 12
12,300 1814 Dee
4,800 10)1 Jan
2,300 30% July
Dec
10,000
2
Jan
800 19
200 27)4 Feb
5,300 24
Dec
15,800 2834 Dec
Jan
8,500
4
Nov
7,000 32
19,000 3734 Dec
1,000
Feb
7
400 45
Dec
Dec
1,000 17
400 15
Dec
Jan
500 25
234 Jan
39,100
2,930 21% Dec
1,700 214% Nov
200 14% Aug
Nov
300 35
500 18
Jan
16,500
Dec
4
150 65
Dec
7,900 12
Aug
18,830
134 Dec
21,700
Dec
3
200 25
Dec
9,380
Dec
4
Aug
700 37
200 17
Dec
2,000 5634 July
600 24
Aug
1,100 16% Nov
500 39
Oct
Feb
10,000 10
1,200
614 July
200 40)4 Jan
1,800 45% Dec
3,200 25 June
100 102
Feb
6,000
3( Feb
1,100 60)4 Feb
3,100
9
Dec
5,700
7-16 Jan
32,400 14
Nov
700 49
Nov
1,850 27
Nov
5,000
134 Jan
500
2% Feb
Mar
22,500
2
300 87
Dec
5,200 20
Dee
800 32
Oct
200 42% May
3% May
9,600
100
734 Dec
Dec
3,800 28
Sept
300 17
400 9834 Sept
Dec
300 80
9
3
39,400
5.000
29% 32
83
83
174 173
376 382
650 670
265 268
318 338
705 730
720 742
443 447
115% 120
435 435
5,600
110
45
131
16
51
315
185
370
80
190
85
734
2%
Range for Year 1919.
434 Dec
2)4 Dec
1106.
134 Dec
234 Nov
6% July
Oct
62
1034 Aug
14 Sept
15% Dee
48
Nov
Nov
100
Aug
25
50% July
35 May
5831 Oct
334 Oct
Oct
36
98 'Sept
Dec
27
3834 Oct
731 Oct
Oct
43
4834 Dec
July
18
81% June
25. Aug
Mar
17
July
78
734 Apr
Dec
25
Nov
37
Oct
32
Oct
47
49% July
Nov
8
97
Aug
20 June
2% Dec
Dee
5
Oct
39
11
July
Oct
60
1734 Dec
Oct
105
4434 May
1934 Dec
Nov
47
203.4 July
1531 July
65% Mar
51% Oct
4034 July
220
Nov
134 May
July
86
Oct
28
334 July
303.1 Aug
Oct
59
2854 Dec
4;4 Oat
534 Oct
8% Oct
Dec
88
33
Sept
4534 May
Oct
90
6% July
93( Dec
29% Dec
46
Sept
Oct
101
96% Oct
Dee
9
33t Dec
1834 Jan 3634
Dec 137
72
Jan 197
164
Jan 404
315
Jan 800
630
Mar 317
264
Jan 319
258
Dec 820
70.5
Apr 798
668
310
Jan 449
Jan 138
107
395
Jan 490
Other Oil Stocks
5 1634 16
Alliance 011 & Ref_r
414
16)4 11,000
Allied 011_ r
1
34
% 15-18 125,000 5-1(i
1,500
Alto Gasoline & 011.r. -5
334
3% 4
Royalty.r
1
Amalgamated
1
1
1% 8,400
3,500 600
Anna Bell
70e
69e 700
3,400
1
Aritex 011..r
34
34
3.4
34
Arkansas Nat Gas new WI 10 38
40% 3,600 35
35
Associated 011 of Texas-1
3,600
134
2
2
2
220
60
AtlanticLobosOiloom-r-(t)
63
63
7,000
1%
Bell Petroleum.r
2%
2
254
3
22,100
Boone 011_r
a 7
631 7
Boston-Mex Petrol
1
234 5,800
1
1%
23.4
Boston-Wyoming 011_r_ _1
1
98c I 1-18 40,000 18e
3,600 20
Brazos Oil Corp.r_(no par) 22
2034 25
20,700
Burknett Van Cleav 011..5
231
1
2% 2%
10,500 28
Carib Syndicate r new w I. 52
48% 53
200
Circle 011 r
5
414
4
434 4%
8%
Cosden & Co, com-r--5 10%
1034 17,000
9
Cushing Petr Corp com-r-6
3
2% 334 2,800
Dominion 011_ r
10 33
3231 3331 11,300 3254
4,800
Duquesne 011.r
10
914
9% 11
8,600
Elk Basin Petrol- r
5
9
8% 9
1H
Engineers Petrol Co_ r ___1
131
134 134 21,880
1
Ertel 011_r
2%
1% 2% 20,400
5,300
Esmeralda 011 dc Gas_ r _ I
31
31
31
2
4%
Federal Oil Corp.r
5
434 21,500
4
1,400
5
Fensiand Oil_ v.._ _(no par)
7
6
Gilliland 011oom _ r_(no p
5331 48% 633.4 39,200 40
5,700 9731
Preferred -r
100 110
99% 110
3
Glenrook 011 Corp_ r _ _10
334
354 5,000
3
4,100 18
duffey-Gillespie 011-r--(t) 3634 3534 3611
5,000
Home 011 & Refg_r_ _1(
534
5% 7
Home Petrol of Denver-10 36c
33o 36e 21,300 300
Houston Oil corn_ r_ _100 160
2,200 75
148 15831
Hudson 011.r
1
34
34 13-16 9,200
400 1031
Hughes Petroleum.r
1031
1031 1034
£1
Internet Petrol_ r
7634 68% 7734 15,300 1034
50 37% 35
Invincible Oil.r
3734 3,200 30%
594
Island 011 & Transp_r_ _10
534 6% 37,500
634
13),
Livingston Oil Corp-r-1
2
2%
234 18,500
834
4,800
Magna Oil& Refining__ - _5
84 9
9
400 32
Manhattan 011.--(no par) 41
4034 41
Maracaibo 011 Explor.r.(t) 26
28% 2,800 24%
28
4,000
731
Margay Oil Corp_ r.(no par)
731 854
10 21% 184 21% 15,700 1831
Merritt Oil Corp_r
13(
Metropolitan Petroleum_25
3,000
2% 3
3
Mexican Panne° 011
1,048 1034
10 20
20
19
8,300 124
Midwest Refining.r......50 177
185 177
Apr
Dec
Dee
Aug
Oct
Dec
Dec
Nov
Nov
Nov
Mar
Dec
Jan
Nov
Sept
Oct
Dec
Jan
Dec
Nov
Dee
Jan
Nov
Dee
Dec
Jan
Dee
Dee
Dec
Dec
Aug
Dec
Aug
Jan
Dec
Dec
Jan
Aug
Dec
June
Nov
Dec
Dee
Dec
Dec
Sept
May
Jan
Nov
May
May
Apr
May
May
July
Apr
July
Dec
July
May
Dec
Sept
Sept
Apr
Nov
Sept
Dec
Nov
Sept
Oct
May
Aug
Nov
July
Dee
Dec
Oct
Sept
Oct
Oct
38
11% Dec
11% May
1% Nov
11
July
1 1-18 Aug
Dee
9
Dec
Dec
50
Dec
102
8% Apr
4031 Nov
4031 May
Oct
420
Dec
176
5;1 Apr
11% Dec
773,4 Dec
49% Oct
934 Mar
4% July
93-4 Dec
Oct
43
Nov
30
9% Oct
May
as
4 5-16 Mar
Oct
29
190
May
17
1%
7%
2%
70e
2%
47
2%
88
2%
1634
4%
134
82%
2%
58
514
12%
THE CHRONICLE
70
Friday
Sates
Last Week's Range for
Other Oil
Sale.
Week.
of Pricer.
Stocks (Concluded) Par. Price. Low, High. Shares.
Morton Pet of Me_r
1
,.
3
3%
National 011.r_____ 10
74
7% 74
North American 011_r_ _ _5
5
44 5%
Northern Texas 011_r- _5
2
2
Omar 011 & Gas new
9%
9
Orient Oil & Gas_r
1
6
5
6
Osage Nation Oil Synd_r_ 1
%
4
Panhandle Prod & Ref_(t) ______
25
26
Pennek 011_r
lo
8%
7% 9
Phillips Petrol, com _r (t) 86
79
86
Producers & Ref_r
1()
94
94 10
Red Rock 011 & Gas__r
- __---14 1%
Rickard Texas Co_r ._ .__5
2%
1
3
Ryan Petroleum_r
1
44
4% 5
Salt Creek Prod_r ._ ....25 50% 40% 5034
Sapulpa Reflning_r
5
7
6% 7
Savoy 011
7% 7%
5
Bequoyah 011 & Ref
1
7-16
5-16 7-16
Simms Petroleum r(no par) 73% 67
7334
Skelly 011 Co_r
10 1254 ii% 124
Southern Oil & Trans_ r _10
7%
6
754
South States Cons Corp r 1
154
1
1 yi
Spencer Petrol Corp ___ _10 20% 1854 2034
Stanton 011.r
1
%
%
Star-Tex Pet.r
__10
13
13_
Texas Chief Oil _r
10 43% 43% 4454
Texas Company new
_25
5754 60
Texas Pac Coal & 011w 1_10
128 135
Texas-Ranger Prod & R-1
1%
1% 1%
Texon 011 & Land_r
1
1%
1
1%
Thraman (lil_ r
1
2% 2%
Trinity 011 Corp_r
1
%
%
Tropical 011_ r
25 20% 19% 21
United Tex Petrol_r__ _I 1 3-14 1 1-16 1 3-16
Victoria Oil_r
10
1%
1
i',4
Vulcan 011.r
5
74
554 754
Whelan 011
1
4 1
White Eagle 011&Ref r .t) 2314 23% 244
White 011 Corp _ r _ _(no par) 48% 46% 4934
Woodburn Oil Corp_r --(t)
74 y7% 8
Wyoming Cons 011_r____1 40,
350 400
''Y" 011 & Gas_r
1
5-16 5 16
Range for Year 1919
Low.
Mar
I
800
Aug
2
1,500
Dec
4,300
4
2
Dec
1,000
5% se.
500
1% Apr
600
2,000
34 Nov
Dec
500 25
11,000
74 Dec
7,500 58
Aug
Aug
7
12,000
2.400 550 Sept
13,100
1
Dec
2% Apr
6,700
Mar
17,000 38
6% Nov
700
100
64 Jan
12.900
ife Dee
33.900 2854 Aua
12.700 114 Nov
2% Apr
7,400
Dec
1
1,400
1254 Dec
5,500
34 Dec
16,700
Dec
100 13
Dec
2.000 34
Nov
4.300 55
Dec
1,900 120
8.000
% Oct
38,600
g June
Dee
2
3.100
3.800
34 Dee
July
12,500 15
23,650 500 June
Dec
1
5,550
14 Nov
8,900
% Nov
1,000
2.800 2034 Aug
Nov
59,000 35
2,600
714 Dee
19,300 35o Sept
3-16 Nov
200
High.
54 Apr
714 Dec
94 Aug
63j Oct
044
15
10% Oct
24 May
30
Oct
17% Apr
Dec
85
12% Nov
1% Dec
24% June
754 May
654 July
9% May
14
Apr
4 Mal
7154 Dec
1454 Oct
Oct
g
154 Nov
Ott
21
.24 May
1454 Sept
4454 Dec
68
Oct
195
Oct
6 June
234 Nov
Dec
3
134 Aug
25% Oct
154 Nov
6
Apr
8% Dec
134 Oct
29% Nov
49
Dec
1034 Aug
40o Sept
134 May
Mining Stocks- Par.
Alaska-Brit Col Metals_l 1 1-18 15_16 1 1-16 23,500 310 May . 2 June
Amer Hond Min Corp_r .1
May
3,160
234 Dec
1
24
2
234
America Mines_r
1
1
34 May 1% Dec
2.000
1
1
Amer Tin & Tungsten_r_l
3.1 Mar 1 946 Feb
7-16 7-16 6,000
Arizona Silver_r
1
2%
1% 2% 29,300
2% Dec
4 July
Atlanta Mines
1
3c
20 Nov 6340 Mar
3e 14,300
234o
Belcher-Divider
100 28c
250 Dec
840 July
35c 27.300
25c
Belcher Extenslon_r
10c 490
220 Aug
520 Oct
50e 45,100
45c
Big Ledge Copper Co----5
Mar 15-16 Jan
34
9.900
7-16 34
Booth_r
1 5%c
40
40 Dec 360
fie 11,300
AM
Boston & Montana Deo_ _5 72c
Feb 930 July
Co
68e
72e 28,500
Butte & N Y Copper
1
4 Oct
X May
400
% 11-16
Caledonia Mining
1
320
Jan. 454) Sept
32e 12,900 270
30c
Calumet & Jerome Cop.r..1
3-16
4 Jan
34 Aug•
3-16 3-16 1.000
Canada Copper Co. Ltd-5 1 3-16
2% Feb
Dec
1
1 1-16 14 13.900
Candelaria Silver_r
1 13-16
34 Dec 2 3-16 June
34 13-16 82,110
Carson Hill Gold_r
1 36
36% Dec
3434 364 3,700 32% Dec 151.41
met
Cash Boy.
Feb
Sc
7e 14.500
5c
7c
1
Consol Arizona Smelt _ _ _ 5
2,000 11-16 Dec 1 9-16 Jan
11-16 44
Consol Copper Mines
_5
1,000
834 June
434 Feb
44 4%
Consol Virginia Sliver -..5
24 Oct
9% Dec
2,125
74
6% 8
Cresson Con Gold M & M.1
5% Jan
2%
2
24 8,500
154 Sept
Divide Extension r
354 July
113-16 1 9-16 2 1-16 602.700 7-16 Dec
1
El Salvador Silver Min_ _1
4.400
334
3%
37,4
53-4 May
154 Mar
Eureka Croesue Mine
1
1
Aug
14
234 May
1% 25,000
154
Eureka Holly _r
Oct
Nov 95
2.500 50
74
72
72
Forty-nine Mining-r
June
1
2%
1
2% 12.100
2
234 Oct
Gadsden_ r
5
634 Feb
234
2
1,800 • 174 Nov
2%
Golden Gate Explor'n_r _5
1
Dec
14
1.600
4% May
1
134
Goldfield Consord
10 12c
Oct
12e .25,250 100 Dec 250
100
Goldfield Devel_r__ ._10c 1134c tic 1334 e 29,500 100 Dee 24c
Jan
Goldfield Merger-r
1 334c
24o Nov
80 Mae
30
4e 15,100
Gold Zone Divide-r
1 390
Apr
36.
45e 13,200 260 Dec 1%
Great Bend _r
1
30
Jan
6o
2.
20 Nov
4e 12,200
Soda Mining
250
4
64 June
334 Nov
34 4% 7,120
Jim Butler_r
Fet
23e 13,200 190 Dec 44e
19c
1 2313
Jumbo Extension
1
7c
Si, Dec 16e Mar
7e 9.200
5e
Kewanus r
1
334c
Jar
30
80
4e 10,900
2344,July
Knox Divide_r
18e 23,200 100 Dec 370 Juls
13c
16c
11)e
La Rose Mines. Ltd
5
% Oct
Apr
5-16 7-16 5,000 15e
Louisiana Consol
1
34
%
% Oct
34
3,000
1-16 Apr
MacNamara Creacent_r _ _1 32c
32e 102,000 17c Dee 400 July
21.
MacNamara Mining_r_l 740
74e 298,000 34o Mar 1% May
46.
Magma Chief.r
% May
4 4,900 220 Feb
% 30o
1
Magma Copper
5
July
Dec 52
500 23
34 14
34
Marsh Mining_
34e 25,900 28e Dec 460 Noi
290
Me
1
Mason Valley_ _ _ _ _ ._ ._ 5
34
44 July
Apr
234 354 2,775
2
Mother Lode, new r
1
5%c
Sc
534c
700 3540 Mar 634c Nos
Murray-Mog M Ltd
. 77
Dee
Dec 76
16,400 73
77
73
National Tin Corp_r__50c 11% 10
34 Mar 1034 Dec
114 6.300
Niphising Mines
5 1254
1254 1354 4,100
83.4 Jan 15 Ma,
Nixon Nevada.
1
Jar
Apr 480
500 Ifto
20e
200
Ophir Silver Mines.r____1
14
1% Oct
1,000
1
Dec
194 134
Rand Mines, Ltd WI
Dec
4054 40
41
7,500 4054 Dec 41
Rex Consolidated Min__ _1
lie 22,000
10c
8c Dec 230 July
go
Roper Group MinIng_ _1
5-16
% 5-16 42,000
% Dec
154 Aus
Seneca Copp Corp_(no par) 16
May
Dee 26
1454 164 8,400 12
Silver Dollar Mr
4 Nov
13.4 June
7-16 % 7,900
7-16
1
Silver King of Arlsona
1
34
%
134 May
4 25,000 13-32 Feb
Silver King DIvide_r
1
130
18c 15,400
10.
6540 Dec 370 Mai
Silver Pick Cons'd_r
Apt
1
6c
3.
(Se 11,300
3c Dec 140
So Amer Gold & Plat_r10
7%
Dee 1454 June
7
7% 11,700
7
Standard Silver-Lead
1
3-16
000
3-16 3-16
34 Jan
Xi Ma,
Success Mining
1
40
Jar
7o
2540 4c 12,320
2c Nov
TonopahBelmontDevel_r 1
4 May
24
2'4'e Dec
234 2% 4.070
Tonopah Divide_ r
1
434
•12
3% 414 20,950
Aul
254 Dec
Tonopah Extension
1 2 7-16 2 3-16 2 7-16 3,270
314 Mai
134 Jan
Tonopah Mining
1 2 7-16
44 May
2% 2 7-16 3,320
Dec
2
United Eastern
1 4 1-16 3 15-16 4% 8,850 3 3-16 Jan
554 Mat
US Continental Mines_r 1 94c
190 Mal
Jan
9c
10e 15,500
flo
Unity Gold Mines
5
8%
8y4 8%
94 Oct
1,400
434 Mar
Utah Reserve_ r
1
1 9-16 134
1.500 1 7-10 Dec
134 Dec
Victory Divider
1
120
16c
130 Dec 530 June
4 7,500
West End Consoildated_5
1%
1 9-16 14 10,900
Mar
3 MaS
1
White Caps Ex tension_1(k)
70 A pi
2c
2e 15,300
1c
lo Dee
White Caps Mining___10e 834c
8c
9c 14,500
8e Dec 360 Ape
White Knob Cop, pf_r_ 10
14 Jan
1 3-16 1 3-16
400
14 Jan
Wilbert Mining
13340 Aug
6340 Sc 10,700
1
70
50 Jan
3.4
BondsAllied Pack cony deb 644'29
Amer Tel & Tel 8s.r _ -1922
Anaconda Cop Mln 6s_r '29
Beth Steel serial 7s_r_1923
Canada(Domot)534s r '21
534s _r
1929
C C & St L f3s.r
1929
Copenhagen (City) 5340'44
Interboro It T 7s
1921
Russian Govt 634s_r_ _1919
534s.r
1921
Swedish Govt(Ss_J'ne 15'39
SwItzeri'd. Onvt of 5&49'29
83
97
963.4
76
26
26
97
92
764
96
96
100%
0834
9354
87
81
72
22
22
8934
89
83
97
964
10034
9834
9454
8834
8254
78
26
26
97
03
3
181,000
30,000
22.000
21,000
5,000
46,000
32,000
65,000
287,000
470,000
415.000
93,000
67.000
7634
954
95
9934
9854
9334
86
81
574
2134
2134
89
Q7
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Nov
Dec
Dec
Dec
Dee
94
9934
100
103%
100
983.4
98
9354
924
72
65
100%
0(14
Sept
Ocl
May
Dec
Sept
OM
Aug
Aus
Felt
Feb
Feb
June
.M11
•Odd lots. t No par value. f Listed as a prospect. I Listed on the Stock
exchange this week, where additional transactions will be found. 0 New stock.
r Unlisted. w When issued. z Ex-dividend. y Ex-tights. s Ex-stock dividend.
Dollars per 1,000 lire, flat. k Correction.
[VOL. 110.
New York City Banks and Trust Companies.
See page 52.
New York City Realty and Surety Companies.
See page 52.
Quotations for Sundry Securities
All bond prices are -and Interest"except where marked "I."
Standard 011 Stocks Per akar s
Par Bid Ask.
Anglo-American 011 new. Ll 29114 3014
100 1590 1625
Atlantic Refining
114 115
Pref. new
Borne-Scrymser Co
10 460 480
Buckeye Pipe Line Co..._ 50 *93 95
Chesebrough Mfg new_100 250 265
107 110
Preferred new
100 550 575
Continental Oil
Crescent Pipe Line Co..
50 4.32 34
Cumberland Pipe Line.. -100 130 160
Eureka Pipe Line Co.-100 140 150
Galena-Signal 011 com-100 83 87
Preferred old
100 107 112
104 108
Preferred new
100 170 175
Illinois Pipe Line
50 4'98 102
Indiana Pipe Line Co_
International Petroleum_ El *76 78
National Transit Co.. _12.50 .341, 3512
New York Transit Co.. _100 170 175
Northern Pipe Line Co.. 100 102 107
254'384 388
Ohio Oil Co
25 '70 73
Penn-Mex Fuel Co
100 680 690
Prairie 011 & Gas
100 268 272
Prairie Pipe Line
100
370 390
Solar Refining
Southern Pipe Line Co....100163 168
100 335 340
South Penn Oil
Southwest Pa Pipe Lines.100 98 102
Standard Oil (California).100 335 339
Standard Oil (Indiana) _100 725 750
Standard 011 (Kansas). ..100 625 875
Standard 011 (Kentucky)100 465 480
Standard 011 (Nebraaka).100 530 1550
Standard 011 of New J&..100 738743
Preferred
100 1141s 1151s
Standard 01101 New Y'k.lt I 458 460
100 540 560
Standard 011 (Ohio)
,.100 100 115
Swan dc Finch
Union Tank Car Co.. ..100 118 122
100 433 438
Vacuum 011
10 •35 45
Washington 011
Ordnance Stocks-PC? S hare.
Aetna Explosives pref-100 65
Atlas Powder common.. _100 150 igi
100 89 91
Preferred
100 115 118
Babcock & Wilcox
Bliss (E W)Co common.. 50 *410 430
51 5. 60 80
Preferred
Canada Fdys & Forgings..1 ii 195 19512
Carbon Steel common.....100 116 120
100 100 110
let preferred
100 70 75
2d preferred
Colt's Patent Fire Arms
Mfg
25 •55 58
duPont(E I) de Nemours
65
3 30,
1
03 30
10
& Co common
Debenture stock
Eastern Steel
100 84 ou
teel & Iron com_100 23 29
Empe
irferS
red
Preferred
69
5
20
4 22
00 26
Hercules Powder cons-1
100
100 1071210912
Preferred
Niles-I3ement-Pond com-100 107 109
Preferred
100 95 100
100 240 250
Phelps-Dodge Corp
SoovIll Manufacturing._ _100 395 415
_5
3
30 _66
375
Thomas Iron
10
50 •
Winchester Co corn
preferred
100 96
let
63 68
2nd preferred
45
100 _4_0__ 8
Woodward Iron
Preferred
s
,RR. Equipments-PROS.Basis.
6zo
Baltimore & Ohio 434s
6.00
00 5.
.65
Buff Roofs & Pittsburgh 434s 6
Equipment 4s
6.00 5.65
Equipment Cs
6.35 6.00
Canadian Pacific 454s
66.6
:7i2
55 6
8
Caro ClInchfield & Ohio 434.._ 6..
6..
.070
800
Central of Georgia 43-4e
Chesapeake & Ohio
6 35 5.87
Equipment 5s
7.50 6.50
Chicago & Alton 44s
7.50 6.50
Equipment 15s
Chicago & Eastern Ill 53.4s... 7 25 6.25
6.75 6 00
Chic Ind & Loulay 440
6 25 5.85
Chic St Louis & N 0 5s
5.93 5.50
Chicago & N W 4;4e
Chicago It / & Pao 434s
6.75 6.00
6.75 8.00
Equipment 5s
Colorado & Southern Ifs__ 8.75 6.00
6.75 6.20
Erie 5s
6
6..5
70
5 6.0
20
0
Equipment 434s
Hooking Valley 410
8.50 0.00
Equipment 5s
5 90 5.60
Illinols Central 56
5.90 5.60
Equipment 43.4s
Kanawha & Michigan 4)4s_ _ 6.75 6.00
5.
.8
17
5 5.55
5.80
Louisville & Nashville Ba.__ 6
Michigan Central 5s
6.7
15
5 5
6..0
85
0
Equipment 65..
6.12 5.75
Minn St P & S S M 4348
.7
60
5 6.00
Missouri Kansas & Texas (Si_ 6.
Missouri Pacific Se
Mobile & Ohio 55
6.60 6.0s
1 Equipment 44
New York Central Lines 81....
I Equipment 445
6.
66:3
110
55 5
55..889
.80
7
N Y Central RR 4125
N Y Ontario & West 434s...... 6.50 6.00
7 5
5.50
0
Norfolk & Western 43444...._ 5 L
pennsylvania RR 43441
5.90 5.50
Equipment is
St Louis Iron Mt & Sou 5e. _ 7.00 6.00
St Louts & San Francisco Si.. 7.00 8.00
6.75 6.12
814
Sea
Ebqouar
ipdmA
en
irt I4
.15
7
6.75 6.12
Southern Pacific Co 444.-Southern Railway 4%s
6.50 6.00
Equipment lis
Toledo & Ohio Central 45...... 6.50 0.00
6
g:ss g 078
Tobacco Stocks-For Sh ars.
Par Bid. dd.
American Cigar common..100 120 128
88
Preferred
112
Amer Machine & Fdry__
British-Amer Tobae ord._ El •251, 27
53432
15
7
1 ;
3
26
go
£0
rinti-eAmFT
oiol_bao, bearer_10
12 IN
Johnson Tin Foil & Met.100
MacAndrews & Forbes...100
Preferred
00
1)1 3
1(
Reynolds(R J) Tobaeco..1
B common stock
1:11?)
preferred
Young (J 5)Co
. preferred
100
110 120
158 165
92 98
5
12
30
5 5
13
80
75
480
1(
)
59
4
96 105
SLort Term Notes-Pe Coal.
Am Cot 011 65 1924...M&S 2 9784 9814
Amer Tel & Tel Os 1924. FAA 9812 955e
8% notes 1922
Public Utilities
Anaconda Cop Min '29-AXJ 96
519 9314
Amer Gas & lea corn_ 50•121 127 Canadian Pao 6s 1924.M&S 2 97 971
E1
*39 4012 Del & Hudson 5s 1920. FAA 9812 99
Preferred
Amer Lt & Trao corn_ _100 198 202 Federal(tug Rfg Os 1924M&N 9714 9734
Preferred100
General Eleo 8s 1920.. _:_J&J 100 100,4
70
2 Great North 561920.-M&S 981s 99
65
90 9
Amer Power & Lt corn.....1
Preferred
1
73
K C Term Ry 434s 1921_J&J 94 9812
i6- 6s Nov 15 1923 .M&N 15 9814 9834
Amer Public Utilities com100
Preferred
-0
-- 24 Laclede Gas 7s Jan 1929-- 0634 9712
100 -2
Carolina Pow&L1ght com 100 32 35 Liggett&MyereTobee'21JAD 9938 9958
Cities Service Co com......100 404 406 N Y Cent (Is 1020 ..M&S 15 993s 9912
Preferred
100 71 7112 Penn Co 44s 1921....J&D 15 9714 97,
8
Colorado Power com
100 13 16 Pub Ser Corp NJ 711 '22.M&8 82 85
Preferred
-100 90 98 Sloss-Shef 8 & 1 68 '29..F&A 9314 9414
Com'w'th Pow Ry & Li__lOOt 18 21 Southern Ry Os 1922_ M&S 93 4312
d5
44
00 48 Swift&Co 6e 1921_ _ _ FAA 15 993s 99541
Preferred
Else Bond & Share pref.
:
166
- Utah Sec Corp 68'22.M&S 15 80 8712
6 99
Federal Light & Traction.'
45
Preferred
8414
46 85
5,4
Great West Pow fie 1946..J1&J
0
9 11
Mississippi Rio Pow com_100
Industrial
45
912 5
77
212
Preferred100
and Miscellaneous
First Mtge Se 1951....-J&J 7
20 American Brass
Northern Ohio Eleo Corp..(t)•41
290
27
Preferred
100 55 60 American Chicle corn.......100
60 2
North'n States Pow oom_100 ---- 00
Preferred
9 --5
Preferred
100 87 89 American Hardware
87
8-0
11 14
North Texas Eleo Co corn 1003 68 73 Amer Typefounders ocon 100 45 50
100 89 93
Preferred
Preferred
1001 88 73
Pacific Gas & Eleolst pref 1001 87 83 Borden's Cond Milk com_100 111 113
preferred
Puget Sd Tr L & P corn....1003 9 12
100 52 ---- Celluloid Company
95
) 16
90
9
Preferred
101 15(
14 Havana Tobacco Co-_100 1% 234,
Republic Ry & Light___100 11
100 39 42
Preferred
Preferred
let g Se June 1 1922,..-166
86 88
-D /5
10
2 6
10
3
South Calif Edison mm..10
28 ra
0
26
0. 103
Preferred
t:rc
no
an
titr
an
i0R
au
ltbb oom_100 16
17111
1003!
100 70 71
Standard Gas& El(Del)- 50
A-0 68 72
50 •40 42
Preferred
1st gold 56 1951
1
5 International Silver pref-100 *05 98
Tennessee Ry L & P com..100I
5o .87
Preferred
le..s__ 10
. I,ehigh1Valley
ak ing Coalosoam
7.
5
135 14
95
9
United Gas & Else corp_1
Pow
101 ........Royal
1st preferred
100 92 94
100 ...........Preferred
- -24 172
3
100 ........Singer
11 138
Manufacturing.._ _100
2d preferred.
Singer Manufacturing..
United Lt & Rya corn_ _ __100 30 40 Singer Mfg Ltd
10'130 140
let preferred
1003 55 60 Texas Pao Coal & 011
Western Power common_100 21 23 W'houseChurohKerr&Co 100 n 50 60
Preferred
100,n 75 85
Inn 70 73
Preferred
•Per share. S Basis. 4 Purchaser also pays accrued dividend. s New stock.
/Flat prtoe. a Nominal. e Ex-dividend. p Ex-rights. (t) Without par value,
THE CHRONICLE
JAN. 3 19201
71
investment and Aailroatt
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric rai/ways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Alabama & Vicksb_ October
24/,272 231,582 2,287.577 1.987,448
Ann Arbor
77,041
93,373 4,232,447 3,473,204
3d wk Dec
Atch Topeka & S Fe November 17564713 14811264 162387311 148372062
Gulf Colo & S Fe October
2,349,412 1,768.506 17,226,312 15,796,924
Panhandle & S Fe October
701,129 510.792 5.121,281 4,893,460
Atlanta firm & Atl_ October
455,211 463,206 4,156,669 3,772,884
Atlanta & West Pt.. October
254,615 251,362 7.256.464 2,041,703
Atlantic City__ _ October
277,564 350.371 3.906,677 3,503.184
Atlantic Coast Line_ November 5,342.483 4,991,596 57.157,217 51.372,446
Baltimore & Ohio_ November 15346511 15529392 166874202 158832635
B & 0 Ch Term.... October
239,443 155,182 1,658,242 1,514,477
Bangor & Aroostook October
482,540 462,943 4,204.214 3,957,702
Bellefonte Central__ November
80,512
8,076
7,517
93,331
Belt By of Chicago_ October
389,626 349.689 3.111,865 3,287,437
Bessemer & L Erie__ October
1,244,327 1,530,951 11.226,250 11,466.650
Bingham & Garfield October
163,777 309,686 1.010,965 2,908,243
Birmingham South_ October
47,672
92,840
480,310 1,229.763
Boston & Maine__ November 6,467,373 6,280,374 66,142.694 64,176,642
Buff Roch & Pitts?). 3d wk De c 240.497 389,526 13,597,107 18,694,342
Buffalo & Susq_ ..10ctober
254,034 167,426 1.941,829 1,882,930
Canadian Nat Rys.13d wk Dec 2,002,317 2 09'.,40l 88.690,010 78.419,180
Can Pac Lines in Me November
195,282 246,596 2,385,215 2,090,834
Canadian Pacific.... 3d wk Dec 3,715,000 3,731.000 167837000 149411000
Caro Clinch & Ohio.I October
544,392 408.122 4.914,208 3,861,358
Central of Georgia__ 'November 1.901.122 1.789.054 19.591,635 18,790,847
Central RR of N _ October
4,077,471 4.434,6853 6.973,106 37,526.591
Cent New England. October
765,560 479,095 5.617,333 5,081,304
Central Vermnnt_ November
511,083 428,997 5.338,421 4,735,740
Charleston & W Oar November
290,285 279,519 2,798,015 2,696.075
Ches & Ohio Lines__ November 5,354,029 7,263,216 65,799,338 66,631,180
Chicago & Ali oil_ _ November 1.769,53,2.078,050 2'.89 1,225 22,20',144
Chic Burl & Quincy November 12796377 13071405 141282136 131533450
Chicago & East III__ November 1,680.566 2.320.752 22,623,057 24,527,095
Chicago Great Wesi November 1,913,829 1,594,11- 20,268,691 17,431,464
Chic Ind & Lotilsv__ Novemtelr 1,003,315 9/34,96R 11,277,95 9,971,998
Chicago Junction _ November
335,098 308,538 3,391.416 3.096,606
Chic Milw & St Paul November 12723079 11740337 137782972 122323007
Chic & North West. November 12130561 11315957 128495q01 116619478
Chic Peoria & St L_ November
121,361 157,031 1.574,775 1,988,183
Chic R I & Pacific__ November 9,649,588 8,665,381 101427337 91,445,672
Chic it I & G lf_ _ November
493.822 423,101 1.536,431 4,065,467
Chic St P M & Om. November 2.637,756 2,348,526 25,319.887 22,583,986
Chic Terre H & S E October
532.395 554,594 3.600,531 4,185,699
Cinc Ind & Western November
297,930 243,106 2,861,231 2,868,440
Cin N 0 & 'rex Pile_ November 1,635,009 1,356,594 14,930,164 13,923,753
Colo & Southern... 3d wk Dec 526,412 498,903 24.718,654 21.132,516
Ft W & Den City_ November 1,020,521 781,878 10,109.665 7,150,191
Trio & Brazos Val October
146.811 111,092 1,105,615
947,427
890,338 1,032,503
Colo & Wyoming_ _ _ November
90,899
1:3,614
October
Cuba Railroad
1,069,773 753,182 11.411.427 10,815,442
Delaware & Hudson October
3,359,670 3,172,081 29,049,930 29.254,666
Delaw Lack & West November 6.140,294 6,264,230 65,516,900 62,730.353
Deny & Rio Grande November 2,829,990 2,935,490 29,850.620 28.482,681
Denver & Salt Lai., November
261,474 177,453
1,993,e50
Detroit & Mackinac November
157,931 108,693 1,538.284 1,397.192
Detroit Tol & front.. November
372,774 326,846 3,471.796 3.090.747
Det & rob Shore L__ November
210,934 178,115 2,255,356 1.794,798
Dul & Iron Range__ November
435,416 449,885 7,833,187 8,859,778
Dul Missabo & Nor_ November 1,035,878 1,377,248 19,734,662 21,303.126
Dul Sou Shore & Atl 3d wk Dec
74,730
65,492 4,5/7,435 4,634,467
Duluth Winn & Pac September
153.533 126.056 1.412.359 1.267.889
East St Louis Conn_ November
89,109
99.320 1,099,045 1,038,035
Elgin Joliet & East_ November 1,186.783 2,014.854 17.315,078 18,647,486
El Paso & So West. October
1,168,006 1,179.466 10.460.981 12.306.597
Erie Railroad
November 7,627.119 8,232,525 83,677.123 79,679,000
Chicago & Erie November
884,406 1.104,758 9.504,852 9,902.470
Florida East Coast October
812.119 611,213 8,260,186 7,333,518
Fonda Johns & Gloy October
102.589
88,406 1.042,374
931,423
Ft Smith & Western October
209.552 134.954 1.340,391 1,059,614
Galveston Wharf... October
101,989
81,737
726,766
872.228
Georgia Railroad.. _ _ October
723,781 657,336 5.177.735 5,379,468
Georgia & Florida October
94,510
818,535
839.924
91,635
Grd Trk L in New E October
225,308 143,308 2.846,619 1.847,831
Grand Trunk Syst _ 2d wk Dec 1,341,590 1,385,902 64,816,386 56,748,695
Grd Trunk West_ November 1.878,972 1,864,402 20,408.488 17,165,003
Great North System November 9,418,964 10155810 98,444.269 90,812,866
Gulf Mobile & Nor October
306.827 216.346 :3.297.998 1.987.720
Gulf & Shp Island_ November
225,738 186.759 2,247.071 2,365,579
Hocking Valley.... November
796.447 1,071,034 10,797,806 12,456,617
Illinois Central__ Noventher 8,463.829 9,196.390 94.134,400 98,190,217
Internat & Ot Nor_ November 1,451,599 1,174.600 13,103,565 12,298,539
Kan City Mex & Or November
224,767 • 77,315 1.362.481 1,189,850
K C Mex & 0 of Tex November
184,052 112,448 1,156,066 1,111,525
Kansas.CIty South_ Novemoer 1,282,703 1,375.993 13,643,252 13,863,378
Texark & Ft Sm._ October
163,623 127,719
Kansas City Term__ November
112,122 105,753 1,268,580 1.138,952
Lehigh & Hud River November
217,524 199,773 2.474,427 2.104,599
Lehigh & New Eng. November
391,742 337,902 3,613,943 3.655,167
Lehigh Valley
November 5,705,822 6,014,372 59,085,659 59,692,725
Los Ang & Salt Lake October
1,577,112 1,462.289114,050,585 12,039.570
Louisiana & Arkan_ November
226,079 136,903 1,938,182 1.525,579
Louisiana ity & Nay October
328,597 261,905, 2.911.687 2.515.477
Louisville & Nashy. November 8,825,435 8,187.716 97.869.337 91.748,390
Loulsv Hand & St L November
215,000 257,750 2,660,884 2.595,702
Maine Central
November 1,494,711 1,447,228 15,941,862 14,985,764
Midland Valley__ November
334,258 328,218 3.603,480 3.181.840
1.1 wk .)ec
Mineral Range
22,2661
731,492 1.115,382
11,928
Minneap & St Louis November 1,130,816 1,006,802 12,283,146 10,960,675
Minn St I' ez S S M. November 3,847,139 3.478,412 39,009.993 32,090,114
Mississippi Central..'November
934,034 1.166,525
90,523
94,201
e ,siVoyellieer 2,432,991 1,85s, '9 23,083./49 17.915,201
Missouri
Mo K & T By of Tex November 2,932,146 3,124,370 31,260,717 30,183,720
Mo & North Arkan_ October
102,936 117,1591 1.306.023 1,178.027
Mo Okla & G.ilf____ November: III .8 '•?1 1 346,877 1.658,818
Missouri Pacific_ _ _ November 18.038,350 8,219,835 84,920,779 81,498,803
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
I Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
$
3
2,915.935
48
November
Monongahela
359,431 315,571 3,3.977
Monongahela Conn_ November
245,807 222,079 1.761,331 2.245.461
November
82,389 1.157,395 1,212,608
Montour
21,881
Nashv Chatt & St L November 1.950,823 2,073,169 18.235,552 19,804,024
282.680
321,570
6.522
Nevada-Cal-Oregon. 2d wk Dec
5,915
Nevada Northern November
157,842 239,976 1.422,155 2,488,027
Newburgh & Sou Sh November
84.898 149,934 1.152,148 1,318,919
New Orb Great Nor_ November
184,378 190,957 2.098,324 2,040.348
585,717 490,965 5.897.515 5,90.164
New Orb & Nor East November
182,120 148,079 1,843.017 1,787,889
N 0 Texas & Mexico November
134,375 111,562 1,103,000 1,187,194
Beaum S &L West October
St L Browns & M October
537,215 461,584 11.106,213 3861.413
New York Central November 25642730 28014171 283859373 267308434
Ind Harbor Belt_ November
550,014 518,485 5,997,295 5,061.456
Lake Erie & West November
803,986 841.434 8.915,216 8,570,884
Michigan Central Novemuer 7,000,356 6,382 960 71,738,231 61,951,200
Clev C C & St L November 6,061,071 6,134,342 66.622,179 65,093,555
227,737 268,960 2,653.226 2.546.184
Cincinnati North_ November
Pitts dr Lake Erie October
2,286.073 3,310,812 23,594,509 27,427,568
'Fob & Ohio Cent October
1,018.873 1.133,380 7.869.533 8,320.313
5.472.767
275,226
Kanawha & Mich November
N Y Chic & St Louis Noyember 1,684,850 2,189,4 44 21,3 49,919 20,151,019
NYNH& Hartf November 9,527,248 8,630,783 96,602,392 93,686.060
N Y Ont & Western November
781.752 750,649 10,067,522 10,071,006
N Y Susq & West November
333,719 426,557_3,564,605' 4,015.791
Norfolk & Western_ November 6.872,060 7.910,910(0,354,702 75,175,346
523,511 513,103 5.877,075 5,186,947
Norfolk Southern November
Northern Alabama.. November
118,763 126,265 1,079,558 1,285,494
Northern' Pacific.... November 9,410.239 10028583 92,656.752 92,841.867
923,396
971.424
80,213
Minn & Internat. November
88,303
NorthwesternPacific October
673,861 541,814 5,463,239 4,834,458
November
171,826 457,695 4.404,024 5,161,110
Pacific Coast
Pennsylvania RR
November 26928302 32977622 345812671 334189657
Balt Ches & Atlan November
126,276 130,630 1,486,508 1,301,305
849.729
951.778
93,818
Cinc Leb az North October
141.699
Cumberland Vali_ November
412,248 648,617 5,192,269 5,321.515
Long Island
November 1,747.113 1,691,535 22,649,914 20,552,913
983,621
Mary Del & Va.... November
105,546 102,508 1,251,819
N Y Phila & Norf November
754,945 740.538 7,589.507 6,867,316
'Fob Poor & West_ October
169,326 155,508 1,372,8116 1.347,617
W Jersey & Seash November
769.394 827,663 11,166,879 9,808,431
Pennsylvania Co.... November 8,444,196 9,200,040 97,634.792 86,575.710
744,378 633,873 7,578,496 6,649.118
Grand Rap & Ind November
8,930,380 8,996,414 77,920,045 72,249,641
Pius C C & St L October
Peoria & Pekin Un_ November
101,555 130,212 1.111,925 1,183,792
October
Pere Marquette
3.539,289 2,960,108 28,966,321 23,400.040
October
912,020
99,137 114.127
893.609
Perkiomen
686,436 1.231.159
75.932 123,468
Phila Beth & N E October
November 5.725,497 6,810.739 66,767,564 73.140,301
Phila & Reading
99,409 1.031,741 1,227,382
37,004
Pittsb & Shawmut__ November
973,210 1,050,650
78,256
138,998
Pitts Shaw Sz Nortn October
139,347 170,079 1.145,167 1,581,735
Pittsb & West Va... October
October
Port Reading
194,895 257.307 2,097,422 2,079,087
915,993
890,777
97.009
103,438
Quincy Om & K 0.. October
Rich Fred & Potom_ October
612,028 644,378 6,539,624 5,602.785
357.514 383,927 3,890.099 3,100.850
Wash Southern October
November
Rutland
448,926 341,701 4,423,785 4,199,930
St Jos & Grand led October
280,368 240.796 2,451,135 2,2118.768
St Louis-San Fran November 6,997,915 6,451,898 71.361.399 63,778,875
955.739
Ft W & Rio Oran Octobe.
185.795 108,695 1.321,552
St L-S F of Texas November
141,124 110.748 1,406,477 1,272,408
St Louis Southwest. October
1.236,245 1,026,628 10,876.734 10,608.858
St L S W of Texas September
641.153 515.513 4.793.212 3.012,393
St Louis Transfer November
99,376
77,659 1,024,556 1,045.968
San Ant & AratiPass October
437,229 478.072 :3,649,214 3,566.416
Seaboard Air Line__ November 3.539,892 3,362,067 37,495,978 35.313,920
October
South Buffalo
830,820 1.301.921
52,820 140,108
Southern Pacific... October
17567995 15263107 139322830 126556963
Arizona Eastern... October
362,119 389,502 3,077,953 3,723.338
Galv Harris & S A October
1.917.813 1,882,010 17,540.860 17.770.510
Hous & Tex Cent November 1,075,362 704,683 8,660,112 8,240.928
Hous E & W Tex_ November
221,717 188,205 2,165,322 1,891,187
Louisiana Western November
370,315 344,194 3,766,800 3,973.791
Moga La & Texas November
751.934 798,865 7,085,702 7,511.098
Texas & New Orl_ October
751,761 636,536 6,646,996 6,142,456
Southern Railway October
12356555 12269788 105782843 105380258
Ala Great South. October
939.701 822,985 8,489,660 7.543.922
Mobile & Ohio... November 1,376,662 1.188,430 14,118,260 13,499,828
Georgia Sou & Fla October
389.804 323.467 3.567,683 2.923.482
South Ry in Miss._ November
192,500 148,180 1,651,182 1,323,951
Spokane Internet
October
339.361
948,300
137,040
94,123
Spok Portl & Seattle October
714,014 899,059 6,124,342 7,001.361
Staten Island R T October
182,774 172,731 1,897.671 1,574,344
Tenn Ala & Georgia 3d wk Dec
135,117
4,229
2,288 • 140,214
Tennessee Central October
219,271 279,167 2,099,194 2,496,145
Term R R Assn ofSt L October
414,506 385.560 3.247.076 3,214,264
St L Mer Bdge T. November
299,556 305,266 2,853,612 3,370,304
Texas & Pacific
3d wk Dec 774,427 773,515 34,890,109 26,405,201
Toledo St L & West November
773,784 766,087 7,423,8141 7,568,076
Ulster St Delaware_ I October
92,386 1.012.760f
86.4.152
140.953
Union Pacific
'November 9.644,474 8,954,345 102216188 89,710,832
Oregon Short Line November 3,480,564 3,044,868 35.099,59231.089,991
Ore-Wash RR & N October
2.825,629 2,506,041 233601,122 21 ,780,903
Union RR (Penn)._ October
682.211 684.331 6,523,312 5,818.278
October
Utah
138,112 152,009 1,003,430 1.175,214
Vicks Shrev & Pac October
325,254 245.494 2.733,679 2316,719
October
Virginian RH
1 .363.915 1.231.845 9.992,168 9.911 .593
Wabash RR
November 4.312,597 4,270,769 44,224,914 43,689,430
Western Maryland_ November 1,123,170 1,384,843 13,498,764 13,656,723
Western Pacific
October
1,780,853 1,065,732 11.146,096 9,414.198
Western Ry of Ala October
213,811 254.762 2,095,349 2,070,806
Wheel & Lake Erie_ October
1,324,426 1,519,074 10,843.042 11,511.848
Wich Falls & N W.._ October
263,583 108,120 1.856.727869,378
Yazoo & Miss Valley November 2,320,573 2,173,895 22,636,222 20,078,207
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
Current
Year.
Previous
Year.
$
$
1st week Oct (8 roads)____ 8.512,726 7,547.948
2d week Oct. (13 roads).... 8.705.749 7,789.435
3d week Oct (14 roads)____ 9,751,383 8,364.852
4th week Oct (9 roads)._._ 13,060,631 11.621.996
let week Nov.(14 roadsi..... 8,852,433 8,110.510
2d week Nov (14 roads ____ 9,193,612 8,065.344
3d week Nov 1 8 roads ____ 7,838.940 7.038.555
4th week Nov 11 roads)._ 11,286,692 10.578.492
1st week Dec
9 roads) _ ___ 7,005,482 6,424,28
2d week Dec 13 roads)____ 8,342,697 8.262,309
9 roads)__ _ _ 7.426.581 8.671.761
3d week Dee
• Wu no lunitsr include Mexican roads in any of our
Increase or
Decrease.
%
$
+964,778 12.78
+916.314 11.64
+1.386.531 16.57
+1.438.635 12.38
+741.923 9.15
+1.128.268 13.99
+800.385 11.37
+708.200 6.69
+581,204 9.05
+80,388 0.97
-215.183 2.88
totals.
*Monthly Summaries.
Mileage. Curr.Yr.
December ... 232.174
January ___232,655
February ___232.957
March
226.086
April
232,708
May
233.931
June
232.169
July
226,654
August
233,423
September. _232.772
October _._ _233.192
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Prev.Yr.
I
$
$
432,199 438,365.327 335,607,571 +102757756 3062
233.199 395,552.020 284,131.201 +111420.819 39 22
233,266 351.048,747 289.392,150 +61,656.597 21 31
225,631 375.772.750 365,096.335 +10,676.415 2.90
233,251 388,697.894 370,710.999 +17,986.895 4.86
„ 378.058.163 +35,132.305 9.29
.
232.682 424.038,872 393.265.898 +30,769.974 7.83
226.934 454.588.513 469,246,733 -14,658,220 3.18
233.203 469.868,678 502.505,334 -32.636.656 6.40
232,349 495.123,397 485,870.475 +9,252.922 1.97
233.136 508.023.854 489.081.358 +18.942.496 3.87
72
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of December. The table covers 9 roads and shows 2.88%
increase in the aggregate over the same week last year.
[VOL. 110.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Kan0Mex &0 ofTex_ b_Nov 184,052
112,448 def25,795 def20,113
Jan 1 to Nov 30
1,156.066 1.111.525 def570,259 def245,963
Kan City Southern_ b_ __Nov 1,282,703
Third Week of December.
1919.
1918. I Increase. Decrease.
Jan 1 to Nov 30
13,643,252 13,863,378 2,531,386 3,630,157
Kansas City Terminal_b_Nov 112,122
105,753
4,086
2,177
Ann Arbor
Jan
1
to
Nov
30
142,858
1,268,580 1,138.952
199,746
77,041
93,3731
16,332
Buffalo Rochester & Pittsburgh_
240.497
389,526
149,029 Lehigh & Hud River_b_ _Nov 217,524
199,773
24,113
46,041
Canadian National Rys
2,002,317 2,095,4011
93,084
Jan 1 to Nov 30
345,803
2,474,427 2,104,599
524,968
Canadian Pacific
3,715,000 3,731,000
16,000 Lehigh & New Eng_ b_.._Nov :394,742
337,902
131,401
Colorado & Southern
103,445
526,412
498,903
27,509
Jan 1 to Nov 30
3,613,943 3,655,167
945,024 1,074,370
Duluth South Shore & Atl
74,730
65,492
9,238
Mineral Range
Nov 5,705,822 6,014,372 • 338,630
11,928
941,498
22.266
10,338 Lehigh Valley_b
Tennessee Alabama & Georgia
Jan 1 to Nov 30
59,085.659 59,692,725 5.245.621 7,888,488
4,229
2,288
1,941
Texas &Pacific
774,427
773.515
912
Louisiana & Ark_b
23,223
Nov 226,079
136.903
43,350
Jan 1 to Nov 30
1,938,182 1,525,579 def33,645
220,805
Total (9 roads)
7,426,581 8,671,764
39,600 284,783 Louisville & Nashv_b___Nov 8,825,435 8,187,716
951,628
690,158
Net decrease (2.88%)
245,183
Jan 1 to Nov 30
97.869,337 91.748,390 12,853,200 20,027,642
Louis Hand & St L_b___Nov 215,000
41,005
86,222
257,750
Jan
1
to
Nov 30
600,349
799,668
Net Earnings Monthly to Latest Dates.-The table
'2,660.884 2,595,702
Maine
Central_b
98,199*
41,954
Nov
1,494,711
1,447.228
following shows the gross and net earnings with charges and
Jan 1 to Nov 30
681,576
15,941,862 14,985,764 def68,422
surplus of STEAM railroad and industrial companies re- Midland
Valley b
52,197
Nov 334,258
20,412
328,218
ported this week:
Jan 1 to Nov 30
839,756
556,980
3,603,480 3,181,240
-Gross Earnings--NetEarnings
20,391
Nov
96,894
5,429
67,120
- Mineral Range_b
Current
Jan 1 to Nov 30
41,536
Previous
704,522 1,047,741 def50,773
Current
Previous
Roads.
Year.
Year.
Year.
Year.
Nov 1,130,816 1.006,802 def30,121
Minn & St LouLs_b
32,813
II
$
i
i
Jan 1 to Nov 30
641,317
728,613
12,283,146 10,960.675
Ann Arbor.],
Nov 448,873
365,133
75,847
86,290 Minn St P & S S M_b_ __Nov 3,847,139 3,478,412
777,297
518,863
Jan 1 to Nov 30
4,050,283 3,215.738
725,502
328,367
Jan 1 to Nov 30
4,958,336
39,009,993
32,090,114
7,717,343
Atch Top & S Fe_b
Nov17,564,713 14,811,264 5,872,028 4,427.736 Mississippi Central _b_ __Nov
94,201 def56.644
5,768
90,523
Jan 1 to Nov 30
162,387,311148,372,062 43,394.959 45,393.455
Jan 1 to Nov 30
297,565
934,034 1,166,525 def148,458
Atl Coast Line_b
Nov 5,342,483 4,991,596
811,480
863.707
Kan
3,124,370
&
123,002
876,845
Texas_
Mo
b
2,932,146
Nov
Jan 1 to Nov 30
57,158,217 51,372,446 8,480,155 12,480,006
Jan 1 to Nov 30
31,260,717 30.183,720 4,685,194 5,647,749
Baltimore & Ohio_b____Nov15,346,511 15,529,392- 1,293,599
620,658 Mo Nan & Tex of Tex_ b_Nov 2,432,995 1,858,479 def68,071
269,834
Jan 1 to Nov 30
166,874,202158,832,635 11,975,216 13,255,096
Jan 1 to Nov 30
784,274
23,083,749 17.915,201
990,781
Boston & Maine_b
Nov 6,467,373 6,280,374
696.561
def206.571
def134,691
Missouri
def20,529
Okla
141,822
&
Gulf_
114,403
b_Nov
• Jan 1 to Nov 30
66,142,694 64,176,642 7.025,058 7,318,015
Jan 1 to Nov 30
1,346.877 1.658,818 def784,213 def237,897
Buff Roch & Pittsb_b__Nov 838,927 1,479,314 def384,608 def99,890
Missouri Pacific_b
313,812 1,855,383
Nov 8,038,350 8,249,835
Jan 1 to Nov 30
12,949,772 16,872,925 def769,735
866,083
Jan
1
to
Nov
81,498,803 0,490,604 15,432,160
84,920.779
30
Can Pac Lines in Me_b_Nov 195,282
246,596 def32,122
26,312
142,601
Monongahela_b
62,508
315,571
Nov 359,431
Jan 1 to Nov 30
2,385,215 2,090.834 def267,984 def248,855
900,775
Jan 1 to Nov 30
3.348,977 2,915,935 1.170,410
Canadian Pacific _a
Nov17.366,850 15,023,088 2,849,809 3,398,472 Monongahela Connect_ b_Nov 245,807
14,044
95.891
222,070
Jan 1 to Nov 30
159.903,476 141786.844 31,250,860 31,691,376
304,031
def473
Jan 1 to Nov 31
1,761,331 2,245,461
Central of Ga_b
Nov 1,901,122 1.789.054
148,082
397,325 Montour_b
82,389 def78,449 def34,036
Nov
21,881
Jan 1 to Nov 30
19,591,635 18,790,847 2,140,159 4,148,979
70,021
Jan 1 to Nov 30
1,157.395 1,212.608 def212,049
Central Vermont_ b
Nov 511,083
428,097
5,571 def67,269 Nash Chatt & St L_b___Nov 1,950,823 2,073,169
341,488
223,144
Jan 1 to Nov 30
5,338,421 4.735,740 def555.097 def109,106
19,864,024 1,448,484 3,840,004
Jan 1 to Nov 31
18,235,552
Chariest & W Carob ..Nov 290,285
279,519
24,609
62,886 Nevada North_ b
108,384
47,674
239,976
Nov 157,842
Jan 1 to Nov 30
2,798,015 2,696,075
249,923
579,457
452.541 1,255,731
Jan 1 to Nov 30
1,422,155 2,488,027
Ches & Ohio Lines_b___Nov 5,354,029 7,263,216 6ef271,717 2,319,889
35,652
def9,359
149,034
Newburgh
&
So
Sh_b___Nov
84,898
Jan 1 to Nov 30
65,799,338 66,631,180 11.126,577 17,433,781
276,847
Jan 1 to Nov 30
1,152,148 1,318,919 def20,300
Chicago & Alton_b
Nov 1,769,532 2,078,050 def317.560
271,613
der23,096
44,605
East_b_
490,965
Nor
On
&
New
_Nov
585,717
Jan 1 to Nov 30
22,890,225 22,202,144 1,542,692 3,643,300
495,087, 1,195,726
Jan 1 to Nov 30
5,97,545 5,902,664
Chicago & East Ill_b_Nov 1.680,566 2,320,052 def324,927
362,125 New On Great Nor_ b_ _Nov 184.378
def4,407
41,942
190,957
Jan 1 to Nov 30
22,623,057 24,527,095
590,021 2,942,811
565,450
168,766
2,040,348
Jan
2,098,324
1
to
Nov
30
Chic Burl & Quincy_bNov12,796,377 13,071,405 2,283,601 3,365,062
16,565
15,837
148,079
New Or] Tex & Mex_b__Nov 182,120
Jan 1 to Nov 30
141,282,136131,533,450 31,833,999 29,929,811
252,357
429,088
Jan 1 to Nov 30
1,843.017 1,787,880
Chicago Oct Western_b_Nov 1,913,829 1,594,112
209,835
74,803
New York Central _b_ _ _Nov25,642,730 28,014,171 5,420,001 7,837,869
Jan 1 to Nov 30
20,268,694 17,431,464 2,840,580 1.420,799
Jan 1 to Nov 30
283.859,373 267308,434 56,760,854 56,935,218
Chic Ind St Louisv_b___Nov 1,003,315
984,968 def41,444
74,650
21,662
59,96
Cincinnati North_b__Nov 227,737
268,960
Jan 1 to Nov 30
11,277,925 9,971,998 1,565,211 1,594,695
640,675
426,30
Jan
2,653,226 2,546,184
1
to
Nov
30
Chicago Junction_b____Nov 335,098
308,538 def15,343 def13,517
783,043 1,586,313
Cleve Cin Chl&Sth_b_Nov 6,061,071 6,134,342
Jan 1 to Nov 30
3,391,416 3,096,606 def488.474 def296,715
Jan 1 to Nov 30
66,622,179 65,093,555 15.728,031 18,130,971
Chicago & Nor West_b_Nov12,130,561 11,315,957 1,404,897 1,896,629
Ind Harbor Beit_b___Nov 550,014
518.485 def30,816 def68,173
Jan 1 to Nov30
128.495,801116,619,478 20.457,893 18,881,507
Jan
1
to
Nov
5,997,295 5.061.456 def426,768 def684,141
30
Chi Peoria Sr St L_b____Nov 1210361
157,031 def83,093 def61,436
93,398
Mich_b__Nov
486,525 def58,422
Kanawha
275,226
&
Jan 1 to Nov 30
1,574,775 1,988,183 def639,704 def248,250
257,374 1,597,521
Jan 1 to Nov 30
3,957,191 5,472,767
Chi St PM & Om..b _ __Nov 2.637,756 2,348,526
520.059
446,235
118,161
841,434
def1,283
&
Lake
West_bNov
Erie
803,986
Jan 1 to Nov 30
25,319,887 22,583,986 4,210,504 3,660,687
976,614
Jan 1 to Nov 30
508,863
8,915,216 8,570,884
Chic R I & Pac..b
Nov 9,649,588 8,665,381
625,463
838,551•
Michigan Central_b__Nov 7.000,358 6,382,960 1,615.793 1,680,034
Jan 1 to Nov 30
101,427,337 91,445,672 14,375,008 14,000,265
15,330,278
61,951,200
19,410.521
Jan 1 to Nov 30
71,738,231
Chic R I & Gulf_b__Nov 493,822
423,104
107,275
116,151 New York Chi & St L_b_Nov 1,684,850 2,189,444
168,945
571,065
Jan 1 to Nov 30
4,536,434 4,065,467
824,716 1.097,475
Jan 1 to Nov 30
21,349,919 20,151,019 4,883,224 4,408,236
Chic Milw & St P_bNov 12,723.079 11,740.337 1,494,309
697,3'82
1,566,268
8,690,783
270,704
Hartford_b_Nov
9,527,248
H
&
N
Y
N
Jan 1 to Nov 30
137,783,972 122,323,007 12,266,716 11,339,317
96,602,392 93,6 6,060 12,831,119 14,707.515
Jan 1 to Nov 30
Cinc Ind & West_ b
Nov 297,930
263,106 def49,933 def21,737 N Y Ont & West_b
def56,647
750,649
def175,264
781,752
Nov
Jan 1 to Nov 30
2,861,231 2,868,440 def336,788
13,504
Jan 1 to Nov 39_0 _10,067,522 10,071,000 1,188,280 1,299.187
Colorado & Southern _b_Nov 990,237 1,246.539
70,314
417,865 N Y Susq & West_b
426,557 def11,614
93,993
Nov 333,719
Jan 1 to Nov 30
11,870,656 11,579,115 2.096,478 3,077,114
232,235
576,483
3,564,605 4,015,791
Jan 1 to Nov 30
Ft Worth & Den City b Nov 1,020,521
781,878
366,531
235,962 Norfolk & Western.],....Nov 6,872,060 7,910,910
764,986 2,185.140
Jan 1 to Nov 30
10,109.665 7,150,191 3,175,561 1,644,350
70,354,702 75,175,346 12,384,635 18,894,059
Jan 1 to Nov 30
Colorado& Wyoming_b_Nov
13,614
90,899 def13,850
22,301 Norfolk Southern_b_-__Nov 523,511
513,103 def27,393
53,398
Jan 1 to Nov 30
890,338 1,032,503
169,599
242,062
5,877,075 5,186,947
1 to Nov 30,
233,665
507,436
Jan
Dela Lack & West_b_Nov 6.140,294 6,264,230 1,348,226 1,728,890
118,763
Alabama_b__Nov
126,265
Northern
41,998
23,769
Jan 1 to Nov 30
65,516,900 62,730,353 14,551,074 17,636,486
1,079,558 1,285,494
115,041
390,466
Jan 1 to Nov 30
Denver & Rio Grande_b_Nov 2,829,990 2,935,490
565,431
633,483
10,028,583
9,410,239
2,634,705
Pacific_b
Northern
Nov
4,017,035
Jan 1 to Nov 30
29,850,620 28,482,681 6,493,404 5,644,765
92,656.752 92,841.867 23,096,559 28,295.191
Jan 1 to Nov 30
Denver &Salt Lake_b__Nov 261,474
177,453 def22,597 def263,240
88,363
12,197
80,213
7,185
Minn & Internat_b___Nov
Jan 1 to Nov 30
2,658,205 1.993.650 def648,598 def669,407
3,403
971.424
923,396
36,439
Jan 1 to Nov 30
Detroit & Mackinac_b__Nov 157,931
108,693
33,959 def82,717 Pacific Coast Co-a
def61.404
,
457,695
54,940
171,826
Nov
Jan 1 to Nov 30
1,538,284 1,397.192
58,385
49,980
200,542
363,971
2,087,948 2,447,375
July 1 to Nov 30
Det & Tol Sh Line_ b_ __ _Nov 210,934
178,115
83,182
86,084 Pennsylvaniab
Nov26,928,302 32,977,622df5,349,938 2,336,284
Jan 1 to Nov 30
2.255,356 1,794,798 1,097,513
787,522
345,812,671334,189,657 23,221,805 34,200,018
Jan 1 to Nov 30
Det Toledo & iron_b___Nov 322,772
326,846 def64,245 def82,385
10,006 def14,768
130,630
Balt Ches & Atl_b_ __ _Nov 126,276
Jan 1 to Nov 30
3,431,796 3,090,747 def379,175 def313,790
def5,832
32,595
1,486,508 1,301,305
Jan 1 to Nov 30
Duluth & Iron Range_ b..Nov 435,416
449,885 def29,361
def9.519
309,963
648,618
100,455
Cumber Valley_b____Nov 412,248
Jan 1 to Nov 30
7,833,187 8,859,778 3,555,761 4,428,214
960,940 2,010,732
Jan 1 to Nov 30
192,269 5,321,515
Dul Miss & North_b____Nov 1,035,878 1,377,248
199,292
732,395
Long Island_b
79.783
Nov 1,747,113 1,691,535 dof133.127
Jan 1 to Nov 30
19,734,662 21,303,126 12,484,837 13.819,743
Jan 1 to Nov 30
22,649,914 20,552,913 3,904,511 5,699,402
Dul So Shore & Atl_b__Nov 415,635
404.106
21,723
82,807
102,508 def36,324 def14,735
Mary Del Sr Va_b____Nov 105,546
Jan 1 to Nov 30
4,397,412 4,490,929
408,935
596,440
983,621 def25,008 def23,355
1,251,819
Jan 1 to Nov 30
East St Louis Connect_ b_Nov
89,109
99,320 def33,461 def14,015
740,538
44,923
74,207
N Y Phila St Nor_b-Nov 754,045
Jan 1 to Nov 30
1,099,045 1,038,035 def126,933 def174,123
Jan 1 to Nov 30
7,589,507 6,867,316 1,086,490 1,194,168
Elgin Joliet & East_ b___Nov 1,186,783 2,014,854
55,090
805,531
827,663
def190,040
769,394
def158,343
Sh_b_Nov
West
Sea
Jet
&
Jan 1 to Nov 30
17.315,078 18,647,486 3,791,506 5,204,712
803,813
11,166.879 9,808,431 1,007,167
Jan 1 to Nov 30
Erie_b
Nov 7,627,119 8,232,525
393,434
701,021
087,258
Pennsylvania Cob .Nov 8,444,196 9,200,040 def11,813
Jan 1 to Nov 30
83,677,123 79.679,000 3,612,239
338,206
97,634,792 86,575,710 11,689,008 8,732,515
Jan 1 to Nov 30
Chicago & Erie_b___Nov 884,406 1,104,758
153,536
302,247
633,873
81,934
80,859
Grand Rap & Ind_b__Nov 744,378
Jan 1 to Nov 30
9,504,852 9,902,470 1,653.041 1,173,190
787,079
935,408
Jan 1 to Nov 30
7,578,496 6,649,118
Fonda John & Glov_b....Nov
97,212
92.556
29,072
28,091
130,212
def28,209
Union_
&
def37,231
Pekin
101,555
Peoria
b_Nov
Jan 1 to Nov 30
1,139,587 1,023,980
405,566
393.182
Jan 1 to Nov 30
1,111,975 1,183,792 def418,508 def148,755
Grand Trunk West,bNov 1,878,972 1,864,402
256,356
418,612 Philo, & Reading,b
904,190
49,934
Nov 5,725,497 6,810,739
Jan 1 to Nov 30
20,408.488 17,165,003 4,401.123 1,153,723
Jan 1 to My 30
66,767,564 73,140,301 7,711,605 13,652,002
Great Northern_ b
Nov 9,418,964 10,155,810 1,078,802 2,545,966 Pitts & Shawmut_b____Nov
1,564
37,004
99,409
dof51,277
Jan 1 to Nov 30
98,444,269 90,812,866 19,525,539 16,663,831
56,857
Jan 1 to Nov 30
1,031,741 1,227,382 def182,766
Gulf & Ship Island_b___Nov 225,738
186,759
def4,704
17,453 Rutland..b
341,701
71,868 def48,761
Nov 448,926
Jan 1 to Nov 30
2.247,071 2,365,579
14,813
534,268
215,567
349,927
Jan 1 to Nov 30
4,423,785 4,199,930
Hocking Valley_b
Nov 796,447 1,071,034 def115,200
167,204 St L March Bdge & T_b_Nov 299,556
305,266 de129,070
def5,748
Jan 1 to Nov 30
10.797,806 12.456,617 2,031,912 2.802,937
2,853,612 3,370,304 def351,867
179,367
Jan 1 to Nov 30
Illinois Central_b
Nov 8,463,829 9,196,390 def204,933 1,518,599 St Louis-San Fran_b__ _Nov 6,997,915 6,451,898 1,636,228 1,484,036
Jan 1 to Nov 30
98,134,460 08.190,217 8,834,092 17,372,560
Jan 1 to Nov 30
71.361,399 63,778,875 16,760,558 13,535,038
Internat & Oct Nor_bNov 1,451.544 1,174,600
178,526
127,325
110,748
22,256
St Louis S Fr & Tex_b_Nov 141,124
1,092
Jan 1 to Nov 30
13,193,565 12,298.539 def586,154 1,858,367
96,509
Jan 1 to Nov 30
1,406,477 1,272,408
187,852
ganCityMex&Orient_b_Nov
77,315
27,284 def53,392 St Louis Transfer_b____Nov
224,767
12.021
99,376
77,650
28,862
Jan 1 to Nov 30
1,362,481 1.189,850 def444,881 def273,262
266.642
Jan 1 to Nov 30
1,024,556 1,015,968
150,922
Roads.
JAN. 3 1920.1
THE CHRONICLE
73
a Includes Milwaukee Light Heat & Traction Co. b Includes all sources.
—Gross Earn ngs-in milrels. g Includes constituent or subsidiary companies.
—Ts- f Earnings given
ligosiot
j'
Curit‘entEarn
Previous —
Current
/a Subsidiary companies only. 5 Lewiston Augusta & Waterville Street Ry.
Year.
Year.
Year.
Year.
&c.. not included in 1919. k Includes Tennessee Ry..
expenses.
earnings,
3
$
159,422 Light & Power Co., the Nashville Ry. & Light Co.. the Tennessee Power
152,406
Seaboard Air Line_b_ _ _ _Nov 3,539,892 3,362.067
37,495.978 35,313,920 3,662,532 5,507,642 Co. and the Chattanooga Ry. & Light Co. 1 Includes both elevated and
Jan 1 to Nov 30
153,331 subway lines. 5 Of Abington and Rockland (Mass.).
357,616
704,683
Roust & Tex Cent_b_Nov 1,075,362
8,660,112 8.240,926 1.680.958 2,353.076
Jan 1 to Nov 30
59,991
188,205
58,792
Houst E & W Tex_ b_ _Nov 221,717
Electric Railway and Other Public Utility Net Earn444,347
2,615,322 1,891,187
501,531
Jan 1 to Nov 30
ings.—The following table gives the returns of ELECTRIC
119,800
178,960
344,194
Nov 370,315
Louis Western_ b
3.766,800 3,973,791 1,324,489 1,852,117 railway and other public utility gross and net earnings with
Jan 1 to Nov 30
246,746 charges and surplus reported this week:
225,028
798,865
Morg L&T RR&N_b_Nov 751,934
7,085,702 7,511,098 1.281,509 2,532,154
Jan 1 to Nov 30
—GrossEarntngs-- —NetEarnings—
Southern Railway System—
Previous
Current
Previous
Current
Nov 1,376,662 1,188,430 def70,597 def19,868
Mobile & Ohio_ b
Year.
Year.
Year.
Year.
Companies.
619,217
14.118.260 13,499,826 def393,312
Jan 1 to Nov 30
37,648
36,052
148.180
South RR In Miss_ b__Nov 192,500
Co and Pitts
118,369 Beaver Val Trac
70,438
1,651.182 1.323,951
Jan 1 to Nov 30
8.744
12,081
46,281
51,066
& Beaver St Ry Co_a_Nov
478,225
614,379
Nov 3,287.872 2.602,899
Texas & Pacific_b
51,703
90,103
551,532
468,193
Jan I to Nov 30
32,598,691 24,241,738 5,406,223 4,886,577
Jan 1 to Nov 30
8,508
60,205 def18,645
968
Equitable Coke Co_a_ _ _Nov
766,087
95,933
220,585
Toledo St L & West_ b_ _Nov 773.784
268,693
215,251
Jan I to Nov 30846,055 1,180,203
7.423,814 7.568,076 1,150,833 1,664,580
Jan 1 to Nov 30
377,720
474,087
Illinois Traction Co_ a_:Nov 1,623,452 1,343.655
Nov 9,644,474 8,954.345 2,753,175 3.471.303
Union Pacific_ b
15,718,920 13,446,065 4,375,888 3,664,597
Jan 1 to Nov 30
Jan 1 to Nov 30
102,216.188 89,710,832 35.425,617 36,144.147 Philadelphia Co and SubsidiOregon Short.Line_b_Nov 3,480,564 3,044,868 1,567.995 1,192,772
635,496
415,763
ary Nat Gas Cos_a_ _ _Nov 1,063,713 1,215,168
Jan 1 to Nov 30
35,099,592 31,089.991 12,183,615 11,652,032
10,980,418 11,660,295 4,745,568 5,460,268
Jan 1 to Nov 30
672,340
Nov
214.755
4,312,597
b
_
4,270,769
Wabash
89.418
101.043
146,064
Philadelphia Oil Co_ a _ __Nov 160,481
Jan 1 to Nov 30
44.224,914 43,689,430 4.130.656 7,306,976
624.780
198,044 1,0d
54
er54
13.3
1,185.726
Jan 1 to Nov 30
Western Maryland_ b_ _ _Nov 1.123,170 1,384,843
12.730 def90,736 Porto Rico Rys
35,431
94,887
Nov
Jan 1 to Nov 30
484,407 def410,855
13.498,764 13,656,723
401,244
1,030,364
to Nov 30
Jan
Yazoo & Miss Valley_ b_Nov 2,320,573 2,173.895
625.267
716,180' 17th St Incl Plane Co_ a_Nov
888
3,471
3,517
Jan 1 to Nov 30
22,636,222 20,078,207 5,406,543 5.193,397
7,866
7.032
36,738
39,442
30
Nov
to
1
Jan
a Net earnings here given are after deducting taxes.
•
b Not earnings here given are before deducting taxes.
a Net earnings here given are after deducting taxes.
Balance,
Fixed
Net after
Gross
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Surplus.
Charges.
Taxes.
Earnings.
$
63,507
214,295
277,802
Jan. 1 to Lofts! Date. Chic Elev Ry Co Nov '19 1,314.929
Latest Gross Earnings.
202.194 def53,212
148,982
905,118
'18
Name of Road
x697
Current Previous Current
Or Company,
14,717
Previous
13,510
163,032
Nov '19
Duluth-Superior
7
Year.
564
,6
Year.
Year.
Month.
15.352 zdef7z
Year.
6,133
123,967
'18
Traction Co
160,956 x100,358
241,004
11 mos '19 1,761,803
163.437 x116.026
$
260,678
I$
'18 1,519,812
Adirondack El PowCo November 170.703 183,538 1,565,276 1,6 .3 1 Nevada-California Nov '19
x31 .223
57,939
88,819
181,204
November 289,411 29:3.552 2,648.682 2,727.958
Alabama l'ower
z17,179
55.540
72.244
150,299
'18
Electric Corp
Atlantic Shore Ry--- November
15,161 12,888
168.155
158.402
x672,654
626,708
1,294,362
2,361,212
'19
mos
11
98,274 73,541
Bangor By & Electric October
879,608
759,258
585,750 x451,837
'18 1,994,577 1,032,951
Baton Rouge Elec Co October
298.667
33,257 21.564
92,988
65,727
158,715
395,994
Blackstone V G & El. October
257,733 230.135 2,136.696 1,974.162 New Eng Co Power Nov '19
89,258
64,402
153,660
338,121
'18
System
611razillan Trac.L & P October
19980000 f8052000 193539,000185782.000
693,804
763,372
1,457,176
4,096,768
'19
mos
12
gBklyn Rap Tran Sys June
3260.157 2774.333 17.514.662 15.240.907
619.883
649,370
'18 3,448,055 1,269,253
Cape !Ireton Klee Co_ October
50.590 43,391
477.083412.595
x27,383
25,952
53,330
Cent Miss V El Prop_ October
205,670
277,583 NewpNews&ITamp Nov'19
341.776
37,261 28.327
x30,636
21,216
51,790
Chattanooga Ry & Lt October
230,308
171.517 151.946 1,547,620 1,499,619
'18
Ry, Gas & Elec Co
270,821 z372,127
November 1613.081 1821.5:1',20.219.929 20,4/4 251
Cities Service Co_
635,514
11 mos '19 2,510,793
x317.514
536,947
227,268
Cleve Painesv & East October
1,996,921
'18
56,770 43,362 . 577,993
460,188
Colorado Power Co__ October
908,280 1,060,971 Puget Sound Trac, Oct '10 *772,894
91,485 109,350
210,210 x131.964
279,673
gOolumbla Gas & Elec November 1118.742 974.329 10,644,345 10.329,019
'18
Light & Pow Co
Columbus (Oa) El Co October
972.816
128,697 96.231 1,070.067
10 mos '19 8,061.931 2,551,041 2,077,434 z911,107
ComWth P. Ry & Lt November 2446,264 2022,847 23.375,883 19,738.840
'18
Connecticut Pow Co- October
815.461
112,770 91.027 1.025.126
x43,664
114,694
161,866
575,154
Consult' Pow (Mich). November 804,655 654,640 7,363,235 5.916.499 Republic Railway Nov '19
x16,377
111,635
85,640
436.978
'18
&
Light Co
j_Cumb Co(Me)P & L October
241017 247.729 2,267,147 2,663,996
11 mos '19 5,593.128 1,532,284 1,256,260 x361,194
Dayton Pow & Light_ November 297,592 260.472 2.600.048 2.162.929
1.148,908 x219,423
1,277,052
5,027,196
'18
November 1615,615 1322,436 14.746,417 12,386,394
gDetroit Edison
206,603
249,880
955,944
920,790
°Detroit United Lines October
2356,839 1568.263 20.219.159 15.672,256 Southern California Nov '19
249,488
184,362
688,681433,850
18
Edison Co
Duluth-Superior Trac N ovember 163,032 123,9.7 1,761,803 1,519,812
12 mos '19 10,481,694 6,135,996 3,103,430 3,032,566
East St Louis & Sub.. October
426,530 391,548 3.476,815 3,442.480
'18 8,608,980 5,308,560 2,922,345 2,386,215
Eastern Texas Elec October
924.739
123,980 87.851 1.137.872
Edison El of Brockton October
882,128
653,472
99,390 74,036
* Gross earnings from street railway lines in Seattle eliminated by sale
Bloc Light & Pow Co October
237,468
185.213
27.577 21.250
g El Paso Electric Co_ October
141.605 95.246 1.272.475 1.028.760 of property to the city March 311919.
x After allowing for other income received.
Fall River Gas Works October
588,876
623,444
75.399 65.921
Federal Light & Trac. October
330,397 276,854 3,152.012 2,853,380
Balance,
Fixed Chgs.
Net
Gross
Fort Worth Pow & Lt October
123,875 112.621 1,165.344 1.068,284
Surplus.
Earnings. Earnings. et Taxes.
Galv-lious Elec Co_ _ october
254,514 20,.069 2.656.894 2.193.562
g Great West Pow Sys Oetober
420,451 401.070 4.291.378 3.769.346 Commonwealth
237,527
710,798
948,325
Nov '19 2,446,264
Harrisburg Railways_ October
134.848 94.875 1.316.081 1,071,095
174,310
656,917
831,227
'18 2,022,847
Power & Light Co
871,621 733,443 7,596,468 6.775,950
Havana El Ry, L & P October
11 mos '19 23,375,883 9,534,955 7,520.181 2,014,774
Haverhill Gas Lt Co_ October
310.352
38.2i 1 28,260
271,696
717,401
6,834,645
7.552,046
'18
19.738,840
644,762
Honolulu R T & Land November
687.463
63,693 60,334
281,143
166,234
447,377
804,655
358.383
336,149 Consumers'Pow Co Nov '19
Houghton Co El L Co October
39.855 34.431
209,665
169,653
379,318
654,640
'18
243,579
21,813 21,061
267,978
Houghton Co Trac Co October
12 mos '19 8,054,839 4,259,704 2,200.931 2,058,772
Hudson & Manhattan July
470.293 385,024 3.484,836 2,844.732
'18 6,489,942 3,347,079 1,869,469 1,447,609
b Illinois Traction_ _ _ November 1343,655 1243,066 13.446,064 12,275,726
12,362
13,243
1 Intorboro Rap 'I'ran NovembPx 4286,850 3435,686 42,786,007 36.999,648 Ilonolulu Rapid
25,605
63,693
Nov '19
14,624
13,019
756,078
27,643
682.791
Jacksonville Trac Co_ September
81,609 97.820
60,334
'.8
Transit & Land Co
153,686
145,207
Kansas Gas & Elec Co October
222,478 163.940 2.107.412 1,665.862
298,893
687,463
11 mos '19
Keokuk Electric Co.. October
256.874
146,757
217.588
140,901
27.052 21,699
287,658
644,762
'18
186.429
161,314 Norther Ohio
Key West Electric Co October
19,650 18.163
104,384
172,991
277,375
847,357
Nov '19
Lake Shore Elec Ry_ _ October
221,749 176,118 2,162,512 1,809.869
154,189 def10,588
143,601
579,577
'18
Electric
Co
Long Island Electric_ July
141.140
129.487
27.960 26,602
961,582
1,847,098
8,375,459
2.808.680
'19
mos
11
Louisville Railway... October
264.074 288.175 2.897.580 3,052.532
618,524
'18 6,577,320 2,205,723 1,589,199
Lowell Electric Corp_ October
798.924
700,774
84.545 79.632
60,209
216,062
Manhat Ildge 3c Line July
90,091
12.843 12.301
81.942 Twin City Rapid Nov :19 1,005,155
23,662
180,826
204,488
Transit Co
aMIlw El Ry & Lt Co November 1413,277 1129,394 13.350.925 10,833.107
919,611
11 mos '19 10,236,620 2.883,775 1,964,164
Mississippi Itiv P Co. October
211.194 180.537 1.905.752 1.841.194
671,775
1,809,100
2,480,875
8,799,564'
'18
Nashville Ry & Light October
269.205 235,249 2,635.571 2.317.048
New England Power. November 395,994 338,121 3,720,026 3,180,540
Nowp N& Ry.G&E• November 205,670 230.308 2,510,793 1.996,921
New York Dock Co November 444.785 460,339 4,726,811 4,906,924
324.217
264.870
55.066 54.255
N Y & Long Island July
ANNUAL REPORTS
14.431 15.838
88.619
84.186
N Y & North Shore July
101.787 91.641
622.443
535.282
N Y & Queens County July
1077.896 905.830 8.342.663 6,519,757
New York Railways_ July
Erie Railroad Company.
Northern Ohio Eloc_ _ November 847,356 579,577 8,375.459 6,577,320
331.137 200.633 2,758.070 2,464.099
North Texas Electric_ October
Report Year Ended Dec. 31 1918)
Annual
(24th
39.429
112.196
85.347
30.336
Ocean Electric(L I) July
186,945 154.800 1,772.20 1.525.430
Pacific Power & Light October
President Frederick D. Underwood, New York, April 8
43,856 40.173
456.713
406.479
Pensacola Electric Co October
69,130 59.268
476.825
400.642 1919 wrote in substance:
August
Phila & Western
Plana Rapid Trans Co November 3055,953 2717,881 32.216.937 28,253,423
and Betterments.—The net road and equipment expenditures
195.118 166.66; 1,770.982 1,459.983 forAdditions
Portland tins & coke. iicteber
the yearv as reported by the Federal Administration, and subject to
725.635 627.971 7.101.729 6,288,847 acceptance
Port(Ore)Ry,L&PCo October
your company are as follows:
by
Republic Ry & Lt Co November 575,153 436,978 5,593,128 5,027,196
Owned lines. Leased lines. Total.
Road—
310,487
53,951 47.903
257.114 Land
Richmond Lt & ER.. July
$31,938 $193,640 $225,578
purposes
transportation
for
St L Rocky Mt & Pac October
392,828 449,085 3,406,343 4,366,541 Rails
155.966
301,836
146,369
64,367 57.839
495.658
440.507
Santiago 111 Lt & Tr._ August
158.362
334,600
176,238
track material
128,197 106,444 1,159.363
964.594 Other
Savannah Electric Co October
298,545
597,179
298,635
Ballast
Second Aventte (Roe) July
502.317
88.561 80.718
472.471 Track laying and surfacing
243,783
343,327
99,544
117.898
22.900 16.390
Southern Boulevard_ _ June
99.400 Crossings and signs
34,816
204.076
169,259
Southern Cal Edison_ November 920,790 668,681 9,669,821 7,923,581 Station and office buildings
327,756
135,401
192,354
Staten Island MidI'd_ July
200,023
42.028 31,539
163,839 Fuel stations
22,736
420,577
397,841
868.073 Shops
Tampa Electric
111.991 82,786 1.027.795
October
795,292
567,628
227,664
and engine houses
Tennessee Power_
183.930 190.335 1.787.528 1.780.833
October
286,654
149,107
137,548
538.034 496.257 5.215,005 4.974.661 Shop machinery
kTenn Ely, Lt & P Co October
330,334 308,131 2.756,506 2.607,764
Texas Power & Lt Co October
$2,196,615 $2,548,804 $4,745,420
Total (including all other items)
Third Avenue System_ November 975,364 781,242 10.403.519 9,035,843
Equipment, $479,717; less credits account property destroyed or sold as
286,313
50.426 51.366
240.805 shown
DDEB&BRE June
Administration, $516.038; balance,
RR.
S.
U.
the
of
books
the
upon
42dStM&StN A v Ry June
879.231
160,503 140.262
799.125
$36,321.
274.226 255.823 1.407.661 1.302,869 credit,
Union RyCo(N Y0). June
Equipment Obligations.—Balance outstanding Dec. 31 1917, on equip479.795
97.567 72.552
395.598 ment
Yonkers Railroad June
was $15,962,000; payments made during the year. $2,488,obligations
367 300
338.642 000: leaving a balance
68,220 58.271
N Y City Inter Ry. June
of 313,474,000.
292.776
298.4.70
48.577 48.053
Belt Line Railway.. June
Capital Stock.—The outstanding capital stock was increased during the
June
348.060 316.629 1.999.917 1.909.852 year
Third Avenue
Preferred Stock and $103,000 of Common Stock
First
of
$12.000
by
Twin City Rap Tran_ November 1005,155 748,352 10,236,620 8,799,564 issued for acquisition of Preferred
and Common Stock of New York SusVirginia fly & Power_ November 824,996 647.196 8.322.019 7.187.101 quehanna & 'Western RR. Co.
1.820.554
2.325,230
October
147,060 220.080
Wash Halt & Annap...
no increase during the year in the amount
been
has
Debt.—There
Bonded
306.435
272.214
61.089 54.888
Westchester Electric_ June
bonds issued under the First Consolidated Mortgage Deed, General
407.1189
348.572 of
45,500 34.055
Youngstown & Ohio. October
Mortgage or the Refunding and Improvement Mortgage. (As to extension
Roads.
74
THE CHRONICLE
[VOL. llo.
of bonds maturing July 1 1918 and April 1 1919. see V. 106. p. 2756; V.
Florida East Coast Railway (Flagler System).
108. p. 1164.1
The total amounts of bonds issued under these mortgages are: (1) First
(Report for the Fiscal Year ended Dec. 311918.)
Consol. Mortgage Deed: (a) prior lien bonds, $35,000,000; (b) general
lien bonds, $55,104,000; (2) General Mortgage: convertible bonds, $50.President W. H. Beardsley, New York, Nov. 6 1919,
000.000; (3) Refunding and Improvement Mortgage: bonds, $15,000,000. wrote
in substance:
During the year we were authorized by,the proper regulatory bodies to
During the year ended Dec. 31 1918 the Florida East Coast fly. was
issue $12,500,000 of Series "B" Gold Bonds under the Refunding and
Improvement Mortgage, none of which, however, were issued as of the operated by the United States Railroad Administration.
No contract has been entered into between the United States Governclose of the year. These bonds were authorized
to reimburse the Treasury ment
for capital expenditures made to and including
the company due to the fact that the exact amount of standard
311917, and to be returnand
has not as yet been adjusted. The amount shown in this report
applied toward certain expenditures made and to Dec.
made subsequent to as
be
the standard return has been estimated.
Jan. 1 1918..
There are now owned by the company,
: general lien bonds, $13,000,000;
CORPORATE INCOME STATEMENT FOR CALENDAR YEARS.
convertible bonds, $3,357,900; refunding and improvement mortgage
1917.
bonds, $15,000,000.
1918.
1916.
Mileage
operated
Income Statement.-Compensation, due annually under Federal control
764.75
764.75
764.75
(standard return), $15,729,068; other corporate Income, $5,317,551; gross Estimated compensation
$2,338,590
Income $21,016,619; deductions from gross income, $13,799,109; applied Net earnings
113,638,972 $3,169,671
Transportation
(water line)
to sinking funds, $1,027,140; balance, surplus, $6,220,370.
1,261,573
Note Issues and Other Financial Items Shown in Balance Sheet.-There is Income from unfunded securities, &c_
21,420
77,141
48,798
an increase of $1,106,013 in the account "Sinking
funds", representing
Gross income
principally increased balance in Pennsylvania collateral sinking fund.
$2,360,010 $3,716,113 $4,480,042
Deduct- •
The increase [of $165,1011 in "Other Investments-Stocks" is principally
$128,060
$570,632
explained by the aciuisition during the year of additional stock of The Taxes
$373,800
61,094
Sharon Railway. The increase [of $3.348.400] in "Bonds" is explained Expenses prior to Jan. 1 (net)
by acquisition, through subscriptions, of Liberty Loan Bonds and receipt Corporate expenses
16,556
Hire
of
equipment
from a coal company (whose stock is owned by your company) of dividend
120,562
115,611
Rentals, &c
paid in Liberty Loan Bonds.
16,097
20,615
540,000
540,000
540,000
The decrease in "Securities issued or assumed-Unpledged Bonds," is Interest on 1st mtge. bonds
explained by the pledging of $545.000 convertible bonds and $5,900,000 xInterest on gen. mtge. bonds____(5%)1,250,000 (5)1,250,000(74)1875000
refunding and improvement mortgage bonds under short term note,s,which Other interest, &c
61,822
178,385
29,894
notes it was necessary for the company to issue the early part of the year
Total deductions
for the purpose of providing funds to carry on the business.
$2.057,532 $2,526,752 $3,103,844
"Securities issued or assumed-Pledged Bonds,"increased $7,382,000 due Balance, surplus
$302,477 $1,189,361 $1,376.198
to the pledging of $545,000 convertible bonds and $2,780,000 refunding
x The 18-months' interest payment of 7j. % on Gen. Mtge. incomes from
and improvement mortgage bonds under a $3.000,000 loan from the U. S.
Government, the proceeds from which loan are included in the accounting earnings of 1916 resulted from change in date of payment from Nov. 1
to April 1.
between the U. S. RR. Administration and your company.
In addition there were $3,120,000 refunding and improvement mortgage FEDERAL INCOME STATEMENT[FROM REPORT I. S.C.COMM.-Ed].
bonds pledged under various short term bank loans. The further increase
AS COMPARED WITH CORPORATE ACCOUNT FOR PRIOR YEARS.
of 8937,000 is explained by the pledging of that amount of Erie RR. Com1918.
1917.
1916.
pany, Buffalo & Southwestern Division 2nd lien 5% gold bonds under a
Freight
$5,062.713 $4,292,809 $3,929,502
short term loan. [As to refunding at 6% interest of S15,000,000 2-year 5%
Passenger
2,578,389 2,588,027
2,163,003
notes due April 11919. See V. 109, p. 1060. 1164.1
} 1,200,1201
799,467
771.646
The increase in "Loans and bills payable," 37239,150, is explained by Mail,express, &c
1
459,864
230,776
the $3,000,000 collateral note issued to the United States Government, Incidentals, &c
referred to above, note for $1,000,000 issued in connection with the subTotal operating revenues
$8.841,222 $8,140,167 $7,094,927
scription of equal amount to the Fourth Liberty Loan,$950,000 of demand
Expensesnotes issued to coal companies, and various short term notes issued to banks
Transportation
$3,798,948 $2,482,408 $1,886,476
for temporary,financing, less payments on notes heretofore issued.
Maintenance of way, &c
1,176,625
809,942
736,690
Accounts With U. S. Administration.-The principal changes in current Maintenance
of equipment
944,814
1,540,285
1,030,352
assets arise from the fact that the property taken over by the Government Traffic
107.134
115,240
Included, in accordance with the Federal Control Act, cash, net balance General_
193,533
224,690
receivable from agents and conductors, material and supplies on hand, Miscellaneous
operations
1 226,8451
46,291
70,546
and certain working funds as shown on the books of your company Dec.
Cr.192,720
Cr.28.944
31 1917. We have shown in detail in the balance sheet the accounts as Transportation for investment
stated to date with the United States Railroad Administration, which are
Total operating expenses
$6,742,703 $4,501,195 $3,925,257
subject to future adjustment.
$2,098,519 $3,638,972 $3,169,670
No record has yet been made of the accounting between the Adminis- Net earnings
tration and the company for the year 1918 in connection with the over or
GENERAL BALANCE SHEET DEC. 31.
under maintenance of your properties, nor has there been included in the
1918.
1917.
1918.
1917.
balance sheet in this report the amount of interest due the Federal AdAssetsLiabilities$
$
ministration for deferrers payments by your company account of additions Road &equipm't_52,504,829 50,836,277 Common
stock._
12,500,000
12,500,000
and betterments expenditures, nor interest on the quarterly balances and MIse.phY.prop.,dre
48,451
46,281 Equip obligations. 1.100.000
540,000
amounts due us as additional compensation on completed additions and Inv.affil.cos.(stits.) 106,099
106,099 First Mtge. bonds_12.000 000 12,000.000
betterments projects, the information for which has not yet been comdo notes
92 Gen. Mtge. bonds_25,000 000 25,000,000
92
pleted by the Federal Administration.
do advances ..... 299,293
299,252 Loans & bills pay- 300,000
The unpaid compensation ot which your company was entitled, as of the Other
Traffic, &c., bal._
investments.
659,247
659,745
926
65,480
close of the year, was $4,729,068.
Cash
060,642 Accts. & wages_
45,826
0,440 1,128,237
General Results.-The absence of net earnings to the U. S. RR. Admin- Cash
for mat'd int.
19,103
11,853 Miscellaneous.._
7,575
84
istration from their operations of your property is largely attributable
bills roe 1,102.543 1,211,092 Int matured unpd
19,103
12,645
to the weather conditions in January, and February; a diversion of Erie Loans debal.,
55,220 Unmet. Int. accr... 1,316,167
&c.-676,433
8.886
traffic to other lines; a shortened haul on its coal tonnage (both war meas- Traffic
& ccndue're
97,811 Tax liability
55,111
184,566
ures), coupled with extraordinary costs of labor and material. For obvious Agents
Miscellaneous
233,272
626,015 Accr. depreela'n
1,001,652
863,282
reasons it is possible that the cu:rent year will show an improvement.
Material de sumo1,103,739 U. S. Govt. unadJ.
Of the total operating expenses $62,557,075 or 64.22% was paid to U.S.Govt.comp.ree
1,988,590
3,928,301
credits, (to
122,958
labor, as compared with $39,381,944 paid in 1917. an increase cf $23,175,- Deferred
assets... 3,294.940
144,781 Add'ns to prop Inc
131 or 58.85%. The average number of employees was 47,676 as compared Unadjusted
45,407
153,163 & surplus
59,054
debits
36,678
with 44,796 in 1917, an increase of 6.43%•
3,060,141 2,866,207
Profit & loss
Federal Compensation.-Your company made large expenditures shortly,
before the period of Federal control for additions, improvements and equipTotal
60,356,578 56,014,062 Total
60,356,578 56,014,062
ment which were not reflected in the railway operating income of the three
test years or in the standard return, but substantially increased the value -V. 107, p. 2008.
and the earning capacity,of the property taken over by the Government.
Duluth Missabe & Northern Railway.
In the opinion of your directors, your company was entitled, on account
of these expenditures, to a reasonable compensation in addition to the
(Report for Fiscal Year ending Dec. 31 1918.)
standard return and claim for such additional compensation was presented
to the Railroad Administration. This claim was approved in part by the
COMBINED FEDERAL AND CORPORATE INCOME ACCOUNT.
Compensation Committee of the Railroad Administration, but was finally
1917.
1916.
1918.
1915.
disallowed by the Railroad Administration.
Freight (iron ore)
$18,962,183 $12,758,570 $12,417,011 $8,673,727
do (miscellaneous).. 1,262,565
1,347,052
937,569
607,294
The comparative Federal and corporate income state- Passenger
401,533
369,023
443,550
306,073
ments were given in V. 109, p. 2166:
Other transport'n rev_ I 886,9721
278.675
255,982
127,381
1
Incidental, &c., revenue.!
520,770
409,693
135,075
OPERATING STATISTICS FOR CALENDAR YEARS.
1917.
1918.
1916.
Total oper. revenue-$21,545,270 $15,306,600 $14,389,278 $9,909,549
No.tons mdse. freight carried
23,420,989
24,036,100
25,277,010 Maint, of way, &c
$1,902,945 $1,798,367 31,499,293
$915,747
No.tons of coal & coke carried
22,759,747
19,082,331 Maint. of equipment
20,296,553
1,722,262
1,383,364
1,375,043
1,123,072
Tot. no. tons all fgt. carried__
43,717,542
46,795,847
44,309,341
34,253
44,220
42,136
23,555
Tot.no,tons all fgt. carr.1 m-10,735,612,982 10,489,516,224 9,770,367.097 Traffic expenses
Transportation
3,788,755
3,381,431
2,573,318
1,606,362
Avge. tea. per ton per mile __
.715 cents
.584 cents Miscellaneous operations
.584 cents
16,332
16,613
14,256
13,018
Freight rev, per train mile_ _ _
34.59048
35.67757
34.08222 General expenses
492,886
516,660 ' 188,348
159,265
Av.no.tons fgt. in each traln__
786.01
793.65
698.45
No. of passengers carried_ ___
26,489,103
28,775,775
28,381,417
Total oper. expenses- $7,95e7,433 $7.140,655 $5,692.464 $3,841,019
No. pass. carried one mile__ 687,889,711
648,328,503 628,394,532 Net earnings
$13,587,837 $8,165,945 $8,696,814 $6,068,530
Avge. fare per pass. per mile_
1.607 cents
1.838 cents
1.607 cnets Net operating income_
--- -7,402.153
Pass. train rev.per train mile..
31.61919
32.03392
$1.41518 Fed'I Compena'n steer_ x5,122,051
Gross revenue per mile of rd_
$43,784.51
835,319.88
$32,918.33 Other income
125.241
187,701
209,596
131,577
BALANCE SHEET DECEMBER 31.
Gross
income
$5,247,292
$6,256,231
$8,906,410
$7,533,730
1918.
1917.
1918.
1917.
Interest on funded debt_ $570,702
$633,055
$609,218
$590,667
Assets188,166
31,223
180,580
96,455
Road & equip't_307,079.819 304,631,446 Common stock_112,481,900 112,378,900 Rental of leased roads
Miscellaneous charges_ 109.691
35,538
50,404
4.088
Improvem'ts on
let prof. stock__ 47,904,400 47,892,400 Federal
taxes
507.492
1,546,1183
leased ry. prop. 25,262,841 22,710,577 2,1 pref. stock__ 16,000,000 16,000,000
8,023
544,584
873,126
7,810
Sinking fuhd___ 10,852,804 9,746,791 Morgage bonds213,378,900 213,427,900 Miscell. tax accruals_
3,084,375
2,056 250 4,112 500
Inv.in Mill. cos.:
Collateral bonds 37,699,500 37,699,500 Dividends
do rate per annum_
(56%4
Stocks
94,221,967 94,060,747 Collateral notes_ 15,000,000 15,000,000
amortization_
General
_
_
389,780
341,318
15,048
392,94
Bonds
38,344,622 38,153,522 Miscell. obliges
616,173
799,284
111,288
Notes
1,477,202 1,127,202 Equip. oblig'ns. 13,474,000 15,962,000 For retirement of bonds_
Advances
7,144,424 6,581,185 Loansdrbilis pay. 15,181,050 7,941,900
surplus
Balance,
$2,749,669
$3,473,435
$1,474,850
$2,754,705
Other Inv., drc- 3,881,739
369,415 Traffic, &c., bal.
2,285 3,395,117
Cash
3,307,761 5,953,179 Accts. & wages_
416,716 9,123,068
x This total entered in the accounts but does not represent an amount of
Special deposits_
294,911 3,481,538 Int., dec.,matur. 2,991,680 2,696,516 compensation
agreed upon, no contract having been entered into with the
Traffic, &c., bal.
300,736 1,257,245 Acor. int., &c_. 2,833,139 2,890,755 United
States Railroad Administration.
Agts. & conduc_
4,937,971 U. S. Gov. nab_ 29,652,135
Note.
-The
above account includes an adjustment credit of $331,330,
Mat'l & &tonnes
8,518,218 Miscellaneous __
273,981
966,039 account of Federal
taxes for the year 1918, entries for which were made in
Miscellaneous.. 1,300,198 4,735,883 Deferred charges 1,236,196
521,986
Sec. iss. or ass'd:
Accrued deprec. 14,961,501 12,803,595 1919, but as of Dec. 31 1918.-V. 107, p. 2007, 1003.
Pledged •
44,161,000 36,779,000 Unadjust.credits 1,279,093 2,170,575
Unpledged ____
352,900 6,797,900 Add'ns to prop'y
New York Railways-also Queensborough Allied Lines.
Deferred assets_
252,974
271,708 thro. Inc. & sur 7,733,545 7,733,545
(Experts' Report-Earnings, Actual and Estimated.)
Unadj. debits__ 1,244,253 2,636,369 Fund.dt. retired
U. S. Govt. unthro. Inc. dr stir
138,590
89,469
The report of Stone & Webster in the Interborough Conpaid compen_ 4,729,068
Skg. fd. reserves 10,605,415 9,627,397
Other U.S. GovProfit and loss__ 33,780,838 33,029,950 solidated Corporation receivership case has already been
ernm't assets_x33,361,817
cited as regards its general conclusions and
)
14 06%
Total
577,571,037 552,749,896
Total
577,571,037 552,749,896
x Includes cash, $5,953,179: agents and conductors bal., $4,937,179,•
materials and supplies, $8,518,218; working fund advances, $2,350; accrued
depreciation, $2,157,905; corporate transactions, $2,696,775; assets collected, $8,382,761, and revenue prior to Jan. 1 1918, V12,657.
-V. 109, p. 2166.
(75%)
also with respect
to the earnings of the subways and elevated lines of the Interborough system in "Chronicle," V. 109, p. 2356 and 2436.
Regarding the surface lines it says in substance:
The following estimate for 1920 (Table 1) includes the revenue from the
2-cent charge for transfers which was put into effect Aug. 1 1919, and the
increase in operating expenses due to the 25% wage increase effective
THE CHRONICLE
JAN. 3 1920.]
75
-Capital Stock and Owners- -Bondsand Notes and OwnersAug. 17 1919, and disregards entirely the partial disintegration of the
Public.
Total.
Total. Interbar
Interbor. Public.
Securities Out.
system which has occurred since June 30 1919.
$
$
assumagain
$
and
basis,
$
present
$
the
upon
standing
If operating expenses continue
30,200 3,235.000 3,526.307 2,214.000 5,740.307
ing the operation of the lines as one system, an increase in the rate of fare N. Y.& Qu. Co. Ry.3.204,800
2,318.754
to
revenue
2.318,754
insufficient
provide
still
will
respectively,
account.
n
opt
do
cents
to 7 cents and 8
pay fixed charges as is shown by the following estimate (Table 2) for the N.Y.& L. I Tr.Co. 493.000 507.000 1,000,000 500,000 500,000 1,000,000
Long I'd El, Ry,Co. 309.000 300,000 600.000 300,000 300.000 600.000
fiscal years ending June 30 1921 and 1922. In these estimates of earnings
we have made allowance for the decrease in the number of passengers which
that fares
3,997,800 837,200 4,835,000 6,845,061 3,014,000 9,659,061
Total
always results from an increase in fare. We have also assumed
at lease as high will be simultaneously charged on the rapid transit lines
-V. 109, p. 2357.
lines.
surface
the
operating in the territory served by
Maxwell Motor Co., Inc.
The situation will not. In our estimation, be materially improved for some
time. The growth of surface line traffic in Manhattan has been practically
Report-Year ending July 31 1919.)
Annual
(6th
at a standstill for the last decade.
due to there
The physical condition of the surface lines has deteriorated,
was published in full in last week's
1919
for
and
report
The
properties,
the
to
maintain
adequately
Income
having been Insufficient
so long as the Income issue, p. 2448.
The comparative income account was
this process of deterioration Is bound to continue
remains insufficient. It will require an average expenditure of $2.100,000
given on page 2437.
per year for the next six years above the average expenditures of recent
CONSOLIDATED BALANCE SHEET JULY 31.
years, to put the surface lines In good condition.
of
surrender
with
the
begun
has
which
system
the
of
disintegration
1918.
The
1919.
1918.
1919.
the 8th and 9th Avenue lines(V. 109, p. 173, 1080) and the discontinuation
Liabilities$
Assetsto continue unless
1st pref. stock_ __ _13,133,342 13,336,642
of the Storage Battery Lines (V. 109, p. 1080) Is boundbreaking
estate, bidgs.,
Real
the
of
up
the
be
will
result
The
fare.
increased
there can be an
mach.& equip_ _10,249,134 9,183,843 2d pref. stock..._10.127,468 10,127,468
cannot
system into a number of independent lines, fully half of whichThus
100,000 Common stock...12,855.158 12,805,158
100,000
the Investments
466,782
operate without a loss and will, therefore, have to be abandoned. be greatly
Div. warrants__ 700,174
models,
Good-will,
will
serve
they
whom
public
the
to
value of the surface lines
168,382
Mtg.&land contr's
98,382
tradepatents,
service
impaired. The people of Manhattan can never have satisfactory
adv.
Govt.
S.
U.
marks and trade
from the New York Railways Company's lines unless they are reassembled
on contracts__ 6,893,591 5,614,944
25,224,109
25,012,409
names
inan
without
accomplished
Into a single system, and this cannot be
14,197,655 16,283,387 Notes payable_ _ 6,2.50.000 4,160,000
Inventories
creased fare.
879,715 Plant depreciat'n. 3,342,679 2,333,377
Notes receivable 1,176,808
157,525
Accts. receivable 1,385,926 2,611,584 Accts.doubt.of coll.
TABLE 1-RESULTS WITH ACTUAL FARES, YEARS END.JUNE 30
Notes rec. diseted 719,915
206,845
Can,
war
&
S.
U.
1918-19. 1919-20 (est.)
1917-18.
1916-17.
773,750 Accounts payable. 3,432,522 2,334,125
1,079.300
bonds
loan
813.900,000
$12.417,679
$12,547,152
earnings
812,141,709
Gross
500.150
Accrd. wages, &c. 855,S57
9,301.694 11,169,608 15,020,000 Adv.to Chal's fac. 4,196,015 2,398,116
Oper. expenses and taxes 8,900.822
419,087
65,837 Customers' depos. 235.266
58,406
Load .off.,net as'ts
Liberty bonds sub115,486
Int.rec.Gov.contr_
f$1.120,000
S1.248,071d
$3,245,458
Net earnings
$3,240,887
209.543
397.779
scriptions
119,405
Ins. & taxes prep'd 219,417
Fixed charges-Rentals_ $2,103,320 $2.098,885 $2,066,209 $2,067,000 Cash
2,940,975 2,889,938 Sight drafts on cus1,365.000
1.356.820
1,300,206
1,285,621
Interest charges
951,931
tomers' disc'ts__ 867.275
1,145,447 1,783,190
sSight drafts
60,000
660,000
10,724 Res've for coming
1,157
fund
Total fixed charges._ $3,388,941 $3,399,091 $3.423,029 $3,432,000 Sinking
x9,681.613 8.587,125
Surplus
$153,633 $2,174,958 $4,552,000 Claimsundercontr.
$118,054
Deficit
with
U.S.
Govt.
8,488.371
1,530,000
1,530,474
1,530,474
5% on Inc. Adjust. bonds 1.531,349
70.251,021 62,419,084
Total
70.251,021 62,419,064
Total
$1,679,403 $1,684,107 $3,705,432 $6,082.000
Deficit
30.
(discounted,
JUNE
END.
collection
YEARS
for
out
of
FARES,
attached,
lading
bills
a Sight drafts with
TABLE 2-EST. WITH INCREASED
Year 1920-21-- -Year 1921-22-- $867,275 as per contra side).
into account
taking
after
above
as
stated
is
year
The
for
1919
cents.
x
the
surplue
8
cents.
7
8 cents.
7 cents.
including excess profits tax and
$17,428,000 $18,235,000 $17,800,000 $18,625,000 all costs, expenses and other deductions basis.
Gross earnings
provision was
no
1918
In
approximate
on
tax
an
Income
calculated
15,144,000
15,124.000
15,132.000
Oper. expenses and taxes 15.112,000
made for excess profits taxes.-V. 109, p. 2437.
$2,316,000 $3,103,000 $2,676,000 $3.481,000
Net earnings
$2.067,000
$2,067,000
Firestone Tire & Rubber Co., Akron, 0.
$2.067,000
Fixed charges-Rentals. $2,067,000
1.365.000
1.365.000
1.365,000
1.365,000
Interest charges
Total fixed charges...._ $3,432,000 $3,432,000 $3,432.000 $3,432,000
$49,000
$756,000
3329.000
$1,116,000
Deficit
1,530.000
1.530,000
1,530.000
5% on Inc. Adjust. bds. 1,530,060
82.646.000 $1,859.000 $2.286.000 $1,481,000
Deficit
Securities Outstanding for the New York Railways Company System.
Total
Owned by
Issued.
Public.
Int.Con.Corp. N.Y. Rys.
(a) Stocks$2,434,002 $17,495,060
New York Railways Co-$15,061,058
Leased Lines2,100,000
699,800
$1,400,200
Broadway & 7th Ave..
2,850,544
2,850.544
N. Y. & Harlem RR.*
42nd St. & Grand St.
748.000
294,800
400,000
53,200
Co
Ferry Ity.
1,750.000
1,760.000
8th Ave. RR.(incl.scrip)
800.000
800,000
9th ye. RR
600,000
92,500
507,500
23d St. Ry. Co
Bleecker St. & Fulton
900,000
46.400
853,600
Ferry RR. Co
2,000,000
2,000.000
6th Ave. RR. Co_
Christopher & 10th St.
650,000
650.000
RR Co
$15,114,258 $3,161,300 $11,618,046 $29.893,604
Total stocks
(b) Bonds and NotesN. Y. Rys. Co.:
$1,041,342 $17,022,198 $18.063.540
1st Real Estate 4s
30,609.487 30.609,487
Adjustment Mtge. 5s..
2.250
2,250
Scrip 4%
Lines):
(Owned
Underlying
5.000.000
5,000,000
Lox. Ave. & Pay, Py.55.
3,000,000
3.000.000
Columbus & 9th Ave. 5s.,
1,500.000
1,499.000
1,000
Broadway Surface 5s.._
350.000
350.000
South Ferry 54
900,000
900.000
Metropolitan Crosst. 5s_
-150;64545 3,360.809
3,110.809
Central Crosstown 08..
Leased Lines9.650,000
1,500.000 8,150.000
Broadway & 7th Ave. 5s
1,900.000
1.500,000
400,000
23d St. Ity.. Co. Ss
700,000
694,000
Bleecker St. & Ful. Fy.4s
6,000
210.000
-110:6456
Christopher & 10th St. 40
1.000,000
1.000.000
34th St. Crosstown 194__
876.246,086
$7.162,151
$69,076,935
$7,000
Total bonds and notes
Total securities
$15,121,258 $10,323,451 $80,694,981 $106,139,690
* Represents 2-7 of the stock of the company (which is a steam railroad
company) allocable to street railway lines. (See V. 109, p. 1273 1
N-. Y.[Vs. Co. also owns $50,000 par value of stock of Bridge Operating
Co. and $25,000 of Bklyn. & North River RR. Co. (V. 109.p. 2357. 2074.1
Surface Lines in the Borough of Oueens Whose Stock is Owned by
interborough Rapid Transit Co.
Interborough Rapid Transit Co. owns stocks and obligations of three
companies operating surface lines In the Borough of Queens, namely: New
York & Queens County Railway Co., New York & Long Island Traction
Co. and Long island Electric Railway Co.
Our investigation of the lines operated by these companies shows(Table 1)
that, as a whole, during the fiscal year ending June 30 1919, they failed to
earn operating expenses and taxes by $194.075, and we estimate that
during the current fiscal year this deficit will be Increased to $340,600.
This estimate for 1920 includes the 25% wage increase effective Aug. 171919.
If operating expenses continue upon the present basis an Increase of the
rate of fare to 7 and 8 cents, respectively, will in 1921 provide insufficient
revenue to pay fixed charges, and even in 1922 there will be no substantial
surplus, as is shown by the following estimates (Table 2) for the three lines
as a whole. In our estimates of earnings resulting from Increased fares,
we have made allowance for the decrease in the number of passengers which
always results from a fare Increase.
TABLE 1-RESULTS WITH 5-CENT FARE. YEARS END. JUNE 30.
1920 (est.).
1919.
1918.
1917.
$1,943,510 $1,674,806 $1,856,099 $2,079,500
Gross earnings
2,420,100
1.847,754
2.050,174
Oper. expenses and taxes 1,071,314
$340,600
$172.948
$194.075
$27,804
Deficit
Deductions-Rentals....
Interest charges
$787,100
8620.292
1594.118
$444,236
Deficit
TABLE 2-EST. WITH INCREASED FARES YEARS END. JUNE 30.
Year 1920-21- -Year 1921-228 cents.
7 cents.
8 cents.
7 cents.
82,860.400 82,975,800 $3,252,100 83,383,000
Gross earnings
2,866.700
2,863,600
2.607,400
Oper. exp, and taxes_... 2,605,600
8516.300
$388.500
$368.400
$254.8öô
Balance
$62,000
$62,000
$60,700
$60,700
Deductions-Rentals_
436.000
436,000
414,000
414,000
Interest charges
-717-570 sur.$18.30
Surplus or deficlt____def.$219.900ecMilxTthro e cM-T01
IRUR
IRY:P4
WIR8
IRRAIS
(Report for Year ending Oct. 311919.)
President H. S. Firestone, Akron, 0., Dec. 15 1919
wrote in substance:
Results.-The sales for the year were $91,078,514. against sales for the
preceding year of $75,801.507. an increase of 815,277,007, or 20%. Profits
for the year, after allowances for depreciation and losses on bad accounts,
amounted to $9,306,978, from which amount $2.597,787 was paid during
the year as dividends and the balance was placed to surplus subject to
corporation income and profits tax accrued.
The entire year has been one of unusual activity In all branches of our
business, starting In the early part of the year with the reconstruction of
our factories from a war basis to a peace basis.
Sales Increased to a point during the year that not only taxed the capacity
of our plants, but made further enlargements necessary.
New Stock.-In September the stockholders authorized an increase in
our capital stock from $15,000,000 to 875,000.000, divided into $10,000,000
6% Prof. stock. $40.000,000 7% Pref. stock anti $25,000,000 Common stock.
Of the increased capital thus authorized $10,000,000 of the 7% Pref. stock
was sold. This stock was very widely distributed, the average sale thereof
being less than 20 shares to a purchaser. (See offering. V. 109. p. 681 1182.)
An outstanding feature of this sale was the fact that approximately
$500,000 of this stock was purchased by employees, on their own initiative
and without aid on the part of the company.
New Building.-A new mechanical building at Akron will take care of
our mechanical operations, thereby releasing space in our present factory
buildings for additional manufacturing purposes.
Housing.-The Coventry Land & Improvement Co., a subsidiary company, Is completing an additional 200 homes on its 500-acre tract in Firestone Park Akron, making approximately 1,000 houses erected by them
and sold chiefly to our employees.
Rubber, Crude ct Refined.-Flrestone is using approximately 10% (35.000
tons yearly) of all the rubber produced In the world. With the swing of
rubber supply from South America to the Far East your management saw
the advantage of Its own buying organization at Singapore. 1)uring the
past year the company has built In Singapore a rubber refining and preparation mill with sorting rooms, drying and storage facilities, thus avoiding
freight on waste matter. With Firestone capital Invested in a fabric mill
and the Firestone experts watching the cotton fields the grades we want
are assured and purchased at source-of-supply prices.
Two Factories in Akron-Capacity 36,000 Tires Daily.-Plant No. 1 is
now three times as large as it was In 1911, It has a capacity of 20.000 tires
per day, and Plant No. 2 in its present form is designed for a capacity of
16,000 tires per day, a total of 36,000 daily. Added equipment now
ordered and to be In operation early in 1920 will raise the output of Plant
No. 1 and Plant No. 2 to 36,000 tires and 40,000 tubes daily.
Rim Business.-As makers of the first truck tires, Firestone took and has
always held the lead In the field of rim manufacture also. To-day over
half the makes of passenger cars are equipped with Firestone rims and over
half of the makes of trucks are equipped with Firestone steel bases.
Steel Plant.-The necessity for a new steel plant, with double the capacity
of the present one, was one of the factors In our recent sale of Pref. stock.
Ground is already broken for this new steel plant on our own land near
the tire factories.
ANNUAL SALES OVER $91,000,000(x July 31 Year; y Oct. 31 Year.)
,914 x$19.250.11011916 Y$44,135,32611918 y375.801.507
1910x. $5.300,00011
91.078,513
1912x. 11.688,188 1915y 25,319,47611917y 61,587,21911919ythis
country
here are 62 Firestone branch houses In
Branches, &c.-There
and 118 branches and distributing agents in foreign lands. The 62 branches
In this country alone served over 46,000 retail dealers. Firestone also
has 118 foreign branches and distributors who, in turn, serve thousands
of dealers.
Ftrestone Factory in Canada.-The management just recently completed
negotiations for a factory site at Hamilton, Ont., Canada, on which 131111dfrig operations have already commenced. It is hoped now that by July 1
1920 this factory will be in operation. It is being planned for a capacity
of 3,500 tires a day for its first unit.
About 17.000 Fir-stone Employet.s.-The company has about 17.000 employees, the great majority of which are in the Akron factories.
NET SALES AND EARNINGS FOR FISCAL YEARS END. OCT. 31.
1918-19.
1917-18.
1916-17.
*1915-16.
1913-14.
Net sales__$19.250.110 $44,135,326 $61,587,219 $75,801.507 $91.078.514
-4,664,615
4,619,298
5,837.021
Net earnsx. 3.157,719
$9.306,978
Net earnings before Federal taxes, dividends, &c
2,597.787
Dividends
$6,709,191
Balance, subject to corporation income & profits tax
* Fifteen months-end of fiscal year changed from July 31 to Oct. 31,
x After Prof. div. Federal, &e., taxes, &c.
The company's dividend record is given unofficially as follows:
'10. '11. '12. '13. '14. '15. '16. '17. '18. '19.
(Per Cent)62
25 42 Si 62
10
10 13
7
5
5
On Common
(The par value of Com, shares was reduced by subdivision In Nov. 1916
from $100 to $10.1
On Dec. 20 a special dividend of $2(20%) was paid. President Firestone
Is quoted as saying that the next quarterly dividend. payable In March 1920,
will probably be 20%.
76
THE CHRONICLE
[VOL. 110.
CONSOLIDATED BALANCE SHEET OCT. 31.
1919.
1918.
1919.
1918.
AssetsLiabilitiesLand, bldgs., ma6% cum. pref. stk.10,000,000 8,500,000
chinery & equip.18,820,215 17,094,330 7% cum. pref. stk.
Investments:
(auth. $40,000,U. S. "Liberty
000)
10,000,000
Loan" bonds_ 1,264,217 3,139,906 Corn. stk. (auth.
Mise.stks.& bds 895,805 • 1,661,337 $5,000,000) _ _
3,500,000' 3,500,000
U. S. Treas. cert.
Notes & trade acofindebt(44i %)
505,000 ceptances pay 5,812,691 14,009,112
Inventories(cost)_24,159,520 22,205,718 Acc'ts payable_ _
3,336,518 1,211,461
Cash
3,749,744 5,207,822 Accrued salaries,
Notes& accts.rec_ 15,645,417 8,908,337
taxes, &c
1,639,870 1,110,787
Due from empl's
Mtges.& notes pay 1,899,112
acc't coin. stock
Submit). to U. S.
purchases and
"Lib. L'n" bds_ 238,700 1,973,700
sundry advances 5,004,811 4,916,365 Reserves for:
Expend. applic. to
Welfare work &
future opera'ns_ 401,461
215,032
pensions
1,341,639 1,241,639
House & lot accts.
Insurance losses 554,530
438,094
rec.& unsold real
Federal taxes
1,835,788
x
estate
3,812,410
Surplus
x35,430,539 30,033,267
Total
73,753,599 63,853,847 Total
73,753,599 63,853,847
steadily increasing demand for heavy chemicals, with greater stability of
prices, indicates a general recovery of trade, with corresponding hopes of
better profits.
Outlook.-Plans for adding to our list of products are actively pursued
and the manufacturing committee is designing
improvements
In the Acid, Bleach and Copper Departments, theefficiency
execution of which will
involve considerable expenditure. Embargoes against foreign
ores, so
heavily employed by your company, have now been removed. No
money
has been borrowed and ample balances have distinguishe
d
the
bank
accounts.
Funds are ready for new construction when opportunity soundly justifies.
(Compare V. 109, p. 2270.)
The 2500 owners of Penn Salt may rejoice in the faithful,
and intelligent body of men who make up our organization. harmonious
RESULTS FOR FISCAL YEARS ENDED JUNE 30.
1918-19:
1917-18.
1916-17.
1915-16.
•
Sales.
$8,088,918 $10,924,691 $11,406,223 $10,855,414
Income sale of products
after exp., repairs, &c_ 1,108,947
1,558,520
2,380,716
2,610,808
Other income
119,632
141,196
152,731
196,738
Total earnings
$1,228,579 81,699,716 $2,533,447 $2,807,546
Intereat on notes
33.333
75,892
Depreciation _
249,609
250,425
447,957
200,000
Inc. & exc. profits taxes..
125,440
157,344
150,000
Dividends
(10)750,000 (123)937,500 (8)600.000 (8)600,000
x The profit and loss surplus as here shown is before making any provision
Balance,surplus. ____ $103,530
for corporation income and profits tax accrued for year 1918-19.
8354,446 $1.302,157 $1,931,654
Note.-The company has a contingent liability as endorser on $130,389 Total surplus June 30._ $5,531,267 $5,412,075 $5,243,661
$4,201,505
of notes and trade acceptances receivable discounted.-V.
109. p. 2360.
BALANCE SHEET JUNE 30.
1182.
1919.
1918.
1919.
1918.
AssetsPenn Seaboard Steel Corporation.
$
$
Liabilitiesestate, incl.
Capital stock
7,500,000
7,500,000
(Report for the Fiscal Year Ending Dec. 31 1918 not 1919.) Real
coal lands
476,304
509,006 Acc'ts payable_ _ _
511,589
654,418
Bldgs., mach.,&c. 28,402,757 8,320,847 Accrued interest,
Chairman Rodney Thayer, Philadelphia, Mar. 31 1919, Cash
697,067
253,593
taxes, &c
82,820
296,799
wrote in substance:
U.S.Lib.bds.(434s) 150,000
50,000 Divs. pay. July 15 187,500
187,500
During the past year your New Haven plant was operated exclusively Bills & accts. rec.. 865,115 1,487,835 Surplus and undiInventory
3,108,180 3,311,179
vided profits
upon shell steel for orders from the United States Ordnance Department
5,531,267
5,412,077
, Secur. of oth. cos
111,339
109,338 •
which have now been canceled, and this plant was closed on Dec. 31.
2,415
8,996
Your Baldt plant at New Castle has also throughout the year been manu- Prepaid insur.,&c.
facturing shell steel, which ceased on Dec. 31st, and at
the same time the
Total
13,813,176 14,050,794 Total
plant has been converted into a plate mill by the installation
13,813,176 14,050,794
of rolling mill
a Includes in 1919 buildings, machinery and equipment
machinery, described in our previous bulletins.
at plants located
at Philadelphia and Natrona, Pa., and Wyandotte, Mich.,
Over the last half of the year the company operations were practically less
$17,233,484,
depreciation, $8,830,727.-V. 107, p. 1673.
upon a 50% basis, owing to the installation of this rolling mill, and while the
company's operations and earnings would undoubtedly have been considerably greater had our facilities been devoted entirely to shell steel, we then
Torbensen Axle Company.
would have been entirely unprepared for a peace program.
•
The Baldt plant was in successful operation on Jan. 1, exclusively upon
(Report for the Year ending June 30 1919.)
the manufacture of plate, and while the demand for all steel peace products
is temporarily at a low level, we now have plant facilities
This company, whose entire common stock is owned by
sufficient to manufacture large tonnage of plate for ships, locomotives, boilers,
and cars, as the Republic .Motor Truck Co., Inc., reports as fololws:
soon as the industry resumes its normal condition.
Your Penn plant has been rushed to its utmost throughout the year in
INCOME ACCOUNT FOR THE YEARS ENDING JUNE 30.
the manufacture of steel castings, and these works have been very
largely
1918-19.
1917-18.
rebuilt during the period and placed in a high state of efficiency. we
Sales, less returns, &c.: Axles
$4,328,603 $4,234,338
have
on order at this time sufficient tonnage of steel castings to assure full proParts
695.016
593,879
duction at the Penn plant for the next five months.
Less-Discounts
59,451
14.089
• Under the terms of our contracts with the United States Ordnance Depart- Manufacturing cost
4,079,002 3,750,012
ment, we are indemnified against losses on materials purchased for the ful- Other items
Cr.4,781
Cr.49,324
filment of said contracts, and we are now filing our cliams. The amount of
money involved in these claims is very large, but
Total profits
soon as they are ad- Selling,
$890,038 $1,113,439
justed, which we believe will be at a comparativelyasearly
general and administrative expenses, &c.._ _
your com348,916
345,220
pany's financial condition will be greatly improved, and itsdate,
Preferred dividends_
physical
manu53.924
facturing facilities assure a large and successful business along peace lines. Provision for Inc. & Exc. Prof. taxes, & reserve (7)51,800
for
INCOME ACC. FOR YEAR END.DEC.31 1918 (Compare V.107, 2373.) Other contingencies
146,525
400,000
p.
deductions
137,825
Net sales, $9,744,205; cost of sales, $8,870,670; gross profit on sales $873,535
Deduct selling, administrative and general expenses
Balance surplus
222,512
$204,973
$314,295
Net profit
BALANCE SHEET-JUNE 30.
Add interest, discount and rents received, $50,673; miscellaneous8651,023
1919.
1918.
sales profit, $110,103
1019.
1918.
160,776
Assets$
Liabilities$
Land, bldgs., mach.,
Pref. stock
Gross income
740,000 740,000
$811,799
equip.,
&c
881,007
764,914
Deduct interest, &c., $95,730; depreciation, $225,508; income,
Corn stock
395,000 395,000
Patents, &c,
251,178 330,990 Mortgage payable.... 23,000
excess profits tax, $32,900
35,000
354,138 Inventories
1,034,062 1,048,226 Notes pay.-bk..-. 292,238 575,000
Due
from
Rep.
Mtr.
Notes pay.-bor. m. 300,000
Net profit
$457,662
Truck Co., Inc_
131,012 546,505 Trade acceptances
For dividends see surplus account below.
85,003
Accts. receivable_
360,755 331,681 Accounts payable- 389,193 516,548
Notes receivable
BALANCE SHEET-DECEMBER 31.
7,821
30,744 Accrued accounts_
20,725
61,634
LibertY bonds
15,642
13,230 Customers' deposits_
1918.
1917.
12,537
1918.
1917.
Cash_
Assets128,422 122,232 Fed. taxes, 6 mos. to
Liabilities$
Deferred assets
Real estate, plant
15,268
16,882 June 30 1017
Capital
12,031
stock
(No
Other assets
& equipment_ _ _ _ 6,782,983 3,964,268
6,758
Prov. for Fed. taxes
par-See note)_x 1,000,0001
Invest, on sub. corp. 142,517
Other fixed assets_ 216,894 184,701 Surplus
and contingencies_ 226,634 400,000
y 4,926,01714,641,357
Investments
Surplus
18,890
x587,653 372,650
Gold
bonds
300,000
Lib. bds. & marketPurchase obligations
Total
able securities__
2,974,443 3,205,403 Total
325,122 150,000 & interest
2,974,443 3,205,403
550,800
Inventories
Note.-The company was contingently liable, June 30 1919, as endorser
2,345,796 1,375,084 Vouchers & acc'ts
Cash
354,9231
payable
1,438,463 653,607 on notes and drafts discounted aggregating $90.234, and as guarantor on
Notes & acc'ts rec 1,250,02711,382,408 Notes payable
notes payable of subsidiary company, $100,000, and accounts of approxi1,890,000
525,000
Prepaid ace'ts
85,000.
20,453
12,666 Acer.int. & wages
64,265
57.586 mately
Deferred charges._ xAfter deducting $10,000, reduction in reserve for doubtful accounts.
15,306
27,939 Due U. S. Gov't..
896,836 375,183 -v.
107. p. 2473.
Res. for depreo.
taxes, &c
564,014 544,333
Total
11,330,394 7,097,066 Total
11,330,394 7,097,066
x Authorized 200,000 shares without nominal or par value declared
under
Stock Corporation Law of the State of New York © $5 per share.
$1,000.000
Issued, 100,818 shares;in treasury, 12,280
outstanding,88,538shares.
y Surplus account balance Jan. 11918,shares;
RAILROADS, INCLUDING ELECTRIC ROADS.
$3,629,050; add for shares issued
In exchange for and retirement of First Mortgage
Gold bonds(V. 107,
Barcelona Traction, Light & Power Co.-Reorganizat'n
171. 1842, 1924), $1.336,000; add for proceeds of Serial
shares sold, $80,220; add
net profits for year 1918, $457,662; total, $5,502.932.
In accordance with the reorganization plan approved at the meeting of
Deduct adjustments
and extraordinary charges, $195,615 and dividends paid
the
of the 5%% 1st M. 50-year bonds held on Dec. 19 1918, 1%
(No. 8, $60,000; was holders
No. 9, $60,000; No. 10, $129,720; No. 11, $131,580), $381,300;
total sur- and payable at the Bank of Scotland, 30 Bishopsgate, London, E.0" on
plus Dec. 311918, $4,926,017.
after Dec. 1 in full discharge of the half-year's interest on the above
Note.-Since the date of the foregoing balance sheet, 34,270 shares
due on Dec. 1 1919 against surrender of Coupon 16.
have bonds
been issued and sold, adding an amount of
Pursuant to the plan the company has recently been issuing
at
$1,289,176 to the cash in banks.
offices,
-See V. 108, p. 978, 1064; V. 109. p. 2177.
603 Dominion Bank Bldg., Toronto, the 5%% Income bonds Inits
exchange
for the following: (1) Interim Certificates representing 5% 10-year
notes
which
had already been issued in exchange for Coupons Nos. 6
Pennsylvania Salt Manufacturing Co.
13 incl.
of the 5% ..st M. bonds representing the half-yearly installments to
of interest
thereon from and including Dec. 1 1914 to June 11918. (2) Coupons
(69th Annual Report-Year Ending June 30 1919.)
Nos.6
to 13 incl. attached to the above-mentioned bonds which have not been
so
President Joseph Moore, Jr., Philadelpha, as of Oct. 1 exchanged.
Under
the
plan
of reorganization the fixed interest payment for the three
says in substance:
years from June 1918 is at a rate of $1,750,000 per year and thereafter
Business Conditions-The fiscal year beginning July 1st 1918,
started $2,750,000. When the company is able to pay the full 5%% on the bonds
under war conditions with labor scarce,
wages high, and raw materials and 5%% on income bonds given in exchange for the notes;
the annual
difficult to procure. During those months a plant
to the plan of Interest payment will amount to between 83,800,000 and 83,900,000.
chemical warfare was erected at Wyandotte under vital
The holders of the $1 ,000,000 Prior Lion B bonds outstanding, most of
Government supervision. Various needs of the Allies were promptly supplied.
With the whom belonged to the French group, had their interest rate reduced from
signing of the armistice the orders of the Allied Governments
were quickly 7% to 6% (thereby releasing to the 5% bondholders $100,000 per year for
countermanded; the plant mentioned above
ordered to cease production, the full term of the bonds), and for the first three years agreed to take half
and contract customers began to plead theirwas
to accept ull delivery of their reduced interest in income bonds, thereby releasing $300,000 a Year
of quotas. Output at your works was inability
reduced accordingly but any more to 5% bondholders. They also agreed to the creation of an additional
decided lowering of costs was impossible, because
wages were unchanged $5,000,000 of B bonds to be held In the treasury of the company for emerand materials yielded only slightly.
gencies." See plan V. .07, p. 1918, 2007, 2185.-V. 108, p. 1935, 266.
Government Contracts.-Negotiations with the Government for settlement
of unfinished contracts resulted fairly satisfactoril
Baton Rogue (La.) Electric Co.-Notes Offered.-Stone
y, with the exception
of the gas unit at Wyandotte. As the construction
and process in that & Webster, New York, Boston and Chicago,
case are entirely useless in the commerce of peace, an enforced
are offering
loss of 840,- at
000 is a hardship.
983/i and int $300,000 3-year 7% cony, gold coupon
Betterments, Etc.-With the exception of the copper extraction
notes.
process,
Circular
shows:
which has been closed since the importation of pyrites was
restricted, the
Dated Jan. 2 1920. Due Jan. 11923. Int. payable J. & J. at office of
plants have been kept in repair at a charge for
the year of $731•,043. In Old
Colony Trust Co., trustee, Boston. Denom. $1,000, $500 and $100
addition, betterments have been made to the extent
of
(c.1).
Sales.-Sales for the year amounted to $8,088,917, $331,520.
as a whole upon 30 days' notice at 102 and int. during 1920,
compared with at 101 Callable
int. during 1921, and at 100 and int. during 1922.
$10,924,691 in 1918; $11,406,223 in 1917; $10,855,416 as
in 1916, and $7,- at the and
option of the holder before maturity into common stockConvertible
797,782 in 1915. Losses on sales were only $1,272. Since
at rate of
July 1 1919 a $100 in notes for each $100 of
stock with an adjustment of int. and diva.
• GENERAL INVESTMENT NEWS
JAN. 3 1920.]
THE CHRONICLE
Company.-Does the entire electric railway, electric lighting, power and
gas business of Baton Rogue. Population served about 22,000.
Purpose.-Proceeds will retire $147,000 coupon notes due Jan. 1 1920.
and floating debt; and also will provide additional funds for construction
requirements.
Authorized. Outstanding.
Capitalization after this financing$750,000 $493,500
First mortgage Wri, due Feb. 1 1939
3-year 7% cony. notes, duo Jan. 1 1923 (this issue) 500.000 300,000
200,000
250,000
$100)
(par
cumulative
Pref. stack, 6%
300,000
Corn. stock (par $100) paying diva at rate of 8% p.a. 800,000
Oct.
311919:
ending
Earnings for the twelve months
$45.675
charges
!Interest
$351,770
earnings
Gross
86,502
132,177(Bal. surplus
Net after taxes
1918.
1917.
1916.
1915.
1914.
Cal. years- 1913.
Gross earn__ _ _5163,128 $178,825 $190.852 $211,694 $231,965 $267,809
60,747 64.546 82,648 110,836 112.551 121,156
Net earn
Franchises.-Franchises expire as follows: Electric lighting and power,
1988; railway, 1940; gas, 1942.
Management.-Company has been under Stone & Webster management
since 1907.-V. 104, p. 1488.
77
vanced the Concinnati Traction Co. for improvements and to provide for
the $250,000 reserve fund required by the franchise ordnance. These
bonds are not to be sold, but are to be placed in the hands of a trustee, to
be held in trust as security for the issue of the 3-year notes.
(3) The outstanding issue of $1,958,000 5% bonds, maturing in 1936,
which were to be refunded under the former plan will be allowed to run.
The proceeds of the sale of the short term notes will be used to pay the
city the deficit of $597,00011n franchise tax due it; to provide for the taking
up of an issue of $233,000 outstanding notes: to pay off 51,075,000 in bank
loans and to pay for improvements already made. Under the plan the
debenture bonds are to be held by the trustee for the benefit of Ohio Traction
preferred stockholders,,to whom now over 20% in back dividends is due.
'Cincinnati Enquirer -V. 109, p. 2356.
Cincinnati Indianapolis & Western RR.-Earnings.-1916.
1918.
1917.
Calendar Years$3.137.153 $2,639,537 $2,372,130
Operating revenues
1,716,713
2,127,458
3,151,064
Operating expenses
115,082
129,149
123,917
Railway tax accruals
50,216
125,608
266,685
Other income
166,031
104,469
206,867
Jt. fact). rents, miscell., charges, &c
$442,520
$404,070
def.$78.010
Balance,surplus
Boston & Maine RR.-Vice-President.On the basis of the standard return ($422.213), the company shows gross •
Gerrit Fort has been elected a Vice-President, effective Jan. 1.
$139,633.
after
interest
balance,
charges
($181,917).
$481,486;
income.
stated:
Hustis
In connection with this announcement President
"Until March 1 the time of Mr. Fort will be given entirely to matters -V. 108, p. 1721.
arising out of tho return of the railroads.
Cuba RR.-To Pay Scrip Dividend Warrants."On the return to private operation Mr. Fort will be the executive
The scrip dividend warrants appertaining to the Preferred stock, being
officer in charge of traffic, which includes freight passenger, mall and milk, warrants
No. 1, dated Feb 1 1918, will be paid In full on Feb. 1 1920
F.
W.
late
the
of
retirement
been
since
vacant
the
has
a position which
simultaneously with the payment of coupons No. 2 attached to such warBerry in 1913."
will be made at the New York agency of the Royal Bank of
Ho is now connected with the Railroad Administration at Washington as rants; payment
the surrender of the warrants with the coupons due•Feb. 1
assistant director, division of traffic, which position he has held since the Canada upon -V.
109, P. 2356.
1921 attached.
organization of the Railroad Administration,-V. 109, p. 2439, 2355.
Brooklyn Rapid Transit Co.-9-Ifour Day &c.-Officer.
The first of the 9-hour day schedules on the Brooklyn trolley fines, as
f
arrttge
e
2T. j
2.
..R
ec
DB
eed
sett'llOamonenbtyoPlgtecarecrn:g'ssturgeonwcasompngttneetoaeng
theect
e
agreement, 50% of the runs must be completed within 11 hours, 40%
within 13 hours, and the remaining 10% within 14 hours. It is stated that
as a result of the change from a 10-hour to a 9-hour basic day, it will be
necessary to increase the car crews by 10%.
A preliminary report by Philip J. McCook, as special master in deciding
the tort claims against the company has been approved by Federal Judge
Mayer. The total of claims so far allowed as a sequel to the Malbone St.
accident, where nearly 100 persons were killed and several injured, is about
$300,000, and it has been estimated that the total damages which the
sufferers will collect will be In the neighborhood of $1,200,000.
William S. Menden succeeds Col. T. S. Williams as General Manager
of surface lines.-V. 109, p. 2439.
r
Detroit United Ry.-Will Continue Free Transfer &c.
The company has withdrawn the request that it be permitted to make
a charge of 1 cent for transfers, stating that because of improvement in
conditions affecting its operations it now finds itself able to operate profitably on a flat Sc. fare. The company, it is stated, has announced that it
hoped to make track and equipment improvements costing $15,000,000
without increasing the present rate of fare.
Detroit's charter provision giving the municipality the right to fix fares
using the
and charges which may be exacted by public utility corporationsthe
Michicity streets has been annulled under a decision handed down by
gan Supreme Court Dec. 24 in which it is held that the State Legislature
2262.
p.
-V.
109,
rates.
determine
to
right
sole
the
had
Ft. Wayne & North. Indiana Traction Co.-Sale&c.-
P. M. Chandler, chairman of Ft. Wayne & Wabash Vy. Tract. 5%
bonds, and W. J. Devine, acting in behalf of the bondholders protective
committee, on Dec. 29 purchased the property of the company at receiver's
A
for $1.301,000.
Canadian Northern Ry.-Equipment Trusts Offered.- sale
The committee of the Fort Wayne & Wabash Valley Traction Co. First
Wm. A. Read & Co., N. Y., are offering by advertisement Cense!. Mtge. 5% bonds, of which P. M. Chandler is chairman (V. 109.
gives notice (a) that the committee representing the afore mentioned
on another page $7,500,000 Equipment Trust 6%Gold Certi- p. 775)deposited
under Bondholders' Protective agreement dated Sept.
ficates, Series D, 1919, dated Dec. 1 1919, due semi-annually bonds
12 1917, and the Protective Committee representing the First & Ref. Mtge.
of the Fort Wayne & Northern Indiana
$375,000 June 1 1920 to Dec. 11929. Prices: 1920-21,634% 5% Bonds and other securities
Co.(V. 105, p. 1103) deposited under Protective Agreement dated
basis; 1922-29 63% basis. Further particulars another Traction
Oct. 31 1917, and the Protective Committee representing First Mtge.
week.-V. 109, p. 2355. •
5% Bonds of the Lafayette & Logansport Traction Co. (V. 105, P. 1522)
deposited under a Bondholders' Protective Agreement dated Jan. 15 1918.
have approved of certain revisons of the Plan and Agreement of ReorganiCarolina Clinchfield & Ohio Ry.-Extension of $6,000,- zation
dated Aug. 18 1919 (V. 109, p. 775), under which a somewhat better
000 5% Elkhorn 1st M. Gold Notes, Due Jan. 1 1920, for representation
will be given to the Lafayette & Logansport Traction Co.
Wabash River Traction Co. bonds,
41
Two Years at 6% Interest, with 2% Cash Bonus.-The bonds and to theadditonal
amount of the First Mtge. Bonds of the New
an
That
(b)
Director-General has approved the extension for two years Company will be reserved for expenses and contingencies; (c) that the right
to the New Company to issue, with the approval of the
to Jan. 1 1922 of the $6,000,000 5% Elkhorn 1st M. gold will be reservedCommission
at any future time, a class of securities, which
P. S.
notes maturing Jan. 1 1920, the extended notes to retain Indiana
will be subject to the First Mortgage Bonds but prior to the Adjustment
in order to assist in providing for
all their mortgage rights and to bear interest at 6% per Mortgage Bonds and all junior securities,
future requirements of the company.
annum, and the holders to be paid $20 for each $1,000 theNotice
is also given to the holders of the undeposited First Consol. Mtge.
extended.
5% bonds of the Fort Wayne & Wabash Valley Traction Co. that same
the Plan and Agreement dated Aug. 18 1919 (V.
The company has accordingly requested Blair & Co., 24 Broad St., may be deposited underup
to the close of business Jan. 10 1920 after which
109, p. 775), as revised,
N. Y. City, to arrange for said extension, and the holders are requested
be
will
received except upon terms prescribed by the
Y.
deposits
N.
St.,
Broad
no
date
26
Co.,
Trust
York
Now
the
at
notes
their
to present
2262.
p.
109,
the
of
interest
-V.
committee.
payment
City, for extension, at which time they will receive
coupon, duo Jan. 1 1920, and the extension payment of $20.
Grand Trunk Railway of Canada.-Interest, &c.Statement Dec. 15 by Pres. Mark W. Potter-Earns., Actual and Est
The estimated earnings of the Wellington Grey & Bruce Ry. for the half1917.
(1) Company's Earnings for Calendar Year
ending Dec. 31 1919, applicable to meet interest on the bonds, admit
year
The results of operation for 1917 (the last year of company operation) of the payment of £3 13s. 4d. per £100 bond and this payment will be
were as follows:
as follows, viz.: 59. 3d. in final discharge of Coupon 70, due July 1
applied
total__$4,909,111
Oper. revenues, $4,285,390; miscell. (car hire), $623,721:
1905, and £3 8s. Id. on account of Coupon 71, due Jan. 1 1906, and will
Deduct-Operating expenses, taxes, interest on loans and ac- 2,733,471 be made on and after Jan. 1 next at the offices of the Grand Trunk Railway
counts, rental joint facilities, tracks, &c
Dashwood House, New Broad St. London, E.O. The coupons must
1,275.845 203,
' Last year, £3 7s. 9d.%-V. 109,
Also fixed charges
be left three clear days for examination.
$899,794 p. 1986.
Leaving net income or surplus of
Houghton County (Mich.) Traction Co.-Fare Inc.(2) Partly Estimated Results of Federal Operation for Cal. Year 1919.
The Michigan P. U. Commission has granted the company permission to
During Federal control, despite abnormal conditions, the earnings have
increase the zone fares from 5 to 6 cents within the townships of Calumet and
increased practically 50%.
$6,214,482 Torch Lake, the company shall make a like increase in the zone rates outActual returns for 1919 (partially estimated) should be
the two townships named in the order.-V. 108, P. 480.
side
1,427.045
&
miscell.)._
Operating income (after paying oper. exp. taxes
Car hire balance subsequent to Oct. 11919(When restored to accts) 150.0(30
Illinois Southern Ry.-Ceased Operations.This road, extending from Salem, Ill., to Bismarck, Mo., 127 miles, has
$1,577,045
Makes a total income for the year 1919 of
ceased operation, under an order entered on Dec. 11 by Federal Judge
The standard return under the Federal Control Act, being the average George Carpenter in the U. S. District Court at Chicago. The order was
for the three years ended June 30 1917, was $1.631,172. Therefore.
issued at the request of W. W. Wheelock, receiver, after foreclosure prowithout crediting full car hire, which the property should be considered as ceedings had been started by the bondholders, represented by the Chicago
having earned, it will during 1919 earn 07% of the standard return. of Clearing-House Association. The railway was capitalized at $5,000,000
The Administration has offered the company annual compensation
and is asserted to have lost $100,000 in the recent past, struggling to operate
$1,804,970. If the system of accounting in use by the Railroad Adminisagainst financial odds. It has been losing money for two years and has
tration had credited the railways with car hire throughout the entire year, paid no interest on its bonds. The recent coal strike produced complete
the total income for the year 1919 would be approximately $2,177,000.
as the road derived its main traffic from the Illinois coal field.
insolvency,
Operation. -"Railway Age."-V. 107, p. 181.
(3) Considering the Year 1920-Estimated Results from Company's
Pending legislation contemplates constructive aid to the railroads upon
Indianapolis (Ind.) Street Ry.-Bonds Canceled.tho resumption of private operation. An advance in rates is expected. A
It was stated recently tint $1,013,000 Gen. Mtge. 4% bonds of the
normal increase of business warrants the expectation that in 1920 the
St. Ry. and $1,167,000 1st Mtge.5% bonds of the Indianapolis
will
handle:
Indianapolis
property
Traction & Terminal Co., bought in and held in the sinking fund, have been
3,500,000 tons of coal at an average rate of $1 20 per ton, or _$4.200.000
with an order of the Indiana P. S. Commission (see
compliance
2,250,000
in
canceled
at
50
of
$1
tons
merchandise
500,000
500,000 V. 109, p. 676).-V. 109, p. 1986.
Miscellaneous revenues
$6,950,000
Total operating revenues
0
The oper.ratio under co, management should not exceed 68%.or-$4,726,00
250,000
Taxes
$1,974,000
Balance after operating expenses and taxes
750,000
To which should be added car hire
$2.724,000
Total
1,500.000
There should be deducted fixed charges
$1,224,000
Leaving for 1920 an estimated surplus of
A showing better than the above estimate is anticipated. With an operating ratio of 65% the surplus should be at least $1,450,000.
by the
The foregoing does not deal with certain equipment purchased
to the comRailroad Administration during Federal control and allocated
by the
of
care
taken
be
practically
which
will
on
charge
interest
pany the
per diem which will be earned by such equipment.-V. 109. p. 1179.
Interborough Consolidated Corp., New York City.Payment of January Charges Made Possible by Loans.See Interborough Rapid Transit Co. below.
Report of Experts as to Street Railway Earnings.-
See New York Railways Co. under Reports above.
Judge Mayer's Plan-City to Investigate Local Tractions.
United States Judge Julius M. Mayer, on Dec. 28 handed down a long
memorandum instructing Lindley M. Garrison, receiver of the Brooklyn
Rapid Transit Co.; Job E. Hedges, receiver of the New York Railways Co.,
and James R. Sheffield. trustee of the Interborough Consolidated Corporation, in bankrupcy, apply to the Board of Estimate for a public hearing
to the end that plans for the temporary relief of the companies and for a
final solution of the problems facing them may be brought about.
To prevent disintegration of the systems, the plan contemplates: (1)
Temporary relief through an 8-cent fare, with restoration of free transfers
on surface lines, cessation of rents on leased lines, but payment of interest
on sundry underlying bonds (including certain leased line bonds) and the
Cincinnati Traction Co.-Fare Remains at 7 cents,&c.claims of tort
increase application of any balance of income to improvements and concessions
Vice-President Walter Draper has announced that the proposed
by
(2) Eventually a permanent plan providing for
,cents will not be made. Notice of the increase will creditors.
in fares from 7 to 73,
franchises, and for the
perpetual
of
surrender
the
as
such
companies,
the
contingent
is
This
continue.
be withdrawn and the present schedules will
properties.
traction
the
all
of
city
the
by
acquisition
ultimate
on the approval by the Ohio P. U. Comm. of a modified plan of refinancing
As to the Manhattan Ry., Judge Mayer said. "The physical relations
(1) an
for the company approved by the stockholders which provides for
between the subway and elevated lines are so close that the separation of
issue of'$2,250,000 7% short term notes, to be retired in three years through
lines and the return of the elevated lines to the Manhattan Company
these
a sinking fund; (2) an issue of $2,250,000 25-year 6% debentures. These
operation would result in great confusion and inconvenience
bonds are to be used to reimburse the Ohio Traction Co. for moneys ad- for separate
78
THE CHRONICLE
and added expense to the traveling public. There can be no doubt about
the serious character of the injury which will resultfrom such a default so
far as the Interborough Company and the investors in its securities are
concerned.
"While it may not be practical at this time to reach a final decision as to
the wisdom, from the point of view of the public and the city, of placing
the Interborough Company in position to continue permanently the Manhattan lease, it is to the interest of all concerned that a default should be
avoided at the present time, pending further investigation, and an opportunity for negotiation."
On Dec. 30 the city Board of Estimate and Apportionment voted
make
a thorough investigation of the entire traction situation in New YorktoCity
an investigation that may take several months-but evinced no willingness
to grant a temporary increase in fares.
Both Comptroller Craig and Mayor HyIan made it plain that they were
voting only for an investigation and not in any sense for higher fares.
A plan has also been put forward by John H. Delaney, Transit Commissioner, outlining a method by which the city could take over the lines
without increasing its debt burden.-V. 109, p. 2439.
Interborough Rapid Transit Co., N. Y.-January
Charges Promptly Met.-With the help of loans from the
• allied interests the company was able to meet promptly on
Jan. 2 all its maturing charges, aggregating $5,117,644.
[VOL. 110.
Newport & Sherman's Valley RR.-Sale.-
The Real Estate Co. of Philadelphia, as trustee under the First
Mtge., dated Jan. 1 1908, will sell at public auction on March 31Consol.
at the
Philadelphia Bourse the entire property of the company, consisting
of a
line of single-track narrow-gauge railroad, about 30 miles in length, extending from Newport to New Germantown, Pa., via Bloomfield Junction
and
Blain, Pa., in Perry County.
New York Susquehanna & West. RR.-Earnings.-
Calendar YearsGross operating revenues
Oper. expenses and taxes
Operating income
Compensation receivable
Other income
Gross income
Interest on funded debt
Other deductions
1918.
1917.
1916.
*$4,955,180 $4,151,146 $3,974,431
4,557,157 3,442,189 3,012,342
$398,023
$999,942
76.769
$1,076,710
811.923
39,795
$708.957
$962,089
290,323
249,355
$999.280 $1,211,444
820,848
816,040
167,750
276,281
Balance surplus
$224,993
$10.682 $119,123
*No compensation was received to Dec. 31 1918.
amount shown
includes in addition to the $4,935,373 certifed by theThe
I. C. C., $19,807
as additional compensation because of recent expenditures for
and betterments not reflected or fully reflected in the three yearsadditions
average
annual railway operating Income.-V. 108, P. 379.
The financing was finally made possible through (1) an order of Judge
Mayer directing James R. Sheffield. trustee in bankruptcy for the
Interborough Consolidated Corp.. the holding company, to advance $1.000.000
to the Interborough Rapid Transit Co. out of the funds in his possession:
Norfolk Southern RR.-Federal Contract.(2) the sale of the Rapid Transit company's $2.900.000 six months' 7%
Director-General of RRs Hines has signed the Federal operating contract
secured notes to various classes of security holders and banks, and also
it with this company fixing the annual
is said to Manhattan Ry. Co.; (3) the sale to the Title Guarantee & Trust
compensation at $1,280,000. See
annual report in V. 109, p. 1268.
Co. of a $450,000 4 % bond and mortgage on Brooklyn real estate.
Statement by President Frank Hedley.
Oakland, Antioch & Eastern Ry.-Reora. Changes.The company will have to pay out on Jan. 2 1920 for interest and sinking
The first plan of reorganization of the company, while it met with
the
fund on its 5% bonds the sum of $4,067,644 and $1.050,000 for rent of the approval of security holders, was not such as to enable
the company to
elevated railroads, or $5.117.644 in fixed charges.
market its bonds. Now it Is proposed to modify this,
the California
The cash on hand this morning fell short of this sum by $1,500.000 and RR. Commission is asked to give consent to a new planand
which the old
there were unpaid accounts for supplies and for taxes of about $1,800.000. bondholders will receive common and preferred stock irst(by
ad of new bonds
leaving $3,300.000 in cash shortage.
in part, as first intended. The preferred stock to be given amounts
to 20%
This amount has been raised by the sale of the company's six months' of the bond holdings with coin. stock equal
to 100% of the bond holdings.
7% secured notes for $2,900.000 and the sale of Its last bond and mortgage
The reorganization committee asks that the new company (San Francisco
for $450,000.
& Sacramento RR.) be permitted to issue(a)about $6,550,000
of Common
The subscribers who took the notes have saved the company from a stock, (b) $1,330,000 of Preferred stock and to authorize
(C) a mortgage
receivership. They have been given as security practically everything
securing $3,000.000 of bonds.
the company owns not already pledged. A good part of the collateral
The new company would issue forthwith under such mortgage not to
security consists of the amounts due from the city for work done on the new exceed $900.000 of 6% serial bonds for the purpose of securing
moneys
subways, and the payment of these sums [aggregating, It is said, $6,000,000 necessary to pay off prior liens, pay off non-assenting bondholders,
provide
-Ed.) may necessarily be delayed.
working capital, pay such reorganization expenses as tray not be
[Mr. Hedley is further quoted assaying that the only security left to the otherwise and to pay cost of extensions, additions and betterments. paid
The
company was a credit of $2,200.000. the balance of an amount placed with
$900,000 of bonds, if issued, will constitute a first lien tivon the properties
the city as security when the subway was built.
now owned by the Oakland Antioch & Eastern
Oakland & Antioch
The company expects that it will be able to meet its obligations out of By., and San Ramon Valley RR.-"San Francisco
Ry..Chronicie."-V. 109.
revenues until April 1 and perhaps until June 30 1920, without further p. 2263.
assistance, but it will not be able to meet its obligations on July 1 1920,
from revenues produced by a 5-cent fare, and it will then have no further
Oklahoma Ry.-Willing to Give Up Cars.security to pledge for a loan.
Gen. Mgr. J. W. Shartel was recently quoted
saying: "If the citizens
Unless there shall be h readjustment of the fare in the mean time there of Oklahoma City can run the street railway at aasprofit,
1 wish to heaven
will be no way of avoiding a receivership next summer.
they'd take them over and do it.' Mr. Shartel, however, pointed
out that
This will mean the complete ruin of thousands of honest investors, and this was his official view only. Personally
he
does
believe, from
not
great public inconvepience through the breaking up of the subway and reports he has on municipal ownership elsewhere, that
a city-owned railway
elevated system. It will result In destroying the single fare for many
system could be made to pay and as a citizen he would vote
such a
passengers. It is Impossible for an impoverished company to give
move. Neither does he anticipate that if the question wentagainst
to a vote the
service as a prosperous one, and here again the company will suffer.as good people would actually favor city ownership.
-V. 108, p. 683.
In addition, this destruction of security values will make it impossible
ever again to obtain additional private capital for needed extensions and
Philadelphia Company Pittsb.-To Renfler Decision.improvements.]
Judge Charles P. Orr of the U. 8. District Court, will shortly render
his
Order of Court Respecting Advance by Interborough Congo!. Corp decision regarding the company's petition
to recover $1,272,452 from the
[Granted on petition of committee representing corporation's 4, % bonds.1 receivers of the Pittsburgh Rys., alleged to have been paid upon bond int.
That James R. Sheffield as trustee of the estate of Interborough Consoli- and rentals as guarantor.
J. A. Meade, Auditor of the railway company, stated that the receivers
dated Corporation . . . advance to Interborough Rapid Transit Co.
had $2,37 .000 cash in bank on Dec. 23. He stated:
out of the funds now in his possession:
"Out of that $2,(a) The sum of $500,000 on the condition, among others, that such $500,- 370,000 we must pay between now and Jan. 1 $900,000 more on the month's
000 shall be applied to the payment of the present indebtedness of $500,000 operating expenses, $100,000 is due on pre-receivership 8111)ply bills, and
Jan.
1
we
pay
the
State $250,000 in taxes, a total of 31,250.000, leaving
of Interborough Rapid Transit Co. to the trustee, and that the interest on
$1,000,000 for working capital. Out of this $1,000.000
said indebtedness accrued since Dec. 1 1919 be paid.
we must meet
(b) The further sum of $500.000 on the condition, among others, that accruing items, which will take the entire $1,000,000, Including $350,000
we
must
pay In taxes alone."-V. 109, p. 2357.
said committee agree to accept toward the satisfaction of any dividends
or other moneys which may become payable by the trustee or otherwise
Pittsburgh, Ft. Wayne & Chicago Railway.-Dividends
out of the estate of the bankrupt on account of the 4 A % bonds represented
by the committee [Grayson M. P. Murphy, Chairman!, such of the notes
R. M. Coleman, Secretary and Treasurer, calls special
to the
hereinafter referred to representing such additional advance of $500,000 fact that in addition to the regular dividend of 1 Yi,% payableattention
Jan. 2 1920
as shall remain in the hands of the trustee at the time of any distribution on the M19,714.2861 common and special stock and on theonM65,216,91
of the assets of the estate of the bankrupt to its creditors: and it is
preferred and original guaranteed stock on Jan. 6 1920, the company wil
3 % on the same dates to Its stockholders, these
Further ordered. That James R. Sheffield as trustee of the estate of the pay an extra dividend of 5%
bankrupt be and he hereby is likewise instructed and directed to take as being the distributions already announced in "Chronicle
evidences of indebtedness for such advance of $500.000 and such additional 2263. [Compare plan in V. 105, p. 716. V. 108. p. 1722.1 of Dec. 13, p.
advance of $500,000 notes of the Interborough Rapid Transit Co. in a
The balance sheet of Dec. 31 1918 [not 19191 showed
assets cash
principal amount &mai to the amount of such respective advances issued and securities in surplus fund $1,548,742, and on theamong
other side of the
under and secured by a collateral trust agreement described in said petition account, profit and loss surplus $1,559,094, and funded di bt retired through
of the committee and in Exhibit B attached to said petition, the total income and surplus $12,642,860.-V. 109, p. 2263
principal amount of notes issuable thereunder not to exceed $3,300.000
[32,300.000 of this $3,300.000 needed to meet the January charges,
Pittsburgh Rys. Co.-Decision Expected.having been acnuired by the Interborough Rapid Transit Co. from other
See Philadelphia Co. above.-V. 109. 13. 1367.
sources-Ed.1 and the collateral to be deposited thereunder for the pro rata
and equal protection of such notes to be that which is set forth in said
Puget Sound Trac. Light & Power Co.
.Exhibit B. said collateral trust agreement and the notes to be issued thereThe City Utilities Committee has recommended to -Purchase
the Seattle City
under to be satisfactory to the trustee and his counsel, as well as all other Council the purchase of
the 15th Ave. part of the Greenwood car line in
legal matters involved In and necessary to effectuate the purpose of this North Ballard for $55.000.-V.
371.
109.
D•
order.
RailroadConstruction, &c.-Track Abandoned Exceeds
NewMilage.-The "Railway Age" in its re'low for the past
year shows that 689 miles of main line railroad were abandSee N
Railways under "Reports" above.-V. 109. p. 2439. 2436.
oned and only 686 miles built, while for the three years from
Kansas City Northwestern Ry.-Ceased Operations.- 1917 to 1919, 3,319 miles were abandoned and only 2,386
The company having ceased to operate trains, as ordered recently by the
miles uf new lines were built. The "Age" s: vs:
U. S. District Court, the court has ordered Jay M. Lee. receiver, to disJudge Mayer's Plan-Delaney Plan-City to Investigate.Earnings of Street Railway Cos. Allied and Controlled.-
See Interborough Consolidated Corp. above.
charge all operating employees, retaining only the office men in the legal
auditing and grain departments.-V. 109, p. 2172.
Kansas City Rys.-Court Suggests .litney Restrictions.At a hearing on the company's petition
to restrain the city from interfering with the introduction of higher fares, from 6 cents on the Kansas side,
Judge Pollock said: "In my judgment, if there is not to be a radical increase of fares In this case, the city must by proper ordinance prohibit the
operation of jitneys or buses on the streets used by the car lines," he added,
"If the above recommendations were put in force and honestly and courageously administered," it was his judgment that it will be found the street
railway will, at present rates of carriage find itself with a sufficient amount
of revenue to keep up Its property, maintain its operation and provide for
Its necessary expenditures."
Judge Pollock withheld a final order until Jan. 2, to give the city a chance
to meet his suggestions as to jitneys and to cash fares.-V. 109. p. 2357.
Lehigh Valley RR.-Dividend.-
The company duly received the necessary funds from the U. S. Government to pay the dividends recently declared payable Jan. 3.-V.109. p.2172,
Louisville & Northern Ry. & Lighting Co.-Notes.Manhattan Ry., New York.-Rental Paid.-
See United Gas & Electric Co. below.-V. 108. p. 16W.
See Interborough Rapid Transit Co., above.-V. 109, p. 2440, 2172.
Nashville Chattanooga & St. Louis RR.-Lease.-
See Western & Atlantic RR. below.-V. 108, p. 2119.
New Orleans Ry. & Lt. Co.-Jan. 1 Int. Not Paid.The Committee
on Securities of the N. Y. Stock Exchange rules that the
company's Gen. Mtge 4 A % bonds, due 1935, be quoted ex the July 1 1919
coupon on Jan. 5, and hereafter said bonds must continue to be dealt
In
flat. The coupon due Jan. 1 1920 will not be paid on that date.-V. 109,
p. 1891.
Year 1919.-in the year 1919 the total mileage of new
built in the
United States was 686 miles. This is the smallest figurelines
which has ever
been recorded by this paper. Furthermore, it does not represent
net
increase in mileage. During the year 689 miles of main line railwayawere
abandoned for operation. Prior to the year 1915 the mileage
of the country
was steadily increasing, aithoughthe rate at which it was Increasing
had been
diminishing for some years and especially since 1910. The available
statistics indicate that since 1916 the mileage of line abandoned has been substantially greater than the new mileage built.
Years 1917 to 1919.-During the three years from 1917 to 1919 inclusive
our statistics indicate that operation was baandoned on 3,319
miles of line,
while in the same period only 2,386 miles of extensions, branch
and other
new lines were completed. Thus it appears that during the last three
years
there has been an actual decrease of 933 miles in the mileage of railways
operated in the United States.
New Rolling Stock.-The statistics regarding the number of locomotives
and cars ordered make some striking now low records. Until this year the
smallest number of freight cars ordered In any year for the railways of the
United States since 1901 was 62,669, this being the number ordered in
In the year 1919 the number of freight cars ordered was only 21.6941908.
nearly all these orders were placed by private car lines as is shown by and
the
fact that 14,895 of the total orders were for tank cars.
The number of freight cars built for use on the United States railways
was much more satisfactory, being 100,416. The result, of course, of the
number of freight cars built so far exceeding the number ordered was that
at the end of the year the car builders had almost no orders for American
railways left on their books.
The number of locomotives ordered was 214 and most of these were
ordered by industrial roads.-V. 108, p. 169.
Rhode Island Co.-Claims Total $10_,764,543.-
A report of the receivers filed in the Superior Court shows that claims
against the company aggregate $10,764,543. The report groups all
the
claims into eleven schedules and makes recommendations as to priority
of
payment to several classes of creditors.
JAN. 3 1920.]
79
THE CHRONICLE
A receivers' inventory as of Oct. 311919. filed with the report, gives the shares will be issued in payment of the undertaking, property, assess and
total estimated cost of reproduction, new, of the various properties com- business of the present company as a going concern, the new company
prising the Rhode Island Co. system as $32,739,240 and their present value assuming all the bonded and other indebtedness of the present company.
"Under the power vested in the present company by its charter, the stock
as $25,656,636. The inventory brings up to date the appraisal made by
of Abitibi, Ltd., so to be issued, will be distributed pro rata among its shareBacon, Ford & Davis in 1916.
all
as follows: Five Common shares for each Common share of the
holders,
over
The Providence "Journal" says: "A single corporation, to take
the property,of the Rhode Island Co. and its subsidiaries and to exchange present company and one Pref. share for each Pref. share of the present
their securities for its own, to be capitalized for not more than $23,000,000, company. The remaining $5,000,000 of Common stock remaining in the
will probably be proposed to the General Assembly as a remedy for the treasury of Abitibi, Ltd., shall not be allotted, Issued or sold by the new
company until the same shall have been offered to the holders of its Common
existlig trolleys situation here."-V. 109, p. 1987, 1274.
stock pro rata according to their respective holdings, at such price as
may be determined by the board of directors.
St. Louis, El Reno & Western Ry.-Sale."The officers and directors of the Abitibi Power & Paper Co. will be elected
L. A. Garner, special master, pursuant to a decree of the U. S. District
Court, will sell the entire property on Jan. 23 at the Canadian County directors and officers of Abitibi. Ltd."
The shareholders have been notified that the 7% Convertible Debentures
Courthouse, El Reno. Okla., for the upset price of $70,000.-V. 102, p. 251.
will be retired April 1 1920 at 110 and int.-V. 109, p. 2441.
San Diego & Arizona Ry.-Bonds.,
Acadia Mills Corp.-Extra Dividend.The California RR. Commission has authorized the company to issue
A special dividend of $2 has been declared in addition to the regular
3710,912 bonds which will be taken at par by the Southern Pacific RR.,
which advanced the money to complete the construction of the road. quarterly dividend of $2, both payable Jan. 2 to holders of record Dee. 18.,
Previous orders issued by the Commission provided for the issuance of -V. 104, p. 1704.
$5,826,800 Preferred stock and $7,289.088 bonds to the Southern Pacific
Acme Steel Goods Co., Chicago.-Pref. Stock Offering.and John D. and A. B. Spreckels to reimburse them for moneys advanced
for the road's construction.-V. 109, p. 1987.
A. B. Leach & Co. Chicago,'New York,&c. are offering at
(a. & d.) stock.
San Francisco-Oakland Term. Ry.-Bond Dep. Asked. 98M and div. 8600,000 7% Cumul. Pref. '
Par $100.
The committee named below representing the bondholders of the company
and those of the constituent, to bring around a reorganization of the system
have requested to deposit the bonds with the following depositories: Mercantile Trust Co., Savings Union Bank & Trust Co.and the Anglo California
Trust Co. of San Francisco, Oakland Bank of Savings, Central National
Bank of Oakland and the First National Bank, Oakland, Calif.
The committee states that matured bonds amounting to $4,816,000 and
bond sinking fund payments amounting to $1,806,384 are in default, and
bond interest amounting to $1,221,765 is in arrears. No dividends have
been paid since 1912.
Re-organization Committee.-John S. Drum, Chairman; P. E. Bowles,
George A. Batchelder, Paul A. Sinshelmer, George .Tourney, Herbert
Fleishhacker, Gavin McNab and A. Crawford Greene, San Francisco;
W. W. Garthwaite and J. F. Carlston, Oakland.-V. 109, p. 1892.
San Francisco & Sacramento RR.-Reorg. Changes.See Oakland Antioch & Eastern Ry. above.-V. 109. p. 2263.
Seattle & Rainier Valley Ry.-Offers to Sell.Replying to a communication from the Seattle City Council, adopted
Dec. 1, requesting the company to submit in writing, within 60 days, an
offer of sale, President M. E. Sampsell raid in substance: It will be remembered hat about Oct. 1 1918, this company offered to sell its street
railway properties to the city for $1,600,000. We still stand ready to carry
out the terms of that offer, subject to the cost of improvements, addition.
&c. since Oct. 11918, amounting to $56,766 to Dec. 11919.
As now made, therefore, our offer is to sell to the city this company'r
entire railway properties, both within and without he city of Seattle,
for the RUM of $1,656,766, plus such further expenditures for additions and
improvements as may be made from Dec. 11919, to the date of the sale, the
company to deliver the property free and clear of all taxes and ass-ssments
becoming duo and payable upon or before Dec. 31 1919, and the city to
assume and pay all taxes and assessments if any, becoming due and pay
able the eafte .
We will accept from the city, in payment of the purchase price, at par,
utility bonds of a character and ecurity imilar to these delivered to the
Puget Sound Traction, Light & Power Co., for he purchase of Its st.eet
railway properties last spring.-V. 108, p. 2331.
Southern Pacific Co.-New President.-
William Sproule has been elected President to succeed Julius Kruttschnitt,
resigned. Mr. Kruttschnitt retains his position as Chairman of the Executive Committee. Mr. Sproule was also elected a director to succeed Paul
Shoup resigned.-V. 109, p. 2172.
Redeemable all or part at 110 and divs. on 30 days' notice. Annual
sink, fund of 5% of the maximum amount of Pref. stock at any time outstanding, beginning in 1921, provides for purchase of the stock up to the
redemption price. No mtge without the consent of 75% of the Pref. stock.
Divs. Q.-F.
•
Authorized. Outstanding.
Capitalization (No Bonds)5600.000
$2,000,000
7% Cumulative Preferred stock
60,000 shares 40,000 shares
Common stock (no par value)
Data from Letter of Pres. James E. MacMurray, Chicago, Dec. 10.
Company.-Ineorp. In Illinois. Business was founded nearly 40 years
ago. Operates at Riverdale, Ill., adjoining the Chicago corporate limits,
one of the most modern and complete continuous steel hoop rolling mills
in this country, and on Archer Ave., Chicago, owns a fully equipped steel
specialty plant which produces from the rolled strip steel manufactured at
Riverdale, some 30 different articles, including steel box strapping and other
shipping and packing specialties.
Earnings (After Deprec.)-Net income, four years ended Dec. 31 1918,
before Federal taxes averaged yearly $367,909; and for the same period
after Federal taxes, averaged yearly $276,117
Earnings.-Nine months ending Sept. 30 1919: Net before Federal
taxes, $457397; net after estimated Federal taxes, $307,397. Nearly 10
times the div. requirements on outstanding Pref. stock.
Acme White Lead & Color Works, Detroit.-Sale.-
The stockholders, it is stated, will vote Jan. 9 on selling the company's
assets to a new company, on a basis that after meeting prior claims of bond
and preferred stockholders, is expected to afford the common stockholders
approximately $47 a share. Par value of all shares $25 each.
In his statement for the late fiscal year, William L. Davies gives his
reasons for approving the sale and further reports in brief:
RESULTS FOR FISCAL YEAR ENDING NOV. 30.
1917-18.
1916-17.
1915-16.
1915-19.
$463,678
11 444
5
29
5491:95
7 50
$380:4
5
$725,596
Net, after depreciation__
21,966
106,780
Other income
Total income
DeductBond, &c., Interest
Pref. diva. (6%)
Coin, dividends
$832,376
5485,644
$503,399
$387.934
$66,613
64.554
(2%)40,000
$75.500
64.554
(1)20.000
680,625
64.554
$85,125
64.554
$358,220
$325,590
$238.255
$661,209
Balance, surplus
Aside from its bonds, the company's indebtedness is confined to current
accounts ($158,743) and a small note obligation ($29,456) to individuals.
During the year the company retired $100,000 of its bonds which matured
July 11919. This leaves outstanding $1,100,000 of bonds, of which 545,200
are in the treasury, leaving in the hands of the public, bonds aggregating
51,054,800, against which the reserve for redemption of bonds now stands
at $737.724, equal to approximately 70%. The reserve to retire [the
Pref. stock now stands at $575,900,equal to approximately 53%.
51.075.9001
•
Staten Island Midland Ry.-Threatens Suspension &c.
the reserves for bonds and Pref. stock are considered as surplus (which
The committee appointed by P. S. Commissioner Lewis Nixon to investi- If
they
actually
are), the statement shows a book value for our $2.000,000 of
the
the
of
company's
with
to
company+,
reference
condition
the
financial
gate
Corn. stock of 53,813,624.-V. 108. P. 478.
declaration that it would be forced to close down its four lines before Jan. 10
unless granted a 7 cent faro has adopted a resolution favoring such increase.
Co.-Govt. to Surrender Possession Mar. 1
Express
Adams
The resolution contained the statement that the committee had satisfied
itself that the company was losing $100,000 a year with its present income, -Status of Merger in Doubt.
See "Chronicle" of Dec. 27 1919, page 2405.-V. 109. p. 979.
and is entitled to a 7 cent fare.-V. 109, p. 2440.
Southern Public Utilities Corp.-Decision.-
The North Carolina State Supreme Court has affirmed the decision of the
Mecklenburg Superior Court, permitting the company to increase street
car fares in Charlotte to 7 cents. The increase was originally granted by
the State Corporation Commission, but the city of Charlotte appealed from
the Commission's decision.-V. 107, p. 502.
Tacoma (Wash.) Ry. & Power Co.-Fare Increase. The company has given notice of an increase in street car fares to 10
cents, beginning Jan. I8.-V. 108, p. 380.
Trenton & Mercer County Traction Corp.-Fare Inc.-
The Now Jersey P. U. Commission has granted the company permission
to increase farm beginning Jan. 4 from 6 to 7 cents on its lines in Trenton,
with 1 cents for initial transfer.-V. 108, p. 1512.
Twin State Gas & Electric Co.-Notes, &c.The Metropolitan Trust Co. has been appointed trustee by the Twin
State Gas Electric Co. to secure an issue of $250,000 7% secured gold notes,
also trustee for the same company's issues of collateral trust 7% gold notes
and 6% gold debentures.-V. 106, p. 1127, 1037.
United Rys. & Elsctrio Co. of 131.1t1.-Fars Inc.The Maryland P. S. Commssion effective Jan. 1 allowed tho company
to incroa.se fares from 6% cents to 7 cents.-V. 109. P. 1274.
Utah Power & Light Co.-Seeks Increased Rates.-
Aetna Explosives Co., Inc.-Bonds Not Ready.-
Owing to unavoidable delay in engraving of the permanent Series A and
Series B bonds. these permanent bonds will not be ready for delivery on
Jan. 11920. Holders of temporary Series A and Series B bonds will receive
the interest due Jan. 1 1920 at Bankers Trust Co., 16 Wall St., N. Y.,
upon sending their bonds for endorsement thereon of such payment of
interest. Temporary bonds should be accompanied by properly filled
out and executed income tax ownership certificates.
"Not for Sale and None of Its Properties in the Market.'
In an advertisement with this heading the company says it makes this
emphatic statement to set at rest unfounded rumors regarding the copany's plans. "Aetna Explosives Co., Inc., is working with unshaken
determination to play the same big part in these days of reconstruction as
it did during the days of war. Seven plants and many branches are devoting the skill and knowledge gained during that struggle to the big job of
p"-ace-time needs. This organization is trained to meet the requirements
of both the large and the small user of explosives."-Y. 109, p. 1793.
Alabama Company.-Common Dividend of 4%.
The directors on Dec. 17 declared a dividend of 4% on the Common
The company has applied to the Utah P. U. Commission for increased stock, payable Jan. 15 to stock of record Dec. 31, along with the regular
rates affecting commercial and Industrial consumers only. The applica- quarterly dividends of 1 ki% on the First and Second Preferred stocks.
tion states that the company is now compelled to meet an annual deficit of The declaration on the common Is 1% more than the last payment made in
51,600,000 to $2.400,000, which condition has existed for several years. July, when 3% was declared. The board fixes no specified time which this
Common dividend covers.-V. 108, p. 2243.
-V. 109, p. 688.
Western & Atlantic RR.-New Lease.-
Allied Packers, Inc.-Status.-Earnings.-
President J. A. Hawkinson, In letter of Dec. 24, addressed to James
The new lease of the road by the State of Georgia to the Nashville,
Chattanooga & St. Louis RR. began at noon on Dec. 27 at the expiration Imbrie of imbrie & Co., gives the following information regarding operof the old lease. Under the terms of the old lease, which was for 30 years, ations since the various properties were eaken over, on or about July 1 1919:
Until about Oct. 1 we experienced radical and almost continuous declining
at a monthly rntal of $35.001, the lessee was required to deposit bonds
of the United States or the State of Georgia with the State Treasurer live stock prices, resulting in very large declines In Inventory values. Hogs
amounting to 5500.000. The new lease, which runs for 50 years, with a sold during July over 22c. per lb., Nov. 1 average selling price Chicago 14c.
monthly rental of 545,000, requires the deposit of $600,000 in bonds of the per lb. Cash lard during July sold over 35c., Nov. 1 26.85, with correspondsame character with the State Treasurer as a guaranty of the faithful per- ing declines, and in some cases even greater, on almost all hog products.
Notwithstanding the great decline in live stock and inventory values,
formance of the contract. In addition to the monthly rental the lessee is
obligated to spend $3,000,000 in improvements upon the property during the company for the 5 months to Dec. 1 1919 show only an operating loss
of 5169,690, or, including reserves for accrued bond interest, &c., a loss of
the life of the lease.-V. 104, p. 2013.
$581,640.
Since Oct. 1 we have had much more normal conditions in the live stock
Yosemite Valley RR.-Coupon Payment.packing industry. Hogs are costing on an average of around 14c. per
The Mercantile Trust Co. of San Francisco, announced on Dec. 19 that and
lb.,
compared with 17%c. per lb. a year ago. Domestic demand for pork
funds
that
be
would
It had been informed by the management of the road
products is very good. Pork products are the cheapest meat food obtaindeposited with it on Dec. 29 1919, to pay coupons due July 11919, from the able
and the low prevailing prices should result in a very large increase in
First Mortgage 5% bonds of 1936. Provision has not yet been made for
consumption.
Payment of coupons from the said bonds due Jan. 1 1920.-V. 109, P. 74. their
The net earnings for Oct. 1919 were $350,801 and for November $403,548.
The notes payable of the parent company and all subsidiaries aggregate
about $5,000.000. We have approximately $3,500,000 cash on deposit
with banks.
INDUSTRIAL AND MISCELLANEOUS.
Improvements that are just being completed at our various plants in the
United States will increase the hog killing capacity of those plants approxiAbitibi Ltd.-To Succeed Old Company.mately 35%. Since July 1 we have succeeded in developing a capable
See Abilibi Power & Paper Co. below.
central organization. A general improvement has been made in the handling
of our by-products and a general plan is in operation for the standardization
Abitibi Power & Paper Co., Ltd.-Reorganization.-An official statement says in part: "A now company will be incorporated of all our brands, products, &c.
Our plants are being operated economically and I feel that the outlook
an
capital
with
$31,000,000
of
authorized
Ltd.,
under the name of Abitibi,
sal
or the present fiscal year is very satisfactory.
divided into 300,000 Common shares and 10,000 7% Cum.Preferred shares
THE CHRONICLE
80
[The coupon bonds of the 20-year Convertible S. F. 6% Debenture bond
'
111
issue will not be ready until after Jan. 1 1920. The semi-ann. interest due
Jan. 1 will be paid to the holders of temporary bonds).-V. 109, p. 1275.
Aluminum Manufacturers, Inc.-Stock Sold.-
Dominick & Dominick and Kissel, Kinnicutt & Co., N. Y., announce
that the 70.000 shares, no par value, Common stock which they offered
at $35, has all been sold.-V. 109, p. 2441.
American Druggists Syndicate.-Rights.-
The stockholders of record Dec. 23 1919 are offered the right to subscribe
at $12 per share for additional capital stock (par $10) to the extent of one
share new stock for each 3 shares held. The right to subscribe expires
Jan. 8 1920.-V. 108, p. 1935.
American Express Co.----Govt. to Surrender Possession
Mar. 1-Status of Merger in Doubt.See "Chronfcle" of Dec. 27 1919, page 2405.-V. 108, P. 880.
American Gas Co.-Guarantees Bonds.See Philadelphia Suburban Gas & Electric Co. below.-V. 109, p. 1988.
American Hardware Corporation.-Extra Dividend.An extra dividend of 2% has been declared, along with the quarterly
dividend of 2% payable Jan. 1, being the same amount as paid in 1918.V. 108, p. 1388.
American Metal Co., Ltd.-Acquisition.--The company, which was recently sold by the Allen Property Custodian
to a syndicate headed by C. D. Barney & Co., has announced that it has
acquired the entire business of L. Vogelstein & Co., Inc., an independent
metal producing and trading concern. Among the assets of the latter are
the Copper Refinery at Chrome. N. J.-V. 109, p. 2265.
American Railway Express Co.-Govt. to Surrender
Possession Mar. 1-Status of Merger in Doubt.See "Chronicle" of Dec. 27 1919, page 2405.-V. 108, p. 2331.
American Rice & Cereal Co.-Bond Redemption.Seven First Mtge. 6% gold bonds, four of $500 each and three of $1,000
each ($5,000) have been drawn for redemption on Feb. 1 at par and int.
at the Mississippi Valley Tr. Co., trustee, St. Louis, Mo.-V. 107. p. 2378.
American Rolling Mill Co.-Fiscal Year Changed.We are informed that the fiscal year has been changed to end with the
calendar year. An annual statement will be issued as soon as inventories
have been taken and the books properly audited-V. 109, p. 2173.
63/
270.-
[VOL. llo.
as a whole at 107% and div. on 30 days' notice. Annual sinking fund
beginning Nov. 1 1920 calls for $50,000 annually to Nov. 1 1929 and S37,500
Nov. 11930, to purchase the outstanding pref. stock at 1072%. Capitalization: Prof. auth. and issued, $500,000; Common, auth.. $2.000,000; outstanding, 3850,000. No bonds.
Company -is the largest manufacturer of printing and lithographing
inks in the West and is the fourth largest in the United States. Main factories at Berkeley, Calif. A consolidation of the lithographic and printing
ink business of Geo. D. Graham, established in San Francisco Feb. 1890:
the California Ink Co. in 1891, and the California Aniline & Chemical Co.
(owned entirely by the California Ink Co.) and Shattuck & Bickford Co.
in 1917.
Earnings.-Net earnings after all charges including income and excess
profits taxes: 1911,$66,026; 1914,$67,301; 1915,$105,768; 1916,3173.266;
1917, $99,768; 1918, $116,122.
California Telephone & Light Co.-Bonds Offered.-
Frank & Lewis, San Francisco, are offering at 100 and int. $75,000 188
Mtge. 6% Sink, fund bonds of 1913. Duo April 1 1943. Callable all or
part on any interest datelipon 30 days' notice at 1072% and int. Denoms.
$1,000 and $100 (c). Interest A. & 0. 1, at the Mercantile Trust Co.,
San Francisco, or its agency in N. Y. City, without deduction for any
Federal normal income taxes now or hereafter deductible at the source, up
to 2%. A Sink, fund of 12% % annually of outstanding bonds is provided
up to July 1925, and thereafter 291 annually.
Purpose.-Part payment for purchase of Mt. Konocti Light & Power Co.
which serves parts of Sonoma, Lake and Mendocino Counties.
Business.-On Aug. 311919, operated 435 miles electric light and power
lines serving 3,827 consumers, and 490 miles of telephone lines serving
1,947 telephone subscribers. Electric current purchased under satisfactory
long term contracts from Pacific Gas & Electric Co. and Snow Mountain
Water & Power Co.
Earnings for Year Ended July 31.
Bond Int. Bal., Sur.
Net.
Gross.
$26,299
$28,722
$55,021
$154.009
1918
35.979
33,930
69,909
1919
188,330
-V. 97, p. 523.
Carib Syndicate, Ltd.-Certificates Ready.-
Certificates for sub-shares may now be had in exchange for full shares at
the- Coal & Iron National Bank, transfer agent registrar.-V. 109, p. 1611.
Cartier, Inc., New York.-Pref. Stock Offering.-Metropolitan Trust Co., N. Y. are offering at $100 a share, a
limited number of shares of the 7% cumul. Pref. stock, the
balance being retained by Messrs. Cartier, who also hold
the Common stock. A circular shows:
American Screw Co.-Extra Dividend of
Redeemable at any time on or before Oct. 1 1924, at 105 and div. there% has been declared on the capital stock in after at 110, and div. Prof. stock auth. and outstanding, $4,000,000;
An extra dividend ef
addition to the regular quarterly dividend of 12% %, both payable Jan. 2 to Common stock 40,000 shares (no par value) having the voting power.
holders of record Dec. 24. In July last an extra of 12%% was paid.Company.-Cartier are the well-known jewellers with stores in London.
Paris and New York and agents in India and Russia. The incorporation
V. 108, p. 2631.
of this firm in New York was for the purpose of becoming as American
American Sugar Refining Co.-Stk. Purchasing Plan.- Institution.
President Earl D. Babst announces a stock purchasing plan effective
Assets, clEc.-The not liquid assets (after making liberal reservations)
Jan. 1 whereby its many thousands of employees may purchase company's as of Sept. 30 1919, were over $4,400,000. Profits for the years 1917,
Preferred stock on easy payments extending over two years. This stock 1918 and 1919, of Cartier partnership, were over 3 times the sum required
to pay the div. of 7% p. a. on the present issue of Prof. stock of Cartier, Inc.
has paid dividends of 7% for more than 25 years.
The announcement also states that more than $500,000 has been paid to
Stockholders of record Jan. 10 1920, will receive the first quarterly div.
employees under the pension plan which the company was one of the first declared in Jan. 1920.
to adopt, and nearly $60,000 to beneficiaries of employees under the
Directors.-Pierre C. Cartier, Chairman; George C. Van Tuyl, Jr. (Presi$5.000,000 group insurance policy taken out just a year ago.-V. 109, dent Metropolitan Trust Co.), J. P. Hartnett, J. F. Workum (Simpson,
p. 2358.
Thatcher & Bartlett), V. Dautromont.
Officers.-Chairman, Pierre C. Cartier; Pres., J. P. Hartnett; VicoArtillery Fuse Co.-Plant Sold.Presidents, P. Muffat, V. Dautremont, J. Glaenzer, L. Locomte; See.,
The company has sold its plant at auction to the Manufacturers Contract- P. Rosier; Treas., A. Civrac.
ing Co., controlled by the du Ponta for $80.000.-V. 105. p. 391.
Arundel Corporation.-Dividend Increased.-
Chino Copper Company.-Production (lbs.)-
A quarterly dividend of 12% % has been declared on the Common stock, Month of November
payable Jan. 1 to holders of record Dec. 26, which increases the annual 11 mos. to Nov. 30
rate from 6 to 7%.-V. 109, p. 679.
-V. 109, p. 1990, 1701.
Arlington Mills, Lawrence, Mass.-Special Dividend.The directors have declared a special dividend of $4 per share (not $2
as stated in last week's issue) along with the usual quarterly dividend of $2
both payable Jan. 2 to holders of record Dec. 24. In Jan. 1919 an extra
of $2 was paid.-V.108, p. 482.
1917.
1918.
1919.
3,749,434 6,535,000 6,313,272
39,785,073 73,129,697 74,305,366
Cincinnati Gas & Electric Co.-Sub. Co. Control.-
The company has applied to the Ohio P. U. Commission for authority to
sell 30,000 shares Pref. stock (par $100) of the Cincinnati Gas Transportation Co. to the Columbia Gas & Electric Co.for $500,000 This Pref. stock
was given the Chi. Gas & Electric Co. at the time natural gas was brought
to Cincinnati for guaranteeing the interest of the bonds of the(Mn. Gas
Trans. Co. The stock carries control of the Trans. Co., but bears no dividends nor can dividends be declared on it until 1033.-V. 109, p. 2350.
Atlantic Fruit Co.-Offering of Debenture Bonds.-Potter
Brothers & Co., White, Weld & Co. and W. A. Harriman &
Co., Inc., New York, are offering at 97 and int., to yield
Columbia Gas & Electric Co.-To Acquire Stock.See Cincinnati Gas & Electric Co. above.-V. 109. p. 1612.
over 7.30%, by advertisement on another page, $10,000,000
Conley Tin Foil Corp.-Stock Sold.-Chas. D. Barney
7% 15-year Sinking Fund Cony. Gold Debenture bonds,
Series "A," dated Jan. 1 1920. Int. payable J. & D. in & Co., New York and Philadelphia, announce that the
New York. Due Dec. 1 1934. Auth. $20,000,000; to be capital stock (no par value) offered by them at $30 per
share having been subscribed for, the subscription books
presently issued $10,000,000.
Denom. $1,000 (c5.). Subject to call all or part at 110% and Int. to have been closed. A circular shows:
Dec. 1 1924, thereafter to Dec. 1 1929 at 1072%% and int. thereafter at
105% and int. Convertible into Common stock at any time.up to 90 days
prior to maturity at the rate of $100 of Debentures for two shares of Common stock.-Full particula s in V. 109. p. 2441.
The balance sheet of Sept. 30 adjusted to show effect of
the new finances, issued over signature of Arthur Young
& Co., Certified Public Accountants, is as follows:
Bal. Sheet, Sept. 30 1919. Incl. Sub-Cos., After Giving Effect to New Financing.
Prop., lands, contr. & equip_ 48,757,596 15 yr. 7% cons,, gold debts.:
Auth.,$20,000,000,issued _ $10,000,000
New prop. & lands in Cuba &
Jamaica to be acquired, cost 8,334,950 :Capital stock, 395,000 shares
no par, represented by____ 15,695,734
Plantations and equipment__ _ 3,017,945
Steams ape at cost,less deprec. 1,393,338 Current accounts payable__ 443,675
Reserve for taxes
Cash reserved for pur. of new
350,000
steams ups by Co. and subs_ 2,990,000 Miscallaneous
53
26
4:0
13
Office furniture, less deprec__ '15,613 Deferred credits
2
49
Invest, in other companies__ 124,251 Miscel. reserves-Trop.div145,079
Cash
1,284,061
670,162
Accts. & notes rec., less res
207,000
Liberty bonds
79,840
Miscel assets-tropical
$27.181,799
Total (each side)
Def. charges(open voyage ace.) 307,044
x Capital stock: Authorized, 1,000,000 shares of no par value, of which
400,000 shares reserved for conversion of debentures. Stock issued,
400,000 shares of no par value, less 5,000 shares held in treasury; 395,000
represented by $15,695,735.
Operating Profits before Int.. Fed. Taxes, Deprec. & Amort. Calendar Years.
1918. 1919 (9 mos.) 1920 est.
11116.
1917.
1915.
$365,467 $1,374,391 31.064,624 31,550,989 $2,641,721 $3,500,000
Federal taxes for the year ending Dec. 31 1919, are estimated at $530,000.
-V. 109, P. 2441.
Boone County Coal Corporation.-Preferred Dividend.
A dividend of 391 has been declared on the Pref. stock, payable Jan. 2
to holders of record Dec. 15.-V. 109. p. 580.
British Columbia Breweries, Ltd.-Bond Call.Nine hundred ($450,000) 6% 20-year First Mtge. gold bonds were paid
off on Dec. 24 at par and int. at the Royal Trust Co., Canada and the
Bank of Montreal. London.-V. 109, P. 2173.
Brooklyn Union Gas Co.-Seeks Rate Increase.-
The company has applied to the Federal District Court in Manhattan,
for an injunction restraining the Public Service Commission and officials
In the State of New York from enforcing the 80-cont gas law of 1906.
-V. 109, p. 2359.
California Ink Co., Inc.-Preferred Stock Offering.}Myth, Witter & Co., San Francisco, &c., are offering, at 100 and div..
3500,0010 7% cum. pref. (a. & d.) stock, par $100. Divs. Q.-F. Callable
Company.-Company has been formed for purpose of raising additional
capital and to assist in the extension and further development of the Conley
Foil Co. of New York (V. 85, p. 1521), established about 50 years ago, and
successfully engaged in the manufacture of tin and other foils, is to-day
the largest producer of these articles. In 1900 company came under the
control of the old American Tobacco Co. and remained so until its dissolution in 1911. Since 1911 Conley Foil Co. has been operated as an
independent corporation.
The Conley Tin Foil Corp. has already acquired over 73% of the capital
stock of Conley Foil Co., and has reserved a sufficient amount of its stock
to effect the acquisition of the remaining stock on the basis of 12 shares of
the corporation for one share of the company. The new corporation plans
expansion of the business in South America, the West Indies and other
countries not heretofore supplied.
Capitalization.-Will consist of 200,000 shares, no par value, of which
162,160 shares will be issued, and 37,840 shares will remain in the Treasury.
Additional capital of $830,000 will be available as a result of the present
financing. The two companies have no preferred stock and no bonds.
Earnings.-The earnings of Conley Poll Co. for the first half of 1919.
together with estimated earnings for the second half of the year, after
depreciation and all allowances for taxes, would indicate earnings on the
proposed issue of stock of approximately $4 per share, and It is anticipated
that the effect of the additional capital, together with the proposed expansion and increased production will be to materially add to these earnings.
Connecticut Light & Power Co.-Rates Increased.-
The company, effective Jan. 1, is putting Into effect a new schedule of
increased rates. The change affects residence and business consumers.
V. 106, p. 1798.
(John T.) Connor Co., Boston.-Stock for Employees.-
It Is stated that the company is offering for subscription to ifs employees
investment certificates bearing 8% interest, payable 2% quarterly, in
multiples of $10. No employee will be permitted to subscribe for an
amount in excess of $2.000 at the present time. In subscribing for the certificates, the employees will be given the privilege of withdrawing their
investment at their option on 30 days' notice to the company.
In addition to the offering of investment certificates, the company has
arranged a plan whereby,shortly after Jan. 1, any employee whose efficiency
is up to the standard set by the employees themselves, will be entitled to
and will receive, nom time to time, extra compensation shares, which will
have the same earning power as a corresponding amount of the book value
of the Common stock of the company.-V. 106, p. 2347.
Consolidated Gas Co. of N. Y.-Votes Bond Issue.-,
The stockholders on Dec. 29 ratified the proposition to issue $25,000,000
Five-Year 7% Cony, bonds, maturing Feb. 1 1925, convertible into stock
at par on any int. date, on and after Feb. 1 1922. The bends are being
issued to refund a similar amount of bonds which mature on Feb. 1 1920.
The stockholders of record Jan. 3 will have the right to subscribe (subject
to the authorization by the P. S. Commission) to the bonds on or before
Jan. 17 to the extent of 25% of their holdings at par.
JAN. 3 1920.]
THE CHRONICLE
81
The company has applied to the N. Y. P. S. Commission for authority in service one year or more may subscribe in amounts not exceeding $1,000.
to issue the above bonds and $25,000,000 capital stock into which the bonds The plan is entirely voluntary in nature, and no pressure of any kind will
can be converted. According to the application, if approved, the company be brought to bear on the workers to subscribe, the aim of the company
will use $24,378,248 of the bonds to discharge a like amount of 6% Cony. being to encourage savings by providing investments of undoubted safety
and security upon attractive terms of payment. The plan affects all the
'Debentures, due Feb. 1 1920. The remainder is to be used as follows:
_5568.000 for the acquisition, at par, of additional capital stock of the New employees of the company.-V. 109, P. 2360, 2267.
York Edison Co. out of a total proposed issue of $3,500,000 as and when
General Motors Corporation.-Plan Delayed.issued; $153,753 for the reimbursement of moneys actually expended from
The stockholders failed to vote on Dec. 30 on the recapitulation plan
income or from other moneys in the treasury to make up the deficiency
necessary to secure the discharge of collateral trust and demand notes of (V. 109, p. 2075), due to the fact that not enough of the holders of the 6%
debenture stock had sent in their proxies. Ratification of the plan calls
the company. See V. 109, p. 2266, 2360.
for the assenting vote of 50% of the Common stockholders, 50% of the
(Wm.)Cramp & Sons Ship & Engine Bldg. Co.-Director Preferred stockholders and 75% of the debenture stockholders. Considerably more than 50% of the Common and Preferred shareholders voted
Joseph GilfiIlan has been elected a director to fill a vacancy.-V. 109, P
for the plan, but about 10% of the Debenture proxies were lacking to put
1277.
it through. Officials of the company say that they feel confident that
Cromwell Steel Co.-Payment of Notes.sufficient proxies will be on hand Jan. 5, the date of the next meeting, to.
All of the First Mtge. 7% gold notes, dated Oct. 11917, were called for make ratification of the plan certain. See V. 109, p. 2075, 2262, 2267.
gravm
eleanntdonottlon. lvat11
00
517
1,3.applInt. at the First Trust & Savings Co.,
General Petroleum Corp. San Francisco.-Stock Rights
A circular signed by Secretary 0..R. Stevens Dec. 15 1919 offers for subscription on or before Feb. 29 to'the holders of the Common capital stock
Guaranty Trust Co., N. Y., has been appointed Trustee under Indenture of record Dec. 15 1919, 57,424 shares of said Common stock at a price of
dated Jan. 1 1920 securing an authorized issue of $25,000,000 10-Year $125 per share to the extent of one share for every three shares held, payable
7.% Cony. Deb. bnods duo Jan. 1 1930.-See V. 109, p. 2174, 2242.
in cash (San Francisco funds) as follows: $31.25 per share on or before
29, 1920;$31.25 April 30 1920;531.25 July 31 1920;$31.25 Oct. 31 1920
Cuban-Canadian Sugar Co.(Cuba).-Pref.Stock Offering. Feb.
Fractional certificates may be purchased, or sold, through any reliable
Royal Securities Corp., Ltd., Montreal, are offering at 100 and dividend, broker. The secretary will also assist holders to buy or sell such fractions
yielding 8%, carrying a bonus of 25% in Common shares, $4,000,000 8% at current market prices.
•
.
-cumul. from Jan. 1 1920, Pref. (a. & d.) shares.
Immediately following the due date of each installment, stock certificates
CapitalizationAuthorized. To be Issued. will be issued for the number of shares paid for.
At any installment date, the whole balance due may be paid and stock
8% Cumulative Preferred shares
$10,000,000 $4,000,000
Common shares
5.000,000 will be issued therefor.
10,000,000
Subscriptions will also be received for amounts above the 33 1-3% limit
Company will have outstanding $1,500,000 6% notes maturing $750,000
(without prior deposit) on account of any of said stock not subscribed as
June 30 1920, and $750,000 June 30 1921.
Data from Letter of Edw. 0. Miller, Pres. & Gen. Man. of Company. aforesaid.-V. 109, p. 2360.
Company.-Organized to acquire all the securities of the Rio Couto Sugar
Glendive Amusement Corp.-Bond Call.Co. which has successfully operated for a number of years, at Ingenio Rio
Fifty First Ref. Mtge. 10-year gold bonds, ranging in number front 3 to
Cauto, on the line of the Cuba RR. in Oriente Province, Cuba, a large 719, both inclusive, were paid on Jan. 2 at par and int. at the Empire
Sugar plantation and factory.
Trust Co., New York.
Plantation lands of company consist of 32,300 acres, of which 8,300 acres
are In cane. In addition, about 5,200 acres are in cane under the cultivation
Goodyear Tire & Rubber Co. of Can., Ltd.-Correction.
of neighboring farmers, whose cane is sold to the company in return for
The issue of 24,500,000 7% Sinking Fund Cumulative Prof. stock menpayment to farmers of about 50% of sugar produced from cane purchased. tioned in V. 109„p. 2360, was put out by Nesbitt, Thomson [not Thomas]
Properties, consisting of plantation and pasture lands-sugar factory & Co., Ltd., A. E. Ames & Co., and Dominion Securities Corp., Ltd.[not
capacity of 250,000 bags p. a.-264 miles of standard gauge railway Royal Securities Co., Ltd.] The Preferred shares of the old company out158 railway cars and 3 locomotives-dock properties at the company's own standing were $1,452,700.-V. 109, p. 2360.
port of Carenas-town buildings-electric lighting, water and sewerage
systems-2,000 cattle and draft animals, &c., have a replacement value
Gorham Mfg. Co.-Bonds Called.of at least $5,500,000.
Seven hundred and fifty ($750,000) First Mtge. 7% Serial gold bonds
Sugar production- 1915-16. 1916-17, 1917-18. 1918-19. '19-20.(est.) have been called for payment Feb. 1 (payable however on Jan. 31 as Feb. 1
falls on Sunday) at 1()2% and int. at the Rhode Island Hospital Trust Co.,
(bags 325 lbs.) _.... 68,884
84,152
150,245
169,691
192,000
Earnings.-Not earnings for the year ended Sept. 30 1919, after deducting Providence, R. I.-V. 109, p. 275.
Interest charges and taxes and writing off $454,402 88 for maintenance and
Graton & Knight Mfg. Co.-Notes Called.depreciation, were $397,355. Earnings for 1920 after providing for interest,
All of the outstanding 7% Serial Gold notes of Series "B"and "C",dated
taxes, &c., on same basis, available for pref. diva., are est. at $1,127,000.
Aug. 1 1918, have been called for payment Feb. 1 1920 at the Farmers'
Loan & Trust Co., New York. Isotee of Series "B" will be redeemed at
Denver Union Water Co.=Files Suit.Tho company has filed suit against the city for $1,000,000 alleged to be 100;4% and int., and Series "0" at 101% and int.-V. 109, p. 1796.
due for water between 1914 and 1918 and not paid for.-V. 109, p. 1464.
Great American Insurance Co.-Stock Increase.The stockholders will vote Feb. 2 on increasing the capital stock from
Downey Shipbuilding Corp.-Contract.to $10,000,000, the additional shares to be offered pro rata
It Is stated that the company has accepted a contract to build 3 steel $5,000,000
cargo carriers for the Southern Pacific Co., having a deadweight register to the stockholders at $100 a share.-V. 107. p. 1672.
of 6,000 tons and a speed of 12 knots. The price at which the contract
Greenfield Tap & Die Corp.-New President.- •
was placed is understood to have been about 54,400,000.-V. 105, P. 1423.
Frederick H. Payne has been elected President to succeed Frank 0.
Wells,
resigned. F. G. Echols, Vjce-Pres. and Gen. Manager, has been
Eagle Lock Company.-Extra Dividends.An extra dividend of 2% was paid on Jan. 1 along with the regular quart- elected a director to fill the vacancy caused by the retirement of Mr. Wells.
-V.
106.
p. 927.
erly dividend of 2%. On Dec. 24 last an extra of 4% was paid. The
"United States Investor" of Dec. 27 says:"The prosperity of this company
Green Star Steamship Co.-Director.Itself-evident, and as it has been increasing its business continually, and
Louie F. Swift has been elected a director.-V. 109. p. 2268.
improving still further its already satisfactory financial condition, a capital
increase has been looked for and may be made early in the new year."Harleifsh-Brookwood Coal Co.-Bonds Called.V. 106, p. 90.
Fifteen ($15,000) First Mtge. 6% S. F. Gold bonds were drawn for reEastern Manufacturing Co.-Bonds Called.demption on or after Jan. 1 at 102)4% and int. at the Girard Trust Co.,
All of the outstanding First Mtge. 5% Serial S. F. Gold bonds (except Philadelphia.-V.99, p. 471.
the series duo Feb. 1) have been called for payment at 102% and int.
Harris Bros. Co., Chicago.-Dividend.The series of $75,000 maturing Feb. 1 1920 will be paid at 100% and int.,
A dividend of 6% has been declared on the Common stock for the year
at the Old Colony Trust Co., Boston.-V. 109, p. 2360.
1920, to be paid in quarterly installments of 1;4% on Jan., April, July and
Oct. 15 to holde:s of record Dec. and March 31 and June and Sept. 30.
Fairbanks, Morse & Co.-$1,500,000 Foundry.The company has announced its intention to erect in Beloit, Wis., this In July last an initial dividend of 3% was paid on the Common stock.
year a modern foundry equal big in size and output any foundry on the globe. -V. 102, p. 1990.
This great structure will, when completed, be 900 ft. long and 550 ft. wide,
Hercules Paper Corp.-Acquisition.and have an ultimate capacity of 350 to 400 tons of gray iron daily. The
The company has purchased the controlling interest in the Frank Gilbert
officials decline to give out figures as to the cost, but it is hinted that at
Paper Co. of Waterford, N. Y. This company operates a paper mill at
least $1,500,000 will be expended -V. 109, p. 2360, 2443.
Waterford, a pulp mill at Cohoes, N. Y., and a newly erected large paper
Fensland Oil Co.-President.mill at Cohoes. H. I. Prankard, Pres. of the Gilbert company, will be
T.B. Hoffer has been elected President, with headquarters at Fort Worth, Vice-Pres. of the Hercules company, in charge of the division of menufacture.-V. 109, p. 2076.
Texas.-V. 109, p. 1990.
Cuba-Cane Sugar Co.-Trustee Appointed.-
1
Fidelity & Casuality Co., N. Y.-Capital Increase.-
The stockholders have voted to increase the capital stock from $1 000.000
to $2,000,000, Par $100. Stockholders of record Jan. 27 are riven the
right to subscribe to the new stock at $200 a share in the ratio o one new
share for each share held -V.82, p. 337.
Hobbs, Wall & Co.-Bond Offering.-
Myth, Witter & Co., San Francisco, &c. are offering at price to yield
% according to maturity $500,000 First'Mtge. 6% Serial Gold bonds.
Dated Sept. 1 1919, due $50,000 each Sept. 1 1922-31. incl. Interest
payable M.& S. at Union Trust Co., San Francisco, trustee. Red. price,
1014. Denom. $1,000. Exempt from personal property tax in Calif;
Fisher Body Corp.-Initial Common Div.income tax to the extent of 2% paid by company.
The directors have declared an initial dividend of $2.50 on the common
Company.-Incorp. in California in 1896. Property consists of 16,388
stock, no par value, also the regular quarterly dividend of 1(% on the acres timber land in Del Norte County, Calif., saw mill, shingle mill,
preferred, both payable Feb. 2 to holders of record Jan. 15.-V. 109, P. general store, loading wharf, &c. Valuation of timber. mills and logging
2075.
equipment, 52,619.975. Valuation redwood timber exclusively, $1,624,Franklin Process Co., Providence.-English Branch.- 425. Earnings for 1919 estimated to exceed $200,000 after Federal taxes.
"Franklin Proms-, Ltd.," was incorporated under the English Companies
Hodgman Rubber Co.-Initial Dividend.Act on or about Nov. 15 1919 with £60,000 authorized capital stock in
A dividend of $1 13 has been declared on the Preferred stock, payable
shame of £1 each. The now company, a majority of whose stock is owned Feb.
to holders of record Jan. 15. This is at an annual rate of 8% and
by the Franklin Process Co. and the Universal Winding Co., has bought a covers1the
period from the date the stock was issued, Dec. 12,to Feb. 1 1920.
plant at Denton 3 miles from Manchester, England, where it will both -V.
109, p. 2443.
manufacture the Franklin dyeing machines and conduct a dyeing business
for the purpose of demonstrating the unusual efficiency of these machines.
Hudson River Vehicular Tunnel.-Contract Signed.-V. 109. P. 1990. 581.
The contract for the construction of the tunnel for vehicles under the
(Robert) Gair Co., Brooklyn.-To Reorganize.Hudson River between the Borough of Manhattan and Jersey City has been
The stockholders will vote Jan. 3 1920 on (a) reorganizing the corpor- signed by the New York and New Jersey Tunnel Commissions.
The contract provides for the joint construction, operation, repair and
ation RO as to permit the issuance of 400,000 shares of common stock, no
par value;(b) authorizing the issuance of 30,000 shares of First Pref.(a.& d.) maintenance of the tunnel, subject to appropriations to be made from time
7% cumul. stock, par $100, to be retirable at 112!4; (c) Authorizing the to time by the Legislatures of the two States. The tunnel is to be exclusively
issuance of 40,000 shares of 2d Prof.(a. & d.) 7% cumul.stock, par $100.
for vehicles and pedestrians, and no franchise or right can be given to a
(d) Authorizing the exchange of all the outstanding shares of Pref. stock public service corporation to operate trolley or subway lines through the
for 30,000 shares of said First Prof. stock on the basis of one share of the tunnel, except with the approval of the Governors and Legislatures of the
now First Prof. for each share of present prof. stock; (o) Authorizing the two States. It has been agreed between the States that a schedule of tolls
exchange of all the outstanding shares of Common stock for 243,500 shares is to be established when the tunnel is finished.-V. 109, p. 1464.
of no par value Common stock on the basis of 4 87-100 shares of the new
Hutchinson Sugar Plantation Co.-Dividend Increased.
non par value Common stock for each share of the present Common stock;
The directors have declared a monthly dividend of 20 cents per share on
(f) providing that the amount of capital with which corporation will carry
on business shall be $9,000,000, and authorizing the directors to issue 35.000 the stock, payable Jan. 5 to holders of record Dec. 31. Previous to this
of the 2d Pref. stock and the remaining 156,500 shares of the Common stock; 15 cents was paid.-V. 106. P. 2761.
(g) authorizing the sale of all the Brooklyn real estate of the corporation
Imperial Tobacco of Canada, Ltd.-Earnings.for an adequate consideration and on such terms as will protect the rights
of the holders of the present outstanding Preferred stock.
1917.
1916.
Sept. 30 Years1919.
1918.
The company, it is stated, recently acquired mills located at Piermon't, Net profits
*$2,920,719 $3,624,487 $2,455,224 $2,756,619
•
481,800
481,800
481,800
N. Y., New London, Conn., and Haverhill, Mass.-V. 106, p. 2122.
(6%)481,800
Preferred dividends
Ordinary dividends_ -x(7%)1,890,175 1,890,175 1,890,175 1,890,175
General Electric Co.-To Issue Bonds to Employees.-
The company has announced a plan to give its employees opportunity
to subscribe to what will be known as Employees6% Debenture bonds ofthe
company, and to U. S. Government 4 % Victory notes, on long time
payments. The directors have authorized a special issue of 15-year Dedenture bonds dated Sept. 11919,for this purpose. Both bonds and notes will
be offered in denominations of $50. 5100, $500 and $1,000. Employees
$384,644
Balance, surplus
$548,744 $1,242,513 $83,249
Profit & loss, surplus
$2,920,719 $2,581,216 $1,328,704 $1,245,454
* After all expenses, charges and income war tax.
x Includes four interim dividends of 1;4% each charged to the net profits
of the year and 1% extra each year charged to profit and loss.-V. 108.
P. 1514.
82
THE CHRONICLE
Internat. Mercantile Marine Co.—Gets German Ships.—
President P. A. S. Franklin has stated that the U. S. Shipping Board has
Informally turned over the Leviathan, George Washington, Mount Vernon and Agamemnon to the American Line to be operated by the company
on the service between New York, Plymouth, Cherbourg and Southampton.
The company has purchased the Washington Building. facing Battery
Park, N. Y. City, which it is said will be remodelled and enlarged.—V. 109.
p. 2444.
[Vol.. 110.
Marconi's Wireless Telegraph Co., Ltd., London.—
Issues of 1,500,000 New Ordinary Shares of £1 each at £3.
The directors in London on Dec.8 offered 1,500,000 new ordinary,shares
of £1 each at the price of £3 per share to holders of record Dec. 4 1919,
and to holders of bearer shares (issued on or prior to that date), one new
share for each ordinary and or preference share held by them respectively.
The shares so offered will rank for dividends declared in respect of the period
commencing Jan. 11920, but in all other respects will rank part passu with
the existing 1,250.000 ordinary shares of El each. Acceptances were
International Products Co.—Pref. Dividend.—
The directors have declared a regular semi-annual 3% dividend upon required to be filed with the London County Westminster & Parr's Bank
the Preferred stock, payable on Jan. 10 1920 to stockholders of record Jan. Ltd., 21 Lombard St., London, E.C. 3, on or before Dec. 19 1919, together
with a payment of 5.9. per share (which includes 3s. on account of premium),
3 1920. All accumulated dividends were paid last June.
being the amount of the first installment.
W. F. Ladd & Co., 43 Exchange Place, N. Y., are preparing for publics
The balance of £2 15s. per share will be payable as follows: (a) 10s per
tion recent news covering the developments of this company's p:operties
share (6s. on premium) on Jan. 30 1920; (b) 20s. per share (12s. on proand business in South America.—V. 109, p. 1529.
mium) on March 31 1920; (c) 25s. per share (19s. on premium) on May
31 1920.
Ironton Electric Co.—Stock Increase.—
Payment in full may be made upon acceptance (but not otherwise),
The capital stock has been increased from $150,000 to $500,000.
in which event interest at 5% per annum will accrue from that date on the
Jewel Tea Company.—Sales.amount prepaid. Interest at same rate will be charged on overdue instal1917.
1919.
1918.
Share Certificates Will be ready on and after Jan. 15 1920, at the comFour weeks ended Nov.29
$1,258,344 $1,185,332 $1,232,268 pany's office, Marconi House, Strand, London, W.C. 2. in exchange for
48 weeks ended Nov. 29
14,843,196 13,948,325 14,109,089 the banker's receipt for the first installment.
—V. 109, p. 2268, 1991.
Holders of share warrants to bearer had until Dec. 19 to subscribe at the
offices designated in London, Brussels and Rome; until Dec. 31 to subscribe
Kay County Gas Co.—Listed in Pittsburgh.—
in
New
and Montreal; until Jan. 7 in San Francisco, and Jan. 14 in
The Pittsburgh Stock Exchange, on Dec. 29, listed 6,000,000 shares of Buenos York
Aires.
this company's capital stock and on the same date listed as of Jan. 15 1920,
The time for such subscription at the office of the Marconi Wireless
an additional $4,000,000 shares. Compare V. 109, p. 1896.
Telegraph Co. of America, Woolworth Building, Broadway, N. Y.,has been
Locomobile Co.—Tentative Balance Sheet of New Company. extended to Jan. 7 1920.—V. 109, p. 2444, 2176.
This new company, as already stated (V. 109, p. 2361), plans to acquire
Marland Refining Co.—New Stock Listed.—
the business and assets of the Locomobile Co. of America. Emlen S. Hare,
The Pittsburgh Stock Exchange, on Dec. 29, listed 555,824 additional
formerly Vice-President of the Packard Motor Car•Co., will be President
and the Mercer Motors Co. will acquire a substantial block of Common shares of stock, par $5 per share. This additional stock was sold Dec. 1
stock, thus making available for the new company four of the Mercer's 1919 at par to stockholders of record Oct. 31 1919, for general corporate
purposes and with stock set aside for employees, makes the entire $25.expert designers and salesmen.
The company proposes, in order to meet a growing demand, to add to its 000,000 stock outstanding. See further data in Security Committee
present high-grade passenger car and commercial truck, a medium-sized Bulletin of July 25 1919. V. 109, p. 490. 473.—V. 109, D. 1897, 1614.
and lower-priced "Locomobile" quality car. Mr. Hare says: "I confidently anticipate that, for the first full year in which the company will have
Marshall Oil & Gas Co.—Stock Offering.—
the benefits of quantity production of the new lower-priced 'Locomobile,'
Moore, Leonard & Lynch. New York, &c. are offering at $12 per share
the business will show an earning capacity of from $2,500,000 to $3,000,000 30,000 shares Capital stock, par $10. No bonds or Pref. stock.
Total
available for taxes and dividends."
Capital stock, $503,000.
Based upon the balance sheet as of June 30 1919 of the Locomobile Co.
of America. Barrow, Wade, Guthrie & Co.certify that the following balance Data from Letter of Pres. J. W. Moorhead, Dated Pittsburgh, Dec. 8.
Company.—Ineorp. in Dec. 1918 in Kentucky. Owns over 9,600 acres
sheet is correctly prepared as of June 30 1919 after giving effect to the proposed rearrangement of Preferred and Common stock issues and the intro- of leases in Kentucky, West Virginia and Illinois; the Kentucky leases
duction of $2,000,000 additional cash working capital to be realized upon are located In proven territory and the West Virginia and Minot lease., are
producing properties. Company is at present completing a 1,000 gallon
consummation of the proposed refinancing.
daily capacity casing head gasoline plant on its West Virginia property which
Tentativelialance Sheet of New Company Prepared as Above Stated.
is in addition to a 100-gallon daily capacity plant now in operation. Them
equipment, &c. (based
Real estate, plant at Bridgeport,
are now in operation 60 oil and gas wells, settled production of over 65
on an appraisal of plant, &c., by
Conn.,
the U. S. Appraisal Co., as
of oil per day. Total production 9 months ended Sept. 30 1919,
$3,821,863 barrels barrels
of Jan. 11919. with subsequent additions)
of oil and 19,110 gallons of gasoline. Present earnings are
12,338
46,037 at
Investments
the'
rate
of over 25% Per year on the entire capitalization of 8500.000.
3,295.980 Quarterly(Ms.
Inventories at factory cost
will be inaugurated on the outstanding stock at annual rate
866.811
Notes and accounts receivable
767.856 of not less than 8%,payable Jan. 10. to stockholders of record Dec.31 1919.
U. S. Govt.(a) claims, $742,306; (b) bonds, $25,550
522,487
Cash
Mercantile Stores Co., Inc.—Bid in.—
42.452
Items in transit
The company on Dec. 31 bid In at auction all the properties of the Mer41,344
Deferred assets
cantile Stores Corp. for a total of $8,835,516.—V. 109, p. 2362, 1798.
Total assets (excl. of good-will, patents and trade names)_ _ _ _$9,404,830
Michigan State Tele. Co.—Pref. Divs. Discontinued.—
Liabilities—Pref. stock 7% cum. (auth. $5,000,000) present
Dividends on the 6% cumulative preferred stock have been discontinued
$3,350,000 because of poor earnings and pending the outcome of its application
issue to be
for inCommon stock, authorized, 300,000 shares, with no par value;
creased rates.—V. 107, p. 2293.
3,272.041
to be presently ,ssued, 200.000 shares, represented by
*1,416,000
Bonded debt (authorized issue, $2,500.000)
Midland Counties Public Service Corp.—Asks Merger.
Accounts payable, $750.154; other items payable, $383.622_ _ _ _ 1,133.776
An application for permission to negotiate the sale of the corporation's
Taxes due and accrued
139,470 natural gas systems in Santa Barabea and San Luis Obispo
to the
Preferred dividend declared
26,250 Santa Marla Gas & Power Co. for $388.000 has been filed Counties
the Calif.
67.293 RR. Comm. The petition states that the companies had with
Accrued interest, commissions, &c
been engaging
in a competition, particularly in the town of San Luis Obispo, that had
Total capital and liabilities
$9,404.830 proven unprofitable to both, and a merger was only remedy.—V.108, p. 788
* To be represented by $416,000 First Mtge.6% bonds, due June 11922,
and $1,000.000 6% debentures, due June 1 1924, of the Locomobile Co.
Mitchell-Watson Coal & Coke Co.—Bonds Called.—
of America (V. 95. p. 114; V. 108. p. 977), or by an ermal face amount of
All of the outstanding 57 10-year First Mtge. gold bonds, dated Jan.
an authorized issue of $2,500,000 First & Ref. Mtge. 6% bonds of the new
company, due 1935, which may be issued in exchange for such First Mtge. 1903, were called for payment Jan. 1 at the First Nat. Bk.of Blairsville,Pa.
bonds and debentures.—V. 109, D. 2361.
Monomac Spinning Co.—Special Dividend.—
A special dividend of $2 has been declared in addition to the regular
Loew's Incorporated.—Initial Dividend.—
quarterly
dividend of $2, both payable Jan. 2 to holders of record Dec. 18.
The directors have declared an initial dividend of 50 cents per share on
the capital stock payable Feb. 1 to holders of record Jan. 17.—V. 109, p
Ohio Manufacturing Co.—Listed &c.—
Murray
2269.
The Cleveland Stock Exchange has admitted to list $500.000 8% Cumul.
Lunn & Sweet Co., Auburn, Me.—Pref. Stock.—
Pref, stock, par $100, and 50.000 shares Common stock, no par value.
Lee Higginson & Co. are offering at 98 and dbz. a block of the 7% Cum.
Keane, Higbie • & Co., Detroit, and Tillotson-Wolcott Co., Cleveland,
First Pref. stock, callable as a whole, but not in part, on any dividend date recently offered $500.000 8% Cum. Prof. (a. & d.) stock and 10.000 shares
at $110 per share, and accrued dividends on 30 days' notice. Dividends. of Common stock (no par value).
Price, 10 shares Preferred stock and
Q.-J. A circular shows:
20 shares Common stock at $1,000 (and div. on Prof. from Dec. 15). Prof.
Owns a large, modern factory in Auburn, Maine, manufacturing women's divs. Q.-J. Redeemable at 110. No bonds without consent of 75% of
shoes. Until the present sale of First.Pref. stock the business growth has Prof. stock. Total capital auth. and outstanding, Pref., $500,000: Combeen financed entirely from profits. The present managers, under whose mon, 50,000 shares. No bonds. The company is being incorp. In Ohio
direction the company has achieved its success, continue in the management by the J. W. Murray Mfg. Co. and will be established at Cleveland to take
and control.
care of its business in that section. The estimated gross business for 1920
Net assets, over $1,600,000. equal $200 per share, not Including value of is 31,000,000; 1921, $1,750,000: 1922, $2,500,000, with net earnings estitrade-marks or good will. Net quick assets alone $150 per share.
mated at $150,000 in 1920, $250,000 in 1921 and $375,000 in 1922.
Net profits for last 3 years and 10 months averaged 6 times dividend
The Michigan company guarantees the dividend and retirement fund of
requirements on this stock and for current fiscal year about 73.6 times. the Ohio company's Prof. stock and contracts to supply the Ohio company
all
patterns, dies,forms, plans, &c., necessary to enable it to start immediate
(W. H.) McElwain Co.—New Financing Contemplated.— production.
The company has leased a plant which is now in operation.
The stockholders will act, Jan. 6, on the following proposals: J. W. Murray, President. Directors include J. R. Kraus, A. Ward Foote
1. Authority will be sought to issue shortly $2,500.000 new [First] Prof. and C. A. Locke, Cleveland.
stock, increasing the amount outstanding from a little less than 85,000,000
to nearly $7,500,000. An increase in the dividend rate on this preferred
Nashua Manufacturing Co.—Sanctions Stock Issue.—
from 6% to 7%, per annum is also planned. The proposed issue will, if
The stockholders voted Dec. 31 to authorize the directors to issue the
approved, be underwritten by bankers. The proceeds will add substantially 10,500 shares of auth. and unissued stock (par $100) to the stockholders
to working capital enabling the company to continue its normal and steady In the proportion of 21-29ths of a share for each share held at $225 a share.
growth.
The $2,362,500 obtained from the sale, it is stated, will be used in Im2. Proposal is made to reduce the par value of the Second Pref. stock provements.—V. 109, p. 2444.
from $100 to $50 per share, increasing the number of shares outstanding
authorize
an
additional
increase
in
the 2nd
from 20,000 to 40,000 and to
National Licorice Co.—Extra Dividend.—
Pref. stock by $500.000. The 2nd Prof. is a 6% cumul. profit-sharing
An extra dividend of 2% has been declared on the Common stock in
issue which may receive up to 9% in divs. and is held largely by superin- addition to the regular semi-annual of 234%, both payable Jan. 7 to all
tendents and foremen of the company. Purpose of reducing the par value stockholders of record on that date. In July 19_9 an extra of 2% was paid
is primarily to insure a broader extension of ownership among employees. and in January 1%.—V. 109, p. 77.
3. It is also proposed to reduce par value of the present $3.000,000 Corn.
stock from $100 to $50. It Is understood also that there may be a private
Nevada Consolidated Copper Co.—Production (lbs.)offering of a small block of Corn. stock to others than the present small
1919.
1918.
1917.
coterie of owners. The Corn, stock has a book value of about $200 per Month of November
3,525,000 6,856.000 6,900,000
share and earnings on this issue have been at a high rate.
11 mos. to Nov. 30
38,946,585 72,831,415 73,787,350
Sales of the McElwain Co. are now running at the rate of $50,000,000 —V. 109, p. 2444, 1993.
per annum, against $37,000,000 last year, the previous record. Profit
realized during thelast six months were, it is unoterstood, highly satisfacNiagara Falls (N. Y.) Power Co.—New Unit.—
tory. "Boston News Bureau."—V. 108, p. 2334; V. 109, P. 67.
The "Electrical World" of Dec. 20 has an illustrated article dealing with
the new 32,500 k. v. a. unit which was started on Dec. 20. "The unit
McSherry Mfg. Co.—Initial Pref. Div.—
which was officially started Dec. 20, is one of three In a new addition to
The directors have declared an initial quarterly dividend on the Preferred station No. 3 of the company. Each consists of a 25-cycle, three-phase.
stock Issued and outstanding, payable Jan. 2 to holders of record Dec. 26. 12,000-volt, 32.500-kva. g.enerator driven at 150 r. p. in. by a single-runner
—V. 109, p. 1797.
waterwheel operating under an effective head of 225 ft. These units bring
rating of station No.3 up to 242,500 h;p. The construction and equipManati Sugar Co.—Listing.—The full statement made the
ment of the new addition cost $8,000,000. —V. 109, p. 2444.
to the New York Stock Exchange in connection with the
listing of the company's $3,500,000 7% Cumul. Pref. stock
and $10,000,000 Corn. stock will be found on subsequent
pages of this issue. The statement contains a full description of the company's property, the production and the
dividends paid since organization, the profit and loss account
for the year ended Oct. 31 1919 and the balance sheet as of
that date.—V. 109, p. 2444.
Noiseless Typewriter Co.—Initial Dividend.—
An initial dividend of 2% has been declared on the Common stock, payable Jan. 2. There is about $865,000 Common stock and $500.000 Deferred stock outstanding. The company has issued no Preferred stock or
bonds.—V. 98, p. 917.
Pacific Gas & Electric Co., San Fran.—Seeks Extension.
The company has made application to the California RR. Commission
for an extension from Dec. 31 to June 30 for the selling of $3,500,000
First Preferred stock.—V. 109, p. 2444, 2362.
lei
JAN. 3 1920.)
83
THE CHRONICLE
dividend, or a total of 175%. An average premium of 20% would have
permitted total dividends of 205%.
Balance Sheet December 311918.
LiabilitiesAssets£531,499
rights_
£171.124 Capital stock
Real est. & property
Total shares & debentures 3,166,004 Sundry creditors & cred. bal. 537,978
2,805.629
11,641 General reserve fund
Machinery, stores, &c____
d surplus__ 361,075
Capital Increases &c.-Started with authorized capital of $100,000. Sundry debtors & debit bal_ 422,504 Unappropriate
4,236,180
Total (each side)
Capital has beenincreased as follows: In 1911 authorized capital in- Cash on hand & deposits__ _ 464,908
paid
3114,000,
creased to $250,000, of which $136,000 paid in and balance,
(lbs.)Ray Consolidated Copper Co.-Production
Dec. 31 1914. In 1915, authorized capital increased to $500,000, a stock
1917.
1918.
1919.
div. of $250,000 was declared, bringing Issued capital up to $500.000.
3,832,000 7,020,000 7,600,000
In May 1916, authorized capital increased to $2,000,000, an 80% stock Month of November
43,382,000 80,907,559 85,556,679
div. was paid and $100,000 stock was sold for cash for $400,000, making 11 mos. to Nov. 30
Issued stock $1,000,000. In Sept. 1916, a 50% stock div. was paid, bring- -V. 109, p. 1993, 1706.
ing issued Common stock to 31,500,000. In Dec. 1916, $1,000,000 par
Rubay Co.-Initial Pref. Dividend.value Preferred stock was subscribed and paid for, all of which will have
been retired before the completion of this financing. Upon completion
The directors have declared an initial dividend of 1%% on the Preferred
that the
of present financing, capitalization will be: •
stock, payable Jan. 1 to holders of record Dec. 24. It 1.3 reported
Authorized. Outstanding. company, which makes automobile bodies, has about $4,000,000 of unfilled
$2,000,000 $1,500,000 orders on its books. Application to list the stock on the Cleveland Stock
Common stock ($10 par),
3,000,000 Exchange will be made, it is said.-V. 109, p. 1614.
3,000,000
Preferred stock 7% Cumulative ($100 par)
Assets.-Based on balance sheet as of June 30 1919, and after giving
effect to the proceds of present financing including reserve for unpaid
(A. L.) Sayles & Sons Co., Pascoag, R. I.-Pref: Stock
Federal taxes for 1918, but without providing reserve for accrued Federal
Offering.-Hollister, White & Co., Boston and Charles
taxes for 6 months ended June 30 1919, assets will be as follows:
Land, buildings, machinery, equipment (less depreciation $333,Wesley & Co. New York are offering at $50 a share to yield
Is 653), S789,438. Less-Purchase money obligation, $81,965- $707,473
stock. See adver297,780 8% $1,500,000 8% Cumul. Prof. (a. & d.)
Investments (stock in other corporations)
Current assets-Casn, $2,904,702; U. S. Govt. setising pages.
at $27 a share for
curities and Detroit Municipal bonds, $477,090;
The Preferred shareholders have the right to subscribe
number of Pref. shares
accounts receivable. $922,663; inventories. $2.828.Common stock to an amount not exceeding the
time the order is
$7,220,546
220; deferred charges, $87,870
purchased, providing this right is exercised at the same
Less total current and accrued liabilities. incl. res'ves_ 2,209,542 5,011,004 given for Prof. stock. No mortgage without consent of 2-3 of outstanding
Pref. stock.
$6,016.257
Total net assets
Dividends Q.-F. Red. at 110 and diva, on 60 days' notice. Charter
Total net assets ($6,016,257) are equal to $200 per share and net current provides that, after the payment of quarterly divs, upon the outstanding
20% of the remaining net
stock
this
Pref.
of
assets ($5,011,003) equal to more than $167 per share
Prof. and Corn. stocks, beginning Feb 1 1921.Pref.
stock at $55 a share.
-V. 109, P. 1530. 1466.
profits each quarter shall be used to reture the
Outstdg.
Auth.
(No Bonds).Capitalization
$2,500,000 $1 ,500,011*
Phila. Suburb. Gas & Electric Co.-Bonds Offered.8% Cumulative Preferred stock (par $50)
1,328,000,
2,500,000
-Year
3
int.
$1,680,000
and
97
at
Bioren & Co., Philadelphia, are offering
Common stock (par $25)
Dec.22°
Cony. Sink. Fund 6% Secured Gold bonds. Dated Dec. 1 1919. Due
Data from Letter of Treas. Albert H.Sayles, dated Pascoag,
Dec. 1 1922. Convertible at any time into the 50-Year Gen. Mtge 6%
Has succeeded to
Company.-Incorp. in Mass. about Dec. 27 1919. Sayles
bonds
called
of
holders
called,
Gold bonds at 92 and int. If bonds should be
Inc..
Sons,
&
L.
A.
of
businesses
well-known
and
d
will be given 30 days to convert their bonds, if they so desire. Company the long-establishe
ManuL. Sayles Co., of Pascoag, R. I.; and Sayles & Jenks
agrees to retire through the operation of a sinking fund, on June 1 1921, and the Fred
of woolens,
manufacturer
large
a
Is
Mass.
Warren,
ofCo.,
facturing
$75,000 par value of this issue and $75,000 additional every three months
2,700,000 yards
worsteds and cotton-worsteds, with an annual capacity of
thereafter at call price.
the first
goods. Company is the direct outgrowth of oneinof1914.
Callable at 101 and int. Int. J. & D. Tax exempt in Pennsylvania. of finished
Bayles
Daniel
by
States,
United
the
in
established
mills
Company will agree to pay interest without deducting for any normal woolen
has
units,
separate
various
the
Company, through the acquisition of
selling
Federal income tax to an amount not exceeding 2% which it may lawfully
one central administrative, financial, operating and
pay at the source. Pennsylvania Co. for Ins. on Lives & Granting Annui- brought underthe
the
Mass.;
Warren,
at
Mills
Whipple
the
and
Warren
ties, trustee. Guaranteed for principal and interest by the American Gas organization,
and Lincoln
(leased temporarily to other parties) and the Granite
Co. Authorized, $2,160,000. Secured by deposit with the trustee of Akela Mill
buildings, office
mill
estate,
all
real
with
together
I.,
R.
Pascoag,
at
Mills
$2,800,000 Phila. Suburban Gas & Electric Co. 50-Year Gen. Mtge. 6% buildings, store houses, power houses, extensive water powers and storage
Gold bonds. The $480,000 reserved bonds can only be issued by deposit
The equipment in the various mills, modern and complete,
with the trustee of $800,000 additional Phila. Suburban Gas & Electric Co. reservoirs, &c.
10,800 spindles,
includes 344 Crompton & Knowles looms, 30 sets of cards,
Gen. Mtge. 6% Gold bonds.
with dye houses, weaving and winding departments, and other equipment,
Earnings Year Ended Oct. 31 1919 and Years Ended Dec. 311919, 1020, Est. including machine shops, all giving the company well-balanced manufacturfinOct. 31 '19 Yr. 1919-4Jal. Yr. Est.-1920 ing facilities, with a combined output of 2,700.000 yards annually of and
$2,755,602 $2,788,278 $3,102.423 ished goods. Company owns 92 tenements, and several residences
Gross earnings
1,104,000 boarding houses occupied by employees. At Pascoag, also owns numerous
855,000
778,662
Not after expenses and taxes
521,628 business properties, including post-office, hotel and bank buildings, public
512,000
507.730
Fixed charges
582,372 stores, offices, meeting halls, &c.
343,000
270,931
Balance
to $3,073.430:
100,800
100,800
Interest on this issue of bonds
Sales & Earnings.-Combined net sales in 1917 amounted
1917, $294,703; 1918,$551,902. For
Control.-The entire Capital stock is owned by The American Gas Co., 1918, 33,974.009. Not earnings,
estimated at
the year ended Dec. 31 1919(two months estimated), sales are
which guarantees these bonds, principal and interest.
(The proceeds of this issue will make available funds to retire $681 500 $3,000,000, and net earnings at $375,000.
total
estimated,
months
two
For the three years ending Dec. 31 1919,
American Gas Co. 1-year 7% gold notes and $850,000 American Gas Co.
with average net earnings for
5% Coll. Trust bonds due June 1 1920, and tenders have been asked of sales should average more than $3,349,147,
31
Oct.
ended
months
four
the
For
annually..
$407,202
holders for sale of such amounts of these securities, to Merchants Union same period of
resulting in net of $223,134,
Trust Co., trustee. Retirement of these notes and bonds will release as 1919, company Wiled sales of $1,314,745,
$669.000.
of
net
annual
and
*4,000,000,
of
volume
annual
Co.-V.
109.
an
Electric
to
Gas
&
equal
Suburban
Philadelphia
of
the
collateral stock
Directors.-Fred L. Sayles (Pres.), Albert H. Sayles (Treas.), E. F.
P. 1808.
Williams (Agent), F. R. Switzer (Vice-Pros.) and H. L. Carpenter.
Paige-Detroit Motor Car Co.-Syndicate Closed.-Bonbright & Co. and Chandler & Co. Inc., N. Y., announce that
all the $3,000,000 7% Pref. stock having been sold, the
syndicate has been closed. In connection with the offering
(V. 109, p. 1530) a circular shows:
Procter & Gamble Co.-Capital Increase, &c.-
The stockholders voted Dec. 22 (a) to increase the capital stock from
240,000 shares to 1,200,000 shares (b) to reduce the par value from $100 to
*20.-V. 109, P. 1993.
Providence (R. I.) Telephone Co.-To Increase Stock.-
The company, it is stated, is to issue the $1,000,000 unissued capital
stock (par $50), bringing the total capitalization outstanding up to the
limited authorized issue of $5,000.000. The new stock, it is said, will be
issued as of Jan. 2 or April 1 1920 in the ratio of one to four. The New
England Telephone & Telegraph Co. acciuired control in 1915 and is now
reported to own about 99% of the $4,000,000 stock.-V. 108, p. 788.
Pullman Company.-Federal Control to End Mar. 1.-
See "Chronicle" of Dec. 27 1919, Page 2405.-V. 109, P. 1898
Rand Mines, Ltd.-Offering 60,000 "American Shares."
-Bernhard, Scholle & Co., New York, are offering, when,
as and if issued (to carry all dividends declared after Jan. 1
1920), at $40 per share, 60,000 "American Shares"of stock.
(See advertising 'pages). The Bankers tate.
These "American Shares" are to be issued pursuant to a deposit agreement
with Bankers Trust Co. as depositary, in the ratio of one American share
for 2% sterling shares. Divs. declared in sterling will be exchanged and
paid in dollars by Bankers Trust Co. without deduction, under present
laws, for British or South African taxes. Shares dealt in on London, Paris
and Johannesburg exchanges, and in due time application will be made to
list the "American Shares" on the New York Stock Exchange.
Company.-Incorp. in the Transvaal, South Africa, in 1893. Is one of
the foremost gold mining companies in the world, and operates in the
Witwaterstrand district of South Africa. This district at the present
time supplies almost half of the world's total gold production as compared
with about 18% supplied by the entire United States. Is chiefly a holding
company, but also owns extensive mining claims and other properties in
South Africa. The shareholdings are distributed over some 30 companies,
among them the most important mines operating on the Rand.
0 Capital.-The capital at inception was £400,000 (par £1) of which 332.708
shares were issued. This capital has from time to time been increased for
the purpose of acquiring various share interests and other assets. In 1899,
the market price of the shares having reached £45 per share, it was decided
to split each share into four shares of a par value of 5 shillings each. This
was effected in 1901. The last share increase took place in 1911, when the
capital was increased to 2,200,000 shares, of which 2.125,955 are issued. In
Jan. 1897 £1,000,000 5% Debentures were issued, but were paid off by
1910. Has no bonds outstanding at present time.
le During the five years preceding the war the price of the shares in the
London market ranged from £5% to £10 11-16. During the war the shares
sold as low as £23( and while they have recovered since then they are still
selling at about the lowest level reached during the 13 years prior to the
war, I. e., ever since the shares have existed in their present par value.
Earnings and Dividends.-The income is composed chiefly of dividends
from companies in which it is interested, but from time to time substantial
revenue has been realized in the form of profits arising from the sale of
investments. Net profits for the ten years ended Dec. 31 1918 totaled
£10,571,000, and disbursements to shareholders during that period aggregated E10,069,000, or an average per annum of 197% upon the shares
outstanding. Since the lifting of wartime restrictions last July the various
companies are allowed, under certain conditions, to dispose of their gold in
the highest market available. This arrangement has enabled the companies to take advantage of the abnormal exchange situation. The premium
thus derived from sales of gold has averaged over 16%, and recently the
price has reached the very substantial figure of,L5:3:0 per fine ounce, or a
premium of over 20% on the standard price.
p Taking as a basis the 1918 results of the various mining companies in
which Rand Mines, Ltd.,is interested, an average premium of 15% throughout the year would have enabled the company to pay an additional 90%
Sears, Roebuck & Co.-Sales.Month of Dec
12 mos. end. Dec 31
-V. 109, p. 2177, 1799.
1917.
1918,
1919.
$30,957,276 $22,374,842 $18,864,372
257,930.025 198,523,074 178,268,223
W.) Shaw Corp.-To Decrease Capital.-
(Walden
stock from
The stockholders will vote Jan. 14 (a) on decreasing the capital
par $100 and 200,000 shares
209,000 shares, consisting of 9,000 shares pref.
decreasing
on
(b)
value,
par
no
shares,
200,000
to
par
value,
no
common,
from
the amount of capital with which the corp. will carry on business
$1,900,000 to S1,800,000.-See V. 109, p. 2271.
Co.-Capital Increase.-
•
Simms Petroleum
capital stock
The stockholders voted Dec. 30 to increase the authorized
The stockholders
from 500,000 shares to 1,000,000 shares, no par value.additional
stock at
for
subscribe
to
right
the
have
of record Jan. 15 will
for each two shares
$47 50 a share in the proportion of one share of new stockthere
be about
of old stock. When the new financing is completed made will
with Knauth,
751.500 shares outstanding. Arrangements have been
Nachod & Kuhne to underwrite the new issue. Compare V. 109, p. 2362.
2445.
California Gas Co.-Seeks Additiongl Bonds.-
Southern
for authority to
The company has applied to the Calif. RR.Commissionthe
company for
to reimburse
issue $300,000 of its First Mtge. 6% bonds
to the plant.made
the cost of additions, betterments and extensions
V .108, p. 1826.
Oil Co. of N. J.-Rumanian Oil Purchase.-
Standard
GovernContracts have been,closed by the company with the Rumanian
of 500 000 barrels
ment and with private firms in Rumania for the purchase
of the
delivery
$3,150,000,
about
be
to
said
a
price
for
petroleum
of refined
of the oil to be made by the end of February next.
The purchase was made on
The oil will go to consumers in the East.
the ordinary
behalf of the markets which weuld have obtained the oil in
action
course of events had not the war's dislocation of trade made special
to this end necessary.-V. 109, p. 1994.
Standard Oil Co. of N. Y.-Obituary.Stark Tuscarawas Breweries Co.-Bond Call.-
Vice-Pros. William R. 1Cing died on Dec. 30.-V. 109, P. 1898.
dated Mar. 21
Forty-two ($42,000) First Mtge. 6% 25-year gold bonds,
Cleveland
1005, were called for payment Jan. 1 at 107% and int. at the
934.
p.
106,
-V.
Ohio.
Cleveland,
Co.,
Trust
& Co., Stamford.-Judgment.-
Stollwerck Bros.
was
A judgment of $217,000 against the Alien Propertya Custodian
heacing before
entered Dec. 29 in the Federal Court at Hartford after
once
Government
The
company.
the
of
complaint
Judge Garvin of the
) was a subsidiary
contended that the company (chocolate manufacturers
The stock and assets of
of Gebruder-Stollwerck of Cologne, Germany.over
Alien Property
the
by
taken
were
the latter company in this country
holding $1,503,000.
Custodian and some of them sold, the Government
it had in
stock
whatever
that
company
Stamford
the
of
claim
the
It was
was not alien owned and
the American enterprise of the Cologne company
that it also had a- bill for about $94,000 for goods furnished to the Cologne
company.-V. 108, p. 885.
Machinery Co.-Extra Dividend.-
Sullivan
1% on the outstanding
The directors have declared an extra dividend ofof
1% %. both payable
capital stock, along with the quarterly payment
has been paid in each
1%
of
extra
An
Jan. 15 to holders of record Jan. 1.
quarter since July 1916.-V. 108, p. 688.
For other Investment News, see page 86.
84
THE CHRONICLE
[Vol,. 110.
parts anti Paciuntuts.
MANATI SUGAR COMPANY
(ORGANIZED UNDER THE LAWS OF THE STATE OF NEW YORK.)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTI
ON WITH THE LISTING
OF ITS SEVEN PER CENT CUMULATIVE PREFERRED STOCK-COMMO
N STOCK.
New York, December 8 1919.
The following
Manati Sugar Company hereby makes application to have Preferred Stock: are the preferences and privileges of the
listed on the New York Stock Exchange
From and after January 1 1915 the holders of the Preferred
$3.500,000 (the total authorized issue) of its Seven per Cent Cumulative Stock shall be entitled
to receive, as and when declared by
Preferred Stock consisting of 35,000 shares of the par value of
the Board of Directors of the Company, from the surplus
$100 each; and
10,000,000 (the total authorized issue) of its Common Stock, consisting of or net profits of the Company,
yearly dividends at the rate
100,000 shares of the par value of $100 each;
of seven per centum per annum, and no more, payable
all of which has been issued and is outstanding in the hands quarterly or semi-annually on dates to
be fixed by the Board
of the public.
of Directors. From and after January 1 1917, such diviAll of said stook is full paid and non-assessable, and no dend on the Preferred Stock shall
be cumulative so that if
personal liability, attaches to the shareholders.
after that date such dividend or any part thereof be not paid
Manati Sugar Company was organized on April 30 1912, in any year, such deficiency shall be paid out
of the net profits
under the laws of the State of New York. Its duration is of the follpwing years before any dividend
shall be paid
perpetual.
upon or set apart for the Common Stock.
The Company in accordance with the terms of its charter
Whenever m any year the accrued quarterly or semiis engaged in the business of owning and operating a sugar annual installment of the dividend
upon
Preferred Stook
estate and factory in the Island of Cuba,'in the growing of shall have been declared and paid or thethe
funds for the paysugar cane, in the manufacturing of raw sugar therefrom ment thereof shall have been set aside, and, after
January 1
and in the sale of such sugar.
1917, such dividend for all previous years counting
said
The authorized and issued Capital Stook of the Company date shall have been paid or set aside, the Board of from
Directors
is $13,500,000, of which $3,500,000 is 7% Cumulative Pre- may declare dividends on the Common Stook payable
at
ferred Stock and $10,000,000 is Common Stock.
such time as said Board shall fix out of any remaining surplus
The amount of the Capital Stock authorized by the Cer- or net profits.
tificate of Incorporation was $10,000, all of one class of the
In the event of any liquidation, dissolution or winding up,
par value of $100 per share. It was thereafter increased and whether voluntary or involuntary, of the Corporation
, the
classified pursuant to action of the stockholders, and the holders of the Preferred Stock shall be entitled to be paid
in
certificates of such increase and classification filed as re- full the par amount of their shares and the unpaid dividends
quired by law, as follows:
accrued thereon before any amount shall be paid to the
Cap. Stock. Pref. Stock. Corn.Stock. holders of the Common Stook, and after the payment to the
Authorized at time of incorporation
$10,000
holders of the Preferred Stock of the amount payable to
July 10 1912 increased to
2,000,000
April 17 1914 increased and classified to_
$3,500,000 $3,500,000 them as hereinbefore provided, the remaining assets and
June 21 1916 increased and classified to
3,500,000 10,000,000 funds shall be divided and
paid to the holders of the ComPURPOSES OF ISSUE.
mon Stock according to their respective shares.
The Company issued originally $2,000,000 in amount of
All (but not less than all) of the Preferred Stook may by
Capital Stock (all of one class) and $1,000,000 First Mortgage direction of the Board of Directors be redeemed upon thirty
Bonds and $1,000,000 Second Mortgage Bonds (both retired days' previous written or published notice to the holders of
in 1914) for $1,500,000 in cash (used for construction of record of said stock given in such manner as may be profactory and planting of cane, &c.), and $2,500,000 in prop- scribed by the by-laws or by resolution of the Board of
erty which afterwards formed the Central Manati.
Directors by paying therefor in cash an amount equal to
After the stook was increased and classified in 1914, the 120% of the par value of the Preferred Stock so to be reissues were 'as follows:
deemed, and, in addition thereto, all unpaid dividends
Date. Pref. Stock. Corn. Stock.
accrued thereon.
Purpose of Issue.
1914
$3,300,000 $3,300,000 issued in exchange for $4,000,000 outThe Preferred Stock is not convertible.
standing bonds and stock (above-menThe holders of the Preferred and Common Stock are both
tioned), $982,500 in cash (used for enlargement of factory and extension of entitled to vote at stockholders
' meetings on equal terms,
cultivation, &c.), and in payment of
accrued interest on bonds retired having one vote for each share.
($243,333 34), to cover increased value
The
Company
has no obligations of debt.
of stock and unpaid dividends ($600,The Company did not succeed to any other corporation
000) and for expenses of financing,
supervision and other services, 1912- and it has no constituent, subsidiary, owned or controlled
1914 ($774,166 66).
companies. Following its incorporation and on May 29
1916
Nov.8,
660,000 in payment of stock dividend of 20% 1912, the Company acquired lands which wore united to
upon Common Stock, declared out of form a single
estate called Manati, situated in the Municipal
earnings and surplus to Oct. 311916.
1917
Districts of Nuevitas, in the Judicial Division and Province
Nov. 26,
40,000 in payment for services.
of
Camaguey,
of Victoria de las Tunas, in the Jurisdiction of
1918
May 1 t•
2,830,900 issued upon conversion and cancellation the Registry of Property of Bayamo, and of Puerto Padre,
1919
of a like face amount of First Mortgage in the Jurisdiction of the Registry
of Property of Holguin,
Aug. 27,
Fifteen Year 6% Convertible Gold
Bond.;, due May 1 1931 (part of $4,- Province of Oriente, Cuba. These lands comprised 2,143.60
000,000 of such bonds) issued July 1 caballerias of land, equal to 71,453 acres located
as follows:
. 1916 and sold for cash at par. .
1919
Aug. 1,
1919
Aug. 28,
200,000
'
issued for cash at par.
703,100 issued for cash at 110 to provide funds for
redemption of $703,100 in amount of
bonds not converted, which bonds were
thereafter redeemed and canceled.
(Balance of bonds $466.000 had been
previously retired by Sinking Fund
and canceled).
1919
Sept. 8,
1919
Oct. 10,
1919
Oct. 15,
376,700 issued in payment of a stock dividend of
5% upon the Common Stock.
2,022,600 issued to subscribers for cash at par.
66,700 issued to underwriters for cash at par.
$3,500,000 $10,000,000
Province
Munic. District
Caballerias
Acres
Camaguey
Nuovitas
43.18
1,439
Oriente
Victoria
104.31
3,477
Oriente
Puerto Padre
1,906.11
66,537
These were new lands, not theretofore cultivated in
cane, and include those upon which the factory is located.
They are free and clear of all incumbrances, all of the bonds
heretofore issued by the Company having been paid and
redeemed and canceled.
Subsequent to the original purchase, the Company has
acquired other lands, and controls the cane supply from still
other lands, so that at present the( total area of lands owned
in fee simple and controlled by the Company is as follows:
Equivalent Acres Planted
Caballerias. to Acres.
in Cane.
All of the cash proceeds for said stock (except as stated with Owned
127,267
3,818
35,533
respect to the issue of $703,100 in amount of Common Stock Controlled by the Company
9,533
286
9,533
on August 28 1919, at 110) and also the proceeds of the First
136,800
4,104
45,066
Mortgage Fifteen-Year 6% Convertible Gold Bonds which
All of said lands are contiguous. and adjoin those prewere converted or redeemed and thereupon canceled as above
viously described and for the most part in the Province of
stated, were expended as follows:
Oriente. They are connected with the Company's sugar
Purchase of additional lands
$668,630 67 factory by the Company's lines of
Construction of a sugar factory and its auxiliary buildings_ _ _ _ 2,397,013
railway.
82
Installation of railroad
The sugar factory is equipped with three complete mod1,322,867 27
Purchase of rolling stock and other equipment
1,040,974
18
ern grinding units and has a capacity for thelproduotion of
Erection of wharf at port owned by the company
48,427 70
Making of additions to plant and property, construction of
from 550,000 to 600,000 bags of raw sugar in the grinding
telephone lines &c
1,563,362
29
season from December to June.
Purchase of live stock
25,995 42
In addition thereto the estate is equipped and furnished
. or in the discharge of indebtednesitpreviously contracted for with warehouses,
machine shops, stores, hotels, workmen's
like purposes and for working capital.
houses, offices, residences-"of• managors,P4superintendents,
chemists, &c., cane-carts, oxen and other cattle and all other
appurtenances proper for the management of sugar estates.
The Corporation also owns and operates for the transportation of its products and supplies 131 miles of railroad
(36-in. gauge) constructed of 60-lb. rails, and rock ballasted,
and which connects the factory with the Company's dock
and with the main line of the railroad of the Cuba Company
at Manati Junction and which also extends in all directions
into the Company's cane fields.
On Manati Bay, the Company has whares accommodating
deep draught vessels in which it ships its sugars direct to
the northern markets. The warehouses at the wharves and
mill of fireproof (brick, steel and concrete) construction have
a capacity of 250,000 bags of raw sugar.
The rolling stook consists of 29 locomotives, 680 cane cars,
25 tank cars, 10 box cars, 163 flat cars, 6 passenger cars,
4 auxiliary oars.
There are employed at the estate during the active season
about 5,000 men.
All of the lands and property are free and clear of all incumbrances except 800 caballerias of land, which were purchased subject to mortgages which are not yet due, as follows:
$190,000 on 426 caballerias, $7,500.on 16434 caballerias,
$50,400 on 210 caballerias and $19,985 on 6334 caballerias.
The operations of the Company have been as follows:
Crop.
1913-14
1914-15
1915-16
1916-17
1917-18
1918-19
Tons
Arrobas
Ground. 2,240 lbs.
15,084,788=168,357
24,424,795=272,598
30,240,92337,510
43,332,198=483,618
44,406,976=495,613
53,948,516=602,100
Bags
Sugar.
134,757
199,545
280,050
385,313
394,297
507,366
Operating Profits
Before Taxes and
'Depreciation.
812,226
1,514,388
2,244,596
1,815,663
2,537,661.50
The estimated output for the crop of 1919-1920 is 550,000
bags.
DIVIDENDS.
Beginning April 1 1915, the Company has paid regularly
quarterly dividends upon the Preferred Stock at the rate of
7% per annum.
On the October 5th 1916 the Company declared a dividend
of 20% upon the Common Stock, payable in Common Stock
on November 8th 1916 to holders of record at the close of
business on October 31 1916. At the same time dividends
were declared upon the Common Stock as thus increased
as follows:
2
2
2
2°%
payable December
payable March
payable June
payable September
1
1
1
1
1916
1917
1917
1917
Since then, and beginning December 11917, the Company'
has paid regular quarterly dividends upon the Common Stock
at the rate of 10% per annum. On July 23 1919 the Com•
pany declared an extra dividend of VA% upon the Common
in
cash and 5% in
Stock, payable September 8 1919, 2
Common Stock at par. This dividend has been paid.
each
year
from reports
The Board of Directors determines
submitted to it as to the condition of the property, the canefields, &o., the amount to be charged to depreciation.
$125,000 was charged to depreciation for the fiscal year
1915-1916; $200,000 in 1916-1917; $390,000 in 1917-1918
and $510,000 in 1918-1919.
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED
OCTOBER 31 1919.
Sales:
$9,214,727 01
Centrifugal sugar cost and freight basis
Molasses •
128,625 00
$9,343,352 01
201,914 07
Miscellaneous operating income
Total income
$9,545,266 08
Vaerrianteinffetag nses, F. 0. 13
$6,364,991 82
842,61278
Total expenses delivered
7,007,601 58
Profit on operations •
$2,537,661 50
Deduct:
Interest on First Mortgage Bonds
Interest on current accounts,
Bank interest and commission
Loss on United States Liberty Bonds
Donation to United War Work
Tax on Capital Stock
Allowance to Colonos
Reserve far Federal, State and Cuban
taxes
Reserve for depreciation of plant
$108,744 82
48,808 59
21,700 46
5,000 00
10,310 00
50,000 00
550,000 00
510,000 00
1,304.563 87
Net profit for period
Less dividends paidPreferred Stock:
January 2 1919
April 1 1919
July 1 1919
October 1 1910
$1,233,097 63
$57,750 00
57,750 00
57,750 00
61,250 00
$234,500 00
Common Stock:
December 1 1018
March 1 1919
Juno 2 1919
September 2 1919
$126,927 50
126,927 50
133,127 50
161,995 00
Deduct: Dividend accrued on Common
Stock issued in exchange for bonds converted
548,977 50
$783,477 50
16,707 74
766,769 76
Balance carried to surplus account
85
THE CHRONICLE
JAN. 3 1920.]
$466.327 87
SURPLUS ACCOUNT AS AT OCTOBER 31 1919. '
$1,786,670 46
Balance as at October 31 1918
Deduct:
Sundry items in liquidation of crop,
$3,295 95
1917-1918
Balance of bond discount amortized upon
160,000 00
retiring of First Mortgage Bonds
Extra cash dividend 2X % September 8
188,350 00
1919
376,700 00
Extra stock dividend 5% Sept. 8 1919
728,345 95
$1,058,324 51
Add:
Balance of net profits carried from profit and loss account
for the year ended October 31 1919
466,327 87
$1,524,652 38
Balance as at October 311019
BALANCE SHEET AS AT OOTOBER 31 1919.
ASSETS.
Property and plant:
$4,348,121 28
Property account
668,630 67
Land account
$5,016,751 95
3,733,572 36
Sugar mill and equipment
1,659,141 19
Railroad lines
1,381,693 75
Rolling stock
41,958 28
Live stock
Miscellaneous buildings, warhouses, wharf,
.
2,081,508 19
telephone lines and other equipment__
$13,914,625 72
73,107 Cl
Advances against contracts
$13,987,733 Cs
Current assets and advances to Colones:
Material equipment and supplies on hand
as certified by the General Manager_ _ __
Advances to Colones
Accounts receivable
Sugars on hand, sold but not liquidated, approximate
Equity in sugar shipped but not liquidated,
approximate
Molasses on hand, contracted for
Cash in banks and on hand
Special deposits:
Central Union Trust Co. to pay interest on
unpresented bond coupons (see contra)_ _
With Cuban Custom Houses
Cuban subscription account-U. S. Liberty
Bonds
Deferred Charges, unexpired insurance
Items in suspense
3678,757 61
1,912,767 45
187,841 15
116,900 00
90,600 00
7,000 00
453,610 50
1,530 00
11,843 71
4,235 00
$11,569 56
5,572 60
3,465,085 42
17,142 16
$17,469,961 21
LIABILITIES.
Capital Stock:
Preferred Stock 7% Cumulative authorized and issued_ __ $3,500,000 00
10,000,000 00
Common Stock, authorized and issued
267,885 00
Mortgageson Cuban lands
Current and accrued liabilities-Drafts out$171,316 82
standing
93,023 86
Accounts payable
50,696 54
Salaries and wages accrued
coubond
unpresented
on
interest
Accrued
1,530 00
pons (canceled) (see contra)
73,301 02
Balance of Federal Income Tax, 1918
468 98
•
withheld
Tax
Income
State
Federal and
390,337 22
Reserves:
,000 00
,225
1
depreciation
For
For Federal, State and Cuban Taxes,for fiscal year ended
562,086 61
October 31 1919
1,524,652 38
Surplus
317,469,961 21
Contingent liabilities:
Contracts and orders for material not yet delivered
$180,673 12
Manati Sugar Company agrees with the Now York Stook
Exchange as follows:
Not to dispose of its stock interest in any constituent,
subsidiary, owned or controlled company, or allow any of
said constituent, subsidiary, owned or controlled companies
to dispose of stock interests in other companies unless for
retirement and cancellation, except under existing authority
or on direct authorization of stockholders of the company
holding the said companies.
To publish at least once in each year and submit to the
stockholders, at least fifteen days in advance of the annual
meeting of the Corporation, a statement of its physical and
financial condition, an income account covering the previous
fiscal year, and a balance sheet showing assets and liabilities
at the end of the year; also annually an income account and
balance sheet of all constituent, subsidiary, owned or controlled companies, or a consolidated income account and a
consolidated balance sheet.
To maintain, in accordance with the rules of the Exchange,
a transfer office or agency in the Borough of Manhattan, City
of New York, where all listed securities shall be directly transferable, and the principal of all listed securities with interest
or dividends thereon shall be payable; also a registry office
in the Borough of Manhattan, City of New York, other than
its transfer office or agency in said city, where all listed
securities shall be registered.
Not to make any change in listed securities, of a transfer
agency or of a registrar of its stook, or of .a trustee of its
bonds or other securities, without the approval of the Committee on Stock List, and not to select as a trustee an officer
or director of the Company.
To notify the Stock Exchange in the event of the issuance
of any rights or subscriptions to or allotments of its securities and afford the holders of listed securities a proper period
within which to record their interests after authorization,
and that all rights, subscriptions or allotments shall be transferable,'payable and deliverable in the Borough of Manhattan, City of New York.
To notify the Stock Exchange of the issuance of additional
amounts of listed securities and make immediate ;:application for the listing thereof.
To publish promptly to holders of bonds and stocks any
action in respect to interest on bonds, dividends on shares,
or allotment of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange, and to give to the
Stock Exchange at least ten days' notice in advance of the
closing of the transfer books or extensions, or the taking of
a record of holders for any purpose.
To redeem Preferred Stock in accordance with the requirements of the Stock Exchange.
To notify the Stock Exchange if deposited collateral is
changed or removed.
The fiscal year of the Company begins on November 1st
and ends October 31st.
The Company has an office in New York at 112 Wall
Street, in Havana in the Edificio Barraque, corner of Amargura and Cuba.Streets, and at the Central Manati, Manati,
Oriente, Cuba.
The annual meeting of the Company is held on the third
Wednesday in January at the office of the Company, 112
Wall Street, New York, N. Y.
The Directors (elected annually) are: E. C. Converse,
William Nelson Cromwell, George W. Davison, Alfred
Jaretzki, William P. Philips, Manuel Rionda, Bernardo
Braga Rionda, Manuel E. Rionda and Frederick Strauss, of
New York, N. Y.; John F. Craig, Philadelphia, Pa.; Manuel
Rafael Angulo and Regino Truffin, Havana, Jose H. Beola,
Gibara, and E. D. de Ulzurrun, Central Manati, Cuba.
The Officers are: Regino Truffin, President; Manuel
Rionda, Frederick Strauss, Alfred Jaretzki, William P.
Philips, E. D. de Ulzurrun and Higinio Fanjul, Vice-Presidents; Manuel E. Rionda, Treasurer; B. Braga Rionda,
Assistant Treasurer, New York; Victor Zevallos and Antonio Sarria, Assistant Treasurers, Havana; M. R. Angulo,
Secretary, Havana; and William F. Corliss, Assistant
Secretary, New York.
The Transfer Agent is Bankers Trust Company, 16 Wall
Street, New York, N. Y.
The Registrar is Central Union Trust Company of New
York, 80 Broadway, New York, N. Y.
MANATI SUGAR COMPANY,
By MAN. RIONDA, Vice-President.
This Committee recommends that the above-described
$3,500,000 Seven Per Cent Cumulative Preferred Stock and
$10,000,000 Common Stock be admitted to the list.
WM. W. HEATON, Chairman.
E. V. D. COX, Secretary.
Swan & Finch Co.—New Fiscal Year.—
The fiscal year has been changed so as to end on June 30 instead of on
Dec. 31. The fish oil department, one of the largest divisions of the company's business, closes its season in June instead of in December, and the
balance sheet of Dec. 31 therefore does not fairly represent the normal
conditions, inasmuch as the inventories and obligations are then at the
highest point. The annual meeting has been advanced to Nov. 15. Secretary G.E. Brown adds: "The audit will not be undertaken until July 1920
and there will therefore be no statement issued until after the next annua
meeting in November 1920, instead of about April 20, as heretofore.'
—V. 109, p. 1994, 69.
Thayer-Foss Co.—Pref. Stock Offering.—
Tucker, Anthony & Co. Boston, New York and Providence, are offering
at 98 and div. to yield 7.14% 3500,0007% Cumul. Pref. (a. & d.) stock.
Annual sinking fund
Par $100. Callable at $110 and divs. Divs.
of 5% of the greatest amount of Pref. stock outstanding is expected to
retire this issue within 20 years. No mortgage can be created without a
75% vote of Prof. stockholders.
Companu.—Originally established in 1894. Has plants at Peabody and
Woburn, Mass., and manufactures high-grade chrome tanned side leathers
known throughout the world as Paramount Leathers, the chief of which,
"Patent Paramount," is generally accepted to be a standard for this type
of leather. Company has developed a market throughout the United
States and to a large extent in foreign countries. Present gross sales are
at the rate)f $5,000,000 a year.
(John R.) Thompson Co., Chicago.—Status.—
According to Vice-Pres. S. D. Goldenberg, net earnings for 1919 are
expected to exceed those of 1918 ($538,000) by more than 25%. Mr.
Goldenberg is quoted as saying: "Beginning Jan. 1 we shall pay weekly
bonu,es to the employees of each restaurant who work the full week. The
bonus will total 1% of the gross business of the restaurant for the 7 days.
Although only two months have elapsed since the first chain grocery store
was opened, the gross sales hava been beyond all expectations. Five of
the stores are now running and 15 others are to be opened on the North Side
as soon as possible, and it is planned ultimately to locate an equal number
on the South Side.—V. 109, p. 1186.
Tuckett Tobacco Co.—Initial Common Dividend.—
An initial quarterly dividend of 1% has been declared on the Common
stock in addition to the regular quarterly of 1%% on the Preferred both
payable Jan. 15 to holders of record Dec. 31.—V. 105, p. 613.
Union Twist Drill Co.—Plan Approved.—
The stockholders on Dec. 29 took the necessary formal action toward
carrying through plan of reorganization, outlined in circular letter of Dec.
18. See plan V. 109, p. 2445.
United Illuminating Co. of New Haven.—Stock Increase
The stockholders voted to increase the capital stock from $5,000,000
to $8,000,000.—V. 104, p. 78.
United States Express Co.—Liquid'n Div. Expected.—
It is considered probable that the company will shortly declare a liquidation dividend of about $30 a share on the 100,000 shares outstanding, the
payment to be made from funds derived from the sale of the United States
Express Bldg., at No? 2 Rector St., N. Y. which (it 13 stated) was sold
for $3,500.000. This company has been in
'liquidation for several years,
and disbursements on account of distribution of assets have already reached
$54 50 a share.—V. 109, p. 2446.
United States Steamship Co.—Directors.—
B, W. Burdick and W. C. Geer have been elected directors to fill vacancies in the board.—V. 108. p. 1516.
Utah Copper Co.—Production (lbs.)Month of November
11 mos to Nov. 30
—V. 109. p. 1994. 1707.
1917.
1019.
1918.
9,482,451 16,500,000 16,300,000
101,548,916 184,398,596 188,452,325
Wells, Fargo & Co.—Govt. to Surrender Possession Mar. 1
—Status of Merger in Doubt.—
See "Chronicle" of Dec. 27 1919, page 2405.—V. 108. D. 2020.
[voL. 110.
THE CHRONICLE
86
CURRENT
NOTICES
—Important changes in the personnel of the Stock Exchange firm of
Block, Maloney & Co. have been announced. L. Monteflore Stein and
Frank E. Alstrin, both residents of Chicago, who have been conducting
the Chicago office of Block, Maloney & Co., have withdrawn from that
firm, and,in association with Herbert J. Blum,of Chicago, have formed the
Stock Exchange firm of Stein, Alstrin & Co. The latter firm has acquired
and will continue to conduct the business heretofore conducted in Chicago
by Block, Maloney Sr Co., at No. 203 So. LaSalle Street, Chicago, and will,
as a wire correspondent of Block, Maloney & Co., enjoy the facilities of that
firm. Alfred Dryer, Gregory P. Maloney and Alfred L. Rosenor, all of
whom have long been connected with the firm of Block. Maloney & Co., in
important capacities, have been admitted to the firm of Block, Maloney &
Co. as general partners. '
—The partnership betweenWilliam 0. Kimball, Guy B. McKinney and
Rosa Rollins, doing an investment business under the name of Kimball,
McKinney & Co., at 8 Congress St., Boston, Mass., expired by limitation
on Dec.31 1919 and was dissolved on that date. Mr. Kimball will continue
the bond and investment business at 8 Congress St., Boston, under the name
of Wm. 0. Kimball & Co. Mr. McKinney will continue the bond and
investment business at 8 Congress St., Boston, under the name of Guy B.
McKinney & Co.
—Chester Arthur Heitman for many years statistician with the Public
Service Commission is now associated with Wm. Carnegie Ewen at 2 Wall
Street this city, to specialize in New York City Public Utility Bonds.
Mr. Heitman for nine years worked in the Bureau of Statistics and Accounts
which has supervision of the accounting methods of all public utilities under
jurisdiction of the commission; preparation of reports pertaining to capitalization and rate cases and other matters that involve the analysis and interpretation of financial statistics.
—Drake, Riley & Thomas (a corporation) announces its organization to
deal in Government, municipal and corporation bonds as successors to
Perrin, Drake & Riley of Los Angeles. It is announced that Mr. Porrin's
interest having been acquired those now associated are Daniel K. Drake,
James Sheldon Riley, William H. Thomas and John D. Flora. The expansion of business having made larger quarters necessary, the now organization
announces its removal to Suite 310 to 314, I. N. Van Nuys Building,
Los Angeles.
—The New York Stock Exchange firm of Edwin S. Hooley & Co., of this
city, has been dissolved. A new co-partnership under the name of Brumley,
Chamberlin & Co., has been.formed to take over its business. Members
of the now firm are Frank E. Brumley, John B. Chamberlin and George H.
Johnson, all former members of the firm of Edwin S. Hooley Sr Co., and
Alexander P. Gray Jr., formerly of Hobart & Gray. Edwin S. Hooley
will be a special partner of the new co-partnership.
—William T. Childs, Deputy City Comptroller of Baltimore, 1911-1916.
has resigned as municipal bond buyer and income tax expert with Baker,
Watts & Co., Baltimore, to accept an appointment with Stein Bros., one
In his new assoof the oldest established banking houses of Baltimore.
ciation, Mr. Childs will have a broad field of activity and responsibility
in the management of the distribution of securities, corporation as well as
municipal.
Aldred & Co. announce that William S. Kies, formerly a Vice-President
.of the National City Bank,and until Jan. 1 a Vice-President of the American
International Corporation and Joseph Walworth, for some years associated
with the firm have been admitted to general partnership and that Morton
Otis and Frank 0. Nichols have retired from the firm. The removal of
the firm's offices from 24 Exchange Place to 42 Wall Street, New York is
also announced.
—A limited partnership under the firm name of Abbott, Ifoppin & Co..
mambers N. Y. Stock Exchange, has been formed by Gordon W. Abbott,
Bayard C. Hoppin, James R. Blake, Wm. Ross Proctor, Jr., and Lewis A.
Williams, Jr., general partners, and Wm. Ross Proctor, special partner.
The firm, with offices at 120 Broadway, New York, are successors to Abbott, Johnson & Co., which has been dissolved by mutual consent.
—William Constable, formerly of McCurdy, Henderson & Co and Kenneth L. Fleming Jr., formerly manager of the bond department of Knauth,
Nachod & Kuhne, have organized the new firm of Constable & Fleming at
71 Broadway,this city. The now partnership will conduct a general brokerage business in investment securities. Telephone Bowling Green 6460A
—Theodore L. Bronson'& Co., members New York Stock Exchange,
10 Wall Street, have prepared an analysis of the Safety Car Heating &
Lighting Co., which gives a history and general description of the company,
Its dividend record and outlook.
—Messrs. Lester, Carter & Co., Chicago, announce that Mr. James 0.
Baker and Mr. C. Everett Latz, for some years associated with them as
joint managers of their unlisted dept. have been admitted to membership in
the firm.
—S. Wilson De Bann, formerly with McClure, Jones & Reed, and
William M. Van der Kieft have formed a co-partnership under the firm
name of Van der ICieft, De Damn & Co. to transact a general investment
business.
—William C. Orton announces that he has admitted Lewis A. Christian,
who has been associated with him for some time, to general pertnership
and that the business will be carried on under the firm name of Wm. C.
Orton & Co.
—William Constable and Kenneth L. Fleming Jr. announce that they
have formed the firm of Constable & Fleming, with offices at 71 Broadway,
to conduct a general brokerage business in investment securities.
—J. S. Bache & Co. have admitted Morton F. Stein as a general partner.
He has been associated with the firm since 1905. Of late he has boon manager of the bond department.
—Stacy & Braun, dealers in investment bonds in Now York, Cincinnati
and Toledo, announce that Warren J. Hoysradt, who is in charge of their
New York officd, has been admitted to partnership in the firm.
—The National Bank of Commerce in Now York has been appointed
registrar of the common and preferred stock of the Will & Baumer Co.
—The Mechanics & Metals National Bank has been appointed transfer
agent for the preferred and common stock of the Gilliland 011 Co.
—The Guaranty Trust Co. of New York has been appointed transfer
agent of capital stock of the Choate 011 Corporation.
—Franklin Trust Co. has been appointed transfer agent of the stock o
the Sanitary Products Corporation of America.
—Noble,Morgan and Scammell, 115 Broadway, New York,announce that
Howard Seay has become a member of their firm.
—The Bankers Trust Co. has been appointed transfer agent for the preferred and common stock of Cartier, Inc.
IJ
JAN. 3 1920.]
Thr
•
THE CHRONICLE
Tomutertial Times.
COMMERCIAL EPITOME
87
25@27c. Butter,creamery extras,7034(4)71c.; other grades,
53@70c. Cheese, flats, 25@33c. Eggs, fresh gathered
extras, 75c.; first to extra firsts, 70@71c.
COFFEE on the spot has been more active of late and
steady; No.7 Rio 150.; No.4 Santos 243/
2@25c.; fair to good
Cucuta 24(4i24 Ae. Futures have generally fluctuated within very narrow limits and as may be inferred has developed
no very striking features. Europe has at times been the
chief buyer. Clearances from Brazil have been moderate
with prompt tonnage hard to get. To-day prices closed 26
points higher and the end at an advance for the week.
SUGAR still 7.28c. for centrifugal 96 degrees test. Trade
most of the week was awaiting the action of the Administration on the McNary Bill, which the President has now
signed. Meanwhile trade in new raw sugar has been light.
H.A. Himely estimates the crop as is well known at 4,446,429
bags, Guam-Mejer at 4,435,714 tons and Willett & Gray
at 4,300,000 tons. December clearances at one time were
quoted at 12 cents for new Cuba, cost and freight; early
January 11(@,11
c and f. Crop advices are favorable.
The weather in Cuba has been fine. The number of centrals grinding is 104. On Dec. 31, 25,000 bags of new.Cuban
raw afloat, due this week sold at 1134c. c. and f. to be refined on a toll basis here; also rumored 300 tons San Domingo
raw in port at 130. duty paid. Early January shipment
Cuba is quoted at 11 @,11 Yo. c. and f. according to date.
Later deliveries have been neglected. Refined is still more
or less unsettled pending further developments. Early
this month refiners are expected to name prices. Old crop
refined is nominal.
Secretary Tumulty in announcing that the President had
signed the McNary Sugar bill expressed doubt as to whether
it would be practicable to use the powers of sugar purchase
and distribution, which the measures gives him discretion
to exercise through the Sugar Equalization Board. The
announcement points out that much Cuban sugar is coming
into this country now, and adds that prices have probably
reached their peak with a tendency to fall in the next few
we eks.
Friday Night, Jan. 2 1920.
Unusual activity continues in many branches of trade.
The complaint is still of inadequate production and a shortage
of cars. Consumption in many lines still tends to overlap
production. Of course this is the necessary result of shorter
hours of labor and also of labor inefficiency in not a few
branches of industry. Some of the industries are sold
ahead for the first and even the second quarter of 1920.
Retail trade is remarkably heavy. It naturally tends to
stimulate the output of goods to the utmost possible extent
under existing handicaps. It is hoped that labor will
ultimately see that shortened hours of work hit labor as hard
as anybody and that as things now stand it is largely a case
of robbing Peter to pay Paul.
Meanwhile, there is a big demand for iron, steel, lumber
and other materials. Cotton goods are very firm and the
consumption is large both at home and abroad. Raw silk
is up to an unprecedented price, so that a rise in cotton goods
is not surprising. The higher grades of cotton and wool are
in sharp demand, and prices are far beyond where they were
a year ago. The supply of the better grades of cotton at the
South is said to be largely depleted. Yet these are precisely
the qualities which mills at home and abroad are most eager
to got. Grain has advanced somewhat with an excellent
export demand for oats and rye, and some European buying
also of wheat and barley. The Canadian Government will
permit the importation of American wheat and flour. Coal
production has recently increased notably. Though call
money has been up to 25% it closed at 6% and the activity
and strength of the stook market to-day was noted with
satisfaction in mercantile circles.
Meanwhile the demand for luxuries- continues unabated,
unchecked by existing high prices. But it is observed that
clothing prices have declined somewhat in parts of the
West. Whether they will continue to fall remains to be January_ __14.97® 15.05 I May
15.57@15.59 September
®15.63
seen. One drawback heretofore has been the insistence on March ____15.37615.39 I July
15.77®15.79 I December 15.58 ®15.65
the part of the people or at any rate of a considerable perOILS.-Linseed quiet but steady; car lots still $1 77.
centage of the population on buying only the higher grades Lard strained winter, still at $1 80; extra $1 70; Cocoanut
of clothing. With a largo class, including many of the wage- oil, Ceylon bbls. unchanged at 19 WI@,19%c.; and Cochin
earning population:, nothing but the best or next to the best 20c. Olive remains at $2 50. Corn oil refined 22c. Spirits
answers now. But with suits of clothing costing $50 to $60 of turpentine $1 69. Common to good strained rosin $17 35.
that used to be had for $25 to $35 before the war there may
PETROLEUM in good demand and steady; refined in
be a natural shift of the demand to clothing made from the bbls. 19.75®20.75c.; bulk New
York 12(4)13c.; cases New
cheaper grades of wool and cotton.
York $23.75(024 75. Gasoline unchanged; motor gaso- '
One drawback undoubtedly is the continued high cost of line
in steel bbls. 243'c.; consumers 26
gas machine
food with its correlative of the high cost of living generally. 41%e.
A 260 bbl. well was brought in recently in the Ohio
But with the Federal Reserve Bank Board frowning on specu- deep sand.
work will be resumed in the Lance
lation it would not be surprising to see a gradual decline in Creek sectionExtensive
Wyoming as soon as the cold weather
the prices of many commodities during the year just begun. relaxes. In theofClaiborne
deep sand, a 1,500 bbl.
The natural inference is that peace deflation is bound sooner producer was brought in. district
A producer of 1,800 bbls. was
or later to follow war inflation. In fact there are signs here completed in the
Bayou district, La. But on the whole
and there that beginnings in this direction, however slight, there have of lateBull
been few completions in Louisiana, more
have been already made. But apart from this, taking the from a lack of transportation,
is said, than to anything else.
state of trade in this country as a whole, the outlook is con- The eastern fields furnish usit no
news of special interest.
sidered bright.
Progress of Wyoming's oil development is seen in the proThe cost of living increased 82.2% between July 1914 and gram
of the Standard Oil Co. of Indiana, which provides for
November 1919. The increase in the cost of five major the building
of a large tank farin, for the storage of gasoline,
items in the family • budget since July 1914 was: Food, at
a cost of approximately $2,000,000. Standard of Indiana
92%; shelter 38%; clothing 135%; fuel, heat and light 48%; ndw
operates a 6,000 bbl. plant in conjunction with others.
sundries 75%. The Boston department stores are to feature Pennsylvania
15 00 Indiana
32 75
3288 Strawn
sales of moderate priced goods as a means of discouraging Corning
3 50 Princeton
3 02 Thrall
2 75
3 42 Illinois. above 30
buying of luxuries. It is time. A significant decision and Cabell
Healdton
2 00
degrees
32 deg
302 Moran
2 75
one certainly in accord with public sentiment is that of Somerset,
Plymouth
and above
3 25
2 78 Henrietta
2 75
Judge Killis in the Federal Court at Toledo, which grants Ragland
1 75 Kansas&Oklahoma 2 75 Canada
3 38
3 20 Corsicana, light__ 2 75 Caddo, La., lignt_ 2 75
a permanent injunction against picketing at the Willys- Wooster
NTorth Lima
298 Corsicana, heavy_ 1 35 Caddo heavy__ 1 25
Overland plant. The Judge declared that strikers off the South Lima
298 Electra
2 75 De Soto
2 65
pay-roll since June cannot be classed as employees and the
RUBBER has been active on plantation grades with
court could not recognize the right of the individual to pro- London prices up and Far Eastern quotations above the
long a labor controversy after its substance had fled. Pickets New York parity. Smoked ribbed sheets early in the week
are being removed from the plant in compliance with the were quoted at 54c. on the spot; up river fine Para 47e.
order. Evidently property has some rights.
Caucho ball upper 343/2c. Guayule wet 25@27c. First
The common idea is that the "silly season" comes at a late tex pale crepe was quoted at one time at 543'c. for any
certain period of the summer, but it is a fact that on New delivery in 1920.
Year's eve, silly as it seems, people paid for reservations of
OCEAN FREIGHTS have been generally quiet. It is
seats in some hotels and other restaurants here from $7 to hoped
however that 1920 will bring about better things,
$15, to say nothing of the very high prices charged for food, and among
them a free and untrammeled market. Of
&a. It is one of the signs of the extravagance of the times course there are
serious drawbacks in the low rates of foreign
among a certain class.
high money and general unsettlement in Europe.
LAltD quiet but steady; prime Western,$24.30@$24.40c.; exchange,
It is believed however that 1920 will see a clearing up of
refined to the Continent, 26.750.; South America, 27c.; comercial,
financial and political conditions or at any rate
Brazil, in kegs, 28e. Futures declined under heavy receipts
progress in that direction. It is useless to
of hog, and despite larger clearances, of product from the considerable
the fact however the conditions at the present time
Atlantic seaboard last week. Domestic cash trade has been disguise
but satisfactory. Charters include six months
slow. And of course foreign exchange is still very low. are anything
charter sublet grain from St. John, N. B. to Greece,
To-day prices advanced and then reacted closing lower for time to
be abt.$38 prompt; merchandise from New York to a
said
the week.
Spanish Mediterranean port $28 net form; nitrate soda from
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Chili to north Hatteras $17 50, Jan.-Feb.; 6,600 ton
steamer
Sat.
Mon. TIM.
Wed.
Thurs. Fri.
January delivery_ __cts-23.45 23.22 . 23.57
from San Lorenzo to . the United Kingdom 65s., Jan.-Feb.;
23.52
Holt- 23.37
May delivery
24.30
24.32 24.62 24.62
day. 24.42
7,600 steamer from Buenos Ayres to the United Kingdom
PORK quiet but steady; mess, $47@$47 50;family, $52(4) 62s. 6d, Jan.-Feb.; steamer 6,000 tons from San Lorenzo to
$54; short clear, $46@$53. Jan. pork closed at $37 15, a the United Kingdom 65s., Jan.-March; steamer 7,700 tons
decline for the week of 85c. Beef slightly easier; mess,$21@ from San Lorenzo to United Kingdom 65s., Jan.-Feb.; grain
$22; packet, $22@$23; extra India mess, $48@$50; No. 1 rom Portland, Me. to West Italy 15s. prompt; grain from
canned roast beef, $3 25; No. 2, $6 25. Cut meats steady; Portland, Me. or St. Johns, N. B. or Halifax, N. S. to
pickled hams, 10 to 20 lbs., 233
4@25Mc.; pickled bellies, Italy 15s. prompt; coal from a Virginia port to Buenos
Ayres $12 prompt; sugar from Cuba to a French Atlantic
port 140s., January; one round trip West India trade $8 25
prompt; 32,000 cases petroleum from San Francisco to Cuba
70c. prompt.
TOBACCO has been quiet as usual towards the close of
the year but prices have been generally steady and there is
a very hopeful feeling as regards the prospects for business
in 1920. The belief is deep-seated and widespread that
prohibition will cause a large increase in the consumption of
tobacco. Labor is getting unusually large wages. Its btiying power is therefore great beyond the ordinary. The
demand for all kinds of luxuries is big. Apart from that a
large element of the population regards tobacco as a necessity
rather than a luxury.
COPPER higher in sympathy with a higher London
market; electrolytic 19@193/2c. There is a good demand
reported. Buyers would like to purchase for the second
quarters but offerings are very small. Tin in fair demand
and higher at 59@59Mc. London prices have also advanced
of late. Lead in good demand and higher; spot New York
7.50@7.75c.; St. Louis 7.25@7.50c. Zinc quiet but firm;
spot New York 93c.; St. Louis 8.90@8.95c.
PIG IRON has been quiet but firm. Furnaces are heavily
sold ahead. The production for 1919 is estimated at anywhere from 31,000,000 to 32,500,000 tons, as against 39,051,900 tons in 1918.
STEEL is in sharper demand than usual at this time of
the year. Pittsburgh has a good business in semi-finished
steel and finished products. The mills there are sold ahead
for many weeks. Production in other words is not keeping
pace with the demand, by long odds. The consumption is
enormous. New construction at the same time is unusually
small. Building of new steel furnaces, is in fact the smallest
for nearly 10 years past.
COTTON
Friday Night, Jan. 2 1920.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
213,945 bales, against 195,242 bales last week and 228,361
bales the previous week, making the total receipts since
Aug. 1 1919 3,802,141 bales, against 2,787,667 bales for the
same period of 1918-19 showing an increase since Aug.1 1919
of 1,014,474 bales.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
11,619 14,215 19,190 6,882 7,103 10,'774 69.783
Galveston
___ 7,339
____
____ 7,339
____
Texas City
987
987
____
Port Arthur, &c_
. 2,634 56,950
20,64§ 5-,89() 22-,89 5,169
New Orleans_
Mobile
86 1,522 1.030 1,589 7,47. 1,304 12,904
____
Pensacola___
-----------648
648
Jacksonville
12,iii 5-,g5(5 11,6irt 3,414 1,W) 4,231 38,433
Savannah
--- _ 2,000 2,000
---,
Brunswick
---,
---518 4,385
407
____
1,033 1,260 1,167
Charleston
_ 2,943 4,953
190
334 1,152
334
Wilmington
-68 2,351 8,693
Norfolk
84'7 1,874 1,848 1.605
113
113
____
_-_
____
____
____
N'port News,&c.
372
'
New York
335
-----------Boston
-------5,691
---__
----5,891
Baltimore
A4
459
do ____
____E8
94
Philadelphia
Tmtalsthtsweek 2R F.7 4.S17 41 RA7 444'3 OR R74 9R AR7 912 045
.
The following shows the week's total receipts; the total
since Aug. 1 1919 and the stocks to-night, compared with
last year:
1919-20.
Receipts to
Jas. 2.
1918-19.
This Since Aug This Since Aug
Week. 1 1919. Week. 11918.
Galveston _
Texas City
Aransas Pass..__ _
Port Arthur, &c_ _
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
_
Brunswick
Charleston
Wilmington
Norfolk
'port News, &c_
New York
Boston
Baltimore
Philadelphia
Totals
69,783 1,251,040 34,833 943,335
28,852
7.339 174,587 1,255
1,801
14,562
982
-45§'T 59,591
56,950 604,388 32,i31 737,774
81,550
12,904 182,817 8,756
4,640
11,170
13,521
9.061 1,100
648
38,433 821,207 21,912 562,658
47,450
96,800 3,000
2,000
4,385 180,024 6.926 101,472
58,708
98,355 3,747
4,953
8,593 213,227 7,624 157,358
2,863
41
1,727
113
2,522
12,349
372
10.159 339 15.944
335
428
14,428
61,958
5,691
30
459
11,880
Stock.
1920.
1919.
311,763
72,754
275,782
6,109
506,619
26,330
434,487
35.256
6,753
320,922
6,000
63.895
55,896
89,319
9,800
273,272
4,300
58,215
53,871
103,898
61.197
11,937
5.258
9.809
115,932
13,792
12,174
6,117
213.945 3.802.141 123,074 2.787.667 1,548,452 1.403.005
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at_
Galveston__Texaseity,&c.
New Orleans..
Mobile
Savannah..
Brunswick _ _
Charleston,ize
Wilmington....
Norfolk..
N'port N.,&c_
All others_ ___
Total this wk_
Since Ana 1
[VOL. 110.
THE CHRONICLE
88
1920.
69,783
8.326
56,590
12,904
38,433
2.000
4,385
4,953
8.593
113
7,505
1919.
34,833
2,237
32,131
8,756
21,912
3,000
6,926
3,747
7,624
41
1,867
1918. 1
48,979
3,351
54,256
604
14,849
2,500
3,197
531
4,138
481
6,138,
1917.
50.912
18,382
37,651
1,769
14,502
1,000
2.036
187
8,558
12,263
1916,
1915.
66,056 163,494
28.996
16,855
57,734
26,097
3,996
2,137
74,086
15,262
9,000
1,200
10,680
1,857
714 . 5,537
18,701
12,038
2,487
368
5,611
10,399
139,2941 147,260 152,983 380,322
3802.141 2 787 5573 AM 344 4 753 045 4 909 795 4 059 7F1R
213,945
123,074
The exports for the week ending this evening reach a total
of 210,905 bales, of which 135,868 were to Great Britain,
32,630 to France and 42,407 to other destinations. Exports for the week and since Aug. 1 1919 are as follows:
•
Exports
fromGalveston _
Texas city..
Houston
Pt. Nog.,&c.
New Orleans
Mobile
Pensacola
Jacksonville
Savannah _ _
Brunswick
Charleston
Wilmington.
Norfolk _
New York_
Boston
Baltimore
Philadelphia
San Fran
Seattle
Tacoma
Week ending Jan. 2 1920.
Exported to-
From Aug. 1 1919 to Jan. 2 1920.
Exported to-
Great
Great
Britain France. Other. Total. Britain. France.
49,988 25,006
21,609
9,838 84,832 721,388
21,609 /4,025
44,891
4,624 11,448 140,654
51,273
15,208
19,216
13,
57,543 170,405
44,003
--- 13,032 109,949
13,032 -----7624
7,624 60,662
17,400
79,787
5,512
2,800
187
187
1,238
225 18,530
225
7,196 7,196
7,209 7,209
6,824
Other.
Total.
68,341 213,170 1,002,899
8.,636
13,611
44,891
80
80
39,820 261,852 448,326
950 74,087
21,864
15,208
999 20,215
115,705 289,439 575,549
109,949
19,149 10,725 90,536
16,847 65,828 100,075
8,200 87,987
6,712 70,721 82,945
5,779
1,722
1,257
1,738
500
4,093 22,623
28,650 28,650
69.802 69,802
13,521
13,521
135,86832,530 42,407210,905 1,532,938 303,806 1,045,7522,882,496
305,833 641.646 1,975,376
Tot.18-'19* 49,937 51,981 17,176 119,093 1,027,897 328.665
670.9832,357.655
Tot.'17'18 95.889 7,086 19,375182,352 1,358,007
Total _ _
• Figures adjusted to make comparison with this season approximately correct.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared forJan.2at-
Other CoastGerGreat
Britain. France. many. Collet. wise.
-__90,137
Galveston
2.,191 21,028
New Orleans
-_-_ 15,000
Savannah
Charleston _____
410
- 13,398
Mobile
Norfolk
500
2,000
New York*
---Other ports*.._ 15,000
Total 1920... 141,726 36,978
Total 1919.._ 76,975 4,680
Total 1918_ 42.738 35.984
1,450 23,434
2,107 70,174
3,000 11,C)00
__-_ a2,803
____
2,000
2,000
Total.
9,000 124,021
1,115 118,615
____ 29,000
1,000 1,000
____ 16,651
800
800
____ 4,500
___. 17,000
Leaving
Stock.
187.742
391,004
291,922
62,895
9,679
88,519
56,697
151,407
6,557 111,411 11,915 308,587 1,239,865
____ 43,107 16,408 141,170 1,261,835
____ 17.035 14.400 110.157 1.215.714
* Estimated. a Including for Japan 1,300 at Mobile.
Speculation in cotton for future delivery has been rather
light at irregular prices, but on the whole at higher prices.
Liverpool has been a buyer of March and May and at times
a seller of July and October. Japanese interests have been
good buyers from time, to time. Italian and Japanese
spinners have been buying. Southwestern spot concerns
are said to have bought Jan. at times rather, freely not to
mention other months. Liverpool and trade buying have
been dominant factors in the business. At the same time
spot markets have been firm and it is said somehwat more
active. In Georgia a somewhat higher basis is said to have
been paid. England has been one of the principal buyers
of spot cotton at the South. It is also said that Germany
has been buying more freely for Jan. and Feb. shipment.
Liverpool spot prices on Dec. 31 ran up equal to 316 American points. This big rise was said to be duo to belated
buying to fill December engagements. Apart from this
however Liverpool in general has been firm. Some reports
say that Lancashire mills in some cases are sold ahead as far
as 1922, the buyer in such instances guaranteeing the mill
against loss from increased labor costs. Manchester is
doing a very large business with India and China. In nine
months past it appears that 150 Manchester mills have
been bought by capitalists attracted by big profits in the
textile industry. And although importations of cotton
goods from England, France and Holland into the U. S.
have recently increased to a degree which has attracted attention, Liverpool advices state that America need have no
fear of competition from England in this branch of business
as England is making such big profits by its trade in other
parts of the world that it could not afford to engage in the
American trade even allowing for the exceptionally favorable
rates of exchange.
The spot situation is so strong in this country owing to the
exceptional demand for the better grades that the prediction
is heard that 40 cents would be no surprising price for each
month as it comes around. In other words there is an idea
that the experience of December would be repeated for some
months to come. And there are those sufficiently optimistic
to contend that the American consumption this year will
not improbably reach 6,700,000 bales and the exports about
the same quantity, with the possibility of exports running
up to 7,200,000 bales or even larger. It is even contended
that October at 29 cents at this time is relatively as cheap
as 19 cents would have been a year ago. Not a few consider
the discounts on the distant months as absurd. However
that may be it is true that there has naturally been a narrowing of the differences between the near and distant months
here. It seems to be a fact moreover that there is a large
short interest in the more distant deliveries notably May in
which there has been a good deal of hedge selling from time
to time in the past. And although the Liverpool short
straddle account here has no doubt been considerably reduced within the last three weeks, it is still believed to be
large enough to be worth keeping in mind. There are new
straddle operations going on from time to time. They
JAN. 3 1920.]
THE CHRONICLE
originate ordinarily by selling New York and buying Liverpool.
It is believed that the Edge Bill will do much to promote
the sale of American cotton to European consumers. Various
corporations it is said are ready to put the Act into effect
to this end. And there are predictions of large exports in
January. Reports from France are more encouraging than
they were some time ago. Rebuilding in northern France
is being pushed with vigor. The inference is that the French
mills may become larger buyers in 1920 than was at one time
expected. The manufacturing industries of Germany according to late advices are also in better shape than some reports
had led the trade to believe. And it is also believed that
Germany will sell large quantities of potash to this country
in 1920, which would have some effect at least in establishment of credits whereby exports of raw cotton to Germany
might conceivably be increased. Germany moreover has
been getting the benefit of private credits here and there
judging from some recent reports. The American trade
is well acquainted with the German cotton trade and the
financial standing of its members. On the other hand stooks
aro large, receipts are liberal, foreign exchange is still very
low, call money has latterly been up to 25% and there are
persistent reports that the banks have raised loan rates to
the cotton trade of this country, and will frown upon anything like'a big speculation either in spot cotton or futures.
Also not a few believe that deflation has already begun.
They contend that war inflation must as a matter of course
give way.to peace deflation as time goes on, and that cotton
and other commodities are altogether too high. They be!ieve that 1920 will see considerable progress towards readjustment of prices in this country. The South has been
a steady seller. So has Wall Street. It is also said that
American mills are not now buying the actual cotton very
freely. And there is beginning to be some talk about the
acreage this spring. Reports from Alabama and Tennessee
hint plainly at considerable increase. It is also believed
by some that labor will be in larger supply this year seeing
that the army has within a year been demobilized. Also
the South is so wealthy that the use of cultivators and tractors
is spreading widely and this of itself would tend to offset
any scarcity of labor, should it be felt for a time in some parts
of the South. To-day Liverpool advanced roughly 100
to 196 American points since last Wednesday, and New York
40 to 87 points from Saturday, the latter on May. Liverpool's spot sales rose to 10,000 bales. Stocks were higher,
exchange steady and call money closed at 6%. Prices end
at a moderate net rise for the week. Spot cotton closed at
39.25c. for middling the same as a week ago.
The following averages of the differences between grades,
as figures from the Dec. 31 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on Jan. 8:
Middling lair
3.25 on
Melo* goof middling
2.53 on
Good middling
1.88 on
'trial middling
1.03 on
iltriet low middling
2.43 oft
Low middling
6.28 off
*Strict good ordinary
9.15 off
*Good ordinary
11.53 off
Strict good mid."yellow" tinged.1.33 off
Good middling "yellow" tinged...2.33 off
Strict middling "yellow" tinged-3.38 off
*Middling "yellow" tinged
4.95 oil
*Strict low mid."yellow" tinged.7.16 off
*Low middling "yellow" tinged_ _9.98 off
Good middling "yellow" stained.4.80 off
*Strict mid "yellow" stained _6.20 eff
*Middling "yellow" stained
7.55 off
*Good middling "blue" stained_ 5.88 oft
*Strict middling "blue" stained_ 6.95 off
*Middling "blue" stained
$.35 off
*Times tell grades are not deliverable
upon new style contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 27 to Jan. 2Sat. Mon. Tues. Wed. hTurs. Fri.
Middling uplands
39.25 39.25 39.25 39.25 Hol. 39.25
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Jan. 2 for each of the past 32 years have boon as follows:
1920_c
39.25 1912_e
9.35 1904 _c
13.50 1896-c
8.31
1919
32.40 1911
15.00 1903
9.00 1895
5.69
1918
32.15 1910
16.10 1902
8.44 1894
1.94
1917
17.45 1909
9.35 1901
10.12 1893
9.88
12.40 1908
1916
11.80 1900
7.81
7.75 1892
1915
10.75 1899
7.90 1907
5.88 1891
9.31
1914
12.50 1906
11.75 1898
10.25
5.94 1890
1913
13.40 1905
6.95 1897
7.19 1889
9.75
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
Futures
Market
Closed.
Saturday.- _ Steady, unchanged _ Steady
Monday _- Steady, unchanged _ Steady
Tuesday _ - - Steady. unchanged _ Steady•
Wednesday. Steady, Unchanged_ Steady
HOLIDAY
Thursday-Steady, unchanged_ Steady
Friday
Total_
SALES.
Spot. iContet. Total.
500
500
7100 7100
7,600 7,600
89
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Dec. 27. Dec. 29. Dec. 30. Dec. 31. Jan. 1. Jan. 2.
January-
Week.
1
Range
37.65 .00 37.40 .00 37.48 .00 37.78 .05
Closing-- 37.92 .95 37.70-.75 37.88 -37.95 Rang°
Closing.... 36.65 -36.25 -36.55 .7- 36.60 March35.68 ,30 35.30 .10 35.40 .95 35.72-.97
Range
Closing-__ 35.95-.98 35.50-.58 35.82 -35.88-.90
38.10 .35 37.40 .35
. 38.34 .35----
Range
Closing
33.10 -32.70 -- 32.90 -33.10 JulyRange
32.30-.95 31.94-.90 32.06-.58 32.40-.73
Closing.- 32.60-.63 32.20-.22 32.40-.50 32.58-.60
AugustRange
---31.30 -30.95 ---Closing
30.75 - 30.25 -30.50 -30.70 -
1
33.60 --:--1
32.77 .20 31.94 s20
33.08 .15--31.60 -30.95-.60
3130 ----
February-
37.20 -- --36.10 .60 35.30/60
36.50 .55---
April'
Range
Closing____M 34.60 -34.15 - 34.55 -34.70 - HOLI- 35.50 :--MayDAY
-I
Range."... 33.87-.60 33.351.37 33.55-.13 33.97-.30
34.50 .07 33.35/07
Closing
34.10-.16 33.63-.65 34.05-.08 34.20-.25
34.98 .00.- -Julia,
September29.75-.95--Range
Closing__ 29.90 - 29.45 -29.80 -30.00 October-.
Range
29.40-.85 28.95 .55 29.00 .40 29.20 .50
Closing
29.52 .55 29.05 - 29.30 -29.50 December-
Range-
30.53-.70 29.75-.70
30.60 ---- -29.65-.92 28.95-.92
29.78-.80---
29.20-.26 29.20-.26
--.
cola
-
I 34e. s 33c.
THE VISIBLE SUPPLY OF COTTON to-night, as made
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1920.
1919.
Jan. 2
1918.
1917.
Stock at Liverpool
bales.._ 856,000 376,000 454,000 868,000
Stock at London
' 11,000 17,000 21,00) 29,000
Stock at Manchester
156,000 79,000 42,000 93,000
Total Great Britain
1,023,000 472,000 517,000 990,000
Stock at Hamburg
*1,000
Stock at Bremen
*1.000
Stock at Havre
217,000 59,000 146.000 263.000
Stock at Marseilles
7,000
1,000
3,000
6,000
60,000 15,000 57,000 52,000
Stock at Barcelona
Stock at Genoa
84,000 10,000 29,000 193,000
Stock at Trieste
*1,000
368,000 85,000 235,000 517,000
Total Continental stocks
1,391,000 557,000 752,000
Total European stocks
India cotton afloat for Europe__ _ 65,000 10,000 42,000 1,507,000
75,000
Amer. cotton afloat for Europe_ 611,471 331,000 238,000 525,946
Egypt Brazil,&c.,afloat for Eur'e 89,000 76.000 153,000 63,000
Stock in Alexandria, Egypt
250,000 368,000 • 320,000 204,000
Stock in Bombay. India
407,000 *525,000 *460,000 489,000
Stock in U. S. ports
1,548,452 1,403,005 1,325,871 1,514,493
Stock in U. S. interior towns_ _1,355,312 1,485,119 1,304,120 1,352,284
U.S. exports to-day
55,829
5,998 29,574 39,400
Total visible supply
5,863,064 4,761,122 4,624,565 5,770,123
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales_ 640,000 227,000 298,000 692,000
Manchester stock
98.000 54,000 22,000 82.000
Continental stock
300,000 *69.000 *203,000 *425,000
American afloat for Europe
611,471 331,000 238,000 525,948
U.S. port stocks
1,548,452 1,403,005 1,325,871 1,514,493
U.S. interior stocks
1,355,312 1,485,119 1,304,120 1,352,284
U. S. exports to-day
55,829
5,998 29,574 39,400
Total American
4,609,064 3,575,122 3,420,585 4,631.123
East Indian, Brazil, &c.
Liverpool stock
216,000 149,000 156,000 176,000
London stock
11,000 17,000 21,000 29,000
Manchester stock
58,000 25,000 20,000 11,000
Continental stock
68,000 *16,000 *32,000 *92,000
India afloat for Europe
65,000 10,000 42,000 75,000
Egypt, Brazil, &c., afleat
89,000 76,000 153,000 63.000
Stock In Alexandria, Egypt
250,000 368,000 320,000 204,000
Stock in Bombay,India
497,000 525,000 *460,000 489,000
Total East India, &c
1,254,000 1,186,000 1,204,000 1,139,000
Total American
4,609,064 3,575,122 3,420,565 4.631.123
5,863.064 4,761,122 4,624,565 5,770 123
Middling uplands, Liverpool
29.16d. 21.24d.
10.464.
Middling uplands, New York _ _ _ _ 39.25c. 31.65d. 23.10d.
32.35c. 17.90c.
Egypt. good sake!, Liverpool _ _ _ _ 57.00d. 30.79d. 33.15d. 25.70d.
Peruvian, rough good, Liverpool_ 41.00d. 37.00d. 33.00d,
18.00d.
Broach, fine, Liverpool
25.10d.
18.17d. 21.954. 10.464.
Tinnevelly, good, Liverpool
25.3fid.
18.42d. 22.13d. 10.57d.
•Estimated.
Continental imports for past week have been 116,000 bales.
The above figures for 1920 show an increase over last week
of 63,536 bales,a gain of 1,101,942 bales over 1919,an excess
of 1,238,499 bales over 1918 and a gain of 92,941 bales over
1917.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS'-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
1360. 1 35c.
Closing Quotations for Middling Cotton onNEW ORLEANS CONTRACT MARKET.-The lowWeek ending
est closing quotations for leading contracts in the New Orleans
Jan. 2.
Saturday. Monday. Tuesday.Wed'day. Thursd'y. Friday.
cotton market for the past week have been as follows:
Galveston
42.75
42.25 42.25 42.25
,42.00
New Orleans_ Holiday 40.00
40.00
40.00
40.00
'Saturday, Monday, Tuesday, IVed'day, Thursd'y, Friday,
Mobile
Holiday 3800
38.50
38.50
39.00
1)ec. 27. Dec. 20. Der. 30. Dec. 31. Jan. 1. Jan, 2.
Savannah..
Holiday 39.50
39.50 39.50
Charleston
Holiday 39.00
56760
January
18.80 30.05 -39.38-.40
39.80 - Wilmington_ _ _
38.00 38.00 38.00
38.50
March
16.28-.32 36.50-.55 36.82-.85
5;:i5
37.67-.72 Norfolk
38.25
38.25
HOLI- 38.70
May
Baltimore
34.51-.53
14.10-.13
34.70-.80
38.50
35.70-.72
39.00
g1:i5
39.00
DAY.
39.50
July
HOLT- .32.55-.60 32.87-.92 32.99-.00 HOLI- 33.74-.78 Philadelphia__ _ _ 39.50 39.50 39.50 39.50
139.50
October
DAY. 29.08-.12 29.25 -29.45 - DAY. 29.95 - Augusta
39.25
:19.25
39.25
39.25
40.00
December
28.78-.82 28.95 -29.15 40.00
29.65 - Memphis
'10.00 40.00 40.50
,40.50
ToneDallas
41.65
41.80 41.50
142.50
h. Spot
Quiet
Quiet Steady
Steady Ilouston
41.25 41.00 41.50 41.90
42.00
Options
Steady Steady Steady
Steady Little Rock _ --- 40.75 40.50
40.50 40.50
40.50
[VOL. 110.
THE CHRONICLE
90
Abilene, Tex.-Dry all the week. Average thermometer
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since and Aug. 1, the shipments for 47, highest 74, lowest 20.
the week and the stocks to-night, and the same items for the
Dallas, Tex.-We have had no rain the past week. The
corresponding period of the previous year-is sot out in thermometer has averaged 50, ranging from 24 to 76.
detail below:
Palestine, Tex.-Dry all the week. Average thermometer
52, highest 74, lowest 30.
Movement to Jan. 3 1919.
Movement to Jan. 2 1920.
Brownsville, Tex.-There has been no rain during the week.
• Ship- Stocks The thermometer has ranged from 40 to 74, averaging 57.
Receipts.
Ship- Stocks
Receipts.
Towns.
ments. Jan.
ments. Jan.
3
Week. Season. Week.
2.
Week. Season. Week.
San Antonio, Tex.-We have had no rain the past week.
____ 2,562 The thermometer has ranged from 34 to 74, averaging 54.
Ala., Eufaula__
3,902
10
____
____ 3,620
4,634
26,271
54,791 1,023
Montgomery 627 59,532
736 22,053 1,077
New Orleans, La.-We have had no rain the past week.
500 25,045
Selma
51,901
500
317 6,888
34,027
442
600 7,669 The thermometer has averaged 55.
Ark., Helena..26,847
500
670 24,463
385 9,063
Little Rock- 7,201 137,571 6,670 55,744 4,880 101,608 3,255 43,674
Pine Bluff....
76,857 3,508 42,607
__-- 19,000 4,051
22,330
Shreveport, La.-There has been no rain during the week.
107 4,491
Ga., Albany_ _ _
9,662
38
9,122
8
298 2,764
Athens
88,833 1,200 45,722 The thermometer has ranged from 36 to 73.
3,610 106,230 2,922 45,013 4,455
Atlanta
6,654 164,821 5,433 38,785 5,517 114,046 5,971 24,636
Vicksburg,Miss.-There.has been no rain during the week.
Augusta
8,364 389,470 10,151207,393 9,081 267,387 7,367 167,581
Columbus.._.
44,314 1,700 25,200 The thermometer has ranged from 30 to 68, averaging 41.
320 27,672 1,285
32,676
542
Macon
9,189 181,314 5,839 53,350 5,906 125,497 5,226 36,637
Rome
36,074 3,037 15,337
1,120 42,212 3,470 14,650 2,340
Mobile, Ala.-We have had rain on one day the past
La., Shreveport 2,787 60,176 1,270 56,202 3,446
97,845 3,024 53,852
_ _ _ _ 6,227 week, the rainfall being one hundredths of an inch. The
16,584
Miss.,Columbus
____
.._ _ _ 6,588
13,317
67
295 50,032 thermometer has ranged from 35 to 72, averaging 54.
88,580
Clarksdale
98,464 1,800 49,817 2,865
2,800
94.578 3,000 45,139
91,438 2,300 36,700 3,000
Greenwood _
2,000
Meridian
799 15,767
29,993
27,491
300
300 13,500
971
Selma, Ala.-Rain on one day of the week. Rainfall
758 16,934
Natchez
24,119
200
32,637
239
@FedFRASER